Welcome to this post on Ferrite coin!
I understand that ferritecoin is an ASIC coin since S-Crypt is no longer ASIC resistant (it is difficult for an algorithm to stay ASIC resistant for a long time), so it may not be worth your time and energy. Happy Friday the 13th.
As one of the new developers and large bagholder ($200 of electricity) of Ferrite Core, I would like to ensure the security of the experimental blockchain from a 51% attack, which means that more hashrate is required and therefore would like to call onto the Bitcoin Forum community to particpate in the mining of ferritecoin.
This coin is nothing new, it is simply another Litecoin clone. Let us skip all the marketing jargon and delve straight into the technicals.
Summary:
Algorithm: S-Crypt (scrypt)
Block time: 1 minute.
The purpose of a longer block time is to ensure that block propagation delays do not constitute a large percentage of the target interval. Compared to a decade ago, network infrastructure and computer performance have increased, and delays have been reduced to a few seconds. A propagation delay of 5 seconds correspond to a detached (orphan) block rate of 7%. This rate is similar to sales taxes, and is a fair trade-off for faster confirmation times as the network scales. A shorter block time will only disproportionately increase block time.
Difficulty readjustment time: 60 minutes (60 blocks)
Hindsight is 20/20. Given the volatile economics of cryptocurrency, difficulty readjustment is set to a shorter time span. While some may believe that an even shorter difficulty readjustment time would be better, 60 blocks will strike a fair balance between dynamic difficulty adjustment and difficulty stability. This is because blocks can be solved faster as a result of luck. By the central limit theorem, 60 blocks is a sample large enough to be approximately normal.
Coin generation:
Ferrite claims to have no premine. This is inaccurate. Ferrite coin has an effective [57,800 premined coins (578 blocks)](https://github.com/koh-gt/ferrite-core/blob/ferrite-main/src/chainparams.cpp). This significant premine may be considered unfairly mined, since coins will no premine are considered by the community to be more fair. It is explained that a large stash of premined coins will allow the developers to pay for bounties or events. It is claimed that the premine is to confirm the validity of the genesis block, as well as the difficulty readjustment. More than 800,000 coins have been burnt.
The total number of coins are 60,221,400 because this means that the number of atomic units (10^8 per coin) is very close to 1/10^8 of the number of atoms in one mole of ferrite.
Mining will generate 100 coins per block, with a halving time of 301,107 blocks. On the time this post was written, the block height is 50,000 with a 24h average hashrate of a mere 3.0 GH/s across 11 pools. We believe that with a high block reward, this can offer users a concrete stake in Ferrite and its development. We hope that early adopters will be willing to support this coin and spend time to create services to improve this coin.
The halving time is short, of only 7-8 months. I believe that koh-gt/artucuxi set this value because there is no point planning for time cycles longer than 100 years. The coin either works or it does not. There is no point to prolong the pain on a failed experiment.
Fair start:
The coin wallet is released with precompiled binaries. You can also compile the source code directly from Github. Mining pools and a quick start wiki guide have been created so that even those new to cryptocurrency can start mining on rental hashrate.
FAQ
I need help to install/use the wallet
(
https://github.com/koh-gt/ferrite-core/wiki/Getting-Started)
Is this a scam?
If you see this coin on any exchanges, it is probably a scam. There are no exchanges that I know of trading ferritecoin.
What about profitability?
As there are no exchanges right now, you can always sell the ferritecoins to me. I will pay you 1 satoshi per coin. I will not entertain buying requests, buy from the miners instead. You can use the mining caclulator on (
www.ferritecoin.org) to calculate how many coins you can mine. As of now, 1 GH/s nets you about $1 a day. The market cap is about 10k USD.
What is so special about this?
It is apparently koh-gt's major project. Nothing special, and definitely not whitepaper worthy.
Roadmap?
Bitcoin is digital gold. Litecoin can be considered digital silver. Ferrite... is ferrite. Better not to expect too much.
I want visuals.
Supply (
https://user-images.githubusercontent.com/101822992/211856269-52aa141b-a737-4bba-b36b-4f84a3be5549.PNG)
Hyperinflation ends in 40 days time (
https://user-images.githubusercontent.com/101822992/211856286-cb48032d-e363-422e-bd28-93ff064761c8.PNG)
Downloads
Source code:
https://github.com/koh-gt/ferrite-coreBinaries:
https://github.com/koh-gt/ferrite-core/releases/tag/v3.0.0Latest version (20230413)
Links:
https://link.ferritecoin.orgList of mining pools:
https://github.com/koh-gt/ferrite-core/wiki/Mining-Pools-Listhttps://miningpoolstats.stream/ferriteBlock Explorer:
http://explorer.ferritecoin.orgWebsite:
http://www.ferritecoin.orgForum:
https://github.com/koh-gt/ferrite-core/issuesTelegram:
https://t.me/ferrite_coreEDIT:
I have already sold a lot of FEC at $0.002 to $0.005 but I could offer to pay for explorer hosting using part of my profits as a form of thanks.
