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

[rapture333]

Hello everyone,

I spoke with PressTab and things are just about ready to move forward. We are expecting to go live in mid-May, we want to give at least two weeks of lead time between the availability date and the day the update kicks in. That should give significant time for the community and exchanges to update to the latest wallet version, we are also hoping to have a Windows and Macintosh update ready for the the time of the release. The update will include a streamline of the code base, fixing the re-targeting issues, change of the staking code to LiteStake and a PoS reward adjustment to 5.2%. The previous wallet code was last generation and has been brought up to speed, resulting in more stability and faster navigation. I would also like to propose the following provisions added to the PoS code, this could possibly avoid a hard fork down the road. Hard forks are undesirable and while they may sometimes be deemed necessary, they are best avoided at all costs. That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

These taper points were originally planned to be added to the last update to avoid a conundrum. As time goes on and Ultracoin is adopted further, especially years away, less liberal staking is encouraged. This is to ensure that everyone, even the little guy, gets a fair chance at acquiring a piece of the pie. At this point we can use the extra adoption and network capacity, but down the road, with an emphasis on acceptance and adoption a higher PoS reward shouldn't be required to attract new users. If the community approves, we will move forward with the addition and get started on launch. Once the new update is ready, the two week lead time will also allow us to setup a testing pool and find any kinks that might be found and ironed out, donating hash is welcome! I also want to give a big shout out to PressTab, he has done the community a huge service.

Sincerely,

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

[usukan]

Thanks Steven - yes I support these POS additions to the updates.

and yes PressTab is gem - I hope we can build an ongoing relationship with him (good Devs are damn hard to find)

I would propose we pay him a bonus when this is all through successfully - in UTC of course.

Cheers - usukan

That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

[wtfc360]

I also support the POS addons to the update and would be happy to donate to PressTab some bonus in UTC.
 

Thanks Steven - yes I support these POS additions to the updates.

and yes PressTab is gem - I hope we can build an ongoing relationship with him (good Devs are damn hard to find)

I would propose we pay him a bonus when this is all through successfully - in UTC of course.

Cheers - usukan

That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

[usukan]

Good on you wtfc360

Thanks usukan

I also support the POS addons to the update and would be happy to donate to PressTab some bonus in UTC.
 

Thanks Steven - yes I support these POS additions to the updates.

and yes PressTab is gem - I hope we can build an ongoing relationship with him (good Devs are damn hard to find)

I would propose we pay him a bonus when this is all through successfully - in UTC of course.

Cheers - usukan

That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

[alenevaa]

... The update will include a streamline of the code base, fixing the re-targeting issues, change of the staking code to LiteStake and a PoS reward adjustment to 5.2%.

... That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

Is it mistype (in bold)?

[usukan]

no - Steven has suggested 5.6 for now rather than the straight reversion to 5.2.

Its a better incentive to holding and accumulation - and best matches the POS/POW target ratio.

Cheers - usukan

... The update will include a streamline of the code base, fixing the re-targeting issues, change of the staking code to LiteStake and a PoS reward adjustment to 5.2%.

... That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

Is it mistype (in bold)?

[alenevaa]

Ok! I see. Thanks for the explanation!

no - Steven has suggested 5.6 for now rather than the straight reversion to 5.2.

Its a better incentive to holding and accumulation - and best matches the POS/POW target ratio.

Cheers - usukan

... The update will include a streamline of the code base, fixing the re-targeting issues, change of the staking code to LiteStake and a PoS reward adjustment to 5.2%.

... That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

Is it mistype (in bold)?

[nesic1]

Good question nesic1 - and thats why we are having PressTab fix up the wallet.

It was a dog......

This is the last stable version
http://ultracoin.net/dl/UltraCoinQT_win32_v7.4.1-9.zip
It works fine for some - and for others hogs too many resources and crashes.

This will all be fixed when the new wallet is released in a couple of weeks.

Retargeting, staking and code in general has a complete makeover

Cheers - usukan

what is the last stable version, i downloaded last version but it crashes on startup

thanks for response, just wanted to synchronize blockchain up to date

[Roister01]

Well done folks, sounds like it is all coming together nicely. I support whatever you 'experts' think is best for the coin, I know you all want what is best for UTC.

Looking forward to a brighter future ahead, for my favourite crypto...

[Uggle]

Thanks Steven - yes I support these POS additions to the updates.

and yes PressTab is gem - I hope we can build an ongoing relationship with him (good Devs are damn hard to find)

I would propose we pay him a bonus when this is all through successfully - in UTC of course.

Cheers - usukan

That is why I am proposing the following additions to the updates:

Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000

Proposition have my support as well

[volyova]

Thanks volyova

we have discussed this and are happy with N 14 or 15

Yes - PressTab knows how to code - maybe he could help out at Vertcoin?  Who is the Dev there now?  I can't seem to find one anymore?

Cheers

Full proof of stake? Didn't bumface suggest that three years ago and was removed from the dev team for suggesting such a ridiculous thing?  

If I understand it correctly no one is suggesting full proof of stake  

The whole point of Scrypt N is to get progressively harder, not stay static. You need to get somebody who can actually code and go for a chained algo that can be tweaked when needed. Just my two pennies..

I know! He seems to have gone away lol.

[usukan]

Its useful sometimes to look back to see how things are going.
PRICE is one solid and quantifiable parameter that we can use to judge our progress.

My aim is not to make the price go up - it is to make UTC useful.  If we are successful in this - yes the price goes up.
I just use longer term average prices to judge if what a coin is doing is working or not.  The market speaks.
Spikes and hollows are just "noise" in the system.

This graph shows the Bittrex UTC price over the last 5 months.






From Dec 2015 - Mar 2016

We averaged less than 300

Mar - Apr 2016

We are averaging about 750

Early days - but we are certainly not failing.
When we can average 2000 for several months - I will be happy.

We have a lot of bagholders who will dump on our enthusiasm - and pumps and dumps when our story gets interesting. This cannot be avoided.
If you bought in the darkest hours of UTC (160-400) - thanks for your support and enjoy the ride.



Cheers - usukan
 

[Grim]

So has it been decided if we go for nf14 or nf 15?

Since we have light stake im all for nf 15!!


The only hindrance was that nf15 was too much overhead for staking, wasn't it?



Moreover, what changed with lightstake?
Has the stake algo been changed?

[usukan]

Hi Grim

The Community had the NF discussion a few weeks back and decided to stick with NF14 for now.  NF15 seemed to get a few strong votes so we can keep this in mind for the future. One issue for NF15 was apparently more problems with lite wallets and Android/IOS etc.

with regard to liteStake
- liteStake : Previously the staking process would continuously rehash the same hashes over and over, needlessly taking up valuable CPU power. "liteStake" adds an std::map that tracks the block height and the last time the wallet hashed on this height. The wallet will not begin a new round of hashing until after a certain amount of time has passed, or a new block is accepted. This means that there will be 1-5 seconds of CPU hashing once every minute, compared to continuous CPU hashing.  This generally reduces staking draw on the CPU from 15% to 1 %.

If you want a more technical description of liteStake we will have to call on PressTab I'm afraid.

Cheers - usukan

So has it been decided if we go for nf14 or nf 15?

Since we have light stake im all for nf 15!!


The only hindrance was that nf15 was too much overhead for staking, wasn't it?



Moreover, what changed with lightstake?
Has the stake algo been changed?

[alenevaa]

Hi Usukan!

As you may probably know Bitsquare beta version has launched!
It's a Decentralized Exchange and it's all the buzz this week.

It will be great for Ultracoin to be traded at Bitsquare.
They have some requirements for adding here:

How to add your favorite altcoin?

Altcoins need to fulfill the following requirements:

They need to add Bitsquare as official exchange to their webpage.
There need to be an active block explorer available.
The requirements to add the coin does not cause extra effort for Bitsquare like adding additional input fields (e.g. if the addresss alone is not sufficient for the trade).
They need to provide the rules for validating a correct altcoin address. Input verification for the coin address will be added soon and we would need to get the specifics of a altcoin delivered from those who are interested that it get added (if the one who want to add a coin is not a developer he needs to request those information form the altcoin developers - Bitsquare will not do that task). A pull request with actual code contribution is preferred over pure text based information.
There need to be some trading activity. If for a period of 2 months no trade activity is visible that coin might get removed again.

[usukan]

Hi Alenevaa

another great idea IMO

I have had a study and this certainly looks like a good decentralised opportunity. As well as providing an additional entry it facilitates other use cases in the future for UTC.

https://bitsquare.io/faq/

Its only available in testnet at present (I think but reading more maybe beta now on main net?) - but we should discuss to see if the Community wants top follow this up.

Currently Bitsquare is available in testnet and regtest environments. Check out this roadmap to learn more about our launch plan. Bitsquare’s official beta test will take place in the near future, and all are invited to become testers using testnet. The mainnet-enabled beta version will be available in the upcoming months.

Thanks usukan

[Roister01]

Fab idea...well spotted Alenevaa...

[Uggle]

To take the best advantage of being new on an exchange, I am thinking we should try to get added after the fork.
Definitely get added, but time it so that potential new investors influx can see a new and stable investment opportunity.
Any thoughts?

[usukan]

absolutely Uggle - would be crazy to start anything new until we have this fork under our belt.

Cheers - usukan

To take the best advantage of being new on an exchange, I am thinking we should try to get added after the fork.
Definitely get added, but time it so that potential new investors influx can see a new and stable investment opportunity.
Any thoughts?

[usukan]

Ultracoin wallet tester (Tyler007) - somewhere in Thailand