[ANN][SCRYPT-N-R][MEG] Megcoin | No premine | Forked from bitcoin 0.9 | New PoW

[earlz]

This is left here only for archival purposes. Please go to the new announcement for discussion: https://bitcointalk.org/index.php?topic=603892

Megcoin - Get Megged [MEG]




Specifications:

• PoW Algo: Scrypt-8-4 (scrypt-n-r)
• Premine: 0%
• Total: infinite (20K final block reward)
• Block time: one minute
• Reward halved: every 200,000 blocks
• Rewards mature: 120 blocks (~2 hours)
• Difficulty adjustment: Every block, digishield
• Wallet forked from Dogecoin 1.7/Bitcoin 0.9

Reward schedule:

• 1–200,000: 500K Megcoin
• 200,001–400,000: 250K Megcoin
• 400,001–600,000: 125K Megcoin
• 600,001–800,000: 62500 Megcoin
• 800,001–1,000,000: 31,250 Megcoin
• 1,000,000+: 20,000 Megcoin

Scrypt-N-R

Megcoin's algorithm uses a new algorithm I've dubbed scrypt-N-R. Typically, `scrypt` means scrypt with N=1024, R=1, P=1. This algorithm changes R for more granular tuning of memory usage. Currently, there is only the wallet miner and cpuminer(minerd) ported to the new algorithm. The memory usage of scrypt-8-4 is only 4Kbytes, compared to normal scrypt where it is 128Kbytes. This means that GPUs and FPGAs will have a large advantage once they are ported to the algorithm. However, ASICs are not practical to make for Megcoin because of the short "primary mining" period of about 1.5 years. If ASICs were produced for the algorithm, it would be near the end of big rewards and when mining is needed more for network stability than for coin generation.

Digishield

This uses the Digishield difficulty algorithm which has been proven stable by Dogecoin. Although multipools shouldn't be a worry with the unique algorithm parameters, digishield has been proven to handle large hashrate changes very well.

Forked from Dogecoin 1.7/Bitcoin 0.9

Because it was forked from Dogecoin 1.7, which is forked from Bitcoin 0.9, Megcoin's wallet includes the many advancements that Bitcoin 0.9 has:

• A faster graphical user interface (supporting Qt5 as well)
• Fixes for transaction malleability
• Services broken up into megcoind, megcoin-cli, and megcoin-qt
• Many more features which can be seen in the bitcoin 0.9 changelog

Downloads

• windows (32bit)
• Mac OSX wallet coming soon

The source code is available on github for compiling on Linux and elsewhere

Resources

• reddit
• Join the IRC channel #megcoin at freenode. I have a tipping bot and not afraid to use it :)
• website

Block explorers

megchain.earlz.net:8080
cryptexplorer

Mining

• cpuminer for mining with pools (stratum support) 64bit windows build
• The wallet supports mining by using `setgenerate true -1`

This should be very easily (and effeciently) mined by GPUs and even FPGAs due to it's low 4Kbyte memory requirement. I do not have the knowledge to port a GPU miner though, so this is why I've only ported cpuminer.

Pools

Due to some weird filtering by [Suspicious link removed]ee http://megcoin.com for a full list of pools

• Rapidhash

[Suspicious link removed][/url] PROP, 1% fee[/li]
[/list]

I'm running a semi-private pool (because I don't have the expertise to run a pool reliably) that you can join into if you want. However, right now I recommend setting up p2pools or solomining because like I said, I am not an expert pool runner and I'd hate to lose people's coins

Pools will be listed here as they are made.

Nodes

I've tried to ensure there are plenty of servers for the initial rush of wallet syncs including nodes in the US, Europe, and Japan. However if you have a reliable node, report it to me and I'll add it to this list in case those servers get overloaded or are later scaled down for cost reasons. No addnode arguments should be required right now.

Exchanges

https://www.bittrex.com/Market/?MarketName=BTC-MEG

Bounties

• AMD GPU miner 130M MEG!. Bounty wallet is MSGoyrBfXad1Pv8Jqc3t74a2yBsDoDbE1G
• Nvidia GPU miner 3M MEG
• Mining pool 2M MEG claimed

Testnet

Also, if you would like to test services or mining with Megcoin, I have testnet nodes running so syncing should be trivial

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[delphs]

Shut up Meg!

[platorin]

This looks nice!

[gaazje]

How many coins?

[earlz]

How many coins?

Infinite. After about 1.5 years, block rewards drop to 20K and stay there

[grim84]

Client closes just after opening it... do you know what could it be?

I'm using Windows 7

[earlz]

Client closes just after opening it... do you know what could it be?

I'm using Windows 7

I'm not sure. I built and tested it on Windows 7 and all dependencies should be self-contained. Is anything interesting in debug.log?

[Piotrsama]

Seems like the heavy cavalry just arrived
Or somebody figured out how to GPU mine.

{
"blocks" : 136,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.03837883,
"errors" : "",
"genproclimit" : -1,
"networkhashps" : 1535321,
}

[grim84]

Client closes just after opening it... do you know what could it be?

I'm using Windows 7

I'm not sure. I built and tested it on Windows 7 and all dependencies should be self-contained. Is anything interesting in debug.log?

Just PMed you the debug.log

[Piotrsama]

Nethashrate still growing, but diff decreased a bit.

{
"blocks" : 220,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.03248408,
"errors" : "",
"genproclimit" : -1,
"networkhashps" : 1939904,

[earlz]

Nethashrate still growing, but diff decreased a bit.

{
"blocks" : 220,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.03248408,
"errors" : "",
"genproclimit" : -1,
"networkhashps" : 1939904,

Yea, I think the networkhashps field is wrong right now because not many blocks have been mined. it should be closer to normal with more blocks being mined

[earlz]

I've attached some bounties now that I've mined some confirmed funds

[Piotrsama]

I'm finding blocks from time to time with my 8 core CPU.
So it's not too late to hop in.

How much hashes are you guys getting?
My FX 8350 at 4Ghz (stock): "hashespersec" : 113074

[tygarbyte]

lol found 1 block on a q6600, how to set it so that wallet only mines on say 7 cores

setgenerate true -7 does not work

[earlz]

lol found 1 block on a q6600, how to set it so that wallet only mines on say 7 cores

setgenerate true -7 does not work

use setgenerate true 7 (not negative)

For most CPUs I see around 30-40khash/s per core.

[SpeedDemon13]

Why the decision to not limit the supply?

[varunsin]

looks interesting

[earlz]

Why the decision to not limit the supply?

Primarily so that the big burst of inflation by coin generation can be overcame as quickly as possible, but without having a doomsday where miners stop getting rewards (and thus stop mining).

[coinfusion]

What the heck with the typo in github scrypt-sse2.cpp?

[earlz]

What the heck with the typo in github scrypt-sse2.cpp?

The code could be cleaned some . The miner in the wallet actually does use SSE2 though if compiled for 64bit x86 (which provides a substantial speed up)