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

[Saturncoins]

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?

If we would write a wallet update that specifically blocks your address, and everyone would start running the updated wallet, then yes, that would be possible. It's not like any wallet can just be blocked out of nowhere though - only specific addresses that are hardcoded into the codebase can be blocked.

That's also something that was specifically explained in the longer article: we highly encourage anyone in crypto to not blindly accept wallet updates. Every coin benefits from having a community that checks up on the work of the devs (and I'm referring to any crypto currency in general). In theory, it is possible to slip nasty code into a coin if nobody checks it. This is also one of the reasons why we are releasing this news in such great detail, as we like to spread awareness about the fact that source code verification is very important.

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[signorama]

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?

Man read, dai, read this thing for heavens sake.

[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.

[FallingKnife]

Decisive action. Cooperation between community and exchanges. Well thought plan that's ready to execute.  Great job!  I'll be watching your progress.

[nrvkush]

Hi, do you plan to add Anon ?

Bro this coin was transiting into POS since month, forget about progress here.

Look at price, this coin was pumped and dumped several time, waste of time.

[johnplayer]

http://saturn2.co.in/images/saturn2Coin_square.png

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.

Hi, do you plan to add Anon ?

yes anon will be added

[MiMiMiner]

Hello,

I would like to know how I can transfer my current SAT coins to the new SAT coin?

Thanks!

[johnplayer]

if u got them on cryptsy or mintpal it will change automatically and if not, then some of the dev team should answer  that :-)

[Saturncoins]

Hello,

I would like to know how I can transfer my current SAT coins to the new SAT coin?

Thanks!

The coins will be automatically converted on the specified date, you just have to make sure you have your coins on either Mintpal or Cryptsy before that time.

[MiMiMiner]

Great!!

[johnplayer]

do you know the date already when anon will be integrated???

[Saturncoins]

do you know the date already when anon will be integrated???

I'm not sure what you mean?

[johnplayer]

the anonymity of the blockcain like darkcoin

[Saturncoins]

the anonymity of the blockcain like darkcoin

We haven't announced any such plan. I'm not confirming nor denying whether we have such plans, but if we do, there is no specific date set for it yet.

[Tyke]

Saturncoin is in my book called Cryptocurrency "The Alt-ernative" Beginner's Reference.  Here is first draft of IFC:


https://bitcointalk.org/index.php?topic=356065.msg7131241#msg7131241

MAIN CRYPTOCURRENCY BOOK THREAD: https://bitcointalk.org/index.php?topic=483187.0


Saturncoin will look similar to this.  Coin specifications, history, exchanges and other miscellaneous details will be included.  Please help fund the publication of this book which I plan to publish this summer.  

Sakz565wSkTjimCk3MdzCwBvPpoJRZnnKP

[romeshomey]

I am having a problem with my security software detecting the QtCore4.dll as a threat and won't allow me to open the wallet.

Even if I make an exclusion to allow the .dll, it still blocks it upon the next start of the wallet QT.

Any ideas?

[romeshomey]

Well I thought Id try to a clean install of the QT but Avast blocks the saturncoin-qt.zip from unzipping lol.

What to do?  

When I scan the zip or the QtCore4.dll file it tells me its Win32:Malware-gen

[romeshomey]

Well I got a fresh install loaded and it opened fine.  Weird.   

[signorama]

New vulnerability found in OpenSSL. Dev its time to update the wallet for the Windows/MAC folks. OpenSSL in Linux is system dependent.

[johnplayer]

im looking forward to the 30 of june.
untill this date, the days before that automatic exchange on mintpal, trading will be crazy in volume, likely the same as 2-3 days ago :-)
make sure to be in!