[ ANN ] SAT² - A new dawn - PoS - No Premine

[GatorJMT]

Nethash has bumped up 70% since announcement, MintPal volume up 10x normal, Price up 2x.  Still at only 6 SAT.  Exciting times ahead.

[getupppp]

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".

Nice work devs !! Thank you for the support.

[signorama]

OK. I'm done with step 1.  I've  just compiled  the new wallet which introduces the reduced total supply.
C'mon step 2, I'm waiting...

[bob131313]

Status Update:
Foundation Fund Wallet contains 4 million sat: SRW2dgjcTJu328G2cDZGhpmAasgAAZbDsY  
Be sure to send your donations. These funds are only spent when the community decides to spend them.
 
Short Link: http://23.252.113.113:3312/a/SRW2dgjcTJ

Balance: 4010000 SAT
Transactions in: 5
Received: 4010000 SAT
Transactions out: 0
Sent: 0 SAT

So far the only allocation of funds is 2 million for MovieJump's video. This video has not been completed yet and funds will not be delivered until the video is completed and approved by the community.   Moviejump, please provide a status update when you can.  So far 9 million SAT has already been donated for completion of this video.

Foundation Members:
If you are interested in being part of the foundation, we are usually in the irc freenode #saturncoins
We need the community to move forward, take a little time to take part and voice your ideas here and in the chat.

POS client:
One of the issues Mintcoin has recently dealt with was people attacking the blockchain on the POW side since the diff went so low. To combat that they have removed the POW side of the coin and are 100% POS now. Something to consider as we are making the change to POS.
 

Kudo's:
Just wanted to share kudo's to all the folks behind this coin as it is a lot of work and somewhat stressful. Transparency should be hardcoded into anything we build so that issues can be resolved openly.
Bitcoines - Without your help, this coin would of died a painful death after being left on the side of the ditch by the original dev team.
Honeypot - You have been a great help poking and plotting us in the right direction.
Steady - You have helped keep the community informed and help to organize all of us.

I apologize if your name is not above, the entire community has come together to help this coin survive, so if you are left out know you are appreciated.

As always, I am around on irc or here. Please contact me if you have questions.


 

[ficklepickle]

http://sat.dedicatedpool.com/

could use some hashes if any of you are interested. 

[Honeypot]

Despite all difficulties, the team pulled through and are on the right track!

This is an important notice: ALL POOLS MUST UPDATE TO NEW WALLETS ONCE RELEASED. NO EXCEPTIONS AND NO DELAYS - ONCE IT'S OUT, TIME TO UPDATE YOUR POOLS.

Exact date and time will be announced soon as per previous posts regarding the update.

[GatorJMT]

http://sat.dedicatedpool.com/

could use some hashes if any of you are interested. 

Got a miner pointed at the pool, net hashrate is up 250% vs. 2 days ago, that's a definite positive.

[signorama]

Have you updated, if so why not come back and say so. It seems some are afraid to do so. We have to move forward. I did update my wallet and had ZERO ISSUES. Thanks Dev. 

[SlientBit]

I also did the upgrade with zero issues, but ...

I have a support ticket with Mintpal open ... because the deposit I sent there has been missing for a few hours, despite the 150+ confirmations on the network ...
I think the exchanges might have ignored the update so far ...

DEV, can you please pressure them a bit on this?

[invall]

Thanks dev for the new wallet, I can't wait the POS update !!

[hyeoam]

Charts here: http://crypto-prices.com/SAT

[SlientBit]

I also did the upgrade with zero issues, but ...

I have a support ticket with Mintpal open ... because the deposit I sent there has been missing for a few hours, despite the 150+ confirmations on the network ...
I think the exchanges might have ignored the update so far ...

DEV, can you please pressure them a bit on this?

All solved, they had suspended operations to update the wallet, that was all

[sonysasankan]

Could you please update the OP with the staking specification? How frequently, minimum age? interest rate, etc?

[moviejump]

9 mill was given for the completion of a prior video I did it has nothing to do with the currant one I'm doing I'm filming superman vs batman at the moment and have little time so It will happen when it happens.

Status Update:
Foundation Fund Wallet contains 4 million sat: SRW2dgjcTJu328G2cDZGhpmAasgAAZbDsY  
Be sure to send your donations. These funds are only spent when the community decides to spend them.
 
Short Link: http://23.252.113.113:3312/a/SRW2dgjcTJ

Balance: 4010000 SAT
Transactions in: 5
Received: 4010000 SAT
Transactions out: 0
Sent: 0 SAT

So far the only allocation of funds is 2 million for MovieJump's video. This video has not been completed yet and funds will not be delivered until the video is completed and approved by the community.   Moviejump, please provide a status update when you can.  So far 9 million SAT has already been donated for completion of this video.

Foundation Members:
If you are interested in being part of the foundation, we are usually in the irc freenode #saturncoins
We need the community to move forward, take a little time to take part and voice your ideas here and in the chat.

POS client:
One of the issues Mintcoin has recently dealt with was people attacking the blockchain on the POW side since the diff went so low. To combat that they have removed the POW side of the coin and are 100% POS now. Something to consider as we are making the change to POS.
 

Kudo's:
Just wanted to share kudo's to all the folks behind this coin as it is a lot of work and somewhat stressful. Transparency should be hardcoded into anything we build so that issues can be resolved openly.
Bitcoines - Without your help, this coin would of died a painful death after being left on the side of the ditch by the original dev team.
Honeypot - You have been a great help poking and plotting us in the right direction.
Steady - You have helped keep the community informed and help to organize all of us.

I apologize if your name is not above, the entire community has come together to help this coin survive, so if you are left out know you are appreciated.

As always, I am around on irc or here. Please contact me if you have questions.


 

[bluewhackadoo]

9 mill was given for the completion of a prior video I did it has nothing to do with the currant one I'm doing I'm filming superman vs batman at the moment and have little time so It will happen when it happens.

Nice gig 

[bluewhackadoo]

Any updates on the exodus status?

[invall]

Any updates on the exodus status?

Tomorrow or thursday I think

[GatorJMT]

Sent 325,000 SAT to the foundation address, not a lot I know but I'm hopeful for the coin and hopeful one day it will be worth more and finds use in funding future projects.

More videos by moviejump would be an amazing start, the short one he has already made is the most polished, impressive 4 seconds ever committed to a Cryptocoin.  I would pledge an additional 1 million sent directly to moviejump, or sent through the foundation, if any more movies are coming.

[MadGhost]

Any updates on the exodus status?

Tomorrow or thursday I think

how are you so sure about that ?

[GatorJMT]

Could you please update the OP with the staking specification? How frequently, minimum age? interest rate, etc?

In addition to that request, two of the mining pools can be removed from the OP.  Hash.so has closed and Miningwith.us has dropped Saturncoin.

Finally got past a tough block on http://sat.dedicatedpool.com/ after 6 hours, I am half the hashrate there, would love some support.