CryptoCASH... the FUTURE of digital currency!
****21 April Update Coin Control explained bottom of the thread thanks tmuir12*****
CryptoCash (market ticker CASH) sometimes referred to as CashCoin or DigitalCash, is a currency with similar application and uses to Bitcoin , but which deploys a number of enhanced features.
CASH was created by a small team determined to improve upon the Bitcoin (BTC) algorithms and create something unique and sustainable. Bitcoin is well known, Litecoin and DogeCoin are two of the many alternative Digital Currencies which are in their formative stages. Summary of CryptoCASH Enhancements:
- Variable Block Reward in newly created coins:
CASH , unlike Bitcoin ,uses a variable block reward. The algorithm utilizes Moore's law which accurately predicts the growth of computational power. The creation of new coins (block reward) decreases on a scale related to the computational effort used, with a halving every 16x the network difficulty. The more miners, the lower the block reward. If there are less miners the block reward will increase. Overall this will combine with other factors to give an inflation rate of approximately 1% which will allow for greater long term sustainability.
- Proof of Stake as well as Proof of Work mining to maintain the future Network:
CASH unlike many other Currencies is sustainable at a future point with no miners. Both Bitcoin and Litecoin require Miners to move coins through the chain. Utilizing Proof of Stake, CASH relies on individuals with wallets holding coins to keep transactions moving even without miners. No more stalled block chains! No more difficulty hurdles to find that next block. Because of this long term CASH is energy efficient and energy sustainable.
- Inflation Rate is controlled (collared) by Stake (like interest payments) and Destruction of Transaction Fees. This is a really unique feature.
- Scrypt Hashing. This is the most tried and trusted algorithm to date: Enables GPU mining and simplicity.
Here are a few reasons why CASH is better than your typical ALT coin:
Money Supply explained:
- CASH is a far more marketable globally understood name. Everyone understands what cash is use one of its other names crypto-cash or digital-cash and connections are already established in a merchants conscious.
- Its Proof of Stake so eventually the coin does not need miners to support it.
- Its Proof of Stake you get interest for holding the coin initial minting interest is 10% but as more coins are minted and more wallets holding it will decrease variably based on PoS difficulty.
- Quality difficulty readjustment based on proven algorithms. Multipools wont leave this coin hanging stuck with a difficulty problem in fact its designed to fend them off.
- Low block reward because having lots of numbers just to have them is silly. Also implies scarcity so it wont trade at 70 satoshis.
- The coin confirms super fast.
- Energy Efficient Long term. Once the coin is entirely Proof of Stake driven it no longer needs energy intensive miners!
- Increased Security over Proof of Work coins.
Unlike Bitcoin and many other alternative coins CASH does not have a fixed coin supply cap. This does not mean that CASH is more inflationary than other coins. The minting design attempts to better mimic gold and precious metals than other coins do. Gold does not have a known money supply cap either, but we know that it is reliably scarce. For many years the annual inflation of gold has been around 1-3%.
In CASH there are two types of minting, proof-of-work (PoW) and proof-of-stake (PoS). The PoW minting rate is regulated by Moore's Law, which dictates that our ability in PoW grows exponentially. We are aware that Moore's Law eventually has to end, but by that time inflation in CASH will likely already be approaching precious metal levels. The PoS minting introduces a maximum 10% annual inflation. CASH transaction (tx) fees are destroyed to counter inflation. So overall the CASH minting design is still a very low inflation comparable to Bitcoin.
There is a 47,433,600 coin maximum value in the source code, but that is only used for consistency checking and is not meant to be part of the minting design.
To be clear, the actual cap on the coin size is not 47,433,600 and will end up being much lower. The actual cap is totally dependent on market interest and user adoption.
For more information moneysupply can be found in the CASH getinfo in debug console output so you can see how many coins are in the network.Energy Efficiency explained:
Generating proof-of-stake (PoS) blocks less electricity than generating intensive proof-of-work hashes. This means that over time, the CASH network will consumes less energy as proof-of-work blocks become less rewarding and blocks are generated instead by the proof-of-stake portion of the code.
Cash’s proof-of-stake is designed to address the high energy consumption of Bitcoin. For example in 2013 the generation of Bitcoins was using approximately $150,000 USD per day in power consumption costs. The proof-of-stake method of minting coins requires very minimal energy consumption; requiring only the energy to run the wallet client software on a computer, as opposed to running resource-intensive hashing functions using ASIC’s or GPU’s. Early on most CASH will be generated by proof-of-work just like Bitcoin and Litecoin, however over time proof-of-work will be phased out as proof-of-work difficulty increases and block rewards decrease. As Proof-of-stake becomes the primary source of coin generation, energy consumption decreases over time.
This innovation originally found in Peercoin eliminates the ~$1 billion “tax” on the Bitcoin network through proof-of-work blocks.Enhanced Security Explained:
Generating blocks through the hybrid PoW/PoS reduces the risk of the Cornell Flaw, 51% attacks, and block bloating that have been used to exploit other alternative currencies.
The PoS portion of the code is the center of this security because it drastically raises the cost of an attack. Acquiring 51% of all existing coins requires more effort and resources than acquiring 51% of all mining power. Further, in a 51% stake attack, the attacker’s investment will be, by definition, at risk of great loss because the attacker will be holding a majority of the coins that he or she is attacking. This risk of loss reduces the incentive to initiate an attack.
CASH also employs other advanced security features such as enforcing transaction fees at protocol level to defend against block bloating attacks.Inflationary and Deflationary forces of CASH:
CASH is designed so that it will theoretically experience roughly 1% decentralized inflation every year. This is a combined result of the proof-of-stake minting process, and scaling of mining difficulty with popularity. Although CASH technically has a cap of coins, it is only for consistency checking, and the cap will never be met. If the cap were to be reached, it could easily be raised, hence for all practical purposes CASH can be considered to have inflation of 1-3% per year comparable to Gold.
Now get this CASH has a transaction fee for every transaction the fee does not go to miner’s income but is destroyed in order to offset the inflation caused by the proof-of-stake minting process. So as the network’s economic activity and transaction volume grows this deflationary aspect will also rise proportionally. For every 1 unit of CASH created there can be100 transactions before it is completely deflated away, this is designed to ensure that there is no overall change in the money supply.Other Coin Information:PoW/PoS Hybrid
starts at 10% StakeScryptNo premine
(10 blocks were generated for testing)
Windows Binaries:https://drive.google.com/file/d/0BxvnM1E8caCvQlZsV3dpSEVSbzQ/edit?usp=sharinghttps://github.com/cryptocashnow/Cash-Windows-QTMAC Binarieshttps://www.dropbox.com/s/xmu2ave4tv14kh3/CASH-Qt-1.1-Mac.zipUnix
Hey compile the source yourself!
Get the source here: https://github.com/cryptocashnow/cash
How to create your conf file:
Once you've installed/unzipped CASH, run it for the first time. A new folder will be created in C:\Users\%USERNAME%\AppData\Roaming\Cash
Close your Cash wallet (it will not sync yet).
Download this file
and copy it to the newly created folder.
Re-launch your cash wallet and wait while it syncs/downloads the blockchain.
N.B. If you don't see 'AppData' in **your username** folder then click on the address bar at the top of the window and paste
after **your username**
This is where to place the file you just downloaded.
For a list of peers
Official Web Page:http://www.cash-coin.org/
QQ Group: 335131754Facebook:
Help us promote our super fair coin with some great services. Popularity is growing fast join the community!
CASH Faucets Get FREE CASH NOW!http://earncryptocoins.com
Donations to support the cause:
(Being a fair release coin and not premined we use donations to support marketing and service efforts)F3yiDmE4AcDvxVLJjWP6rGj3GZPjAFZSHMCASH to do list if your interested we will take up donations for your task and assign you in this list.
1. Abe explorer for CASH (Unassigned)
- Bounty currently 341.65224 CASH
- CASH Donations for bounty Ermi4TYRf2ZSbRncde58dDCEZf85p1pCT6
- BTC Donations for bounty 1mZPk6jmZJqL5GFx2Tg9HSmhqQmvYZBZW
2. We have a great faucet make sure to donate to Donate CASH to support the coin!
- CASH donation to faucet EoC4kUXmfQHtgZpiqKEVovZ2MgMXZU6eaH
3. Services promotion we need to get on payment service need some graphics for Cash accepted etc (Unassigned)
4. Reddit promotion need someone to run and maintain a subreddit for cash (Unassigned)
5. Gambling sites or a Casino (Unassigned)
Coin Control explained:
- CASH donations for Bounty EkHpBnSeJo3t5DSmcCpawA8J4KnSasiNv6
- BTC donations for Bounty 1G7REbL9Rbm8TYLpsAcw6GJf2Q99ySJ6Pq
While I wait for a POS to coin in so I can show how that displays I will show how to turn on coin control and show coin age for those that don't know how to set it up.
Open your wallet up and click on settings then options
In the window that opens up select Display and then put a check in the check-box for 'Display Coin Control Features'
Then click ok and close that window
Thats it, coin control is now enabled as long as you are using version 1.1 Wallet
Now to see your coin age click on the send button followed by the 'inputs' button that now comes up
The coin control window will now open and let you see the age of your coins.
POS starts once the coins have been in your wallet for more than 30 days.
Cash creates a new block roughly every minute (It can be a bit slower or faster so its not exact) so for the coins to be 30 days old 43,200 blocks must of been created since you received them.
Look at the image below and its a small sample from my wallet with the youngest coins only having 5438 confirmations with the oldest having 41507 confirmations, so none of these are old enough to be used for POS, with the oldest being 1693 confirmations (minutes) (28.2 hours) from reaching 30 days.
Once a coin reaches 30 days age it doesn't immediately stake, and sometimes it does stake but someone else's wallet also creates a stake and only one will be excepted into the block chain so if they beat you, yours will never confirm. But don't worry you haven't lost anything, it will just try again until you do get a stake.
Also coin age can go out to 90 days, so if you go off-line for 90 days and then come back online you won't loose any interest just instead of it being 30 days worth of 10% PA it would be 90 days worth of 10%PA.
I'm pretty sure though if its longer than 90 days you will start to loose interest.
I'll post up what the coins look like in your wallet after you have earned POS when I next earn a POS
Had some coins stake last night and can now explain the rest of it.
First of all here are some coins in my wallet of the correct age for POS.
Then during the night I had two lots of coins stake and earn me some interest.
I'm going to explain what happens in your wallet now focussing on the one that gave me 0.128134 Cash
Here is the same coins, note the amount of 10.054841 is no longer there but there is an amount of 5.091488 and 5.091487
If you add these two amounts together you get 10.182975.
Now if we take the interest 0.128134 from 10.182975 we get 10.054841.
So when your coins are used for POS the interest is added to the total and then this total is split in half and the coin age is reset to zero.
This means every time you earn interest the amount used is broken into two halves which means if you do nothing you POS will be roughly half for each payment, but you will get twice as many.
If you don't like this idea send them back to yourself to group them back together to get fewer but larger payments.
If you do the math you will see the coins earned just over 1.27% interest as there coin age was around 66500, or just over 46 days, so 10%PA interest was paid on just over 46 days, proving you don't loose interest if the coins don't stake right at the 30 day mark.
Hope this is of use to some people