Topic: [ANN] 0pticoin (0TC) - Release Date: May 15, 2013 - Postponed ~1 month [ANN] - page 6. (Read 18824 times)

The simplest solution of all is just to make the reward be based upon the difficulty for solving the block. Perhaps just multiply the current difficulty by a factor of 20 but have a ceiling of whatever you want your maximum coin reward to be.

Example starting difficulty = 0.25 / Maximum reward = 50 0TC

0.25 * 20 = 5 0TC (starting reward)

Difficulty then doubles to 0.5:

0.5 * 20 = 10 0TC

etc....

OK now lets fast forward to difficulty of 4:

4 * 20 = 80 0TC

This is clearly over our ceiling of 50 0TC so we just change the value to 50 0TC instead.

A method such as this would not allow the early adopters to horde a ridiculous amount of 0TC but it would not penalise them for coming on board early either and it's clear from the outset that the reward is based upon the difficulty of solving the block. Of course you could use any calculation you wanted, I'm just throwing an idea that I feel would be better for everyone.

Even if the starting point was set ridiculously low this would still work as long as the starting difficulty not exactly zero otherwise you'd get a divide by zero error.


Even this would work but the initial reward based upon multiplying by a factor of 20 would be 0.00002 0TC

Bitcoin in beta yet but we use it to buy dollars. Why shouldn't we use 0pticoin for the same?

For people who only read the Topic and didn't bother reading the first post:

How do i do to mine this when its released?
Have cgminer and using .bat file to change the settings. I guess there wount be any pool to connect to...
So what do?

Thanks!

Nods Might as well set diff at 0.000001 something

Set your alarm.  It's always 4AM somewhere. 

This release will be at 4AM AEST.

You need to think of your Australian counterparts, bro. 

Okay so what is your true long-term target time between blocks?

Because no real miner has only one 5870, they are more likely to have 3.5MHash than 350khash, and there are likely to be one-to-a-dozen dozen miners at least. Your one hour per block would be one per 30 seconds so fast that you wouldn't have time to realise it because the next would be 15 seconds and the next 5 to 7.5 seconds.

Then seeing that is it not afterall going to take all day to clear the zero-reward blocks they'll consider throwing some real power at the problem, and it'll be the same old same old many blocks per second all over again. We don't even know how frakking many blocks per second the instamined launches were, just that at a second or less per block 99+% of blocks were orphans... Could the actual rate have been closer to a hundred blocks per second than one block per second?

-MarkM-

Just mined 20K testnet Feathercoins if you need them for testing

Yeah that sounds about right.

Giving a whole day of blocks might even lead to the difficulty going lower if the difficulty adustment system is of a kind that can react inside of a single day and few people bother to waste expensive hashing power on zero-reward blocks.

Better would be to try to make justone single first block take all day to mine, because as soon as the big boys arrive even that will let them spam out blocks fast, likely even faster than your target-time.

Hmm even then that means they could decide to heck with it lets get that one day over with, so jump it even if that first block has no reward, just to get to the second block.

Which likely points at a probable answer to why anyone would mine the initial 1000 blocks if they have no rewards...

...The answer seems likely to be "because in five minutes they will have those 1000 blocks done and start reaping rewards", because the amount of hashing power they can muster and the amount you imagine they will point at your chain are wildly out of scale with each other.

-MarkM-

If one block's whatever is the seed for the next block, everyone knows upon publication of a block whether or not the next block will be lucky, thus can all gangbang the chain looking for that lucky block then go back to whatever they normally mine once it is found.

-MarkM-

So a miner can try numerous possible values of nTime looking for a "lucky" one before wasting time on hashing the block, since there is much less point in solving a normal block than a lucky one so best to first check whether the legal range of nTime you can play with offers a lucky block reward...

-MarkM-

Bitcoin was >> 32, not >> 20. Litecoin seems to have been the instigator of the whole "instamining" fad by deliberately lowering the initial difficulty despite the fact the it was obvious they were not likely to only be able to find a handful of fellow miners to help them mine it during its first few days, months, years of life. Basically they started this whole instamining scam that others have taken to even further extremes and basically said "this scam has been pulled before, it is a traditional scam, those scammers did it before me and those others before them" as an "excuse" for doing it.

Also, when litecoin was launched they seem to have actually believed that GPUs would not be applicable. We know now that they are. Plus we also know that any miner who has less than two of them isn't a serious miner, and that is per rig, not total in his entire farm.

So probably initial difficulty needs to be shifted from where bitcoin had it rather than where the scammily-launched litecoin had it. and by enough to account for at least a few dozen miners with at least a few rigs each with at least a few GPUs each, most of those GPUs being more powerful than those people had farms of back when litecoin launched.

Even then the blocks will probably be spawned way faster than target, even with difficulty far too high for CPU miners to compete any coin lately that appears more profitable than others gets massive amounts of hashing power.

You should probably try to make it difficult enough that it will take a whole day per block, because no matter how much hashing you think miners will point at it at launch  it is very likely that sixteen, thirytytwo, sixtyfour or more times as much hashing as you imagine will hit it. Actually maybe 128 or 256 times as much as you imagine seems very likely even.

(Especially since you seem to systematically underestimate the required difficulty setting.)

-MarkM-

The test daemons are running.

The Feathercoin test net will sync up and there is already activity on it as it was a test net I was using for testing purposes.

The 0pticoin test net is up, however still trying to get the first block so all the clients show synced.

The IP address is 84.200.84.76

To have a client/daemon run in testnet mode either add:

or just add:

Cool if there is a vote on how it is to be done i vote for this if it is possible to implement, it should prevent a 51% attack a little better also

bookmarking these

I will put a test net up for feathercoin and the current code at c4n10 github for 0pticoin.

I am placing theses on one of the old backup VPS for cryptocoinexplorer that I am not using right now.

I will publish IP and quick guide to using a test net when they are up and synced (or with a new chain, doesn't matter as it is just test net)

I can't stop early adopters from gaining more coins than those who aren't but I don't need to encourage early adopter exploitation either. Just because early adopters are going to get more coins by mining at a lower difficulty doesn't mean I should add to the problem by also increasing the rewards for those low difficulty blocks.

As mentioned earlier, there WILL be an exchange, pool and forum for these coins. I am in the process of dev'ing the site where they will be hosted right now and expect to have all of them available by the end of the month.

I am really not worried about getting people to mine it the first week. There has been plenty of interest expressed already and I think the forum has shown that a coin doesn't need gimmicks to get people to mine it, it seems people will mine just about anything. Bytecoin made absolutely ZERO changes from the original bitcoin code and it took off pretty quickly. Alt's are released on a weekly basis with nothing new, innovative or creative and even the coins that have all sorts of issues and aren't accepted by the mainstream community are still being mined by other people.

The first week/month is not my concern. My concern is keeping the coin viable as time progresses. Increased early adopter rewards are fun for the first week, but in the long run it is almost always detrimental to the coin's overall image as people view it as quick pump-n-dump scam coin that catered to the early adopters (a.k.a. the hoarders).


I am not going to start at lowest difficulty. I will either adjust the scrypt algo so it can not be immediately mined by gpu or I will do what I am trying to work on now which is limit the number of blocks a user can find during "x" amount of time at "y" difficulty. This way users with high hashrates will be limited on the number of blocks they can find at lower difficulties.


Very cool, thank you for providing this.

The port numbers which 0TC will use are mentioned in OP.

rpcport=9707
port=9708
testnet=19708

maybe one for ftc?

If needed I can turn on a couple of test net daemons on cryptocoinexplorer for whatever coins that are wanted.

This will allow new miners to see blocks being found...etc