As this ORE things are mineable forever, does that means the total supply of this coins became unlimited?
If that how it is, then how do you maintain the price of this coins?
The interesting part if you read the original post is that it has "No fixed reward and no fixed supply", depending on mining power it will adjust accordingly if I understand correctly.
There is no calculable supply. Only a likelihood: So for instance there are about:
1.206*10^24 possible ore positions:
On average only 1 in 830k positions yields a hash starting in the range fff4->ffff, which is only the gateway condition, so that reduces the probability to:
1.45*10^18
Then, there are only 9000 magic beans of Unsigned 32 Bit Integer which have to be exactly matched within the hash. Those obviously have a combination of 4,294,967,295 possible values, and the key has 60 chances to match one of only 9000.
This drops the possibilities to (and i've just roughly tried to work this out so please forgive some rounding):
182,306,394,022,900
Now these on average may have a value of around 0.48 veldspar (based on running some numbers this morning).
But, as depletion takes hold an exponential chance of finding ore which has already been mined occurs. Making, the emission not a straight forward line.
ANDThe ORE & Hashes are all incalculable and random. Which makes a straightforward calculation exceptionally difficult. It could be that some sets of bytes yeild many results and some absolutely nothing.
Thanks for the very well detailed explanation, and so like you mentioned in the medium article this is also going to make it very hard to get it listed on an exchanges but do you think p2p trading would be possible once transactions are working?
Yes, I think it would be possible. It is more about getting good feedback from the exchanges as to how they might need to operate. So far the Exchange i have contacted has not responded. But I have talked to lead developers from other coin systems to try and establish what kinds of interfaces they need and how wallet arrangements would work in practice.
I don't think the economics will necessarily make it difficult to get listed, that would be more a choice for the investors to make. I am not looking to make any sweeping changes to the way the coin operates, but, there will be a point where some decisions would have to be made about wether we take everything we have learned so far, and start again, run with modifications to the existing blockchain etc.
We are still alpha, and we would not have found these issues without significant input from miners, allowing us to work out how this concept worked in reality.
I will be posting another medium article within the next day detailing my thoughts and probably have a community poll to work out where to go from here, because the next formation (based on what we know), will be the final major structural change as we move into Beta/Release.
But I do want to make this absolutely clear, no-ones effort so far will be wasted, if we decide to shrink the ORE to reduce the supply then I will be converting existing tokens over to the newer, shorter format tokens and I will do that in an open and transparent way that is easily audit-able.
Then the community will need to decide if the wish to remain with the current fiat style denominations, or go for crazy satoshi numbers (which makes no difference but somehow make people more comfortable dealing with incomprehensible fractions).
As I say, the next major upheaval will kind of be the last hurrah before it gets more serious and starts to form an actual viable product.
