Proof of Burn: Slimcoin can be mined competativly on a Rasberry Pi!

[slimcoin]

Slimcoin is truly ASIC-proof.

The main point of Proof-of-Burn is that "superior and faster mining hardware offers no advantage".

With all of these ASICs coming out for Scrypt now, many people are coming up with "ASIC proof" algorithms. Those are simply patches since mostly anything can be implemented on a custom ASICs an it is wrong to claim any hashing algorithm is ASIC proof. The best ASIC resistance is to not need them at all. Slimcoin utilizes that exactly. It does not focus on proof-of-work that much. It uses a new method of coin generation called proof-of-burn. Long story short, competitive mining can be done with a Raspberry Pi (super-low-power computer), literally.

I decided to make this post as Slimcoin's development is coming near to a stable release. It will be released soon, most likely mid-May of this year. I want to spread the awareness of this proof-of-burn design that completely eliminates the need for ASICs. Here is a more specific explanation of how proof-of-burn works on Slimcoin's website: https://slimcoin.org/index.php/en/resources-en/proof-of-burn.

Specifications of Slimcoin:

• Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
                This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok
• Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
• Block time is 1.5 minutes (90 seconds)
• Difficulty re-targets continuously
• Block Rewards:
  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • *I have not yet fully decided on these rewards, so they may change*
• Block rewards decrease in value as the difficulty increases
• Total 2 billion coins

Proof of Burn and Low Power Requirements:
        Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

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[Rawdawg-]

This is a very interesting idea, do you have any code ready for it? Also when are you going to be releasing everything?

[CryptoHobo]

if/when this comes to pass i've got a pi or two that'd be dedicated

[aleix]

Interesting idea (also RT)

I can use some Raspberry Pi on this. Keep working,

Keep us posted.  

[Rawdawg-]

I have a stack of Raspberry Pi's I will put on it myself as well as an entire farm of older workstation computers. If you need any help with coding/promotion, please PM me, I think this is an amazing idea. I also have some friends that own pools that can make a custom pool for you.

[slimcoin]

The Slimcoin code is ready, only that I am doing extensive testing since I want a smooth launch. I plan on releasing it most likely in mid-May. The reason it can be mined (through proof-of-burn) with a Raspberry Pi is because in proof-of-burn, faster hardware offers no advantage over others.

You guys can find a more detailed explanation of how proof-of-burn is able to achieve this under the "How does Proof of Burn work?" article on Slimcoin's website:
https://slimcoin.org/index.php/en/resources-en/proof-of-burn

[tijyoras]

how does this coin differ from Counterparty?

[slimcoin]

Slimcoin differs from Counterparty in a few ways. From what I know, Counterparty is a protocol on top of bitcoin which also involves "proof-of-burn". Their proof-of-burn is different than Slimcoin's proof-of-burn. They use proof-of-burn as a way to make the initial coin distribution. In Counterparty, when one burns bitcoins they get XCP in return. In Slimcoin, when one burns SMC (Slimcoins), they can use them to "mine" as if they were a graphics card. Burning SMC models the buying of a graphics card. It costs money, but once you have spent (in this case burned) that money, it can be used for mining.

[Amph]

Slimcoin differs from Counterparty in a few ways. From what I know, Counterparty is a protocol on top of bitcoin which also involves "proof-of-burn". Their proof-of-burn is different than Slimcoin's proof-of-burn. They use proof-of-burn as a way to make the initial coin distribution. In Counterparty, when one burns bitcoins they get XCP in return. In Slimcoin, when one burns SMC (Slimcoins), they can use them to "mine" as if they were a graphics card. Burning SMC models the buying of a graphics card. It costs money, but once you have spent (in this case burned) that money, it can be used for mining.

so this is like pure pos, but the stake will not be accessible anymore after the use

[mr_random]

Slimcoin differs from Counterparty in a few ways. From what I know, Counterparty is a protocol on top of bitcoin which also involves "proof-of-burn". Their proof-of-burn is different than Slimcoin's proof-of-burn. They use proof-of-burn as a way to make the initial coin distribution. In Counterparty, when one burns bitcoins they get XCP in return. In Slimcoin, when one burns SMC (Slimcoins), they can use them to "mine" as if they were a graphics card. Burning SMC models the buying of a graphics card. It costs money, but once you have spent (in this case burned) that money, it can be used for mining.

so this is like pure pos, but the stake will not be accessible anymore after the use

I was about to ask this.

Additionally, will there be an IPO for this coin? Pre-mine? What is the coin distribution scheme going to be like?

[slimcoin]

I forgot to mention, but Slimcoin is a tri-hybrid. It has proof-of-burn, proof-of-stake, and proof-of-work as block generation methods.

Proof-of-burn is not like proof-of-stake. PoB can be compared more closely to PoW. Burning coins does render them forever un-spendable again. Once some coins have been burnt, the miner can use them using a special algorithm to calculated hashes. Like regular mining, the hash has to meet a specific target before it can be accepted by the network. Unlike PoW, this hashing is not intensive what so ever. Only 1 hash can be calculated for proof-of-burn per every new PoW block (about every 90 seconds). That is what makes this coin minable by a Raspberry Pi.

There is going to be no premine for this coin and the initial coin distribution will be done through proof-of-work. As time passes, PoW will become less and less important as proof-of-burn and proof-of-stake gain popularity.

[mr_random]

I forgot to mention, but Slimcoin is a tri-hybrid. It has proof-of-burn, proof-of-stake, and proof-of-work as block generation methods.

Proof-of-burn is not like proof-of-stake. PoB can be compared more closely to PoW. Burning coins does render them forever un-spendable again. Once some coins have been burnt, the miner can use them using a special algorithm to calculated hashes. Like regular mining, the hash has to meet a specific target before it can be accepted by the network. Unlike PoW, this hashing is not intensive what so ever. Only 1 hash can be calculated for proof-of-burn per every new PoW block (about every 90 seconds). That is what makes this coin minable by a Raspberry Pi.

There is going to be no premine for this coun and the initial coin distribution will be done through proof-of-work. As time passes, PoW will become less and less important as proof-of-burn and proof-of-stake gain popularity.

Interesting. FYI a pure proof of stake coin is also mineable on a Raspbery Pi.

[slimcoin]

Yes, but proof-of-stake acts more as interest, 1% per year. Proof-of-burn models proof of work but requires much less powerful hardware.

[GWCalvert]

Interesting concept. It's good to see that there are developers out there looking to try new things, instead of re-hashing the same old algos over and again. It will be interesting to see where this goes.

[TTM]

If even Rasperberry Pi can mine Slimcoin, we can imagine how hackers with their botnets will dominate hashrate of this coin. Nah.

[slimcoin]

The reason it can be mined (through proof-of-burn) with a Raspberry Pi is because in proof-of-burn, faster hardware offers no advantage over others.

Through Proof-of-Burn, no matter how fast of a computer one has, effectively, they could do the same burn mining with a Rasberry Pi and achieve the same result.

[CryptoHobo]

The Slimcoin code is ready, only that I am doing extensive testing since I want a smooth launch. I plan on releasing it most likely in mid-May. The reason it can be mined (through proof-of-burn) with a Raspberry Pi is because in proof-of-burn, faster hardware offers no advantage over others.

You guys can find a more detailed explanation of how proof-of-burn is able to achieve this under the "How does Proof of Burn work?" article on Slimcoin's website:
https://slimcoin.org/index.php/en/resources-en/proof-of-burn

i didn't know they'd moved Christmas to mid May   

getting more interested with every tidbit of info

[slimcoin]

If you are actually that interested, the website "slimcoin.org" has more information.

I have also written a white paper (semi-technical document) on exactly how the new designs implemented in Slimcoin work. I will have that up in the following week.

[Djinou94]

interesting
ipo or not slim boss?

[slimcoin]

There is no premine and no IPO for Slimcoin.