Artforz didnt premine, litecoin was already out.
The only proper and fair way to bring out a coin is to announce a start date and release the binaries to everyone at the same time without a massive premine.
Topic: Memcoin Protocol (A CPU/GPU-oriented, very memory hard chain) - page 2. (Read 6753 times)
Well, the protocol is right there if someone wants to make the chain themselves and then release it without a premine. I'm just trying to organize this and get the coin to public as quickly as possible.
Also, it's now presumed that Artforz premined litecoin by GPU as there is evidence in these forums that he knew that GPU mining was faster, and litecoin is doing just fine. The survivability of an altchain is related to it's utility, not whether or not it was "fair" for people at any given time in its history. Right now BFL/others are probably "premining" with ASICs too before releasing them to the public. This is the reward for bringing new technology into play.
Also, it's now presumed that Artforz premined litecoin by GPU as there is evidence in these forums that he knew that GPU mining was faster, and litecoin is doing just fine. The survivability of an altchain is related to it's utility, not whether or not it was "fair" for people at any given time in its history. Right now BFL/others are probably "premining" with ASICs too before releasing them to the public. This is the reward for bringing new technology into play.
Why? Satoshi premined bitcoin (you can check his unspent address for tens of thousands of BTC), Artforz premined bitcoin as well before releasing his CPU miner for AMD 4xxx series... I have no problem with the developers paying themselves for their own work. If you look at a similar currency like litecoin, it's obvious that 100k coins really isn't even that much.
Bitcoin is a very poor example as it was a trailblazer in cryptocurrenty. Can you name an alt that had a sizable premine that actually succeeded or had community backing that WASN'T viewed in the light of being just a money grab for its creator?
I would like to get a small group of people helping make it in on a ~100k coin premine.
.... aaaand with that you lost about all community support
Why? Satoshi premined bitcoin (you can check his unspent address for tens of thousands of BTC), Artforz premined bitcoin as well before releasing his CPU miner for AMD 4xxx series... I have no problem with the developers paying themselves for their own work. If you look at a similar currency like litecoin, it's obvious that 100k coins really isn't even that much. I only want a few thousand myself, and then I'll mine the rest with everyone else after release. With this blockreward algorithm we will see hundreds of millions of coins generated, so really it's nothing.
There needs to be incentives for people to develop this coin because a small amount of programming needs to be done.
I would like to get a small group of people helping make it in on a ~100k coin premine.
.... aaaand with that you lost about all community support
I don't have time to actually make this, but this is my proposal:
MEMCOIN PROTOCOL
Things to be done from a Litecoin fork:
- Modification of scrypt miners to accept variable values of r and to utilize the new scrypt algorithm proposed (see https://github.com/floodyberry/scrypt-jane for different scrypt implementations)
- Adding the variable r to each block
- Implementing the new blockreward algorithm
Benefits of the chain:
- Long implementation time for blockreward decrease, so blockreward will not be ~1.5 for 50 years.
- Progressive stepping for blockreward decreases of a little over a month
- Very FPGA and ASIC difficult because of the massive memory requirements and large circuit size for cryptography algorithms, so CPUs/GPUs will be ideal for mining
Release: Upon the building of the final binary of the bitcoin-qt and cpuminer fork from the source code, a couple extra blocks will be mined to ensure the binaries are functional and then the binaries and source will be compressed and encrypted in a 7zip file with 256-bit AES. This encrypted file will be uploaded on multiupload and as a torrent one week before the chain is to launch. Upon the launch date, a password will be revealed and everyone can begin mining the chain at the same time.
Thoughts?
CURRENT DEVELOPER BOUNTY: 0 BTC
ADDRESS TO DONATE TO DEVELOPER BOUNTY: 1DSbmKcWrir5zxXPZhjjZdVLsqLZxu2Qc4
DEVELOPER BOUNTY WILL BE AWARDED TO THE FIRST PERSON OR GROUP TO FULLY IMPLEMENT THE PROTOCOL. PREMINES, IF ADDED BY THE DEVELOPER, WILL BE REMOVED PRIOR TO LAUNCH BY MODIFICATION OF THE GENESIS BLOCK.
edit: Forgot to change to 7% decrease, fixed (lots of 3.5s and multiples in this protocol)
PM me if interested in the development.
MEMCOIN PROTOCOL
Quote
1) Difficulty adjustment rate 3.5 days with the generation of 2016 blocks. Other properties regarding difficulty adjustment are also the same as for Litecoin.
2) Blockreward begins at 50 coins and decreases every 35 days (10 difficulty periods) according to the following formula:
reward = previous_reward * (1+(-0.07/10))^(10*0.10)
This leads to a 7% decrease in blockreward every 350 days, or a blockreward halving in a little under 10 years.
Finance/business people will recognize this as the formula for compounded interest.
3) Scrypt is used with the following scheme:
1. ChaCha20 for mix algorithm, because it's a little faster than Salsa20.
2. SHA256 followed by BLAKE256 followed by keccak256 (SHA3-256) for the crypt algorithm, to enhance circuit size in ASICs without strongly affecting hash speed. This should make memcoin more ASIC unfriendly.
and the following variables:
N = 1024
p = 1
r = variable
3.1) The scrypt parameter r is initialized as 128, so the initial memory required per scrypt process is 16 MB. The value of r will be multiplied by 3.5 every 1050 days (604800), e.g., a little less than 3 years after chain creation r will be 448 and the required memory will be 56 MB per thread. This is in keeping with Moore's law, and should ensure that the chain remains CPU/GPU-minable for a long time.
2) Blockreward begins at 50 coins and decreases every 35 days (10 difficulty periods) according to the following formula:
reward = previous_reward * (1+(-0.07/10))^(10*0.10)
This leads to a 7% decrease in blockreward every 350 days, or a blockreward halving in a little under 10 years.
Finance/business people will recognize this as the formula for compounded interest.
3) Scrypt is used with the following scheme:
1. ChaCha20 for mix algorithm, because it's a little faster than Salsa20.
2. SHA256 followed by BLAKE256 followed by keccak256 (SHA3-256) for the crypt algorithm, to enhance circuit size in ASICs without strongly affecting hash speed. This should make memcoin more ASIC unfriendly.
and the following variables:
N = 1024
p = 1
r = variable
3.1) The scrypt parameter r is initialized as 128, so the initial memory required per scrypt process is 16 MB. The value of r will be multiplied by 3.5 every 1050 days (604800), e.g., a little less than 3 years after chain creation r will be 448 and the required memory will be 56 MB per thread. This is in keeping with Moore's law, and should ensure that the chain remains CPU/GPU-minable for a long time.
Things to be done from a Litecoin fork:
- Modification of scrypt miners to accept variable values of r and to utilize the new scrypt algorithm proposed (see https://github.com/floodyberry/scrypt-jane for different scrypt implementations)
- Adding the variable r to each block
- Implementing the new blockreward algorithm
Benefits of the chain:
- Long implementation time for blockreward decrease, so blockreward will not be ~1.5 for 50 years.
- Progressive stepping for blockreward decreases of a little over a month
- Very FPGA and ASIC difficult because of the massive memory requirements and large circuit size for cryptography algorithms, so CPUs/GPUs will be ideal for mining
Release: Upon the building of the final binary of the bitcoin-qt and cpuminer fork from the source code, a couple extra blocks will be mined to ensure the binaries are functional and then the binaries and source will be compressed and encrypted in a 7zip file with 256-bit AES. This encrypted file will be uploaded on multiupload and as a torrent one week before the chain is to launch. Upon the launch date, a password will be revealed and everyone can begin mining the chain at the same time.
Thoughts?
CURRENT DEVELOPER BOUNTY: 0 BTC
ADDRESS TO DONATE TO DEVELOPER BOUNTY: 1DSbmKcWrir5zxXPZhjjZdVLsqLZxu2Qc4
DEVELOPER BOUNTY WILL BE AWARDED TO THE FIRST PERSON OR GROUP TO FULLY IMPLEMENT THE PROTOCOL. PREMINES, IF ADDED BY THE DEVELOPER, WILL BE REMOVED PRIOR TO LAUNCH BY MODIFICATION OF THE GENESIS BLOCK.
edit: Forgot to change to 7% decrease, fixed (lots of 3.5s and multiples in this protocol)
PM me if interested in the development.
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