Topic: [ANN][GRA] Graincoin - New PoW/PoS coin | Fast, secure | Version 1.5 Released! - page 2. (Read 177059 times)

How the PoS is working.

When you get some GrainCoins in your wallet by any means (transfer, PoW minting, the output of the previous PoS mined block) the count of coin age starts.
When a single input get 10 days old it become eligible for searching the PoS blocks. It's weight grows day-to day until it get 30 days old, then the weight remains constant until that particular input is not spent. The more weight an input has the more probability that this input generates a PoS block. When the PoS block is found using some input then a few things happens:
1) a new coinstake transaction is created;
2) if the the block that contains the original transaction is younger than 30 days, then the coinstake transaction get two outputs, i.e. the input value is split in two parts. If the block is older than 30 days, then the split does not happen;
3) if split happened and the selected input value is less than one third of current PoW block reward then extra eligible inputs are added to this transaction until the total exceeds one third of current PoW block reward;
4) then the coinstake reward is calculated based on cumulative coinage of all used inputs expressed in cents per seconds;
5) then a PoS block is created using this coinstake transaction and submitted to the network.

All used inputs are spent in the step 5. The new output(s) start their own life with zero coin age.
If the block get orphaned due to any reason, then the transaction had no place and thus the coin age of used inputs remains intact.

So, basically you need not to run your wallet 24/7 if you have no many inputs. However, you can't predict when exactly all your inputs would create a PoS blocks. The only thing you could be sure is that the wallet will not generate any PoS blocks while any of your inputs are younger than 10 days.

No, go to the console window and issue 'reservebalance false' command as it done synchronizing


Preferably yes, but not really. It depends on how much separate inputs you have. I will describe how the PoS is functioning in the next post

Fricken awesome! That worked like a charm.

Okay so I would just start the wallet back up again once its done syncing? Plus how does the PoS work? Is this something that the wallet needs to run 24/7 in order to get?

He means from a command prompt from the folder your QT is in.

Open a command prompt... change directory to where your grain-qt.exe is... then launch it with this command...

grain-qt.exe -reservebalance=999999999

that should launch the wallet and tell it NOT to stake anything less than 999999999 GRA. Once synced... close and then launch as usual.

Do not delete the already loaded data if you are behind 1000 blocks.

Yes, you could do this from console, but then in a bit different format:


Replace 100000 with appropriate value. As it freezes it is simpler to close the wallet and start it with '-reservebalance=' option. To do this issue the following command at windows command prompt or in the 'search' box that is at bottom of the main windows menu (I don't remember how it is titled):


please note the quotes in the sample above.

When it get in sync, then issue the following in the console window:

Okay now your speaking something I have not done ever with a wallet. Does that go into the console? If so that might be a problem too unless I delete everything from the appdata folder again and re download the block chain due to the wallet freezing all the time....as in not responding

Yes, it could be. To disable the PoS minting you could use '-reservebalance=' switch. Set to the amount that is bigger than your total. When the wallet get in sync - restart it without this option.

My wallet lags really bad trying to get it to sync. As in not responding, then might load up a block and pause again. Been trying for 36 hours to get it to fully sync and not doing so well... about 1K blocks behind. Could it be due to the age of the coins in wallet? I have not spent one grain on anything so they are from the start of the coin.

Syncing so TYVM!

Now... you need to detail the POS specs in the OP... did not find one mention of percentage or timing in the OP nor the other forum other than the website stating 5% annual interest.

Try these, please:

Other than we are awaiting a fully patched and updated client... why will my QT never connect anymore? Added all the addnodes listed... never syncs... not even on a new clean startup no chain or wallet or peer.dat.

This sounds interesting, but I'm wondering how it could be applied to a p2p decentralised network.

1. How would a "too high" and "too low" price be determined? Would the participants decide this (through voting as some coins do), or some central authority?

2. How would nodes be able to independently access market pricing in order to calculate the rewards for the next X blocks?

To use a cryptocoin to sell grain, I need a futures market. To have a viable futures market, the coin itself has to be able to react to changes in demand for the coins by changing the total supply of coins. There are several (proposed) ways of doing this. The biggest limitation I have seen so far is community and developer unwillingness to consider changing the coin supply dynamically based on coin demand.

What I would propose is when the average contract price for physical grain is too high (i.e., there are too many coins), that some kind of demurrage system, or destruction of transaction fees be implemented to remove coins from circulation.

When the average contract price for physical grain is too low (i.e., there are not enough coins), then increase the stake and mining block rewards, so everyone has more graincoin to bid up the price of physical grain contracts.

Really great news!
Thanks for your effort.

Good, thank you. Please, update the contact details as bosian is not going to be active, at least in nearest future.

P.S. Please send me your GrainCoin address so I can make a donation to your site (you could wait with it until I release the updated version as it will be accompanied with the copy of the current block chain to speed up the fresh installations and updates)

I believe that only trade for goods or services creates value of money. I am open to discuss any possibilities to extend the GrainCoin applications in legal market. However, it is not completely clear now how you would like to implement the relation between total GrainCoins in circulation and the total world commodity grain production. Right now I have no time to look thoroughly the model of PetroDollar as I am behind of schedule in fixing the bugs and performance improvements. I was planning to finalize this work around the moment the network reaches block #630000 but I failed. Nevertheless, I am planning to schedule a protocol switch-over (a hard fork) on June 01, 00:00 AM GMT.

@Community:

Progress update:

The most of necessary fixes to the protocol are implemented and being tested. The startup time excluding the time required for synchronization with network reduced from minutes to a few seconds (on my testbed PC the time to load block index reduced from 8 minutes to 10 seconds). The issue with bad response time when the wallet performs stake minting is solved. The excessive orphans issue is solved as well. As I said above I am presently planing to schedule the hard fork at midnight on June 1, Greenwich time. Stay tuned.

I need an elastic cryptocoin (see http://cryptonomics.org/2014/01/15/the-marginal-cost-of-cryptocurrency/ ) that I can sell grain with (okay, technical food-grade non-gmo soybeans), for fall delivery. Would the grain community be interested in me working with Bee7 to implement the code changes required to link the total 'grain' in circulation to the total world commodity grain production? (see http://petrodollar.org/ for a different kind of example)

This would, in some ways, make grain a commodity index, and then give me a cryptocoin that I can work with for selling soybeans grown in the US to China without paying corruption fees to all the high-frequency traders, hedge-fund managers, and corrupt government officials (which are mostly in the US... look at the number of former Monsanto executives with high-level positions, and number of former USDA people with large salaries from Monsanto)

you can mine it, but only solo at this time

Looks like it. I just synced and mined a few blocks. Difficulty is low enough that you could CPU mine right now.

edit: on second thoughts, things may not be quite so easy. My mined blocks were accepted, then orphaned some minutes later by a large correction.