Topic: [ANN] Luckycoin LKY | New Official Thread | Get Lucky! - page 8. (Read 28736 times)

We are seeing some panic now. LTC down 50% within a week, DRK down 80%, still waiting for DOGE teens.
I think LTC will go down to 2-3 USD. This is about the electricity cost of running a Scrypt ASIC. So this might set a bottom there.

The Luckycoin is closing in on block 300,000 today and the reward will be halved to 11 coins, reducing the coin production to 16,000 LKY per day.

Thanks for the update Titan. Glad to see you are carrying luckycoin forward.  Very interesting theories regarding market bottom however.

I didn't implement KGW in the past because it it not efficient for mobile wallets.

Something much better is in the works. It already works very well on test net.
It's a stochastic intra block retargeting scheme that can compensate 100x hash rate fluctuation with minimal block chain slowdown.
I am still working on hardening the scheme against attacks, but I think I nailed the main issue.

We will hard fork over the next four weeks. I still have to port ACP to the Bitcoin client 0.9.1.
In the mean time the Luckycoin network got some Scrypt ASICS to keep the network operation smooth.

The next reward reduction is coming this week at block 300,000. This will further reduce the selling pressure from the miners.
During the next cycle we will have a coin production rate of about 20 USD per day.

I think it will take one more month or two for the crypto market to bottom out.
LTC is taking a beating today, but there is no panic yet.

Titan, have you thought anymore of implementing KGW to stop the difflocks?

I have made some good progress on the ASIC resistant intra block difficulty adjustment scheme.
The algorithm works very well under normal conditions but still needs some tweaking under specific attack scenarios.
Stratum and getwork mining work now after tweaking the client a bit. Even the native Bitcoin client seems to be a bit buggy with intra block difficulty adjustments that happen on the testnet.

I had a look at the Razor anon scheme. This seems to be a viable option to play the anon theme.

Please join our mining pools!

I have added the Unionminer pool to the custom multipool list on the front page.
http://unionminer.com

The Unionminer pool is classic multipool with auto switching and dedicated coin pools.

I have updated the front page with all the latest info.

A lot of services, pools, and exchanges have gone out of business over the last two months.

Dear Luckycoin community,

The Luckycoin is now available as a payment option on Bitscoinshop!
Women's & Men's Clothes | Shoes | Eyeglasses | Perfumes | Phones | Miners | Pipes | Watches | Computers
http://bitscoinshop.com.br/en/

Get Lucky,

Titan

Luckycoin (LKY) has established partnership with Bitscoinshop (http://www.bitscoinshop.com.br/en/) where you can buy items by using Luckycoin, and enjoy 10% discount. As Luckycoin is not yet integrated with the payment platform, you will need to use the following procedure during checkout:
 
1. Customers wishing to purchase using Luckycoin should choose the product, along with signing up with the details and place of delivery;
 
2. Choose the bank transfer as the payment method, meanwhile leave a message to indicate that you want to pay with Luckycoin;
 
3. In the message, specify the dollar amount of your purchase (with 10% discount) and the quote of the current exchanging rate. Bitscoinshop will convert the amount of your purchase into Luckycoin, and send wallet address for payment.
 
4. Once confirmed the payment, items will be delivered.
 
We have many items for mining as gridseed, Asics, shoes and articles of clothing.

Hashing got quite competitive on the Luckycoin lately.

The megamultipool.com takes the Luckycoin for a ride now every weekend, for whatever algorithmic reason.
With Litecoin down, the profitability of the Luckycoin is now competitive even with difficulty around 2.

It seems the Luckycoinpool.com site has been taken offline by Cryptsy again.
After similar incidents some weeks ago with the Luckycoinpool.com most miners moved to the new Luckycoin community mining pool pool.luckycoin.cc anyway. I actually expected this move by Cryptsy to come a bit earlier.

Please join the miners on pool.luckycoin.cc!

With the accelerated reward reduction of the Luckycoin and the transition to ASIC miners it will be interesting to see where we will end up towards the end of the year. Mining profitability is quickly heading south, with the whole crypto market under pressure. Getting a good ROI on an ASIC miner at current prices might be tough over the next months.
I think the scrypt ASICs might be even heavily discounted later this summer, if the price erosion on the crypto market continues, and more and more coins move away from scrypt.

I have no intention to move the Luckycoin away from scrypt mining. In the end the miners want to mine and want to get paid a competitive rate. ASICs are much more environmentally friendly due to the lower energy consumption.

The inflation on the Luckycoin is already low, with nearly 85% of all coins mined. The impact of the miners on the market is gradually decreasing. The next mining cycle, 100,000 blocks, will produce about 1.25 million coins with a market value of about $2000 over a period of two months. At the end of the year no one should complain that there wasn't a good chance to pick up some coins.

I am planning a new Luckycoin client release towards the end of August based on the latest Bitcoin code base.

Thanks for the hint on the proof of burn strategy. I never really looked into the details of proof of burn.

I have been sketching some designs of a flexible crypto framework that would allow to process different block chains.
In the end we might get to a point where we can feed different block chains into one wallet and fuse the block chains together.

I think it is complicated. Converting old coins to new coins on relaunch is one time job. Your solution requires some tusted exchange with liquidity all the time. Maybe the solution could be to create new coin - aLKY - anonymous LKY and use Proof of Burn concept. If someone from LKY blockchain sends his coins to 1 well defined public address in LKY blockchain without private key, he burns and destroys his coins. This will be detected by anonymous LKY client and it will create new address in anonymous blockchain with that exact number of coins. The new anonymous address can be specified in that burning transaction as commentary.  Same can be done if someone wants to send coins from Anonymous LKY to old LKY blockchain. He can burn anonymous LKY and as a commentary will be new LKY address.  This way, the only task is to implement coin burn detection on another blockchain.  The drawback is, there will be 2 blockchains required for correct work. LKY will not be able to work without aLKY and vice versa. The cool part is,LKY blockchain will be same as BTC has, and aLKY will have same blockchain as Monero.  Problem is, that blockgeneartion will require miners to add detect burned transactions from other blockchain.  Mining can be hybrid, some on aLKY some on LKY.

A block chain level integration of the two technologies is certainly very difficult with the current code base.
We would need an even more general and flexible and configurable crypto framework to build upon.

On the other hand it is possible to use exchanges or other trusted entities to transfer coins from one network to another. An exchange address is designated as a coin "sink" on one side. All coins received at that address are exchanged and then sent to the other network. This has already been done for coin relaunches. Here it would be a permanent mechanism to let the coins flow back and forth between the networks. Still, there has to be enough liquidity in the exchange to make it feasible.

In this construction the Cryptonote network would act as a giant coin mixer network and as a companion to the Luckycoin network.

I just went trough Cryptonote blockchain paper(Very fast, I will have to to it again more deeply, but I think I understand basics thanks to my Cryptology lessons from my studies.). As far as I understand, almost everything is different. Group keys, Addresses, verification.. Almost nothing is common.  How you want to make hybrid solution? Do you want to modify protocol to use all those new features? Or to support both types? Old LKY protocol + new group key signing, with both old and new adresses? I can imagine it can be done, it should not be hard to be able to use 2 different type of transactions, if you solve the problem how to send coins from old address type to new one and back. But I have no idea what is the impact on blockchain. But If you manage to create such hypbrid solution, LKY will be much more expensive than monero;)

The https://www.megamultipool.com put a lot of hash rate on the Luckycoin network last night and drove up the difficulty.

I haven't seen a pool doing this for a while. I have sent them an email for comment.
I the mean time the network operation is back to normal.

Peercoin was an early spinoff of the ideas presented in the paper. Mining is a means to find temporary consensus, but only checkpoints set things in stone. If you have a quantum computer you could rewrite even the Bitcoin block chain back to the last checkpoint. The checkpointing system has been implemented in the Luckycoin at the end of last year and has kept the coin safe since then.

I have been researching the newer anonymity features. I am currently looking into options to link a Cryptonote type block chain with a Bitcoin type block chain. The Bitcoin infrastructure is currently much more advanced compared to Cryptonote, so it is a good idea to look at some hybrid solutions.

I am thinking along the lines to have a more anonymous sister network based on Cryptonote technology but link it closely to the current Luckycoin network. As I have outlined before the Luckycoin network will continue to play an essential role in the future.

Yes, we have got some good support on Cryptsy. The Luckycoin has seen even a bit less volatility compared to other coins, but generally the coins tend to move with the overall market. Selling pressure from mining is already relatively low and we are halfway through the third mining cycle.

The Luckycoin got some media exposure on Wired.com today:

Bitcoin Isn’t the Only Way You Can Mine a Digital Fortune
http://www.wired.com/2014/06/litecoin_mining/

I have read the paper, it is too abstract. Is there already something like this implemented? So you can use something what was already implemented somewhere else and tested. Anyway, it sounds like a good idea how to make the currency save for long run.

What about anonymity protocol? Are you planning something in near future?

The good news are there is a buy support forming on LKY on cryptsy, it seems not only me and you are interested in this coin:)

Sorry, voting finished in May:(

Luckycoin is essentially Litecoin/Bitcoin, so there are many options to adapt Bitcoin software.
The operator of http://www.blueyvpn.com/ implemented a Luckycoin payment option for his business.
You might want to get in touch with him.

CoinPayments is another option I am trying to get the Luckycoin listed.

While we are on the topic please vote for the Luckycoin to be accepted by CoinPayments.
https://www.coinpayments.net/vote