Please remove, thread moved to self moderated

[blueangel01]

blueangel01,

In response to your question as to why business/patients don't accept BTC?  In fact some here DO accept BTC however, with 10 minute block times it's not a very convenient system that can be implemented without being slow and inefficient for collectives.  With something like 1 minute block times this is more conducive to business and easier to market for POS etc.

Regarding your "we",  It's "we" because I'm not the only one here launching or implementing Cannacoin, there's more than 1 person involved behind the scenes here.

You are saying that this specification is the best for the POS:
Algorithm: Scrypt
Block Time: 1 minutes
Block Reward: 12.5 Cannacoins
Reward Halving: Every 525,600 (~1 years)
Difficulty Retargeting: Every block using Kimoto's Gravity Well.
Total Supply: 13,140,000 Million Cannacoins.

With the upcoming release of the Scrypt ASIC, this coin will be attack by 51%

Did you not consider other algo? Why did your team chose the max number 13,140,000 Million Cannacoins?

[Cannacoin]

blueangel01,

In response to your question as to why business/patients don't accept BTC?  In fact some here DO accept BTC however, with 10 minute block times it's not a very convenient system that can be implemented without being slow and inefficient for collectives.  With something like 1 minute block times this is more conducive to business and easier to market for POS etc.

Regarding your "we",  It's "we" because I'm not the only one here launching or implementing Cannacoin, there's more than 1 person involved behind the scenes here.

You are saying that this specification is the best for the POS:
Algorithm: Scrypt
Block Time: 1 minutes
Block Reward: 12.5 Cannacoins
Reward Halving: Every 525,600 (~1 years)
Difficulty Retargeting: Every block using Kimoto's Gravity Well.
Total Supply: 13,140,000 Million Cannacoins.

With the upcoming release of the Scrypt ASIC, this coin will be attack by 51%

Did you not consider other algo? Why did your team chose the max number 13,140,000 Million Cannacoins?

We use Scrypt along with 100's of alt coins but the difference here is that we've implemented Kimoto's gravity well for block retargeting which will retarget difficulty every block.  So your theory of ASIC for Scrypt causing 51% attack isn't really credible unless you care to elaborate... To take our point further when asics for scrypt hit the market would you want block retargeting every block like Cannacoin or every 4-14 days like LTC/BTC or other alts?

We also used Scrypt simply for the fact that is is commonly used today and most miners have cgminer/guiminers that are compatible with Scrypt mining.  If we we're to transition to another algorithm like scrypt adaptive-n then it would force the mining community to use the vertminer etc which is simply less common and causes all sorts of headaches for a coins launch and success.  Regardless if we used a different algorithm, an application specific IC is going to be designed for it and you'll always be playing the "next best thing" game waiting for your time when the time is now.

The max number of coins of 13,140,000 wasn't picked on purpose, it was the outcome of mining rewards, block time and block halving rate that determines the total number of coins. We felt that Bitcoins block reward and scarcity is one of its key success factors for holding value to it's coin.  We've halved the current reward of Bitcoin for Cannacoin and decreased the halving rate from ~4 years to about ~1 year, add in 60 second block times and the outcome is 13,140,000 roughly 1/2 bitcoin's total supply.  Our thought is that we wont be creating a "world" currency so to speak say as Bitcoin or Litecoin are trying to achieve but like I said before we've created a smaller version so to speak to support 1 specific industry.  

You can also look at it like this

Cannacoin:
Blocktime: 60 seconds (10x faster than BTC, 1.5x faster than LTC)
Block Reward: 12.5 CCN (1/2 BTC reward but happening ever 1 minute, 1/4 LTC reward)
Block Halving: ~1 Year (4x Faster then BTC. Yearly expectation for miners.)

[captin crunch]

just curios,
is it 13,140,000 Million Cannacoins or 13.14 million cannacoins?

also does anyone know of a coin where kgw actually works. I have mined a few and so far none has met its block target time, the latest was lemon which is supposed to be 60 second blocks but actually runs around 3 to 5 minutes. lotto coin simply re-targets each block and maintains its block time almost like clockwork. so far I am not impressed with kgw but i don't totaly understand it either.

[Cannacoin]

You're right, the "million" at the end of the number was misleading and was a typo. The number of coins is how it's written 13,140,000 (Thirteen million one hundred forty thousand). 

[captin crunch]

You're right, the "million" at the end of the number was misleading and was a typo. The number of coins is how it's written 13,140,000 (Thirteen million one hundred forty thousand).  

Thanks for the clarification. I thought that was the case.

Being a Colorado native and Washington transplant as well as a hard core herbivore I will be throwing some hash at this coin. Hoping for a fair and smooth launch.

do you have an estimated launch date yet?

Lets hope it lives longer than kush coin

[Cannacoin]

You're right, the "million" at the end of the number was misleading and was a typo. The number of coins is how it's written 13,140,000 (Thirteen million one hundred forty thousand).  

Thanks for the clarification. I thought that was the case.

Being a Colorado native and Washington transplant as well as a hard core herbivore I will be throwing some hash at this coin. Hoping for a fair and smooth launch.

do you have an estimated launch date yet?

We don't want give an exact date just yet but we're looking at just a few weeks out realistically.

We've been having some dependency issues with our Mac client and are currently working on getting a good reliable production build ready for the public.  We're also looking at doing some beta testing with a few of the devs here next week and finalizing some of the website and media stuff. More info to come...

[captin crunch]

thanks again. Ill keep watching

[Cannacoin]

A quick update for those interested, our team will be doing some beta testing tonight on the testnet to make sure everything is working smoothly, after that we will move forward with production builds. You can expect more announcements coming soon.

[Cannacoin]

As of 10PM PST James and I are successfully connected to the testnet and are mining away blocks(block 6 to be exact). Since we're using a few iMacs for dev testing it's likely to take a few hours for enough confirmations and coins to show up as spendable.  Will check in tomorrow morning and hopefully have some more updates.

[Cannacoin]

Last nights test was successful and we're showing balances as well as able to transact on the network.  We also hit our first difficulty adjustment which kicked in around block 160 so it looks like things are moving smoothly and we can move onto further testing and production builds.

[Cannacoin]

A quick update and announcement for today:

The Cannacoin website is officially live!
www.cannacoin.cc

Beta Testing Updates:
1.) The testnet has been successful running for about 2 days now
2.) We've mined a few thousand Cannacoin, everything working as expected(rewards, fees etc).
3.) We've made multiple transactions on the network to one another, everything working as expected(1 minute confirmations).
4.) We have stopped/restarted the network multiple times with 0 failures(including hard resets etc).

Upcoming tests scheduled for tomorrow:
Wallet import/export
Encrypted password protection

If things continue going this smooth we will be looking at a lunch here in no time! Again, if ANYONE would like to help contribute to the Cannacoin project in any way please let me know. We are looking for web and software devs, graphics designers, people interested in helping market Cannacoin, anyone interested in helping write press release or content etc... Please contact team@cannacoin.cc

More updates coming soon...

[Cannacoin]

Updates:

The Cannacoin block explorer is up! We are currently using the Block explorer on our testnet and everything is working great! We're now working to format the pages and tables so they are clean and readable. Currently everything is in plain text table formats and it would be nice to get a viable block explorer formatted for launch, a live version will be released in the next day or so.

Also, the Block Explorer itself will include a fully developed API for anyone interested in transaction/block data for building an application or website surrounding Cannacoin.

Beta Testing Updates:
Not much going on going on today for beta testing, things are running smoothly and we're focused on the block explorer and other necessary tasks for launch.

1.) Import/export of keys working as expected.
2.) Encrypted wallets passwords working as expected.

[Cannacoin]

Looks like I couldn't help myself and I managed to format the block explorer pages so that they are clean and readable.  I will be doing some further updates on formatting tomorrow.  Also just to note the data is not "live" per say, it's simply a copy of the .dat info from shortly after we launched the testnet. Don't expect to see any block info past 2014-02-25 06:54:40.

You can view the block explorer here:
www.cannacoin.cc/explorer

[CtrlAltDefeated]

https://i.imgur.com/Z1H9oQS.png
Canna guy mine here? Not yet, but you can pre-register!
Payout: Prop
Vardiff
Stratum

No Fees for the first 10 miners to pre-register

canna.ctrlaltdefeated.us

./cgminer --scrypt -o stratum+tcp://canna.ctrlaltdefeated.us:4356 -u Weblogin.Worker -p Worker password

[Cannacoin]

CtrlAltDefeated,

Glad to see your pool is on board and taking pre-registrations for CCN, please reach out to me directly if you have any questions.

-Josh

[CtrlAltDefeated]

No worries. I'll continue checking the thread for future announcements

[Nthused]

Looks Interesting !

[blueangel01]

I guess this is a high risk/reward coin for now... I will be mining this coin.

[Cannacoin]

Major updates:
A release date will is set to be posted later next week, this will likely be Thursday or Friday. We are just finalizing a few last things before we prepare to schedule a launch. While I feel the need to get this release to the public I personally want to make sure that we have every last piece in place and proper testing completed prior to launch. I dont want anyone trying to implement code changes or scramble to provide necessary services like clients, block explorers, pools, exchanges, paper wallets etc. at the least minute, we're really hoping to make this launch as smooth as possible.

A few minor updates:
1.) We have created a modified copy of bitaddress for Cannacoin which will allow users to generate offline wallets, paper wallets, brain wallets etc. A live copy have been distributed to the website, you can check it out here:
cannacoin.cc/paperwallet

2.) The block explorer has received a major facelift you can check it out here:
cannacoin.cc/explorer

[blueangel01]

Major updates:
A release date will is set to be posted later next week, this will likely Thursday or Friday. We are just finalizing a few last things before we prepare to schedule a launch. While I feel the need to get this release to the public I personally want to make sure that we have every last piece in place and proper testing completed prior to launch. I dont want anyone trying to implement code changes or scramble to provide necessary services like clients, block explorers, pools, exchanges, paper wallets etc. at the least minute, we're really hoping to make this launch as smooth as possible.

A few minor updates:
1.) We have created a modified copy of bitaddress for Cannacoin which will allow users to generate offline wallets, paper wallets, brain wallets etc. A live copy have been distributed to the website, you can check it out here:
cannacoin.cc/paperwallet

2.) The block explorer has received a major facelift you can check it out here:
cannacoin.cc/explorer

great news. I wonder why there is not much post from the community.