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

[prix]

Russian translation of the slimcoin.org is not readable (is broken).

[CryptoHobo]

excellent a launch date 

[poncom]

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.

If people must first mine coins via PoW to obtain their first coins, will the people with powerful mining hardware obtain most of the initial coins? How will people with low power hardware stand a chance of obtaining their first coins?

[go6ooo1212]

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.

If people must first mine coins via PoW to obtain their first coins, will the people with powerful mining hardware obtain most of the initial coins? How will people with low power hardware stand a chance of obtaining their first coins?

+1 ..I had similar question. That I understand is that you have to have some coins to put for burning. Where do you have getting theese coins from?

[slimcoin]

Well, the initial coins will be generated through PoW. Then, they can be burnt, used, or sold. If one does not have the capacity to mine Slimcoins through PoW, they could easily exchange/buy them and then burn them.

[go6ooo1212]

Well, the initial coins will be generated through PoW. Then, they can be burnt, used, or sold. If one does not have the capacity to mine Slimcoins through PoW, they could easily exchange/buy them and then burn them.

It sound interesting , but when the coins are mined by PoW , and have to be burnet trough PoB - then there will come another coin which are burnet. So there will be 2 diferent coin if I get it properly - one "RAW" coin mined by PoW , and one that is burnet - ready for exchange. I read the article in your site and I can't understand the specifics about the process...

[poncom]

Well, the initial coins will be generated through PoW. Then, they can be burnt, used, or sold. If one does not have the capacity to mine Slimcoins through PoW, they could easily exchange/buy them and then burn them.

It sounds like the whales with powerful rigs will get the chance to mine huge amounts of the first coins. If the chance of hitting a PoB block rises if you have more coins in your wallet, then will the whales with huge amounts of the first coins be likely to get the most PoB blocks too?

[slimcoin]

There is only 1 type of coin. A burnt coin is simply a coin that has been sent to a specific address that no one has the ownership of. They are burnt because one cannot spend them again, but once they are burned, they can be used to generate burn hashes which can generate a PoB block.

[go6ooo1212]

There is only 1 type of coin. A burnt coin is simply a coin that has been sent to a specific address that no one has the ownership of. They are burnt because one cannot spend them again, but once they are burned, they can be used to generate burn hashes which can generate a PoB block.

..and what is happoning after the generation of a PoB block

[slimcoin]

If the chance of hitting a PoB block rises if you have more coins in your wallet, then will the whales with huge amounts of the first coins be likely to get the most PoB blocks too?

Slimcoin does not work like that. The chance of hitting a PoB block rises if you have burned more coins. If this huge whale was to burn all of his coins, then yes, he would be more likely to get PoB blocks. That though requires the whale to burn all of his coins, meaning rendering then in-spendable again.

[slimcoin]

and what is happening after the generation of a PoB block

After a PoB block is generated, coins get awarded and transactions get 1 more confirmation. Really the same thing happens when a PoW block is found.

[bykardinal]

relize it pls with compiled Windows miners.

[slimcoin]

bump

[prix]

How can i determine my chances to generate a POB-block?
For example, i can calculate how much i will generate POW-blocks per day based on the my hashing power and the network difficulty.

[itsjustchrisc]

WOW. But can the dev elaborate more on how does POB help the coin and what are the other plans for the coin?

[workminer]

waiting

[slimcoin]

It is possible to determine the possibility of finding a PoB block, given that the network's total burnt coins remains the same as the difficulty is based off of that.

As for how PoB helps this coin, the main purpose behind this was to give people that want to mine but do not have access to fast hardware because of preorders/back orders, etc... Those users would be able to burn some coins and there in a matter of minutes they are up and burn mining. Also, PoB mining involves much less hassles and only requires a computer to run 24/7. The computer does not need to be fast, really any computer would work.

[sp00lin9]

Nice! When will more info be available? Hopefully there will be a Nvidia miner & clean unique wallet!

[tz]

Finally. This sounds great on paper, but I want to see it in action. I'll be watching this. Good luck guys!

[Mrrr]

botnet fest i guess

I'd say that a botnet fest that puts less load on its slaves is already an improvement