[ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer!

[slimcoin]

Slimcoin

New Block Generation through Proof-of-Burn
Even a Raspberry Pi can competitively mine, fast hardware offers no advantage



Website
https://slimcoin.org

This is a Release announcement

Specifications

• 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-Work
• 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
• Block rewards decrease in value as the difficulty increases
• Total 250 million coins

General Details of What is New
Slimcoin burn mining 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.

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. More information on Proof-of-Burn can be found here.

Technical Whitepaper:
An extensive explanation of what Slimcoin has new to offer: Slimcoin Whitepaper PDF

Downloads:
Executable available for both Linux and Windows
https://github.com/slimcoin/slicmoin-executable

Config File:

Code:

addnode=76.127.202.17

Exchanges:
BTER SLM/BTC
exarena SLM/BTC

Pools
Block Quarry Slimcoin Pool

Blockchain Explorer
Slimcoin Blockexperts
MultiFaucet.tk

Slimcoin Faucet
MultiFaucet.tk

Slimminer Downloads
Windows
Source Code

Tutorial for Linux source code compilation: https://bitcointalk.org/index.php?topic=613213.msg7192912#msg7192912
Tutorial for Windows source code compilation: https://bitcointalk.org/index.php?topic=613213.msg7090075#msg7090075

IRC Channel
#OfficialSlimcoin on freenode

Reddit
http://www.reddit.com/r/slimcoin/

Donation Address
SNDbyMt3UPDTyLsSUumqwniJcf2pCtGosP

Donation Address for Bounties:
ShooqRfkshDajLTvYMEKRKxXW7ooZLBZsm

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[alani123]

This defenetly sounds like an interesting concept. I'll have to dedicate some time on reading the whitepaper to form a full opinion though.

The thing that "proof of burn" was used as a term by counterparty destroying coins is kinda condusing to me.

[Soul_eater_123]

Very funny

Almost as good as my new Y96 algorithm which uses the "AMNESIA" hash function (which is itself a combination of hedgehog, starfish, X13, X22, SR71A, fugue, mullet, dandelion and Mr T).  Maybe the final implementation can use the Y96/Amnesia algo for POW?

[animalroam]

Very interesting concept, it may work for the time being at least. 

[slimcoin]

The Dcrypt algorithm was made so that it would be hard to make an ASIC for it, and by then, Proof of burn would have became much bigger and more predominant. Proof of Burn hashes are completely different, they use SHA256 but in a much more differently, giving Slimcoin its uniqueness. Proof of burn mining can be done on any computer, as faster hardware offers no advantage over slower hardware.

[Soul_eater_123]

If somehow this isn't a joke then I would put forth the point that calculations involving incredibly small numbers can be just as computationally expensive as very large numbers.

[ShaDou]

good concept.slimcoin sounds innovated and energysaving.

[slimcoin]

Slimcoin does not involve computing small number. Proof of Burn simply requires less hashes to be calculated. Instead of non-stop mining as in PoW, PoB only allows 1 hash for every burn transaction per 90 seconds. Meaning, if one had 100 burn transactions, any computer could operate that as it would need to do 100 SHA256 hashes per 90 seconds, which almost every computer can handle. If that person was to calculate more than 1 hash per burn transaction, that hash would come out the same as there is no way to modify the hash until a new PoW block is found.

[Soul_eater_123]

So what happens with the burned coins - are they compensated for by the proof of work part?

[slimcoin]

The coins that are burnt are forever gone. They are compensated by the proof of burn blocks that are generated as a result of the burning. That destruction of coins is why the coin cap is set to be as high as it is.

[biggus dickus]

I'm sure this will be very successful if the proof of burn concept works. I doubt the vast majority of people involved in crypto have powerful enough hardware to consider mining. All those people will jump at the chance to mine Slimcoin.

[slimcoin]

That was one of the goals Slimcoin attempts to manage. Slimcoin will also play well when there is a hardware shortage due to massive demands (like for GPU's during February of this year). With Slimcoin, there are not pre-order queues nor any backorders. If one wants to mine, they simple burn coins and within minutes, they should be up and running.

[biggus dickus]

I always wanted to try mining but I only have low power hardware. I'll give it a go on May 21 when Slimcoin launches. Do we just type something like setgenerate true into the wallet debug window to start mining?

[Soul_eater_123]

I'm not sure people would psychologically accept the burn concept - although if the POW supply keeps compensating it shouldn't matter.  I suppose the point then becomes why would anyone do POW when they can just do POB? You can't have POB without the POW supplying the coins in the first place.  The compensation for POW would need to be greater hence creating the same kind of imbalance you're trying to solve.

[Soul_eater_123]

I'm definitely interested - if I haven't missed a huge point - here and the jokes on me:)

[Ivy-Team]

https://bitcointalk.org/index.php?topic=604387.0  giveawaycoin coin,you can get it!

[slimcoin]

If there is the opportunity to generate Slimcoins, people will do it. People can generate Slimcoins through PoB, PoW, and PoS. As for PoB's dependability to PoW, given coins can be generated through PoW, people will enact in classic mining. Now, given the block reward is greater for PoB than PoW, and given PoB is more assessable to the larger public, PoB will most likely be bigger than PoW, but PoW mining will not be nonexistent.

[Soul_eater_123]

Yes - but why do POW at all when you can just do POB?

[Soul_eater_123]

I suspect I will need to read that white paper again more carefully because it just sounds too good to be true.

[dasource]

White paper reading!!! Good to see some innovation.