[ANN][SYN] SynCoin | [NO PRE-M][Auto Reward, Anti-ASIC]

[blueangel01]

I like everything about this coin so far except for the high number of coins

I do agree. I believe that the optimal number of coins is 84 million.

[syncoin]

Difficulty Calculation / Self-Regulation:
Removing the variables from the code, the formula is as follows:
[(10 * difficulty) / (number of blocks + 97200)] * 97200
Breaking it down, it is observable that 97200 is the 9-month mark given a block target of 4 minutes.
What is not shown is the halving code, triggered per 300,000 blocks. This is necessary to combat inflation, and will not be removed despite the above algorithm doing preliminary calculations of nSubsidy (block reward).
§: Due to the relationship between difficulty and reward, self-regulation occurs; too much hashrate/demand = a higher block reward, diluting the currency and reducing its value. Too little hashrate/demand = a lower block reward, increasing the value and incentivizing mining (after all, more profit at a lower difficulty is likely the most lucrative combination to miners).

Interesting concept.
Hard to imagine how it will turn out. One way it could turn out:

• Everyone will pile on causing massive inflation after its first initial spike in price.
• The inflation will cause the price of the coin to steadily drop.
• The value of mining the coin will drop and miners will move onto more lucrative coins.
• Inflation will slow down due to some miners leaving.
• Everyone coming to the coin late will be screwed because there will already be a shitload of the coins around but when they mine they get very few.
• This will drive even more people away which will drop the reward even more.

Will be interesting to see what happens. I will definitely be watching this release.

If I may point out to everyone reading this. The block reward wont kick in for 28 months (roughly). I believe that wasn't quite clear in the announcement.
The purpose of the block reward halving is to combat inflation, but it will be over 2 years before inflation is reduced by the block halving. In the new crypto coin world that is a very very long time.
Most coins have a natural anti-inflation method by having a set block reward that more and more people are trying to get. So instead of printing enough money so everyone has some, everyone has to share the finite amount that is planned. This causes deflation and your money appreciates in value.
The Syncoin method will rely on the mining profitability declining to reduce the appeal of mining, which will in turn increase the profitability of the coin.

This is all just food for thought. This is an innovative coin and we should watch it closely.

First, with 4 minute blocks, that's 360 blocks per day. 300k/363 = 838, which DOES yield roughly 2 years, but that doesn't take into account the fast-blocks from the beginning, which will go MUCH faster. As a result, difficulty will spike (along with block reward). Unlike other coins, however, the difficulty is supplemented with a higher block reward.

Higher demand => higher reward => equilibrium

The main point here is that profit isn't a major concern; by dampening the fluctuations, SynCoin can reach an equilibrium price faster (and ultimately, a safer place to be).

With this: "The Syncoin method will rely on the mining profitability declining to reduce the appeal of mining" I'm not sure what you mean... the difficulty increase associated with more difficult mining produces MORE of a block reward; the incentive to mine is actually when difficulty drops; to prevent coin-hopping, the Kimoto Gravity Well effectively "cancels-out" any unstable network hashing. The long time until halving occurs is designed to allow for the longest period of adoption by first-timers without missing out too quickly (as in the case of DogeCoin, which is scheduled to halve very soon.

[syncoin]

"Block Reward: Calculated based on difficulty"

Finally, a block reward that i have been looking for. Even though the algo is not yet perfect, this could be a bridge to a better coin.

I've been thinking about this. Is it scaling linearly? It would be a pretty interesting idea (your 1MH/s gives you a more or less constant amount of coins regardless of net hashrate), but the consequence would be a lack of incentive for early miners, which can leave the coin out in the field.

No, the formula scales exponentially. Additionally, the first few blocks with a difficulty < 1 will have their block rewards calculated as IF they were 1; this incentivizes early adoption because the blocks are EXTREMELY easy to mine in comparison with later blocks.

I like everything about this coin so far except for the high number of coins

I understand the frustration with the high ceiling; however, this gives breathing room with the new algorithm for block reward. If it happens to distribute too quickly, the super-fast-rising scarcity may cause people to believe it as a scam (or a failed coin, as the shares would be held by literally a few people). Besides, pushing updates later is always an option.

If necessary, and wholly supported by the community, I will gladly implement that fix.

[sq]

SynCoin was added to AltCoinCalendar.info

[cryptonikus]

watching

[syncoin]

UPDATE: §: Auto-transitioning: On Mon, May 2014 20:40:01 GMT -- SynCoin will transition from sCrypt to sCrypt_variableN to prevent ASIC monopolization of the network.

[sakkosekk]

UPDATE: §: Auto-transitioning: On Mon, May 2014 20:40:01 GMT -- SynCoin will transition from sCrypt to sCrypt_variableN to prevent ASIC monopolization of the network.

Nice feature

[blueangel01]

UPDATE: §: Auto-transitioning: On Mon, May 2014 20:40:01 GMT -- SynCoin will transition from sCrypt to sCrypt_variableN to prevent ASIC monopolization of the network.

Great update. I will add this coin into my long-term collection.

I think the algo of vertcoin is not a new algo but a new feature.

[VanBreuk]

Watching this one.

[syncoin]

UPDATE: §: Auto-transitioning: On Mon, May 2014 20:40:01 GMT -- SynCoin will transition from sCrypt to sCrypt_variableN to prevent ASIC monopolization of the network.

Great update. I will add this coin into my long-term collection.

I think the algo of vertcoin is not a new algo but a new feature.

Yes, it's certainly a great feature; however, I don't want to call it the VertCoin algorithm because undoubtedly someone will mistakenly use the date-chart they've released for ours, and complain that "SynCoin isn't following VertCoin's schedule, SCAM!"

But seriously, though it's implemented the same way, the result is different, because the transition begins when ASICs are due; VertCoin might be called a pre-emptive coin. All in all, I look forward to this transition, because it will shut out scrypt cleanly upon the right moment (hence, all scrypt_1024 blocks would be automatically rejected by the network; a clean hard fork). In fact, in beta tests, any clients producing older blocks are actually kicked off the network for failing CheckPOW multiple times; thus, the worries of a non-standardized fork being created is a non-issue.

[FreePls]

You seem like a experienced + active dev.. im in!

and for the people who cannot read dates, launch is 19th february 2014 ( this year! )

[albertdros]

keeping an eye on this one

[Acidyo]

You seem like a experienced + active dev.. im in!

and for the people who cannot read dates, launch is 19th february 2014 ( this year! )

wow, you had to point out that 2014 was this year?

Aboit the coin, why not a faster coin halving? 2 years really is a long time. I'd say 1-2 months should be better for this somewhat unique coin.

[syncoin]

The main reason why the halving is so long is because I want to observe LONG-TERM the effects of the difficulty adjustment and the auto-transition. If both work flawlessly, the limit will be lowered in the future.

[blueangel01]

I could not wait to mine this. In general, all miners will get a reward = amount of hash proportionally. No instamine for the whales. It would benefit the miner who mine it in long time.

[syncoin]

I could not wait to mine this. In general, all miners will get a reward = amount of hash proportionally. No instamine for the whales. It would benefit the miner who mine it in long time.

Precisely! It achieves the goal of preventing a super unbalanced mining-community without forcing implementation of proof of stake (which is error-prone, as addressed in the "nothing at stake" attack. Additionally, stake-based systems cannot detect a 51 percent attack, so the welfare of the network is put at risk.

[360998186]

No premine, I'm in.

[penambang]

UPDATE: §: Auto-transitioning: On Mon, May 2014 20:40:01 GMT -- SynCoin will transition from sCrypt to sCrypt_variableN to prevent ASIC monopolization of the network.

Now count me in

[silicon_chip]

You have Mac / Windows wallets ready.
How about linux?
I am assuming there will be code to compile wallets, but I thought it best to confirm that. 

[lemfuture]

i vote for lower total coins