[ANN][1CR] 1CRedit Coin Relaunch

[Cassey]

Thanks for your support!  1Credit has been stable for over a year now and continues to trade over on Poloniex!

[1714704151]

1714704151

[dnaleor]

Thanks for your support!  1Credit has been stable for over a year now and continues to trade over on Poloniex!

Nice to see an active dev!

Is there a forum/IRC channel somewhere?
Adjusting my charts now so it has the expected 1CR emission
Also, I see that the number of coins/blocks is about half of what is expected. Did the difficulty adjustment solved the issue?

[Cassey]

Active Dev... but the coin is stable.  I put out a checkpoint now and then, but otherwise its just running as designed.

You can check out http://1creditcoin.org and likely find me on IRC channel #1credit

[dnaleor]

Active Dev... but the coin is stable.  I put out a checkpoint now and then, but otherwise its just running as designed.

You can check out http://1creditcoin.org and likely find me on IRC channel #1credit

cool

I really like this concept. It's a fair launch as far as I can tell
Maybe at the moment it isn't popular yet, but in the future this may be possible due to the fact that new people don't feel "left out"
People will imho look at BTC in 20 years and see that most coins are already mined. It will feel "ponzi-like". 1CRedit won't have that problem!

I'll support this coin by trying to mine it with some old mining gear I have lying around.

I understand not much dev work is needed for this coin. Just keep up a bit with the changes in BTC and/or LTC I suppose?

It would be cool to have us added to coinmarketcap, other exchnages etc etc.
But the community need to grow before we can achieve those goals...

Anyway, thank you for creating this coin!

[dnaleor]

Here you go, the charts

If the expected rate of production is still 1CR per 8.5 minutes, then this is correct.
If it isn't, ping me and I'll change it



The inflation is still big, but goes down very fast...

If you look at the chart, it's clear that in 20 years time, BTC will be perceived as an "instamine" more or less
while 1Credit is the complete opposite of that

[Cassey]

Thanks for the charts.  Nice to see someone understands!

[dnaleor]

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.

would you consider a dynamic block size limit some day?

Due to the permanent block reward, there is an incentive for miners in any case, so imho the network could decide on the blocksize by just choosing to include an additional transaction or not.

Maybe take a look at the monero dynamic block size + penalty system

CryptoNote doesn’t have hard limits: all parameters are adaptive. Max block size is adaptive also. It is recalculated the same way difficulty is. In case miner creates block bigger than 1*CURRENT_MAX_BLOCK_SIZE the penalty is applied to block reward (i.e. block reward is decreased). In case miner creates block bigger than 2*CURRENT_MAX_BLOCK_SIZE such block will not be accepted by network.
For blocks below penalty-free block size this logic isn’t applied. I.e. even in the blockchain with all blocks empty you can create a block of this size with full block reward.

[Cassey]

Always looking for ways to improve, without letting it get carried away.   Somehow one has to discourage micro-transactions to limit the number per block - if you allow for larger blocks it might have the effect of encouraging more small transactions.

Note that blocks are variable in size, from as little as around 1K up to the limit of 16k.  This will also have the effect of keeping the block chain smaller...  I noticed over the weekend that Bitcoin is already pushing 50GB just for the full blockchain.  Doesn't sound like much, except that in windows that is stored in %appdata%, one of those hidden directories associated with your user.  If your trying to live on a 250GB SSD boot device - that is a lot.

[dnaleor]

just some random ideas

Always looking for ways to improve, without letting it get carried away.   Somehow one has to discourage micro-transactions to limit the number per block - if you allow for larger blocks it might have the effect of encouraging more small transactions.

Note that blocks are variable in size, from as little as around 1K up to the limit of 16k.  This will also have the effect of keeping the block chain smaller...  I noticed over the weekend that Bitcoin is already pushing 50GB just for the full blockchain.  Doesn't sound like much, except that in windows that is stored in %appdata%, one of those hidden directories associated with your user.  If your trying to live on a 250GB SSD boot device - that is a lot.

if your concern is that running a node should be encouraged but not necessarily the blockchain size is the issue, you could take the approach of SpreadCoin.
This coin required the signing of the mined block with the private key that received the coinbase transaction
This will make sure all miners will at least run a node (no SPV mining!) and 1Coin could scale to a higher TPS

(theoretically it is still possible to SPV mine, but there won't be an incentive to run a pool, so I am guessing miners will just run their own nodes and not rely on a 3rd party service for block data, at least for now. Also it would be bad practice to do that, because the data provider could fool you and deliver wrong data so the data provider himself can mine with the correct data and people using his wrong data will only produce invalid blocks)

If you're goal is running as much nodes as possible, then I understand why you want to limit the block size, but I don't really understand what is advantageous about running as much nodes as possible.

If you don't really care about validating nodes, then a dynamic block limit without signing the blocks makes sense. But imho, this is dangerous because it would make mining more centralized (as we see in BTC). The reason this isn't really a problem in XMR is that this is a fungible coin, miners can't really harm the network.

[dnaleor]

Any idea why my transaction from poloniex to my wallet isn't confirming?
51b3937173418509929bcd7c85978118e8e8fe1b186bd989cb0ce48b3d21e82d

[dnaleor]

Any idea why my transaction from poloniex to my wallet isn't confirming?
51b3937173418509929bcd7c85978118e8e8fe1b186bd989cb0ce48b3d21e82d

lol now it jumped to 15 confirmations. Strange :p

[Letitbebitcoins]

Something strange with coins - after 1 hour, with 100MH/s - mined only 3 1CR (tested in two pools). Estimated coins 810/day. This is bad pools, or coin?

[Cassey]

Something strange with coins - after 1 hour, with 100MH/s - mined only 3 1CR (tested in two pools). Estimated coins 810/day. This is bad pools, or coin?

I spot checked the seed server this morning and we are above minimum difficulty, so it should be averaging around 8.5 minutes/coin.  Note that can swing a lot due to the relatively low number of miners.

OK - per the log, we are vacillating a bit.  Apparently we had a "hard" block around 8:30am UTC that took about 5 hours, but its been churning nicely since.  Current block number is 33397.

Remember that confirmations take about a day, so a few hour hickup isn't anything horrendous.

Update:  Finally replaced a Pi that fried its SDHC card and have a pair of Black Widows back online crunching against 1credit.  That adds about 26MH/s to the network, which should help a bit. 

[gennadiv]

the coin has fallen dramatically in price - you need to do something

[BARR_Official]

Does anybody know the total current supply?

[Cassey]

Does anybody know the total current supply?

With 1CRedit that is easy to compute.  Look at the current block number.  1 coin per block, no pre-mine!

[BARR_Official]

Thanks!

[LadangGalau]

The new exchange where there is one?

[Cassey]

The new exchange where there is one?

We keep trying to convince Poloniex to add us, but no luck so far.

[LadangGalau]

The new exchange where there is one?

We keep trying to convince Poloniex to add us, but no luck so far.

maybe the volume increases prices