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Author Topic: [ANN][BMR] Bitmonero - a new coin based on CryptoNote technology - LAUNCHED  (Read 66805 times)
thankful_for_today
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April 09, 2014, 08:50:04 PM
 #1

Launch date - 18 April, 10:50 GMT 17 April, 22:00 GMT

Website:

http://bitmonero.org

BMR rep is the freshest one. You may check it there: https://github.com/bitmonero-project/bitmonero

Latest update of binaries are available at www.bitmonero.org
Links:

Win 32
Win 64
Unix
Mac


I'm working on another good feature now, so stay tuned.

Freenode: #bitmonero

[Logo contest - till 28 April - bounty 300 BMR]: https://bitcointalk.org/index.php?topic=580155



Important: this is not a Bytecoin relaunch or not a Bytecoin replacement but a Bytecoin fork. Bytecoin has its own long history, community and stakeholders we don't know much about. I respect them and their decisions even if I don't understand them now. An intention to relaunch coin is always harmfull for everybody involved. Fork is a right way to contribute to community in case you don't agree with decisions already made.

- Why did I make fork?

- Because there is a number of technical and marketing issues I wanted to do differently. And also because I like ideas and technology and I want it to succeed.

I did an announcement ASAP while a lot of details aren't still defined because the earlier it is announced the more people will be able to join. Details will appear as soon as they will be defined and decided.

Here are details that are already defined and I don't plan to change this:

1. New coin will use Bytecoin(BCN)/CryptoNote code base.

2. New coin is started from scratch (i.e. from genesis block).

3. Emission schedule has a flatter curve (close to Bitcoin's original curve).

4. Bitmonero - BMR (monero /esperanto/ = coin)
    Name. Actually there are several good candidates. I have to buy corresponding domains before announcing name Wink

5. Block target = 60 seconds

6. Penalty-free block size were increased.

CryptoNote doesn't have hard limits: all parameters are adaptive. Max block size is adaptive also. It is recalculated the same way difficulty is. In case miner creates block bigger than 1*CURRENT_MAX_BLOCK_SIZE the penalty is applied to block reward (i.e. block reward is decreased). In case miner creates block bigger than 2*CURRENT_MAX_BLOCK_SIZE such block will not be accepted by network.

For blocks below penalty-free block size this logic isn't applied. I.e. even in the blockchain with all blocks empty you can create a block of this size with full block reward. In reference code this penalty-free block size is 10Kb - this is good for 2-3 anonymous transactions (anonymous means mixin factor is 5 or more). It's better to have a bit more.

7. Decimal point were moved. There are less coins in total but initial block reward will be less than 100 coins. This is much easier for practical use. This is an UI issue only - technically there will be 2^64 - 1 atomic units.



Action plan

- I want to start mining and I don't want to wait a week. What can I don just now?

1. CryptoNote is very different from Bitcoin-based currencies and it has no GUI now. I recommed you to try Bytecoin (BCN) now to understand how to use it. The new currency will be very similar while starting.

2. If you are an Ubuntu user it is much better to update you mining machine to Ubuntu 13.10 because there are all required packages already in repo.

3. CryptoNote now works only on 64bit OSes. Actually I don't know the way to build it for 32bit OS. In order to participate you need 64bit OS.

- I want to help with development / design / marketing ...

Please PM me Wink

- I want to integrate new currency in my sevices (pools, block explorers, exchanges etc)

Please check API pages: https://wiki.bytecoin.org/wiki/Main_Page
API is far from being complete. Please PM me for comments or ask on CryptoNote forum: https://forum.cryptonote.org/

- I want to give you money for this project

Here is a donation address in BCN: 27swAkuqXB2M2YNhxjP9qngei9iRdTsH6b2PX7K4ffpugpf3hqiuRUUQvKLxny2iE1hbUANgF81CXL2 v3AiB45v7SmRaPGd

Translations:

[Portuguese] https://bitcointalk.org/index.php?topic=563927.0

References:

[1] CryptoNote technology page: https://cryptonote.org/inside.php
[2] CryptoNote forum: https://forum.cryptonote.org/
[3] Bytecoin (BCN) site: https://bytecoin.org/
[4] Bytecoin (BCN) wiki: https://wiki.bytecoin.org/
[5] Bytecoin (BCN) main thread: https://bitcointalk.org/index.php?topic=512747
[6] Bytecoin (BCN) mining guide: https://bitcointalk.org/index.php?topic=544715
[7] Bytecoin (BCN) white paper: https://bytecoin.org/whitepaper.pdf

Vote for BitMonero on Comkort exchange: https://comkort.com/vote
BTC: 1F1Ryrc2gvJQsVNTS5xvCxKugMjvbFRzX4
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1512993384
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x0rcist
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April 09, 2014, 09:03:32 PM
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Max Supply: 18.5M
Block Reward (at beginning):  17
Block Time: 60sec

Not to bad

Care to explain the reward structure a bit? Also a pool would be nice if possible!
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April 09, 2014, 09:10:12 PM
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how about wallet with gui not only with command line?))
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April 09, 2014, 09:21:26 PM
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Excellent. Can we vote on the name?  Tongue

8. Probably merged mining with Bytecoin. This needs a lot of work to be done :-/

Is there a rationale for sticking with the CryptoNite hashing algo? Some issues I pointed out before: 1) the CPU mining phase is prone to botnets 2) Someone will inevitably develop a GPU miner and it's in their interest not to release it, creating a fairness problem.  (I'd personally prefer X11, because it's CPU+GPU and draws much less power than scrypt.)

edit: I actually can't find anything on this algo. Is this even a sound hashing function with a low probability of being cracked in the future? Most of the algos that the crypto community has been using are well-established and created by professionals and researchers (like the NIST finalists).
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April 09, 2014, 09:26:52 PM
 #5

Does this coin have any new, revolutionary idea? Why does one use it instead of btc/ltc?

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April 09, 2014, 09:30:04 PM
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Does this coin have any new, revolutionary idea? Why does one use it instead of btc/ltc?
It's supposedly anonymous thanks to the implementation of ring signatures. Significantly more robust and decentralized than CoinJoin, if it works.
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April 09, 2014, 09:32:11 PM
 #7

Does this coin have any new, revolutionary idea? Why does one use it instead of btc/ltc?

The coin is not a revolutionary new idea, but its based on a revolutionary idea called cryptonote (https://cryptonote.org/inside.php). Also the fact that cryptonote/bytecoin was hidden deep for the last few years and was being mined by a "big" unknown community the fork would give people a fair start on this new technology.
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April 09, 2014, 09:37:01 PM
 #8

I will be full supporting this.

Did you think about just changing the 2^64 parm to something like 2^56 and keep the Atomic Unit/Decimal in place? I dont see proper a reason on changing the decimal point?

I'm not sure either is a good idea. With a BTC-like model if you end up with high coin values then people then want to switch to mBTC or uBTC because >2 digits after the decimal are hard to deal with.  

In fact I say avoid changing things just to change them.

There are some (potentially) good reasons for changing the reward schedule and for rejecting the legitimacy of the dark web premine unless they want to come out of hiding and show us why their coin is worth adopting and is not just a premine.

The rest I don't really see a need to change at all. Less code and design changes, less risk of unforeseen issues and bugs. The existing code seems to be somewhat well tested.

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April 09, 2014, 09:41:29 PM
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I'm not sure either is a good idea. With a BTC-like model if you end up with high coin values then people then want to switch to mBTC or uBTC because >2 digits after the decimal are hard to deal with.  

True, but if the decimal is changed to a max of two then you need to have more max supply in my opinion. Im not a prophet or full time supporter of a high coin value when there can be more coins and serve the same purpose. Also thinking about adoption, a max of 2 decimals would make more sense, but then im only talking from an adoptive standpoint for the masses. One thing i learned is Keep It Simple Stupid
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April 09, 2014, 09:44:44 PM
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I'm not sure either is a good idea. With a BTC-like model if you end up with high coin values then people then want to switch to mBTC or uBTC because >2 digits after the decimal are hard to deal with. 

True, but if the decimal is changed to a max of two then you need to have more max supply in my opinion. Im not a prophet or supporter of a high coin value when there can be more coins and serve the same purpose.

If you don't change the atomic units you can put the decimal wherever you want. It's a totally arbitrary convention. I'm arguing that a model like BTC that starts out with small (2 digit) reward units ends up with small fractions of a unit for ordinary transactions if the coin becomes widely adopted and gains in value. This seems not to be a widely-liked attribute of BTC.

Johnny Mnemonic
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April 10, 2014, 05:16:21 AM
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I honestly don't see the advantage of bringing the block time down to 1 minute. You're ultimately looking at increasing orphan blocks and decreasing hash power, and all you get is a feature that looks great on paper but has little purpose. I wouldn't mess with it. Apparently the BCN devs wanted 5-10 minute block times but settled on 2 minutes after lengthy disputes. Their decision is explained in more detail here:

https://forum.cryptonote.org/viewtopic.php?f=5&t=20
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April 10, 2014, 04:10:41 PM
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I honestly don't see the advantage of bringing the block time down to 1 minute. You're ultimately looking at increasing orphan blocks and decreasing hash power, and all you get is a feature that looks great on paper but has little purpose. I wouldn't mess with it. Apparently the BCN devs wanted 5-10 minute block times but settled on 2 minutes after lengthy disputes. Their decision is explained in more detail here:

https://forum.cryptonote.org/viewtopic.php?f=5&t=20

I agree. If 2 minutes isn't fast enough for a particular transaction, neither is 1 minute. So there's no point chasing this particular metric and 2 minutes seems like a reasonable compromise.
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April 10, 2014, 04:59:33 PM
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oh ,I can translate into chinese.
thankful_for_today
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April 10, 2014, 05:59:58 PM
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oh ,I can translate into chinese.

This would be great!

Vote for BitMonero on Comkort exchange: https://comkort.com/vote
BTC: 1F1Ryrc2gvJQsVNTS5xvCxKugMjvbFRzX4
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April 10, 2014, 06:06:03 PM
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I honestly don't see the advantage of bringing the block time down to 1 minute. You're ultimately looking at increasing orphan blocks and decreasing hash power, and all you get is a feature that looks great on paper but has little purpose. I wouldn't mess with it. Apparently the BCN devs wanted 5-10 minute block times but settled on 2 minutes after lengthy disputes. Their decision is explained in more detail here:

https://forum.cryptonote.org/viewtopic.php?f=5&t=20

I agree. If 2 minutes isn't fast enough for a particular transaction, neither is 1 minute. So there's no point chasing this particular metric and 2 minutes seems like a reasonable compromise.

Block target isn't only about transaction speed.

It also influences the chance to get block in solomining: with the same total hashrate it's twice easier to find block with 60 sec block target than with 120 secs. Solo mining gives decentralization. This way faster blocks lead to more decentralized network in the beginning.

From another point of view faster block are smaller (less transactions per block). Small blocks are easier to propagate through network.

Vote for BitMonero on Comkort exchange: https://comkort.com/vote
BTC: 1F1Ryrc2gvJQsVNTS5xvCxKugMjvbFRzX4
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April 10, 2014, 07:11:28 PM
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It also influences the chance to get block in solomining: with the same total hashrate it's twice easier to find block with 60 sec block target than with 120 secs. Solo mining gives decentralization. This way faster blocks lead to more decentralized network in the beginning.

From another point of view faster block are smaller (less transactions per block). Small blocks are easier to propagate through network.

You raise an interesting question.

I've seen the argument that faster block times increase centralization because of orphans. But it is true that the blocks will be smaller so the correct comparison is orphans with twice the block time and double the block size (plus header) versus half the block time and half the block size (plus header). I don't think I've seen that comparison.

Also, any coin that is successful wont be feasible to solo mine eventually. The orphan effect has to dominate.
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April 10, 2014, 07:36:59 PM
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It also influences the chance to get block in solomining: with the same total hashrate it's twice easier to find block with 60 sec block target than with 120 secs. Solo mining gives decentralization. This way faster blocks lead to more decentralized network in the beginning.

From another point of view faster block are smaller (less transactions per block). Small blocks are easier to propagate through network.

You raise an interesting question.

I've seen the argument that faster block times increase centralization because of orphans. But it is true that the blocks will be smaller so the correct comparison is orphans with twice the block time and double the block size (plus header) versus half the block time and half the block size (plus header). I don't think I've seen that comparison.

Also, any coin that is successful wont be feasible to solo mine eventually. The orphan effect has to dominate.


I agree. It's a valid point that shorter block times will increase a solo miner's chances of finding a block, but even with a cpu-only coin it's only a matter of time before pooling becomes a necessity. At that point the shorter block time yields no benefit to the miners, but you're still left with the additional orphan blocks and wasted work.
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April 13, 2014, 02:11:10 AM
 #18

@ OP: Pls take your time to discuss your project thoroughly before you start implementing! If this fork is made in a rush, in a rush it will be forgotten.
Pls take time to think about the best ways to do what you do. Thats all I ask for.

Good luck!
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April 13, 2014, 02:24:13 AM
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thankful for today -

I would be thankful if you stopped creating shitcoins. Thanks!
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April 13, 2014, 07:42:17 AM
 #20

thankful for today -

I would be thankful if you stopped creating shitcoins. Thanks!
"fudbuster" - a one day-old account going around calling everything "shitcoin".

Do you even understand what this coin is? Probably not - I'm betting you're a teenager based on the depth of these posts.
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