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Author Topic: [MEG]Megcoin | ASIC-Resistant | No Premine | Mandatory Update! | 0.5% TX Fee  (Read 7535 times)
earlz
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May 10, 2014, 11:06:40 PM
 #1

Most Extravagant Goat Coin [MEG]




Mandatory Update!

Planned Fork at block 18,000! Upgrading is MANDATORY!

Phase 1 – Rebranding and strategy
As many of you will be aware the Megcoin team decided to alter our strategy for Megcoin. The first phase of this strategy was detailed in the re-announcement which saw the coin rebranded and a team formed to advance the coin.

This was successful and as such we succeeded in getting Megcoin listed on Bittrex

Phase 2 – Block reward and fees
The second phase of our strategy focuses on the specifications of the coin. This will involve improvements to the block reward schedule and the transaction fees.

The planned changes are listed below and will be implemented by a fork at block 18,000:

New block reward schedule:
  • 18,000–200,000: 50K Megcoin
  • 200,001–400,000: 25K Megcoin
  • 400,001–600,000: 12.5K Megcoin
  • 600,001–800,000: 6250 Megcoin
  • 800,001–1,000,000: 3125 Megcoin
  • 1,000,000+: 10 Megcoin

Transaction fee structure:
A typical transaction will now have 1 Megcoin + 0.5% transaction fee to replace the present transaction fee of about 1 Megcoin per transaction. After May 17th, transactions without proper fees will not be accepted by nodes.

Why this benefits Megcoin:
  • The percentage fee will be used as an incentive to mine and enhance the security of our network, despite decreased reward payouts
  • The implementation of the percentage fee will also enable the redistribution of wealth accumulated from launch to new users to ensure that the coin is both sustainable and attractive to these new users.

These changes will take effect after block 18,000 and upgrade is MANDATORY.

The updated wallets are listed below

About

Megcoin is a revolutionary new cryptocurrency sporting a new algorithm (SCRYPT-N-R) and building upon the strengths of the Bitcoin 0.9 wallet to create a very fast and strong coin. Unlike most other  new coins Megcoin is immune to the recent influx of standard Scrypt ASICs and has taken steps to ensure that ASICs will not pose a threat therefore making it an excellent choice for both CPU and GPU miners. Megcoin has a strong development team pushing the advancement of the coin on all fronts and as such is positioned to become a major cryptocurrency. It has not been premined and is fully featured with multiple geographically-diverse DNS seed nodes to ensure extremely fast wallet synchronizations.

Rebrand and Reannouncement

The rebrand and reannouncement of this coin is due to the formation of a strong marketing and development team which was not present at launch. After its formation our team decided that in order to become a key player and strong force in cryptocurrency we needed to create a stronger strategy for success and part of this was rebranding to create a distinct image and plan going forward.

On behalf of the Megcoin team we would like to thank you for your patience with our coin through these changes. We believe that these changes are ultimately for the best and are essential if we are to push this coin to the next level. We urge you to not miss out on this opportunity to be a part of our coins journey.

Note: All previously mined coins remain unchanged as the changes are only related to branding and strategy.

Rebranding Giveaway!

In order to redistribute wealth with the rebranding, we are having a 200M MEG giveaway! See this thread for details!

Most Extravagant Goat?

Meet Meg, our coin mascot. A friendly extravagant goat who is the face of our coin and movement. Meg bought all of his gold bling with his Megcoin wealth but still remains excited for what's coming next. Join Meg!

Specifications:

  • Launched May 3rd, 2014 - Original Announcement
  • PoW Algo: Scrypt-8-4 (scrypt-n-r)
  • Premine: 0%
  • Total: Infinite (20K final block reward)
  • Block time: 60 seconds
  • Reward halved: Every 200,000 blocks
  • Rewards mature: 120 blocks (~2 hours)
  • Difficulty adjustment: Every block (Digishield)
  • Wallet forked from Bitcoin 0.9

What is Scrypt-N-R and how does it make Megcoin superior?

Megcoin's algorithm uses a new algorithm 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.

Scrypt-R-N ASICs are not practical to make for Megcoin because of the short "payout streak" period of around 1.5 years. If ASICs were produced for the new algorithm it would be near the end of the large block rewards when mining is needed more for network stability rather than for coin generation.

Security provided by Digishield

Megcoin uses the Digishield difficulty algorithm which has been proven stable and effective on Dogecoin and Digibyte. Although multipools shouldn't pose a threat due to our unique algorithm parameters, Digishield has been proven to handle large hashrate changes very well to ensure that the network is never stuck with slow blocks or vulnerable to a timewarp attack.

Advanced wallet building upon Bitcoin 0.9

Unlike many other new Scrypt altcoins Megcoin has decided to base our wallet on Bitcoin 0.9 which we forked to produce Megcoin's wallet. This decision was taken to ensure that the Megcoin wallet included many of the advancements that Bitcoin 0.9 has along with some of our own:

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

Wallet download


The source code is available on Github for self-compilation and review.

Mining

Mining Megcoin couldn't be easier, get started with out CPU miner below:


See also an easy getting started guide here.

Pools

Megcoin is currently supported by these trusted pools, more will follow:


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


Community and Resources

Come and get involved in our Megcoin communities, we look forward to hearing from you:


Exchanges

  • Bittrex
  • We are working to get Megcoin onto Mintpal and Cryptsy along with as many other exchanges as possible, this is a key and urgent priority of our team.

Block explorers


Merchandise


Services

We understand that gaining widespread adoption and success for our coin will rely strongly on the production of new services which utilise Megcoin. At present we have an IRC tipbot for Megcoin (megtip) which you can use in your channel upon request. We will be pushing strongly for more services in the future and welcome any developer who would like to use Megcoin to get in contact with our devteam.

Testnet

If you would like to test services or mining with Megcoin we have testnet nodes running meaning that syncing should be effortless. If you would like more details then please contact our team.

Nodes

There are multiple geographically-diverse DNS seeds built into the wallet ensuring that the wallet will sync very quickly. If you have a reliable node and would like to help strenghten the Megcoin network then please contact us and we will add it to the node list. Please note that no addnode arguments should be required right now.


Bounties

  • AMD GPU Miner - 130 Million MEG (Bounty address: MSGoyrBfXad1Pv8Jqc3t74a2yBsDoDbE1G
  • Nvidia GPU Miner - 4 Million MEG
  • Informative youtube video suitable of the homepage - 25 Million MEG
  • Established merchant to accept Megcoin - 50 Million MEG
  • Service using Megcoin, such as faucet, dice game, etc - 1 Million MEG (rewarded up to 10 times)
  • Ubuntu wallet package - 20 Million MEG

Credits

Please consider supporting the artist of our logo by donating Dogecoin here: DC1ZEaQMuQfgcYvtd6DhJ6k4Y8ogk9VKYy

Check out my full list of Coin Reviews
Currently working on the Qtum Project
My Skype account earlzdotnet has been compromised. Please report to me any usage seen from it, or from the email earlz@earlz.biz.tm
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May 10, 2014, 11:08:49 PM
 #2

wat
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May 10, 2014, 11:25:21 PM
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Dumb but nice logo  Grin
earlz
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May 10, 2014, 11:37:19 PM
 #4

The 200M Rebranding Give Away is now live! https://bitcointalk.org/index.php?topic=603905

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May 11, 2014, 01:42:12 AM
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I thought by "giveaway" you ment the kind of distribution that sharecoin used. Fair and equal.

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May 11, 2014, 02:27:38 AM
 #6

new algo s-n-r,try.
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May 11, 2014, 04:48:50 AM
 #7

IRC link https://kiwiirc.com/client/irc.freenode.net/#megcoin

This post sums up why all this bullshit is a scam
Read It. Hate It. Change the facts that it represents.
https://bitcointalk.org/index.php?topic=1606638.msg16139644#msg16139644
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May 11, 2014, 09:19:46 PM
 #8

Good coin. People selling at 1 satoshis will regret soon.
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May 13, 2014, 03:41:21 PM
 #9


█ ★Megcoin (MEG) → Now Live on: http://www.cryptocoinrank.com/Megcoin

Hope you like it! You can also display your Dev news just by creating two widgets and sending me the information like described here: https://bitcointalk.org/index.php?topic=579901.0

Enjoy

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May 14, 2014, 04:05:30 PM
 #10

Hi guys.  I am noticing there is a lack of community/post count for this coin.    May I make a suggestion,  have you thought about doing a giveaway to members here who wear a signature with something like "MEG to the moon!" or some type of similar signature.
A lot of threads in the ANN section get lost due to so many other coins having a lot of action going on in theirs.   Doing a signature giveaway would spread the word on many threads and give you a bit of PR where it matters, which is on these forums.
I have seen many other coins do this with some success as I have found out about a few coins myself by seeing someone's signature.

I like the fact it's no IPO/pre mine and the dev seems to be up for listening and making changes when needed.  I think the rebrand and new logo on coin is a good start and maybe any PR push should be put off until these changes are in full effect.

Oh, by the way billo,  Highland grog is quite a nice coffee Wink

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May 14, 2014, 08:13:31 PM
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Hi guys.  I am noticing there is a lack of community/post count for this coin.    May I make a suggestion,  have you thought about doing a giveaway to members here who wear a signature with something like "MEG to the moon!" or some type of similar signature.
A lot of threads in the ANN section get lost due to so many other coins having a lot of action going on in theirs.   Doing a signature giveaway would spread the word on many threads and give you a bit of PR where it matters, which is on these forums.
I have seen many other coins do this with some success as I have found out about a few coins myself by seeing someone's signature.

I like the fact it's no IPO/pre mine and the dev seems to be up for listening and making changes when needed.  I think the rebrand and new logo on coin is a good start and maybe any PR push should be put off until these changes are in full effect.

Oh, by the way billo,  Highland grog is quite a nice coffee Wink



Agreed. Got on an exchange then everyone has buggered off. ffs.

-Kestrel not as good as those After Eights

This post sums up why all this bullshit is a scam
Read It. Hate It. Change the facts that it represents.
https://bitcointalk.org/index.php?topic=1606638.msg16139644#msg16139644
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May 14, 2014, 11:31:01 PM
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Agreed. Got on an exchange then everyone has buggered off. ffs.

-Kestrel not as good as those After Eights

Unfortunately a lot of people here on this forum either have a short attention span and want profit within five minutes of starting mining or just don't want to put any effort in to help out the dev or coin progression.

Iffy did mention that you have may have an addiction for after eights.  They are very nice though.
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May 15, 2014, 12:27:17 AM
 #13

May have nothing! I'm full blown junkie now! I just ordered in 12 boxes of the damn things (a few were for my mother) but I've now resorted to having a shelf dedicated to the bloody things.

ON TOPIC yes and in a sense I can't say that I blame them. I rented CPU power to mine a small fortune of MEG and it wasn't free... but then again it wasn't crazy either and a cost I could shoulder or just straight out loose on and not be the end of the world. You'd think that anyone who took the effort to even bother would at least want to get the most out of their efforts. Thats what really kills me, one satoshi higher would double the return but nooOOooo, some jackass(es) dumps 3 BTCs the second it hits an exchange.

I will fully support and contribute funding to any project that will let my digitally reach across the globe and slap a sucka in the face.

This post sums up why all this bullshit is a scam
Read It. Hate It. Change the facts that it represents.
https://bitcointalk.org/index.php?topic=1606638.msg16139644#msg16139644
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May 15, 2014, 02:21:08 AM
 #14

Planned Fork! Upgrading is MANDATORY!

Phase 1 – Rebranding and strategy
As many of you will be aware the Megcoin team decided to alter our strategy for Megcoin. The first phase of this strategy was detailed in the re-announcement which saw the coin rebranded and a team formed to advance the coin.

This was successful and as such we succeeded in getting Megcoin listed on Bittrex

Phase 2 – Block reward and fees
The second phase of our strategy focusses on the specifications of the coin. This will involve improvements to the block reward schedule and the transaction fees.

The planned changes are listed below and will be implemented by a fork at block 18,000:

New block reward schedule:
  • 18,000–200,000: 50K Megcoin
  • 200,001–400,000: 25K Megcoin
  • 400,001–600,000: 12.5K Megcoin
  • 600,001–800,000: 6250 Megcoin
  • 800,001–1,000,000: 3125 Megcoin
  • 1,000,000+: 10 Megcoin

Transaction fee structure:
A typical transaction will now have 1 Megcoin + 0.5% transaction fee to replace the present transaction fee of about 1 Megcoin per transaction. After May 17th, transactions without proper fees will not be accepted by nodes.

Why this benefits Megcoin:
  • The percentage fee will be used as an incentive to mine and enhance the security of our network, despite decreased reward payouts
  • The implementation of the percentage fee will also enable the redistribution of wealth accumulated from launch to new users to ensure that the coin is both sustainable and attractive to these new users.

These changes will take effect after block 18,000 and upgrade is MANDATORY.

Also, we now have an LTC market on bittrex and the OP has been updated to point to it due to the lack of granularity of 1 satoshi

Check out my full list of Coin Reviews
Currently working on the Qtum Project
My Skype account earlzdotnet has been compromised. Please report to me any usage seen from it, or from the email earlz@earlz.biz.tm
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May 15, 2014, 01:49:16 PM
 #15

One small bit about transaction fees was forgotten to be mentioned. If you send funds to yourself (input address same as output address) then the 0.5% transaction fee is not applied. In this way, if you only have a single large input for an address, you can send small amounts of funds without having to pay transaction fees across the full input when you get change back from it

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May 15, 2014, 02:42:50 PM
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Also, we now have an LTC market on bittrex and the OP has been updated to point to it due to the lack of granularity of 1 satoshi

And it is now at 0.00000001 LTC. So much for granularity  Grin

Go CESC go! - CdaFcsy9mxgDnRpvf84qHg7q6JYb9TzAjT
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May 15, 2014, 03:55:30 PM
 #17

Also, we now have an LTC market on bittrex and the OP has been updated to point to it due to the lack of granularity of 1 satoshi

And it is now at 0.00000001 LTC. So much for granularity  Grin

Eh, there is a buy order for 1 latoshi, but people aren't actually dumping at it, so there is money to be made by investing in it

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May 15, 2014, 07:46:23 PM
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cant wait for the update  Grin
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May 16, 2014, 04:31:04 PM
 #19

The megcoin give away is really starting to pickup, and there is actually a buy order that is more than a handful of pocket change. This fork really seems to be building some excitement Smiley And all services that I know of have upgraded and will be on the right fork

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May 17, 2014, 03:32:11 AM
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Fork is now in effect  Cool
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