[ANN][1CR] 1CRedit Coin Relaunch

[Cassey]

Today, we are announcing some dramatic improvements to the 1CR coin to address some of the impediments to adoption that have occurred in the past few months.

The coin was designed to be very secure, have little adoption by the multipools, and to be used for longer term investment uses (such as banking in the simulated worlds of OneBillionHex. One of the chief complaints to many of the pool operators was the extended time before pool users were able to receive their first payouts.  This was due to two security measures of 1CR: 1) 256 required confirmations, and 2) a defensive difficulty retargeting, designed to discourage mulitipool raiding of the coin during low diff periods.

Without pool cooperation, we found that general adoption of the coin was low, and the coin would be mined in a very dramatic roller coaster difficulty fashion, which led many to give up.

After careful lab testing – a new source code has been release, that goes into effect at block 4000 – probably within the next day or so.

The new source code will reduce the confirmations to a still very secure 156.  Note that most wallets add 20 to this.  As well, the difficulty retargeting has been ‘dampened’ to still discourage multipool raiding but provide a more consistant coin time.  We hope these changes will encourage pool owners to re-adopt the 1Credit Coin (1CR).  This should start to produce a bit more coins daily, and allow the pool users to receive their coins in a targeted 25 hours, versus 3-4 days the old settings yielded.

The coin is still a very rare coin, and is designed to have minimal forks (several months old and still not a single fork!), and minimal risk of double spend attacks.  There was zero premine, there are not secret payouts in the code, no IPO, and the only way the Dev or the team can make money on this is the same way you can, mining the coin.  It has held a pretty good value on Poloniex so far, even with the earlier design inconveniences, and we expect it to be a great coin to buy and hold as it gets integrated into the Crypto Ecosystems.

We need some community support, in the form of a few new pool operators, to really make this relaunch a success.  PM the Dev and he can introduce you to a few experts if you need a hand.

Mission:
•   To create the investment coin for long term security and stability
•   To avoid Mulitpool Mining that drives the value down
•   To create a stable coin to encourage long term mining (set it and forget it)

Supply:
•   To date – there are less than 4000 coins
•   Each block generates 1 new 1Credit coin
•   No IPO
•   Total Supply – The current block number!  One coin per block of course!
   
Current specs:
•   Algorithm: Scrypt PoW
•   Started: April 19th
•   Blocktime: 8.5 Minutes
•   Blocks confirm: 156 confirms (most wallets add 20)
•   Transaction Confirms: 16
•   Retarget: every block (Modified KGW)
•   Block rewards: 1

Website and forums:
www.1creditcoin.org  
https://cryptocointalk.com/forum/1225-1credit-1cr/

Wallets:
Source https://github.com/1credit/1credit
Windows Wallet
http://www.mediafire.com/download/n851l3345n5yitd/1credit-qt.exe
Mac Wallet
http://www.mediafire.com/download/gci1u4n5l5654ie/1CRedit-Qt.dmg

Ports:
        Listen:   6666 (16666 for testnet)
        JSON-RPC: 6667 (16667 for testnet)

Sample Configuration file (totally optional!):
        /* 1credit.conf */
        rpcuser=<yourname>
        rpcpassword=<some very random long password>
        listen=1
        gen=1

Like all high quality coins, 1CRedit maintains an active DNSSEED network.  You should NEVER have to specify addnodes.  All wallets should simply work upon launching.

Pools:   http://mpos.1creditcoin.org - basic site available for the health of the coin
http://mineblocks.no-ip.org:2627/pool/1CR/
Block Explorers:  https://prohashing.com/explorer/1CRedit/
Exchanges:   https://www.poloniex.com
Social:  IRC Freenode:  #1credit
Game:  4th coin in 1BillionHex game.

Other information:
IRC is NOT used by the codebase for anything (unlike many coins)
UPnP is disabled for your protection!
Blocksize limited to 16KB for fast propagation.  Note this significantly restricts the number of transactions/second supported by 1CRedit, but as an investment coin, designed for fewer, larger, mostly paid transactions, this is not viewed as an issue.

[1714007472]

1714007472

[1714007472]

1714007472

[1714007472]

1714007472

[1714007472]

1714007472

[MissCrypto]

Deja vu https://bitcointalk.org/index.php?topic=645115.0

[Cassey]

Deja vu https://bitcointalk.org/index.php?topic=645115.0

Sorry about that, went to put a proper title and fix a few bolding mistakes, but this forum doesn't allow me to delete my own post apparently.

[MissCrypto]

Deja vu https://bitcointalk.org/index.php?topic=645115.0

Sorry about that, went to put a proper title and fix a few bolding mistakes, but this forum doesn't allow me to delete my own post apparently.

Sorry, I didn't mean any disrespect, just joking around.

[Cassey]

Deja vu https://bitcointalk.org/index.php?topic=645115.0

Sorry about that, went to put a proper title and fix a few bolding mistakes, but this forum doesn't allow me to delete my own post apparently.

Sorry, I didn't mean any disrespect, just joking around.

Absolutely none taken!  I'm just glad you actually read it!

[platorin]

Relaunch? If something failed in a begining, then there is no reason to have another launch. Sorry to say that.

[Shadow_Runner]

Relaunch? If something failed in a begining, then there is no reason to have another launch. Sorry to say that.

+1 most of this relaunch dies slowly.

[PiOfCube]

Relaunch? If something failed in a begining, then there is no reason to have another launch. Sorry to say that.

Nothing failed or was broken. Maybe "adjustment" should have been used instead of "relaunch".

All this shows is that the devs are still active and maintaining the coin and code.

[dogeberet]

Well - I applaud the effort to make a coin that avoids forks and is stable - such as this one. 

Also - having no scamy IPO, premine, or foundation is something.  The dev is clearly just trying to move the whole crypto-currency forward, and not trying to pocket a handful of BTC and move one.

Also it is on Poloniex if you don't want to mine it:  https://poloniex.com/exchange/btc_1cr   

[PiOfCube]

Just helping out to get the word out:

Posted Today, 02:16 AM
Despite weeks of testing utilizing the -testnet world, a bug cropped up in the new fork for 1CRedit.
 
You MUST upgrade to the current release in order to participate in any future coins.
 
You should see version as 90400 or 9.4.0 and protocolversion of 70016 (if you do a "getinfo")
 
Cassey

[PiOfCube]

Another update:

With deep humility I must request everyone upgrade again, and I sincerely apologize for this being the third time in as many days.
 
As I had previously posted, the planned change at block 4000 underwent weeks of testing in the -testnet environment.  However, even with a half-dozen people mining against the -testnet tree, we could not completely duplicate the production current block history.
 
As such, when the block time continue to climb, we, well, honestly, we panicked.  We didn't trust our own work, or our testing, and presumed we had something backwards and pushed out the previously release.   The block after that (which we are currently on) proved that indeed, we had it right with the block 4000 patch after all.  What we were seeing was simply the impact of historical quick blocks on the current timing.
 
Today, we pulled in another developer (thanks Wes!) to do code reviews.  We spent the time recoding the algo from being 'inserted' to 'native', changing all related variable names to meaningful ones, instead of trying to make the code adapt to the portions that were common with the Litecoin base.
 
Although our confidence is high, we also enabled additional debugging statement.  Blocks on 1CR are rare, so an extra few lines in your debug.log will hardly be noticed, but should serve to build confidence that things are working as designed.
 
We also instituted some additional limiters - like not allowing the difficulty to adjust up or down more than 2X - something that is unlikely given a per block check.
 
Finally, we put a "safety valve" in the code.  Should block times ever go extreme, like they are now, the next block will default to a minimum difficulty, giving the community a handful of quick blocks and allowing the difficulty algo to re-engage.   We hope that this will be "one-time-only" code, which will take effect at block 4008, but it will be there no matter what happens.
 
Anyhow, new git source has been pushed and the windows wallet is updated and available in it normal spot off http://www.1creditcoin.org
 
Again, our sincere apologies
 
Cassey and team.

[qiwoman2]

I am holding 100 so far of this coin and will buy more in POLONIEX. Hubby also translated ann for the Chinese Community as well to spur up Interest. I also made a blog review on my blog, enjoy..  http://bitbillions.net/2014/06/18/alt-currencies-1credit-coin-review-the-4th-coin-for-1billionhex/

Chinese Ann:  https://bitcointalk.org/index.php?topic=663512.new#new   

[2941digger]

Relaunch? If something failed in a begining, then there is no reason to have another launch. Sorry to say that.

I applaud your efforts to track and expose scamcoins.

I do think you should exercise restraint and do due diligence before posting negatively on coin threads.

There are an abundance of scams, and there are also coins that people have spent a lot of time and energy on.

This coin has an active easily accessible dev. It has the least hype of any coin I can think of.

It also has a reason to exist, as it was developed in part to used as currency in the upcoming 1BillionHex game.

My understanding of the "re-launch" is that it is more of an adjustment in diff and fork in order to provide even better protection against strip mining by large pools.

That being said, keep up the good work.

[dan_and_shan]

So what has happened here? The billion hex game still in the works? or is this all over?
 

[runpaint]

So what has happened here? The billion hex game still in the works? or is this all over?
 

I'd like an update too, I still have a few 1CR.

[Cassey]

Still in the works, in fact the author posted a utube video update a few weeks ago.

[kubuminer]

@BinPool - http://1cr.binpool.com/ - up and launch

Guys who work with this coin - we wait you on our pool

[Edkemper]

some relaunch get pumped before die again btw, I saw in the past many 2.0 coins, and many of them was pumped, just to let old investor exit with a little profit.

[Cassey]

some relaunch get pumped before die again btw, I saw in the past many 2.0 coins, and many of them was pumped, just to let old investor exit with a little profit.

Well, I'm not sure a single post qualifies as a "pump", but it does inform those that past problems have now been fixed.  I'm quite pleased with the coins performance now, its hitting it target of 169 coins a day (one every 512 seconds) very very regularly now.

Cheers,

Cassey

[dnaleor]

I bought some because I think this is a more fair emission scheme than BTC
I'll soon post my charts for my imaginary "1COIN" I created a few months back... Seems that coin already existed