[ANN][NYAN] NyanCoin - ★★★V1.2 Released! Now Listed on Cryptsy! ★★★

[slasherzx]

X-11 POS with a change in reward per block reduce it by 1-5% a week until it reach the scheduled halving.. Then so on!

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[Simcom]

x-11 w/POS would be REALLY cool - I don't think any coins have both.

[lzr1900]

x-11 w/POS would be REALLY cool - I don't think any coins have both.

+1

[Aosilu Houdali]

Thank u very much for the giveaway.

[Lindsey-Crypto]

sweet logo...

[pozmu]

Thank you for nyancoin giveaway!

[bytebyte]

obviously X11+POS is the best option.Do it now,don't waste any precious time.

[Nyan-Coin]

obviously X11+POS is the best option.Do it now,don't waste any precious time.

We are not wasting any time. We are already looking into it. Since the poll was just opened, we want to leave the poll open at least for a couple days before closing.

We still need to figure out how we want to merge POW with POS as well. There are a lot of ways to implement this with either a complete phaseout at a certain block or a persistent hybrid model. Additionally, we need to determine if this will end up changing the max number of coins, etc. There is a lot to think about and a hasty decision will not be good for the coin.

Any input is welcome. What are your suggestions for implementation?

[atheistftwins]

Is there a point to having both X-11 and POS?

If it's planned to shift a lot of the blocks from POW to POS, why bother implementing X-11 at all? There will be barely any miners and most of them will be CPU which doesn't benefit much from X-11 at all.

It would be a lot of work to implement with minimal benefits.

I think we should either have pure POS or pure X-11. Doing both doesn't make much sense for a small coin like ours.

[braxx]

can someone explain in a nutshell what POS (I guess "proof of stake") means?

[atheistftwins]

can someone explain in a nutshell what POS (I guess "proof of stake") means?

The easiest way to explain it is that instead of running hashing computations, you just have your wallet open. Then the network will be kept secure by users verifying their ownership of a certain number of currency.

Your "hashing" power in the network isn't your computer at this point, but the amount of coins you have relative to the total number of people who have their wallets open.

For example: NYAN could implement full POS at block 50 million. Then it would inflate at a given percentage, say 1%

If you had your wallet open, you'd essentially get block rewards equating to 1% of your coinage. (Think of it as interest).

Basically you wouldn't need traditional miners anymore, and the network can be made larger in fact since anyone can just open up their wallet and earn interest while keeping the network secure.

Edit: Here's the wiki page-
http://en.wikipedia.org/wiki/Proof-of-stake

[atheistftwins]

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

[braxx]

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

[atheistftwins]

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

[braxx]

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

yeah sorry... I meant that it would be useless to change to x11 cause it would not be necessary (or is that what the dev means with a hybrid model)

[atheistftwins]

Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

yeah sorry... I meant that it would be useless to change to x11 cause it would not be necessary (or is that what the dev means with a hybrid model)

A hybrid model is also possible, with some of the blocks being mined and some of the blocks being generated by POS. That is the version that has the most votes right now in the poll.

My argument is that we don't need a hybrid model, it's going to take work which will take time to implement both, and time is something we don't want to waste. A hybrid model doesn't benefit us any more than pure POS since we have a low network hash, and if we take away blocks to go to POS, then our hash will get even lower to the point that it is negligible. Might as well just implement pure POS.

[spacewalker1]

i already voted for X-11 w/ POS but reading the posts of atheistftwins i think hes right in changing it to POS only

€: i have to edit this, i might aswell think it would make the process of nyan-fans adapting nyancoin much easier if the only thing needed to generate them is having the wallet open
(don't know much about the technical specs but it reads like this, buying some first obv).

[Ivan195]

Пoчитaл я пpo PoS и NXT и пoнял, чтo нaм этoгo нe нaдo. Taм нeт мaйнингa для oбычныx пoльзoвaтeлeй c мaлыми cyммaми. Я дyмaю нaм нyжeн пpocтo oбычный пpoгpeccивный aлгopитм. Пpи пepexoдe к PoS нyжнo мeнять вcю cиcтeмy и вepoятнocть пoтepять мoнeты вcex пoльзoвaтeлeй пpocтo oгpoмнa.

[wendy5]

Thanks Great Giveaway on cryptosandwhich

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