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Author Topic: [ANN] Sentinelcoin! | Keccak25 Algo | Contribute to NXT Security to Get it Free  (Read 1732 times)
colin012
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January 15, 2015, 06:12:17 PM
 #1

Sentinelcoin (STNLC)
Project Sentinel's way of encouraging contribution to NXT Security!

What is it?
Sentinelcoin is a NXT MSCoin aimed at encouraging people to contribute to NXT network level security and NXT personal level security in a variety of ways! Some examples of this are contributing to the Security Library, finding holes in NXT security, and developing NXT security related projects. All of these activities will have bounties paid in Sentinelcoins. The other way to get Sentinelcoins is by minting them (though security contributions will be more handsomely rewarded).

Is uses the Keccak25 PoW algorithm, a new ASIC (and possibly GPU) resistant algorithm aimed at providing fair distribution.

Because of an issue with 8 Decimal MSCoins, STNLC now has a sister coin, SNTNL! STNLC can be traded for SNTNL at a 1 to 1 rate. STNLC is Mintable and has 8 decimals for greater precision. SNTNL is not mintable and only has 4 decimal places, meaning it can be exchanged for NXT at fractional values, unlike its 8 decimal equivalent.

What are the technical details?
STNLC
Algorithm: Keccak25
Initial Supply: 1'000'000 Units
Maximum Supply: 999'999'999 Units
Decimals: 8
Minimum Difficulty: 1
Maximum Difficulty: 15

SNTNL
Initial Supply: 999'999'999
Maximum Supply: 999'999'999
Decimals: 4

What is an MSCoin?
An MSCoin is a cryptocurrency issued on top of the NXT platform. They can be issued with a variety of different options allowing them to function as traditional PoW cryptocurrencies (as is the case with Sentinelcoin), pseudo PoS coins that pay dividends, or controlled fiat currencies for the power hungry.

Are there any differences in difficulty between PoW MSCoins and traditional PoW cryptocurrencies?
The answer is yes. The difficulty for a MSCoin is applied to the smallest possible unit for that coin. For a coin with 8 decimal places (like Sentinelcoin), the difficulty applies to finding 0.00000001 coins. Further, the difficulty, rather than adjusting to the number of people minting (that is, the equivalent of mining for a MSCoin), is adjusted based on the number of coins already minted in relation to the total amount coins ever to exist.

Minimum Difficulty represents the difficulty of minting the smallest possible unit at the very beginning of the coin's existence. Maximum Difficulty represents the difficulty of minting the very last of the smallest possible units. As more units enter the economy, the difficulty gradually increases from the minimum to the maximum.

Further, you can attempt to mint as many units of a MSCoin as you wish, it will just increase the difficulty, and thus the amount of time it takes.

The equation for calculating to aproxomate number of hashes it will take to mint a certian number of coins is as follows:

hashes = 2difficulty × numberOfDecimalPlaces10 × numberOfWholeUnitsToMint

More information on the math behind the minting process can be found here: https://nxtforum.org/monetary-system-153/(guide)-how-to-set-a-good-difficulty-for-mintable-currencies/

What about SentinelC assets?
These will be swapped for STNLC with 3 STNLC for every 1 SentinelC asset turned in.

What existing bounties are there?
None yet. These will be determined once STNLC has a roughly established exchange rate for NXT. This being said, I am more than happy to let people claim bounties from the Project Sentinel Library immediately... After which a a reward in STNLC will be worked out. Another thing we need is a logo. If someone were to submit a logo now, I would work out a price in STNLC once a rough exchange rate has been established.

Thank you all and happy minting!

BOINC Announcement!
There has been talk about including BOINC (PoW that contributes to scientific research) algorithms for Nxt MSCoins! If this comes to pass, there will be a new version of STNLC released that will run off of one of these algorithms. The old STNLC will be honored in exchange for the new one for a 3 month period, after that, it it I will no longer give away the old one as a reward and will not exchange it for the new one.

It may still live on as a life of its own but will simply no longer be a part of Project Sentinel. Thank you all!

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January 15, 2015, 06:12:45 PM
 #2

ah sorry.. NXT...

EDIT:

BTW: It is "Keccak" not "Kreccak"...

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January 15, 2015, 06:17:06 PM
 #3

Krack ?  Grin lol..
Not interested.. Pass..
Next one please..

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January 15, 2015, 06:22:23 PM
 #4

ah sorry.. NXT...

EDIT:

BTW: It is "Keccak" not "Kreccak"...


What do you know mate, Kreccak is more effective than Keccak!  It is brand new algo, you must educate a bit Smiley
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January 15, 2015, 06:57:39 PM
 #5

ah sorry.. NXT...

EDIT:

BTW: It is "Keccak" not "Kreccak"...


What do you know mate, Kreccak is more effective than Keccak!  It is brand new algo, you must educate a bit Smiley


New algo Roll Eyes
I heard it now Grin
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January 15, 2015, 07:01:16 PM
 #6

Nothing interested here , seems like another change of variables in source code.
colin012
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January 15, 2015, 07:54:56 PM
 #7

Nothing interested here , seems like another change of variables in source code.

Hardly, MSCoins are not made using any source code. They are issued using the NXT platform without any coding involved.

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January 15, 2015, 08:35:09 PM
 #8

NXT MS platform i think is created to add demand for NXT, since every transaction either minting/mining coins, (or even sending coins? and reward of stake PoS coin generation? pls correct me if im wrong) requires an amount of NXT.  everything revolves around NXT,

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colin012
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January 15, 2015, 09:05:49 PM
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NXT MS platform i think is created to add demand for NXT, since every transaction either minting/mining coins, (or even sending coins? and reward of stake PoS coin generation? pls correct me if im wrong) requires an amount of NXT.  everything revolves around NXT,

Yes and no. It was envisioned before NXT was even made. The idea was that the MS would exist to replace altcoins all together and offer the best of both the PoW world (e.g. instant transactions) and the PoW world (e.g. fair distribution). Right now, it has the effect of creating demand around NXT because it requires NXT to do almost everything.

Right now, Mintable MSCoins require NXT to do things and can only be traded with other people for NXT. This works like a PoW coin but can be exchanged for NXT for less fees than a centralized cryptocurrency exchange would take as it is run in a decentralized exchange. This is still annoying as you have to trade the coin for NXT occasionally to have the NXT needed to mint and sell.

I can see your frustration as it is blatently a way to increase demand for NXT. On the other hand, MSCoins offer benefits that other coins cannot. For example, they can be traded for NXT in a 100% decentralized exchange for very little cost whereas other altcoins need to go through a centralized exchange platform like cryptsy that is liable to get hacked (like Btr and Mt. Gox) and charge higher exchange fees. Further, MSCoins can be easily used to buy and sell NXT Assets and take advantage of other NXT features (such as regexs for buyer confirmation). It all occurs within the existing NXT Platform so it is easy to manage an entire portfolio of MSCoins from a single computer application without a need for running multiple wallets, and because the exchange is integrated, it is easy to swap MSCoins for a crypto that is traded against USD without needing to set up a separate login on a different website.

So, to answer your question... Yes, it is a way to increase demand for NXT. Still, it offers a great variety of benifits that other cryptocurrencies don't have which makes it worth it and it was planned from the beginning by BCNext before NXT was even released.

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January 15, 2015, 09:24:27 PM
 #10

It will be only mineable with CPUs?
colin012
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January 15, 2015, 09:30:10 PM
 #11

It will be only mineable with CPUs?

Right now, there no Keccak25 ASICS and no Minting software for GPUs. So for the moment in is CPU only. I heard from somewhere that GPU use on this particular Algo in not profitable but I am not positive of that.

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January 15, 2015, 09:36:13 PM
 #12

Great! Any estimates about release date?
colin012
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January 15, 2015, 09:43:06 PM
 #13

Great! Any estimates about release date?

It is already released! Smiley For a quick guide on how to get started minting, follow this link: https://docs.google.com/document/d/1_QdcrY1q6_n9J3NOcyoczGqELIeCy6S6zNG2Cj22bj8/

Make sure to replace ELEMS with STNLC in the config file!

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January 16, 2015, 02:12:04 AM
 #14

The largest hurdle to more NXT use is the difficulty in setting up and getting things going. Whoever greatly simplifies that process will be minting gold.

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colin012
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January 16, 2015, 03:23:33 AM
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The largest hurdle to more NXT use is the difficulty in setting up and getting things going. Whoever greatly simplifies that process will be minting gold.

NXT is easy to set up if you get the Wesley Client. It is just like installing any normal computer program on Mac or PC. Linux doesn't have a Wesley Client but if you are using Linux, you should be expecting things to be a little more complicated...

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January 16, 2015, 11:24:47 PM
 #16

Was this a good one??? : Huh
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January 17, 2015, 06:14:46 PM
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Was this a good one??? : Huh

Not sure what that means? I am just as confused as you.

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January 17, 2015, 06:29:21 PM
 #18

how do you pronounce that algo i need to ask my mom for some money to buy

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January 17, 2015, 06:46:47 PM
 #19

how do you pronounce that algo i need to ask my mom for some money to buy

I pronounce it "Keck-Kack Twenty-Five." Though it might be more profitable to mint it right now rather than buy it. Minting is relatively easy.

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January 21, 2015, 06:05:49 PM
 #20

Updated the original post with information about the possible switch over to a BOINC algo.

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