[ANN] Bitcredit/CRE - first sidechain, claimable from Bitcoin, pow/pod

[MRKLYE]

Can you send a few over to test the mining on this? I wanna see how it works before I put a wallet into it.

Bitcredit address: 1AsjqcD5hKNoDYmk6LcYskfKFZk9UpyGgy


Thank you

[Gabriel Eiger]

Yet some more notes on side chaining:

With regards to the Blockstream white paper, http://www.blockstream.com/sidechains.pdf. The main type of sidechaining discussed there should destroy (lock) coins on the sending side and create them on the receiving side. It is difficult to understand the rationale for an individual to ever put their coins at stake in such an untested system, thereby minimising their incentive to move their coins.

It neither creates a higher level of security or gives a possibility of a transition to a safer currency. If a fatal flaw occurs in either of the two "Blockstream" sidechains, all coins that for the moment resides in the faulty chain will be lost.

It should also be noted that moving coins into several different sidechains do not solve the problem of overburdening one single worldwide system with transactions. It would only create isolated islands of different coins, disallowing most of the interchain transactions. In other words, coins from a local chain for Brazil would not easily be sendable to for example Argentina.

With a system where possession of coins instead gives the opportunity to claim a corresponding number of coins in another chain, a soft and less risk-prone transition to a new system can be achieved.

[MRKLYE]

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

[Gabriel Eiger]

Checking it out and looks like binaries are available on the forums.
Very interesting coin. Hopefully my old addresses have some BitCredit in them and I can figure out mining.

For clarification - this coin is NOT related to https://bitcointalk.org/index.php?topic=896133.0. The shortname for that coins is BCR, the one announced in here is called Bitcredit/CRE.

Sorry if any confusion may have occured. With regards to your other question - see related reply.

As to figuring out mining - you are welcome to ask any questions on the board. It is actually quite simply, once the blockchains are in sync you can start mining from the built in command line in Bitcredit-Qt. Instructions can be found here http://bitcredit-currency.org/phpbb/viewtopic.php?f=18&t=18 and will be updated with some simplified instructions on how to start mining from inside Bitcredit-Qt instead of via bitcredit-cli.

[Gabriel Eiger]

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

Unfortunately for the moment, no. It could probably be (partially) achieved by downloading a bitcoin blockchain bootstrap and replacing some of the directories in the working directory. There is however no bootstrap specifically for Bitcredit for the moment. This issue should definitely be addressed.

[tacee]

what algo is this coin?

[MRKLYE]

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

Unfortunately for the moment, no. It could probably be (partially) achieved by downloading a bitcoin blockchain bootstrap and replacing some of the directories in the working directory. There is however no bootstrap specifically for Bitcredit for the moment. This issue should definitely be addressed.

So in theory I can just download the bootstrap.dat and stick it beside blockchain and it should work..? Or do I have to rename things?

[melwinder]

I do have a question about the "Claiming" process, what is the ratio for bitcoin to CRE? Like one of my wallets has about 300 transactions and a "total received" of 4.4697 BTC ... would I only get 4.4697 CRE, or what is the deal there?

[Gabriel Eiger]

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

Unfortunately for the moment, no. It could probably be (partially) achieved by downloading a bitcoin blockchain bootstrap and replacing some of the directories in the working directory. There is however no bootstrap specifically for Bitcredit for the moment. This issue should definitely be addressed.

So in theory I can just download the bootstrap.dat and stick it beside blockchain and it should work..? Or do I have to rename things?

Do you have a local up to date copy of the Bitcoin blockchain? Although this hasn't been tested recently there should be a way for you to be mining in a few hours in that case.

Make a copy of the "Bitcoin" directory, named "Bitcredit". Remove everything except the "blocks" and "chainstate" directory. Rename them:
"blocks" -> "bitcoin_blocks"
"chainstate" -> "bitcoin_chainstate"

Start the Bitcredit client. If all goes well you should get straight to the Bitcredit blockchain download. The inital sync between Bitcredit and Bitcoin blockchain still takes a few hours but you should cut down on download time significantly.

See this instruction for verifying that the client is in sync. http://bitcredit-currency.org/viewtopic.php?f=18&t=17

The first difficulty adjustment will happen in a few days, up until then you will be mining at lowest difficulty.

Get back to me on progress if you need it.

[MRKLYE]

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

Unfortunately for the moment, no. It could probably be (partially) achieved by downloading a bitcoin blockchain bootstrap and replacing some of the directories in the working directory. There is however no bootstrap specifically for Bitcredit for the moment. This issue should definitely be addressed.

So in theory I can just download the bootstrap.dat and stick it beside blockchain and it should work..? Or do I have to rename things?

Do you have a local up to date copy of the Bitcoin blockchain? Although this hasn't been tested recently there should be a way for you to be mining in a few hours in that case.

Make a copy of the "Bitcoin" directory, named "Bitcredit". Remove everything except the "blocks" and "chainstate" directory. Rename them:
"blocks" -> "bitcoin_blocks"
"chainstate" -> "bitcoin_chainstate"

Start the Bitcredit client. If all goes well you should get straight to the Bitcredit blockchain download. The inital sync between Bitcredit and Bitcoin blockchain still takes a few hours but you should cut down on download time significantly.

See this instruction for verifying that the client is in sync. http://bitcredit-currency.org/viewtopic.php?f=18&t=17

The first difficulty adjustment will happen in a few days, up until then you will be mining at lowest difficulty.

Get back to me on progress if you need it.

I do not. I was thinking maybe download bitcoinqt and the bootstrap and see if I can get miner faster.. I think eitehr way its gonna take a bit.
I seem to be downloading the BTC Blockchain at almost 1MB a second so it may take a while.

Very interested in this coin. Neat to see implementation of the BTC sidechaining idea like this. Hopefully I can be mining in a few hours.
Would be neat to catch around its release and help build it up.

I also do graphics design if you were looking. Shoot me a PM if you need something done.

[melwinder]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

[MRKLYE]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

[melwinder]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

[MRKLYE]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

Strange. Mine says 2 weeks behind but it hasn't moved as I assume that its waiting to downlaod another 2 and a half years of BTC Blockchain first.. lol
Let it download the  BTCb blockchain. It seems to have priority over the Bitcredit blockchain off startup.

[melwinder]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

Strange. Mine says 2 weeks behind but it hasn't moved as I assume that its waiting to downlaod another 2 and a half years of BTC Blockchain first.. lol
Let it download the  BTCb blockchain. It seems to have priority over the Bitcredit blockchain off startup.

True true, And I asked a question but idk if anyone knows yet---but what is the Bitcoin to Bitcredit claiming ratio, for example, for one of my wallets I had like 300 transactions and like 4.XX bitcoin total received since I made the wallet, and I got like, 15 CLAMS.
Will it be similar to that, a small number?

[MRKLYE]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

Strange. Mine says 2 weeks behind but it hasn't moved as I assume that its waiting to downlaod another 2 and a half years of BTC Blockchain first.. lol
Let it download the  BTCb blockchain. It seems to have priority over the Bitcredit blockchain off startup.

True true, And I asked a question but idk if anyone knows yet---but what is the Bitcoin to Bitcredit claiming ratio, for example, for one of my wallets I had like 300 transactions and like 4.XX bitcoin total received since I made the wallet, and I got like, 15 CLAMS.
Will it be similar to that, a small number?

By the look of what I saw its 1:1 of amounts sent and recieved... Eitehr way should be fine for most BTC users..

Seems like mining costs a little over .001 CRE at teh moment.

[logocreator]

Graphic designer here, if you need some graphics or logo, pm.
www.logocreator.us

[MisO69]

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

When I synced up I had to wait for the bitcoin blockchain to sync before it would sync the bitcredit blockchain.

[hf100]

Will you be making it possible to claim coins without downloading the bitcoin blockchain?

[Gabriel Eiger]

what algo is this coin?

It's the same algorithm as Bitcoin, SHA-256 proof-of-work, with a requirement to add deposits to each block. The deposits are not spent in any way, they are locked with the block for approximately three months and after that released to be reused by the depositor.

A more detailed explanation about the mechanics of Bitcredit mining and deposits will be added to the forum today.
http://bitcredit-currency.org