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Topic: [ANN][BITS][Bitstar] Now on Cryptopia, Nova and Yobit new wallet fork in testing - page 39. (Read 438039 times)

member
Activity: 126
Merit: 10
So what is the percentage going to be after 25% of this year (after May 2016)

Well the annual inflation rate and the APR 'interest' rate you can earn through staking are two different things under the new staking calculation of the coming codebase which removes the 'coin-age' and variable reward of the existing system.

For example, if the first year on the new codebase provides for a set block reward which equates to a 3% increase in the total number of coins after 12 months, the second year would still have the same number of coins being added as the first, due to there being the same number of blocks being produced, but the total coins in circulation would have increased, thereby resulting in a slight reduction in annual inflation for the second year of just below 3% and will continue reducing each year after that.

As of now people are able to leave their wallets switched off yet still receive an accumulated staking reward which is based on coin-age, thereby providing them with an amount of coins as though they had been staking the entire time, which is hardly fair. The new staking calculation rewards the same number of coins per block, meaning that if 10% of all the wallets are staking, they will each receive a proportional share of the total coins being issued. So there is a variable interest rate over the 12 months based on how much staking you do. If 10% of the coins are staked, they will earn a 30% APR but it still produces exactly the same number of coins added to the count each year.

You can thank Rat4 of Blackcoin for realising how to fix the inherently unfair and somewhat insecure (coin-age being able to be accumulated and lend excessive 'weight' to an attacking node is a potential security issue in standard PoS) previous models of staking.
http://blackcoin.co/blackcoin-pos-protocol-v2-whitepaper.pdf
With this new method there is incentive to stake continuously, thereby providing for a stronger network.

So, to answer your question, the new Bitstarcoin codebase is likely to go with a fixed block reward which will be equivalent to 3% inflation in the first year, offering the variation in APR for each staking wallet as discussed. This isn't completely finalised yet but is likely at this stage.

legendary
Activity: 1638
Merit: 1011
jakiman is back!
Wow. That's a lot of BITS. Much more than i expected.

On another note, i can see that my address is there with the correct (tiny) amount.
hero member
Activity: 666
Merit: 500
There are now 24 hours given for people to check their submissions and notify us if there are any errors or omissions.

All being considered correct there will be a table listing the allocation for the new coin distribution posted at 12:00 BST tomrrow.

it's 10% of all bits
25% of current bits

Just to remind you that when the new wallet codebase is issued with the new chain, the PoS is switching to the same fixed-reward process. This means that it will have the same number of new coins created each year which, as each year passes, creates for a decreasing inflation rate.

So what is the percentage going to be after 25% of this year (after May 2016)
sr. member
Activity: 313
Merit: 250
Well done with that, good work-around.

Unfortunatly, connections are gone after a while, and batl-qt stopped again accepting new blocks :-(

Have you completed your submission?

Yes, I did it before the work-around ;-)

Do you consider 25% as a success?
I do :-) Happy to be in!

Very happy to this hole process. Also happy to coming changes for bits. I believe these changes bring much value for investors. Now waiting excited about information of BATL.
member
Activity: 101
Merit: 10
Well done with that, good work-around.

Unfortunatly, connections are gone after a while, and batl-qt stopped again accepting new blocks :-(

Have you completed your submission?

Yes, I did it before the work-around ;-)

Do you consider 25% as a success?
I do :-) Happy to be in!
member
Activity: 126
Merit: 10
There are now 24 hours given for people to check their submissions and notify us if there are any errors or omissions.

All being considered correct there will be a table listing the allocation for the new coin distribution posted at 12:00 BST tomrrow.

it's 10% of all bits
25% of current bits

Just to remind you that when the new wallet codebase is issued with the new chain, the PoS is switching to the same fixed-reward process. This means that it will have the same number of new coins created each year which, as each year passes, creates for a decreasing inflation rate.
hero member
Activity: 666
Merit: 500
it's 10% of all bits
25% of current bits
sr. member
Activity: 313
Merit: 250
hero member
Activity: 2478
Merit: 695
SecureShift.io | Crypto-Exchange
sr. member
Activity: 313
Merit: 250
member
Activity: 126
Merit: 10
Submission process is now closed.

Code:
bDLi8JAcWmKTgV1w4Ps8Ap5qnK8rtECqW4   BB1kZ8G1SKjc2Y7853KsCxGg3zQn7uyDSE   655,007.00000000  
bFaAtcbGsR8dq1tc5iCjgWtuEGVhKDiP82   B5FeWQ1j9gzR3mfZbCTzH7J7FoABjYAUdn   1,000.00000000  
bFaAtcbGsR8dq1tc5iCjgWtuEGVhKDiP82   B5FeWQ1j9gzR3mfZbCTzH7J7FoABjYAUdn   500.00000000  
bG9ruqMiqk5VwSzgYB5EqunWLvDsuPwSkK   BFea1hMCNb1tbKskHtCssUruQPj6QBDXRZ   500,000.00000000  
bGTniUsALqM2RDg8TCJxrbCyjptER21anv   B9zHTiF38R4DvxspR2P4m4TeM3XVk3WUWq   874.88000000  
bGn6SKiuHoR1DrTiaXKTzGcQYrGvTLRA2s   BGXUMd3od6fviwkePDUgnH9JYELVQdWQJF   300,000.00000000  
bGsgMMQjwvQHJSbGgrhXBmPSnVsBj21oMU   BBDqyXcmtZQv4mXxbLjV8Z4wAmG5y6zNWw   5,000.00000000  
bHVhPvtDZzXs9tdoksCpUJpKQCaPPGdFwU   BKjye4v3ya5hgRgYXLHq74SgHAVbxRDsg8   4,723.39847500  
bJYBNbtfp9GF58VZtR9GiK58exGJxbdVEu   BDtugTWM85rxBy9hwP4qDGHPNargq2kisv   350,000.00000000  
bKhmmMCqC51AbJ251zMauWTB8CFMu4uxVk   B4vL45MJws5G1jvyjg7vmovLXDXmLbaGSr   100,000.00000000  
bKnPStC1yG69C1PicnQgKajav4xzFtY31a   BJjHBPVgQXL2WUw9nAKCi2PLQEcr8pQdGo   604,144.00000000  
bKnWHTZB2N8i7L496GBGEHHNtGTd2Cxr6v   BH1o1fJvva5wjZXuH4AXoLHkAcZEq8in6k   120,000.00000000  
bKnWHTZB2N8i7L496GBGEHHNtGTd2Cxr6v   BH1o1fJvva5wjZXuH4AXoLHkAcZEq8in6k   16,000.00000000  
bKpsrEwWGfqHoW9EviqVD7NqVxiALqUAbQ   BS5eUUdV6QiM1UQrBTVFEu8qXutxUA5WsJ   40,783.00000000  
bM7pPw5yn9pa62YY2D1mHGV6QSix9L7hky   B9hwAqZj3LL9EeUtdMU3srQykjk6bmKxc8   144,000.00000000  
bMPH9CwmFd1c36rCbFnebEUTKGNiKmNY7C   B5b2ichTnydoUnfc6xD7Ge7FjG1HZLSrXT   116,750.00000000  
bMUDhcd7SN5rtDotYwxk8Jz1UY4e6vMPMB   BReCEcQb8FfiBNf1qjqAU7JASq8u9hHWKY   25,551.60940800  
bMYgThEfBn5DE5evhbYAVXYoHKPQ6gyjqj   B8RXm3jV6gWsmfTfvEswMn3UZgs7AYSkR1   3,031.37403100  
bPbBSCpQHPqV8mYqyaJpzGas59zBzc4qMo   BCzNjKsZX4P81FbvADuevz8Y1w6NmAVgNU   400,000.00000000  
bPk1u4qkR63PvXQtkWspTpizbotPcWcTez   BNSpNBqZg86VYxmSgHowyMGaxqQRr8Aeov   100,000.00000000  
bR8fH1QSJVYmRXB3SVzgoc8Z8yX2mmv4AW   BDiFghxmLDHY7SVLxYWMXrpRxj1ZiRrJSU   22,404.21273300  
bR8fH1QSJVYmRXB3SVzgoc8Z8yX2mmv4AW   BDiFghxmLDHY7SVLxYWMXrpRxj1ZiRrJSU   13,448.50834100  
bSyhnBguySZNS6q8dNARBGeur6KrgaoNPZ   BKR87VMcNQhgBSGuxjTDD6AvSvkcipi926   192,884.00000000  
bT9cA6Wyi3cKjjnK9ht3BupKKUEathB3b9   B5DoHU5sw93FTCNTC1TxLXo7cPGQNx55Hx   49,000.00000000  
bUAhU9qCP6QDY9rEhAbrk3wDH8hGRA1HsR   BLeVERCtNTzVEqqk7GiqfhBePHnjFsu5FM   112,000.00000000  
bUE4Dvzt9HTitcRKzwKxmbtKCz81BADcZP   BMme4HUWmaaLmwQv7waMJi2KyvzLEQ8Z6Z   2,999.99000000  
bV9E5Gz1W8ofAYGTEwnEFJ5hRbD84Porvp   BMaHRsi1dAaCmzEY3EX7PcnnYe7hemXnkw   30,886.23632500  
bVTXVU56zd3XLAzJLpJdL8XhE7xZ6juRuQ   B6x4SsGhgJDLBAidTWp3juSrF5xad16G8a   150,000.00000000  
bVTXVU56zd3XLAzJLpJdL8XhE7xZ6juRuQ   B6x4SsGhgJDLBAidTWp3juSrF5xad16G8a   200,000.00000000  
bVWqUp2u1PuvxeicfGPTxGgHQTzVhfGaks   BLc6i5vwJTuhjPTAs5aSRZUKHjmKF4mMt9   149,869.33460200  
bVtL2EzzD6MTVsgQRYRpfeMn6v96qdb9wq   B7oTZZTZ8mJgpgXJicVwzsdHPyj5dG14YP   75,000.00000000  
bYUmkA5aJeUzdqAhqrwTY7sbzCd3jcPsWE   BJL2aGXUBqeR5J9x2HkHqb1FEmoPBu79Ao   67,000.00000000  
bYZM9K6LLxLE7HB7fDzSYw6QMigGX6pD4Q   BFP16A4GzeD7eYkeWUkR2xtavvTvbdxPPn   70,000.00000000  
bZZa2BmxH5Q6w8RruwP9rwpktNJwPxBqTo   BBEt87uX1E68jLJj7pUaetuiRYVpSVAt2Q   40,000.00000000  
bZxXr7agp1YP92HSyxhWxAdst1ZxSv3Ppm   BSnWsmtTMGou3u6QaeATx3Hbw3XTN6uGiY   90,000.00000000  
baEuWbGvmouxDRtGtQiNH58y8McrRK6ivb   BM22P9n4UMA2wtG1jNWCi6x8ntQZadMfU8   1,869.88740100  
bam1TECTFS59VpiQB7ZxpoTdWQFLoSmoz9   B8G4xz2GUBEA7jtBANMdCCqs5NhQTVZPWx   54,344.35660900  
bbWYT1NbtYSaKe5pFaid5pgHH29gDrvBst   B7CYQRAYQbnjGdPcpsLFq6GtgEwLoQveoH   300,000.00000000  
bbgET7Zs3kXQayVvravtVw9DxuMCfivBSL   BQ4DAyqf72XL8KPCwCPwbGHEAewW5rnwh3   10,000.00000000  


table count: 5,119,071.78792500
wallet balance: 5,119,071.78792500

Please quote this post so it cannot be modified.
member
Activity: 126
Merit: 10
This is the TEN MINUTE warning.

There are only 10minutes remaining for the submission process. There will be no further warnings.
sr. member
Activity: 313
Merit: 250
So far great work from Bits dev team and T3cltd! Happy to be in this community!
member
Activity: 126
Merit: 10
Ok, with no requests for an extension, we are calling this the FINAL HOUR for submissions.

60 Minutes remaining.
hero member
Activity: 655
Merit: 500
Well done with that, good work-around.

Have you completed your submission?

As things currently stand we are likely to be calling the last hour before cut-off in the next ten minutes as we've not had any requests for an extension.


Let's do it! I'm in, and excited Smiley
member
Activity: 126
Merit: 10
Well done with that, good work-around.

Have you completed your submission?

As things currently stand we are likely to be calling the last hour before cut-off in the next ten minutes as we've not had any requests for an extension.
member
Activity: 101
Merit: 10
Well seeing as it is a new chain it syncs pretty much instantly so as you requested the source code in order to compile it in Linux it would suggest something is amiss there. I've asked the devs to check.
I succeeded to sync this way:
  • compiled batld on raspberry pi
  • launched batld
  • wait a few minutes (saw block 1017: was better than block 4 ;-))
  • deleted everything on my other computer except .conf and wallet.dat
  • copied everything except .conf and wallet from rasp to computer
  • the QT version works fine now :-)
member
Activity: 126
Merit: 10
Approximately how many BITS have been sent for the burn process and how many unique addresses?

That information is not being released until the snapshot is taken at the cut-off time. At this point it s only of use to speculators.
hero member
Activity: 655
Merit: 500
It is scheduled to end at 12:00 today. That'll be 12:00 BST/DST what with the clocks having gone forward.

If there are calls for it to be extended for a few hours we are open to such requests.

The process will be that we will provide an update in the final hour announcing a 60minute countdown for final submissions. As soon as the submission period ends a table listing all the deposits will be posted, meaning that any further deposits made to those addresses will not count.

We'll give some time for the community to confirm they are happy that all looks in order and then will post a second table listing the proportional share each deposit will receive. Once confirmed by the community again that the numbers tally we will begin sending the coins to the listed receiving addresses and seek confirmation that everyone has received the number of coins they expected.

Finally, once the distribution has been completed the Bitstarcoins in the deposit addresses will all be consolidated into one address which can be monitored by the community until the new BITS wallet is released. This new codebase will omit that address in the new chain, resulting in a confirmed burn and reduction in total coin supply.


Sounds like a reasonable plan! IMO extending the burn deadline will cause problems, so just close when the time comes. Looking forward to learning more, and following the experiment
hero member
Activity: 585
Merit: 500
It is scheduled to end at 12:00 today. That'll be 12:00 BST/DST what with the clocks having gone forward.

If there are calls for it to be extended for a few hours we are open to such requests.

The process will be that we will provide an update in the final hour announcing a 60minute countdown for final submissions. As soon as the submission period ends a table listing all the deposits will be posted, meaning that any further deposits made to those addresses will not count.

We'll give some time for the community to confirm they are happy that all looks in order and then will post a second table listing the proportional share each deposit will receive. Once confirmed by the community again that the numbers tally we will begin sending the coins to the listed receiving addresses and seek confirmation that everyone has received the number of coins they expected.

Finally, once the distribution has been completed the Bitstarcoins in the deposit addresses will all be consolidated into one address which can be monitored by the community until the new BITS wallet is released. This new codebase will omit that address in the new chain, resulting in a confirmed burn and reduction in total coin supply.


Approximately how many BITS have been sent for the burn process and how many unique addresses?
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