Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 45. (Read 1369787 times)

"We will provide 3 months withdrawal service..."

https://bter.com/article/11868

In general, I understand that. I was hoping for more details to understand it better.

Proof-of-stake is term referring to the use of currency itself (ownership) to achieve certain goals. In the NovaCoin proof-of-stake is used to provide mining and transaction processing on a par with proof-of-work.

Novacoin uses the mixed Coin-Age/CoinDayWeight approach to provide proofs of the stake. The proof-of-stake difficulty is adjusted so as to limit the rate at which new blocks can be generated by the network to 10 minutes target spacing rate. Due to the very low probability of successful proof generation, this makes it unpredictable which computer in the network will be able to generate the next solution.
How it's supposed to work?

It's performed through scanning all available inputs in order to find lucky one that satisfies following condition:

SHA256(SHA256(KERNEL)) < CoinDayWeight *  NetworkTarget

Miner has to find a SHA256 hash that is under the target value. Target is derived from network target using CoinDayWeight parameter. The proof is presented by kernel hash and header signature. Each coinstake kernel represented by structure of 6 fields, a some of this fields could be varied pretty freely.
Field    Type    sizeof    Requirements
nStakeModifier    unsigned long int    8    Shouldn't be modified manually.
nTimeBlockFrom    unsigned int    4    Timestamp for block which provided previous transaction.
nTxPrevOffset    unsigned int    4    Offset of previous transaction inside the block.
nTxPrevTime    unsigned int    4    Timestamp of previous transaction.
nPrevoutNum    unsigned int    4    Output number of previous transaction.
nTimeTx    unsigned int    4    Current timestamp.

The hashing result of a valid proof-of-stake value must be lower than block target. Miner tries to find this suitable solution by scanning all available unspent inputs with suitable CoinDayWeight.
How long will it take me to generate a proof-of-stake?

Just like with proof-of-work, no-one can say exactly. But there is an estimation of how long it might take. Calculations are quite similar with proof-of-work, but instead of hash we have coin-day-second here. So, at difficulty 1.0 we need ~ 4294967297 coin-day-seconds to find a block.

Probability of successful block generation during one day could be calculated from available CoinDayWeight using formula:

P = CoinDayWeight * 86400 / (4294967297 * difficulty)

Let's estimate probability for current difficulty (0.23482093):
P    Age    <= 30    45    60    90    120    8
Sum    -                   
1       0    0.0013    0.0026    0.0051    0.0077    0.0077
10       0    0.0128    0.0257    0.0514    0.0771    0.0771
100       0    0.1285    0.257    0.514    0.771    0.771

Average block generation time could be calculated as:

T =  4294967297 * difficulty / (CoinDayWeight * 86400)

Days    Age    <= 30    45    60    90    120    8
Sum    -                   
1       8    778.2    389.1    194.55    129.7    129.7
10       8    77.82    38.91    19.46    12.97    12.97
100       8    7.78    3.89    1.95    1.3    1.3
When can I start generating proof-of-stake blocks?

If you have balance then novacoind would automatically try to generate proof hashes for you. If you find a stake the reward is calculated using current proof-of-stake difficulty and coin-age amount consumed. The reward amount is added to your stake amount and is shown together in the "stake" field of getinfo output.

Because stake is withheld from spending for 520 blocks, if you do need to keep your balance around to be spent soon we provided a configuration option "reservebalance" to help you keep your balance from being used by stake. You can add a line "reservebalance=10000" to novacoin.conf and restart your novacoind. This way novacoind would try to keep your balance above 10000 coins when generating stakes.
What about rewards?

Block reward is based on Coin-Age parameter and proof-of-stake difficulty. A reward can be calculated using formula

nProofReward = min(10, CoinAge * (0.03125 / difficulty) ^ (1 / 3) * 33 / (365 * 33 + 8 ));

In other words, a reward is limited by 10 coins value, starts from 1 coin per Coin-Year and cut a half every 8x multiply of difficulty.

it is based on the amount of people running wallets with balances, earning interest

I have a question about the Mintcoin difficulty . I am looking at this http://www.fuzzbawls.pw/explore/MintCoin/ and where it says Difficulty: PoS: 0.22451874

I know PoS stands for proof of stake, but how is PoS difficulty different than PoW difficulty? How is this calculation made?  What is it's importance, and what is a good number/level for PoS difficulty to be at?

Where are you looking at? I'm looking in the delisted coin section of the website, but it doesn't look like it is delisted yet. It says it will be delisted though. Not sure when though. Any idea when it will be delisted? It says withdrawal support is given for 3 months after delisting. What then? Do they just confiscate/steal any remaining coins then?

Take note of current message on exchange Bter :

MINT-BTC is delisted

If you have coins on Bter then you should consider moving them ASAP.

Stay safe minters.

Hi,

any idea why latest wallet cannot connect? All other wallets are connecting fine just the mintcoin one is at 0 active conections

Thanks and Happy new Year Guys

I have a question regarding this in the 'For Future Consideration' section on GitHub:

"    Input Split/Combine. Management of a large number of inputs is tedious over a long period of time. As inputs are minted, they are split in half (unless they fall below the staketime threshold) which eventually results in the need to recombine inputs to maintain a reasonable minting time post-maturity. This feature makes the process much less time consuming, at the cost of a higher transaction fee.

Core / BackEnd Revisions:

    StakeSplitThreshold. Allow users to set a coin-value threshold for splitting an input upon minting. This will reduce the need to manually recombine resulting low-value inputs from the splitting that occurs when an input mints."

My question is,
If the splitting parameters are changed, doesn't that increase the risk to stall transactions on the network? If I understand correctly, every block needs a mature stake to run on; since each block is 30 seconds, and there is 20 days before a stake is mature, there needs to be at least 57,600 stakes to ensure the network doesn't stall. It would also create a much more volatile difficulty. Is there something I am missing here?

We are planning on setting up some discounts for orders paying with Mintcoin over the next few weeks on CryptoCloudHosting.org

If anyone has any ideas of any other offers / discounts you would like us to run with Mintcoin let me know.

https://github.com/MintcoinCommunity/MintCoin-Docs/blob/master/Wallets/2.0-Proposed_Revisions.md
http://mintymintcoin.com/MintCards.html

Also, work continues on the new 2.1 client. Hoping to have an official statement ready later this month (dependent on how much other work I end up having).