Topic: [ANN][WAS][WeAreSatoshi] | X11 | Hybrid PoS/PoW | Trading on C-Cex.com - page 28. (Read 42577 times)

X11/ POS / Anon. Way to go  

Darkcoin had issues with setting up anon master nodes but it's going strong. You're right, I think it has the best codebase to implement a fork and add Tor as a permanent option.

This may be out of date but I thought Darkcoin was having issues with the actual anonymous part of it?

I'm sure there is a good X11 one we can use as a basis for the new version, or on the Scrypt front BlackCoin would probably be a good candidate and could possibly be changed over to Scrypt-N.

Someone previously suggested going with an anonymous algo.  What are your thoughts on cloning Darkcoin or an X11 / 13 coin?  Do you think those new coins are stable enough to safely clone?  I know Darkcoin had a bunch of forks not too long ago...

Another thing would be if we want to change algorithms, the codebases of most SHA coins with PoS are pretty outdated (but still stable) while Scrypt and other algorithms are more up to date with coin control, etc.
I know the coin is called WeAreSatoshi but he was also all about putting the currency in the hands of the people and with SHA mining so industrialized other algorithms are much more accessible for the average person.

How about 40 millions with fast reward for the first 3 months to encourage holding and people won't dump so much now they have 1/1000 of their previous holding.

1. 5% interest each month for the first 3 months
2. 1% per month for the rest of the year
3. 3% annually

5 days stake. Maximum 30 days.

I like  /100 ...    /1000 is a little much id say.  400 million is still not that large of an amount.   Just my opinion.   

+1

Yeah 40billions kinda scare people a lot haha.
40 millions is enough for everyone and easy to move the market.

So, everything would simply be reduced by 1 / 1000 in the coin swap.  1 v1 WAS = 1 / 1000 v2 WAS...  Block Reward = 25 v2 WAS, halving every 200k blocks, to a maintenance reward of 1 v2 WAS.  The algo would remain SHA256D, modifying to a hybrid PoW / PoS algo.

We would take a 2% pre-mine as a development fund, which would be 800k v2 WAS.  All swaps would be done within the wallet, as described by MrData a few posts ago.

If there are no objections, we can push forward.  The hardest part is getting the community to agree and support, which I think we just about have...

I like the 40 million idea. It makes it easier to move the market which could spike interest. I just hope we can do this in a realitivly quick and orderly fashion.

That would be a 1 / 1000 trade-in.  Does everyone else agree with lin0sspice, or should I post a vote with 1 / 100 vs 1 / 1000?

At the end of the day, the distribution of wealth stays the same...  So it's really just a matter of how rare you want the coin to remain?  The only real question becomes the Block reward...  Should that be reduced to 25, halving to 1 eventually, for maintenance?

How about from 40 billions to 40 million coins.

Hopefully there is no malicious intent...  It is very easy to mess up the configuration (or skip completely) of the SMTP server when using the MPOS front-end.  I would venture to say that the form data is being lost in cyberspace, and the pool op doesn't know there is a problem...

Great detective work. I've been using the forms both on the old and new sites with no responses and thanks for your work! Cheers!

I'm sending a PM to ViMal.  After some google searches, it turns out this is the username of the Pool Operator.  Have you just tried the contact form on the pool, or did you have a real email?

Not asking to be on my side but can you just block that address and give the owner a chance to respond? It will hurt the coin having the largest holder scam the miners out of of their coins.

Since this is mostly systematic, and MrData is the software expert, I will defer to his judgement on how to move forward.  My vote is to press ahead as described.

Please let me know how to proceed with the community's support.  Shall I place a vote button or just wait for responses on the thread?

1) On the swap, here is basically how it would happen:

1. Release a new v1 client that stops giving PoW rewards or gives miniscule rewards at block height X but still accepts work to keep the chain moving. That makes it so v1 isn't still minting money with people trying to trade it in for v2. The new version would also make it so new transaction comments will be stored with the transactions on the blockchain.
2. Release the new v2 client that has a premine for the entire replacement money supply of v1.
3. People will send their v1 WAS to an address with their v2 WAS address as the transaction comment, I'll write a program that watches the incoming v1 transactions and sends out new v2 replacement coins. Exchanges can use this method or contact us for a direct replacement without going through the program. If the transaction comment is empty or the comment isn't a valid v2 address then it would send the v1 coins back to their owner.
Edit: Part of the reason for doing it this way versus a web-based solution is so there is no IP trail connecting your old address to your new for your privacy.

2) People would have a long time to swap; say 3-6 months? Any of the new coins not swapped after the time allowed can either be destroyed or used for giveaways/advertising/whatever the community wants. Or it could be run indefinitely.

4) It probably is a good idea to keep PoW going along with PoS, it helps to make sure the blockchain keeps running smoothly. I'm not sure if we should keep it as a meaningful reward (like dividing the current block reward by 100 too) or a token reward like 10 WAS. Still assuming a 100:1 swap ratio my personal preference is probably a lesser block reward like 125 WAS halving every 200,000 blocks down to a stable 10 WAS; this would give about 3 more months of higher rewards before hitting the maintenance reward of 10 WAS. For PoS a 1-2% reward would probably be good since PoW would still be going; but really it's up to the community.

1.  MrData is very good with web-based wallet transactions.  If you recall, he's currently running the faucet.  He'd have to agree to take it on, but I think he would be able to manage the 1 / 100 coin swap.

2.  I imagine that the coin swap would stay online indefinitely.  This would be at the discretion of whomever was managing the swap though.

3.  Any 3rd party site would be responsible for 1) being on the correct fork, and 2) modifying their internal systems to account for the 1 / 100 swap.  We would not judge or take sides in any disputes.  Just ensure ownership of x v1 WAS and distribute x / 100 v2 WAS.

4.  Any "reward" would give miners an incentive to mine.  I came to 10 by taking MrBrew's original 1000 WAS ongoing reward and dividing by 100.  I've always preferred PoW over PoS, as PoW gives an incentive to ensure diversification of the hash power.  But, this is a community coin.  We can throw a vote up on the main page, or continue to have dialogue.

5.  I think 2% is fair, and realistic, we could get compensated for development time / cover hosting & domain fees / provide bounties for needed things / etc...  2% of 400 million would be 8 million v2 WAS.  MrData and I could each hold 4 to keep it a little diversified.

I had the same thought but wasn't sure how it's going to play out and honestly I'm ready to send some BTC after selling some of my Mints for the raffle.
1. How will you handle the swap, Bittrex Richie did swap for some coins but they were on the Exchange to begin with?
2. What will happen to the people that didn't know or didn't want to participate at first?
3. What can you do with the largest wallet (WXvAuSCM9dJ9NYnfir2RrkivyC4PsLbdkQ)? I think it belongs to http://sha.mine-pool.net/was now Xguild.net. It stole hundred of million WAS from me and never responded with any of my emails. I'm sure there are many miners out there lost their coins too.
4. Will the 10 coin reward enough to keep the network safe? Why don't we go POS to save some energy?
5. 2% pre-mine is no issue IMHO, you guys just have to be transparent about it with Google doc or some sort of reports to inform everyone.