Jumbucks Development Update
I wanted to give a quick update. Jumbucks is over 7 months old now (launched September 2nd, 2014) but I've always considered it very early for cryptocurrencies in general. That's taking the long term view to digital currency adoption.
We've seen a lot of coins come and go so when I started my own coin I really wanted to make something which would "stand the test of time". Longevity is still a goal and a constant challenge but that is something a coin developer should accept and rise to. Their goal should always be to provide more value to the coin and in my view, in the most ethical way possible.
A lot of the possible security flaws with Proof of Stake come with a poor Proof of Stake network where not many coins are staking and bad actors can exploit the network. Thankfully Jumbucks isn't in this position and has performed very well in terms of stake percentage (typically over 50%
). This is something I planned for when I implemented 8% Proof of Stake interest. My thinking was that this was a good balance between early adopter staking, long term investing, coin distribution, inflation, etc…
One thing I want to do is move towards Proof of Stake 2.0 as implemented in Blackcoin. This addresses some more possible security vulnerabilities. I'll be testing this out with certain changes so that staking remains smooth and stable. We have implemented quite a few code changes over time such as RPC additions and fixes, the MAX_BLOCK_STAKE_REWARD setting, Gitian build scripts to the Jumbucks code base.
In the future, should cryptocurrencies take off we'll want to have dedicated devices to perform our staking duties. We don't believe in centralized cloud staking as this is insecure and gives too much power to a single entity. We're working on something to address this and make Proof of Stake more safe, secure and automated. We'll also be discussing this with some other coin communities as well so they can benefit from our work.
The MAX_BLOCK_STAKE_REWARD setting in Jumbucks also discourages centralized staking by capping rewards and encouraging a well distributed Proof of Stake network. The MAX_BLOCK_STAKE_REWARD setting also prevents possible Proof of Stake coin inflation attacks which can be caused by single entities such as exchanges who are in control of a large amount of idle coins and can mint a large amount of coins. There has been examples of this happening and this is a real threat. I've started a short whitepaper as well which outlines the MAX_BLOCK_STAKE_REWARD setting.
Another thing we'll do is move our primary real-time communications system from IRC to Slack
. Slack has quite a few benefits such as more modern integrations and should be inviting for newcomers. We actually have Jumbucks Slack set up already but we want to test out a few things (such as a public gateway, interactive elements, bots) before opening it up to the public. The free version of Slack is limited to 5 integrations so we want to make sure we use those to the fullest.
I Tweeted at one point early on that I wasn't going to comment about price for JBS. That still remains true and I've refrained from retweeting or mentioning anything price related. Ultimately price should reflect value so we want JBS to be viewed as a long term coin with dedicated developers. Basically JBS is a coin that I would personally invest in, had someone else created it.
JBS was always viewed as my experimental coin and the work is also intended to add value be it through more services, better infrastructure and so forth. I spend a lot of time checking out various blockchain related projects and discussing them with the other Jumbucks developer @iquidus
. One thing we really want to do is something along the lines of a distributed hash table for data storage, tied to the Jumbucks blockchain.
Thank you for your support and for following along.
is a Fair Launch cryptocurrency which launched without an IPO and with zero premine. Jumbucks currently runs as 100% Proof of Stake, and is currently traded on Bittrex, Cryptsy and will be available at launch on the upcoming AltMarket.com. Find out more information at GetJumbucks.com