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

[johnplayer]

Funny to see people dump the coin right now.. They clearly don't understand what this announcement really means.

I think they clearly do understand what this announcement means : nothing, nada... except another beautiful pump & dump  

read again, this is innovation already here!!! u just need to see it!!! its gonna be huge!

[vir6]

That was a really nice pump and dump, well played  

For everyone open your eyes saturncoin devs are promising things for almost 3 months, all they do is posting announcement to pump the price.

[Joshuar]

That was a really nice pump and dump, well played  

For everyone open your eyes saturncoin devs are promising things for almost 3 months, all they do is posting announcement to pump the price.

Lol, saturncoin has absolutely nothing going for it. Every announcemet is for something stupid as hell, like a coin reduction from 7bill total to 7mill total.... they realize that no one will buy this coin right?

It's just a pump and dump game by the Dev.

[pabloangello]

Small article

http://www.cryptoarticles.com/crypto-news/saturncoin-rebrands-to-sat2-coin-reduction-and-lots-more#

It's longer than official statement ;P

[oxgroth]

Poor people, dont see whats comming. You go on cash your flat PnD profit, but you regret everytime you look at sat in future =]
I can just say those are one of the most serious devs, backed up by a great foundation of proffesionals and wealthy people with big companys.

[johnplayer]

just read  the news. cryptsy and mintpal changing the blockchains for them, so huge exchanges are trusting them.
so could you.
believe in it, now there is a professional team behind this movement!

[Saturncoins]

Another small addition:

We have just received confirmation from Cryptsy that they will also be taking part in the coin swap. This means that on the scheduled date, both Cryptsy and Mintpal will be handling the swap. In other words: make sure you have your coins on either Mintpal or Cryptsy by June 30th, then you'll be good

[Bitcoines]

ANNOUNCEMENT
Summarized version

The moment we all have been waiting for is here! We can finaly release the news about what we have been working on

Since many of you don't like to read through large chunks of text, we will start off with a summary, followed by a separate post with the full version (and we highly encourage reading it, as it's pretty awesome).

• SAT² supply: in May the total supply of SAT was reduced to 7.77bil, without major announcements or development plans. SAT² is a completely new project, by a new development team wanting to introduce new technologies in the blockchain using SAT² as the core. To make the coin more suitable for trading by not being a ‘penny-alt’, total supply of SAT² will be reduced to 7.77 mil, so 1/1000 of the current total supply.
  
  
• Automatic Transition to SAT²: after explaining our future plans to Mintpal and Cryptsy, they agreed with us to do the move to SAT² as simple as possible, giving everyone the time to be ready. On Monday 30th June 2014 (exact time to be specified) all the SAT coins on Mintpal and Cryptsy will be moved to SAT² at the same rate of new supply (1 SAT² will be worth 1000 SAT), instantly ready for the completely new SAT² / BTC market. New blockchain will be released on Friday 27th of June to guarantee a working chain on Monday 30th June.
  
  
• Community controlled development fund: as a development team, SAT² is the technological base we’ll use for the future developments. To make it happen and grant a future to the coin, we’ll avoid any premine and use a development fund instead, which starts out empty and gets funded by minting rewards. The proposed development fund payout is 1% per year. This mechanism will work the same way as staking. For staking, a certain interest % gets paid based on the amount of coins that are held in the wallet in question. For the development fund for every minted block a small amount gets paid to the development fund, which will equal 1% after a year. This will grant future developments forever, not just first months, and interest to keep the projects interesting for the market, and no dumps will be possible.
  
  
• Future developments: The codebase for Saturn²Coin is completely ready to go, developers have finished it completely. Most of the steps we are taking today, are mainly focused on creating a new, stronger foundation based on a new codebase and new team. This safeguards the future of Saturncoin, and the new codebase enables us to build new features and innovation on top of it. But there’s more, because we have not only been focusing on the switch to the PoS blockchain. We have also been actively working on new unique features. The features that are being worked on are strongly geared towards real-world adoption, for usage by anyone online (including those who don’t use crypto directly at all).
  
  
• Original SAT premine: old dev is not involved at all in SAT² and actually left months ago, with all the premine. We first released new wallets with a block in the code to lock the two wallets with the original premine, it worked out but then with the help of Cryptsy and Mintpal (our main exchanges) we discovered that premine was already sold on markets back in March. That means that our block worked out but was not needed anymore because the coins were back on the market. New SAT² will have no premine (see Point 3).
  
  
• New website: Today we are also launching the new website for Saturn²Coin http://saturn2.co.in . The new website is based on the new branding and design of SAT², to underline once again that this is a completely new coin.
  
  
• Last 24h price of SAT: many asked about the price increase of the last 24h of SAT. An important factor to keep in mind is the fact that last month the total supply of Saturncoin was heavily reduced (from 50 billion coins originally, to 7.77 billion coins currently). Until now, it did not affect the price, since at the time we had not yet made these publications about our developments. Essentially that means that the price per Saturncoin has been heavily undervalued lately. And now that we get to release this news and publically display our commitment, the price increase is simply a correction based on the fact that on the one hand the supply was heavily reduced, and on the other hand because we are reestablishing faith with all the developments we are making.
  
  
• Saturn²Coin Secifications:
  
  - PoW/PoS hybrid
  - Initial supply: 7,777,777 coins
  - Initial supply will be used to exchange SAT to SAT² (at a rate of 1000 SAT = 1 SAT²)
  - NO premine
  - NO IPO
  
  PoS:
  - First year: 10% interest per year
  - Second year: 5% interest per year
  - Third year onwards: 2.5% interest per year - Minimum stake age: 10 days
  - Maximum stake age: 20 days
  - Block target: 20 seconds
  - Development fund: 1% per year
  
  PoW:
  - 10 SAT² per block
  - Reward halving every week
  - Block target: 80 seconds
  - PoW gets cut off at block 21600 (which should take about 20 days)
  
  Note: this will only be a very short PoW stage, which has a minimal impact on the total supply. The reason we need a PoW phase is because the minimum stake age is 10 days, so no staking will occur during the initial 10 days. During that time we need PoW to keep the blockchain moving. We have decided to let the PoW last for approximately 20 days, to ensure it covers the (theoretical) maximum stake age. After 20 days there is 100% certainty that staking will be taking place, and at that stage PoW will simply no longer be necessary.
  With these new specifications we will be holding true to the original values of Saturncoin: speed.

lets show to the cryptoworld a Real Cryptocurrency ! ill be huge

[peta4e]

Sounds OK except I do not like the 2 after it just saturn should be better :  )

[BitcoinBaBa]

Ok after further reading there is one thing worth noticing.

" Our developments are beneficial to crypto in general. It has proven that there are ways of blocking specific wallet   addresses in the codebase.
  This is important in 2 ways:
  o These developments can be used by anyone when there is a need to block an address in a blockchain (for example when another coin would like to block a premine for any reason).
  o This should be considered an important revelation. We were able to add this code to Saturncoin without anyone noticing (as explained, this was necessary, because otherwise the premine holders could have taken action before it got blocked, assuming they were still holding onto those coins). In our case, we did this with the best of intentions. But for crypto in general, this should be considered as something to look out for. Up until today, nobody appears to have noticed the code at all, and that essentially means that if our intentions had been bad, we could’ve basically pulled off some nasty tricks. With that said: the code is open source, and this goes for basically all coins."


That's something very interesting and a first in crypto world. Useful for handling premine issues and stuff.
Watching carefully with popcorn.

[johnplayer]

yeah as i said, thats really new!!! people dont read unfortunately.

thats just awesome, i believe in that coin and its community and in the foundation, because its just a real thing for society, you know what i mean??

all cryptos for those daily traders....one like the other coin. today this coin rules, the next day this coin rules.
here ist the base!!! this coin's goin to the real world! real things

Ok after further reading there is one thing worth noticing.

" Our developments are beneficial to crypto in general. It has proven that there are ways of blocking specific wallet   addresses in the codebase.
  This is important in 2 ways:
  o These developments can be used by anyone when there is a need to block an address in a blockchain (for example when another coin would like to block a premine for any reason).
  o This should be considered an important revelation. We were able to add this code to Saturncoin without anyone noticing (as explained, this was necessary, because otherwise the premine holders could have taken action before it got blocked, assuming they were still holding onto those coins). In our case, we did this with the best of intentions. But for crypto in general, this should be considered as something to look out for. Up until today, nobody appears to have noticed the code at all, and that essentially means that if our intentions had been bad, we could’ve basically pulled off some nasty tricks. With that said: the code is open source, and this goes for basically all coins."


That's something very interesting and a first in crypto world. Useful for handling premine issues and stuff.
Watching carefully with popcorn.

[124C41]

Ok after further reading there is one thing worth noticing.

" Our developments are beneficial to crypto in general. It has proven that there are ways of blocking specific wallet   addresses in the codebase.
  This is important in 2 ways:
  o These developments can be used by anyone when there is a need to block an address in a blockchain (for example when another coin would like to block a premine for any reason).
  o This should be considered an important revelation. We were able to add this code to Saturncoin without anyone noticing (as explained, this was necessary, because otherwise the premine holders could have taken action before it got blocked, assuming they were still holding onto those coins). In our case, we did this with the best of intentions. But for crypto in general, this should be considered as something to look out for. Up until today, nobody appears to have noticed the code at all, and that essentially means that if our intentions had been bad, we could’ve basically pulled off some nasty tricks. With that said: the code is open source, and this goes for basically all coins."


That's something very interesting and a first in crypto world. Useful for handling premine issues and stuff.
Watching carefully with popcorn.

+1

[kryptologist]

How can you say that SAT2 has 0 premine when SAT and SAT2 are directly related. This is a lie. There is an auto transition to SAT2.   1 SAT2 = 1000 SAT. Since this is a direct swap, you are really just rebranding. You can't just call it something new and change a few things and then claim 0% premine. It is based off a coin that was premined. Do you think we are stupid? What I am sensing here is that there was a huge premine in the past from some sketchy developer and you want nothing to do with that. If that is the case then why not make a new better coin? Are you trying to cover up something?

[Bitcoines]

How can you say that SAT2 has 0 premine when SAT and SAT2 are directly related. This is a lie. There is an auto transition to SAT2.   1 SAT2 = 1000 SAT. Since this is a direct swap, you are really just rebranding. You can't just call it something new and change a few things and then claim 0% premine. It is based off a coin that was premined. Do you think we are stupid? What I am sensing here is that there was a huge premine in the past from some sketchy developer and you want nothing to do with that. If that is the case then why not make a new better coin? Are you trying to cover up something?

If you read carefully the announcement, you will notice the premine addresses have been blocked from the chain making imposible to spend those coins, they wont be able even to be converted, so yes SAT2 = 0 Premine and only 7.7 mill coins, prise rise is only investors wise gathering all the SAT they can before the change.

[techbytes]

any live pools??

sat.cryptopools.com/getting_started is live.  1% fees.


-tb-

[romeshomey]

How will the coins be converted from SAT to SAT2? 

[Bitcoines]

How will the coins be converted from SAT to SAT2?  

It depends, if you have it in mintpal it will be automatic, if you have in wallet just sent to an adress and get back the SAT2, more details will be explained as it comes closer, meanwhile for more details about the conversion you can read PDF Roadmap at: http://t.co/w9IKz71kxb

[kryptologist]

How can you say that SAT2 has 0 premine when SAT and SAT2 are directly related. This is a lie. There is an auto transition to SAT2.   1 SAT2 = 1000 SAT. Since this is a direct swap, you are really just rebranding. You can't just call it something new and change a few things and then claim 0% premine. It is based off a coin that was premined. Do you think we are stupid? What I am sensing here is that there was a huge premine in the past from some sketchy developer and you want nothing to do with that. If that is the case then why not make a new better coin? Are you trying to cover up something?

If you read carefully the announcement, you will notice the premine addresses have been blocked from the chain making imposible to spend those coins, they wont be able even to be converted, so yes SAT2 = 0 Premine and only 7.7 mill coins, prise rise is only investors wise gathering all the SAT they can before the change.

Okay, well it's too hard for me to believe the premine has been pin pointed, blocked, none were spent and will ever be spent. Also, who has the authority to block a wallet? Can my wallet be blocked as well?

[Bitcoines]

How can you say that SAT2 has 0 premine when SAT and SAT2 are directly related. This is a lie. There is an auto transition to SAT2.   1 SAT2 = 1000 SAT. Since this is a direct swap, you are really just rebranding. You can't just call it something new and change a few things and then claim 0% premine. It is based off a coin that was premined. Do you think we are stupid? What I am sensing here is that there was a huge premine in the past from some sketchy developer and you want nothing to do with that. If that is the case then why not make a new better coin? Are you trying to cover up something?

If you read carefully the announcement, you will notice the premine addresses have been blocked from the chain making imposible to spend those coins, they wont be able even to be converted, so yes SAT2 = 0 Premine and only 7.7 mill coins, prise rise is only investors wise gathering all the SAT they can before the change.

Okay, well it's too hard for me to believe the premine has been pin pointed, blocked, none were spent and will ever be spent. Also, who has the authority to block a wallet? Can my wallet be blocked as well?

Nop, everything is explained in the PDF Roadmap at: http://t.co/w9IKz71kxb
feel free to give it a read.

[btcforthefuture]

Compliments to the Dev and his team! I really respect the hard work and hope it pays off. It's refreshing to see a Dev with some long term vision and determination to succeed. This should be rewarded.