[BITZ] The Only 10% PoS Crypto to have

[123sss]

where dev?

[jahras]

Yes, where dev? On the site, it also says pow stops at block 500000. Obviously, it has already ended. So what ends at block 500000?

[TimC]

Yes, where dev? On the site, it also says pow stops at block 500000. Obviously, it has already ended. So what ends at block 500000?

From the OP

As there will only be a finite amount of BITZ in existence the value will be determined by the demand for the currency. It has now been decided with consent in the community that the PoW phase will end at block 100,000 which is 3,500,000 BITZ. It will then be a pure PoS currency with an annual interest rate of 10%. This will keep BITZ in the realm of relatively rare when widely adopted but not deflationary like Bitcoin.

[EBK1000]

Yes, where dev? On the site, it also says pow stops at block 500000. Obviously, it has already ended. So what ends at block 500000?

From the OP

As there will only be a finite amount of BITZ in existence the value will be determined by the demand for the currency. It has now been decided with consent in the community that the PoW phase will end at block 100,000 which is 3,500,000 BITZ. It will then be a pure PoS currency with an annual interest rate of 10%. This will keep BITZ in the realm of relatively rare when widely adopted but not deflationary like Bitcoin.

The OP should read that the PoW stops at 100,000 which has just passed. This has been announced. It was initially meant to stop at 500,000 but this was changed after the "bug" in the code for 1.0.0
So the total number of coins after PoW is just shy of 2 mill it seems and then the PoS is ongoing.

Sorry about any confusion, there were some problems in the beginning.

[EBK1000]

Sorry, there was a typo / oversight on the website, I have changed this

[123sss]

dev when more news?

[jahras]

Thanks for clearing things up. I'm not too knowledgeable about crytos so get confused at times. Can someone explain, in layman's, how POS works? 

[tubesteak]

Thanks for clearing things up. I'm not too knowledgeable about crytos so get confused at times. Can someone explain, in layman's, how POS works? 

https://en.bitcoin.it/wiki/Proof_of_Stake

[EBK1000]

These are the details of the PoS for BITZ:

The 10% is compounded annually, and the interest earned comes from your coin age times the APR.  BITZ minimum stake age is 24 hours. The coin age is reset after 30 days.

From main.cpp
 
    unsigned int nStakeMinAge = 24 * 60 * 60; // 24 hours
    unsigned int nStakeMaxAge = 30 * 24 * 60 * 60;           // 30 days
 
Reward interest is calculated as:
 
    nRewardCoinYear = MAX_MINT_PROOF_OF_STAKE;
    int64_t nSubsidy = nCoinAge * nRewardCoinYear / 365 / COIN;
 
Where MAX_MINT_PROOF_OF_STAKE is set to 0.10, or 10%.

Now that BITZ is in PoS only we will keep an eye on it and make sure it acts as it should. There will be a further update soon. What I would suggest is that you keep promoting BITZ to Bittrex and others and vote if you can for GoUrl.io.

Everything seems to be ok and running fine at the moment so hang in there. I am off for a few days for Greek easter (until 14/04) and probably will not be able to update much. There will not be any major updates or new wallets until the end of April or mid May depending on the feedback, interest and what, if any, new features will be implemented. Thats why I asked if there are any particular features that you feel will improve on the wallets or BITZ infrastructure. We are working on bug fixes.

I am also working in the background with the future strategy and white paper and merchant adoption. Just hang in there, this is a long term project so don't expect wow factor updates every other day or a bunch of fancy features that will not help the long term viability of this project. I don't have a specific time line but I expect a brand new website to be up by the end of April or by mid May.

Have a great Easter and see you soon.

[EBK1000]

With regards to further merchant adoption of BITZ and the possibility to use BITZ and for everyone holding to increase the value I would urge everyone to vote for BITZ at GoUrl.io in any way you can. If you read the announcement the first winning coin will be announced on 15/04/2015 and I know that for BITZ to be in the lead by BTC vote only would be around 1.388 BTC as it stands now which maybe more than is realistic to get before 15/04/2015. However, if anyone is running a site that could use Go.Url.io as a payment provider please consider this to get some free votes. I will put in some more votes when I can.

I believe that this would be a good stepping stone for BITZ and would undoubtedly increase the value as the total coin supply is quite low.

https://gourl.io/coin-voting.html

[drays]

More than 10 miners are still working at Suprnova (69.81 MH/s), and wasting their hashpower!

Could OCminer please put some announcement, so people are aware PoW is ended?

EDIT: just dropped a PM to OCminer to inform him..

[EBK1000]

More than 10 miners are still working at Suprnova (69.81 MH/s), and wasting their hahpower!

Could OCminer please put some announcement, so people are aware PoW is ended?

Thanks, good idea

[EBK1000]

We have released a bug fix for the Windows-qt that we believe will fix the startup bug. I would appreciate if someone that had problems could download and install the new version and let me know if it works now.
Windows-qt installer (v 1.0.1a.0) - bug fix

[EBK1000]

Dev, Any news on the wallet issue??

I installed the wallet on a fresh installed windows 7 machine it started and synced fine without any error, also i started the wallet many times to see of the error will occur, but everything was working fine.
Then i copied a wallet.dat file from a different computer with a wallet that gives an error on startup into my new wallet and started the wallet and immediately the error occurs, even if i put the original wallet.dat back the error on startup stays now.

Could there been something wrong with the wallet.dat file??

We are looking at this problem, no solution yet. It would be good to know how many people have this issue, if it's just you or more. I'll get back to you soon.

Thanks.

I already managed to open the wallet in windows safe mode without a error and send my coins to a exchange.

Try the bug fix, just released
Windows-qt installer (v 1.0.1a.0) - bug fix

[EBK1000]

I have measured how many new coins are made in the PoS phase for the last 24 hours as this is not quite so easy to get from the formula:

Total coins on 04/04/2015 @ 2130 hrs is 1,924,309.02395129
Total coins on 05/04/2015 @ 2130 hrs is 1,924,594.45005576
Which makes a total of 285.42610447 new BITZ in the last 24 hours

If this is right then that means around 104180 new BITZ per year if my estimates are right. This appears to be less than 10% so I will do some measurements. Anyone have any ideas if this appears to be right?

[TimC]

I have measured how many new coins are made in the PoS phase for the last 24 hours as this is not quite so easy to get from the formula:

Total coins on 04/04/2015 @ 2130 hrs is 1,924,309.02395129
Total coins on 05/04/2015 @ 2130 hrs is 1,924,594.45005576
Which makes a total of 285.42610447 new BITZ in the last 24 hours

If this is right then that means around 104180 new BITZ per year if my estimates are right. This appears to be less than 10% so I will do some measurements. Anyone have any ideas if this appears to be right?

Since not all 100% of the coins are being staked that the network percent increase will always be less the POS percent. For the coins that are being staking within your wallet you should see 10% since you know that 100% of your coins are being staked. I'll give it a check and see what I'm staking. I got about 33k coins at the moment.

[drays]

We have released a bug fix for the Windows-qt that we believe will fix the startup bug. I would appreciate if someone that had problems could download and install the new version and let me know if it works now.
link is removed

Would be better to put it into the OP... There were too many cases of virus in modified links in quoted replies. Just a heads up

I am removing the link from quote in my reply too.

[EBK1000]

We have released a bug fix for the Windows-qt that we believe will fix the startup bug. I would appreciate if someone that had problems could download and install the new version and let me know if it works now.
link is removed

Would be better to put it into the OP... There were too many cases of virus in modified links in quoted replies. Just a heads up

I am removing the link from quote in my reply too.

Yes, the link is in the OP as well, it's just to make it easier for people that may not read the updated OP

[TimC]

We have released a bug fix for the Windows-qt that we believe will fix the startup bug. I would appreciate if someone that had problems could download and install the new version and let me know if it works now.
link is removed

Would be better to put it into the OP... There were too many cases of virus in modified links in quoted replies. Just a heads up

I am removing the link from quote in my reply too.

Yes, the link is in the OP as well, it's just to make it easier for people that may not read the updated OP

What he is saying is that you should not post any links on any page other than the OP. Since there are a couple of people that quote you post and change the link to a virus. It has happened many times in the past and we don't need to see it happen in this thread. So it would be best to remove you link and just give a post saying to download the update from the main page. I've mined you coin since launch and I"m holding and staking. Keep up the good work!

[Framauro]

Dev, Any news on the wallet issue??

I installed the wallet on a fresh installed windows 7 machine it started and synced fine without any error, also i started the wallet many times to see of the error will occur, but everything was working fine.
Then i copied a wallet.dat file from a different computer with a wallet that gives an error on startup into my new wallet and started the wallet and immediately the error occurs, even if i put the original wallet.dat back the error on startup stays now.

Could there been something wrong with the wallet.dat file??

We are looking at this problem, no solution yet. It would be good to know how many people have this issue, if it's just you or more. I'll get back to you soon.

Thanks.

I already managed to open the wallet in windows safe mode without a error and send my coins to a exchange.

Try the bug fix, just released
Windows-qt installer (v 1.0.1a.0) - bug fix

Thanks, wallet works now without a error, but if i import my "old" wallet.dat i still get the error. So i transferred all my funds from the old to the new wallet.dat., thanks