Topic: [ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer! - page 189. (Read 284956 times)

Wow. Such broken concept.

Yes they could, except relative to the guy that burned 50 coins, the person that burned 1 coin would have a 50 times smaller chance of finding a block. Once a pool is made, both will get coins but the 50 coins guy would get 50 times the reward the 1 coin guy will get.

I did 17 but so far decay 0.000339

Ok, you should have let us know on time, i lost many coins experimenting!

One more question, is there a luck factor at all ? If I burn 50 coins now, can someone who burnt only 1 get the PoB reward ?

Unfortunately the initial stage turned out to be like this. Once this picks up and more people burn and a pool is made for PoB, the odds will equalize.

block 718 can not be pass
about 15 min...
oh..will done..
It pass..

Ok so whoever burns the max amount of coins wins the PoB war. Good to know, i will stick to PoW.

At a steady rate of 50 coins per 90 seconds (~15 coins from PoW and ~35 from PoB), the 250 million coin total will be reached in about 15 years.

There is no probability calculated as part of the algorithm for PoB. A burn tx can generate 1 burn hash every time a new PoW block is found. The greater the value this burn tx has, the smaller the burn hash is, thus the more likely it is to be selected as valid. The PoB algorithm does not work by selecting a node at random from the network like a lottery, it is the equivalent of PoW, except without the powerful hardware. In PoW, the most important hash is the smallest one, the rest are disregarded. In PoB, that smallest hash equivalent is the burn hash. Nothing prevents someone from burning 50 coins per block as does nothing prevent someone from buying faster hardware this the coins they mined.

How many did you burn ?

I would also like to know in how many years can 250 mil coins be produced ? At this rate few hundred years ?

Example POB:


CPUMiner : proof-of-burn block found 1398ebb0d12aa1c9dab41b3f3439e4a3e9feb3e210a1f931e34601e81e01eaee

SlimCoinMiner:
New Proof-of-Burn block found

 Block hash: 1398ebb0d12aa1c9dab41b3f3439e4a3e9feb3e210a1f931e34601e81e01eaee
  Burn hash: 0000006f8711e95721ef7f8c16bbf97b908149ab3795f6f7269e98d1c762eb00
Burn Target: 0000007e54500000000000000000000000000000000000000000000000000000
     Target: 00000026e9050000000000000000000000000000000000000000000000000000

CBlock(hash=1398ebb0d12aa1c9dab4, ver=1, hashPrevBlock=00000012881e41fb9744, hashMerkleRoot=9707306274, nTime=1401375310, nBits=1d26e905, nNonce=0, vtx=1, vchBlockSig=30450220378cdc531d9a14d310204fac29ce0487dfe3f82c10227c75cb1d50e773134519022100f9906d55a2527751fa6beaefc56230ebed54c3f7ca840bf4a4b75c61ee34f479)
CBlock General PoB(nBurnBits=1d7e5450 nEffectiveBurnCoins=1699908637 (formatted 1699.908637))
CBlock Specific PoB(fProofOfBurn true, burnBlkHeight 695, burnCTx 2, burnCTxOut 1)
  Coinbase(hash=9707306274, nTime=1401375310, ver=1, vin.size=1, vout.size=1, nLockTime=0)
    CTxIn(COutPoint(0000000000000000000000000000000000000000000000000000000000000000, -1), coinbase 044e4a87530101062f503253482f)
    CTxOut(nValue=52.39, scriptPubKey=025c6b63f6b0f6e56796d39e5f6deaaeff2d7ffaa65174a62f9ec81dcbeee83781 OP_CHECKSIG)
  vMerkleTree: 9707306274
2014-05-29 14:55:10 UTC generated 52.39
AddToWallet 9707306274  new

Burn all immediately and your coins are gone forever PoB is damn stupid. You need to burn per PoW block. The more you burn the better chance of hitting a PoB. Burn 40 and you get a PoB block of 50 for sure

What the burning strategy? Any difference between burning all immediately, or in portions?

How is this probability calculated ? What stops someone burning 50 coins per block thus gaining 99% probability of hitting a PoB block ?

thank you

Usually use rpcpass but my linux box wouldnt run slimcoind with rpcpass only rpcpassword. My other windows pc only has the addnode lines and that syncs too. I wanna finish work to see if i got anymore blocks and try to burn. Roll on 830

Is that why my wallet is synced & mining without error?

Anyway, i am out untill the dev explains the concept better. So far, most likely, someone is profiting on PoB difficulty, most probably the dev.

Burned over 100 coins, got 68 in return.

Windows QT client is so buggy, getting 0 balance while linux wallet shows correct XX balance.