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Topic: [ANN] [PPC] PPCoin Released! - First Long-Term Energy-Efficient Crypto-Currency - page 62. (Read 684874 times)

sr. member
Activity: 650
Merit: 318
Some people made it known to me that they wanted to volunteer to be on the Peercoin/Primecoin team, but they didn't finish filling out the survey to sign up because they didn't have any specific area of expertise. There was no job listed that they felt comfortable volunteering for.

Because of this, we've set up a "General" category. If you don't have any specific area of expertise, but still want to volunteer and help out wherever you feel you can, try filling out the survey again and this time select the "General" category. Things are starting to move fast and we could sure use your help. The link to the survey is below.

http://www.surveymonkey.com/s/J9RNLPH

We even have a position for something called the swarm. We'll post action items that need you to email an exchange or respond to forum threads or news articles to defend Peercoin/Primecoin. All you need for this is an understanding of how the coin works so that you can promote or defend it.
sr. member
Activity: 650
Merit: 318
The interview will start in about 55 minutes. Look to the previous post for details.
sr. member
Activity: 650
Merit: 318
We will be having the round 2 interview of Sunny King on Oct 24th at 9:30 PM UTC. This will NOT be in IRC. It will be in the PeercoinTalk.org chat box. There was some confusion last time because there was a Sunny King impersonator in IRC answering questions. You need to be a member of the forum to view the chat box, so please register first.
legendary
Activity: 1621
Merit: 1000
news.8btc.com
My understanding of the white paper is that the coin age of the coins older than 30 days acts as a hashing multiplier. No luck yet for me, though I should have a few more coins reach the 30 minimum soon, so should hopefully see something happen soon.
Maybe 90 days is a better idea. I got my POS coins very soon after keeping them in my wallet after 90 days, but no luck with 30 days.
sr. member
Activity: 650
Merit: 318
sr. member
Activity: 650
Merit: 318
Round 1 of Sunny King's interview will be in about 55 minutes on the chat box at PeercoinTalk.org. The interview will be split up since there's so many questions.
legendary
Activity: 910
Merit: 1000
Quality Printing Services by Federal Reserve Bank
I have two announcements in case you haven't heard them yet...

Sunny King is doing an interview on Oct 17 at PeercoinTalk.org. We need you to submit questions to be asked. The details are in the following link...

http://www.ppcointalk.org/index.php?topic=600.0

Also, we're looking for volunteers to help expand the Peercoin/Primecoin team. We're looking for any kind of experience, technical, artistic, wiki writers, video production, etc... All you need to do is fill out the following survey to give us information about yourself...

http://www.surveymonkey.com/s/J9RNLPH

Thanks. Signed up.
sr. member
Activity: 650
Merit: 318
I have two announcements in case you haven't heard them yet...

Sunny King is doing an interview on Oct 17 at PeercoinTalk.org. We need you to submit questions to be asked. The details are in the following link...

http://www.ppcointalk.org/index.php?topic=600.0

Also, we're looking for volunteers to help expand the Peercoin/Primecoin team. We're looking for any kind of experience, technical, artistic, wiki writers, video production, etc... All you need to do is fill out the following survey to give us information about yourself...

http://www.surveymonkey.com/s/J9RNLPH
legendary
Activity: 2128
Merit: 1002
I don't understand why its called long term energy efficient crypto. It used the same energy mining bitcoin and ppcoin right? or am I missing something.

From wiki : http://en.wikipedia.org/wiki/PPCoin#Energy_efficiency

PPCoin's proof-of-stake system was developed to address the high energy consumption of Bitcoin.[1] For example, as of April 2013 the generation of Bitcoins was using approximately $150,000 USD per day in power consumption costs.[15] The proof-of-stake method of generating coins requires very minimal energy consumption; it only requires the energy to run the client software on a computer, as opposed to running resource-intensive cryptographic hashing functions.[1] During its early stages of growth, PPCoins will be generated by proof-of-work like Bitcoin, however over time proof-of-work will be phased out as proof-of-work difficulty increases and rewards decrease.[1] Proof-of-stake will then become the primary source of coin generation, which will lead to a decrease in energy consumption over time.[1]
newbie
Activity: 30
Merit: 0
I have some suggestions for improvement on the PPC has been sent to your mailbox, please check!
hero member
Activity: 490
Merit: 500
Has anyone setup a calculator which would tell you about how many coins equate to say BTC PoW hashing?  i.e. how many PPCoin would I need to own PoS mining to equate to a GH/s or TH/s or MH/s mining BTC?
sr. member
Activity: 434
Merit: 250
I don't understand why its called long term energy efficient crypto. It used the same energy mining bitcoin and ppcoin right? or am I missing something.
member
Activity: 88
Merit: 10
Do the coins just have to sit in the wallet to generate interest?
So coins on a paper wallet would generate interest too?
sr. member
Activity: 388
Merit: 250
My understanding of the white paper is that the coin age of the coins older than 30 days acts as a hashing multiplier. No luck yet for me, though I should have a few more coins reach the 30 minimum soon, so should hopefully see something happen soon.
member
Activity: 115
Merit: 10
ok thanks ... gutted that this seems a lot more random and unlikely to actually generate the 1%pa I thought it would Sad

So whats the optimal transaction size for this to work? 10PPC will take so long to get a PoS that it'll never happen ... 10,000PPC and it'll be forever sat in the 30 day timeout ... whats everyone's experience on generating PoS blocks?

Cheers

S.
full member
Activity: 203
Merit: 100

Also, when you find a PoS do you have to wait another 30 days before they start getting coin days or once your through the 30 days once you don't have to wait again?

Yes, The transaction moves to STAKE, gets confirmed in 520 blocks and comes back to your wallet as a new transaction with 0 coin days (30 day counter starts again).
member
Activity: 115
Merit: 10
Ah ok, thanks.

So a bunch of 100PPC transactions are unlikely to be 101PPC after a year as essentially transactions are like hashing power and 100PPC transactions will be like mining for blocks with 1Mh ... You might be fluky, but essentially pointless???

Also, when you find a PoS do you have to wait another 30 days before they start getting coin days or once your through the 30 days once you don't have to wait again?
full member
Activity: 203
Merit: 100
@sahkan - Ah brilliant, thank you. I didn't realise stake combined with the original transaction. That solves most of my worries as I won't end up with lots of very small transactions.

Also didn't realise it was a competition across the network! So essentially, if I have 1,000 coins I'll never get any interest paid as others will have much more and so the chances of getting a PoS stake are minimal rather than 1% pa? I thought everyone got interest as long as you gained a coin years worth in a transaction Sad

Cheers

S.

The PoS is similar to PoW but instead of hushing power an luck, you need the coin days and luck. So you coins will find a block with luck even if there are older coins on the network. The 1% reward refers really to PoS reward rather than Peer coins as a whole. The transaction that finds the PoS gets 1% (yearly) reward based on coin age, if your coins never find any PoS you don't get anything. If you keep them on an exchange like BTC-E they don't even accumulate any coin days, if you have them on mcxNOW at least you will get some interest paid out every 6hrs (I think it's over 1% atm). 
And on a side note, I just had my 766PPC transaction find a PoS couple of days ago.
member
Activity: 115
Merit: 10
@sahkan - Ah brilliant, thank you. I didn't realise stake combined with the original transaction. That solves most of my worries as I won't end up with lots of very small transactions.

Also didn't realise it was a competition across the network! So essentially, if I have 1,000 coins I'll never get any interest paid as others will have much more and so the chances of getting a PoS stake are minimal rather than 1% pa? I thought everyone got interest as long as you gained a coin years worth in a transaction Sad

Cheers

S.
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