Please report in when you get a block produced. You will see output on the console like:
3177000ms th_a witness.cpp:213 block_production_loo ] Generated block #761 with timestamp T1 at time T2 by USERNAME
Topic: [ANN][STEEM][POW] - An experimental Proof of Work blockchain - page 8. (Read 10436 times)
It's called an instamine.
Since people have to read the code to figure out how to use your coin and mine it, it's no different than someone releasing a coin without wallets where people have to compile from source and the developer gets to mine a ton of coins while everyone else has to either figure out how to compile the wallet or compile the wallet.
I'm sure people would love to mine and test your coin out, but your very limited ANN prevents people who are interested in the coin from getting involved.
Since people have to read the code to figure out how to use your coin and mine it, it's no different than someone releasing a coin without wallets where people have to compile from source and the developer gets to mine a ton of coins while everyone else has to either figure out how to compile the wallet or compile the wallet.
I'm sure people would love to mine and test your coin out, but your very limited ANN prevents people who are interested in the coin from getting involved.
that is intresting more info would be helpful here meantime going to check github
Quote
We spent months working on the code, our only advantage is our knowledge of the code. If you wish to know what Steem is all about then the least you can do is read the code we wrote.
So, this is coin with an experimental Proof of Work blockchain with an unproven/beta consensus algorithm which is only for coders.
Dev, if you force us to avoid this, I'm sure that your project will die
Checking this out.
Could ya provide a little less info on how to get started?
Could ya provide a little less info on how to get started?
if he told you more then how will he mine more?
We spent months working
And no GUI wallet or even a detailed ann post huh?
Checking this out.
Could ya provide a little less info on how to get started?
Could ya provide a little less info on how to get started?
Steem is an experimental Proof of Work blockchain with an unproven/beta consensus algorithm.
- No ICO, No IPO
- Currency Symbol STEEM
- 1.000 STEEM block reward at launch
- Approximately 112% APR long term inflation rate
Steem will be Relaunched due to Bug, any mining on current chain will be wasted.
Source Code: https://github.com/steemit/steem
How To Mine
The mining algorithm used by Steem requires the owner to have access to the private key used by the account. This means it does not favor mining pools.
Make sure that your accountname is unique and not already used by someone else or your proof of work might not be accepted by the blockchain.
The algorithm:
Quote
Let H = Head Block ID
Let H2 = SHA256(H+NONCE)
Let PRI = Producer Private Key
Let PUB = Producer Public Key
Let S = SIGN(PRI, SHA256( H ) )
Let K = RECOVER_PUBLIC_KEY( H2, S )
Let POW = SHA256( K )
Complaints
There are many common complaints/conspiracies about STEEM that we want to address up front:
1. We know that our announcement could be vague and create a barrier to entry for those who cannot code
2. We have mined the vast majority of blocks thus far and we do not attempt to hide it
3. We have mined using forum names so that we can give those names to their rightful owners
4. We have mined to register accounts with popular boy and girl names because they might have extra value some day
5. We know that many here may chose to avoid or not mine STEEM simply because of how it was launched, that is your choice.
If you do not like how STEEM was launched please move on.
Update:
1. account names must be all lowercase and less than 15 char long and start with a letter [a-z][a-z0-9]*
2. WIFPRIVATEKEY format starts with a 5....
3. make sure to pass --witness and miner with the same accountname
4. a wallet is available in ./cli_wallet and will connect to ./steemd *if* you launch ./steemd with --rpc-endpoint
Update:
The consensus algorithm works as follows:
At the start of the chain, "initminer" is the only node that can produce blocks, but it does not get paid. In fact, no one gets paid until 21 miners solve a POW.
Every time miner solves a POW and broadcasts their transaction, it gets included in a block and they get added to the queue.
The top 21 miners in the queue are selected as a "round" and are randomly shuffled. Then they produce 21 blocks.
At the start of each round one miner is popped from the queue (reducing queue length), and bringing in a new miner.
Update:
Once your miner is in the POW queue, you cannot submit new POW until you exit the queue. It takes about 2 hours to move through the queue. In effect, if you have more than 0.2% of the total hash power you should have multiple accounts mining.
This is how I intend to moderate this thread:
1. any posts that fundamentally disagree with the initial mining / launch strategy are not productive and will be removed
2. any posts that are not civil and respectful will be removed
3. any posts making false accusations will be removed
- No ICO, No IPO
- Currency Symbol STEEM
- 1.000 STEEM block reward at launch
- Approximately 112% APR long term inflation rate
Steem will be Relaunched due to Bug, any mining on current chain will be wasted.
Source Code: https://github.com/steemit/steem
How To Mine
The mining algorithm used by Steem requires the owner to have access to the private key used by the account. This means it does not favor mining pools.
Code:
./steemd --miner=["accountname","${WIFPRIVATEKEY}"] --witness="accountname" --seed-node="52.38.66.234:1984"
Make sure that your accountname is unique and not already used by someone else or your proof of work might not be accepted by the blockchain.
Quote
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
The algorithm:
Quote
Let H = Head Block ID
Let H2 = SHA256(H+NONCE)
Let PRI = Producer Private Key
Let PUB = Producer Public Key
Let S = SIGN(PRI, SHA256( H ) )
Let K = RECOVER_PUBLIC_KEY( H2, S )
Let POW = SHA256( K )
Complaints
There are many common complaints/conspiracies about STEEM that we want to address up front:
1. We know that our announcement could be vague and create a barrier to entry for those who cannot code
2. We have mined the vast majority of blocks thus far and we do not attempt to hide it
3. We have mined using forum names so that we can give those names to their rightful owners
4. We have mined to register accounts with popular boy and girl names because they might have extra value some day
5. We know that many here may chose to avoid or not mine STEEM simply because of how it was launched, that is your choice.
If you do not like how STEEM was launched please move on.
Update:
1. account names must be all lowercase and less than 15 char long and start with a letter [a-z][a-z0-9]*
2. WIFPRIVATEKEY format starts with a 5....
3. make sure to pass --witness and miner with the same accountname
4. a wallet is available in ./cli_wallet and will connect to ./steemd *if* you launch ./steemd with --rpc-endpoint
Update:
The consensus algorithm works as follows:
At the start of the chain, "initminer" is the only node that can produce blocks, but it does not get paid. In fact, no one gets paid until 21 miners solve a POW.
Every time miner solves a POW and broadcasts their transaction, it gets included in a block and they get added to the queue.
The top 21 miners in the queue are selected as a "round" and are randomly shuffled. Then they produce 21 blocks.
At the start of each round one miner is popped from the queue (reducing queue length), and bringing in a new miner.
Update:
Once your miner is in the POW queue, you cannot submit new POW until you exit the queue. It takes about 2 hours to move through the queue. In effect, if you have more than 0.2% of the total hash power you should have multiple accounts mining.
This is how I intend to moderate this thread:
1. any posts that fundamentally disagree with the initial mining / launch strategy are not productive and will be removed
2. any posts that are not civil and respectful will be removed
3. any posts making false accusations will be removed
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