Topic: [ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 586. (Read 1260677 times)

The new change address functionality.

Diamond v2.0.4 brings new functionality to reduce wallet bloat. I will repeat the premise and reasons here with introduction to the interface.

The Bitcoin protocol is designed in such a way, that when you send coins, you almost always end up with some 'change'. This happens, because the protocol operates on 'amounts' (that you either generated, received or were result of such 'change' operation). The amounts, unlike fiat currencies are not in set number of denominations. Instead, each Bitcoin 'amount' is an number of "satoshi" represented as a number with many decimal places. When you send some amount to someone, a subset of your existing coins is picked up (either automatically, using rather primitive algorithm, or manually via coin control). The total sum of this amount being X is chosen to be larger than the amount you wish to send plus any fees. When you send the amount Y, the remainder, which is Z = X - Y is sent to a new address, which is specifically created for the purpose to hold your 'new change'. The idea here is to assure you of anonymity for your cash flow, because nobody could know which is the sent amount and which is the change. Which in essence 'sits' in your own wallet, because you now have new keys to claim it.
The Bitcoin wallet assumption and claims of privacy are however not always true, as (because of the way amounts in the wallet are chosen) it is often trivial to track whose the change is. From now on, we will talk about Diamond, but please bear in mind this is fundamental protocol principle inherited from Bitcoin and present in virtually all crypto coins.

In summary, imagine you have received an amount of 500 DMD. You believe you have just one Diamond address in your wallet (where you received that amount). This might be the case until that moment. But, one day you decide to send someone 10 DMD. The protocol has no way to subtract from the amount you have. Instead, it needs to destroy the old amount and create two new amounts. Actually three: the amount you wish to send, 10 DMD, the fee, usually 0.001 DMD and the remainder, the change 489.009 DMD. While performing the send operation, your wallet creates a new Diamond address and sends the change there. Now, you have two new addresses in your Diamond wallet (it has grown with the required records). With every send you do, this is repeated. Now, the Diamond wallet makes things convenient for you, and hides these 'change' addresses. You might have thousands of them, and not be aware. As a result, your wallet is working slower and slower -- this includes everything, from opening it to sending to PoS.

Coin control we implemented some time ago lets you select the change address. But this only works in the GUI and is not very convenient. It is also completely useless for pools and exchanges that are the primary victims of wallet bloat. This is why this new functionality was necessary.

The new functionality provides two interfaces:

1. A command line option, -changeaddress which is also available in the configuration file as changeaddress= that lets  you give the Diamond address you want the change to go to. This can be an address in the same wallet, or elsewhere. You specify this option/parameter at start up time.

2. A pair of getchangeaddress/setchangeaddress RPC commands that let you programmatically control the change address and also clear it. The commands are as follows:

getchangeaddress

returns the current change address, or nothing if there is no address set.

setchangeaddress DiamondAddress

sets the change address, or if the address is given as '' clears it. You can also clear an change address that was set via the command line of configuration file.

Having an change address set up for the wallet makes the change in any future send transaction go to that specific address. No new addresses are created in the wallet and there is no more bloat.

Unfortunately, this functionality does not 'clean' your existing bloat. We are working on that, but not yet done.

where is the richlist?

That's Right, Put a Large amount of Diamonds in 1 Spot.

1Word http://bter.com/

? If stolen, does that kill diamond or will you just buy them back from the crooks on the exchange.

*Smarter move would be to split the reactor in ¼ , so worst case you only lose 25% at a time.*
(4 different wallets in 4 different locations)

Sending coins to the reactor is not only about ROI for all involved, it s also about strengthening DMD network and contributing to another great project DMD devs have put in front of us.

utahjohn i full agree someone with as many time as u can care for every little detail on his own

someone with a bit less time can invest in cloud and contribute in reactor
and he dont have to care about anything not even send his coins into minting

diamond have a place for both mindsets

utahjohn i full agree someone with as many time as u can care for every little detail on his own

someone with a bit less time can invest in cloud and contribute in reactor
and he dont have to care about anything not even send his coins into minting

diamond have a place for both mindsets

micromanage every detail urself or invest very less time and let foundation work for u

what i dislike about u postings is that it make people who go the other path look like they did something wrong which is defiantly not the case

if someone invest in cloudshares and choose the correct amount for reactor contribution
(same percentage in reactor as u hold of cloudmining shares) then u have  foundation work for u in a ideal setup

we give the possibility and people can free choose

Consider this: minimal clodmining investor of 100 shares divided by total shares of ?
What is the return yearly or monthly and how long to ROI in equivalent DMD not $.
Again this only favors the huge investors in clodmining ...
I'll still get DMD on my own mining direct and buying at LOW buy orders and do better.  My aim is to have high DMD staking in personal wallet (Already #65 rich list)
I'll move to investing another coin most likely when buying is not reasonable to me because of high price.  My reasonably large wallet of DMD will stake only.  What are u left with, mostly cloudmining buying.  Ever decreasing DMD input from BTC->DMD as price rises to cloudminers.   Meanwhile my direct mined DMD cost remains fairly constant even when block reduction occurs (diff will drop dramatically I'm sure).  Currently mining at a LOSS but this is an investment and I will recoup it easily when price rises to where it is expected to be in 5-10 yrs with just selling stake minted coins.  Who said they did not consider a DMD investor is absolutely wrong LOL (C).
Those that are invested in reactor for 12 months, sorry the PnD action will begin when price skyrockets at block reward reduction  

there are people who bake bread at home maybe they think it taste better
but does that make all the people who prefer buy their bread at a bakery act wrong?
who are we to decide if people should bake at home or use the service if a bakery

...wheres the link to sign up for cloud mining? cant find it

I have sent you some hard mined 250 DMD made with Ökostrom

We should see the first payouts at the end of this month, it takes some time for these coins to age in that large pile to be able to min properly. It should make about 3k per month for now, divided among cloud shareholders.
POS is 50% per year at current rate, we have 70k coins inside, so 35k per year. This is again rough estimate.

Once DMD price reaches $1, its gonna be a nice addition to cloud mining payouts. Make no mistake, we WILL see that day.

How many coins is the reactor making per day?

How many coins is the reactor making per day?

...so your saying, I can mine it sha-256 or neoscrypt or groestl or scrypt or x11 or x13 etc?

Dunno.  Cloud buys sha-256 hashing from multiple providers for BTC to buy DMD,
Cryptonit can explain it to ya.  I just prefer direct DMD mining  I do sell some neoscrypt hash on westhash to buy DMD at low low bid orders ... (1 card mining neoscrypt, 1 card mining DMD groestl)

is buying hash on westhash the cloudming?

Quite the contrary, direct DMD miners who hold coins are not paying high sell order prices for DMD with BTC. the cloud buys up the high sell orders ...  IMO cloudminers get the shaft LOL