Topic: [LTCD] LitecoinDark.com ★ Scrypt ★ Difficulty Shield ★ Multipool ★ Fast - page 34. (Read 368577 times)

So here's a little can of worms regarding PoS.  Any discussion of "PoS" really needs to take into account a number of things before any talk about percentages can take place:

- The final anon feature of the coin
- Transaction fees
- Final mining reward
- PoS vs Forging

The coins whitepaper says that the final anon feature will be Darksend, which I assume is a "copy" of the Darkcoin tech. By design, that necessitate the use of Master Nodes which then necessitates the implementation of transaction fees. So not only does the cost required to run a Masternode need to be determined, but then the transaction fees as well since, unless I'm oblivious, the coin does not currently have.

As things stand today, the mining reward was significantly reduced which will lead to the coin being mined out "very" quickly. It's my understanding though that there will be a final "minimum" reward and I've assumed that it will be implemented when the PoS version is rolled out.

So the coin would have to have transaction fees implemented at some point as well.  Now, I don't know much about actual mining, but don't miners also typically get transaction fees when a coin has that? So would the people running Masternodes compete for those transaction fees?  Or would there be a different set of fees related to the anon transactions that the Masternodes would be paid?

My original thoughts about PoS were that "forging" would be a better idea.  The forgers would get transaction fees while miners continue to add to the supply over time which would take care of lost coins etc and thus PoS isn't really required in order to solve that particular issue.  But with forging, we'd now have another group competing for transaction fees right?

Am I completely off base with some of this? The whitepaper really doesn't discuss any of these sorts of things in depth.

As far as "pure PoS" goes, my feeling is 2%-5% is adequate.  But in this case, the coin isn't pure POS due to ongoing mining and the running of Nodes.

On a personal note, I'm really not fond of anon tech that relies on trusting other people with running nodes. If you don't have enough people running the nodes you open up attack vectors and getting enough people that are willing to invest enough to run them can be difficult.  Not to mention that a couple people with deep pockets could "own" the majority of nodes and then do what they wish.  I prefer blockchain type anon (CN coins for example) for those reasons.  Now some people say that blockchain anon isn't as secure as "eventually" someone will hack it. IMO if someone was able to eventually hack blockchain anon, we'd have much bigger problems for cryptocurrencies in general.

I'd much prefer the coin to implement something like the zerocoin/zerocash tech which no one has done as of yet.  One coin was supposed to have implemented zerocoin within the next week or so but they just came out and said it won't happen for awhile. I don't know of anyone that's trying implement zerocash yet (there is a fundamental issue with it but I believe there can be a solution for it).  It should be noted that zerocoin was talked about many times as potentially being added to bitcoin but from reading a bunch of threads it seems like they're sort of waiting for an alt coin to do it in order to prove it out.  Zerocoin is fundamentally just a "mixer" whereas Zerocash is actually for anon transactions.

So from my perspective, there's a whole lot of intertwined things that really need to be nailed down first and then the actual values for things like fees, PoS percentages etc worked out so that they are all well balanced.  Not an easy task but it needs to get done ASAP and spelled out clearly in the coins whitepaper. Without knowing all these things ahead of time, we could end up with a coin that has very high inflation on top of the high supply which would be a bad thing.

I'd also like to know what the PoS design would be.  Whether it would just be the "old" peercoin coin age type thing, one of the newer PoS V2 (some other coin is building on V2 and calling it V3 but can't remember which), PoSV or something "new".

Announcement:

Wallet mandatory update:
Dear community, first I will say sorry on the behalf of the dev team that we haven't been super online for the past week, but we needed to be offline for a while when debugging, coding and updating.
We are now almost finished with the new mandatory wallet update. Schedule for release is Wednesday morning EU time. New webpage is under its way, see teaser below.
The coin is very active and more and more new investors are on the coin. We are able to see that 60% of all traffic on the webpage are Newbies from all over the world.... The community is growing rapidly and the LTCD community has turned out to be very strong. LitecoinDark is in for the long run and things we would love to bring out now, have to wait for the right moment.

- This Wednesday morning EU time the wallet will have a mandatory update.
- New Website will be launched during next weekend (please tell what you miss on webpage today)
- Wall Of Fame will have its own special place on the Website.
- POS has switched place with TOR on the Roadmap.
- Prepare you self for Video Contest. We need an awesome video to present the coin, remember to bring it down to earth.
- Whitepaper for 2 GEN is under its way. Needs some adjustments and proof reading before release.

Keep up the spirit and thank you all for this unbelievable community and support.

Xircom