[ANN] [SFR] SaffronCoin | Latest Version - 1.4.2/2.6.2 | Mandatory Wallet Update

[saffroncoin]

Dev,

Its great that we have finally gone with a Counterparty type protocol. I still dont understand a few things.

1) Does it mean ALL the coins from the 28800 blocks [ blk 221500 - 250300 ] will burn to create cSFR ?
2) How do we know that is all we will need to burn ?
3) Will holders of existing SFR be able to burn their SFR for cSFR ?
4) Will cSFR be tradable ?

We are coding the block at which the burn should start for SFRDirect. We are thinking of having it at Sept 30. That is about 17k blocks from now considering 960 blocks/per day. As a whole figure, we are planning to keep it as at block 221500.
Lets have the burn process for 1 month which would end at block 250300. After that the production of concentrated SFR (cSFR) should stop.

The amount of total cSFR that will be produced will only be known at the end of burn stage. It is based on how much SFR is burnt for cSFR. SFR<->cSFR will be the only 2 coins that will be traded on the exchange initially.
SFR<->cSFR is similar to BTC<->XCP and Via<->XCH.
SFR and cSFR addresses will be the same. We have created a single burn address where SFR sent to that address through the SFRDirect wallet will get converted to cSFR.

At present we are planning to keep 1 SFR burnt would give 50 cSFR which will gradually reduce to 30 cSFR during the later stages of burn period. So the ones that burn in earlier stages would be benefited to get more cSFR. These values can change. It is not yet decided on.

[kid_brook]

To be consider on the Elite club with more > 100k SFR.
Where will be the wallet stored, in Cryptoxindia exchange or in our personal computers?.

Was wondering how can we avail the 0% trade fee if the moneyed wallet is in our desktop since we do have another wallet at the exchange. And if we need to have the money at the exchange in order to avail the benefits of being in the Club, then all our money will be sitting there and it will be another target for something that has happened on the failed Exchange a while ago.

Just a thought.

[saffroncoin]

To be consider on the Elite club with more > 100k SFR.
Where will be the wallet stored, in Cryptoxindia exchange or in our personal computers?.

Was wondering how can we avail the 0% trade fee if the moneyed wallet is in our desktop since we do have another wallet at the exchange. And if we need to have the money at the exchange in order to avail the benefits of being in the Club, then all our money will be sitting there and it will be another target for something that has happened on the failed Exchange a while ago.

Just a thought.

You only need to keep it in ur desktop wallet. To avail 0% fee benefit you need to trade within the elite room of the wallet. This trading section will only be visible to elite members. Before entering the Elite Room, the balance of your desktop wallet will be checked.

[Burninj]

You only need to keep it in ur desktop wallet. To avail 0% fee benefit you need to trade within the elite room of the wallet. This trading section will only be visible to elite members. Before entering the Elite Room, the balance of your desktop wallet will be checked.

Simple and elegant!

[kid_brook]

To be consider on the Elite club with more > 100k SFR.
Where will be the wallet stored, in Cryptoxindia exchange or in our personal computers?.

Was wondering how can we avail the 0% trade fee if the moneyed wallet is in our desktop since we do have another wallet at the exchange. And if we need to have the money at the exchange in order to avail the benefits of being in the Club, then all our money will be sitting there and it will be another target for something that has happened on the failed Exchange a while ago.

Just a thought.

You only need to keep it in ur desktop wallet. To avail 0% fee benefit you need to trade within the elite room of the wallet. This trading section will only be visible to elite members. Before entering the Elite Room, the balance of your desktop wallet will be checked.

That clears my worries. I'm almost there....

Thanks,
 

[djnocide]

You only need to keep it in ur desktop wallet. To avail 0% fee benefit you need to trade within the elite room of the wallet. This trading section will only be visible to elite members. Before entering the Elite Room, the balance of your desktop wallet will be checked.

Simple and elegant!

yes simple, easy, no worries and you're in charge of you wallet. nothing can get better than that.

[TizeN85]

Very good Feature ! Have to but some more SFR (57k )!

[chickenfried12]

Yea, You have to buy more to get to 100k and some extra to burn to cSFR.  Come on just one more dumper... lol

[saffroncoin]

Yea, You have to buy more to get to 100k and some extra to burn to cSFR.  Come on just one more dumper... lol

Before SFRDirect releases, we will keep a donation going on for a week. All that SFR donated will be burnt for cSFR. That cSFR can then be distributed to all the donators.

Burning is good in a way since it reduces supply even more since those coins can't be used.

[kid_brook]

Does conversion from SFR to cSFR mandatory after SFRDirect?
Or, what will happen to SFR if we did not convert it on time?

[saffroncoin]

Does conversion from SFR to cSFR mandatory after SFRDirect?
Or, what will happen to SFR if we did not convert it on time?

If less SFR is converted, less cSFR will be available. We need to have about 10-50M cSFR available since these can never ever be produced again. This amount would be fixed and would be in circulation.

[TizeN85]

So we will have 2 currency after this?

[saffroncoin]

So we will have 2 currency after this?

cSFR will be a currency but not an independent currency. It needs to depend on another currency. Hence, in this case, it will depend on SFR. Both SFR and cSFR will have same format of addresses. You can send either currency to these addresses.

[kid_brook]

So it would be like.

1 SFR= 100 cSFR.

If an item cost 100 SFR I can pay 100 SFR or 10000 cSFR.


---------------------------------
And this 2 currency reside in the same wallet.

in my wallet:  SiEErMED2iz7zbjaw4toJvYE1GobAeSgeu

confirmed:   1203934.234123 SFR
               23412929.12312 cSFR

unconfirmed: 0.00 SFR
                  0.00 cSFR

Total:         1203934.234123 SFR
               23412929.12312 cSFR

Is that how it looks?

Thanks,

[saffroncoin]

So it would be like.

1 SFR= 100 cSFR.

If an item cost 100 SFR I can pay 100 SFR or 10000 cSFR.


---------------------------------
And this 2 currency reside in the same wallet.

in my wallet:  SiEErMED2iz7zbjaw4toJvYE1GobAeSgeu

confirmed:   1203934.234123 SFR
               23412929.12312 cSFR

unconfirmed: 0.00 SFR
                  0.00 cSFR

Total:         1203934.234123 SFR
               23412929.12312 cSFR

Is that how it looks?

Thanks,

That is how it works but cSFR will not be displayed in ur personal wallet. It will only work on the SFRDirect web wallet.

[Ochi]

Hi dev.Maybe you can learn from XCH and XCP.Burn SFR into some assets to increase the value

[griffitsj]

If you are mining on my pool there is a new address.  Please update your miners.

see my sig for details
                         \/
                         \/

[jrich76]

Hi dev.Maybe you can learn from XCH and XCP.Burn SFR into some assets to increase the value

I don't think the burning was done strictly to increase short term trading prices for day traders who would just dump at the new all time high and walk away.

[saffroncoin]

SFRDirect Update

Concentrated SFR (cSFR) is now connecting and downloading blocks from the saffroncoind daemon.

Next step is testing the burning process. We have decided on 1 SFR = 100 cSFR. Since we are not sure of how much SFR will be burnt, we need to have considerable amount of cSFR available to be used for future assets.

[cryptoholic11]

Great work as always.