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

[Mr E]

Awesome! I'm testing it out right now, am spamming myself with 0.01 SLMs in hope of catching a PoB block. I'll PM you on regarding the Amazon EC2 build environment I compiled the Slim-Qt on

Ok fix confirmed, thanks Mr E! Will update the binaries soon

Yay, it worked.

I still have an OCD compulsion to go back in and tidy it up to use a function on the transaction class, instead of a boolean flag passed to the transaction-parsing function.  I might try doing that once I have the build environment set up...


P.S.

Updated https://github.com/kryptoslab/slimcoin/releases/tag/v0.3.2.1

Changes:

From hankrules: Added 2 dnsseed servers
From Mr T:       Fixed display bug for transactions in PoB blocks
From a123:       Fixed versioning, disabled sync checkpoint errors, added new RPC command "getsubsidy" to find out current PoW (for pool use)

(pi's version is still compiling...)

Mr T, eh? I like that.

http://p.bfram.es/i-pity-da-fool-who-breaks-the-build.jpg

[a123]

Mr T, eh? I like that.

Oops  

Yeap PMed you re the Amazon EC2 build environment!

[jonnylatte]

How does slimcoin deal with the "nothing at stake" problem? is it applicable?

I can see in the event of a PoW fork it would cost next to nothing to mine PoB on both chains and if you dont then you run the risk that you pick the wrong chain and lose the opportunity to have rewards for the time that consensus is being determined. Is this correct, if so what can be done to incentivize PoB minters to pick one chain?

[a123]

How does slimcoin deal with the "nothing at stake" problem? is it applicable?

I can see in the event of a PoW fork it would cost next to nothing to mine PoB on both chains and if you dont then you run the risk that you pick the wrong chain and lose the opportunity to have rewards for the time that consensus is being determined. Is this correct, if so what can be done to incentivize PoB minters to pick one chain?

As far as I understand, nothing at stake is a phenomenon that applies to pure PoS altcoins. PoB always depend on a preceding PoW which has a cost to mine (aka something-at-stake), so you can't chain PoBs consecutively to perform the N@S attacks.

[jonnylatte]

So there is still the PoW cost but how do the PoB blocks then contribute to the consensus?

How would an attacker with 51% of the PoW fair against defenders with various levels of burned stake?

[a123]

So there is still the PoW cost but how do the PoB blocks then contribute to the consensus?

How would an attacker with 51% of the PoW fair against defenders with various levels of burned stake?

I'm not too clear, but I don't think PoB can help defend against PoW 51% attacks. PoB does increase trust score of a chain for resolving forks but might not kick in in time for double-spend attacks?

[a123]

Just a musing on the current implementation of Slimcoin.

Based on the burn decay rate of 0.001427 / day, as we approach 1.6 million coins burnt, the rewards tends to zero as the decay rate equals reward rate. The only reward would be from fees.

At such a burn decay rate, 2342 coins will decay, which would equal the PoW generation rate if the difficulty is 10 (3.5 SLM block reward * 720 / day), which is roughly 1Ghs, thus achieving kind of an equilibrium.

It provides quite an interesting dynamic circulation ceiling which tends to 1.6 million SLMs with heavy usage, yet increases gradually to 250 million with low volume.

[MadCow]

can anyone help with a conf file & nodes?
thanks

[AizenSou]

can anyone help with a conf file & nodes?
thanks

Afaik you don't need the nodes at all because it's hardcoded in the new client.
But if you insist:

Code:

debug=0
server=1
daemon=1
rpcallowip=127.0.0.1
rpcallowip=192.168.0.*
rpcallowip=localhost
rpcport=41684

# RPC information
rpcuser=user
rpcpassword=pass

Just a musing on the current implementation of Slimcoin.

Based on the burn decay rate of 0.001427 / day, as we approach 1.6 million coins burnt, the rewards tends to zero as the decay rate equals reward rate. The only reward would be from fees.

At such a burn decay rate, 2342 coins will decay, which would equal the PoW generation rate if the difficulty is 10 (3.5 SLM block reward * 720 / day), which is roughly 1Ghs, thus achieving kind of an equilibrium.

It provides quite an interesting dynamic circulation ceiling which tends to 1.6 million SLMs with heavy usage, yet increases gradually to 250 million with low volume.

Quite informative, thanks a123.

[a123]

Gosh somehow my dedicated Centos 7 server just rebooted itself and reconfigured its firewall to firewalld instead of iptables. Just reconfigured it to bring slimcoin.club back up!

[a123]

I've cloned the ANN from Slimcoin to https://github.com/kryptoslab/slimcoin/wiki/Reannouncement. I've updated the details, but I would invite your edits to brand or market it better This would be the basis for the ReANN after the fork in a couple of weeks time.

I'm also putting up a bounty, which is also in the Reannouncement.
Thanks to the generous donations from hankrules, AizenSou and BitcoinFX, I'm putting 530 SLMs into giveaways and mining faucet, and 5000 SLMs for the bounty.

I think a primary need for us now is for experienced pool operators to run a Dcrypt mining pool, so am planning to offer the following, I'm open further suggestions (particularly from the donors!)

• First working pool : 2500 SLM
• First pool to host a total of 2MH/s: 2500 SLM

Do help reach out to pool operators whom you think might be interested!

Donation Address for Bounties: Sg72f5icXXAjrdV7o15ZrFdj9CvNaTZwS1
Donation Address for Giveaways and Slimcoin.club Mining Faucet: SeCZAzhRkC8VxdqYfbcvgTVkN3RoLzNoYy

To check the amount collected so far, I've set up a live progress collection counter on my site: http://www.slimcoin.club/#donate

I'm pledging a SLM for a SLM, for every donor from now on who posts about their donation here (so I can match it up to the person), up to 5K for bounties and 1K for Giveaways.

[jdebunt]

I noticed you guys got a mention on CryptoPromote .... If you want, I can look into doing an article on the coin for CryptoArticles.com?

Just PM me with the most important details (except what's in the OP of course) and I'll get it done somewhere this week....

[oveeps]

I noticed you guys got a mention on CryptoPromote .... If you want, I can look into doing an article on the coin for CryptoArticles.com?

Just PM me with the most important details (except what's in the OP of course) and I'll get it done somewhere this week....

Thank you, this is a good news to inspire people.

[hankrules]

I noticed you guys got a mention on CryptoPromote .... If you want, I can look into doing an article on the coin for CryptoArticles.com?

Just PM me with the most important details (except what's in the OP of course) and I'll get it done somewhere this week....

This might be some good material to help shape your article:

I hope the dev has not left. Nothing that the developer of course does not know already. But this coin is just an absolutely wonderful idea that can start a new breed of coins.

Just some thoughts, i hope i didn't get them wrong

- Proof of Burn
      - Technological independence
            - Mining with almost any hardware with the same possibilities as those with advanced one
                  - More spreaded
                  - More fair
                  - Many different hardware configurations could be used for maximum spread and adoption
                            - Mobile phones
                            - Router
                            - TV
                            - Your PC
                            - whatever
            - Asic resistant
                  - Money normally invested on Asics goes directed to the slimcoin economy instead of leaving crypto economy. Can you imagine bitcoin without price selling 3600 coins every day to feed miners?
                  - No need to wait for asic orders to manufacturers (no scams, no delays)
                  - The equipment manufacturers are not on a single country with monopoly on chips (it gives resistance to technology industry manufacturers centralization attacks)
                  - Pool resistant, although there can be POW pools they will never get a 51% of the network
                  - Easy to calculate the ROI of your "POB mining operation" just knowing the total amount of burned coins at the moment and your share of those. You can just burn a few more if needed instantly. No need to montly plans with preorders (available to everyone and easy)
            - Solves the limited number of node problem bitcoin suffers, because everybody can have its own farming factory on its pc, or in its mobile and it is incentivized.
      - Energy independence (no need for a huge industrial area to setup your mining farm, just your wallet is needed)
            - The network can be spreaded all over the world, not just on zones with cheap electricity (it gives resistance to cheapest electricity centralization attacks & it also gives maximum and fair node spread)
            - Ecological
      - It could be the coin for the "Internet of things" where the blockchain trust technology could be adopted for any device, your fridge, your mobile, etc.
      - Proof of Burn shows the path for other ideas like "investment" possiblities on the same wallet. You just burn and you get some ROI attached to the same mining protocol. Maybe even a lend/borrowing model could be added?
      - Maybe even the proof of burn could be used to add anonimity. You have a second button on your wallet "anonimize". and you press it and enter the number of coins to anonimize, those get burned and you receive in a totally different address on the same wallet, other burned coins.  After all there is a huge repository of burned coins (well disregard if it does not make too much sense)

Really really interesting coin,

Please developer continue with this one, it is just an awesome idea.

[EmpoEX]

SlimCoin - SLM has been added to EmpoEX vs bitcoin market.

We wish you happy trading.



Click on image to get redirected.

@OP:

Use following code to include us in OP:

Code:

[url=https://empoex.com/trade/SLM-BTC][img width=300]https://i.imgur.com/HTfbFXl.png[/img][/url]

EmpoEX Team

[Mr E]

So there is still the PoW cost but how do the PoB blocks then contribute to the consensus?

How would an attacker with 51% of the PoW fair against defenders with various levels of burned stake?

I'm not too clear, but I don't think PoB can help defend against PoW 51% attacks. PoB does increase trust score of a chain for resolving forks but might not kick in in time for double-spend attacks?

I think PoB will help with some kinds of 51% attack. For starters, it will mitigate >50% censorship attempts as long as a reasonable amount of PoB'ers are honest. Although the attacker with >50% hashrate can plausibly create a longer chain of PoW blocks and exclude disapproved transactions from them, honest PoB clients will continue to mine burn blocks which include those transactions, so unless the attacker has much greater than 50% hashrate, he will not be able to create a chain that is longer than the sum of ( honest PoW miners difficulty + honest PoB miners difficulty ), which would be required for a successful censorship attack.

In the same way, an attacker with 51% could create a fork from an earlier block to attempt a double-spend, but would require a large proportion of the burnt coins in the network in addition to hashpower in order to get the fork accepted -- otherwise the length of the combined honest ( < 50% hashrate + >> 50% burn ) would always result in a longer (higher-difficulty) chain compared to the dishonest ( > 50% hashrate + << 50% burn ) chain, especially considering the fraudulent chain is starting at some earlier point and has to 'catch up' to the legitimate chain first before it can exceed it.

Finally, regarding the "nothing at stake" problem -- yes, as far as I can tell there's nothing to stop users from collecting PoB blocks on both chains, although this would usually require a deliberate effort to make this happen (since, if they have only a single wallet running, it will fork into one or other of the chains, and not mint PoB on the other one). I can't immediately think of an elegant solution that would discourage this...

[Hermann1337]

Hi Guys!

We have made a little Coin info about Slimcoin!

Check it out
http://www.satoshis.guru/home/coin-news/slimcoin/

soon you will also have stats like diff, blockheight etc...

[jadefalke]

Hi Guys!

We have made a little Coin info about Slimcoin!

Check it out
http://www.satoshis.guru/home/coin-news/slimcoin/

soon you will also have stats like diff, blockheight etc...

nice Page!, good Job!

[d5000]

I too now have installed a123's version and it's running fine, without a single crash since 3 days, with about 1 GB of memory. Great job!

I've just posted in the Coinmarketcap thread if they want to add it. I hope we don't attract the wrong people ... although some pumpin' and dumpin' perhaps also would get more devs on board

PS: Price evolution on BTER looks very good, too.

[jadefalke]

I too now have installed a123's version and it's running fine, without a single crash since 3 days, with about 1 GB of memory. Great job!

I've just posted in the Coinmarketcap thread if they want to add it. I hope we don't attract the wrong people ... although some pumpin' and dumpin' perhaps also would get more devs on board

PS: Price evolution on BTER looks very good, too.

yep it looks like finaly this coin moves in the right Direction, there so much potential!