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Author Topic: [ ANN ] SAT² - A new dawn - PoS - No Premine  (Read 132384 times)
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signorama
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April 30, 2014, 05:02:31 PM
 #421

A point of correction;  The saturncoinfoundation.org website still points to the old Github Source and Wallets [https://github.com/saturncoinnet/Saturncoin] and not the new one as on OP [https://github.com/Kryptoz/Saturncoin]. Ciao.


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mikesbmw
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April 30, 2014, 07:23:04 PM
 #422

Just now I saw that you would need 120BTC to get up to 20 satoshi on Mintpal Grin

Than another 40 to get to 30 sats and after that it's wide open country (for now).

NXT: Next Generation of Cryptocurrency http://nxtcrypto.org
NEM:New Economy Movement http://www.ournem.com/
GatorJMT
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April 30, 2014, 07:34:04 PM
 #423

Just now I saw that you would need 120BTC to get up to 20 satoshi on Mintpal Grin

Than another 40 to get to 30 sats and after that it's wide open country (for now).

Mike a lot of those sell walls mysteriously disappear during a run up in price, seen coins at 1 SAT on MintPal with 150 BTC of sell walls vanish in a 30 minute spike to 17 SAT.
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May 01, 2014, 07:52:57 AM
 #424

so today is the big day  Grin
getupppp
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May 01, 2014, 10:35:14 AM
 #425

Would be nice to have some good news today Smiley and don`t forget about the other news on our causes ...
These causes are also important just like all the charts we are watching, keep an eye on them and spread the word...

for more information you can take a look  on our Facebook https://www.facebook.com/saturncoin are http://www.saturncoinfoundation.org/

Also these websites provide some more information.
Feel free to like them are give away some donations are spread the word about the causes ...They like any kind of support you offer.

https://www.facebook.com/RaabiasWWR
https://www.facebook.com/pages/STOP-THE-SERENGETI-HIGHWAY/125601617471610?fref=ts
http://saturncoinfoundation.org/causes/22-stop-exploiting-child-laborers
http://www.avaaz.org/en/aceh_rainforest_petition_ss_test_control/?feDTjhb&pv=55
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May 01, 2014, 10:36:09 AM
 #426

Just now I saw that you would need 120BTC to get up to 20 satoshi on Mintpal Grin

Than another 40 to get to 30 sats and after that it's wide open country (for now).

Mike a lot of those sell walls mysteriously disappear during a run up in price, seen coins at 1 SAT on MintPal with 150 BTC of sell walls vanish in a 30 minute spike to 17 SAT.
I know, that's why I included the smiley and stated "for now".

Sell walls are scare tactics, but far to obvious by now (at least to whomever has been trading a few months).  Wink

NXT: Next Generation of Cryptocurrency http://nxtcrypto.org
NEM:New Economy Movement http://www.ournem.com/
GatorJMT
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May 01, 2014, 04:12:51 PM
 #427

So I guess the biggest question is not how the conversion to PoS will be started today but will the conversion to PoS be started today?

Saturncoins
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May 01, 2014, 08:30:40 PM
 #428

Everyone get your space suits on! Our mission to Saturn is continuing and things are looking better than ever!

Our developers have spent the past weeks extensively researching and testing the transition to Proof of Stake (PoS). It has proven to be troublesome to convert a PoW-only chain to PoS without risking massive problems. The only coins which have successfully ran a PoW stage, followed by PoS-only, had PoS built-in from the initial launch. In order to rule out these problems, we have decided that switching to a new PoS blockchain will be the best approach.

There are various ways to switch to a new blockchain, and we have explored all possibilities. We have determined this will be the best approach:

  • On the existing blockchain, we are implementing a few changes:

    - We are limiting the total supply to 7.77 billion coins.
    - The mining reward gets changed to a fixed amount of 10,000 coins per block, starting from block 77777.

    At the time of writing, approximately 7 billion coins have been mined. This means that  only another ~10% will be mined, which is necessary to allow for the transition to the new blockchain (if we would halt mining immediately, the blockchain would halt, meaning no more transactions can be processed).

    This step will take effect immediately - details are specified below.

  • The new PoS blockchain is currently being prepared and tested. This blockchain will use the same prefixes as the old blockchain. This enables you to use your existing private key, so you can import it into the new wallet of the new blockchain. By doing so, you will be able to get use the same wallet on the new blockchain.

  • On this new blockchain we will have a premine which equals the total supply of the old blockchain.

  • On the old blockchain, we will setup an Exodus address. You will be able to send your coins from your old wallet to this address.

  • We will be running a script which monitors all the transactions which are sent to this Exodus address. This script will be in control of the wallet which holds the premine on the new blockchain. It will send an equivalent number of coins that were received by the exodus address to the same wallet on the new blockchain (1:1).

Using this approach, everything will be 100% transparent, as every transaction will be visible in the blockchain (both on the old and the new blockchain).

We expect to begin the Exodus to the new blockchain next week as we complete the final preparations, and there will be plenty of time for everyone to take part in the transition.


Today we are commencing with step 1, meaning we are releasing a new wallet which introduces the reduced total supply and mining reward changes as specified above.

Github (source): https://github.com/satdev/Saturncoin
Windows: https://app.box.com/s/mktkghzsuztzxl81qm10


We encourage everyone to switch to the new wallet as soon as possible. No special changes are required, you may simply install the wallet the same way you installed your existing wallet.


This is a big step ahead in the history of Saturncoin, but it is the first step of many. The current developments are merely securing a stable foundation for the future of Saturncoin and to protect the investments of our community: every Saturncoin holder will be glad they didn't settle for the moon and held tight for Saturn instead.

Over the next couple of days we will also publish more details about some new exciting developments and our roadmap.

As a famous astronaut once said:
"One small step for crypto, one giant leap for saturncoin".

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May 01, 2014, 08:33:13 PM
 #429

Ha.  I was just typing a post asking for an update, hit submit and it showed your post.  Thanks!
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May 01, 2014, 08:52:01 PM
 #430

Everyone get your space suits on! Our mission to Saturn is continuing and things are looking better than ever!

Our developers have spent the past weeks extensively researching and testing the transition to Proof of Stake (PoS). It has proven to be troublesome to convert a PoW-only chain to PoS without risking massive problems. The only coins which have successfully ran a PoW stage, followed by PoS-only, had PoS built-in from the initial launch. In order to rule out these problems, we have decided that switching to a new PoS blockchain will be the best approach.

There are various ways to switch to a new blockchain, and we have explored all possibilities. We have determined this will be the best approach:

  • On the existing blockchain, we are implementing a few changes:

    - We are limiting the total supply to 7.77 billion coins.
    - The mining reward gets changed to a fixed amount of 10,000 coins per block, starting from block 77777.

    At the time of writing, approximately 7 billion coins have been mined. This means that  only another ~10% will be mined, which is necessary to allow for the transition to the new blockchain (if we would halt mining immediately, the blockchain would halt, meaning no more transactions can be processed).

    This step will take effect immediately - details are specified below.

  • The new PoS blockchain is currently being prepared and tested. This blockchain will use the same prefixes as the old blockchain. This enables you to use your existing private key, so you can import it into the new wallet of the new blockchain. By doing so, you will be able to get use the same wallet on the new blockchain.

  • On this new blockchain we will have a premine which equals the total supply of the old blockchain.

  • On the old blockchain, we will setup an Exodus address. You will be able to send your coins from your old wallet to this address.

  • We will be running a script which monitors all the transactions which are sent to this Exodus address. This script will be in control of the wallet which holds the premine on the new blockchain. It will send an equivalent number of coins that were received by the exodus address to the same wallet on the new blockchain (1:1).

Using this approach, everything will be 100% transparent, as every transaction will be visible in the blockchain (both on the old and the new blockchain).

We expect to begin the Exodus to the new blockchain next week as we complete the final preparations, and there will be plenty of time for everyone to take part in the transition.


Today we are commencing with step 1, meaning we are releasing a new wallet which introduces the reduced total supply and mining reward changes as specified above.

Github (source): https://github.com/satdev/Saturncoin
Windows: https://app.box.com/s/mktkghzsuztzxl81qm10


We encourage everyone to switch to the new wallet as soon as possible. No special changes are required, you may simply install the wallet the same way you installed your existing wallet.


This is a big step ahead in the history of Saturncoin, but it is the first step of many. The current developments are merely securing a stable foundation for the future of Saturncoin and to protect the investments of our community: every Saturncoin holder will be glad they didn't settle for the moon and held tight for Saturn instead.

Over the next couple of days we will also publish more details about some new exciting developments and our roadmap.

As a famous astronaut once said:
"One small step for crypto, one giant leap for saturncoin".

Ok, read through the Dev post a couple of times and have everything digested, impressed with the transition plan to PoS and love the new 7.77 billion coin cap down from the original 15 billion cap, essentially making our coins twice as valuable from a supply view.  What's everybody else's thoughts?
GatorJMT
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May 01, 2014, 09:06:21 PM
 #431

This is a big step ahead in the history of Saturncoin, but it is the first step of many. The current developments are merely securing a stable foundation for the future of Saturncoin and to protect the investments of our community: every Saturncoin holder will be glad they didn't settle for the moon and held tight for Saturn instead.

Over the next couple of days we will also publish more details about some new exciting developments and our roadmap.

As a famous astronaut once said:
"One small step for crypto, one giant leap for saturncoin".

Also love that last section, community needs to get excited about this, 4 BTC added to the bid on MintPal and a lot of buy orders processed right after the announcement was posted.  

Countdown for liftoff has began.
kakp
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May 01, 2014, 09:07:27 PM
 #432

Thank you for all those good news !!!

one simple question, right now all my SAT are on Mintpal, is it safe to let them on it or should I transfer them to the new wallet ?

edit: what about the top 10 richest wallets ?
Saturncoins
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May 01, 2014, 09:16:57 PM
 #433

Thank you for all those good news !!!

one simple question, right now all my SAT are on Mintpal, is it safe to let them on it or should I transfer them to the new wallet ?

As a general rule of thumb it's usually best to keep coins in your own wallet unless you're trading with them. But for the wallet we released today, no such action is needed. All exchanges will be switching to the new wallet on their end.

By the time we start moving to the new PoS chain, you will first need to withdraw your coins to your private wallet before sending them to the Exodus address, since you will need to be able to use your private key to claim them on the new blockchain. However, this is not relevant yet right now.

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May 01, 2014, 09:19:37 PM
 #434

Volume spiking, price shooting up on MintPal on Dev's announcement. About 40 - 50 buys in a row, walls falling fast.  This was what we have been waiting for.

Now 100+ Straight Buys, No Sells, Just imagine the excitement on the actual transition next week
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May 01, 2014, 09:51:13 PM
 #435

nice change dev...
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May 01, 2014, 10:16:42 PM
 #436

Congrats on the price spike at mintpal Smiley Dropping by to let you know that SAT is currently in the TOP5 at whattomine.com Come see for yourself!

https://whattomine.com - Check what to mine Smiley
GatorJMT
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May 01, 2014, 11:38:39 PM
 #437

So it would make sense from today's announcement that the Multi-Pool would go live after the PoS changeover next week.

Has testing been completed for the Mult-Pool? Would love to see x11, Sha256, Groestl and if you really wanna be awesome Blake256 included alongside Scrypt as mining options.
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May 02, 2014, 01:27:25 AM
 #438

Hey ! The switch to POS is... well............... a GREAT FUCKING IDEA !! I have all the original sats that I received from giveaways since day one butI would like to EARN more. Any bounties? Sorry to hear about the Dev Cry   (see below)

















IN HOPES OF KILLING THE SUBVERSIVE MOVEMENT KNOWN AS "ALTCOINS" ...ALL DEVS OF ALL COINS HAVE BEEN BEAMED UP AND BANISHED TO THE PLANET "IXNAR"

ficklepickle
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May 02, 2014, 04:40:50 AM
 #439

This means you would have a lower coin cap than mint or ECC ?

Hmmm.

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May 02, 2014, 04:57:45 AM
 #440

This means you would have a lower coin cap than mint or ECC ?

Hmmm.

It will not even be close, Saturn will have much lower coin cap then both.  Hmmmmmmm.
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