[ANN][SPT] - Spots - Cryptsy | Fork 9/19 | Scrypt | Introducing Reward Reduction

[MrData]

go back to regular scrypt

then it will be beaten by multipools + ASICs...

Yeah, but it's being beaten by multipools right now anyway.

[AmericanComputerNerd]

go back to regular scrypt

then it will be beaten by multipools + ASICs...

Yeah, but it's being beaten by multipools right now anyway.

That's a good idea...  We'd still be vulnerable to the Scrypt multipools, but there are more coins in this algo to be compared against.  All the original altcoins are still mostly on Scrypt.

I'm down for anything, I would just want to make sure that the exchanges and payment services had enough time to review / upgrade.  We were offline for a few weeks for the last fork.

But, we're in a better position now...  You've got the alert key for the client and I scroll back in the forum, we've got the Cryptsy contact as well.  Are you still connected enough with CoinPayments.net to get that upgraded without a problem?

[AmericanComputerNerd]

For the block halving...  I would say to just enable halving at a regular rate, maybe the first one starts with the fork and continues at that interval?  Just so it doesn't continue on indefinitely?

Open to suggestions from anyone.  I think the important thing is implementing it...

[MrData]

Are you still connected enough with CoinPayments.net to get that upgraded without a problem?

Yep, no problem there.

[AmericanComputerNerd]

Does anyone have any concerns with moving forward on reverting back to Scrypt and introducing block reward halving?

I don't want to upset anyone by making assumptions, but I think the community is fairly small at this point.  Just want to make sure...

Also - Thanks to Matory and Testing Crypto, our OP has been updated and spiced up with some nicer graphics and a new layout.  Thanks guys!

[Matory]

Does anyone have any concerns with moving forward on reverting back to Scrypt and introducing block reward halving?

I don't want to upset anyone by making assumptions, but I think the community is fairly small at this point.  Just want to make sure...

Also - Thanks to Matory and Testing Crypto, our OP has been updated and spiced up with some nicer graphics and a new layout.  Thanks guys!

I like how Spots working now. Halving block is the best solution for me. I propose insert half block every 11 million coins.
With 1block=24SPT next half is after ~1 year from 11 million coin date.

[Desten]

Maybe change standard "halving" to other algorythm, new, and smooth?
After 11 millions spots divide block reward by 2 and then each 20-50k blocks change reward to 90-95% of previous reward (ceil to 0.25spt)?

[MrData]

I like how Spots working now. Halving block is the best solution for me. I propose insert half block every 11 million coins.
With 1block=24SPT next half is after ~1 year from 11 million coin date.

That's certainly doable and if we go by our current block reward rate not accounting for the early v1 reward structure would give us about 11-12 days until the hardfork. If we do account for the old reward structure it would be about 9 days (~3000 blocks difference.) and add slightly to the code complexity.

[AmericanComputerNerd]

I like how Spots working now. Halving block is the best solution for me. I propose insert half block every 11 million coins.
With 1block=24SPT next half is after ~1 year from 11 million coin date.

That's certainly doable and if we go by our current block reward rate not accounting for the early v1 reward structure would give us about 11-12 days until the hardfork. If we do account for the old reward structure it would be about 9 days (~3000 blocks difference.) and add slightly to the code complexity.

I'm up for it.  The timing looks to be pretty good as well, giving us about 2 weeks to get clients updated.  I like the idea of a slow halving, around once / year.  I think the fact that we are doing it, will be good for the market.

Does anyone else have thoughts on Scrypt-N vs another algo?  It sounds like the consensus so far is to leave it alone...

[Matory]

I like how Spots working now. Halving block is the best solution for me. I propose insert half block every 11 million coins.
With 1block=24SPT next half is after ~1 year from 11 million coin date.

That's certainly doable and if we go by our current block reward rate not accounting for the early v1 reward structure would give us about 11-12 days until the hardfork. If we do account for the old reward structure it would be about 9 days (~3000 blocks difference.) and add slightly to the code complexity.

I'm up for it.  The timing looks to be pretty good as well, giving us about 2 weeks to get clients updated.  I like the idea of a slow halving, around once / year.  I think the fact that we are doing it, will be good for the market.

Does anyone else have thoughts on Scrypt-N vs another algo?  It sounds like the consensus so far is to leave it alone...

Vote to keep Scrypt-N (or X11 if possible)! 

[MrData]

Just FYI halving every 11 million coins would be about every 6 months; the only reason it's taken a year to get this many blocks is because of the old v1 diff algorithm that seized the blockchain up so much.

[Matory]

Just FYI halving every 11 million coins would be about every 6 months; the only reason it's taken a year to get this many blocks is because of the old v1 diff algorithm that seized the blockchain up so much.

First 11 million - ~1 year 2 month
Second 11 million - 11,000,000/24=458333 blocks
Or 458333blocks*70sec/60sec/60min/24hour ~371 day
Third 11 million ~ 742 days or 2 years 2 weeks
......

[MrData]

I just mean the 1st halving would have been 6 months if the blockchain had been running smoothly, then doubling after that.

[Desten]

This will lead to another problem in future if dividing will be each 11mil spots. Divide by blockcount.
And why you all rejecting smooth division by 5-10% of previous reward?

[MrData]

And why you all rejecting smooth division by 5-10% of previous reward?

I've got no problem with it.

[Matory]

And why you all rejecting smooth division by 5-10% of previous reward?

I've got no problem with it.

Halving after 11 mill and decrease to 0.95 (0.90 or 0.92) every 11 mill or every 1 year? 11 mill is better.
If it is doable and is not difficulty - let's decide this! 

[Desten]

Halving after 11 mill and decrease to 0.95 (0.90 or 0.92) every 11 mill or every 1 year? 11 mill is better.
If it is doable and is not difficulty - let's decide this! 

No. Halving @11-11.5 mil because it's simplest thing now and will give some time to update wallets at exchanges.
After that i think reward algo must be changed to smooth decreasing.

For ex.:
0-11mil spots: 49/48 (before and after first fork). This will be ~226k block.

Here are two examples, first is 95% after each 16k blocks with ceiling to 0.25 (after 224k blocks next reward will be 24.75 spots, little more than a half of 48 spots block, next "halving" will be after 256k blocks), second is 90% after each 32k blocks with ceiling to 0.1 (after 224k blocks next reward will be 23.2 spots, next "halving" will be after 224k blocks) and so on. This is just example what can be if this algorithm is used. But we decided to divide block reward soon, so this calculations will start from 24 spots/block. Because of ceiling (to 0.25 up or to 0.1 up in this examples) after some time reward will not be decreased and will flow constantly

Now	Reward after decr., ceil(95% of prev., 0.25)	Decreasing after +blocks		Now	Reward after decr., ceil(90% of prev., 0.1)	Decreasing after +blocks
48	45.75	16		48	43.2	32
	43.5	32			38.9	64
	41.5	48			35.1	96
	39.5	64			31.6	128
	37.75	80			28.5	160
	36	96			25.7	192
	34.25	112			23.2	224
	32.75	128			20.9	256
	31.25	144			18.9	288
	29.75	160			17.1	320
	28.5	176			15.4	352
	27.25	192			13.9	384
	26	208			12.6	416
	24.75	224			11.4	448
	23.75	240			10.3	480
	22.75	256			9.3	512
	21.75	272			8.4	544
	20.75	288			7.6	576
	19.75	304			6.9	608
	19	320			6.3	640
	18.25	336			5.7	672
	17.5	352			5.2	704
	16.75	368			4.7	736
	16	384			4.3	768
	15.25	400			3.9	800
	14.5	416			3.6	832
	14	432			3.3	864
	13.5	448			3	896
	13	464			2.7	928
	12.5	480			2.5	960
	12	496			2.3	992

[Matory]

I'm confused in the case of simple make harder. Notify me when a solution is found.

[MrData]

The simplest is halving by block count, but the 95% one isn't very hard either.

[AmericanComputerNerd]

Desten, I think what you are proposing would be difficult for your average crypto-user to understand.  I think it would cause unnecessary confusion.

What is the benefit of doing it this way?  If the benefit is significant, then maybe we can work beyond the risk of confusing users.