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Topic: MC2: A cryptocurrency based on a hybrid PoW/PoS system (Read 195184 times)

legendary
Activity: 1484
Merit: 1005
sr. member
Activity: 452
Merit: 251
Glad to hear this great news.  What an ambitious experiment!

I'm skeptical of both PoS and democracy, but if anyone can make it work it's TacoTime.

What's the tl;dr answer to the (soon to be frequently asked) question "how is MC2's PoW/PoS hybrid different from Peercoin?"

*puts on Newtsuit; prepares for deep dive*

Definitely exciting news. I'm a big fan of the work that has been done on BTCD - being associated with this project is a big positive. Keep up the work - we'll be here whenever you guys are read to share more details!

Thank you for the kind words and taking the time to post again! In terms of dissimilarity to Peercoin - to paraphrase tacotime informally - we're more PoA-like, PoS miners don't make blocks, we have per block stake validation, explicit dependency on PoW validation, lottery requires locking of funds rather than all outputs, cold minting, and efficient decentralized stake pooling. We'll have detailed specs on the system up in the near future now that it's getting close to completion and undergoing testing, as it's changed a bit since the early days.

We've tried to put together an overall system that ensures a long-term future for what we're introducing. We want to make consistent and active development happen in a progress-focused environment. This is a central tenet of the whole system. For those interested in the bigger problems we're trying to address, you can read about some of the challenges we think exist in Bitcoin today (that we're hoping to address with this project). At very least, we hope to begin as an alternative system with a community where we can do things we can't do in Bitcoin at present.

We've got another entry coming to explain how the theoretical system that started in this thread will attempt to address the outlined problems evident in Bitcoin. I'll come post that as well for those curious in digging a bit deeper on the information side.

We're planning an announcement thread here on Bitcointalk in about a week's time, so it's official and we can all start engaging the issues directly as a community. We'll do a new thread for that and it'll be straight from tacotime this time. People can also meet the other guys there, but I'll come x-post so that those who follow here can find it.
legendary
Activity: 1442
Merit: 1001
Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.

This is still active?

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.

Hey guys, not sure if anyone is still out there. The last correspondence from tacotime in this thread was over a year ago. I spoke to him yesterday, and we agreed for me to come here and share the story with you. Truth be told, the project has had a bumpy ride. It's been an uphill battle, and quite a few times it looked like it was going to end as just a theoretical piece. It was during this time that we decided to drop off the radar and get our hands dirty until we could deliver, lest we end up building hope and letting everyone down. So today I bear good news for you. tacotime has been coding on this for over a year now. He started solo while I searched and tried to build relationships with developers who care about this technology and the ethos behind it. We built a relationship with the group that develops the free and open-source btcsuite (formerly known as btcd). btcsuite is solely funded by a relatively unknown guy who I can describe as an open-source philanthropist. He has been instrumental in helping us get this going. The group agreed to help us build up the project, and what we hope to present is an "alt" that will have the same level of quality and development consistency demonstrated by btcsuite over the last 2.5 years since its introduction in 2013.

So the good news is this, the project is alive and well, and close to completion. We can begin to break the silence because now we know we can deliver. But ultimately this isn't about who developed what, it's about the community because it'll be dead in the water without your interest in using it. I wanted to come here first and reach out to the people who have supported this project during its darkest days (and hopefully for its brightest!). You should receive this news first. The plan now is to have everything finished and ready for launch in January. There will be an announcement soon, and from that point on, there is going to be open communication and transparency in every reasonable regard. Nobody will be able to own the project, just act as contributors and custodians where required. Once the infrastructure is up, we turn on the machine and everyone is welcome. The future for the project is not a big monolithic corporation that took all your money before a line of code was written, but small dedicated teams that work with surgical precision and efficiency on building this out beyond what is launched. The whole thing was self-funded at a fraction of the cost we've seen some projects take in this community. We took the risk and time over the years knowing it can fail, and every cent we take from it to cover the bring-up cost will be matched and given in full to the community for free to distribute the network effect as far and wide as possible. All of this will be documented in full at the announcement. As we work, I wanted to take a second and share this information with you if you're still out there.

I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community. Smiley

Definitely exciting news. I'm a big fan of the work that has been done on BTCD - being associated with this project is a big positive. Keep up the work - we'll be here whenever you guys are read to share more details!
legendary
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community. Smiley

Glad to hear this great news.  What an ambitious experiment!

I'm skeptical of both PoS and democracy, but if anyone can make it work it's TacoTime.

What's the tl;dr answer to the (soon to be frequently asked) question "how is MC2's PoW/PoS hybrid different from Peercoin?"

*puts on Newtsuit; prepares for deep dive*
sr. member
Activity: 452
Merit: 251
Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.

This is still active?

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.

Hey guys, not sure if anyone is still out there. The last correspondence from tacotime in this thread was over a year ago. I spoke to him yesterday, and we agreed for me to come here and share the story with you. Truth be told, the project has had a bumpy ride. It's been an uphill battle, and quite a few times it looked like it was going to end as just a theoretical piece. It was during this time that we decided to drop off the radar and get our hands dirty until we could deliver, lest we end up building hope and letting everyone down. So today I bear good news for you. tacotime has been coding on this for over a year now. He started solo while I searched and tried to build relationships with developers who care about this technology and the ethos behind it. We built a relationship with the group that develops the free and open-source btcsuite (formerly known as btcd). btcsuite is solely funded by a relatively unknown guy who I can describe as an open-source philanthropist. He has been instrumental in helping us get this going. The group agreed to help us build up the project, and what we hope to present is an "alt" that will have the same level of quality and development consistency demonstrated by btcsuite over the last 2.5 years since its introduction in 2013.

So the good news is this, the project is alive and well, and close to completion. We can begin to break the silence because now we know we can deliver. But ultimately this isn't about who developed what, it's about the community because it'll be dead in the water without your interest in using it. I wanted to come here first and reach out to the people who have supported this project during its darkest days (and hopefully for its brightest!). You should receive this news first. The plan now is to have everything finished and ready for launch in January. There will be an announcement soon, and from that point on, there is going to be open communication and transparency in every reasonable regard. Nobody will be able to own the project, just act as contributors and custodians where required. Once the infrastructure is up, we turn on the machine and everyone is welcome. The future for the project is not a big monolithic corporation that took all your money before a line of code was written, but small dedicated teams that work with surgical precision and efficiency on building this out beyond what is launched. The whole thing was self-funded at a fraction of the cost we've seen some projects take in this community. We took the risk and time over the years knowing it can fail, and every cent we take from it to cover the bring-up cost will be matched and given in full to the community for free to distribute the network effect as far and wide as possible. All of this will be documented in full at the announcement. As we work, I wanted to take a second and share this information with you if you're still out there.

I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community. Smiley
legendary
Activity: 1442
Merit: 1001
I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.
member
Activity: 111
Merit: 10
I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.
legendary
Activity: 3010
Merit: 8114
I guess the idea fell to the wayside...
sr. member
Activity: 383
Merit: 250
This is still active?
newbie
Activity: 39
Merit: 0
Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.
legendary
Activity: 1484
Merit: 1005
PoS system also intended to prevent 51% attacks
How?
By forcing the network attackers to read at least 51% of the whitepaper! :duh:
Mea culpa.

The whitepaper is a bit outdated, but I would personally refer you to the recent Proof of Activity paper by Iddo Bentov that details use of stake to further secure a blockchain again 51% PoW attacks.
sr. member
Activity: 322
Merit: 250
PoS system also intended to prevent 51% attacks
How?
By forcing the network attackers to read at least 51% of the whitepaper! :duh:
Mea culpa.
legendary
Activity: 1154
Merit: 1001
PoS system also intended to prevent 51% attacks
How?

By forcing the network attackers to read at least 51% of the whitepaper! :duh:

Dropping in just to say that I'm keeping an eye on this project.
Looking forward to any updates!
sr. member
Activity: 322
Merit: 250
PoS system also intended to prevent 51% attacks
How?
legendary
Activity: 1442
Merit: 1001
Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?

I still have a lot of work to do first. Additionally, the source code for this has basically been licensed to a third party purchaser for first use of the software. When we move further from alpha I'll let you know if they're looking for some exclusive beta testers, I know you've been here for the start so maybe I can see if I can get them to draft an NDA for you in the future and let you play with it. They're just wary about someone running off with it at this time.

No worries - when the time is right, hit me up.
legendary
Activity: 1484
Merit: 1005
Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?

I still have a lot of work to do first. Additionally, the source code for this has basically been licensed to a third party purchaser for first use of the software. When we move further from alpha I'll let you know if they're looking for some exclusive beta testers, I know you've been here for the start so maybe I can see if I can get them to draft an NDA for you in the future and let you play with it. They're just wary about someone running off with it at this time.
legendary
Activity: 1442
Merit: 1001
Code:
2014/11/02 18:22:11 Spent/Missed Ticket Ntfns ----------------------------
2014/11/02 18:22:11 Spent for missed tickets for block Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756
2014/11/02 18:22:11 Spent or missed tickets:
2014/11/02 18:22:11 Ticket hash: f2ac1d8268bd571e95fbbefa4f7f938c9dbab3dccf8a7a9b98f8be6f5f8d85ab Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: 5f18b61ee9f048751b7b24c67ed67649a0e31d17e2a7cd556c37d85e007e490c Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: 704c764d72f44e578b30878b4a5acecbb618a04739058b0a3230b7f0c1f66ea1 Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: aaac41a106a22f1aabc340515f5aa872bf88c86c4d2ccc5a9fcefec7d6115814 Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: caf80942bb9d29fc307950d1490e5b55d19979383754c9e8c5d0a4fdcc089cea Ticket status: Spent
2014/11/02 18:22:11 End Spent/Missed Ticket Ntfns ------------------------
2014/11/02 18:22:11 New Ticket Ntfns -------------------------------------
2014/11/02 18:22:11 New tickets for block Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756
2014/11/02 18:22:11 New tickets:
2014/11/02 18:22:11 Ticket hash: 4e2de8bbd8b2e77400f973aaf50bc4f31153410605d99d20d3f4d2c8c97efa03 Ticket number: 15
2014/11/02 18:22:11 Ticket hash: 8303375227da584351ac5831ca8cb59e9f1b138884a8a104af231417fcd650b0 Ticket number: 28
2014/11/02 18:22:11 Ticket hash: ee3e853c33a2be97eb15c18ca2a3203ffee2c19de8b02566b66cbc72608f69c8 Ticket number: 46
2014/11/02 18:22:11 Next block winner: 58, overflow 0
2014/11/02 18:22:11 Current active tickets in pool: 492
2014/11/02 18:22:11 End New Ticket Ntfns ---------------------------------
2014/11/02 18:22:11 Block connected: Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756

Simulation network is operational and fairly well functioning, there are a number of issues that need to be fixed including a rather severe memory leak. Test coverage is still low.

Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?
legendary
Activity: 1484
Merit: 1005
Code:
2014/11/02 18:22:11 Spent/Missed Ticket Ntfns ----------------------------
2014/11/02 18:22:11 Spent for missed tickets for block Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756
2014/11/02 18:22:11 Spent or missed tickets:
2014/11/02 18:22:11 Ticket hash: f2ac1d8268bd571e95fbbefa4f7f938c9dbab3dccf8a7a9b98f8be6f5f8d85ab Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: 5f18b61ee9f048751b7b24c67ed67649a0e31d17e2a7cd556c37d85e007e490c Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: 704c764d72f44e578b30878b4a5acecbb618a04739058b0a3230b7f0c1f66ea1 Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: aaac41a106a22f1aabc340515f5aa872bf88c86c4d2ccc5a9fcefec7d6115814 Ticket status: Spent
2014/11/02 18:22:11 Ticket hash: caf80942bb9d29fc307950d1490e5b55d19979383754c9e8c5d0a4fdcc089cea Ticket status: Spent
2014/11/02 18:22:11 End Spent/Missed Ticket Ntfns ------------------------
2014/11/02 18:22:11 New Ticket Ntfns -------------------------------------
2014/11/02 18:22:11 New tickets for block Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756
2014/11/02 18:22:11 New tickets:
2014/11/02 18:22:11 Ticket hash: 4e2de8bbd8b2e77400f973aaf50bc4f31153410605d99d20d3f4d2c8c97efa03 Ticket number: 15
2014/11/02 18:22:11 Ticket hash: 8303375227da584351ac5831ca8cb59e9f1b138884a8a104af231417fcd650b0 Ticket number: 28
2014/11/02 18:22:11 Ticket hash: ee3e853c33a2be97eb15c18ca2a3203ffee2c19de8b02566b66cbc72608f69c8 Ticket number: 46
2014/11/02 18:22:11 Next block winner: 58, overflow 0
2014/11/02 18:22:11 Current active tickets in pool: 492
2014/11/02 18:22:11 End New Ticket Ntfns ---------------------------------
2014/11/02 18:22:11 Block connected: Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756

Simulation network is operational and fairly well functioning, there are a number of issues that need to be fixed including a rather severe memory leak. Test coverage is still low.
legendary
Activity: 1330
Merit: 1000
Blockchain Developer
hmmm i am thoroughly interested in the technology this coin will employ.
legendary
Activity: 1098
Merit: 1000
Angel investor.
When can we buy or mine this coin, is there an ICO/IPO?
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