Topic: [ANN][MEOW] KittehCoin Status Update #2... Revised Coin Spec! - page 4. (Read 12195 times)

4 times decrease yes, but only after block 200k, at which time the rewards would have been halved in the old spec as well, so this is really just an increase in block time to 60s versus 30s.  1440 blocks per day instead of 2880.

We went back and forth about this alot before deciding in the new specifications.  The old coin spec was definitely broken and would have resulted about 40% of the total coin supply being mined in the first 2 years, and another 30 years to mine the remaining 60% at a flat 1,000 MEOW per block - this just didn't make sense.  The new specification and reduced supply gives us a total mining time of around 8 years, with a much more gradual decrease in block rewards over the coin's mining period.  Overall, it's best for the long-term strength and value of the coin.

We really wanted relaunch with everything including the new coin spec on 1/27 but we're not quire ready, and it just didn't seem fair to adjust the rewards without letting the community know about it at least a week ahead of time, to give everyone a chance to mine on the old spec before implementing it.  We are trying to be as involved and up-front as possible in everything going on with this coin!

what`s the plan for getting on cryptsy?

The strength of any new coin is backed by the how well the dev team backs the coin. By the looks of things everything is in place to turn this into one of the best coins with the relaunch. Well done devs you will be rewarded in the long run.

Great thanks for clearing that up for me

Bomb nice to see a devoted dev thanks for the update.

these are definitely some hard working guys! thanks again for the hard work.

There has been an abundance of information preceding this spec change, it should not be a surprise to anyone. The initial spec was very broken. There are 4.7B coins currently in circulation mined by whoever has been mining since the original launch in December. We're announcing these changes a week before implementing them to keep everything above-board, these changes need to happen to assure the long term health of the coin. Anyone who thinks this is a pre/insta anything is very wrong.


Yep your coins are safe even if they are still with the ole reefer-smoking cat wallet You should make sure you update your wallet when we relaunch though for sure, and we'll have detailed instructions on upgrading on relaunch so that everyone knows their MEOW will be safe. We're of course doing all the required testing and such before these changes go live  

Salut to the best hard working dev on BTT right now. This will help Kittehscoin in the long run. Good job 

Just wana know, are all coins on previous wallets safe? I still have my coins on the cat with the cigarette, will I be on the right chain after the fork?
Thanks for all your hard work dan, really appreciate all this work you are the team are doing for this coin

We currently have a 30s block time for a 1000-100,000 MEOW Reward. That's 2880*50500 = 145,440,000 MEOW per day (in fact a little more as the random is between 1 and 100000, then increased to at least 1000 if it was lower).
Now we will have 1440*25500 = 36,720,000 ! This is nearly a 4 times decrease, which is gigantic.

I don't know if there was previous coins with a fork changing the rules as tremendously as that. I should be happy about it, being a big holder of MEOW's, but I fear this will make this coin perceived as a gigantic pseudo instamine for 4 weeks by a few lucky ones to have choosen this coin.

Well, the dev team certainly did put a lot of though into this change, so I'll put my faith in their decision.

Noice. Gotta get back to mining kittehs 

Thanks for the positive responses! This spec-change was done based on researching other coins that are successful, looking at coins that have failed or ran into issues like blockchain bloat, and of course... spreadsheets and formulas!

Based on a quick estimate yes- the reward change will occur roughly around block ~100k which should fall on or about 2/3/2014. Keep in mind max coins is being reduced too so the reward halving is proportional to that- until we get past block 400k then the tiers get shorter and rewards get cut in half every 100k blocks rather than 200k blocks before flattening out to 2000MEOW past block 800k.

Random rewards remain in place!

extra hard work, equals extra  special rewards...You are appreciated...

Great job guys

Cool! So the rewards will be halved basically? And this will start on block 100kish? 

Great work

This looks very promising.

Good work!

AMAZING Danosphere!

Coin Type: Scrypt
Block Target: 60 seconds (increased from 30s)
Difficulty Readjustments: 1 hours (unchanged)

Total: 25,000,000,000 coins. (reduced from 50B)

Great work!!

I cannot believe how many Dev's are now working on Kittehcoin!  Keep up the good work!

Wow things have been crazy the past few days. We got listed on coinmarketcap.com ahead of relaunch which caused a surge in miners and then some naughty kittehs decided to attack our biggest pools in an attempt to lower difficulty and get many more MEOWs all for themselves. Tsk tsk. Thankfully the community (and the team) responded quickly and more pools have been stood up to further distribute the network and give miners multiple places to go.

As you may have heard we were shooting for a 1/27 relaunch but because there are coin-spec changes coming we wanted to be above board with the community and announce them FIRST before forking. This will lead to a hard fork in the KittehCoin codebase and we will be coordinating with the major pools to perform the upgrade so miners are minimally impacted. Solo miners will need to update their clients.

Here is a rough timeline for our relaunch, and what you can expect with the dates:

• 1/25-1/26 or thereabouts - Official posting on bitcointalk, twitter and other forums announcing the revised coin spec (keeps things above board and lets people mine on old spec for one more week before the fork)
• 1/31 - Internal pulse check with dev team to make sure we are on target with all services for 2/3 relaunch
• 2/3- Official relaunch, this may just be services and coin spec going into affect but we may have some new features too. We will also launch the paperwallet, block explorer, kittehdice, an iOS app, paperwallet, the final cleaned up wiki, and the new website on this date (maybe more services+games too, working with partners)- they'd all go live at the same time and be posted in the same announcement.

~promotions, giveaways, getting listed on directories and exchanges, etc all happen after relaunch~

----
NEW COIN SPEC!!!

We will be changing the coin spec to improve the health of the coin, the blockchain, and repair damage done from the faltered initial launch. We are also doing this to avoid blockchain-bloat and other issues we've learned about from DOGE. Here is the new spec, this IS NOT YET IN EFFECT, will take effect 2/3/2014 with the relaunch.

Major spec changes include increased block time, reduced max coins, changed payout schedule to keep rewards proportional to the max coins reduction.

Coin Type: Scrypt
Block Target: 60 seconds (increased from 30s)
Difficulty Readjustments: 1 hours (unchanged)

Total: 25,000,000,000 coins. (reduced from 50B)

Special reward system: Random block rewards with a minimum 1,000 MEOW per block

Payout Schedule:
Blocks 1 — 200,000: 1,000 – 50,000 MEOW Reward
Blocks 200,001 — 400,000: 1,000 – 25,000 MEOW Reward
(schedule halving occurs here, note block distance change in reward schedule is every 100k blk down from 200k)
Blocks 400,001 — 500,000: 1,000 – 12,500 MEOW Reward
Blocks 500,001 — 600,000: 1,000 – 6,250 MEOW Reward
Blocks 600,001 — 700,000: 1,000 – 3,125 MEOW Reward
Blocks 700,001 — 800,000: 1,000 – 1,561 MEOW Reward
Blocks 800,001+ — 2,000 Reward (flat)

Total Block per day: 1440.

-----

Team Roster

AustinDizzy    - KittehCoin TipBot, Subreddit Mod
coderboo    - Crypto Expert
danosphere - Lead dev, jack of all trades
jonn4y    - Web dev, iOS Dev, ninja
lmfsthefounder    - Android Dev, service developer
majsta - Mining partners, community outreach
mbekhet    - Web dev
Mortimer452    - Math wizard, crypto expert, wiki curator
Nielsg93    - Community and social outreach and web dev
Prinzert    - Wiki curator
sebastien1234    - Wiki curator
snipsnoop - Wallet compilation

If you have any questions please feel free to ask. Also please note that user Ng93 is an official member of the devteam and will be happy to address any questions you may have as well. Thanks for supporting KittehCoin we're doing our best to make this a solid long-lived coin and make the relaunch a success!

Thanks,
Danno

TL;DR;
- Relaunch schedule for 2/3/2014
- Relaunch will feature primarily revamped websites, new services, games, and merchants
- Relaunch MAY have new client features but this is a MAYBE right now.
- Coin spec will changed at relaunch (See above)
- Team listing and roles - feel free to reach out to team members (see above)