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Author Topic: MicroCash - New CryptoCurrency  (Read 12685 times)
CoinHunter
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April 19, 2012, 02:59:07 PM
 #1

I've copied this from the SolidCoin forum. http://solidcointalk.org/topic/593-microcash-announcement/

Quote
So, we have a new name for the project. MicroCash. The site is going to be put up at http://microcash.org, which will resemble the current site with changes. MicroCash represents pretty much what we are doing, microcomputers creating cash, and also that we allow easy micropayments in cash.

Some important notes
*) MicroCash is going to include every SolidCoin in it,
*) When MicroCash launches there is going to be a "Launch Bonus" , meaning mining rewards are going to be MUCH higher than normal for a week or so. Total inflation from the bonus will be 100K
*) MicroCash will not have trust nodes
*) MicroCash will have a similar hashing and pool mechanism as SolidCoin
*) MicroCash will not have trust accounts. Meaning the only coins brought forward will be the 2.8 million user coins
*) MicroCash will have an alternate 51% mining protection mechanism which will mean the power of the network is more in the users hands
*) MicroCash will have a different address format. It looks like micro(QSM3PKS3EOZBUZO4A)cash


Here are some potential new logos




And here are a list of most of the changes over SolidCoin v2 :-

*) A new way to send/recv funds securely over the MicroCash network, meaning you can download the client and be sending/receiving cash within seconds. No blockchain download required
*) Can now get paid merely for running a node
*) MicroCash Accounts now gain a form of "interest" which is collected from all network fees and redistibuted to accounts based on their total MicroCash holdings. Increase your MicroCash amount and get more interest
*) Chain donation address added. Send money to this address and it redistributes it evenly to every MicroCash account
*) Every account on the network has a daily fee of 0.005 MC or a half cent. Meaning 1 MC provides enough account fees for 200 days.
*) Dual signature accounts allowed. Meaning you can now have two devices with 2 keys able to confirm a transaction. ie You create a transaction on your PC and your mobile phone confirms it. If your PC is ever hacked your funds can't be removed without your phone confirming it.
*) Transaction fees reduced to a fixed 0.005MC (half cent) for a normal transaction and 0.01 MC for dual signature
*) Transaction size is now much smaller, which means we can fit more in a block and have less disk/memory usage
*) Much improved custom database to store all blocks and transactions. Resulting in about 25% of the disk usage compared to v2.
*) Extremely fast transaction/block/account lookup, resulting in less CPU usage running a node.
*) Improved Proof of Work hash and handling. Now reference previous blocks with a SHA256 to improve disk loading
*) Increased mining income to match $1-$2 range instead of $3-4 range
*) Powerblocks are removed
*) Trust nodes and trust blocks are removed
*) The 10 trust accounts are removed
*) Improved P2P handling
*) Much shorter address format and new hashing mechanism for them. Accounts store public keys so that once set it's more secure than ripemd160
*) Denial of Service code added, can now ban nodes that flood the network
*) Ability to donate MicroCash to nodes for passing on transactions and blocks
*) URL and email callbacks for accounts on a node. Allow developers to get transactions pushed to them instead of constantly polling
*) Trading on exchanges will be possible within the client
*) Ability to add labels or information to transactions you send to others
*) Can create payment codes that clients accept with amount, address and information tags already filled out.





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Etlase2
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April 19, 2012, 03:03:32 PM
 #2

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MicroCash will have an alternate 51% mining protection mechanism which will mean the power of the network is more in the users hands


Accounts store public keys so that once set it's more secure than ripemd160

details prz


MelMan2002
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April 19, 2012, 03:06:23 PM
 #3

lol @ micro (##########) cash
worldinacoin
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April 19, 2012, 03:11:29 PM
 #4

is it a CPU or GPU friendly coin? 
CoinHunter
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April 19, 2012, 03:13:51 PM
 #5

is it a CPU or GPU friendly coin?  

SolidCoin hash is roughly equal on both gpu and cpu. So it's friendly to both, none gains significant advantage over the other. Since the microcash hash doesn't seem to be changing much I assume it's the same here, possibly improved.

I assume an updated Reaper, mtrlt's optimized GPU and CPU miner is going to be released soon to be used with the next version. Since there's going to be a mining bonus at launch you'll probably want to make sure you can mine on the beta and have it all ready for the moment it launches to gain the most out of the bonus.

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
worldinacoin
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April 19, 2012, 03:18:08 PM
 #6

From

MicroCash is going to include every SolidCoin in it,

Does it mean that SolidCoin is converted to MicroCash?  No more SolidCoin but MicroCash when it becomes active?
CoinHunter
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April 19, 2012, 03:18:44 PM
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Quote
MicroCash will have an alternate 51% mining protection mechanism which will mean the power of the network is more in the users hands


Accounts store public keys so that once set it's more secure than ripemd160

details prz


Sounds like they are storing the public key with the accounts so that it is "Set" once and can't be changed. This way it won't be relying upon a potentially weak hash to secure a public key anymore, but the actual public key. Probably also why they can reduce transaction size so drastically.

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CoinHunter
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April 19, 2012, 03:21:52 PM
 #8

From

MicroCash is going to include every SolidCoin in it,

Does it mean that SolidCoin is converted to MicroCash?  No more SolidCoin but MicroCash when it becomes active?

Yeah, basically what will happen is when MicroCash is ready to launch the SolidCoin network will stop at a certain block. All coins will then be carried forth into the new chain, using your SolidCoin addresses you'll be able to get a new MicroCash address and have the same funds without compromising your security. Your private and public keys are what makes the "address" you see, so since MicroCash is still using ECDSA it can morph to a new address format quite easily and return funds to every SolidCoin owner.

From what I gathered, 1 SolidCoin is going to equal 1 MicroCash dollar.

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worldinacoin
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April 19, 2012, 03:25:46 PM
 #9

The screen shots do look interesting, would the beta be coming soon for us to try it out?
CoinHunter
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April 19, 2012, 03:46:22 PM
 #10

The screen shots do look interesting, would the beta be coming soon for us to try it out?

On the forum link RealSolid says it will be fully launched by May 10. And the beta out in a few days.

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Nachtwind
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April 19, 2012, 03:52:01 PM
 #11

Wow,
way to get rid off bad PR... change the name, keep the assholes..

I wonder when you will have to rename Microcash again... looking at the price Microcrash would be nice..
MelMan2002
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April 19, 2012, 04:07:16 PM
 #12

That and...why are they using dollar signs in the screen shots?  And you call them "micro cash dollars"?  Talk about heading the wrong way...
kokjo
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April 19, 2012, 04:15:42 PM
 #13

welcome to you dear new scamcoin/scamcash, may you have a short and painful life.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Syke
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April 19, 2012, 04:43:35 PM
 #14

Why is there no mention of the source code being open source?

Buy & Hold
Cosbycoin
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April 19, 2012, 07:04:21 PM
 #15

Its a wonder why he has his own forum yet he posts his bullshit scamcash/crashshit/shitcrash here...

Losing momentum on your own site?

LOL Grin
Etlase2
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April 19, 2012, 07:11:10 PM
 #16

Sounds like they are storing the public key with the accounts so that it is "Set" once and can't be changed. This way it won't be relying upon a potentially weak hash to secure a public key anymore, but the actual public key. Probably also why they can reduce transaction size so drastically.

who is this proverbial they? are you no longer part of this development team?
And I kinda had a feeling you were gonna say something about the hash->public key thing, and you've got that backwards. As long as you have a known collision-resistant hash function, you gain both the security of the one-way hash and the public key. Until the account gets used anyway. Tx size isn't so bloated because of the hash+pubkey combo, it's so bloated because bitcoin is just a bloated protocol.

and no mention of the 51% prevention? does realsolid just say "this is the secure block" from here on out? why even pretend at decentralized anymore, right?

allten
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April 19, 2012, 07:56:56 PM
 #17

is it a CPU or GPU friendly coin? 

Neither, just RealSolid friendly.





sorry, couldn't resist.  Grin
Cosbycoin
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April 19, 2012, 08:33:52 PM
 #18

is it a CPU or GPU friendly coin? 

Neither, just RealSolid friendly.





sorry, couldn't resist.  Grin

+1 he he he he he
bulanula
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April 19, 2012, 10:20:21 PM
 #19

Wow,
way to get rid off bad PR... change the name, keep the assholes..

I wonder when you will have to rename Microcash again... looking at the price Microcrash would be nice..

You know how they say, any PR is good PR.

Where has the main SC pump and dumper ( BCX ) and his "attacks" vanished to Huh
Cosbycoin
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April 19, 2012, 10:26:14 PM
 #20

Wow,
way to get rid off bad PR... change the name, keep the assholes..

I wonder when you will have to rename Microcash again... looking at the price Microcrash would be nice..

You know how they say, any PR is good PR.

Where has the main SC pump and dumper ( BCX ) and his "attacks" vanished to Huh


BCX has always been a DUMPER and never a PUMPER of SC.

Get your facts straight!
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