[PRE-ANN][HVC] Heavycoin - Ultra-secure, Decentralized Block Reward Voting, Fast

[ymer]

I think that the voting for reward thing isn't going to work as you think it will... I don't see any reason for a miner to vote for a lower reward.

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[cdboot]

CPU ONLY
JIUST TIME

[neonemu]

I'll throw a BTC this way.

[nigttran]

IPO meaning premined. Let see RDDcoin, Duck coin... the coin go to die.

[bingoberra]

So if I purchase an (unknown) amount of this massive premine, users can later vote if they want to reduce the value of my investment in one or several ways? Amazing.

[miramare]

Interested. 

How can you confirm that HVC will be CPU-only?

You know , a lot of coins called themselves CPU-only before release, while they all become GPU-only 1-2days after launch.

And what about the botnet? What's your plan? Or no plan?

[miramare]

I read that HVC plan to challange the second postion of LTC.
You know, as a cpu coin, crowd will never accept it widely.
What's the best position of cpu coin now ?
You know that. 

[keccak512]

Interested.  

How can you confirm that HVC will be CPU-only?

You know , a lot of coins called themselves CPU-only before release, while they all become GPU-only 1-2days after launch.

We know and we think that's pretty lame.  Heavycoin was designed from its core to be CPU-only.  Our whitepaper gives some details about how this is being achieved http://heavycoin.github.io/about.html#cpu-only

And what about the botnet? What's your plan? Or no plan?

To the best of our knowledge, there is no solution to the botnet issue.  If someone has a lot of CPUs, then they have a lot of CPUs.  Nothing can be done about it.  Considering past CPU-only launches, such as yacoin and quark, it seems CPU-only coins collect larger followings and are more successful in the long-term. The problem is, both yacoin and quark were eventually GPU'd.  So, we are trying to solve that.  We don't think botnets are as big a problem for miner centralization as GPU/ASIC farms, which are orders of magnitude worse.  A CPU-pool is a good match for a botnet, but not a GPU/ASIC farm.

I read that HVC plan to challange the second postion of LTC.
You know, as a cpu coin, crowd will never accept it widely.
What's the best position of cpu coin now ?
You know that.  

We don't know that.  Case in point, Quark has been an extremely strong contender and _was_ CPU-only, though now (from what I understand) it's partially GPU'd.

[miramare]

I am reading it.

I will consider potential investment.. 

[keepwalking1234]

when will we receive the wallet.dat?

you send us by email?

thanks!

[keccak512]

when will we receive the wallet.dat?

you send us by email?

thanks!

No!  That would be totally insecure.

In essence you will have your "wallet.dat" as soon as you generate your Heavycoin Keypair (using the Heavycoin Keypair and Address Tool).  Once we release the Heavycoin wallet software (on the launch date), then you can import your private key into your fresh wallet.dat and your IPO stake will automatically appear in your wallet.

For example, suppose you generated the keypair

> genkeys.exe

Heavycoin Private Key:  5Ht24yvS1gvp5RAMh2vUpvjrjmvt6fEymghVVC5XcD9G4byWYed
Heavycoin Public Key:   04c59d236644330ef4cbde55dd7a0e7da2471dcf7da99f045a37140f
d79afda83353ccde09af728869db9cc06d05a96ec85c46ff78ef47661939d9012fa4c926f7
Heavycoin Address:      H9ik2KmasKPCQwXaGDgUGa2KLBD15E4nhe

Your Heavycoin Private Key is

5Ht24yvS1gvp5RAMh2vUpvjrjmvt6fEymghVVC5XcD9G4byWYed

Once we release the Heavycoin wallet software, you would go to the RPC Console ("Help" -> "Debug window" -> "Console") and type

importprivkey 5Ht24yvS1gvp5RAMh2vUpvjrjmvt6fEymghVVC5XcD9G4byWYed IPO-address true

Now restart your wallet and click on "Receive" and you will see your address



Click on "Transactions" and "Overview" and you will see your Heavycoins obtained through the IPO.

[Raggsock]

Sounds interesting and looks good but I want to know more about the core developers. Who are you and where and how did you get the ideas for HVC etc.

Also, please elaborate your thoughts about the no limit on the BTC investment.

[tabnk]

HIGHLY SUPPORT !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[wilbairr]

CPU-only finally was waiting for this coin!!

[keccak512]

Sounds interesting and looks good but I want to know more about the core developers. Who are you and where and how did you get the ideas for HVC etc.

Similar to Satoshi, we are anonymous, but we don't mind telling you a bit about us.  We are two experienced developers with a computer science background.  I became interested in crypto-currency in 2010 and have been following the Bitcoin phenomena ever since.

We thought of the idea of Heavycoin after being frustrated by the number of completely unminable sha256 and scrypt coins out there.  We decided to start investigating the idea of a truly GPU/ASIC resistant cryptographic hash function.  We though this function would be very resource intensive, so we started calling our project Heavycoin very early on.  That was over a year ago.   In the end, of course, it turns out Heavycoin is very resource intensive in terms of CPU, but memory-wise it's quite light.

Oh, and you asked "where".  We came up with the idea and name Heavycoin in the car.

Also, please elaborate your thoughts about the no limit on the BTC investment.

We noticed that many IPO-style coins say there's a limit on the BTC investment per person.  But this is not possible to enforce, since anyone can just create another Keypair and send BTC from another address.  So, we didn't bother putting in a pretend limitation.

We were impressed by NXT's use of an IPO model and we wanted to incorporate this launch method for people who cannot mine.  We believe this will help Heavycoin by spreading the word before the launch.  Unlike NXT and others, we wanted to keep the IPO small, so rather than IPO 100% or 50% of the currency supply, we opted only to IPO 5M.  This 5M will be between 4% and 8% of the total currency supply in the long-term.  We cannot say exactly because it depends on how the miners vote using the decentralized block reward voting.

[Raggsock]

Sounds interesting and looks good but I want to know more about the core developers. Who are you and where and how did you get the ideas for HVC etc.

Similar to Satoshi, we are anonymous, but we don't mind telling you a bit about us.  We are two experienced developers with a computer science background.  I became interested in crypto-currency in 2010 and have been following the Bitcoin phenomena ever since.

We thought of the idea of Heavycoin after being frustrated by the number of completely unminable sha256 and scrypt coins out there.  We decided to start investigating the idea of a truly GPU/ASIC resistant cryptographic hash function.  We though this function would be very resource intensive, so we started calling our project Heavycoin very early on.  That was over a year ago.   In the end, of course, it turns out Heavycoin is very resource intensive in terms of CPU, but memory-wise it's quite light.

Oh, and you asked "where".  We came up with the idea and name Heavycoin in the car.

Also, please elaborate your thoughts about the no limit on the BTC investment.

We noticed that many IPO-style coins say there's a limit on the BTC investment per person.  But this is not possible to enforce, since anyone can just create another Keypair and send BTC from another address.  So, we didn't bother putting in a pretend limitation.

We were impressed by NXT's use of an IPO model and we wanted to incorporate this launch method for people who cannot mine.  We believe it will Heavycoin, by spreading the word before the actual launch.  Unlike NXT and others, we wanted to keep the IPO small, so rather than IPO 100% or 50% of the currency supply, we opted only to IPO 5M.  This 5M will be between 4% and 8% of the total currency supply in the long-term.  We cannot say exactly because it depends on how the miners vote using the decentralized block reward voting.

Thanks, I appreciate it Looks promising.

[cryptohunter]

HEFTY1 - a cryptographic hash function for CPU-only proof-of-work with a small memory footprint  ??

so does this mean it is more open to cheap vps nodes and botnets than other cpu coins that are trying to create coins that require a lot of memory?

If this is the case then this coin will NOT work out well at all. You do realise there are individuals here on this board that have access to 20,000 - 50,000 cores each right?

Along with this, there are those that will set up amazon instances and digital ocean instances and take out most of this minting.

You need to push forward more what other cpu only coins are trying to do with making the memory requirements very high per core. Botnets don't like it because a lot of them run on old outdated machines with low ram. Cheap vps instances don't give out much RAM either. I guess network admins are unstoppable because they have great hardware but still would be good to piss them off by requiring a wallet install on each machine some how, even better if it was windows only since 99.99% of joe public runs windows. Those screaming for linux are really the minority of the population.

we need a cpu coin that the average member of the public can mine and get a chance for a few coins worth their time.

So really the innovation here is...

1. the retarget possibly
2. chaining of different algos - but that seems to server little function above qrk

3. the way to distribute the ipo premine - which really isn't needed a spread sheet would do?

i don't see the hype with this coin? seems just more open to the things the latest cpu coins are working against?

[seqa]

IPO meaning premined. Let see RDDcoin, Duck coin... the coin go to die.

+1

[keccak512]

HEFTY1 - a cryptographic hash function for CPU-only proof-of-work with a small memory footprint  ??

so does this mean it is more open to cheap vps nodes and botnets than other cpu coins that are trying to create coins that require a lot of memory?

Probably not, because botnets don't mind hogging up your PC's memory.   However it does mean you can mine it on your desktop while doing other work without killing your PC.   Yes, you can mine HVC with a less expensive VPS.  We think this is helpful for people who find leasing a more powerful VPS too costly.

[cryptohunter]

HEFTY1 - a cryptographic hash function for CPU-only proof-of-work with a small memory footprint  ??

so does this mean it is more open to cheap vps nodes and botnets than other cpu coins that are trying to create coins that require a lot of memory?

Probably not, because botnets don't mind hogging up your PC's memory.   However it does mean you can mine it on your desktop while doing other work without killing your PC.   Yes, you can mine HVC with a less expensive VPS.  We think this is helpful for people who find leasing a more powerful VPS too costly.

Well i will not bash this thread because you seem to have put effort in.

However i don't agree with you i'm afraid. Botnets are sneaky, they will often utilize just 1 or 2 cores of your cpu and this is really undetectable for the average person .... however if somehow it required 2gb per core or larger to mine then people do notice when their ram slows their machine to a halt.

Also, the point of a cpu coin for mass adoption has nothing to do with joe public renting a vps. How many people rent a vps in every day life? how many people know about amazon instances and vps cheap nodes at digital ocean???

A cpu coin needs to crush these cheap means to suck up all of the minting. CPU power is cheap for them to give out, but RAM still costs them. If people want to rape cpu coins with vps nodes and instances make them pay the price and have to splash on the most RAM as possible. It will actually increase the stability and price of the coin.