Topic: [IDEA] ALTCOIN - New Crypto Coin **** NEEDS YOUR SUGGESTIONS **** (Read 2757 times)

[ANN][ALT][ALTCOIN][Adaptive N-factor][Scrypt][Random Coins][Auto Connect][No ASICs] [ENJOY IT]



FINALLY, ALTCOIN come out!!! (Prior suggestion thread: https://bitcointalksearch.org/topic/idea-altcoin-new-crypto-coin-needs-your-suggestions-392853)
We create a new cryptocoin with integration of many features from other cryptocoins, we name this new coin as "ALTCOIN" which means it combines many good features from other alt coins.

Official Website: ALTCOIN DOT WS

What is ALTCOIN?

ALTCOIN is a cryptographic currency, similar to Bitcoin and Litecoin, with one major difference.  As the forerunner of the digital currency movement, the original Bitcoin developers were unable to perceive all potential threats that would arise to challenge it's mission as a decentralized currency.  

Millions of dollars were spent by various companies to build application specific integrated circuit (ASIC)  computers in an attempt to monopolize mining.  These devices made it so GPUs and CPUs were no longer useful in the mining process.  As a result, the vast majority of Bitcoin mining and transactions would now be processed by large data centers that required hundreds of thousands, or millions of dollars in investment.

Now that Bitcoin computational power is handled almost entirely by large data centers, the currency has rapidly changed from a distributed, decentralized currency, to one that is much more centralized and vulnerable.  Companies such as Cex.io are routinely hitting 40% PoW computational power on a daily basis, and will soon be able to perform 51% attacks at will, if they so choose.

Due to the problems ASIC chips brought on the digital currency platform, a new currency, Litecoin was created.  Litecoin attempted to utilize the Scrypt hashing algorithm, which is more memory intensive than SHA256, to deter ASIC use.  As of January 2014, there are now Scrypt ASIC chips being deployed by the Chinese for mining.  So far, around 1000 Mhash of Gridseed ASIC chips have been brought online and used on the litecoin and middlecoin.com network.

The Chinese chips have not been released on the greater market at large, but eventually they will, and the same problems that SHA256 currency faces will come to the Litecoin and other Scrypt currency networks next.

ALTCOIN also add random block reward mechanism.

Where does ALTCOIN fit into this?

Scrypt was utilized by Litecoin to try and deter ASIC use because large memory requirements are the best way to try and make ASIC financially unfeasible.  Litecoin held out for a while, but the original memory requirements in the barebone litecoin distribution were just not high enough to lock out ASIC completely.  

ALTCOIN has now been released as the logical evolution of Litecoin and introduces what's known as "Adaptive N-Factor".  The N-factor component of Scrypt determines how much memory is required to compute the hashing functions.  ALTCOIN N-factor increases with time to stay one step ahead of any possible ASIC development.

For the long, foreseeable future, GPU computing will be the fastest method of computation for ALTCOIN, but CPU computation will eventually make gains as N-factor increases.


Due to the large demand for having a more ASIC proof currency ( https://bitcointalksearch.org/topic/ltc-changing-the-litecoin-proof-of-work-function-to-avoid-asic-mining-359323 ), ALTCOIN was created using Litecoin as a base, and has an adaptive N-factor applied based on the timestamp of blocks generated.  Instead of using a fixed value of 10, such as Litecoin does, the ALTCOIN N-factor begins at 11 and gradually increases over time using the following schedule:

| N        | Memory | Timestamp   | Date/Time                     |   |
|----------|--------|-------------|-------------------------------|---|
| 2048     | 256 kB | 1389306217  | Thu, 09 Jan 2014 22:23:37 GMT |   |
| 4096     | 512 kB | 1456415081  | Thu, 25 Feb 2016 15:44:41 GMT |   |
| 8192     | 1 MB   | 1506746729  | Sat, 30 Sep 2017 04:45:29 GMT |   |
| 16384    | 2 MB   | 1557078377  | Sun, 05 May 2019 17:46:17 GMT |   |
| 32768    | 4 MB   | 1657741673  | Wed, 13 Jul 2022 19:47:53 GMT |   |
| 65536    | 8 MB   | 1859068265  | Tue, 28 Nov 2028 23:51:05 GMT |   |
| 131072   | 16 MB  | 2060394857  | Tue, 17 Apr 2035 03:54:17 GMT |   |
| 262144   | 32 MB  | 2463048041  | Sun, 19 Jan 2048 12:00:41 GMT |   |
| 524288   | 64 MB  | 2999918953  | Fri, 23 Jan 2065 06:49:13 GMT |   |
| 1048576  | 128 MB | 3536789865  | Wed, 28 Jan 2082 01:37:45 GMT |   |
| 2097152  | 256 MB | 5684273513  | Mon, 16 Feb 2150 04:51:53 GMT |   |
| 4194304  | 512 MB | 7831757161  | Sat, 07 Mar 2218 08:06:01 GMT |   |
| 8388608  | 1 GB   | 9979240809  | Thu, 25 Mar 2286 11:20:09 GMT |   |
| 16777216 | 2 GB   | 16421691753 | Fri, 19 May 2490 21:02:33 GMT |   |
| 33554432 | 4 GB   | 22864142697 | Sun, 15 Jul 2694 06:44:57 GMT |   |

Technical Details:
Algorithm: Scrypt-Adaptive-Nfactor (Not scrypt-jane)
Symbol :  ALT
Max Coins: 4294967296 (2^36) altcoins.
Block time: 1 minutes
Subsidy halves every 131,072 ( 2^17) blocks (~3 moths)
Difficulty Re-Target Time:  18 minutes
Block Rewards: Random as shown in the following table:
block number
| Block No.                                      | Reward       |   |
|----------                                     |--------------|---|
| 1          to 131072                         | rand[1,256]  |   |    (2^8)
| 131073  to 262144                         | rand[1,128]  |   |    (2^7)
| 262145  to 524288                         | rand[1,64]   |   |    (2^6)
| 524289  to 1048576                        | rand[1,32]   |   |    (2^5)
| 1048577 to 2097152                       | rand[1,16]   |   |    (2^4)
| .................                        | .......      |   |
random up range halves every 131072 blocks (about 3 months)
minimum block reward is 1 ALT

Auto connect to ALTCOIN network without config.

Port: P2P 32767, RPC 32768

Premine: First 128 (2^7) blocks for checkpoints


Explorer:
Need Volunteers.

How to Mine:

1)  GPU mine using CGminer modified for ALTCOIN support (currently fastest method):
   1.  Windows Version http://sdrv.ms/1ejj5Av , use the command: ALTMiner --scrypt -o http://127.0.0.1:32768 -u user -p pass -I 12 or you can use mine.bat in the zip file directly.
2)  CPU mine with wallet (currently slowest method):  
   1. Open ALTCOIN Wallet
   2. Choose Help
   3. Select Debug window
   4. Select Console
   5. Type “setgenerate true ”
   6. Type  "getmininginfo" to see hashrate

Pools:
1. http://alt.178pool.com 1% fees, thanks to dear zhaolang (https://bitcointalksearch.org/user/zhaolang-229722)

Download:

   1. Wallet: http://sdrv.ms/1fURUPc

   2. Source Code: https://github.com/altcoinproject/altcoin

   3. GPU Miner: http://sdrv.ms/1ejj5Av
   4. GPU Miner Source code: https://github.com/altcoinproject/altcoin/tree/master/altcoin_gpu_miner


Trading and Exchange:

Not Yet.




All suggestion are welcome, you can contact with me using [email protected] .
Wish ALTCOIN has a glorious future!

Dude,

If your going to make a coin with massive amounts of coins at least make it pay out equally massive amounts of coins.

Sincerely,

Other Dude

15 seconds block time will never work. It is way(!!!) to short.

^^This

A hibrid coin,scrypt and sha256.it is possible?

What about merge with other alt coins? So there is a chance of mining different kind of coins and only use one wallet? ATM we got like 1000 different wallets Just and ide..

1Billion is better.

Reserved

We are from China promotion team, I think we will have the opportunity to cooperate.
Pay attention to your ALTCOIN.

15s block time seems a bit short.

How about a coin that has a fair starting difficulty? If you want a coin that has longevity then it needs not to be totally insta mined at launch. Want a unique coin that will stand out? Do that, and it will attract attention. Not from the coin hopping dump miners, but from people who invest in a coin.

Want a fair launch? Make the launch difficulty double for x amount of blocks starting off to stop the hordes ruining it for everyone else.


Give the coin a good starting difficulty, and make the rises slower than other scrypt coins. Do that and I'll mine this.

is there a wallet i can get donations?

Need your advice!!!

It's not too big.

Dear Dweeb:

Thanks for your precious advice, your answer is really valuable.
I will respond to your suggestions one by one:
1. Personally speaking, I like scrypt more than cpu coin, for scrypt coin has a more mature community (tools, software etc), I'm still considering which POW algo to use;
2. Personally speaking, I like POW + POS coin, it's really a big step in cryptocoin history, so I think we should not abandon the good feature;
3. I googled the thread you talking about, but found nothing, could you please help me to find it? I think the total number of ALTCOIN is not a problem;
4. I'll fix the random block reward, the random range is [1,x] where x is an integer like 100, 200 etc.
5. From the start, source code will be on github, windows QT will be released.
6. We would not release ALT except we are really ready for the publish.




Dear Mortimer452:

A total number of QUADRILLION coin is not a problem, as you can see the block reward mechanism, the coin production is really slow.



The coin name is ALTCOIN.

1 MILLION BILLION COINS? You ppl sane?

can you name it after a cat of some kind?  

also, i need a wallet for donations.  

thanks.

Your total coin cap is way, way, way too high.

All of the currency exchanges (and, as far as I know, the wallets themselves) only support up to 8 decimal places (0.00000001 smallest denomination)

With one QUADRILLION coins in circulation, each coin will be worth far, far less than 0.00000001 BTC, LTC or XPM.  We have seen this in the past with high-volume coins such as Pennies (CENT) and ColossusCoin (COL) and, most likely, DogeCoin (DOGE).  It makes trading on the exchanges almost impossible.

Im not really qualified to comment on most of it but I'll chip in where I can.....

1) a cpu only coin will get some following but most of the scrypt mining community have splashed on huge gpu hash power, you will probably get a larger uptake with scrypt
2) not really qualified to comment
3) there was a thread here a few days ago (a quick google will turn it up) about how Bitcoin and Litecoin both have max coin limits that are right on the boundary of what a computer can actually handle (there was a lot of technical mumbo jumbo that will mean more to you than it does to me lol) but the gist of it was if you have more coins that that and actually survive long enough to generate those coins you are gonna have a major headache
4) I like the idea of the first x blocks being a lower payout allowing everyone a chance to jump in but if you are going to have a random amount maybe a minimum of 1 not 0?  kind of soul destroying for us low hashpower types to finally hit a block and get a 0 reward.

Couple of random suggestions:

- make sure you have the means for everyone to access the coin right from the start - i.e. have a windows client, have a mac client ready have the source available for the linux nerds:p  Basically everyone gets a fair shot at it right from the release

- unless you're planning a brand new meme based pump and dump take your time...dont rush anything out until its well tested and ready.  If you are genuinely wanting a long term product take the time to do it right before you release it.