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

[primer-]

Correct me if I am wrong. You have to unlock the wallet to mine/mint ? Even if you unlock for minting only wallet is still capable of sending coins.

I am setting up a new wallet, this is just insane.

[Anotheranonlol]

Damn, i cant figure out how the hacker got my private keys. I dont see any rpc connections so they probably got the wallet.... cant figure out how...

"account" : "",
"address" : "SjWcEMq4bWdo4VtduHvXNxg45Dvjby7YNc",
"category" : "send",
"amount" : -0.51000000,
"fee" : -0.01000000,
"confirmations" : 13,
"blockhash" : "00000003b6fc42f70d02f5c6d070869e97d51e03d85ac3fcdead202383e529a5",
"blockindex" : 2,
"txid" : "021a85ec99f9fe29c373a61a197629f24a72f2e34b85cac1e92c35f9740b924d",
"time" : 1401440812
}
"account" : "",
"address" : "SkEExyEVmLWsdxdAiiQ544WdQg9EJJ5VRz",
"category" : "send",
"amount" : -41.57000000,
"fee" : -0.01000000,
"confirmations" : 18,
"blockhash" : "00000011af6688e353c4007b12a316838a057b3994f9e6b910ec25badae6932e",
"blockindex" : 1,
"txid" : "1eac63ea1c5da9c8a9eb2fdf7296a25d172c368de458518301b468323c986594",
"time" : 1401440495

Reading this thread, you refer to mining difficulty being too high from someone hiring up EC2 instances, where it seems that someone is you
You then say there's problems with burning- which can scare others off, you then say someones burning large amounts of coins making things tricky
again that someone seems like you, now you say your wallet hacked by optimized miner download. It seems essentially you are trying to put others off whilst you accumulate with head start

[slimcoin]

btw, i have a question, if I turn my wallet off, will the 23 coins be wasted, or it still counts when i restart the wallet?

You have to keep your wallet on. If you turn off your wallet, it is the equivalent of turning your computer off for PoW.

[exarena]

SLIM/BTC has been added to https://exarena.net/markets/slim-btc/

Happy trading

[Sharecoin11234]

btw, i have a question, if I turn my wallet off, will the 23 coins be wasted, or it still counts when i restart the wallet?

You have to keep your wallet on. If you turn off your wallet, it is the equivalent of turning your computer off for PoW.

currently i turned off after i burned coin...even I restart the wallet...so the coins which I used to burn are no longer work for me?? that's means these coins are wasted??

[yuchengTec]

It is hard to mine!

[BigWait]

POW and POB both hard to mined..
It will be very hard  one day than one day ..

[TheRealSteve]

SLIM/BTC has been added to https://exarena.net/markets/slim-btc/

Great!  And hurray for public APIs

I do wonder, though... dev: should it be SLIM or SLM? SLIM makes more sense to me, though SLM is pretty funny to French people (hi guys!),, but references to 'SLM' would have to be adjusted in a few places.

[CogPrimus]

Great!  And hurray for public APIs

I do wonder, though... dev: should it be SLIM or SLM? SLIM makes more sense to me, though SLM is pretty funny to French people (hi guys!),, but references to 'SLM' would have to be adjusted in a few places.

i think SLIM sound much better

[luya518]

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
cutable

Config File:

Code:

addnode=76.127.202.17
addnode=96.237.174.192
addnode=107.181.250.216
addnode=107.181.250.217

Donation Address for Bounties:
ShooqRfkshDajLTvYMEKRKxXW7ooZLBZsm

Chinese translation and special plates：http://www.btclt.cn/thread-3318-1-1.html

[Stormbringer]

Finally I found a block,
I have two computers with two wallets, connected through same IP, is that decreases a chance to find blocks, in compares as if I had two IP adresses?

[yuchengTec]

btw, i have a question, if I turn my wallet off, will the 23 coins be wasted, or it still counts when i restart the wallet?

You have to keep your wallet on. If you turn off your wallet, it is the equivalent of turning your computer off for PoW.

currently i turned off after i burned coin...even I restart the wallet...so the coins which I used to burn are no longer work for me?? that's means these coins are wasted??

Same question....

[Watercooler]

Wallet is stuck at block 624 for several hours on my openSuSE 12.3 32 bit system, is this a known issue? On an other computer 64 bits XUbuntu it passed this block

[Anotheranonlol]

btw, i have a question, if I turn my wallet off, will the 23 coins be wasted, or it still counts when i restart the wallet?

You have to keep your wallet on. If you turn off your wallet, it is the equivalent of turning your computer off for PoW.

currently i turned off after i burned coin...even I restart the wallet...so the coins which I used to burn are no longer work for me?? that's means these coins are wasted??

Same question....

No, you can close your wallet and restart, no problem. But you need to leave your wallet open in order to be 'minting' during the PoB phase.
Think of it the same as Proof-of-work- when you stop mining you are withdrawn from the lottery. To take part in lottery you must keep wallet open submitting tickets.
Actually seems this is not the same as traditional proof-of-burn- if that was the case wallet could be closed without any detrimental effect
Perhaps there is room for some workaround, I didn't take a detailed look at spec or whitepaper yet.

Wallet is stuck at block 624 for several hours on my openSuSE 12.3 32 bit system, is this a known issue? On an other computer 64 bits XUbuntu it passed this block

I don't think it's a known Issue, I am on on block 1530 on 64 bit and 32bit debian/lubuntu respectively.

[Watercooler]

btw, i have a question, if I turn my wallet off, will the 23 coins be wasted, or it still counts when i restart the wallet?

You have to keep your wallet on. If you turn off your wallet, it is the equivalent of turning your computer off for PoW.

currently i turned off after i burned coin...even I restart the wallet...so the coins which I used to burn are no longer work for me?? that's means these coins are wasted??

Same question....

No, you can close your wallet and restart, no problem. But you need to leave your wallet open in order to be 'minting' during the PoB phase.
Think of it the same as Proof-of-work- when you stop mining you are withdrawn from the lottery. To take part in lottery you must keep wallet open submitting tickets.
Actually seems this is not the same as traditional proof-of-burn- if that was the case wallet could be closed without any detrimental effect
Perhaps there is room for some workaround, I didn't take a detailed look at spec or whitepaper yet.

Wallet is stuck at block 624 for several hours on my openSuSE 12.3 32 bit system, is this a known issue? On an other computer 64 bits XUbuntu it passed this block

I don't think it's a known Issue, I am on on block 1530 on 64 bit and 32bit debian/lubuntu respectively.

Tried already several times by removing everything except the wallet.dat file & the config file with the nodes, but everytime the wallet won't get passed block 624.

[ltcnim]

if anyone is interested: a CubieBoard v2 get's around 2 x 0.11khash, so 0.22 khash total :>

little CubieBoard just found a block Just about an hour after my main system found a block

[CryptoHobo]

if anyone is interested: a CubieBoard v2 get's around 2 x 0.11khash, so 0.22 khash total :>

little CubieBoard just found a block Just about an hour after my main system found a block

Awesome :-) im up to 9 pow n one pob (only got 5 coins burning)

[ekoja]

if anyone is interested: a CubieBoard v2 get's around 2 x 0.11khash, so 0.22 khash total :>

little CubieBoard just found a block Just about an hour after my main system found a block

Awesome :-) im up to 9 pow n one pob (only got 5 coins burning)

i5 ran for 12hours and hit ZERO block. Sad

[Givatoshi_Moremoto]

getting SLM is way too hard..
no pools after 2 days
no exchange
people who got the early blocks are burning more and more coins to maintain their POB dominance.
I think many people are losing interest

[JohnDorien]

getting SLM is way too hard..
no pools after 2 days
no exchange
people who got the early blocks are burning more and more coins to maintain their POB dominance.
I think many people are losing interest

It appears to me personally there's more luck involved here than with other coin/algos/so on.. one pc of me found 2 blocks at 4 cores only, while a 16 core server only hit one... since then nothing but 4 PoW blocks... after loads of burned coins...

Interesting concept here though, pools seem to be needed