The launch version has an incredibly high max coins (billions, like PPCoin)
I thought there was a cap of 100 million. Now you're saying there's effectively no cap?
Topic: [ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine - page 93. (Read 133939 times)
May 13, 2013, 08:11:05 AM
I thought there was a cap of 100 million. Now you're saying there's effectively no cap?
May 13, 2013, 08:07:25 AM
Will there be an Elacoin-qt pre-compiled EXE available to download on the OP tomorrow morning when this is released? If you want good adoption of this coin, make it easy, have a wallet EXE ready for those of us who aren't into compiling/downloading so that we can either solo-mine straight away or payout from the pools.
May 13, 2013, 08:04:47 AM
well heres my question. If everyone gets paid the same amount won't this hurt pools?
The block reward is different, everyone can get the same block reward but small miners will hit it less often, etc. 
May 13, 2013, 08:03:21 AM
well heres my question. If everyone gets paid the same amount won't this hurt pools?
May 13, 2013, 08:02:55 AM
So this is an INFLATING litecoin clone ?
How is this an improvement ?
All coins inflate during the period where there is the block subsidy. This ties in the rate of inflation with the network hashpower, because:How is this an improvement ?
(i) more hashpower would mean the coin is worth more, so more coins are produced / more inflation
(ii) less hashpower would mean the coin is worth less, so less coins are produced / less inflation
This helps give Elacoin a stable price, and make it easy for everyone to mine.
May 13, 2013, 07:59:45 AM
So this is an INFLATING litecoin clone ?
How is this an improvement ?
How is this an improvement ?
May 13, 2013, 07:59:17 AM
So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.
No, the rich will not get richer. Everyone gets the same payout per block. It's more fair to small miners actually when there is high difficulty, while it does not handicap large miners either. May 13, 2013, 07:51:40 AM
I just hope he doesn't make it to confusing for me to configure on the site for payouts.
May 13, 2013, 07:48:30 AM
So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.
As far i understand, the number of coins per block will rise with the difficulty, and this is good in my opinion.But, from my understanding, there is not an upper limit on the number of generated coins, and the number of coins is based on the supply and demand, i am right? Because, yes, in this case case is a clever system, and this can be the base for a coin for every day use, and not only for investment purposes.
May 13, 2013, 07:45:04 AM
I like all these different altcoin ideas mixing around.
So long as there's _an_ idea to experiment with, then I am happy. Otherwise, if it's just a silly name or hype, then I'm not happy and ignore it.
Elacoin sounds interesting, so I am keen.
So long as there's _an_ idea to experiment with, then I am happy. Otherwise, if it's just a silly name or hype, then I'm not happy and ignore it.
Elacoin sounds interesting, so I am keen.
May 13, 2013, 07:40:48 AM
So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.
May 13, 2013, 07:32:48 AM
Bitcoin may be still be great for a store of value, but Elacoin would be better for getting everyone in. People who are new to cryptocurrencies can still mine it, and merchants will be happy to accept it because people will want to spend Elacoin.
The inflation is also limited by the halving every 9 months (it's not a sudden jump through, it's a smooth decrease).
Let's say you start with 100kh/s, 1 coin per block, only 1 person, 1 coin/person per block
At block 50 you reach 200kh/s, 1.5 cons per block, shared by 2 persons, 0.75 coin/person per block
At block 100 you reach 500kh/s, 2.5 coins per block, shared by 5 persons, 0.5 coin/person per block
So:
- I understand that hashpower:reward is not linear, so early adopters will still get an higher reward
- How this is going to fight inflation?
- Don't you think that people will fight inflation converting elacoin to bitcoin/litecoin until there are some merchants?
- And how long do you think it will take to make this happen? See litecoin
Maybe it's a good idea, maybe not, who knows, see you in a few hours
EDIT: Also, could you explain how you are going to control diff and value using Moore's law which doesn't consider it. Thanks
It's based on difficulty. Let's say every user has the same hashing power, and each user contributes 50 difficulty (work with big numbers).
Difficulty 50: 3.08 coin reward for block ID 1
> 3.08 coins per person
Difficulty 100: 5.16 coin reward for block ID 1
> 2 people, 2.58 coins per person
Difficulty 500: 21.83 coin reward for block ID 1
> 10 people, 2.18 coins per person
> Without elasticity: 0.31 coins per person
As you can see, the coins per person drops with more users, however it is still elastic and makes sure everyone can still get a reasonable amount. This is how inflation is fought, in addition with the constant reward reduction that works out to be half every 9 months.
The value of Elacoin should be quite stable, regardless of if there are 200k or 2 million coins. Why? Because the more coins there are, the more demand there would have being (more hashpower), and that would drive the price of each up. The less coins there are, the less demand there is, and that balances out the lack of supply.
Pretty clever system, even if I say it myself
May 13, 2013, 07:31:26 AM
Eight-o-clock release? SCREW YOU EDUCATION, this is more imporant 
I see you are from my timezone XD
May 13, 2013, 07:25:24 AM
Eight-o-clock release? SCREW YOU EDUCATION, this is more imporant
May 13, 2013, 07:22:48 AM
Bitcoin may be still be great for a store of value, but Elacoin would be better for getting everyone in. People who are new to cryptocurrencies can still mine it, and merchants will be happy to accept it because people will want to spend Elacoin.
The inflation is also limited by the halving every 9 months (it's not a sudden jump through, it's a smooth decrease).
Let's say you start with 100kh/s, 1 coin per block, only 1 person, 1 coin/person per block
At block 50 you reach 200kh/s, 1.5 cons per block, shared by 2 persons, 0.75 coin/person per block
At block 100 you reach 500kh/s, 2.5 coins per block, shared by 5 persons, 0.5 coin/person per block
So:
- I understand that hashpower:reward is not linear, so early adopters will still get an higher reward
- How this is going to fight inflation?
- Don't you think that people will fight inflation converting elacoin to bitcoin/litecoin until there are some merchants?
- And how long do you think it will take to make this happen? See litecoin
Maybe it's a good idea, maybe not, who knows, see you in a few hours
EDIT: Also, could you explain how you are going to control diff and value using Moore's law which doesn't consider it. Thanks
May 13, 2013, 07:22:39 AM
That's great, I will keep an eye on this thread
May 13, 2013, 07:20:21 AM
I like the pre-announcement and it fits well with the latest Litecoin retarget timeframe. If it truly is not premined, I will mine this coin.
May 13, 2013, 07:07:33 AM
Anyone else got any pools ready for launch?
May 13, 2013, 06:52:59 AM
How high is the initial difficulty set? Probably any estimate you have of how high it will need to be to hit your target two minites between blocks is likely to turn out to be too low, so maybe discuss that ahead of time, it is kind of suspicious actually that you didn't even mention initial difficulty yet made vague noises about no pre-mine / early-miner type benefits (which blocks coming out much faster than the target time certainly are...)
-MarkM-
The block reward is based on the difficulty, you know. It is the same as Litecoin. Early adapters will not accumulate a mass amount of coins, as the block reward will be many factors of what they are getting during the launch.-MarkM-
This is why Elacoin is the most fair cryptocurrency - to everyone, the launching adapters, and to the users who come months into the cycle.
Regardless, MarkM is correct. You need first X blocks to give zero reward to get an initial gauge of difficulty/network hash rate. Sort of ironic that a pre-announcement would force you to do it that way. And in actuality if the baseline block reward is really low then, dare I say it, a preannouncement or at least a 24 hour one, is unnecessary and a bit redundant. But, I admit this seems intriguing from a democratic standpoint, so how about some actual numbers? Is it a scale with respect to network hash rate? Initial reward is 50 like litecoin?
edit:
I just saw the scale a few posts up.
May 13, 2013, 06:50:54 AM
How high is the initial difficulty set? Probably any estimate you have of how high it will need to be to hit your target two minites between blocks is likely to turn out to be too low, so maybe discuss that ahead of time, it is kind of suspicious actually that you didn't even mention initial difficulty yet made vague noises about no pre-mine / early-miner type benefits (which blocks coming out much faster than the target time certainly are...)
-MarkM-
The block reward is based on the difficulty, you know. It is the same as Litecoin. Early adapters will not accumulate a mass amount of coins, as the block reward will be many factors of what they are getting during the launch.-MarkM-
This is why Elacoin is the most fair cryptocurrency - to everyone, the launching adapters, and to the users who come months into the cycle.
Regardless, MarkM is correct. You need first X blocks to give zero reward to get an initial gauge of difficulty/network hash rate. Sort of ironic that a pre-announcement would force you to do it that way. And in actuality if the baseline block reward is really low then, dare I say it, a preannouncement or at least a 24 hour one, is unnecessary and a bit redundant. But, I admit this seems intriguing from a democratic standpoint, so how about some actual numbers? Is it a scale with respect to network hash rate? Initial reward is 50 like litecoin?
edit:
I just saw the scale a few posts up.
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