[ANN][WAS][WeAreSatoshi] | X11 | Hybrid PoS/PoW | Trading on C-Cex.com

[AmericanComputerNerd]

How about from 40 billions to 40 million coins.

That would be a 1 / 1000 trade-in.  Does everyone else agree with lin0sspice, or should I post a vote with 1 / 100 vs 1 / 1000?

At the end of the day, the distribution of wealth stays the same...  So it's really just a matter of how rare you want the coin to remain?  The only real question becomes the Block reward...  Should that be reduced to 25, halving to 1 eventually, for maintenance?

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[tom14cat14]

I like the 40 million idea. It makes it easier to move the market which could spike interest. I just hope we can do this in a realitivly quick and orderly fashion.

[AmericanComputerNerd]

So, everything would simply be reduced by 1 / 1000 in the coin swap.  1 v1 WAS = 1 / 1000 v2 WAS...  Block Reward = 25 v2 WAS, halving every 200k blocks, to a maintenance reward of 1 v2 WAS.  The algo would remain SHA256D, modifying to a hybrid PoW / PoS algo.

We would take a 2% pre-mine as a development fund, which would be 800k v2 WAS.  All swaps would be done within the wallet, as described by MrData a few posts ago.

If there are no objections, we can push forward.  The hardest part is getting the community to agree and support, which I think we just about have...

[lin0sspice]

Yeah 40billions kinda scare people a lot haha.
40 millions is enough for everyone and easy to move the market.

[brian_nguyen]

So, everything would simply be reduced by 1 / 1000 in the coin swap.  1 v1 WAS = 1 / 1000 v2 WAS...  Block Reward = 25 v2 WAS, halving every 200k blocks, to a maintenance reward of 1 v2 WAS.  The algo would remain SHA256D, modifying to a hybrid PoW / PoS algo.

We would take a 2% pre-mine as a development fund, which would be 800k v2 WAS.  All swaps would be done within the wallet, as described by MrData a few posts ago.

If there are no objections, we can push forward.  The hardest part is getting the community to agree and support, which I think we just about have...

+1

[hashy]

I like  /100 ...    /1000 is a little much id say.  400 million is still not that large of an amount.   Just my opinion.   

[brian_nguyen]

How about 40 millions with fast reward for the first 3 months to encourage holding and people won't dump so much now they have 1/1000 of their previous holding.

1. 5% interest each month for the first 3 months
2. 1% per month for the rest of the year
3. 3% annually

5 days stake. Maximum 30 days.

[MrData]

Another thing would be if we want to change algorithms, the codebases of most SHA coins with PoS are pretty outdated (but still stable) while Scrypt and other algorithms are more up to date with coin control, etc.
I know the coin is called WeAreSatoshi but he was also all about putting the currency in the hands of the people and with SHA mining so industrialized other algorithms are much more accessible for the average person.

[AmericanComputerNerd]

Another thing would be if we want to change algorithms, the codebases of most SHA coins with PoS are pretty outdated (but still stable) while Scrypt and other algorithms are more up to date with coin control, etc.
I know the coin is called WeAreSatoshi but he was also all about putting the currency in the hands of the people and with SHA mining so industrialized other algorithms are much more accessible for the average person.

Someone previously suggested going with an anonymous algo.  What are your thoughts on cloning Darkcoin or an X11 / 13 coin?  Do you think those new coins are stable enough to safely clone?  I know Darkcoin had a bunch of forks not too long ago...

[MrData]

This may be out of date but I thought Darkcoin was having issues with the actual anonymous part of it?

I'm sure there is a good X11 one we can use as a basis for the new version, or on the Scrypt front BlackCoin would probably be a good candidate and could possibly be changed over to Scrypt-N.

[brian_nguyen]

X11/ POS / Anon. Way to go  

Darkcoin had issues with setting up anon master nodes but it's going strong. You're right, I think it has the best codebase to implement a fork and add Tor as a permanent option.

[AmericanComputerNerd]

This may be out of date but I thought Darkcoin was having issues with the actual anonymous part of it?

I'm sure there is a good X11 one we can use as a basis for the new version, or on the Scrypt front BlackCoin would probably be a good candidate and could possibly be changed over to Scrypt-N.

It looks like Blackcoin does exactly what we are thinking!  It would make your coding relatively simple...  May be the best way to go.

Any oppositions to Scrypt-N?  It's stable and easily accessible...

[AmericanComputerNerd]

Cryptcoin and Vootcoin may be good X11 coins to clone...

Crpytcoin - http://cryptco.org/

Vootcoin - http://VOOTCoin.com/

[AmericanComputerNerd]

I'm posting a vote to ensure everyone has the opportunity to weigh in on which coin we should align ourselves most closely with...

Blackcoin - We would clone this coin and modify from Scrypt to Scrypt Adaptive N

Cryptcoin - We would clone this X11 coin and set the variables to match our specifications.

VOOTcoin - Again, we would clone this X11 coin and set the variables to match our specifications.


I believe the community has come to a consensus on the following.  Please speak up if you disagree, or think a vote is necessary.

- 40 Million v2 WAS for a 1 / 1000 v1 coin swap.
- Continue with 30 second block targets.
- Block reward would be reduced by 1 / 1000, for 25 v2 WAS halving every 200k blocks until reaching a 1 v2 WAS maintenance reward.
- A hybrid PoW / PoS algo
- 2% development pre-mine

Thoughts on PoS interest???  I know there was some dialogue above, let's get that finalized as well.  Below is what has been proposed so far...

1. 5% interest each month for the first 3 months
2. 1% per month for the rest of the year
3. 3% annually

5 days stake. Maximum 30 days.

[tom14cat14]

I'm posting a vote to ensure everyone has the opportunity to weigh in on which coin we should align ourselves most closely with...

Blackcoin - We would clone this coin and modify from Scrypt to Scrypt Adaptive N

Cryptcoin - We would clone this X11 coin and set the variables to match our specifications.

VOOTcoin - Again, we would clone this X11 coin and set the variables to match our specifications.


I believe the community has come to a consensus on the following.  Please speak up if you disagree, or think a vote is necessary.

- 40 Million v2 WAS for a 1 / 1000 v1 coin swap.
- Continue with 30 second block targets.
- Block reward would be reduced by 1 / 1000, for 25 v2 WAS halving every 200k blocks until reaching a 1 v2 WAS maintenance reward.
- A hybrid PoW / PoS algo
- 2% development pre-mine

Thoughts on PoS interest???  I know there was some dialogue above, let's get that finalized as well.

I like either x11 option. I will mine it then. POS interest of around 20-30% per year. Or do the suggestion Brian was saying higher POS for first few months and then taper off to a lower number.

[brian_nguyen]

I voted for Crypt but hit the Black. Please update.

[AmericanComputerNerd]

I voted for Crypt but hit the Black. Please update.

You were the first vote.  I just reset the counter...  Hit it again please.   

[AmericanComputerNerd]

I voted for Crypt but hit the Black. Please update.

You were the first vote.  I just reset the counter...  Hit it again please.   

Hey Everyone -

Please take a moment and vote.  I want to make sure there is a clear winner!

[lin0sspice]

wao wao
I dont have GPU for mining.
But any way we need to move on.

[tom14cat14]

What is the difference between crypt and voot? They are both X11 and POS. Sorry I do not know anything about those coins.