[Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions!

[wtfc360]

I also agree with both of you

Rolled this one around - conclusion is that I support actually.

Thanks for your ideas here Alenevaa.

Will have an effect on inflation but IMO the holding incentive is more significant.

more opinions please.

Cheers - usukan

On the block reward - the current plan can be summarised:

Change notes:

Change to 10 UTC per block pending new update
10 UTC per block - 4,000,000
5 UTC per block - 6,000,000
2.5 UTC per block - 8,000,000
1.25 UTC per block - 20,000,000
1 UTC per block - 25,000,000
.5 UTC per block - 30,000,000
.25 UTC per block - 40,000,000
.125 UTC per block - 50,000,000
.01 UTC per block - 208,145,600

Change to 2% pending new update
1.5% per year at block 4,000,000
1% per year at block 8,000,000


Community - Please discuss.

Thanks - usukan

As I can understand Stake (PoS) is 2% per year right now.
And holder will get 2% only in theory. It'll be less in real life.
Is it worth to accumulate ultracoin with so low stake rate?

Why not to revert to 5.2%/year as it was before fork? It'll not increase inflation but incetivezed people to hold and not to dump.

In fact I don't have much UTCs. I'm just curious!

What do you think guys?

[1714007042]

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[1714007042]

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[1714007042]

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[PaulR1]

Yes, I also agree, it will make UTC some more attractive at the moment and in the near future.
I leave the final decision to the community and the commitee, it is know the best time the change it by Presstab.

Warm greetings,
Paul

I also agree with both of you

Rolled this one around - conclusion is that I support actually.

Thanks for your ideas here Alenevaa.

Will have an effect on inflation but IMO the holding incentive is more significant.

more opinions please.

Cheers - usukan

On the block reward - the current plan can be summarised:

Change notes:

Change to 10 UTC per block pending new update
10 UTC per block - 4,000,000
5 UTC per block - 6,000,000
2.5 UTC per block - 8,000,000
1.25 UTC per block - 20,000,000
1 UTC per block - 25,000,000
.5 UTC per block - 30,000,000
.25 UTC per block - 40,000,000
.125 UTC per block - 50,000,000
.01 UTC per block - 208,145,600

Change to 2% pending new update
1.5% per year at block 4,000,000
1% per year at block 8,000,000


Community - Please discuss.

Thanks - usukan

As I can understand Stake (PoS) is 2% per year right now.
And holder will get 2% only in theory. It'll be less in real life.
Is it worth to accumulate ultracoin with so low stake rate?

Why not to revert to 5.2%/year as it was before fork? It'll not increase inflation but incetivezed people to hold and not to dump.

In fact I don't have much UTCs. I'm just curious!

What do you think guys?

[usukan]

Anybody here in the community reject the idea of reverting to 5.2% annual staking reward?

If not I will get PressTab to fix this up too.

Thanks - ususkan

[jimblasko]

Anybody here in the community reject the idea of reverting to 5.2% annual staking reward?

If not I will get PressTab to fix this up too.

Thanks - ususkan

That's a nice low amount :-)

[usukan]

its only 2% now - so its an increase back to where it was Oct/Nov last year.

Cheers

Anybody here in the community reject the idea of reverting to 5.2% annual staking reward?

If not I will get PressTab to fix this up too.

Thanks - ususkan

That's a nice low amount :-)

[gavrilo77]

Witch miner is good for GPU  UTC mining? If possible link. What would be bat file? I tried earlier but never get it work. I have 290x

Thanks

[volyova]

Witch miner is good for GPU  UTC mining? If possible link. What would be bat file? I tried earlier but never get it work. I have 290x

Thanks

270x's are the best. Lots of RAM is more important than processing power, so if you're serious about mining UTC you need to sell that beast and get some 270's I think.

[gavrilo77]

Witch miner is good for GPU  UTC mining? If possible link. What would be bat file? I tried earlier but never get it work. I have 290x

Thanks

270x's are the best. Lots of RAM is more important than processing power, so if you're serious about mining UTC you need to sell that beast and get some 270's I think.

I have 4 GB GPU, and 24 GB RAM, but still i am trying to find miner and the best configuration (bat) to start mining for my card.

[volyova]

Witch miner is good for GPU  UTC mining? If possible link. What would be bat file? I tried earlier but never get it work. I have 290x

Thanks

270x's are the best. Lots of RAM is more important than processing power, so if you're serious about mining UTC you need to sell that beast and get some 270's I think.

I have 4 GB GPU, and 24 GB RAM, but still i am trying to find miner and the best configuration (bat) to start mining for my card.

Sorry, I meant lots of GPU RAM. I think 270x with 4GB are the best.

[usukan]

OK - I have only had support for reverting to 5.2% per annum staking reward.

I will ask PressTab to amend the code accordingly within 24 hrs - unless I receive a solid argument against within the next day.

As always - silence will be taken as agreement.

We are very close now to closing off on the new UTC.

Cheers - usukan

[alenevaa]

OK - I have only had support for reverting to 5.2% per annum staking reward.

Ok, it has sense now! Thank you! I never could understand why to reduce PoS percent. 

[sambiohazard]

OK - I have only had support for reverting to 5.2% per annum staking reward.

I will ask PressTab to amend the code accordingly within 24 hrs - unless I receive a solid argument against within the next day.

As always - silence will be taken as agreement.

We are very close now to closing off on the new UTC.

Cheers - usukan

I dont know what is the right thing to do, but i would suggest that we stop messing around with consensus critical code that causes hard fork after this major over haul of the code. My theory is that we should see hard forks as necessary evils and avoid them if we can. We should probably look at version bits recently deployed on bitcoin core and try to do a softfork rather than a hard fork in future wherever possible. Its very important to have stable/robust consensus as ecosystem grows.

[alenevaa]

OK - I have only had support for reverting to 5.2% per annum staking reward.

I will ask PressTab to amend the code accordingly within 24 hrs - unless I receive a solid argument against within the next day.

As always - silence will be taken as agreement.

We are very close now to closing off on the new UTC.

Cheers - usukan

I dont know what is the right thing to do, but i would suggest that we stop messing around with consensus critical code that causes hard fork after this major over haul of the code. My theory is that we should see hard forks as necessary evils and avoid them if we can. We should probably look at version bits recently deployed on bitcoin core and try to do a softfork rather than a hard fork in future wherever possible. Its very important to have stable/robust consensus as ecosystem grows.

The simple difficulty adjustment fix - is hard fork already! Why not to fix as much as we can!?

[sambiohazard]

OK - I have only had support for reverting to 5.2% per annum staking reward.

I will ask PressTab to amend the code accordingly within 24 hrs - unless I receive a solid argument against within the next day.

As always - silence will be taken as agreement.

We are very close now to closing off on the new UTC.

Cheers - usukan

I dont know what is the right thing to do, but i would suggest that we stop messing around with consensus critical code that causes hard fork after this major over haul of the code. My theory is that we should see hard forks as necessary evils and avoid them if we can. We should probably look at version bits recently deployed on bitcoin core and try to do a softfork rather than a hard fork in future wherever possible. Its very important to have stable/robust consensus as ecosystem grows.

The simple difficulty adjustment fix - is hard fork already! Why not to fix as much as we can!?

and i quote "i would suggest that we stop messing around with consensus critical code that causes hard fork after this major over haul of the code."

[alenevaa]

Sorry! Lost in translation 

[usukan]

Yes - agree 100%

Thanks for your input sambiohazard

Cheers - usukan

OK - I have only had support for reverting to 5.2% per annum staking reward.

I will ask PressTab to amend the code accordingly within 24 hrs - unless I receive a solid argument against within the next day.

As always - silence will be taken as agreement.

We are very close now to closing off on the new UTC.

Cheers - usukan

I dont know what is the right thing to do, but i would suggest that we stop messing around with consensus critical code that causes hard fork after this major over haul of the code. My theory is that we should see hard forks as necessary evils and avoid them if we can. We should probably look at version bits recently deployed on bitcoin core and try to do a softfork rather than a hard fork in future wherever possible. Its very important to have stable/robust consensus as ecosystem grows.

[kiklo]

Anybody here in the community reject the idea of reverting to 5.2% annual staking reward?

If not I will get PressTab to fix this up too.

Thanks - ususkan

Moving to at least 5% per year , will make me take a closer look at adding Ultra to my holdings,
does this update change the minimum stake time required to earn more ultra, if so please share the New detail specs.

Thanks.
 

[usukan]

Hi kiklo - and might I welcome you to the Ultracoin Community

The current plan is to only change the annual staking reward amount from 2% to 5.2% (a reversion to a previous life).

Minimum age for staking will remain at 7 days (it has always been this - but effectively 10-14 days is required to achieve a reasonable weighting to actually win stakes).


Cheers - ususkan

Anybody here in the community reject the idea of reverting to 5.2% annual staking reward?

If not I will get PressTab to fix this up too.

Thanks - ususkan

Moving to at least 5% per year , will make me take a closer look at adding Ultra to my holdings,
does this update change the minimum stake time required to earn more ultra, if so please share the New detail specs.

Thanks.
 

[usukan]

UPDATE

PressTab is working through the last of the coding and adding liteStake.
Staking reward will be increased from 2% to 5.2%.  Min coin age for staking will remain at 7 days.

We are in no great rush - main focus is getting it right.  We don't want to have to do a hard fork again for a very long time

Will advise when testers for the new wallet and staking are required but it maybe this weekend.

Cheers - usukan

[rapture333]

May I humbly suggest we add a provision to reduce the stake reward from 5.2% to 2.6% at block height 5-6,000,000 and again at subsequent intervals? The reasoning behind the PoS reduction is to match the PoW tapering. Large exchanges and whales love high PoS for a reason, and it does bring in a lot of investors, which is why I believe it is a great idea to have the PoS for now, but keep in mind that in the future when Ultracoin is much more popular, a high PoS will result in inflation. Obviously the whole network will never come near a 100% wallet uptime with staking enabled, but I believe it is a good idea to look 1, 5, 10, even 50 years into the future. How we lay the framework now will effect the years to come, and I believe with the proper forethought put in now we can avoud future hard forks, or worse, be tethered to the decisions of the past. I see coin ceilings and coin creation as something to be very calculated with, like a young person with a credit card deciding when to start saving for retirement, instant gratification can overshadow long term consequences.

Many coins, especially PoS only coins with high staking percentage, have seen short term gains and long term debasement due to myopic monetary strategy. Most cryptocurrencies take an arbitrary approach to setting coin ceilings, block rewards and block halving intervals, I believe Ultracoin should base its foundation in sound economic principles with a careful pragmatic attention to detail. I would like to keep these ideas firmly planted on the table while we discuss the coin supply as I all things could have a far reaching implementation if we become "Too Big To Fork". The issue with cryptocurrencies is that this kind of talk can sound all quite "centrally planned", however, the beauty is that once the terms of the code are set into stone it is up to the community to democratically decide on which update to support by "voting" with their participation and processing power.

On a seperate note, I have some low cost/high impact advertising opportunities I have been scouting that will be very huge for the coin, and I am hoping the new update and the advertising project launch can coincide around the same window. More details soon to come. I have also contacted a developer for a one click miner implementation, I am hoping he can join our committee and work in some capacity, either advisory or development, in implenenting the long awaited one click miner feature to the wallet. This would allow the floodgates to open for new cryptocurrency adopters, and with the growing trend of higher end GPU and APU integration into cheaper machines, I believe this will allow Ultracoin to adopt a wider market of curious enthusiasts. Lastly, I am also looking for someone who has experience with phpMyAdmin for some Word Press related site work, if anyone can volunteer a hand please feel free to reach me. More updates are to come.

Sincerely,

Steven "Rapture" Nekhaila
Ultracoin Development Team
Steven@Ultracoin.net
Ultracoin.net