Topic: CREDITS [CRE] | SHA256 | SIDECHAIN | NEW BLOCK-DEPOSIT FEATURE | OFFICIAL THREAD - page 46. (Read 57416 times)

Current block reward is 40 CRE, with an increase every 20,000 blocks.

Yes! CPU mining is the only option so far, with a GPU miner being released soon, I think. Mining can be done directly from the wallet core

Roadmap for near term development

DONE - Credits blockchain explorer Online blockchain explorers are helpful in determining the state of the current blockchain and can be used for many purposes, among them to get an “official” image of which the current active chain is.

DONE - Adding Bitcoin client capabilities Since the client is already downloading and tracking the Bitcoin blockchain adding the possibility to send Bitcoins from the client is quite straightforward. There are also other features of the Bitcoin client that could be incorporated, effectively turning the Credits client into a Bitcoin client as well. Those features would remove the need to store the Bitcoin blockchain twice, if a user also has a Bitcoin client installed. This will enable a user to forget about the Bitcoin client altogether and instead use the Credits client for both Bitcoin and Credits.

DONE - GPU mining A “natural” evolution in hash-based verification are improvements with the purpose of making the hashing process more efficient. The normal development phases are first CPU mining, then GPU mining, where a GPU is more efficient in running simple calculations in parallel, followed by creation of so called ASICs. It may be useful to assist in the development of GPU integration, to level the playing field for newcomers.

- Incorporate newer features from Bitcoin The version of Bitcoin used internally in Credits is 0.9.1. This version was released last summer and several key areas in Bitcoin has seen quite a lot of development since then. These features should be incorporated into both the internal Bitcoin client, and also where applicable, be added to the source code of Credits. These improvements are among lots of others “headers first” blockchain synching, preparations for increased block size and improvements for increased transaction volumes.

ONGOING - Lightweight client For the moment it is not possible to use Credits without downloading a complete copy of the Bitcoin blockchain. This could be a blocker for wider adoption of Credits. A client will be created that mostly uses online sources for verification, thereby simplifying the startup process and removing the storage requirements for the client.

- Evolve deposit features The deposit process is for the moment a manual one. A miner creates a set of deposits and then starts the miner, which uses the deposits to create new blocks. When the requirement for deposits grow, as the monetary base grows, the need for automated processes to handle deposits will grow as well. A streamlined process to prepare deposits automatically by the miner could prove useful in this situation.

- Develop miner-depositor integration A deposit-based proof-of-work system has two roles participating in the mining process, the miner and the depositor. These two are normally the same entities but as the system evolves, they will probably separate. The miner will provide the hashing power, and the depositor will offer up deposits for a fee taken from the reward. A system where these two roles can find each other and integrate can be built into the client, or be built as a separate miner system. Either way, this will be a natural step in the evolution of the transaction verification process.

Proof of deposit system seems like a game changer, I'm mining as we speak! Keep up the hard work and fast developments Gabriel!

Old coin. New thread.

Main features of Credits

- Unique combined proof-of-work/proof-of-deposit mining algorithm. The pow/pod mining algorithm solves among other things one major problem with Bitcoin; the direct relation between inflation, Bitcoin value and mining costs. In the absolute start-up phase, approximately the first six months, only proof-of-work mining is required. Once initially mined coins will become available for deposit, the system will gradually and automatically shift toward the combined pow/pod algorithm. The deposit system does not prevent proof-of-work mining, instead it acts as a force pushing miners towards adding deposits.

- Deposits for the proof-of-deposit system can be created offline, minimising any risk when participating in the mining system.

- Multiple parties can take part in a mining effort, with different roles for depositor and miner. Instead of contributing to mining pools this will probably instead cause the rise of deposit pools, shifting the focus of the mining process from mining power to deposit power.

- Implementation of a one way "soft” sidechain, enabling all Bitcoin owners to claim a part of the system, without spending any Bitcoins.

- Credits are claimable from Bitcoin; up to 90% of the total Bitcoin monetary supply at any given time can be used to claim credits. Credits runs in parallel with Bitcoin and connects directly to the Bitcoin network, as well as running a separate network. This feature currently does not exist in any other system and will allow a migration path for any Bitcoin user. BITCOINS ARE NOT SPENT TO CLAIM CREDITS. Bitcoins only act as a ticket for claiming and the only requirement for getting Credits is proving ownership of Bitcoins, not in any way use them to buy, or otherwise convert Bitcoins. The system is similar to CLAMcoin, but with the difference that Credits is actually connected to the Bitcoin network and continually tracks the ownership of Bitcoins.

- Claims can be generated offline, and in a way that guarantees the claiming party not to put their bitcoins at risk.

- Credits supply is released over an S-curved distribution plan. Early start-up phase will have coins released at a slower rate and once adoption starts to pick up the rate will increase. This type of distribution puts emphasis on actual demand rather than focus on early adopters.

- Total monetary supply is 30 000 000 Credits. Half of the supply will be kept in deposit at any given point in time (IN THE BLOCKCHAIN). This means that only 15 000 000 credits will be available for spending, making the effective supply slightly less than the Bitcoin supply. Initial distribution is also faster, which means that 90 percent distribution will be achieved at about the same time as Bitcoin.

- Safer transfer of Credits ownership. Verification sign-off is built into the protocol to enable a receiver to verify that a transaction is correct before it gets finalized.

- The future possibility to use credits as coloured coins has been taken into consideration when the protocol was created.

- Credits has a higher block limit from the start, 4MB. Block limit will be increased in line with the planned Bitcoin block limit raise.

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Related features

- Blockchain explorer can be found at http://creditchain.org.

- Web wallet (no local wallet installation needed) can be found at http://creditswallet.info.

- Exchange trading can be done at http://c-cex.com.

- Official IRC channel can be found at #CreditsCurrency @ irc.freenode.net

- Reddit official subreddit can be found at http://www.reddit.com/r/CreditsCrypto/

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How do I get started?

Software and further information can be found at http://credits-currency.org.

Source can be found at https://github.com/credits-currency/credits.


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Claiming

How does it work?

The easiest way to go about and do it is to download the Credits application and start it. Once it has been started and is syncing the Bitcoin blockchain, you can take any wallet from Bitcoin and add it into the Credits working directory. The wallet will be scanned for transactions as the Bitcoin blockchain download progresses. A rescan can also be invoked manually once the full blockchain has been downloaded.

The Credit blockchain tracks the state of the Bitcoin blockchain approximately three months back. This means that the safest way to make a claim of bitcoins into the Credits blockchain is by first making a copy of a wallet. Store the copy in a safe place. Once the copy is done, all bitcoins in the original wallet should be transferred to a new address that you have control over. After this you can import the copy of the wallet created in step one into Credits and claim the coins.

Since the tracking of the Bitcoin blockchain is three months back in time you will be able to claim the coins using the copied wallet but still have a guarantee that the original bitcoins can not be touched once they have been transferred to the new (previously unused) address.