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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1349954 times)
yourstruly
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July 08, 2014, 07:06:43 AM
 #7121

To add to the largest amount being staked today by minters at 16-18 million. You also have a large increase in wallets to the biggest amount at over 5,000 now.

Looks like VRC is starting to get some nice distribution.


Yet Another Staking Question:  Does the network staking number only include the coins marked "Staked"?  If so, there are millions of coins sitting in wallets trying to be staked, but aren't yet.  I have a dedicated wallet jut for staking and I have never seen more than 20% of them "Staked" at any time.  Matter of fact, the number of my "Staked" coins went down over night... curious.


I have the same question... In fact, it would be nice to see some more details on staking on the vericoin website...  http://www.vericoin.info/interest.html. From what I'm reading (i think) an open wallet is going to earn a dynamic interest rate from 0 to 3%. I had a wallet open for two days and noting happened, so it would be interesting to see some more information on the staking mechanism.


Staking is the counterpart to mining in proof-of-work based cryptos currencies like Bitcoin. You only stake when you generate a block (and therefore confirm transactions within this block). The staked coins serve as proof that replaces the work and of course you can not stake infinite many coins at once. In order to generate a valid block its header has to fulfill a certain property, i.e. its hash must be smaller than a specific target value (specified by the protocol, similar to the difficulty in PoW mining) times the coin age of the coins that you are willing to stake. This is also called weight.

The age of the coins increases linearly over time and reaches back to the PeerCoin protocol (its worth reading the whitepaper!). Staking coins or using them in another transaction resets their age to 0. If you sum up the weight of all staking nodes in the network, you will get the so called network weight. The reward you will get depends on the weight being consumed when putting them on stake and is furthermore scaled in Vericoin by the logarithmic curve of the network weight you see on the first page of this thread, which starts at 0% and converges at ~3%.

The coin age principle ensures that also nodes with a small amount of coins quickly find a block if they come online after waiting for some longer time. This also has some disadvantages which is why BlackCoin now switches to a mechanism that doesn't use coin age anymore (its also worth reading this whitepaper!).

So having all coins on stake at once is quite an unlikely event and furthermore you certainly want to avoid that one node finds several blocks in a row because finding 10 blocks in a row would enable the node to perform a double spend.

Blackcoin developers are actively working on improving the Proof of Stake protocol in the meantime Vericoin developers are working on wallets that incorporate centralized gimmick services, which is quite antithetical to the entire p2p cryptocurrency movement but easier to program. But I guess they can always cannibalize the work of the developers who are actually furthering the protocol and focus on making services that are already accomplished by third parties for blackcoin (holytransaction, expressend, blackhalo).

Even the multipool concept was directly ripped off from blackcoin, but they still can't do it as well. The blackcoin pool has more people, is built by a third party and has way better features.

Truth is any centralized feature that Vericoin builds, we will build open source, more feature rich, more secure and decentralized whenever possible. You can play the short term pump and dump games, while we push cryptocurrency forward.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
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July 08, 2014, 07:14:43 AM
 #7122

Fact: Chinese whale pump group is behind this rise, you are foolish to think this is normal.

I intended to stay in VRC, up until Iconic Expert got involved and suddenly VRC was all in love with the blackcoin team, who tried their best to fud this coin to death and other things.

SO i wanted out, thanks to daikoku, i was able to exit yesterday and in the process, i made that group buy much higher than they wanted! By selling nito their fake buy walls.

So insted of them dumping in your faces around 43/45k area (since they bought it al up from 30/36 original. They have got a much higher buy in price around 37k and will have to now push it even further before (and they will hard) dump the price down.

(you will be happy to hear) I will not buy in. I honestly hope VRC goes to 100k ats. But because of everything that has happened, i feel this price is much harder to reach now.

Also it is about time more members here done more for the coin.

I made 2 videos promoting veribit,
Donated $100 for the bitcoin conference.
Bought a silver coin for $50 which half goes to the devs.
AND i donated 20k, twenty thousand,  (8 BTC value) Vericoins to Patrick.

Only a very small handful of people here have actually done something good for the coin.
The rest of you are lazy and do not want to work for your money.
onsightit
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July 08, 2014, 07:15:19 AM
 #7123

To add to the largest amount being staked today by minters at 16-18 million. You also have a large increase in wallets to the biggest amount at over 5,000 now.

Looks like VRC is starting to get some nice distribution.


Yet Another Staking Question:  Does the network staking number only include the coins marked "Staked"?  If so, there are millions of coins sitting in wallets trying to be staked, but aren't yet.  I have a dedicated wallet jut for staking and I have never seen more than 20% of them "Staked" at any time.  Matter of fact, the number of my "Staked" coins went down over night... curious.


I have the same question... In fact, it would be nice to see some more details on staking on the vericoin website...  http://www.vericoin.info/interest.html. From what I'm reading (i think) an open wallet is going to earn a dynamic interest rate from 0 to 3%. I had a wallet open for two days and noting happened, so it would be interesting to see some more information on the staking mechanism.


Staking is the counterpart to mining in proof-of-work based cryptos currencies like Bitcoin. You only stake when you generate a block (and therefore confirm transactions within this block). The staked coins serve as proof that replaces the work and of course you can not stake infinite many coins at once. In order to generate a valid block its header has to fulfill a certain property, i.e. its hash must be smaller than a specific target value (specified by the protocol, similar to the difficulty in PoW mining) times the coin age of the coins that you are willing to stake. This is also called weight.

The age of the coins increases linearly over time and reaches back to the PeerCoin protocol (its worth reading the whitepaper!). Staking coins or using them in another transaction resets their age to 0. If you sum up the weight of all staking nodes in the network, you will get the so called network weight. The reward you will get depends on the weight being consumed when putting them on stake and is furthermore scaled in Vericoin by the logarithmic curve of the network weight you see on the first page of this thread, which starts at 0% and converges at ~3%.

The coin age principle ensures that also nodes with a small amount of coins quickly find a block if they come online after waiting for some longer time. This also has some disadvantages which is why BlackCoin now switches to a mechanism that doesn't use coin age anymore (its also worth reading this whitepaper!).

So having all coins on stake at once is quite an unlikely event and furthermore you certainly want to avoid that one node finds several blocks in a row because finding 10 blocks in a row would enable the node to perform a double spend.

[FUD snipped]


We must be going up again guys and gals!

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
CryptoLTD
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July 08, 2014, 07:22:53 AM
 #7124

To add to the largest amount being staked today by minters at 16-18 million. You also have a large increase in wallets to the biggest amount at over 5,000 now.

Looks like VRC is starting to get some nice distribution.


Yet Another Staking Question:  Does the network staking number only include the coins marked "Staked"?  If so, there are millions of coins sitting in wallets trying to be staked, but aren't yet.  I have a dedicated wallet jut for staking and I have never seen more than 20% of them "Staked" at any time.  Matter of fact, the number of my "Staked" coins went down over night... curious.


I have the same question... In fact, it would be nice to see some more details on staking on the vericoin website...  http://www.vericoin.info/interest.html. From what I'm reading (i think) an open wallet is going to earn a dynamic interest rate from 0 to 3%. I had a wallet open for two days and noting happened, so it would be interesting to see some more information on the staking mechanism.


Staking is the counterpart to mining in proof-of-work based cryptos currencies like Bitcoin. You only stake when you generate a block (and therefore confirm transactions within this block). The staked coins serve as proof that replaces the work and of course you can not stake infinite many coins at once. In order to generate a valid block its header has to fulfill a certain property, i.e. its hash must be smaller than a specific target value (specified by the protocol, similar to the difficulty in PoW mining) times the coin age of the coins that you are willing to stake. This is also called weight.

The age of the coins increases linearly over time and reaches back to the PeerCoin protocol (its worth reading the whitepaper!). Staking coins or using them in another transaction resets their age to 0. If you sum up the weight of all staking nodes in the network, you will get the so called network weight. The reward you will get depends on the weight being consumed when putting them on stake and is furthermore scaled in Vericoin by the logarithmic curve of the network weight you see on the first page of this thread, which starts at 0% and converges at ~3%.

The coin age principle ensures that also nodes with a small amount of coins quickly find a block if they come online after waiting for some longer time. This also has some disadvantages which is why BlackCoin now switches to a mechanism that doesn't use coin age anymore (its also worth reading this whitepaper!).

So having all coins on stake at once is quite an unlikely event and furthermore you certainly want to avoid that one node finds several blocks in a row because finding 10 blocks in a row would enable the node to perform a double spend.

Blackcoin developers are actively working on improving the Proof of Stake protocol in the meantime Vericoin developers are working on wallets that incorporate centralized gimmick services, which is quite antithetical to the entire p2p cryptocurrency movement but easier to program. But I guess they can always cannibalize the work of the developers who are actually furthering the protocol and focus on making services that are already accomplished by third parties for blackcoin (holytransaction, expressend, blackhalo).

Even the multipool concept was directly ripped off from blackcoin, but they still can't do it as well. The blackcoin pool has more people, is built by a third party and has way better features.

Truth is any centralized feature that Vericoin builds, we will build open source, more feature rich, more secure and decentralized whenever possible. You can play the short term pump and dump games, while we push cryptocurrency forward.

Way to be a basher, if you were so convinced your preferd coin was better, you wouldn't even be in here looking to promote & sway opinions. Reading in between the lines is key.
ozboy2014
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July 08, 2014, 07:32:43 AM
 #7125

Fact: Chinese whale pump group is behind this rise, you are foolish to think this is normal.

I intended to stay in VRC, up until Iconic Expert got involved and suddenly VRC was all in love with the blackcoin team, who tried their best to fud this coin to death and other things.

SO i wanted out, thanks to daikoku, i was able to exit yesterday and in the process, i made that group buy much higher than they wanted! By selling nito their fake buy walls.

So insted of them dumping in your faces around 43/45k area (since they bought it al up from 30/36 original. They have got a much higher buy in price around 37k and will have to now push it even further before (and they will hard) dump the price down.

(you will be happy to hear) I will not buy in. I honestly hope VRC goes to 100k ats. But because of everything that has happened, i feel this price is much harder to reach now.

Also it is about time more members here done more for the coin.

I made 2 videos promoting veribit,
Donated $100 for the bitcoin conference.
Bought a silver coin for $50 which half goes to the devs.
AND i donated 20k, twenty thousand,  (8 BTC value) Vericoins to Patrick.

Only a very small handful of people here have actually done something good for the coin.
The rest of you are lazy and do not want to work for your money.

So did I less the 20K..Smiley want to resell that silver coin of yours since you don't need it anymore? better still why don't you donate it to Verifund so it can be auctioned off?
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July 08, 2014, 07:36:18 AM
 #7126



^^^yourstruly^^^
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July 08, 2014, 07:46:07 AM
 #7127

Look, hes sooooo sad that no ones paying attention to his FUD anymore. Soooo sooo sad....
onsightit
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July 08, 2014, 07:51:03 AM
 #7128

Look, hes sooooo sad that know ones paying attention to his FUD anymore. Soooo sooo sad....

Look mommy, i make fud!

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
BadAss.Sx
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July 08, 2014, 10:24:11 AM
 #7129

Sended my coins to my bittrex wallet...more then 30 confirms now, but no coins in my wallet. Even not a pending deposit Sad Any idea someone?

Need BadAss Bulletproof VPS or Bulletproof VPN or why not just mail safe with Safe-Mail. We care about your privacy.
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July 08, 2014, 10:30:59 AM
 #7130

Waiting for the android app + verisend :-) easy payments everywhere!
pnosker
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July 08, 2014, 10:38:19 AM
 #7131

Sended my coins to my bittrex wallet...more then 30 confirms now, but no coins in my wallet. Even not a pending deposit Sad Any idea someone?

Is your wallet synced? Email bittrex support. Sometimes they are slow.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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July 08, 2014, 10:57:21 AM
 #7132

Hi guys.

As you know, Vericoin community took part in our voting on Hitbtc exchange.
You may have found out already, that we are helping different coins to create their mascots, like we did for NXT and Monero. We have a lot of imaginative and creative people in our team and we'd love to create a character for your coin too. But when deciding on who or what to draw we couldn't make up our minds. Instead, we chose to turn to you for help: please, give us an idea, and we will happily create your hero with you!


DavidAU
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July 08, 2014, 11:16:14 AM
 #7133

Please not Pikachu
Reavon
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July 08, 2014, 11:20:58 AM
 #7134

Already have a mascot for vericoin...
Its Pat Cheesy our cute beardy Bear :>
surestrike
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July 08, 2014, 11:21:15 AM
 #7135

The Vericoin mascot should be a verreaux's sifaka (google it) it also looks a bit like one of the devs.  Tongue

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July 08, 2014, 11:23:03 AM
 #7136

Sended my coins to my bittrex wallet...more then 30 confirms now, but no coins in my wallet. Even not a pending deposit Sad Any idea someone?

send a tweet to @bittrexexchange

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buy4crypto
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July 08, 2014, 11:28:07 AM
 #7137



^^^yourstruly^^^

+1.

That guy does nothing but come here and make up BS that he continues to claim is fact. He recieved a bounty a week ago for making a stink about the veri-bit and the devs headed his trolling and fixed a time window to reduce attempts like his to steal VeriCoin. Never once said thank you to the devs or comunity.

The fact that he keeps coming here, uninvited, to say negative things only tells you that he is scared of a better coin than his investment. He has made commitments to an exchange dedicated in BC. If you think hes going to lay down and let VRC continue to pass him without a good troll attempt well then you're wrong!

Just go back to your coin truly, and innovate something to compete / be better than VRC. Coming here with nothing constructive does nothing to advance your coin, or VRC. Infact, when you troll VRC you do not shake the ground, you just bring people together to work harder.

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████ - freecrypto.top - btcinfo.top - DIGITAL CURRENCY DIRECTORIES - freeMonero.comfunbtc.xyz  ████
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July 08, 2014, 11:59:31 AM
 #7138

The Vericoin mascot should be a verreaux's sifaka (google it) it also looks a bit like one of the devs.  Tongue


This is one of the coolest animals i every saw.

https://twitter.com/VeriHandsome/status/486479114405445632
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July 08, 2014, 12:26:22 PM
 #7139

pnosker
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July 08, 2014, 01:55:34 PM
 #7140

For those wondering where the VeriFund goes when you check and see the balance is 0--

We're staking the VeriFund so when the coins mature and some are sent, they move to a change address.

This picture may help explain it:



The coins are still there. The VeriFund-related addresses are: VTHZfUg11wEJmSgBLUcmCKGYekuqFcGHQq, VBv4KjSVzdAwiA9PDfSxnj9hcdio3UBQa3, and VJ5hqTYhecDhv3yooQHaHo1498ee7wAdjn.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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