[ANN] Tidecoin: Post-Quantum Security Bitcoin | PoW only | CPU friendly algo

[prevblock]

I have a problem with the math... You say in the ann:

Total supply: 21000000
Block time: 60 seconds
Reward halving time: Exponential increase：0.5, 1, 2, 4, 8,... Years

And the block explorer show that the block reward is 40 TDC

1st sixs months:

40x60x24x365/2=10.512.000

The next year (1st halving)

20x60x24x365= 10.512.000 more (20 million in total)

The next 2 years (2st halving)

10x60x24x365x2= 10.512.000 more (30 million in total in 3,5 years)

The next 4 yeras (3rd halving) the same, and the next eight, other ten millions coins....

Your currency may have Post-Quantum security but it fail in the most elementary school operations  

Actually, the "Reward halving" means the total rewards in that interval. This meas the block reward in next interval is 1/4 of the last interval.

So 1st sixs months:

40x60x24x365/2=10.512.000

The next year (1st halving)

10x60x24x365= 5.256.000 more (15 million in total)

The next 2 years (2st halving)

2.5x60x24x365x2= 2.628.000 more (17.8 million in total in 3,5 years)

[prevblock]

how do I calculate the transaction size now? all inputs and outputs addresses are in p2sh-segwit format. the maximum size is 400 kbytes?

The signature size of falcon-512 is large and it is designed to allow building complex transactions. When using segwit it can reduce final size of block.

what is the reason for the choice of calculating pow-difficulty once in 7200 blocks in 2021?

The CPU friendly algo allows many individuals to join the network, the longer pow-difficulty calculating period may be more stable for network running, for reducing the radomly change.

[neguinho1]

what will be the next step you will do for the currency

[albertorma]

Great job!

Please create discord and telegram so we can follow any updates easily and grow a community.

[dominguero]

I have a problem with the math... You say in the ann:

Total supply: 21000000
Block time: 60 seconds
Reward halving time: Exponential increase：0.5, 1, 2, 4, 8,... Years

And the block explorer show that the block reward is 40 TDC

1st sixs months:

40x60x24x365/2=10.512.000

The next year (1st halving)

20x60x24x365= 10.512.000 more (20 million in total)

The next 2 years (2st halving)

10x60x24x365x2= 10.512.000 more (30 million in total in 3,5 years)

The next 4 yeras (3rd halving) the same, and the next eight, other ten millions coins....

Your currency may have Post-Quantum security but it fail in the most elementary school operations  

Actually, the "Reward halving" means the total rewards in that interval. This meas the block reward in next interval is 1/4 of the last interval.

So 1st sixs months:

40x60x24x365/2=10.512.000

The next year (1st halving)

10x60x24x365= 5.256.000 more (15 million in total)

The next 2 years (2st halving)

2.5x60x24x365x2= 2.628.000 more (17.8 million in total in 3,5 years)

Ok thanks, I supossed that was the same halving as BTC... in that case is quartering or quarting... not?  nah, sorry, just ignore me.

[Gash]

Quantum computers could crack Bitcoin by 2022 (https://decrypt.co/28560/quantum-computers-could-crack-bitcoins-encryption-by-2022)
By Robert Stevens

Don'T believe everything you read on the internet  

First sha256, then x11, and a passel of similar algos with low degree of resilience against quantum abuse, then mimble-wimble, then no-algo coins, pure POS, then DPOS. Investment in something that everyone knows is threatened by enhanced cracker capacities of future computers is batty money proliferation strategy. Sell bitcoin.

[Hamukione]

I tried to send a message to the dev of the project regarding the lack of a discord server.
But I got no response, so instead, I made an unofficial server

Feel free to join it here: https://discord.gg/SnZW2ykXkH

And dev, if you don't feel like maintaining a discord server yourself, then it would be a big help to your own community, to link to the server in the announcement post

Thanks

[prevblock]

I tried to send a message to the dev of the project regarding the lack of a discord server.
But I got no response, so instead, I made an unofficial server

Feel free to join it here: https://discord.gg/SnZW2ykXkH

And dev, if you don't feel like maintaining a discord server yourself, then it would be a big help to your own community, to link to the server in the announcement post

Thanks

Thanks too. Added it in the ANN post. Tidecoin is mined by CPU, it is great to include more people to mine with their personal computer and seek Tidecoin as an alternative of Bitcoin.

[VerbalKent]

U guys should try listing on tradeogre.com --> I think it is pretty easy / cheap to get listed on there, though don't know all details, worth checking out.

[prevblock]

Quantum computers could crack Bitcoin by 2022 (https://decrypt.co/28560/quantum-computers-could-crack-bitcoins-encryption-by-2022)
By Robert Stevens

Don'T believe everything you read on the internet  

First sha256, then x11, and a passel of similar algos with low degree of resilience against quantum abuse, then mimble-wimble, then no-algo coins, pure POS, then DPOS. Investment in something that everyone knows is threatened by enhanced cracker capacities of future computers is batty money proliferation strategy. Sell bitcoin.

Indeed, if bitcoin core is not planning to upgrade the crypto algorithm used in bitcoin to Post-Quantum security ones, it is undoubtedly a serious threat in the near future. As a value storage tool, the security is the first.

[Hamukione]

Quantum computers could crack Bitcoin by 2022 (https://decrypt.co/28560/quantum-computers-could-crack-bitcoins-encryption-by-2022)
By Robert Stevens

Don'T believe everything you read on the internet  

First sha256, then x11, and a passel of similar algos with low degree of resilience against quantum abuse, then mimble-wimble, then no-algo coins, pure POS, then DPOS. Investment in something that everyone knows is threatened by enhanced cracker capacities of future computers is batty money proliferation strategy. Sell bitcoin.

Indeed, if bitcoin core is not planning to upgrade the crypto algorithm used in bitcoin to Post-Quantum security ones, it is undoubtedly a serious threat in the near future. As a value storage tool, the security is the first.

Could you confirm whether or not that you are the owner of one of these addresses?



Also, do you have any plans of reducing the inflation rate of Tidecoin?
Because as of right now, its pretty insane that 50% of the coin supply will be minted in just 6 months.

[prevblock]

Also, do you have any plans of reducing the inflation rate of Tidecoin?
Because as of right now, its pretty insane that 50% of the coin supply will be minted in just 6 months.

Yes, the inflation rate is a little high. This design is considered to make the supply approximately equal to bitcoin after 4 years(maybe the point of quantum crack time).

Do you think how long to produce the 50% of the coin is suitable? Also the Discord discussion is welcome.

[Hamukione]

Also, do you have any plans of reducing the inflation rate of Tidecoin?
Because as of right now, its pretty insane that 50% of the coin supply will be minted in just 6 months.

Yes, the inflation rate is a little high. This design is considered to make the supply approximately equal to bitcoin after 4 years(maybe the point of quantum crack time).

Do you think how long to produce the 50% of the coin is suitable? Also the Discord discussion is welcome.

Well, right now we are experiencing some serious hyperinflation.
Right now, with 2880 blocks per day (with 1 min block time) about 115.200 TDC is released, daily.
Thats 9 days or less per million.

Send me a message.
Id be happy to help out, as I have previous experience with running my own blockchain project.

[Nuser5378]

I do have limited knowledge to compile CPU binaries on my Win/Ryzen machine, so I downloaded Awesome Miner (https://www.awesomeminer.com/) in order to mine this coin.
The software is using Yespower on cpuminer-sse2 but I get Reject: Low difficulty share of... all the time.

Is there a fix for that which involve no compilation of binaries? I would like to see the miner directly run from the wallet, the lower the entry the more adoption.

[Hamukione]

I do have limited knowledge to compile CPU binaries on my Win/Ryzen machine, so I downloaded Awesome Miner (https://www.awesomeminer.com/) in order to mine this coin.
The software is using Yespower on cpuminer-sse2 but I get Reject: Low difficulty share of... all the time.

Is there a fix for that which involves no compilation of binaries? I would like to see the miner directly run from the wallet, the lower the entry the more adoption.

Check out the https://pool.rplant.xyz/#tidecoin#connect.
They got links to a functional miner.

[prevblock]

At the beginning design the consideration to make the supply approximately equal to bitcoin is after 4 years, but this seems that has the serious hyperinflation problem. So how to design the mining interval for the first 50% of total supply? Can guys offer us your suggestion. Tidecoin is belongs to the every one, but it needs some time to be spread to.

[VerbalKent]

Yes, I have a suggestion. It is similar to when flights are over-booked and the airline asks for volunteers to give up their seats, in exchange for free miles / upgrades / etc.

Create a "burn address" (where you have destroyed and / or permanently and intentionally lost the private key so this address can never be spent) and ask volunteer miners to send some of their coins to this "burn address" in order to reduce the supply, and help offset inflation. In return, you funnel additional hash power to those miners to make up for their contribution. So if I am a miner, and I send (say) 1,000 coins to the burn address, then you in turn (maybe over a period of time) give me additional hash power (through a pool perhaps, not quite sure the technical details) to offset my contribution. If it takes me Y hashpower over X amount of time to produce N coins, and I send N coins to the burn address to reduce supply, then, over some amount of time similar to X, I am "credited" Y hashpower by the mining pool I am using. Not sure all the technical details (I am a blockchain investor and miner, but not a developer) but I am sure this ought to be "doable".

Again I am very excited about this project - all new successes moving forward in terms of new coins coming into the space will need to be quantum secure, and I think this has as good a shot as any of them.

[prevblock]

Yes, I have a suggestion. It is similar to when flights are over-booked and the airline asks for volunteers to give up their seats, in exchange for free miles / upgrades / etc.

Create a "burn address" (where you have destroyed and / or permanently and intentionally lost the private key so this address can never be spent) and ask volunteer miners to send some of their coins to this "burn address" in order to reduce the supply, and help offset inflation. In return, you funnel additional hash power to those miners to make up for their contribution. So if I am a miner, and I send (say) 1,000 coins to the burn address, then you in turn (maybe over a period of time) give me additional hash power (through a pool perhaps, not quite sure the technical details) to offset my contribution. If it takes me Y hashpower over X amount of time to produce N coins, and I send N coins to the burn address to reduce supply, then, over some amount of time similar to X, I am "credited" Y hashpower by the mining pool I am using. Not sure all the technical details (I am a blockchain investor and miner, but not a developer) but I am sure this ought to be "doable".

Again I am very excited about this project - all new successes moving forward in terms of new coins coming into the space will need to be quantum secure, and I think this has as good a shot as any of them.

The "burn" method is not an on chain implementation. One of the methods is to reduce the block reward and extend the halving interval accordingly.

[dominguero]

At the beginning design the consideration to make the supply approximately equal to bitcoin is after 4 years, but this seems that has the serious hyperinflation problem. So how to design the mining interval for the first 50% of total supply? Can guys offer us your suggestion. Tidecoin is belongs to the every one, but it needs some time to be spread to.

Is the hyperinflation a real problem when there is no price?

In the beginning, all coins value is 0. In any case, the price, its the mining electricity cost.

The initial high supply, could depreciate the value of the coin because the miners take a lot of coins. But this Its so bad?

If you see other coins that make opposite way, like linear emission, they take a lot of value in the beginning, but from that moment they begin to fall, until they find a stable price.

Tidecoin would have a very low price at first, but as soon as it attracts the miners / users, and due to its low max supply, I do not think it will go down to 0 sat, no matter how much the reward be. That could help to have a good distribution, since miners have a perception of an excess of coins.

In six month the miners take 1/4 of the initial reward, and if the project have a good evolution, they have to replant the sell price.

There are no written rules, nor any manual that can say that excess emission at the beginning is a better or worse option. Moreover, I think it is a minor issue, the success or failure of a project (in the long term, not for a bump-dump scheme) depends on many other things.

Making a successful coin is like a marathon, the least important thing is how fast you start.

My suggestion, wait six months and email tradeogre.

[VerbalKent]

I've long thought the need for everything to be "on chain" is over-rated. This is why I like solutions like Lightning Network which speed up transaction time but in an "off chain" way - there is no practical need to solve all problems "on chain" - I think "off chain" resolutions to issues like inflation is perfectly valid as an option. This is just a hobby for me really, so I do not much care.