[ANN][SIM] Simcoin - A Simple Coin

[NxtChg]

What is the payload size of an average transaction?

Since Simcoin is not finished and there are no transactions yet, I'd say 'undefined'.

[Nxtblg]

Progress report

The CryptoMan game is working and people are starting to play it, which is nice. At least you can now see that I can deliver something working

No worries, man.

On that subject: I sunk the maimum 1.5 BTC investment into eXocoin 'way, 'way back in January. Like Sim, it's coded from scratch. The launch date is Friday.

And of course, NEM's taken months. That's life in the real world of coding from scratch.

Most of the week spent finalizing the game, but I slowly started to code things for Simcoin again too, and plan to switch back full-time on Monday, so don't sell your IPO stake just yet

No comment.

[NxtChg]

Progress report

Taking a break from Simcoin was a good idea – I came back with a few fresh ideas. For example, I was never satisfied with my bootstrapping solution, it was too complicated. Granted, the problem itself is very complex when you consider all the factors, but now I found how to simplify it more and make it better.

So, I am still working on Simcoin, even if it might not look this way


* This elephant is not accurate.

[KLONE::Vader]

70% sounds promising 

[wizzardTim]

EDIT: check what eMunie has done to achieve instant transactions https://forum.emunie.com/threads/treeless-blockless-say-what.2015/

I was wondering whether simcoin will able to handle so many transactions? e.g.100k/sec

what is the target?

[NxtChg]

I was wondering whether simcoin will able to handle so many transactions? e.g.100k/sec

Nobody will be able to achieve 100k/sec any time soon. Whoever tells you that is either lying or incompetent.

[wizzardTim]

I was wondering whether simcoin will able to handle so many transactions? e.g.100k/sec

Nobody will be able to achieve 100k/sec any time soon. Whoever tells you that is either lying or incompetent.

What if he's following a different implementation approach/philosophy?

[NxtChg]

What if he's following a different implementation approach/philosophy?

Unless he's following a different reality (which it seems like he is, judging by his posts) - no way.

[rlh]

What if he's following a different implementation approach/philosophy?

Unless he's following a different reality (which it seems like he is, judging by his posts) - no way.

Didn't read the article but such notions are a bit pointless.  Benchmarks are nice but transactions executing that fast are, well, unnecessary.  For context, 100k transactions a second (tx/s) is the equivalent of 8.6 billion transactions a day, or about 1.1 txs, per human, per day.  I have no clue how many financial transactions occurr each day, but when you consider that these transactions are distributed across 10's of thousands of currency mediums and processors, I can guarentee that no one system processes money that fast.

In fact, if memory serves me correctly, VISA processes about 25k transactions a minute (or 416 tx/s).  If you ask me, that's a reasonable benchmark.  Yes, it's always good to be fast, but you can also optimize to a point where any more time is a waste of effort since it's not necessary.  Spend that precious time
Solving other important problems instead of working on numbers that only sound impressive but offer no real value (again, after a certain point.)

[NxtChg]

Didn't read the article but such notions are a bit pointless.  Benchmarks are nice but transactions executing that fast are, well, unnecessary.  For context, 100k transactions a second (tx/s) is the equivalent of 8.6 billion transactions a day, or about 1.1 txs, per human, per day.  I have no clue how many financial transactions occurr each day, but when you consider that these transactions are distributed across 10's of thousands of currency mediums and processors, I can guarentee that no one system processes money that fast.

Exactly. To quote myself

I think that in the nearest future, it will neither be feasible, nor required, for any crypto to reach 1000 TPS. We should be comfortable with 10-100 TPS (i.e. PayPal level).

[lovely89]

Didn't read the article but such notions are a bit pointless.  Benchmarks are nice but transactions executing that fast are, well, unnecessary.  For context, 100k transactions a second (tx/s) is the equivalent of 8.6 billion transactions a day, or about 1.1 txs, per human, per day.  I have no clue how many financial transactions occurr each day, but when you consider that these transactions are distributed across 10's of thousands of currency mediums and processors, I can guarentee that no one system processes money that fast.

Exactly. To quote myself

I think that in the nearest future, it will neither be feasible, nor required, for any crypto to reach 1000 TPS. We should be comfortable with 10-100 TPS (i.e. PayPal level).

I don't understand. Why does its application on today's world have any real relevance? I would have thought that if someone is making these claims, we would embrace them (wait for proof of course) but not question its usefulness.

In today's world, there are countless incentives for micro payments and a massively unbanked population. I say, the more transactions the better, as todays tps will be negligible in the coming years.

An analogy i could think of was, if we could harness the energy of the entire sun, why wouldn't we do it? Sure, today we don't use a fraction of that but it would enable so much production and new doors would fly open for future prosperity. Only obtaining enough for powering the world today would be missing the point.

What I'm saying is, if what Dan has said is true (again, no proof right now) we should all embrace its potential and critic its design, not its usefulness.

[NxtChg]

I don't understand. Why does its application on today's world have any real relevance? I would have thought that if someone is making these claims, we would embrace them (wait for proof of course) but not question its usefulness.

Because there are other factors, like adoption rate, for example, which makes incredible TPS rates moot.

It's like building a giant airport for a small town with a single plane just because "why not?".

[lovely89]

I don't understand. Why does its application on today's world have any real relevance? I would have thought that if someone is making these claims, we would embrace them (wait for proof of course) but not question its usefulness.

Because there are other factors, like adoption rate, for example, which makes incredible TPS rates moot.

It's like building a giant airport for a small town with a single plane just because "why not?".

I think you answered it, 'why not?'. If the design is flawless, cost is the same and it works, why take the inferior route? I can't think of any reason why the ability to scale past the foreseeable future is a bad thing if there are no negative impacts on the present. Of course, we have to wait for the details before coming to any conclusions but disregarding it because it doesn't solve a problem that exists today but may in the future seems irrational.

I also think that with decentralised platforms in combination with the internet and dacs, a potential exponential increase in tps isn't dismissable.

[NxtChg]

I think you answered it, 'why not?'. If the design is flawless, cost is the same and it works, why take the inferior route?

Because there is no such thing as "free lunch". Let me give you another example.

Designing a 5-storey building is relatively straightforward and easy task.

Designing Burj Khalifa, on the other hand, is a nightmare - every detail becomes a huge problem: water pumping, sewage, air conditioning, heat, dust, window cleaning...

Same goes for when you actually try to engineer a coin. You can't just magically wish something into existence, you need to design and build it, and there is a big difference between 100 and 1000 TPS.

Making wild claims detached from reality is easy. Heck, I can promise you right on the spot that Simcoin will do 12 M transactions per second, while simultaneously rubbing your neck and feeding you ice cream! Why not? In an imaginary fairy-tale land we can do anything!

So if you are into this kind of stuff, please proceed to eMunie forums. Here this pointless discussion is now closed.

[rlh]

I have no idea how Fuseleer can make such a claim and still maintain an efficient, ACID compliant system.

Sure you can find a way to process that much data, that fast, but it has to come at the expense of one or two of the requirements.  I hate to criticize someones work without talking to them directly, so I will assume they've found some black magic to work in eMunie. If it can reliably do what they hope it can do, then they've likely solved some really important problems in CompSci.

[NxtChg]

I have no idea how Fuseleer can make such a claim and still maintain an efficient, ACID compliant system.

Because he is detached from reality.

Quote from ed25519 website: "a quad-core 2.4 GHz Westmere verifies 71,000 signatures per second".

This is a highly optimized version of ed25519, probably the fastest signature algorithm, doing batch verification on top-notch hardware.

So your average server won't even be able to verify 100 K signatures per second, let alone do something else.

And if you try to distribute accounts, i.e. nodes store only parts of the ledger, you will immediately sacrifice security and get yourself a nightmare of doing transactions with sender and recipient being on different parts of the network.

So, as I said, anyone who claims that a decentralized, trustless system can do 100 K TPS is either incompetent or lying.

[rlh]

Bingo!  (Guys, this dev gets it.)

NxtChg, I've been working on a side crypto project for a while.  I'd like to compare notes and if Simcoin is close to what I've been rolling around in my head (since 2011, no less) and if you might be interested in a co-developer, I think we could benefit one another.

I just found out about Simcoin a week ago, so I literally have no stake in this coin.  Still, I am interested and if you think like I think, then I'd like to explore the possibility of unifying, rather than competing.

PM me and we can talk.

[lovely89]

Here this pointless discussion is now closed.

As said, this topic is pointless as there is no technical description or poc.

[NxtChg]

Progress report

The recent streak of bad luck is getting uncanny... It's almost like the universe doesn't want me to finish the damn thing

This week I was seriously sick, like I haven't been in several years. A nasty virus crawled down my throat and ate everything it could there.

Then it crawled up my nose and instantly turned my head into a pumpkin. And judging by the color of my eyes – into a Halloween pumpkin.

And on Saturday, when I was finally feeling better, my XP started crashing on boot!

Have you ever seen a green screen? It's like a regular blue screen, only green. The crash happened while XP was showing its own logo, so I guess it changed the system palette and blue became green. Psychedelic...

So I spent half of the day trying to revive it, then started installing XP with "upgrade" option and the crash happened again, so even installation couldn't continue...

But after reboot XP finally figured somehow what needs to be done and installation restarted. I thought: “well, here go all my programs and settings for the last 7 years, it will probably just overwrite everything now”. But no! It was smart enough to figure everything out, and the only thing I lost is my IE turned back to version 6

So, folks, I am really trying, but sometimes life just sticks its fat ugly ass right in the way!

[freigeist]

I hope you have several backups
of the work you have done up until now?!