Topic: [ANN][SBC] From Death Comes Life – The Rebirth of StableCoin - URGENT UPDATE - page 92. (Read 198730 times)
November 27, 2013, 01:18:54 PM
I believe most of the pools have been shutdown due to inactivity... Understandable. The difficulty is still very low so solo mining is possible for now until someone decides to set up a new pool.
November 27, 2013, 01:16:18 PM
welcome back=) might as well throw some hashes at it.
November 27, 2013, 01:14:24 PM
GLOBAL AWARENESS CAMPAIGN
I'm excited to announce that our global awareness campaign has officially kicked off. The goal is simple - to expand awareness and adoption of StableCoin outside of our little altcoin forum here. Individuals all over the world will be working to accomplish this goal, both at a local level and through online venues.
As the new logo suggests, our first stop will be China. An old business partner of mine who is based out of Shanghai will be leading this effort. The Chinese have immense interest in cryptocurrency, and we are confident that once they become aware of what StableCoin has to offer, they will be eager to hop on board. 安稳币 is the Chinese name for StableCoin, and is pronounced as Ānwěn bì. You can check out the Chinese version of the website at http://anwenbi.com.
Chinese Release Thread: https://bitcointalksearch.org/topic/sbc-356709
We are currently seeking out more people who would like to join the campaign. If you feel you have something to offer, do not hestitate to get in contact with me.
STABLECOIN DEVELOPMENT FUND
These funds will be fully accounted for through a ledger in the main post and will be used for the following:
*Further development
*Fund necessary activities such as marketing, translation, etc
*Fund the development of various services
*Giveaways
*Bounties
*Other uses as the community sees fit
If you would like to contribute to this fund, the address to send to is shQpTvLDsgCURkfqyBuCjL79aqYwti2FEJ
Expenditures: 225 SBC for French+Serbian translations, 1400 SBC to altcoin tip bot
EVERYTHING ELSE
You can read more about StableCoin in the original thread: https://bitcointalksearch.org/topic/annsbc-stablecoin-a-new-breed-of-cryptocurrency-v12-released-227766
Information on our planned mixing service: https://bitcointalksearch.org/topic/ann-fighting-coinvalidation-introducing-the-new-stablecoin-mixing-service-353971
Development will be charging on full speed ahead. Several positions are open for those interested in helping out with the project. Send me a Private Message for more information.
November 27, 2013, 01:12:36 PM
RETHINKING CRYPTOCURRENCY FROM THE BOTTOM UP
Extensive testing using network simulation software has shown that 40 seconds is the optimal block time. This allows ample time for blocks to propagate across the entire network. It gives us fast confirmations, while minimizing orphans and forking issues that we saw affect faster coins like WorldCoin and FastCoin. Long term, it will also help keep blockchain bloat down. Our testing has shown that a block time lower than 40 second makes a coin unsuitable for long term stability and growth. We recognize the desperate need for a fast confirming coin, and offer the sweet spot between speed and stability.
Scrypt was chosen as an encryption algorithm. Other candidates were Blue Midnight Wish, SHA3, and Skein. After much analysis we came to the conclusion that such algorithms make for a nice selling point, but fall short of Scrypt in terms of securing a blockchain. Our aim is to create the best coin possible, not lure you in with gimmicks.
We've changed the magic number for StableCoin. What is the magic number? It's an often overlooked, but very important, variable within the code of bitcoin. This value affects how the entire blockchain is formatted, and is a key factor in determining how peers are matched up over the network. Failure to change this value opens the door to many vectors of attack. Ever load up an coin client and have it start to download the Litecoin blockchain? That is because the developers of that coin neglected to change the magic number to a unique value.
Block reward is 25 coins per block, with a block target time of 40 seconds. Difficulty will be recalculated every 90 blocks, which is much lower than other coin releases. We choose this value for several reasons:
1) It allows the network to find it's natural difficulty much faster, ensuring a fair and accurate spread of coins.
2) It prevents blockchain stalling from ever happening. No one likes having to issue a hardfork.
We want StableCoin to be a steadily mined currency, not one that is pumped and dumped. These values will assist us in reaching that goal. A total of 145 million coins will be minted, with block reward halving every ~3.7 years.
We believe the strongest asset a coin can have is active, talented developers. We will be on the forum daily answering questions and resolving issues, as well as helping to grow StableCoin by working behind the scenes to develop and deploy services that will ensure success.
FAIR LAUNCH
In addition to a 12 hour preannouncement, StableCoin will use the fairest scaling reward system of any coin so far to ensure the fairest launch possible. This is to ensure that early miners do not have an advantage over join late. Our goal is to not have a disproportionate amount of coins created within the first 24 hours. Mined blocks will mature after 35 blocks.
Block 0-90 0 coins
Block 90-180 1 coins
Block 180-270 2 coins
Block 270-360 3 coins
Block 360-450 6 coins
Block 450-540 8 coins
Block 540-630 12 coins
Block 630-720 15 coins
Block 720-810 18 coins
Block 810-900 22 coins
Block 900+ 25 coins
MINING POOLS
Pushpool:
http://sbc.cryptopool.it/
http://www.coin-base.org/stablecoin/
http://sbc.cryptoculture.net/
http://sbc.ub3rl33t.com/
http://www.miningpool.co/stats/SBC/
http://sbc.pnwminer.com/
http://stablecoin.miners-pool.eu
http://sbc.hashrate.ru/
http://sbc.coinarmy.com
https://sbc.nut2pools.com
http://sbc.altminers.com
P2Pool:
http://pool.play4.co.uk:9119 (Info at http://play4.co.uk)
http://sbc.lowend.fm (stratum+tcp://lowend.fm:7977 -u WALLETADDRESS -p anything)
SERVICES
Block Explorer: http://sbc.blockexplorer.io
Paper Wallets: http://stablecoin.net/sbcaddress
EXCHANGES
Cryptsy: https://www.cryptsy.com/markets/view/51
CoinedUp: https://coinedup.com/OrderBook?market=SBC&base=BTC
OFFICIAL SITE
http://stablecoin.net
http://anwenbi.com (Chinese)
http://stablecoin.de (German)
http://stablecoin.net/es/ (Spanish)
http://stablecoin.pl (Polish)
OFFICIAL FORUM
http://forums.stablecoin.net
Extensive testing using network simulation software has shown that 40 seconds is the optimal block time. This allows ample time for blocks to propagate across the entire network. It gives us fast confirmations, while minimizing orphans and forking issues that we saw affect faster coins like WorldCoin and FastCoin. Long term, it will also help keep blockchain bloat down. Our testing has shown that a block time lower than 40 second makes a coin unsuitable for long term stability and growth. We recognize the desperate need for a fast confirming coin, and offer the sweet spot between speed and stability.
Scrypt was chosen as an encryption algorithm. Other candidates were Blue Midnight Wish, SHA3, and Skein. After much analysis we came to the conclusion that such algorithms make for a nice selling point, but fall short of Scrypt in terms of securing a blockchain. Our aim is to create the best coin possible, not lure you in with gimmicks.
We've changed the magic number for StableCoin. What is the magic number? It's an often overlooked, but very important, variable within the code of bitcoin. This value affects how the entire blockchain is formatted, and is a key factor in determining how peers are matched up over the network. Failure to change this value opens the door to many vectors of attack. Ever load up an coin client and have it start to download the Litecoin blockchain? That is because the developers of that coin neglected to change the magic number to a unique value.
Block reward is 25 coins per block, with a block target time of 40 seconds. Difficulty will be recalculated every 90 blocks, which is much lower than other coin releases. We choose this value for several reasons:
1) It allows the network to find it's natural difficulty much faster, ensuring a fair and accurate spread of coins.
2) It prevents blockchain stalling from ever happening. No one likes having to issue a hardfork.
We want StableCoin to be a steadily mined currency, not one that is pumped and dumped. These values will assist us in reaching that goal. A total of 145 million coins will be minted, with block reward halving every ~3.7 years.
We believe the strongest asset a coin can have is active, talented developers. We will be on the forum daily answering questions and resolving issues, as well as helping to grow StableCoin by working behind the scenes to develop and deploy services that will ensure success.
FAIR LAUNCH
In addition to a 12 hour preannouncement, StableCoin will use the fairest scaling reward system of any coin so far to ensure the fairest launch possible. This is to ensure that early miners do not have an advantage over join late. Our goal is to not have a disproportionate amount of coins created within the first 24 hours. Mined blocks will mature after 35 blocks.
Block 0-90 0 coins
Block 90-180 1 coins
Block 180-270 2 coins
Block 270-360 3 coins
Block 360-450 6 coins
Block 450-540 8 coins
Block 540-630 12 coins
Block 630-720 15 coins
Block 720-810 18 coins
Block 810-900 22 coins
Block 900+ 25 coins
MINING POOLS
Pushpool:
http://sbc.cryptopool.it/
http://www.coin-base.org/stablecoin/
http://sbc.cryptoculture.net/
http://sbc.ub3rl33t.com/
http://www.miningpool.co/stats/SBC/
http://sbc.pnwminer.com/
http://stablecoin.miners-pool.eu
http://sbc.hashrate.ru/
http://sbc.coinarmy.com
https://sbc.nut2pools.com
http://sbc.altminers.com
P2Pool:
http://pool.play4.co.uk:9119 (Info at http://play4.co.uk)
http://sbc.lowend.fm (stratum+tcp://lowend.fm:7977 -u WALLETADDRESS -p anything)
SERVICES
Block Explorer: http://sbc.blockexplorer.io
Paper Wallets: http://stablecoin.net/sbcaddress
EXCHANGES
Cryptsy: https://www.cryptsy.com/markets/view/51
CoinedUp: https://coinedup.com/OrderBook?market=SBC&base=BTC
OFFICIAL SITE
http://stablecoin.net
http://anwenbi.com (Chinese)
http://stablecoin.de (German)
http://stablecoin.net/es/ (Spanish)
http://stablecoin.pl (Polish)
OFFICIAL FORUM
http://forums.stablecoin.net
November 27, 2013, 01:10:52 PM
BACK FROM THE DEAD
http://stablecoin.net
I'm sure many were disappointed and confused when I vanished earlier this year, and StableCoin development grinded to a halt. My life's been playing out like something out of a Hollywood movie. I do not want to talk at length about the situation at the moment, but it's been a very harrowing experience. I've been disconnected from the rest of the world for the better part of 5 months and have had a lot taken from me.
That being said, it's amazing what can change in 5 months. I feel like I've stepped into a new world. Cryptocurrency has gained more ground that I've ever imagined possible in the timeframe. With it of course, new challenges arise. CoinValidation in particular has caught my interest as I catch up with the latest developments. Anonymity is now even more important than ever. It was one of the driving factors of StableCoin development, and will continue to be going into the future.
To that end, one of the key services I wanted to offer when StableCoin launched was a coin mixing service. Such a service would allow users to 'clear' the trail of their money, and even send money anonymously. The gist of it is that you could send, for example, 100 coins in, and receive 100 coins out. This destroys any associations a coin may have, and lends to anonymity.
The mixing service I described when I launched StableCoin was, I admit, very poorly thought out, so it will be nixed in favor of a new, revolutionary mixing service.
A FOCUS ON ANONYMITY – THE NEW MIXING SERVICE
A dedicated master mixing address is designated. This is place that all funds that are to be mixed will be sent to. From here out, we'll call this the master node.
When sending to this address, it will be designated as a special type of transaction. All of this will be done through a dedicated mixing tab in the client. These transactions will have an additional data field that stores an obscured version of the address you want the mixed funds to be sent to. The address will be joined with 80 characters of random data, for privacy purposes. For example:
r7ru5JaNMugN2GK4mrmVmLpSgTXXCWzeL4dGzznV6YWhxq4K2aM7Tcz6VgUNxaLJ7Jzu9fZYmHZmRE4 TsajaWXsFiQNbH8bzQygYS1UeXqgTRJZQA7
The resulting string is then encrypted, using the public key of the master node. When the master node receives such a transaction, it decrypts it using it's private key. The node then strips the first 80 characters, leaving it with the address (the bold part) to send the mixed funds back to.
When sufficient conditions have been met, the master node will create a new set of transactions to send out the now mixed funds. These transactions will be signed, encrypted, and then sent over to another node who's job is to decrypt and broadcast it. All nodes involved will be running on the TOR network. By doing it this way, we are able to obscure where the master node it.
In a time where privacy is a hot button issue, StableCoin will be positioning itself as a leader in anonymity.
For those interested, a more detailed explanation can be found in this topic: https://bitcointalksearch.org/topic/ann-fighting-coinvalidation-introducing-the-new-stablecoin-mixing-service-353971
DESTRUCTION OF THE PREMINE
As some of you may remember, as part of the old mixing service, there were 1.2 million coins premined to act as the basis of the mixing pool. Of course, this caused much anger within the community, with accusations that the money would be used improperly, among other things. 5 months later, these funds have yet to be touched, so I'm happy to have proved those people wrong on those front.
However, under the new mixing system, these coins are no longer necessary. Accordingly, these coins will be publicly destroyed, as they were never intended to be used for anything other than mixing.
In this case, the 1.2 million coins were created in the genesis block. You might notice this is different than most coins that do their premine in block 1 and onward. This is because there is a well documented quirk within bitcoin that makes the genesis block unspendable. This is because when Satoshi designed the client, he decided not to add the coinbase transaction from the genesis block to the global transaction database.
To make these funds spendable, I added a simple bit of code during the initialization of the client (init.cpp). This code adds the genesis transaction to the global transaction database, making it spendable.
Code:
// Genesis block
const char* pszTimestamp = "June 7 2013, The Times, Prince Philip admitted to hospital for two weeks";
CTransaction txNew;
txNew.vin.resize(1);
txNew.vout.resize(1);
txNew.vin[0].scriptSig = CScript() << 486604799 << CBigNum(4) << vector((const unsigned char*)pszTimestamp, (const unsigned char*)pszTimestamp + strlen(pszTimestamp));
txNew.vout[0].nValue = 1250000 * COIN;
txNew.vout[0].scriptPubKey = CScript() << ParseHex("0449D77B9B62E0DB1FD6150ECFC5722F31FEE52E585DE31B5AEFAD2CAC415D5698991F8F0B0CBBA7B9F4431BBE79B684876EDFBD369554ACC4182753FA48A3CD80") << OP_CHECKSIG;
CBlock block;
block.vtx.push_back(txNew);
block.hashPrevBlock = 0;
block.hashMerkleRoot = block.BuildMerkleTree();
block.nVersion = 1;
block.nTime = 1370579804;
block.nBits = 0x1e0fffff;
block.nNonce = 2788;
uint256 genesisHash("0x0a59605118489aa9cde58e64210d3d56e246758fbabcd1482e54bf4032545221");
uint256 hash = txNew.GetHash();
{
LOCK(mempool.cs);
mempool.addUnchecked(hash,txNew);
}
{
CTxDB txdb;
txdb.TxnBegin();
CBlockIndex* pindex = mapBlockIndex.find(genesisHash)->second;
unsigned int nTxPos = pindex->nBlockPos + ::GetSerializeSize(CBlock(), SER_DISK, CLIENT_VERSION) - 1 + GetSizeOfCompactSize(block.vtx.size());
CDiskTxPos posThisTx(pindex->nFile, pindex->nBlockPos, nTxPos);
txdb.UpdateTxIndex(txNew.GetHash(), CTxIndex(posThisTx, txNew.vout.size()));
txdb.TxnCommit();
}
By removing this code, the genesis block becomes unspendable, and the coins are essentially destroyed. This is the most eloquent way to accomplish the goal. Version 1.3 of StableCoin has this bit of code removed. I urge everyone to update immediately.
You can view the relevant commit here: https://github.com/stablecoin/stablecoin/commit/1912b4c1e9fb195c242e57459c613cb8c7846c8b
RELEASE - VERSION 1.4
Windows Client: https://github.com/stablecoin/stablecoin-qt/archive/master.zip
Mac Client: http://stablecoin.net/download/StableCoin0630Mac.zip (alt link: https://mega.co.nz/#!0AY3FQbb!T5wdjVvp3oDfr9Ucun4Dw2JaF0wePwP5xy50meuwn9k)
Source: https://github.com/stablecoin/StableCoin
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