Topic: [ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer! - page 213. (Read 284958 times)

..and what is happoning after the generation of a PoB block

There is only 1 type of coin. A burnt coin is simply a coin that has been sent to a specific address that no one has the ownership of. They are burnt because one cannot spend them again, but once they are burned, they can be used to generate burn hashes which can generate a PoB block.

It sounds like the whales with powerful rigs will get the chance to mine huge amounts of the first coins. If the chance of hitting a PoB block rises if you have more coins in your wallet, then will the whales with huge amounts of the first coins be likely to get the most PoB blocks too?

It sound interesting , but when the coins are mined by PoW , and have to be burnet trough PoB - then there will come another coin which are burnet. So there will be 2 diferent coin if I get it properly - one "RAW" coin mined by PoW , and one that is burnet - ready for exchange. I read the article in your site and I can't understand the specifics about the process...

Well, the initial coins will be generated through PoW. Then, they can be burnt, used, or sold. If one does not have the capacity to mine Slimcoins through PoW, they could easily exchange/buy them and then burn them.

+1 ..I had similar question. That I understand is that you have to have some coins to put for burning. Where do you have getting theese coins from?

If people must first mine coins via PoW to obtain their first coins, will the people with powerful mining hardware obtain most of the initial coins? How will people with low power hardware stand a chance of obtaining their first coins?

excellent a launch date 

Russian translation of the slimcoin.org is not readable (is broken).

What non-traditional platforms will have binaries on release?

Android, Raspberry PI? It would be cool if even OpenWRT routers could mine it

botnet fest i guess

This is true, it is like PoW, if the incentive for mining becomes small, people won't buy as much hardware as they did when the incentive is larger. The network/users will self-regulate on the amount of coins being burned.

I was not too clear in my last post. By setting the total amount of coins to be that high, it will allow people to burn coins without the fear that there will be no coins left for the actual transactions.

Yes, there will come a time, it would be best if that time was not 1 year from release, but more time from release allowing the spread of Slimcoin's idea.

I will update the whitepaper on that note, but here is the general formula: The strength of the burnt coins mining halves every 350000 proof of work blocks, that halving is continuous and smooth.

Burn hash calculation directly from the source code documentation:

Larger burn amounts are more likely to generate a proof of burn block because their multiplier is smaller, thus making the final burn hash smaller. It is, again, like PoW, one could mine PoW with a small computer, and if they get lucky, they get awarded. If one mines with a bigger computer, they would get awarded the same amount, but are more likely to find a valid block hash.

interesting concept.

How to participate?

Hm.. nice concept. Might give it a closer look

I'm not quite sure I understand your reasoning. I think maybe you are not explaining the incentive very well.
However I do appreciate this idea for reducing reliance on Proof of Work.

So people must first mine coins via PoW to obtain coins. Then these coins can be burned via PoB to obtain more coins than if they were just mining through PoW. If there comes a time when they would get less coins from Proof of Burn than they spent burning them, obviously they should stop burning them. This has nothing to do with the max amount of coins. It would be exactly the same scenario if there were 200,000 coins rather than 2,000,000,000.

Regardless of how many max coins you have, there will come a time when you run out of PoW coins or when the multiplier will require so many PoW coins to be burned that it becomes uneconomical to burn PoW coins for PoB coins.

Also, there are certain vague points in your whitepaper that do not properly explain the exact functions of the system.

You make no mention of the specific formula that dictates how many PoW coins must be burnt to mine a PoB block.
I understand this changes over time in a linear fashion but some indication of the starting point would be nice.

Also, can we get a use-case example for the reduction formula?

this is vague.

Lets say 20,000 coins have been burned and then I burn 50 coins.
What is the formula for the multiplier? 0.0025 x internal hash?
Could you please provide a more in-depth example scenario?


As well, what is the benefit of burning big or small amounts of PoW coins? if the system is paced (i.e. you can only burn a PoB block every 3 minutes) wouldn't it make more sense to burn small amounts at a time? What is the relationship between number of coins burned and reward or reward schedule?

These are specifics that could greatly impact the success of such a system and so it would be beneficial to explain in more detail the exact functions.

WOW i have a crapola laptop would love to do this although my Friend she rents rigs for us so I will get her to mine it. Do you need any promotional blog posts at all? Do you give little bounties to promoters? I can blog about it on my alt blog too.

Meh, ill byte. 

Mined by any computer really, it does not matter how old.

definitely interesting.
So it could be mined by PC?

interesting ,