Topic: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools - page 2. (Read 1950 times)

The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:

Question(s):
In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?

Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):

BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.

To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.


BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.

If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.


BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.

With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!

Please let me know if you have further questions.

My Comment (Back here in the Bitcointalk.org thread):

I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.

It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.

The software can run on many variations of Operating Systems and CPUs out there. Come join the Telegram to see if the community has seen anything similar.

https://t.me/BitcoinPoWPoT

Hello, I want to start mining but my wallet won't let me, for what reasons could it be?
I have an old i5-450M CPU. Is mining this cryptocurrency not compatible with my CPU?

The dev team is mining about 10% of the blocks now. Everyday the community is increasing the hash power. Go to the Telegram chat and see for yourself, others are posting their mined blocks, others stay quiet about it.

Of course there is NO mining pool, did you read the tile of this thread? Mining pools cannot mine this coin, impossible. Only the user can sign a block to get the reward and only the user has the private keys to do so.

There are over 500 nodes running BitcoinPoW now. I'm hearing that users with 1000 servers are going to start turning on their machines to start mining. Keep in mind that you need both CPU/Transaction pairs to mine. You need to feed the CPU enough transactions so that it can do optimal PoW. Spinning up 1000 servers with low amount of transactions will not mine much.

The competition to get transactions is fierce and the mem pool is constantly flooded. This is by design. This creates a fair market where both users and miners compete to get access to the blockchain. If you really want to send coin or get txs to mine, you might have to bump of your fee to get priority.

There is a reason the block size only allows so many transactions at a time. It is part of the security model of Bitcoin. Keeping the size small allows regular people like us to run our nodes at home and take part in mining. Now that the blocks are filled up, we all need to start competing to be added to the chain. If your blocks are never getting confirmed, it is time to start paying more transaction fees to get higher priority. PoW is always a competition. If you want to mine more with more CPU power, you need to pay more to get more transactions. This is similar to how BTC works, if you want to mine more, you need to pay more to buy ASICs and solar panels/electricity.

Note: As the price of BTCW increases, the mem pool will eventually start to decline when market doesn't want to pay a certain price to send txs. The market determines when the mempool floods. Right now the devs are handing out free coin which makes it very easy to flood the mempool. Market dynamics will adjust the number of transactions in the mempool.

Come join the Telegram group to learn how to mine.

https://t.me/BitcoinPoWPoT

There are at least 400 wallets mining BTCW. Competition is growing. Each block has around 4000 transactions. Your 3000 is a small fraction against the community. Don't forget, it is NOT txs that make the hash rate, it are the CPUs iterating thru the txs that give the hash power. You can consider transactions to be 'FUEL' and the CPU needs 'FUEL' to do its PoW. The more CPUs running 'FUEL', the more hash power you have. Each CPU can only handle so much 'FUEL'. So at some point you need to use more CPUs. This is 99.9999% PoW coin with a small amount of PoS that makes this coin impossible to be centralized with a mining pool.


Come learn how to mine BTCW on Telegram:

https://t.me/BitcoinPoWPoT

I have been unable to find a block after 3 days of mining with 3000 transactions. Could it be that the mining conditions are too difficult? 

mining conditions are difficult, no pool, network is too slow or paralyzed, only more than 150 blocks were found after 24 hours, and now only the first blocks of the network, what will happen to the blocks 20000 50000 ,network participants will have to wait dozens of hours to several days...,you haven't realized your mistake in block 1349?

There isn't a limit on the number transactions to enable mining. Mining is always on by default. It starts mining with 0 tx, but will never find a block, so transactions must be brought in. You can mine with 1 tx or 10k tx or 50k tx. Once you have established your transactions for mining, you have them for life. You don't need to do it again unless you want to get more tx hashes to feed more CPU to do more PoW to increase your hash power.

That's interesting, because I'm just testing this just now, and the "inactive" wallet found a block. Maybe just a gui bug?

A wallet will mine when it has mature coins and at least 1 transaction and at least connected to 4 other nodes. However you want to get transactions into a wallet is up the user. There is a Python script in the white paper, the community has made a Nodejs version that sends txs, another dev is working on another approach. You can have many wallets with the GUI, but only one of them can be active at any given time. This means the miner will mine using the active selected wallet. Easiest approach is to use 2 GUI wallets. Send txs from one wallet to the receiving wallet.

There is much mining talk on Telegram, come join the chat and ask the community questions.

https://t.me/BitcoinPoWPoT

Would creating a second wallet to mine in the same GUI instance work? Would both mine at the same time? That way we can save resources as opposed to multiple gui instances opened at the same time

10k is not needed to mine. Mining starts with as little as 1 satoshi. The more txs you have, the more work the CPU can do.

Your math is off. Sending 0.00001 with a fee of 0.00001225 can get you almost 5000 transactions to mine. Once you get a block, you will have 50 BTCW to start mining. If you need another 0.1, ask for it on telegram.

Need 10k tx, start with 0.1, can you create 30 tx with 0.1?
new coin mainet 1 week, no need to be stingy and stingy

Pools will not be able to mine this coin.

This algo is a combination of Proof of Work (PoW) and Proof of Transactions (PoT). A wallet generates many transactions. It is these user's transactions that are used for the PoW to solve the equation and mine a block. Once the miner finds one of the transaction hashes that solves the PoW equation:

hash(previous_stake_hash + others) < bnTarget

The winning transaction gets the block reward and it will be spendable in 3 blocks.

You need at least 1 satoshi to generate a transaction, then you can mine. In reality, you want to generate 10,000 transactions per wallet (or more) so the CPU has much more work to keep busy trying to solve the above simplified equation. This is why we are sending out 0.1 BTCW, it gives enough to start mining well.

If you did not get coin on Telegram, please ask again. Sorry, it has been very busy on the BTCW chat.

nothing new, almost all projects does this at start, pools come later when diff is going up.

so that's cpu mining, which algo ?

and why we need to have 1 coin to start ?
I gave my address on TG hours ago, and reveice anything

thanks

It is a new innovation algorithm that makes it useless to use a mining pool. The mining pool cannot sign the block after it has been found, the user that owns the transaction is the only one with the key. Plus, the only way to mine is to use user transactions. It is highly inefficient for users to send all their txs to a centralized pool and have the centralized pool send them out in batches.

The transactions are the potential hash power that the CPU can operate on. You want your CPU to be busy as possible doing PoW on the transactions to find a block. This is the key to the algorithm and prevents mining pools from operating with this coin.

Congrats on mining a block!

You need to enable the coin control features in the options menu under wallet tab. Then when you send you need to select coin control features and select the coins that you allow to be used in the tx when sending.

You should do this before sending coin from a mining wallet all the time or you risk throwing away your potential hash power (Transactions).

You said you figured it out, just wanted to give a little more detail to help others out.

Hi, so I just mined a block on my mining wallet.

How do I send this mined block to another wallet for mining that will not reset all my transactions? (As you mentioned in the Telegram chat)

EDIT:
I got it, seems I have to enable it on the wallet options.

I don't understand. what algo is it ?
why we need to ask for 1 coin to start mining ?

Yes, it is a bit of work to setup mining. The community is growing and a developer is working on automating some of the steps to deploy a miner that is ready to mine using PoW/PoT. It will take some time.

Join us here:

https://t.me/BitcoinPoWPoT