Topic: [ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink - page 12. (Read 297707 times)

Yes, I sadly cannot look into your code to help create a burn address. However, using your initial provided method, so long as the community trusts that its a truely unspendable address, then you can use a generic one, but an address with the actual specialized names is preferred for those who do not know how to read code.

And this is why you guys are in charge of the burn 

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

Hi, just for clarity, "8888888888888888888888888888888888888888" is not the burn address, it's a RIPEMD160 hash of the SHA256 hash of the (unknown in this case) private key.  RIPEMD160 produces a 20 byte hexadecimal hash from the privatekey, this is then prepended with the version or network byte (12 for Octo) a checksum is then produced for that value whereby the checksum is the first 4 bytes of the result of applying an sha256 hashing function twice to the value.  The checksum is then appended to the value.  Finally the result is encoded as base58 to give the public address.  

All of this merely gives us a valid Octocoin address, which we require since the client requires a valid address to send to.  The reason it's unspendable is because since it's such a ridiculously uniform hash result to begin with and since hashing is a one way function there is (in all reasonable probability) no possibility that I or anyone else could have known or generated the private key in the first place.

Because the pubkeyhash needs to be a hex value then OCTOBURN88888888888888888888888888888888 is unfortunately not a candidate for producing the burn address but it could be any other 40 character hex string with uniformity that anyone else suggests.

No problem I think it would be an amazing thing to revive a coin from abandonment. I do not think it has been done before and i feel counterparty and the foldingcoin distribution platform can be great tools to help this get accomplished. The success of Octo will still be dependent on this communities willingness to put work in though, even though i can assist a great deal, my development priority is still FoldingCoin.

But that does not mean I will not give a helping hand where i can Part of FoldingCoin is helping in the burns and distribution of the Counterparty assets becoming part of our merged folding family, but this community has to develop future uses and features for the octo coin such as a fantasy sports coins, or gambling coin, or whatever your community wants to develop for octo. 

Nice to see u guys are working on a solution, I will burn too

Thx framealife and FoldingCoin for ur work

Octocoin guys who want to be involved in the burn, please pm me your skype names. Thanks.

Just a quick disclaimer. Not only did I purchase OCTOPARTY, I also purchased OCTO as many thought that would be better. I will also add that you CANNOT use numbers for the Counterparty tickers. I hadn't noticed that until it was pointed out to me. It can only be between 4-12 letter characters. Don't worry, for those that are partial to the 888 we can still use that in general marketing when you want. OCTO and 88.8 or 88 million coins, I think people will get the point.

Besides you all saw my logo I posted with the octopus surrounded by the octagon and the slogan "revive 888."

Also, has anyone ever done any research at all about the 888 being copyrighted or trademarked? I remember when Octo first came out and there were discussions of the 888 casino and poker websites, etc. But to my knowledge you cannot necessarily trademark numbers in that way. As a slogan, when I say revive 888, since i'm not talking about a poker or gambling site in general, I doubt they could do anything about it. Just curious.

Thanks for the post Robert. I hope everyone here reads what he has said and if you have questions, fire away.

And remember, nothing is set in stone as far as distribution, the cap of the coin, what will be sold at the crowd sale, so don't focus too much on the exact numbers. These are all given as examples. As long as the way we plan to distribute the coin is done in a way that we have a FAIR distribution and it is done in a way so that we can bring eyeballs to our coin and projects, everything will work out fine. Remember, the way we are doing this you will have the ability to get coins in the burn, for you participation and help, buying in the crowd sale,  mining with FLDC, holding a Counterwallet address and certain other Counterparty assets and of course buying them at an exchange. There are many ways to distribute the coin and we will definitely take advantage of all of these ways to help grow the coin. This is way different than having your own block chain and people mining it.

well crap. i had squids at first and edited it. i have so much going on my head is spinning.

i think i always get djslick and squids confused when i'm typing.

nonetheless, you all know what you've all said.

hope your wife is doing ok GW.

Hello everyone So I have just skimmed through this forum and got the just of what's going on recently here. Now obviously I did not read every comment nor every page, but I got the 1000 foot view and also had a very pleasant call with framalife.

So I would like to start with sharing a great interview myself and the lead developer james had on a radio show. Its 3.5 hours, but if you do not understand counterparty or Foldingcoin, it is worth it as you will learn it much better than just reading the forums. Break it up into sections if you would like, but its highly recommended

http://foldingcoin.net/the-coin/

or

https://www.mixcloud.com/dogedradio/foldingcoin-interviewed-on-the-doged/?utm_source=widget&utm_medium=web&utm_campaign=base_links&utm_term=resource_link

If you dont want to listen, please visit http://foldingcoin.net/ for information regarding our coin or you can visit our ANN page https://bitcointalksearch.org/topic/ann-foldingcoin-mine-for-medicine-phase-20-781352 as I do not want to bog this forum down with an explanation of what we are doing, as we have the resources already out there. But I will still answer any questions left here that anyone asks regarding foldingcoin

Last thing to explain before I get started is how we allow other tokens (coins) to be distributed on our platform is via our “Merged Folding” plan. You can raed this article that the team wrote to get a better understanding of how and why we are getting involved with other tokens https://letstalkbitcoin.com/blog/post/merged-folding

Real quick disclaimer: FoldignCoin will help in any way we can to make this work. To my knowledge, no coin that has been abandoned has ever been revived and it would be beneficial to all parties involved (Octo, FLDC, CP, BTC, Altcoins) to prove that coins can be revived with the dedication and support of their communities. However, the control of the tokens must be handled by representatives of your community and not the FoldingCoin team. We can provide all the technology we have to offer, but when it comes to holding 888 or OCTOPARTY private keys, we do not want to have that liability. I will train the chosen devs of OCTO to the fullest of my abilities and make them knowledgeable and comfortable using the Counterparty and FoldingCoin distribution platform.

So here is what needs to be done:

“Proof of Burn”

We can assist in the “proof of burn” process. Now we still do want a dev from the Octocoin community taking charge and helping us help them, and it seems as framealife is the candidate looking to take this role on. However we need a provably unspendable 888 address that everyone will send their funds to. @SquidsIn here in these forums says he has the ability to create an 888 address that is something like: “8888888888888888888888888888888888888888” this address would be perfect. It is mathematically impossible for anyone to have this private key generated (assuming that the 888 blockchain is not corrupt since the beginning, which I am going to assume it is not). But the address could also look something like this “OCTOBURN8888888888888888888888888888888” to show some addition information as to what the address represents. If @Squidsln could provide this, then we (foldingcoin) can work with framealife on how the burn will work. I would recommend doing this manually for added human verification. How this would be done manually, is you the “888” holder would send an email to framealife stating BEFORE you send your 888 to the burn address with the following information:

• Your counterwallet address (setup instructions can be found here http://foldingcoin.net/counterparty-guides/#wallet )
• Your EXACT 888 address which your funds are coming from (so if you have multiple 888 wallets with funds in them, please move these all to one address)
• The EXACT amount of 888 you will be sending (down to the satoshi)
• Once framealife responds to you saying you are good to send the funds, then simply send them to the burn address.

Then to receive the funds, this community will have one of two options, both will work just fine:

• Framealife will send the new OCTOPARTY token to the counterwallet address once the old 888 funds have been confirmed received by the burn address. This will cost 0.000578 BTC each time for each person receiving the new token. So if you have lets say 1,000 people partaking in the burn, keep in mind this will cost 0.578 BTC. This method you would receive your new OCTOPARTY once you burn and framealife sends them to you.
• The second method is much cheaper. Framealife will hold a database of all the burn participants and send the funds all at once after the burn deadline. Since you can send CP tokens in batches at the same time, this would only cost 0.0001 BTC + 0.00006 BTC per address. So if 1,000 people partake and receive OCTOPARTY, then it would cost only 0.0601 BTC. This method you would not receive your new OCTOPARTY until after the burn. (This is the method I would recommend, and it is the method in which FoldingCoin could create the distribution batch address that will send all the participants tokens out)

Just to clarify, the cost associated are not service fees, FoldingCoin does not charge for any of our services providing to the Merged Folding Platform. Since CP is built on BTC, everytime you send CP transactions, a small amount of BTC is sent as well to actually get it on the BTC blockchain. I would have no problem (and encourage) everyone to CC me in these emails for an additional unbiased third party verification and await both myself and framealife to respond to your email with confirmation. Then framealife can keep a data log and I can keep a datalog for added verification. I will not hold, nor be in charge of OCTOPARTY, for this to work, the OCTO community must have their own representatives to be in control of OCTOPARTY, but I can act as a mediator.

“Block Explorer”

For the Proof of Burn to work, a block explorer will need to be intact for the verification of 888 funds being sent. How this could work is by getting the explorer up enough to work for the duration of the burn time, and then snapshot the entire blockchain right as soon as the burn is complete. This would allow anyone who has 888 before the deadline of the burn to receive the new OCTOPARTY and anyone still mining 888 after the deadline to not be entitled to any. There are two methods I can think of that will allow this to work:

The first is to keep the deadline as a deadline. If you do not burn your 888 by the deadline, then you will forever lose the opportunity to switch your 888 into OCTOPARTY. This is the method that Scotcoin took. Giving a generous deadline of lets say 2 months should be sufficient for anyone still interested in 888. Then any unclaimed OCTOPARTY could be sent to the Counterparty burn address so they will forever be unspendable.

The second is to keep the explorer and mining running for 888 and give anyone who sends you 888 after the deadline (but they were 888 coins created before the deadline) to be able to exchange them for new OCTOPARTY. You could not however give new OCTOPARTY tokens to those that mined after the deadline as this would not be fair to the new OCTOPARTY token. Also the exact amount of 888 in cirrculation before the burn deadline would need to be kept in escrow separate from the rest of the OCTOPARTY funds as someone who would like to change 2 years from now would still need a way to get them. This method would require a lot of continued maintenance of the existing 888 blockchain that might not be favorable for this community to do.

I would recommend doing a 1:1 ratio of 888 to OCTOPARTY, but this choice lies within your community. For example: if there is currently 40 million 888 coins in circulation and 30 million are claimed, then the remaining 10 million OCTOPARTY tokens are to be burned leaving 48 million undistributed OCTOPARTY tokens for whatever distribution your community decides.

“Mining”

During the burn, mining will need to continue to verify blocks and transactions. You could still use the mining pool that allows you to mine 888, but i would recommend doing a private mining pool in which the new OCTOPARTY devs have control of and only let in trusted miners. This could help prevent an attack, but nothing is bullet proof here as the code is fully released. You will need to find a way to gain enough Mhash to keep it going and constantly check for 51% attacks during the burn time.

“Future Distribution”

FoldingCoin offers other counterparty tokens to distribute coins to participants based on the calculations done via Folding@home. We already have an established community of over 300 folders (or miners) that receive tokens from us everyday, and this would be a good way to distribute OCTOPARTY tokens to an already established mining community expanding the use of your token. you would set your own distribution methodology. For example:

you could distribute 20 million OCTOPARTY tokens over 2 years with us coming to 27397.26027397 OCTOPARTY per day until they are gone

you could distribute 40 million OCTOPARTY over the course of a half life distributing lets say 50,000 per day so:

• Once 20,000,000 OCTO are distributed, change the daily distribution to 25,000 OCTO
• Once 30,000,000 OCTO are distributed, change the daily distribution to 12,500 OCTO
• Once 35,000,000 OCTO are distributed, change the daily distribution to 6,250 OCTO
• Once 37,500,000 OCTO are distributed, change the daily distribution to 3,125 OCTO
• And so on…

Or you could do a scenario where lets say you have 48 million OCTOPARTY are undistributed after the burn, you could use 20 million for Folding, 10 million for fantasy gaming, 10 million for a crowdsale, and 8 million for promotional giveaways.

The possibilities are endless and its up to your community to decide how to distribute these funds. I will continue to be involved in this forum to answer any questions and or give my ideas to the things that I read here. I will be ready to start making plans with framealife right away. I am full time FLDC so I am here all the time and am extremely responsive.

Cheers

BURNING

as if anyone did not know already... 

It was SquidsIn and myself, that said that we could do the burn ourselves... And, yes, we should be able to do it quite easily.

I haven't been around here much, lately. My wife has been in hospital and is going to require surgery at some point in the near future. My time has been really limited because of that and will continue to be for the next couple weeks until we get past this issue. She is back home, at this point, but will be requiring some care between now and her surgery date and beyond. These issues will, at times, make me unavailable.

That being said... I can and will help with setting up the burn. I can work on code from just about anywhere and hospital waiting areas are boring as shit. Sometimes it is good to have something to do while you're just sitting around and waiting. 

I will donate my time to this project as I am more heavily invested in this than most and am willing to put forth an effort just to see some kind of return on that investment. If the community is appreciative of the efforts, I'm sure that some will throw a few donations my way...

I think that everyone who has a stake in this has something to offer; whether that be with some specialized skill (such as: coding, web design, graphic design, video production, marketing, etc.) or just helping to fund and promote the idea once we begin moving forward with the burn. We will need the help of everyone, in one way or another, to help make this project successful!

I have been talking with some other coin devs, as well, and have some cross-promotion ideas that I am working on that will be exciting to those of you in the community who like to play poker... and I know there are many of us who like to play cards... Not to mention, that pretty much anyone involved in the altcoin world is somewhat of a gambler, anyway. 

There are exciting times awaiting Octo. Be patient while the details are sorted, and then hang on for the ride!

i've sent the notfatguy and shellbunner messages on here and reddit. i know everyone enjoyed fattie's updates and shellbunner was a good dude that was heavily invested. he may be one of the largest holders that i know of even though i don't know his exact amount.

those two are needed and def deserve to BURN if they want to. in shell's case i don't see how he can afford not burn some of what he had invested or gambled as he put it fattie wasn't heavily invested but his writing was fun and he deserved to be compensated more for his weekly input.

that's to be discussed. it will depend on when the guys involved in running the burn are available. and we will probably cap it at a time limit. however, if the community wanted, you could keep a fund and burn in the future for anyone who missed out.

i personally do not want that. I'd recommend a 2 month burn period and if they miss it, they miss it. i think as long as we get a website up and some press releases out that 2 months is plenty of time for people to come and burn.

also keep in mind, if you do the burn later version, you have to keep a fund of the new OCTO and a snapshot of the block explorer to verify if they had the coins before we start the original burn. now if nobody ever shows up to claim more OCTO down the road cuz they missed the first burn then that new OCTO is just sitting there.

if i thought that there would be a large number of people who would miss out and would need to burn later, i'd say do this. but i think most people who post on board here will be able to either buy OCTO in the crowd sale, will be able to mine OCTO in merged mining, will be able to go to an exchange and buy OCTO.

anyone here object to that? anyone here think that we should take the snapshot and hold a fund to distribute OCTO in the future for anyone who misses the original time period we set?

also, on a side note, i originally said that i would like to have a dev on board for the first project for the burn. after speaking with the FLDC devs yesterday on our call they made some very valid points that made me change my mind. we will get the dev for the project when the time is right. there is no need to stifle moving the coin on a process that could take some time. we will have plenty of other things that need to be done to attract the correct devs to our project that we really can't do until we make the move.

also, i have been really doing a lot of thinking on the burn ratio. if the community agrees that we should keep the total coin cap at 88 million or 88.8 million then i say that we are pretty safe to do a 1:1 burn. my original question about that was only if we were going to really cut the supply level down. with the name OCTO and the relation to eight the only other option would be a coin cap at 8 million, 8.8 or 8.88 million. any of those numbers would have made it so that we wouldn't have been able to do a 1:1 if we have about 20 million Octocoin being burned which is a rough estimate based on absolutely no proof lol. we know the current supply is currently just under 40 million or so. we also know we aren't accepting the dev pre-mine. so, 20-30 million is my guess and my guess is that not all of those people will burn.

remember, if you have replied "BURNING" and you are please do so and do NOT quote any posts with it. please do not reply and quote to any of the "BURNING" posts. i will keep reminding people the next 2 weeks. we are just trying to get a head count on the community size that will burn.

i will be creating a shared google document soon. people who are burning will have access. this document will be so that you can list your name and what you are good at and what you are willing to contribute to this project. if you want to help with the burn, if you want to help with promotion, if you want to run the reddit, FB, Twitter, if you have ideas to do you own projects or games for OCTO, if you want to write blogs, press releases, whatever it is. i need an idea of who we have and what you are willing to do.

we will have some of the new OCTO designated for these types of things. you can make some OCTO by pitching in and helping out around the new OCTO. remember though. this fund will be large and will be around for a long time so that we can continuously pay out to our community, even as it grows. it's not free OCTO. you have to want it and work for it.

one of the biggest things that irks me about the original devs and the ones who say we were whiny bitches trying to get rich off of other people's work is that it's simply not true. there was quite a community here and very few of us asked to be paid nor were we paid for any of what we contributed. i really though many people here did a lot to help the community along because we wanted it to be successful. we are going to need a lot of hard work to get the new coin some shine. if you put in the work you and it's good work, you will be compensated in the new OCTO.

i know that we publicly saw the old devs give the one dude some BTC when he was struggling (which i was impressed with). i know they gave me Reddit Gold for contributing to Reddit (which i could care less but i suppose it was a nice gesture). we will be giving out OCTO. remember though, it's not a free grab giveaway. it has to be verifiable work that makes an impact for OCTO.

thanks for they reply's so far guys. please spread the word. and if anyone here knows how to reach some of the others who haven't shown back up please reach out. check your twitters and reddit messages to see if we can find these guys. the notfatguy was one. i know most of you would love to have him around again doing his weekly updates.

BURNING

when will burning start and for how long?

BURNING

Thank you. I'll read.

The discussion started back on page 197.  It's worth reading few those last few pages to help you decide whether you want to burn or hold on to your 888.