SCSY2.0 (OP)
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January 11, 2015, 10:09:19 PM
Last edit: April 17, 2015, 09:33:09 PM by SCSY2.0 |
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New team, new logo, new wallet, new website, new road map, new innovations. We do not plan to just repair a broken coin; we are building a new coin with long term value. First of all, I’m sure you want to know what we've done in the past few weeks.
- The Security Coin (SCSY) Development Team is very proud to have successfully released the first “true” variable proof-of-stake (VPoS) cryptocurrency. Security Coin, formerly a Hefty 1 Algorithm proof-of-work (POW) only coin, has been relaunched creating the first POS Hefty 1 Algorithm coin ever developed. Our Team has worked hard to integrate this new and innovative VPoS technology into Security Coin. Building on this track record, we will work to bring other innovations to Security Coin and you, the crypto community. Security Coin was appropriately named because VPoS incentivizes people to hold their investment long term in their local wallet rather than keeping their coins in a wallet on an exchange. This increases the security of the Network and protects coin holders from losses due to exchanges being hacked or simply closing up shop. 
 This is our first step in re-launching this coin. Essentially our main focus was creating everything needed first and especially since the original wallet and source was horrible. We are looking into different ventures for this one of them happens to be a trezor for alts that can simply compile any alt source which you can take with you. What we initially are trying to do is have a stable price for the coin especially since it entices people to hold in their wallets long term. Those also gives us the ability to grow organically and not have to worry as much about market price, so we can focus our efforts on new ideas and concepts that can be associated with this alt.
  The idea of variable proof of stake that is different from other models of staking coins is to reward those who hold longer in wallets and hedge against inflation often caused by high proof of stake coins. This incentivizes people to stake coins longer than a week or two and don't dump on exchange. It also protects small staker's from dumps from large stakeholders by having a Max of 640 coins that can be staked each block. We are in the works and in talks with many strategic partnerships and different ventures which will be updated in the coming days however since we have now done the swap we cannot wait longer to release the coin as it is time for people to start mining this again.
 - First Hefty1 PoW/VPoS coin (VpoS = Variable PoS) - Dns seed in source to get always wallet syncing - ModifierCheckSum set - Checkpoints master key set - ccminer, cgminer, cpu-miner and Stratum-mining adapted to work with Securitycoin - Block explorer and statistics in wallet. - Completely new design for the wallet. - Messages in wallet (thanks to Spencer Lievens of Sterlingcoin) Proof-of-Stake / Proof-of-Work?“Proof-of-work” or POW is a term used to describe the process of a cryptocurrency miner securing the Network using the computing power of hardware to process transactions and discover blocks. “Proof-of-stake” or POS refers to being paid for holding coins in your wallet, with the amount of payment dependent upon the amount of coins you hold in your wallet. This is commonly referred to as mining from your wallet. New coins are created by staking, and although most coins never actually reach a wallet to be staked, minor inflation in the coin total is a result. The Network is secured by staking, which processes transactions and discovers blocks. POS networks are difficult to attack because a stake holder would need to buy large portions of the coin and risk losing on their initial investment to destroy the network and compromise the blockchain. POW is easier-to-attack by one person or group with a large amount of money. This can be done by a large purchase of hardware or using pooled hardware which can result in 51% or more of the network being controlled by one miner or pool of miners and allows that person or group to control the blockchain of the network. The hardware costs are not lost because it can be used for other purposes. | |
Variable Proof-of-Stake
Variable interest is not a new idea in the world of finance; however, “true” variable stake interest or variable proof-of-stake based on each individual wallet is a new idea in cryptocurrency. How is this different from other coins that use variable stake for staking rewards? Security Coin rewards each individual user who holds coins in their local wallet independently of what others on the Network have in theirs. Other variable stake coins reward all users the same rate based on the total number of coins staking in the entire Network regardless of the length of time the coins are held in the individual wallet.
Security Coin’s VPoS is different than many other POS methods as it rewards holders of the coin with a higher stake rate the longer the coins are held. Coins that stake for two days should not be rewarded the same stake rate for holding as those who hold for two weeks, one month or three months. Over a period of time, the percentage paid in stake of a coin increases and the stake itself is compounded and is paid out on the stake that was received and held in the wallet, much like compounding interest. Just like treasury bonds reward those who hold for longer terms, stakeholders should also be rewarded for securing the network for longer terms. The longer you hold your stake, the higher your stake percentage grows increasing the return on investment.
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What Problem Does VPoS Solve?
When considering cryptocurrency and how it acts in currency markets, there has not yet been a viable design to find a balance between holding coins for the short-term, long-term, and simply dumping them or the accumulated stake coins on an exchange and dropping the market price. Security Coin’s VPoS aims to balance these risks using a new model that has yet to be tried in cryptocurrency.
Often, cryptocurrencies which use staking actually have the incentive for someone to buy a large amount of coins and dump the stake onto the market before someone else does it first. VPoS combats this by ensuring those who hold their coins in their local wallet that others too will hold longer because of the incentive to receive better staking rewards. How does this protect those who keep coins in their wallets from having a large stakeholder take their large daily stake and dump it on the markets? By having a maximum award for proof-of-stake per wallet, which discourages large stakeholders from buying up a coin in large quantities and dumping stake and/or holdings on the market. VPoS also protects against inflation by limiting the maximum daily reward to 640 coins. This weeds out greedy stake-dumpers and stabilizes inflation.
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 POW: 84 million Reward: 62 (no halving) Confirms: 30 Spacing: 1 minute Blocks per day: 1440 Days of mining: 291 VPoS: Until PoW's end: 100 % After PoW's end: < 2 weeks holding: 10% 2-3 weeks holding: 15% 3-4 weeks holding: 20% 4-5 weeks holding: 30% 5-6 weeks holding: 35% 6-7 weeks holding: 40% 7-8 weeks holding: 45% 8-9 weeks holding: 55% 9-10 weeks holding: 60% 10-11 weeks holding: 70% 11-12 weeks holding: 80% > 12 weeks holding: 100% Max Stake Reward (per block): 640 SCSY // to avoid large stakeholders receiving a vast majority.
Securitycoin.conf
rpcuser=XXX
rpcpassword=XXXXXXXXXXXXXXX
rpcport=15794
port=15793
deamon=1
listen=1
server=1
rpcallowip=127.0.0.1
Translations : 1000 SCSY
Logo Contest : 10000 SCSY
Bug Bounty : 10000 SCSY for anyone who finds a bug in our code and presents us with a fix.
Games : 10000 SCSY
Twitter Contest : 20000 SCSY to one lucky person @ 1000 Followers
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Twitter Contest : 20000 SCSY to one lucky person @ 1000 Followers
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Facebook Contest : 15,000 SCSY to one lucky person @ 500 likes
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Reddit Contest : 10,000 SCSY to one lucky person @ 100 Subscribers
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(click for video)
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Credits:
- My best thanks to Spencer Lievens and Matthew Langdon (Sterlingcoin Developers), who have written the coin from where Securitycoin is born. Both Spencer and Matthew are great developers but also great guys, always ready to confront with me ideas, doubt and whatever.
- My thanks also to Mammix2 (Boostcoin developer), who checked/commented the way how we deleted Boostcoin
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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najzenmajsen
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January 11, 2015, 10:09:45 PM |
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so , you're saying the coin will be launched in 1 year and 2 days ?
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ocminer
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January 11, 2015, 10:10:40 PM |
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yo EDIT: DAMN Najzen you only needed 26 seconds !  |
suprnova pools - reliable mining pools - #suprnova on freenet https://www.suprnova.cc - FOLLOW us @ Twitter ! twitter.com/SuprnovaPools |
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scam_exposer_jr
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January 11, 2015, 10:10:45 PM |
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need it be said?
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najzenmajsen
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January 11, 2015, 10:12:55 PM |
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yo EDIT: DAMN Najzen you only needed 26 seconds ! such insane , many wow |
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kliown
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January 11, 2015, 10:45:24 PM |
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still waiting, ganbate  |
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seijirou
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January 11, 2015, 10:59:16 PM |
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In before where's the source?
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CoinBreader
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January 11, 2015, 11:23:04 PM |
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still nothing ??
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AllCryptoAllDay
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January 11, 2015, 11:38:35 PM |
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Alright op is updated as stated we are on the hunt for a top notch designer we have fixed the code done the swap with both exchanges and are now just waiting for January 13th as that is when the 0 reward blocks will stop. We are mining this right now at very low speeds to ensure a stronger new blockchain.
But we would love to find a dedicated designer who will work for SCSY or BTC which i will fund myself.
We did this in a crunch time.
Also please do not move your SCSY to any of the exchanges if you still have some in your wallet and did not make it to the exchanges please contact me through PM and we will arrange the swap manually.
If you are a pool op please let me know if you would like to add a pool to the OP as well I will have my team member do so.
Cheers
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ocminer
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January 12, 2015, 12:11:44 AM |
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Alright op is updated as stated we are on the hunt for a top notch designer we have fixed the code done the swap with both exchanges and are now just waiting for January 13th as that is when the 0 reward blocks will stop. We are mining this right now at very low speeds to ensure a stronger new blockchain.
But we would love to find a dedicated designer who will work for SCSY or BTC which i will fund myself.
We did this in a crunch time.
Also please do not move your SCSY to any of the exchanges if you still have some in your wallet and did not make it to the exchanges please contact me through PM and we will arrange the swap manually.
If you are a pool op please let me know if you would like to add a pool to the OP as well I will have my team member do so.
Cheers
Please add SCSY.suprnova.cc to the OP, i will be ready at launch |
suprnova pools - reliable mining pools - #suprnova on freenet https://www.suprnova.cc - FOLLOW us @ Twitter ! twitter.com/SuprnovaPools |
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AllCryptoAllDay
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January 12, 2015, 12:15:24 AM |
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why?
I had a personal attachment to this coin from the very beginning and when the original dev walked I did not want to see it die. So i put together a new team. We have created the first hefty 1 algo with POS and with Variable POS as just a start to what we will do. We are in talks with many different sources to bring SCSY to the masses and will be updating as they come. Stay tuned keep watching and you will see why Also we added Suprnova to the pool list thanks Ocminer  |
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bitspender
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January 12, 2015, 12:17:25 AM |
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What happens with our current coins?
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AllCryptoAllDay
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January 12, 2015, 12:19:36 AM |
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What happens with our current coins?
If they were on an exchange they have already been swapped if they were not then please pm me details and we will do the swap with your private key from the old wallet. |
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bitspender
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January 12, 2015, 12:20:09 AM |
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What happens with our current coins?
If they were on an exchange they have already been swapped if they were not then please pm me details and we will do the swap with your private key from the old wallet. Got some on ccex, so it should be good? |
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coinfello
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FLAT OUT!!!
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January 12, 2015, 12:22:41 AM |
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holy crap! look at price  |
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AllCryptoAllDay
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January 12, 2015, 12:32:57 AM |
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What happens with our current coins?
If they were on an exchange they have already been swapped if they were not then please pm me details and we will do the swap with your private key from the old wallet. Got some on ccex, so it should be good? Yeah it has already been swapped and damn right that is the price SCSY should be at with its total coins Cant wait for mining and everyone to get on board the SCSY train |
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quarksu
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January 12, 2015, 12:38:21 AM |
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what about c-cex price?
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AllCryptoAllDay
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January 12, 2015, 12:48:17 AM |
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what about c-cex price?
C-cex needs to catch up with prices they have had low sell orders from the old coin |
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seijirou
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January 12, 2015, 12:52:03 AM |
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Sorry if I'm missing it in the OP but what's the algorithm?
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