GreenCoin [OP upgrade] - A personalized carbon emission offset credit

[biodieselchris]

INVALID BBCODE: loop, probably unclosed tags

[1715220855]

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[AllCryptoAllDay]

Nice

[go6ooo1212]

Intersted in, will participate..

[biodieselchris]

MERRY Christmas GreenCoiners!!

Hoping for a intensely productive, and carbon reductive, 2015!

[IMJim]

Nice new thread Chris!

Happy New Year everybody!!

[biodieselchris]

If you take the current price of GreenCoin (Bittrex / Allcoin -- currently 3 satoshi) and Bitcoin ($315), and the average amount of miles driven by Americans every year (13,460), here's a graph showing the amount of GreenCoin you could buy to completely offset your the CO2 from your vehicle per year (using the current GreenCoin/CO2 conversion):





For $800 to $1,600 per year most people could completely offset their carbon from driving.


Vehicle MPG values: USM Mine Vehicle, Prius, Dodge Ram.

[Digithusiast]

Hi biodieselchris, I am relatively new to Greencoin, and wondered why you started a new thread. Is Greencoin still backed by the same team? Cheers.

[biodieselchris]

Hi biodieselchris, I am relatively new to Greencoin, and wondered why you started a new thread. Is Greencoin still backed by the same team? Cheers.

I was looking to add some graphics and such to the OP anyway so this was easiest to re-launch it. I continue to work on the coin I am now reaching out to solar producers via mail to solicit sign-ups. I think if the network grows in 2015 the coin can end up catching on and being successful as a carbon emission offset crediting system.

[kbroadfoot]

You all should ask Byronp from Atomic-Trade to add you....  unlike Bittrex all you have to do is convince him that your cause is just...

[Repunza]

I think lowering the number of coins will be a good start...

[biodieselchris]

I think lowering the number of coins will be a good start...

That would require a fork though. We went with a high number for "growth" purposes. E.g., if all of the world's ~35 Gigatonnes of CO2 emissions were eventually being accounted for there would still be a "meaningful amount" of coins per kg CO2: 0.00028571 GRE per 1 kg CO2 in this case. As a reference, 1 kg CO2 is the consequence of driving an average car (25 mpg) about 3 miles. Making carbon "personal" and attaching it to everyday life is one big piece of the sequestration puzzle that I think is currently missing from the overall, global solution. So this was something I advocated for. From a purely "is it a great crypto" perspective, and in reference to the slew of other altcoins out there, is it too high of an absolute number? I don't know really - it's just a number, does it really move the needle if 1M coins = $10 or 1k?

[Repunza]

I think lowering the number of coins will be a good start...

That would require a fork though. We went with a high number for "growth" purposes. E.g., if all of the world's ~35 Gigatonnes of CO2 emissions were eventually being accounted for there would still be a "meaningful amount" of coins per kg CO2: 0.00028571 GRE per 1 kg CO2 in this case. As a reference, 1 kg CO2 is the consequence of driving an average car (25 mpg) about 3 miles. Making carbon "personal" and attaching it to everyday life is one big piece of the sequestration puzzle that I think is currently missing from the overall, global solution. So this was something I advocated for. From a purely "is it a great crypto" perspective, and in reference to the slew of other altcoins out there, is it too high of an absolute number? I don't know really - it's just a number, does it really move the needle if 1M coins = $10 or 1k?

Personally I think you would get a better response from the community with a much smaller number of coins. I'll do it before you get too far along in the project...

[biodieselchris]

You all should ask Byronp from Atomic-Trade to add you....  unlike Bittrex all you have to do is convince him that your cause is just...

OK, thanks, I'll send them a message this weekend.

[biodieselchris]

I think lowering the number of coins will be a good start...

That would require a fork though. We went with a high number for "growth" purposes. E.g., if all of the world's ~35 Gigatonnes of CO2 emissions were eventually being accounted for there would still be a "meaningful amount" of coins per kg CO2: 0.00028571 GRE per 1 kg CO2 in this case. As a reference, 1 kg CO2 is the consequence of driving an average car (25 mpg) about 3 miles. Making carbon "personal" and attaching it to everyday life is one big piece of the sequestration puzzle that I think is currently missing from the overall, global solution. So this was something I advocated for. From a purely "is it a great crypto" perspective, and in reference to the slew of other altcoins out there, is it too high of an absolute number? I don't know really - it's just a number, does it really move the needle if 1M coins = $10 or 1k?

Personally I think you would get a better response from the community with a much smaller number of coins. I'll do it before you get too far along in the project...

I tend to agree now. If we need to fork to fix any coinbase transaction mining issues we would just do it then.

[biodieselchris]

Bitcoin / Litecoin all red

[Cranky4u]

Is the GRcoin team planning a coin value recovery strategy? It appears to be in freeeeeeefall towards the dreaded single satoshi...

Do you have any e-commerce arrangements in place to exchange GRE for physical goods?

Do you have an advertising campaign for expanding the usage?

[biodieselchris]

Is the GRcoin team planning a coin value recovery strategy? It appears to be in freeeeeeefall towards the dreaded single satoshi...

Do you have any e-commerce arrangements in place to exchange GRE for physical goods?

Do you have an advertising campaign for expanding the usage?

I think the trick is to grow the number of Producers and that is what I am currently working on.

[Endersgamer]

i cannot sync my wallet

please give me a good node for sync

regards

[biodieselchris]

i cannot sync my wallet

please give me a good node for sync

regards

try

Code:

addnode 50.205.123.50 add

[karlb187]

lol. My buddy was telling my about these carbon credits....  



Good luck with this coin. I'll check back from time to time. 

[biodieselchris]

lol. My buddy was telling my about these carbon credits.... 

can you tell me more about how that conversation went?

Good luck with this coin. I'll check back from time to time.

Thanks. It looks like we need a lot of it...

[IMJim]

lol. My buddy was telling my about these carbon credits.... 

can you tell me more about how that conversation went?

Good luck with this coin. I'll check back from time to time.

Thanks. It looks like we need a lot of it...

Hey Chris.......sent you an email brother.

Hope everyone is so far enjoying the new year!!

[mercyground]

why is this coin not POS?

[frontier8]

dev,any further development plan for DOSH?

[Endersgamer]

i cannot sync my wallet

please give me a good node for sync

regards

try

Code:

addnode 50.205.123.50 add

thank you bos its work now

[pork pie]

why is this coin not POS?

Good question. A POW coin uses too much energy to be called green.

[Repunza]

why is this coin not POS?

Good question. A POW coin uses too much energy to be called green.

There are too many coins - If you want to see some really price movement limit the number of coins...

[biodieselchris]

why is this coin not POS?

Good question. A POW coin uses too much energy to be called green.

Previously asked and answered:

Scrypt:
We chose scrypt for a couple reasons. First, scrypt asic mining will reduce power consumption considerably for mining in the future. The second reason it has a good, stable history.

As to the power problem: The amount of mining ultimately would be fairly miniscule to the scale of the problem at hand. Global CO2 emissions are clocking over 31 GT annually. Let's take a look at bitcoin: obviously considered to be power-hog, but it's only 0.03% of the grid (I've read this elsewhere, if there is a better number, let me know). Electric power generation contributes 25% of the total global CO2 emissions, so 0.0003 * 0.25 * 31 GT = 2.3 MT of annual CO2 emissions coming from bitcoin's existence, or 0.0075% of all CO2 emissions. Now, we are all hopeful greencoin will become a great coin, and even if it did, I doubt it would be using substantially more power than bitcoin. If greencoin was capable of onlining green energy to even a 1% reduction in global electric power emissions, it means the coin reduces 33X more carbon than is produced by miners. At a 10% global reduction, it's over 300X and so on. Additionally, miners have an incentive to go green on their rigs because they get mined coins AND produced coins. Bitcoin doesn't offer this additional incentive. This is all before you even begin to account for the trade-offs that might actually work in cryptos' favor as an alternative payment system, for example, the energy needed to send payments in more traditional banking ways also uses power (servers, etc), and bitcoin might actually be net "greener."

And to add to the answer, now that we are merged-mined, only the most valuable coins in the merge should be assigned the power allocation since miners are basically receiving the smaller value coins as a bonus. In a way, we've latched on to these other coins like DOGE that will be mined anyways, so there is negligible additional carbon output as a result. Certainly, in the future IF greencoin were to become quite valuable, then we would have a power use responsibility however, and at that time, the above answer would apply anyhow.

[biodieselchris]

why is this coin not POS?

Good question. A POW coin uses too much energy to be called green.

There are too many coins - If you want to see some really price movement limit the number of coins...

I predict the total global carbon problem is worth $3T per year, starting, at the very latest in 2022. There will never be more than 10B greencoins in existence over 40 years.

No one single entity, government, private business or otherwise, has come up with a way to solve this global problem. NOBODY OWNS ANY OF THIS YET.

I'll let you do the math.

[biodieselchris]

Oil companies quietly prepare for a future of carbon pricing

And so it begins. $60/tonne = 6 cents per kg. GreenCoin is ~$0.18/kg. An open market price is much more accurate (I'm not insinuating GreenCoin has enough market depth to accurately reflect CO2 pricing yet, but it is interesting how close it is).

[biodieselchris]

Reposting with updates:

GreenCoin is experiencing a technical issue. For a short time now the Foundation has been receiving 20 coins from one or more of the pools instead of 1000.

Update: here is a link to a block containing the error:
http://explorer.cryptoblox.com/block/61afd6499e56ff5036b13fa9cbc86b59a48a3f180ff7bbcbf061c7c9640849d2

[It is important to note that all other aspects of the coin, including merged mining, transactions, average block time, etc are all working perfectly.]

The link above indicates the coins coming into the Foundation. The amount is either "20" or "1000". Sometimes there are more "1000's" than "20's" so it probably depends on the relative strength of the pools set up correctly versus the unsub pool. Without an operating block explorer I wasn't able to determine whether the coins were being burned inadvertently. However, the evidence on Bittrex suggest strongly that one of the pools is receiving 1,980 coins and only sending 20 to the Foundation, due to programmatic-looking selling on Bittrex often being in exact multiples of 1980. The fact we get 20 coins also looks a lot like a pool donation of 2%. So the unsub pool probably has somehow set up their mining incorrectly and they keep 1980 coins that go to their miners and the 2% that was meant to go to the pool as a fee comes to us. Whether this was intentionally done or not is less important than the fact that it's possible. I alerted ncsupanda to the issue but he has not responded. I do not personally have the technical ability to fully address the issue and come up with a technical solution. If there are others who have the ability to help we do have some financing available. Please PM me. We have 1 BTC - 1.5 BTC available for this depending on the workload. Step 1 would be to fully understand the issue and then Step 2 would be to come up with the proper solution and implement it. Also it would be very helpful to have a block explorer working again I am soliciting this again for 0.15 BTC.

As far as payouts have been going, the foundation has been consistently receiving about 350,000-500,000 coins (update, currently averaging about 700,000 coins/day), so I have donated in the difference to represent a "full payout" (that is, to reach the total of ~1.4M per day). The coin is cheap enough that I can do this for now and maybe a bit longer but it is not a long term solution. The Foundation is mandated to distribute the coins it actually receives per day and so I may drop the payout down to the actual coins received if I can no longer donate in the difference.

If your pool is receiving 1,980 coins instead of 1,000 per block, if you could please shut down for now or attempt to correct your pool set-up on your end I would greatly appreciate it. Update: whoever is mining to this address: GQiGwRM5UTdGDeBoCqaGwHbQLenxqMq3U9 Obviously the code should make it impossible to defeat the compulsory shared coinbase transaction to the Foundation, so we apologize for this and are looking into solutions.

My analysis:

• The coin still works in the job it is trying to do as a carbon emission offset credit because the calculation is not dependent on the coin's split between the Foundation and the miners. Therefore, during the period where we are looking at solutions the coin can continue to operate as it currently does.
• This is a good time to look at all options on the table. For instance, (1) the coin could be forked with the coinbase tx code fix but also could contain any upgrades desired. (2) We could go to a PoS coin at this time and remove mining completely. The pros and cons of PoS versus PoW really need to be vetted first though. I think it matches out environmental imperative to have a coin that eliminates or minimizes PoW mining as much as possible, so eventually I think we should go in the PoS direction. Maybe given the current circumstances this is the right time to try it.
• I continue to be committed to this coin and if solutions are on the table I can raise the financing to implement them, within a reasonable amount.

[TrackCoin1]

nice GreenCoin....

[biodieselchris]

GreenCoin could switch to a counterparty (or other asset-based) coin. Thoughts?

[leigh2k14]

Carbon tax is just a scam, we need carbon for our plants to grow, without it there would be no life on this planet. The  sole purpose for it is for New World Order to pay for their global dictatorship, remember that.

Remember in the 90's they called it "global warming", when people started to notice that the planet wasn't warming they changed it to "climate change", LOL.

I hate that picture of the polar bear:



Awww the poor polar bear is stranded due to the melting ice caps. Even though they can swim up to 200 miles.

In fact the ice cap in the north pole increased by about 40% last year.

[Repunza]

GreenCoin could switch to a counterparty (or other asset-based) coin. Thoughts?

You can keep it as green coin but relaunch it with around 10 million coins. Those who are truly investors in Green will hold and not to many will sell. You will still achieve a decent price so that you can continue your project. Right now there are too many green coins and that's not too attractive to investors. Just redo a relaunch...

[biodieselchris]

Carbon tax is just a scam, we need carbon for our plants to grow, without it there would be no life on this planet. The  sole purpose for it is for New World Order to pay for their global dictatorship, remember that.

Remember in the 90's they called it "global warming", when people started to notice that the planet wasn't warming they changed it to "climate change", LOL.

I hate that picture of the polar bear:

Awww the poor polar bear is stranded due to the melting ice caps. Even though they can swim up to 200 miles.

In fact the ice cap in the north pole increased by about 40% last year.

The polar bear has come to represent more of a symbolic relationship of the forced nature of species adaptation. The jury is still out on the how these changes will actually manifest for any specific species. How far a "polar bear can swim" is only one aspect of it's life cycle. Probably more important is how the food chain will change from the bottom up, given warming in the region of +10 C (18F) or more. And most people, honestly speaking man, don't care about bears, they care about themselves, and "global warming" or "climate change" (whatever the words du jour are) is about change for people too. And change can be harsh, which is scary.

I will not speculate whether or not you you simply have a fear-based agenda to grind about a "New World order dictatorship" which is sort of a thin conspiracy theory poorly supported by physical evidence about ice caps (and which is grossly incomplete). In the theater of competing conspiracy theories, one of fossil conglomerates disseminating misleading "scientific" data for their own profitable agenda (more accurately, their interpretation of the data) is far more plausible than one of a new global dictatorship social order, financed by a carbon tax that hasn't even begun to be enforced. While discussing conclusions from grossly incomplete data I want to also point out that plants do indeed need CO2 to grow, though obviously don't need >400 ppm to grow since they've been doing just fine for 500M years at 50-80% of that. However we need CO2 back to 350 ppm in order to survive catastrophic changes for ourselves and more importantly our children.

However, with that said, you're actually here to help prove a point where you and GreenCoin are in agreement: Carbon taxes are not effective and That's Bad. Or at least, in our position, carbon taxes and cap and trade systems are grossly inadequate constructs to solve The Problem, and therefore are doomed to failure regardless of the level of implementation they ever reach.

If you didn't research GreenCoin before posting, and merely bristled at the polar bear picture, let me explain the central premise: GreenCoin is a mechanism that serves a for-profit reduction of carbon output through a simple system of incentives for renewables that carry a socially-derived, open-market value. Some finer points:

- GreenCoin is owned and traded by individuals
- People buy and sell GreenCoin for their own selfish purposes; to try to make money or not, to try to help AGW or not (John Galt would be proud), or whatever their personal reasons are. That's a major coup de grace against the "New World order Dictatorship" advancement. So we are on the same team here.
- Government involvement is not necessary
- Participation is voluntary, you are free to participate in GreenCoin or not
- GreenCoin is not a tax or other punitive measure on fossil based production. It's merely a socially determined, value-added incentive for carbon-mitigated production. And I'll do you one better: fossil-based producers can go start their own "FossilCoin" and solicit certain folks, The Great World Defenders of Massive, Coordinated Scientific and World Government Co-Conspirator Carbon Fraud, as buyers. Hence the term "free-market system."

thanks for stopping by and posting, I think these are important things to be discussing.

[biodieselchris]

why is this coin not POS?

Good question. A POW coin uses too much energy to be called green.

RE: Not using PoS -- the coin works currently by splitting the rewards with the winning miner and the Foundation, the latter of which then distributes them to renewable producers to effectuate the carbon emission offset calculation. PoS cannot service this requirement easily.

I have been discussing coin upgrades with some folks and PoS has been taken off the table, as info.

[kbroadfoot]

Carbon tax is just a scam, we need carbon for our plants to grow, without it there would be no life on this planet. The  sole purpose for it is for New World Order to pay for their global dictatorship, remember that.

Remember in the 90's they called it "global warming", when people started to notice that the planet wasn't warming they changed it to "climate change", LOL.

I hate that picture of the polar bear:



Awww the poor polar bear is stranded due to the melting ice caps. Even though they can swim up to 200 miles.

In fact the ice cap in the north pole increased by about 40% last year.

Polar bears can swim 200 miles perhaps but that can't swim faster than a seal... the issue with melting ice has NOTHING to do with swimming... it has to do with EATING.... they grab seals as they come up thru through the ice to breath...  no ice? No seal hunting.... bear starves...

[biodieselchris]

I wonder for folks who deny AGW completely and given a mechanism like GreenCoin, or something else similar that comes along, a lot of them quietly participate anyway because it would simply be too lucrative to miss if out if they were wrong.

[biodieselchris]

My windows wallet keeps showing it is syncing and 0 hours behind. Is this a known bug in the Greencoin wallet?

yes, I've seen this too, this is a known bug.

[kamronk]

Is there any developers on the team for GRE? I'm curious as to what's going on with it, always had a special spot for GRE and would like to see it take off

[kamronk]

Bought us some more time on trex Hope to hear back from someone soon! I hope to help

[biodieselchris]

Bought us some more time on trex Hope to hear back from someone soon! I hope to help

kamronk, my last major update was this comment. I am still working on the coin from the renewable production and carbon offset side of things. I'm in contact with a new interested party that is working on a new PoS/PoW upgrade. This serves to fix the main technical issue that the Foundation does not receive all of their intended coins and provide for some additional updates/upgrades. I'll of course keep everyone updated as to the progress. Pending this release, my plan is to immediately restart and up-armor my efforts to reach new producers and market the coin as a carbon offset credit.

[kamronk]

Bought us some more time on trex Hope to hear back from someone soon! I hope to help

kamronk, my last major update was this comment. I am still working on the coin from the renewable production and carbon offset side of things. I'm in contact with a new interested party that is working on a new PoS/PoW upgrade. This serves to fix the main technical issue that the Foundation does not receive all of their intended coins and provide for some additional updates/upgrades. I'll of course keep everyone updated as to the progress. Pending this release, my plan is to immediately restart and up-armor my efforts to reach new producers and market the coin as a carbon offset credit.

Thanks for getting back with me

POS is a great idea IMO, especially considering the green aspect of it's energy consumption.

I look forward to the future here, do you guys have a slack or a skype or somewhere that ideas can be posted? I don't know how much community involvement you are interested in but I'd like to share some ideas if they're welcome

[kamronk]

Is there any kind of giveaways or any kind of marketing planned? Or, by chance is there an upcoming release of something that could benefit from some marketing?

Maybe anyone who posts a youtube video of themselves doing some kind of green activity get's a reward proportionate to the environmental impact of their recorded actions? Would make for a great content funnel if you required the people to put a link to your website in the video description and required a keyword to be in the title of the video.

I feel the purpose behind this coin is great and unique. It's a great niche IMO and is undervalued.

EDIT: I'll contribute GRE or BTC to any idea I propose, I understand if budgets are low that's no problem

[kamronk]

Sorry to be piling on the questions :/

I was curious about a block explorer, is there a functioning one online anywhere right now? Seems the linked explorer is broken. Is there currently a bounty for such a thing?

[Lightsplasher]

Great ideas!  I'm all for giveaways marketing and youtube videos.  I'm not sure if you looked at my “Riding for Greencoin” video but I sure would like to do other things like that if there is incentive. 

Kiwi IRC with bots that “rain” coins are used by many other coins.  Any interest in IRC?  

New plans for PoS/PoW upgrade sounds promising... 

Is there any kind of giveaways or any kind of marketing planned? Or, by chance is there an upcoming release of something that could benefit from some marketing?

Maybe anyone who posts a youtube video of themselves doing some kind of green activity get's a reward proportionate to the environmental impact of their recorded actions? Would make for a great content funnel if you required the people to put a link to your website in the video description and required a keyword to be in the title of the video.

I feel the purpose behind this coin is great and unique. It's a great niche IMO and is undervalued.

EDIT: I'll contribute GRE or BTC to any idea I propose, I understand if budgets are low that's no problem

[Lightsplasher]

Sorry to be piling on the questions :/

I was curious about a block explorer, is there a functioning one online anywhere right now? Seems the linked explorer is broken. Is there currently a bounty for such a thing?

There was a bounty for a block explorer and I was working on one for awhile but had some issues. Perhaps when the coin structure is changed a new bounty will be offered, as far as I know there is currently no working block explorer.

[biodieselchris]

kamronk, Lightsplasher: I love all of these ideas and I'm onboard for content funneling and IRC rain give-a-ways. I'm not the best guy technically to set these up but I can try to help and also there is some budget still available for motivating other folks. Let me know and we can try some specific things.

One caveat is the new coin release is sort of a cliffing event in my mind; it would be best to begin any efforts after the coin plumbing was reset so any coin exchange or other mechanism that needs to occur affects the least number of people. Thoughts?

The block explorer we used to have here went down in early Dec and then came back in the middle of the month for a stretch and then went back down again. You could message "CryptoBlox" and ask him about it (Which I've also done). Seeing more interest might be helpful for him to know it's worth the time. The current coin dev had a working block explorer up for awhile here, but it's offline so I'll ask him about it as well.

I like these ideas and the enthusiasm so I am glad you posted.

[biodieselchris]

Looking back over the 8 months one thing I can say is interesting and somewhat unexpected was the difficulty in growing an ecosystem where there is a Foundation essentially giving something away for free.

I was watching "Brain Games" the other night and this segment kind of made sense that way: https://www.youtube.com/watch?v=nAa1OBWJ9Y0

[kamronk]

Looking back over the 8 months one thing I can say is interesting and somewhat unexpected was the difficulty in growing an ecosystem where there is a Foundation essentially giving something away for free.

I was watching "Brain Games" the other night and this segment kind of made sense that way: https://www.youtube.com/watch?v=nAa1OBWJ9Y0

I feel a big part of the getting people to realize it's true/possible is also simply getting it into their faces, and showing them. In the video you can see one person started it all and then more and more came exponentially. A content funnel would do this, and a good way to get a content funnel going is to have a group of people all create their own content. Best way to do this is to pay them. There's thousands of people all willing to do something for satoshis, for 20mBTC we could do a weekly contest or something. 'Most impressive ways to recycle, record and post to youtube with "Recycling For Greencoin" in the title and this link: http://fake.link.xyz.to.gre in your description'

Thinking "out loud" here lol

[Repunza]

There seems to be some accumulations going on with this coin. Maybe a nice rise in price soon 

[kamronk]

There seems to be some accumulations going on with this coin. Maybe a nice rise in price soon 

I got my bag

Just am bit confused still as to what the real plans are here

[goes to dig for previous responses to my earlier comments]

[biodieselchris]

Looking back over the 8 months one thing I can say is interesting and somewhat unexpected was the difficulty in growing an ecosystem where there is a Foundation essentially giving something away for free.

I was watching "Brain Games" the other night and this segment kind of made sense that way: https://www.youtube.com/watch?v=nAa1OBWJ9Y0

come back from the moon pal,
carbon problem is nothing when crypto problems being real:
1. oversupply
2. buggy wallet
3. no block explorer
you can't save the Earth with a buggy wallet

We will be fixing this very soon.

[IMJim]

Personally I am stoked with the progress GreenCoin has seen!  This is a HUGE undertaking and a long term project and we have a really cool and highly dedicated dev behind the whole thing. 

Do your thing Chris:-)

[LadyWhiteCoin]

I hope this remains on the market. Would love to continue trading it.

[biodieselchris]

Official Notice: Important Updates

Background: The GreenCoin Foundation operates its environmental imperative by maintaining a coin (GreenCoin) that had been specifically developed to provide exactly 50% of the coins generated in a newly mined block directly to an address controlled by the Foundation (which are mathematically divided and sent to renewable producers for their relative carbon mitigated useful work). In early December it was observed that the GreenCoin Foundation was not receiving exactly 50% of the coins, as was supposed to be the case per the Foundation specification. It was further determined that one of the pools had been able to defeat the coinbase transaction requirement that 1,000 coins be sent to the Foundation address. The issue was discussed in great detail in this post. Over the course of the last couple of months the Foundation received ca. 500,000 on average per day (as opposed to the ~1,400,00 it was supposed to receive). In order to preserve the integrity of the coin the Foundation purchased the ~900,000 coins necessary to bring the payout balance up to 50% of the total mined balance each day (~36M coins total).

During this time the Foundation also solicited for an individual to develop a solution to the issue. We have since found such a technical lead who has presented a solution that involves releasing a new coin. We are pre-announcing the release so users can ask questions, raise concerns and provide feedback.

Proposed Solution: The Foundation will cease to support the current GreenCoin release. We are releasing a new coin and will only support the new coin going forward. Holders of the old coin will be able to exchange their coins for the new coin for a reasonable, yet limited, amount of time.

Name: GreenCoinX
Symbol: GREX

Release Date: Saturday, February 21, 2015: 8 PM Pacific Standard Time (US).

High Level Overview:
- 100,000,000 (100 million) total coins. The old coin had too many coins which inhibited adoption for a number of reasons.
- A PoW/PoS hybrid, CPU-only mineable coin that significantly reduces power consumption (more green)
- PoS Interest: begins at 100%, gently curves downward depending on number of adopted users. Similar to Novacoin's implementation.
- Updated coin production deflation curve that more closely matches the intended carbon mitigation effect of the coins future use and trajectory (see sch. below)
- An upgraded, less buggy wallet
- Producers will receive new coins (GREX) for their production beginning Sunday Feb. 22.

Wallet Features:
- No IRC (Faster)
- Very Fast Wallet Start (Qt)
- Automatic Sending of Mature Coins to Savings Address
- Built in Block Explorer
- Detailed POW/POS Info

Coin Specs:
1.   Coin Specs - POW/POS
2.   Algorithm: Mirror - Secure, fast and efficient - 100 x Scrypt speeds - CPU Only at launch
3.   Total coins: 100,000,000 (one hundred million)
4.   Block Time: 60 seconds target (approximately)
5.   Initial coins per block:
6.   Coins per block awarded to miners: Stars at 3.7 (50%)
7.   Coins per block awarded to Foundation: Starts at 3.7(50%)
8.   Halving rate: Gradually decreases from 3.8 to 0 over 40 years - decrease by ~0.1 every year
9.   Difficulty Retarget: Every 2 Blocks
10.   Confirmations on Transactions: 5 (about  5 minutes)
11.   Confirmations on Mined Blocks: 25 (about  25 Minutes)
12.   Ports: P2P 7554, RPC 7553

Exchanging old coins:
In the release, there will be 6M pre-mined coins to be held by the Foundation and to be used exclusively for exchanging new coins for old coins. This represents 6% of all of the new coins that can ever be mined (note that when we devised the solution we were near block 300,000 = 600M old coins which is why this number was chosen). In order to allow for timely exchanging, but not support both coins overlapping for too long, we will allow old coins to be exchanged for new coins until block 500,000 of the old coin is reached. At this time there will be 1B total old coins outstanding. Therefore old coins will be exchanged for new coins at a rate of 166.6666667 GRE to 1.00000000 GREX.

We are currently on block ~346,000 for the old coin, and the coin generates about 1,400 blocks per day. Stipulating this rate continues about the same, that will yield over 100 days (or until ~ June 2nd, 2015) for everyone to be able to exchange their old coins for new coins. The Foundation will operate this exchange (and manually so, if need be). We will accept the coins to a central address to be determined. Once a confirmed transaction is received and a new coin (GREX) address supplied, the requisite new coins will be issued to the sender. The old coins will either be sent to a burned address or held in a wallet that we encrypt with an unmemorable password and then destroy the password. We will not utilize the old coin in any way and we will no longer support it.

As always, my goal first and foremost is to be make sure users are being treated as fairly as possible. We welcome feedback and also ask for any assistance that may help the transition be a smooth one. Once this "coin plumbing" issue is behind us, all of the previous discussions around marketing, growth, faucets, and everything else is back on the table, and we plan to begin executing on them very quickly after the release. We are excited by this transition and feel it is in the best interest of the stakeholders and for the global environmental imperative we are attempting to effectuate and to serve.

I will keep updating throughout the week on the location for the code, wallets, and more specific details for the launch.

Coin mining schedule:






 

[Lightsplasher]

Great news!  Any specifications available yet on PoS?  What percent it will pay? Max block reward?  Minimum / maximum PoS stake time? 

Also, what algorithm will CPU PoW mining use?

[biodieselchris]

Lightsplasher: the CPU algo being used will be disclosed at launch.

We have an official ANN thread going for the new launch:

https://bitcointalk.org/index.php?topic=957976.0

[kamronk]

I'm sorry to be one of those guys, I can't seem to get a clear understanding of how to do the swap :/

Should I PM someone? Or is there a thread dedicated to swaps?

[biodieselchris]

I'm sorry to be one of those guys, I can't seem to get a clear understanding of how to do the swap :/

Should I PM someone? Or is there a thread dedicated to swaps?

No apologies necessary! It isn't very clear yet so we should begin to discuss it. I currently do not have an online exchange running and probably wouldn't try to operate one for security reasons. WHat I haven't done yet, but will this week, is ask both Allcoin and Bittrex if they can operate an exchange and that would be the easiest (though they would charge a small fee). In the absence of either of these options I would work with each individual either through PM here or you can email support@grcoin.com. The steps would work like this:

- Ideally you would contact me first with the new GREX address (helpful but not required you would also quote the amount of coins to be exchanged)
- I would reply and send you a unique GRE address to send the old coins to
- Once I receive the coins to the unique GRE address I will send the requisite new GREX coins over to you

[biodieselchris]

We have an official ANN thread going for the new coin launch:

https://bitcointalk.org/index.php?topic=957976.0

So I'm locking this thread now. Please comment in the new thread, thanks!