Topic: [ANN] MON | Monocle | Merge Mined on VTC Vertcoin - No Premine - Scrypt-N - page 74. (Read 145934 times)

This is getting really exciting! 

I believe many miners like me are waiting eagerly for the Monocle launch.  I have added a new function to the Vertcoin Combined P2pool List for First, Second and Third Networks to show pool operators who have indicated interest to add Monocle merged mining (as listed in OP).  For those who are unfamiliar, the URL for the site is http://coin.cubeconnex.com/poollist/ I hope this will make it easier for miners looking for p2pool nodes with merged mining.

Counting down ...

Monocle news: http://www.forexminute.com/litecoin/litecoin-inspired-vertcoin-announces-merged-mining-with-a-new-cryptocurrency-30545

OP updated with links to passworded wallet and source code zips

Yes I can understand that - we forsee the solution at release being a temporary one, hopefully a distributed mining solution will be available soon. As the situation stands at present however, there's no payout system at all for merge-mined coins in p2pool, and in BTC and it's merged chains, centralised pools have been the only way for individual miners to get payouts, so even though this temporary solution we're implementing isn't fully decentralised, it's still markedly better than the existing situation with BTC since it encourages mining on p2pool for VTC, albeit at the cost of making each node behave like a centralised pool for MON payouts.

Thank you for the post. I really wanted to get more details on the p2pool solution.

But I'm sorry, at the moment my reaction to this is: I'm out, as far as my public p2pool nodes are concerned. While I clearly see the difficulty to implement a shared chain solution, I'm definitely not doing anything like "collect & payout" for my VTC miners. For me, not having a pool wallet is one of the main reasons for using p2pool.

I've to think a bit more about what to make of this.

If it's your own node (and no-one else is mining on it) you can stay on the same port, yes. You'll need to add the --merged option to your p2pool config as detailed in the OP (and install the monocle daemon on the node). You'll then be mining your MON straight into the monocle wallet on the node.

Paul, can I simply use -w 9172 option and not change minor config if that is my own node?

Loots of new coins I can see for the past few days. I wonder which ones will make it.

Lots more p2pool nodes added to the OP. Please note that the port of your miner config will need changing on MON release, to switch from the "plain" vtc p2pool port in use at present to the merged-mining solution. The details will be released prior to MON launch.

There will be no changes to the p2pool code before launch. You could merge-mine monocle now if you had the wallet by just starting p2pool with

Since forrestv implemented merged mining support for Namecoin in p2pool some time ago. It's a bit on the proof of concept level though and has since been kind of forgotten by the maintainer I think.

Anyway, the problem with that solution is that it is essentially solo-mining for the p2pool operator (there is no sharechain for the auxilliary chain, that being Monocle in this case). If you connect to it with a vtc address as your username it will still pay out vertcoins to that address as shares are found, but all monocle blocks will have its payout sent to the local wallet on the p2pool node.

Which is why we are releasing a temporary solution (my p2proxy payment scripts) for public nodes, so that they can pay their miners. What p2proxy does is sit between the p2pool node software and the miner and maintains its own shares (with a difficulty different from that of p2pool). This is done to allow it to credit miners for work even when a share hasn't been found yet (like a regular pool). This means that the monocle blocks and Vertcoin p2pool shares that get found will be paid out to the pool's wallet (or some other address if you want) and paid to the miners addresses once the coins mature. But I'm not done updating p2proxy for monocle merged mining yet.. and I now I need to get back to finishing that up.

There will be a better solution later on but it requires a significant amount of time and testing, so it will not be out in time for launch (it was never planned for launch).

My question for all of this is pretty simple: what exactly will MON do that we can't already do with VTC or any number of other coins? Basically, it's "get free MON while mining VTC", but the problem is that since MON is essentially free to mine it will always be worth far less than VTC. All you need to do to see what merged mining does for a coin is look at Namecoin, IxCoin, and DevCoin -- they have very high difficulty and coins are practically worthless, as you get them for free while mining BTC.

I think the ulterior motive is to do something to try to bring some value into VTC mining, and that's great. I'm still holding all the VTC I mined near the start, but I haven't bothered mining more for some time as the ROI is very poor compared to other coins. Best of luck to MON and VTC.

who kown if the p2pool.be will be a merged mining

there are two days to implement the code ...

@BorisTheSpider can you update pools list witch will be merged ?

I have a public p2pool node and I'm on the mailing list. I haven't received any instructions yet and I haven't seen updates to the donSchoe github repo for monocle. It would be nice to give p2pool operators or private node operators a head start to at least get the pool nodes ready and prepare the eventual switch over. I'm not even sure how to run the p2pool daemon with monocle support enabled and about any other considerations.

Can you post those instructions at least ?

I want MON. Waiting

Doesn't matter what you do, someone doesn't like it! If you make it too much of an early adopter bonus, later adopters don't like it, if you make it too hard at the start, early adopters don't like it. We tried to balance the two and start at a difficulty and with an adjustment algorithm that ensures there's an advantage to mining early on, but that it is smaller than it would be if we started MON at a lower difficulty.

Also not my peace of pie =) BTW I am sure a lot of people will mine it from the start including myself. I love VTC from the start and I can't forgive myself a day I left it on low difficulty for stupid reasons.

also we start with a increasing block reward on beginning

Thanks, one thing I didn't understand, why you are screwing early miners? Why not make it 0.02 for example? I wanna catch at least 5 blocks. Anyway you are using a kind of KGW.
After all, I really like Vertcoin and bought it just 2 days ago, fuck, I lost already, but I don't care too much. I'll mine MON.

Hi Sammy,

Yeah with each MON block you don't necessarily get a VTC block, although when merge mining if your hash meets both the VTC target _and_ the MON target difficulties, then that hash is both a VTC and MON block.

So, like you said, you don't miss a ton by solo-ing MON for a couple of hours at launch.

You can solo it using the wallet just like any other coin. Starting difficulty is higher than the normal 0.00024414 that is typically used, for MON the starting difficulty is 2.0

@BorisTheSpider, could you answer my probably lame mining questions?