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

[rfcdejong]

I am currently working on getting a pool for Slimcoin.

Just an update.

Good news!

Pools will of course be able to generate PoB blocks if miners are willing to set a % of coins to be 'burnt' into the pool with a fixed % return.

This is obviously risky as the pool has to be trusted with a large (centralized) PoB balance, but with PoB the opportunity for this type of pool exists ofc.

Also, PoW only pools, PoW and PoB combined pools and even PoB only pools. Its going to get interesting - that's for sure.

If people are interested i could do a "manual" PoB pool... I'll create a separate wallet, a google doc, whoever wants to transfers coins there does so and any burned coins are distributed at percentage of sent amount...

But to do that I would like to be 100% certain the total sum of burnt coins is really affecting the probability of burnt mining... I don't want to be the screwed guy if nothing's burned in that wallet

Well, at least your a senior member of this forum with a slight positive trust rating. Which is better than the alternative, I guess.  

PoB pooling is going to be somewhat beneficial in terms of variance and evening out rewards over time.

It's perhaps like running an escrow service with 1000 times the responsibility. "Rather you than me" type of thing really.

Even if its fully automated its going to be nearly impossible to make it fully trustworthy and decentralized at the same time.

Before you guys even wrote this down i started thinking about a concept for PoB 'pool' mining. The first thing that went to my head was to create a project on cryptostocks for example, but that quickly went from the table because it will require to payout in BTC selling SLIM (SLM?) on exchanges.

After that i started thinking about a SPA frontend pool with a load balanced (multiple instances) middle tier doing the secure automated work, hosting the wallet(s) which are burning with a database to record the deposited SLIM and have it bound to a account so when a PoB block is found it can be shared fairly. There will be some cost for a website, hosting and a SSL certificate, but 1% of the mining power will cover that i think.

Having multiple 'pools' isn't a bad thing either. Someone trustfull doing that excelsheet manually or someone hosting a website, it's all the same. The trust in a person (or company) to do investment with in mind making ROI and finally getting profit.

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[primer-]

I guess 100% trustworthy is impossible - anywhere!
At least some trust could be built with public address + Block Explorer.
I need some sleep now, will talk to my programmer tomorrow if payouts can be easily automated somehow.. then maybe I'll offer the semi-manual PoB pool.. if people want to have this at all ^^

No we dont. Yeah, talk to your programmer.   Decentralized or it wont happen.

[BitcoinFX]

Is Slimcoin an entirely new Economic principal in practice ?

Slimcoin is something that is only made possible by the very foundation of crypto currency.

Imagine walking into your local bank, tearing up some bank notes of paper currency and then asking the desk clerk for a slightly higher fixed % rate of interest on your savings account because their is now less money in circulation.  

That is Slimcoin. Destruction of the existing money supply with the mathematical hope / chance of getting a larger return in the future based on that destruction and in essence what is also a deflationary action.

Slimcoin actually helps to test what will happen with Bitcoin in 140+ years when all of the 21 Million Bitcoins are in cirulation and we begin to see the existing money supply deflate, initially creating additional value (in theory) and then the certain very slow decent back down to 0 worth ? Again, I describe the economic principal that 'you cannot trade in diminishing intangibility' - fact.

Certainly in our recent history only government institutions and issuing monetary authorities have been involved in the creation and/or destruction of the money supply.

See: http://www.theatlantic.com/business/archive/2011/04/the-destruction-of-money-who-does-it-why-when-and-how/236990/

See: https://wikipedia.org/wiki/Money_creation

See: https://wikipedia.org/wiki/Money_supply

I cannot think of another direct example where the destruction of money (or in fact any form of commodity) is directly linked to the creation of new money, without being directly linked to the economic principals of supply and demand / inflation and deflation.

I'm no economist - is their a direct term for this - or is this indeed something totally new ?

Finally, here is Philomena Cunk on 'Money' from "Moments of Wonder." - https://www.youtube.com/watch?v=Z-YKw8w-e50    

[rfcdejong]

About myself, i'm a professional programmer on the .NET platform. (Yes on windows, i know many of you will laugh) I started in borland pascal about 15 years ago, went quickly to Delphi 3 and later Delphi 5. 10 years ago i jumped into .NET 1.1 in visual studio 2003 and now it's visual studio 2013. The most of my experience is in writing framework code where other developers from my work work with. Beside that i write business software for the windows platform, mostly in the language C# against the .NET 4.5 Framework. WPF as windows frontend and WCF in the communication. Especially with Entity Framework which used to be plain ADO.NET at first. I did ASP.NET work 5 years ago with Ajax panels etc. Lately i did some stuff for fun with jQuery, html5, razor, css3, javascript and looking at typescript. I do want to learn more about new javascript frameworks like AngularJS, knockback.js, breeze.js, coffiescript and ofcourse SignalR

So with 15 years experience i still feel like a n00b looking in github at c++ code how wallets etc. are written with a Qt multi platform frontend linking with c++ libraries like boost. Past month i learned and learned. I now know how to compile wallets for linux, windows and mac. I know how to create a own coin, create a genesis block, etc.. i even know how to make forks and add checkpoints to fix problems etc

All alot of fun, but time consuming as my work is a full time 40 hours a week and i can only spend 20 hours for a hobby a week writing code (and 5 hours trading on exchanges, reading forums, chatting in IRC, etc)

So i could code a pool and deploy it into the cloud in azure for example, but people will need to trust me as well.


imo a proof-of-burn pool should show alot of statistics

- the general wallets information about burning;
- decentralized with multiple small azure cloud workers, each worker one wallet;
- a user account specific deposits;
- a user account specific percentage of burning;
- a user account specific round information;
- a user account specific overall history.

It could be fairly simple in first, just being able to login, with SSL enabled ofcourse, unlike most pools! (i hate it that those pools don't know about crackers, dns sniffing, hijacking idiots)

[Hodor_keeper_of_the_light]

Hello.
Sorry, I didn't get it. What do I need to do to mine this coin?

[glop]

  I do not understand,
   

  I have proximately 1% of the burn coin. It is supposed to generate 960 block / day ( every 90s ) I should find in mean 9-10 block a day in POB.

   Yesterday I found 2,   today nothing do I have a flaw in my comprehension or the coin has a problem ?

   

[ltcnim]

so you burned around 240 coins? Hmm... I burned ~17 coins so far (can't find blocks atm. ), but haven't found a PoB block yet (I burned the first coins around two days ago).

[glop]

so you burned around 240 coins? Hmm... I burned ~17 coins so far (can't find blocks atm. ), but haven't found a PoB block yet (I burned the first coins around two days ago).

  I have burnt 280 coin so far

[skottiejay]

I still have no idea if i've gotten any slimcoin since I started of course I just started a couple hours ago, how would I be able to tell at all? i don't see any transactions but my log shows "accepted" in a couple of places.

Could somebody guide me through this before I just call it quits?

[glop]

I still have no idea if i've gotten any slimcoin since I started of course I just started a couple hours ago, how would I be able to tell at all? i don't see any transactions but my log shows "accepted" in a couple of places.

Could somebody guide me through this before I just call it quits?

  I think the message accepted is synonym as block processed, but it is not a new block. It is only when you found a new block that you may receive the reward (If nobody have found the same block before you )

[TheRealSteve]

[aaaaaargh entire post quoted! internet vexing commences!]

Thanks. In the plot block height vs time, is the block height PoW, or PoW + PoB + PoS?
thanks

It's... just the block height.  The dev might have to correct me here, but there's only 1 blockchain for this coin, and thus only 1 block height.  You're probably looking for a different metric... accumulated burnt mint, or total coins burnt, or current balance in the burn account, or... not sure what.  Unfortunately, most of that information is locked away in the blockchain, out of reach of slimcoind/-qt ( 'getinfo' / 'getburndata' only yield current figures ).

[skottiejay]

I still have no idea if i've gotten any slimcoin since I started of course I just started a couple hours ago, how would I be able to tell at all? i don't see any transactions but my log shows "accepted" in a couple of places.

Could somebody guide me through this before I just call it quits?

  I think the message accepted is synonym as block processed, but it is not a new block. It is only when you found a new block that you may receive the reward (If nobody have found the same block before you )

ah gotcha, this is frustrating i've never self mined before so i have no idea what i'm doing i just put a few things in, made a slimcoin.conf following the bitcoin one and set it to go i'd imagine i probably won't see anything for a while right?

[reflector]

What's the easiest way to see all of the POB blocks you've hit?

[glop]

What's the easiest way to see all of the POB blocks you've hit?

debug.log file

[slimcoin]

What's the easiest way to see all of the POB blocks you've hit?

Use this rpc command: listtransactions "*" true

[skottiejay]

One last thing how do we find out how many confirmations,

better yet, can somebody give out a list of commands to see what does what? the help command in the console is ok, but i'd rather have a more verbose way of reading what i'm actually doing. my task manager is at 100% but i almost feel like i'm not doing anything at all but just wasting cpu power.

can i get some kind of guide? maybe an updated one?

edit: it also says flushing wallet.dat a lot, is that supposed to happen?

[slimcoin]

can i get some kind of guide? maybe an updated one?

Here is Bitcoin's reference: https://bitcoin.org/en/developer-reference

Another useful command is getburndata which returns what you have burned and the network's total burnt coins amount and other useful information.

edit: it also says flushing wallet.dat a lot, is that supposed to happen?

Yes, that is normal.

[skottiejay]

Thank you so much!

Unfortunately I haven't found anything yet, and I"m not so sure I set things up correctly so I don't know if I will. I'll give it 24 hours, because I just started the daemon about 3 or so hours ago, not that I want to give up on a coin just that I don't know what I'm doing and I kind of need a guiding hand.

This is a pretty great concept though, and I'm always happy to help if I can.

[Candy L93]

Thank you so much!

Unfortunately I haven't found anything yet, and I"m not so sure I set things up correctly so I don't know if I will. I'll give it 24 hours, because I just started the daemon about 3 or so hours ago, not that I want to give up on a coin just that I don't know what I'm doing and I kind of need a guiding hand.

This is a pretty great concept though, and I'm always happy to help if I can.

yes,i think

[qiuxiang]

 I do not understand,
  

  I have proximately 1% of the burn coin. It is supposed to generate 960 block / day ( every 90s ) I should find in mean 9-10 block a day in POB.

   Yesterday I found 2,   today nothing do I have a flaw in my comprehension or the coin has a problem ?

  

i burnt 250 for more than 24 hours and haven't get a block..
to me i think the PoB block time is much longer than 90 seconds? maybe developer can confirm it