[ANN] MonetaryUnit [MUE] - POS. MasterNodes. Funding. Governance. Services. Devs

[bizzyb]

why web wallet can't access?

We're waiting on Upgradeadvice to reactivate a few services. Hopefully he will do this as soon as possible.
Apologies for the inconvenience.

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[bizzyb]

What are peoples thoughts about an algo change and coin cap change?

How about a change to neoscrypt? or a change to a pow/pos hybrid?

What about coin inflation?  We could set it to be a fixed 3% growth per year maybe?

Happy to hear thoughts and feedback so we can get more people mining this coin, and more people interested in this project.

Thanks

B

[notsofast]

What are peoples thoughts about an algo change and coin cap change?

How about a change to neoscrypt? or a change to a pow/pos hybrid?

What about coin inflation?  We could set it to be a fixed 3% growth per year maybe?

Happy to hear thoughts and feedback so we can get more people mining this coin, and more people interested in this project.

Thanks

B

Hey B, thanks for requesting a response on this.

On the one hand I always liked MUE because of the starting principles: it had a very slow mining start where block rewards were only 0.025 MUE per block. MUE had doubling events instead of halving events which resulted in the following 40 MUE per block, unto perpetuity. By design it was meant ot be an anti-instamine, low-value-per-unit currency with constant generation towards a high market cap.

But the world of crypto is very different since MUE's initial launch, so it's definitely worth revisiting these principles to see if they still hold up. MUE was a purely conceptual altcoin, like, a true conceptual alternative to Bitcoin, borne of the thought process "what if the main cryptocurrency everyone uses didn't have a PoW ASIC arms race, and doubled instead of halved so everyone could have an easy time getting some even if they were late to the party." Now the cryptocurrency environment is less focused on conceptually challenging Bitcoin for the top spot, and more focused on accomplishing specific niche goals or integrating with Bitcoin and everything else.

I definitely agree that nethash is low and it would be a good idea to consider changing it to something more sustainable. Unique CPU algorithms are relatively weak and it only takes a small botnet to 51%-attack the network via hashrate. This factor could be suppressing MUE's price or ease of adoption. Generally an easy choice for a PoW coin that wants more network security is to change to sha256 or scrypt (or even x11 now) mining algo, so it will benefit from the occasional hashrate from multipool mining attention. The problem over time is that this gets diluted as more and more PoW coins get added to the multipool.

Perhaps a change to PoW/PoS hybrid would be a good thing since it would have the benefits of allowing for multipool mining (with a PoW algo change) and also the benefits of staking. The MUEbank initiative is a centralized way of allowing MUE holders to tie up their stake, so the mere fact that this exists suggests that an implementation of PoS would be better. PoS at generative rates less than 100% reduces the available supply at any given time, which allows for a little more upward pressure on the marketplace.

It's important to note that with MUE's stable price in the 30-50 sat range, its relative value was still increasing over time due to the inflation of coins entering the market via PoW. This process just isn't as apparent as a price increase, and price increases over time are a much bigger attractor of speculation and "investment".

Honestly I've always liked MUE for the experiments it's tried on top of the original principles. I've always figured it was just a matter of time before one of the experiments paid off really well, and MUE gained its value proposition or found its niche application that way. There's always the risk that neither of those two things would ever happen, but no risk, no gain potential. I can see why the MUE team might start to get disheartened that the experiments aren't catching on after two plus years, and start wanting to go back and examine the fundamental principles to see if changing them might shake things up. But as far as I can tell, MUE is the only coin of its kind that's surviving having been based on those principles. I'm not saying those principles are the only driver of value for MUE, but perhaps it's worth pursuing new experiments and applications over simple updates to the software that could undermine the principles on which MUE was based. The hard work based on existing principles is always harder by definition, but maybe it's more worthwhile.

[Abiky]

What are peoples thoughts about an algo change and coin cap change?

How about a change to neoscrypt? or a change to a pow/pos hybrid?

What about coin inflation?  We could set it to be a fixed 3% growth per year maybe?

Happy to hear thoughts and feedback so we can get more people mining this coin, and more people interested in this project.

Thanks

B

Well, I've always thought about MUE becoming a hybrid PoS/PoW coin and setting a desirable inflation rate to prevent inflation. Since PoS, is energy efficient it would be best to earn some MUE with this method, although PoW makes the network more secure. Anyways, the decision is up to the dev team in order to help the project succeed in long term. As long as the same is for the benefit of MUE, I wouldn't mind at all. 

[Swtrse]

There's a new update on the wrapper front. I took me a while. Planing an 20.000+ Visitor Event and writing this wrapper proofed really incompatible. However somehow I managed to make the time.

The wrapper is finished. A new Release is added to GitHub (https://github.com/swtrse/BittrexClient.net)
I still consider this a pre-release because it is not tested in the wild.

The next steps will be
1) Writing a a small documentation and add it to the GitHub (Will be done in the next hours)
2) The Wrapper is made async so a client can call the wrapper methods many times at once. I will add a flood protection so that the wrapper ensures that there are only the allowed api calls per second.
3) Starting to write a trading tool based on that wrapper.

With the first version of the Trading tool the Build state of the wrapper will switch to a non pre-release state.

If someone wants to participate or do have input. Please use the issue function on GitHub. To file a request/issue.
English is not my natural language and writing an wrapper to a (poorly) documented api is one thing understanding what the parameters are doing is an other.
If you like you can take a look at the Goldfinger.Bittrex.xml file inside the zip archive. This file contains the descriptions for all public Methods, Entities and Properties that can be used.
I tried to use the same names for the same thing all around the api planing if I ever write an other wrapper for an other exchange to use the same names, so that a developer who uses my wrappers always know that this name has this meaning regardless how the exchange names it. I have done a lot of guessing there and if someone thinks the naming is off and should be changed please file a suggestion on GitHub.
Localization of Error Messages is also possible. If someone do want to add a language I can extract the strings for translation.

[bizzyb]

What are peoples thoughts about an algo change and coin cap change?

How about a change to neoscrypt? or a change to a pow/pos hybrid?

What about coin inflation?  We could set it to be a fixed 3% growth per year maybe?

Happy to hear thoughts and feedback so we can get more people mining this coin, and more people interested in this project.

Thanks

B

Hey B, thanks for requesting a response on this.

On the one hand I always liked MUE because of the starting principles: it had a very slow mining start where block rewards were only 0.025 MUE per block. MUE had doubling events instead of halving events which resulted in the following 40 MUE per block, unto perpetuity. By design it was meant ot be an anti-instamine, low-value-per-unit currency with constant generation towards a high market cap.

But the world of crypto is very different since MUE's initial launch, so it's definitely worth revisiting these principles to see if they still hold up. MUE was a purely conceptual altcoin, like, a true conceptual alternative to Bitcoin, borne of the thought process "what if the main cryptocurrency everyone uses didn't have a PoW ASIC arms race, and doubled instead of halved so everyone could have an easy time getting some even if they were late to the party." Now the cryptocurrency environment is less focused on conceptually challenging Bitcoin for the top spot, and more focused on accomplishing specific niche goals or integrating with Bitcoin and everything else.

I definitely agree that nethash is low and it would be a good idea to consider changing it to something more sustainable. Unique CPU algorithms are relatively weak and it only takes a small botnet to 51%-attack the network via hashrate. This factor could be suppressing MUE's price or ease of adoption. Generally an easy choice for a PoW coin that wants more network security is to change to sha256 or scrypt (or even x11 now) mining algo, so it will benefit from the occasional hashrate from multipool mining attention. The problem over time is that this gets diluted as more and more PoW coins get added to the multipool.

Perhaps a change to PoW/PoS hybrid would be a good thing since it would have the benefits of allowing for multipool mining (with a PoW algo change) and also the benefits of staking. The MUEbank initiative is a centralized way of allowing MUE holders to tie up their stake, so the mere fact that this exists suggests that an implementation of PoS would be better. PoS at generative rates less than 100% reduces the available supply at any given time, which allows for a little more upward pressure on the marketplace.

It's important to note that with MUE's stable price in the 30-50 sat range, its relative value was still increasing over time due to the inflation of coins entering the market via PoW. This process just isn't as apparent as a price increase, and price increases over time are a much bigger attractor of speculation and "investment".

Honestly I've always liked MUE for the experiments it's tried on top of the original principles. I've always figured it was just a matter of time before one of the experiments paid off really well, and MUE gained its value proposition or found its niche application that way. There's always the risk that neither of those two things would ever happen, but no risk, no gain potential. I can see why the MUE team might start to get disheartened that the experiments aren't catching on after two plus years, and start wanting to go back and examine the fundamental principles to see if changing them might shake things up. But as far as I can tell, MUE is the only coin of its kind that's surviving having been based on those principles. I'm not saying those principles are the only driver of value for MUE, but perhaps it's worth pursuing new experiments and applications over simple updates to the software that could undermine the principles on which MUE was based. The hard work based on existing principles is always harder by definition, but maybe it's more worthwhile.

Thanks as always for your feedback.

The final decision of course isn't just mine, however, I feel maybe just an algo transition to pow/pos X11 might be the way to go.
I still believe in the underlying principles of this project, but just from an economic point of view, X11 rig rental is at least half the price of Quark rig rental, and combined with what appears to be the instability of the Quark algo on several pools (and lack of development for Quark), an algo change is something that has to be done.

Hopefully we can galvanize thoughts for a sensible & sustainable outcome

[bizzyb]

There's a new update on the wrapper front. I took me a while. Planing an 20.000+ Visitor Event and writing this wrapper proofed really incompatible. However somehow I managed to make the time.

The wrapper is finished. A new Release is added to GitHub (https://github.com/swtrse/BittrexClient.net)
I still consider this a pre-release because it is not tested in the wild.

The next steps will be
1) Writing a a small documentation and add it to the GitHub (Will be done in the next hours)
2) The Wrapper is made async so a client can call the wrapper methods many times at once. I will add a flood protection so that the wrapper ensures that there are only the allowed api calls per second.
3) Starting to write a trading tool based on that wrapper.

With the first version of the Trading tool the Build state of the wrapper will switch to a non pre-release state.

If someone wants to participate or do have input. Please use the issue function on GitHub. To file a request/issue.
English is not my natural language and writing an wrapper to a (poorly) documented api is one thing understanding what the parameters are doing is an other.
If you like you can take a look at the Goldfinger.Bittrex.xml file inside the zip archive. This file contains the descriptions for all public Methods, Entities and Properties that can be used.
I tried to use the same names for the same thing all around the api planing if I ever write an other wrapper for an other exchange to use the same names, so that a developer who uses my wrappers always know that this name has this meaning regardless how the exchange names it. I have done a lot of guessing there and if someone thinks the naming is off and should be changed please file a suggestion on GitHub.
Localization of Error Messages is also possible. If someone do want to add a language I can extract the strings for translation.

Thank you Swtrse for your continued support of this project, and for finding the time in your busy schedule.
I hope your convention went well

[Swtrse]

I hope so too.
The convention will be held from 2016-08-26 to 2016-08-28 if you interested you can visit the link: https://aninite.at/
So I will be under time pressure for some time

On the page you can change the language to English but only basic Pages are translated the rest of the site is German sorry

[bizzyb]

Please join in the discussion on Slack at our auto-invite link
https://mueslack.herokuapp.com/

or feel free to air your views in this thread.

I am currently quite strongly attracted to a DASH migration for MUE.

So, a change of algo to X11 - X11 algo has lots of stable mining software & hardware for it, and to rent an X11 rig is at least half the price of a Quark rig.

Addition of Masternodes - These are pretty much a way to have POS benefits to a POW coin.
So while MUE will become an X11 POW coin, people can invest their MUE into a Masternode (price to be confirmed - maybe 1,000,000 MUE) and receive dividends from it.
Currently I believe the DASH Masternodes receive a yearly dividend of 10.14% of the coins they have invested in a masternode (and cost is 1000 DASH i.e $8,000)

DASH has a huge and active community which will hopefully benefit our project.

I was chatting to MTX_Demon who runs www.weminemue.com and he suggested a merge mine with DASH which could potentially make us the DOGE equivalent to Litecoin but for DASH.
That would be huge for our project if we could iron out the technical aspects.

I have grave concerns about remaining with the Quark algo, and I have concerns also about becoming a pure POS coin.
Happy to hear alternatives, but I think migrating to the DASH codebase would give us huge advantages for the future.

I don't plan on changing parameters regarding block time, and block reward, but I am thinking of reducing the total coin supply to 4,000,000,000.

Thoughts?

[Abiky]

Please join in the discussion on Slack at our auto-invite link
https://mueslack.herokuapp.com/

or feel free to air your views in this thread.

I am currently quite strongly attracted to a DASH migration for MUE.

So, a change of algo to X11 - X11 algo has lots of stable mining software & hardware for it, and to rent an X11 rig is at least half the price of a Quark rig.

Addition of Masternodes - These are pretty much a way to have POS benefits to a POW coin.
So while MUE will become an X11 POW coin, people can invest their MUE into a Masternode (price to be confirmed - maybe 1,000,000 MUE) and receive dividends from it.
Currently I believe the DASH Masternodes receive a yearly dividend of 10.14% of the coins they have invested in a masternode (and cost is 1000 DASH i.e $8,000)

DASH has a huge and active community which will hopefully benefit our project.

I was chatting to MTX_Demon who runs www.weminemue.com and he suggested a merge mine with DASH which could potentially make us the DOGE equivalent to Litecoin but for DASH.
That would be huge for our project if we could iron out the technical aspects.

I have grave concerns about remaining with the Quark algo, and I have concerns also about becoming a pure POS coin.
Happy to hear alternatives, but I think migrating to the DASH codebase would give us huge advantages for the future.

I don't plan on changing parameters regarding block time, and block reward, but I am thinking of reducing the total coin supply to 4,000,000,000.

Thoughts?

In my opinion, I think that it is the best decision to be made for the benefit of MUE. I like the idea of Masternodes as it proves a great way to receive incentives while running a full node to support the network. DASH has done great with this and I think that if MUE implements it, the network will become even stronger with the addition of masternodes.

Still, I think that we may need a rebranding (if necessary) to give out that fresh new look of a coin once the change of algo is accomplished. 

[Swtrse]

I don't have looked in the deep of mining algorithms yet.
What about the algorithm ETH uses. Sure there was problems in the past, that was to be expected from a new concept (as far as I understand it, its a new concept), but they are in the process of getting rid of it and the algorithm sure has it's fans.

Personally I do not like DASH to much. I just tried the mixing function once and it never got finished. Maybe if privacy is an factor mixing should be an automatic process.

When I think about it mixing could be a great option but currently in DASH there are to less pople doing it. I can only assume that would be an even greater problem for MUE.
My quick thoughts about (without knowing the consequences)

• Make mixing and private send the default behavior
• introduce an special transaction type for mixing that comes with no fees but got accepted by miners lets say 10 transactions per block
• make wallets respond to that transaction type by joining the mixing so that enough people for the mixing are participating
• With a view in the future and a view to the bitcoin blockchain. Find a way to give transactions a priority value based on there creation time. With bitcoins if you do a transaction it is based on your luck when a transaction is taken into the block. (Last BTC transaction took 4 days for me). With an priority system for transactions based on creation time and payed fees. you can assure that each transaction will be processed some time, it can be predicted very good.
• With an priority system for transactions the block creation algo can be changed from x transactions per block to an each block contains all transactions with priority greater x. That would lead to a very fast transaction acceptance even when there are very much transaction flying around

I hope you understand what I mean. At least that's what I would do if I ever made a coin myself. Well I would not create just a coin but a coin ecosystem of three coins and an hole new (self designed) algorithm .[/list]

[bizzyb]

I don't have looked in the deep of mining algorithms yet.
What about the algorithm ETH uses. Sure there was problems in the past, that was to be expected from a new concept (as far as I understand it, its a new concept), but they are in the process of getting rid of it and the algorithm sure has it's fans.

Personally I do not like DASH to much. I just tried the mixing function once and it never got finished. Maybe if privacy is an factor mixing should be an automatic process.

When I think about it mixing could be a great option but currently in DASH there are to less pople doing it. I can only assume that would be an even greater problem for MUE.
My quick thoughts about (without knowing the consequences)

• Make mixing and private send the default behavior
• introduce an special transaction type for mixing that comes with no fees but got accepted by miners lets say 10 transactions per block
• make wallets respond to that transaction type by joining the mixing so that enough people for the mixing are participating
• With a view in the future and a view to the bitcoin blockchain. Find a way to give transactions a priority value based on there creation time. With bitcoins if you do a transaction it is based on your luck when a transaction is taken into the block. (Last BTC transaction took 4 days for me). With an priority system for transactions based on creation time and payed fees. you can assure that each transaction will be processed some time, it can be predicted very good.
• With an priority system for transactions the block creation algo can be changed from x transactions per block to an each block contains all transactions with priority greater x. That would lead to a very fast transaction acceptance even when there are very much transaction flying around

I hope you understand what I mean. At least that's what I would do if I ever made a coin myself. Well I would not create just a coin but a coin ecosystem of three coins and an hole new (self designed) algorithm .

Yeah, I think all that sounds pretty cool, can you have it implemented this time next week please?

I think as a longer term goal, I like your suggestions, just requires the right level of technical expertise.

[bizzyb]

Happy to announce that pjcltd will be taking over as technical lead for the MonetaryUnit project.

pjcltd will be leading the transition over, and as a community we need to finalise how we want the new MUE to be.
ETH, DASH,?
hashimotodagger, x11, scrypt

This will be an important project and we will manage the transition as a senior team and a community together.
This will open up a huge array of possibilities over the long term, and in the short term address many concerns regarding network hashrate, pool issues, services no longer active etc

I am still awaiting updates from UpgradeAdvice, however he is not being forthcoming with any resolutions.

[bizzyb]

New merchant now accepting MUE
https://www.mp-hosting.co.uk

Pay for your hosted unomp/mpos pool with MUE

[Abiky]

New merchant now accepting MUE
https://www.mp-hosting.co.uk

Pay for your hosted unomp/mpos pool with MUE

That is absolutely fantastic. One more merchant for MUE, yet one more ticket towards long term success. This one is really good and will be very ideal for a little project that I'm working on involving a decentralized organization with its own cryptocurrency. Investors will receive a 4% bonus if they use MUE as payment method to buy that cryptocurrency. More details will be available soon on an announcement thread. 

[bizzyb]

Please see PJCLTDs poll on the future direction of MUE.

Please get involved, discuss, air your views, don't take a back seat

https://bitcointalk.org/index.php?topic=1564635.msg15700834#msg15700834

[Abiky]

Please see PJCLTDs poll on the future direction of MUE.

Please get involved, discuss, air your views, don't take a back seat

https://bitcointalk.org/index.php?topic=1564635.msg15700834#msg15700834

Great decision to make the change of MUE, a one to vote for. I have already made my vote and hope that whichever algo wins be very beneficial towards the future of the cryptocurrency. Also, I was thinking of a new logo for MUE (in case it is necessary) to give out a fresh new look and feel once it gets a change of PoW algorithm. Another thing would be an implementation of a physical MUE (similar to Bitcoin's Denarium) where you can use it as cold storage for your MUE. If such thing would've existed by now, I would've bought one already. Just my thoughts. 

[bizzyb]

Happy birthday MUE, two today

[bizzyb]

If you haven't voted please do:

Please see PJCLTDs poll on the future direction of MUE.

Please get involved, discuss, air your views, don't take a back seat

https://bitcointalk.org/index.php?topic=1564635.msg15700834#msg15700834

[bizzyb]

If you haven't voted please do:

Please see PJCLTDs poll on the future direction of MUE.

Please get involved, discuss, air your views, don't take a back seat

https://bitcointalk.org/index.php?topic=1564635.msg15700834#msg15700834

We'll be closing this poll this weekend, so speak now or forever hold your peace