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

[lihuajkl]

Good new concept! Another energy saving coin!

[Vagnavs]

Total 2 billion coins. Way too many.. I wouldn't go past 20 million coins. If you want the price to appreciate

[slimcoin]

The justification behind the 2 billion coins is since PoB involves the destruction of coins, making them unusable again, if a relatively small limit is set, the coins could get exhausted and then people would not want to burn them anymore, thus making the entire PoB useless.

[minlihua]

good concept and better than ipo

[freigeist]

The justification behind the 2 billion coins is since PoB involves the destruction of coins, making them unusable again, if a relatively small limit is set, the coins could get exhausted and then people would not want to burn them anymore, thus making the entire PoB useless.

Hello.

Does it mean that the number of coins will be lower as time passes
or is there any relation  between mined coins and burned coins to keep
more or less the same coin supply during time?

[slimcoin]

As time passes, burnt coins do decay. That means that the strength at which they mine at decreases as time passes. Also, by burning coins, they are forever destroyed and in-spendable again. That will tequinally lower the amount of coins, but since the total amount that can be generated is 2 billion, that will compensate for the destroyed coins through burning.

[animalroam]

As time passes, burnt coins do decay. That means that the strength at which they mine at decreases as time passes. Also, by burning coins, they are forever destroyed and in-spendable again. That will tequinally lower the amount of coins, but since the total amount that can be generated is 2 billion, that will compensate for the destroyed coins through burning.

So after all the coins are generated and coins continue to burn, won't there be less and less?
Also, what if someone by extreme luck discovers that address in years away from now?

[slimcoin]

So after all the coins are generated and coins continue to burn, won't there be less and less?

This is true, but it would take a bit of time until that cap is reached.

Also, what if someone by extreme luck discovers that address in years away from now?

That extreme luck would really need to be super extreme. Also, Slimcoin could be made to detect any outputs coming from a burn address and have the network deny it, regardless if the sender has the private key.

[nxting]

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

[icess]

interesting , 

[seek4dream]

definitely interesting.
So it could be mined by PC?

[slimcoin]

Mined by any computer really, it does not matter how old.

[pr0d1gy]

Meh, ill byte. 

[qiwoman]

WOW i have a crapola laptop would love to do this although my Friend she rents rigs for us so I will get her to mine it. Do you need any promotional blog posts at all? Do you give little bounties to promoters? I can blog about it on my alt blog too.

[TheMightyX]

The justification behind the 2 billion coins is since PoB involves the destruction of coins, making them unusable again, if a relatively small limit is set, the coins could get exhausted and then people would not want to burn them anymore, thus making the entire PoB useless.

I'm not quite sure I understand your reasoning. I think maybe you are not explaining the incentive very well.
However I do appreciate this idea for reducing reliance on Proof of Work.

So people must first mine coins via PoW to obtain coins. Then these coins can be burned via PoB to obtain more coins than if they were just mining through PoW. If there comes a time when they would get less coins from Proof of Burn than they spent burning them, obviously they should stop burning them. This has nothing to do with the max amount of coins. It would be exactly the same scenario if there were 200,000 coins rather than 2,000,000,000.

Regardless of how many max coins you have, there will come a time when you run out of PoW coins or when the multiplier will require so many PoW coins to be burned that it becomes uneconomical to burn PoW coins for PoB coins.

Also, there are certain vague points in your whitepaper that do not properly explain the exact functions of the system.

You make no mention of the specific formula that dictates how many PoW coins must be burnt to mine a PoB block.
I understand this changes over time in a linear fashion but some indication of the starting point would be nice.

Also, can we get a use-case example for the reduction formula?

Burn hashes are calculated by multiplying a multiplier to an internal hash.

The multiplier is also inversely proportional to the amount of coins burned. The multiplier is what
causes burnt coins to “decay”.

this is vague.

Lets say 20,000 coins have been burned and then I burn 50 coins.
What is the formula for the multiplier? 0.0025 x internal hash?
Could you please provide a more in-depth example scenario?


As well, what is the benefit of burning big or small amounts of PoW coins? if the system is paced (i.e. you can only burn a PoB block every 3 minutes) wouldn't it make more sense to burn small amounts at a time? What is the relationship between number of coins burned and reward or reward schedule?

These are specifics that could greatly impact the success of such a system and so it would be beneficial to explain in more detail the exact functions.

[rubberpool]

Hm.. nice concept. Might give it a closer look

[overthetop2011]

interesting concept.

How to participate?

[slimcoin]

So people must first mine coins via PoW to obtain coins. Then these coins can be burned via PoB to obtain more coins than if they were just mining through PoW. If there comes a time when they would get less coins from Proof of Burn than they spent burning them, obviously they should stop burning them.

This is true, it is like PoW, if the incentive for mining becomes small, people won't buy as much hardware as they did when the incentive is larger. The network/users will self-regulate on the amount of coins being burned.

This has nothing to do with the max amount of coins. It would be exactly the same scenario if there were 200,000 coins rather than 2,000,000,000.

I was not too clear in my last post. By setting the total amount of coins to be that high, it will allow people to burn coins without the fear that there will be no coins left for the actual transactions.

Regardless of how many max coins you have, there will come a time when you run out of PoW coins or when the multiplier will require so many PoW coins to be burned that it becomes uneconomical to burn PoW coins for PoB coins.

Yes, there will come a time, it would be best if that time was not 1 year from release, but more time from release allowing the spread of Slimcoin's idea.

Also, can we get a use-case example for the reduction formula?

I will update the whitepaper on that note, but here is the general formula: The strength of the burnt coins mining halves every 350000 proof of work blocks, that halving is continuous and smooth.

Burn hash calculation directly from the source code documentation:

Code:

  /*slimcoin: a burn hash is calculated by:
   * hash = (c / b) * 2 ** ((nPoWBlocks - M) / E) * [Hash]
   *
   * Where: c = BURN_CONSTANT (0.01 * CENT)
   *        b = amount of coins burned
   *        nPoWBlocks = the number of proof of work blocks between (not including)
   *                     the blocks with heights last_BlkNHeight and burned_BlkNHeight
   *                         where
   *                             last_BlkNHeight = the height of the last block in the chain
   *                             burned_BlkNHeight = the height of the block at the time of the burning
   *        M = BURN_MIN_CONFIRMS (6), the required amount of proof of work blocks between (not including)
   *                                   the block at the time of burning and the last block in the chain
   *                                   The offset by M allows for the first burn block the burnt coins
   *                                   can hash to be at 100% strength and decay from there, instead of having
   *                                   the coins slightly decayed from the beginning
   *        E = BURN_HASH_DOUBLE (350000.0), an exponential constant which causes 
   *                                   burnt coins to produce slightly larger hashes as time passes
   *
   *        [Hash] = Hash(burntBlockHash ++ burnWTx.GetHash() ++ hashBestBlock)
   *        Where: burntBlockHash = the hash of the block the transaction is found ing
   *               burnTx.GetHash() = the hash of this transaction
   *               hashBestBlock = the hash of the best proof-of-work block in the chain at the time of hashing
   */

What is the relationship between number of coins burned and reward or reward schedule?

Larger burn amounts are more likely to generate a proof of burn block because their multiplier is smaller, thus making the final burn hash smaller. It is, again, like PoW, one could mine PoW with a small computer, and if they get lucky, they get awarded. If one mines with a bigger computer, they would get awarded the same amount, but are more likely to find a valid block hash.

[Amph]

botnet fest i guess

[chiguireitor]

What non-traditional platforms will have binaries on release?

Android, Raspberry PI? It would be cool if even OpenWRT routers could mine it