Everyone is transparent here, if you have any questions feel free to ask and I am sure you can get an answer.
I asked about 'queue mining' that Hotcoin now uses..........and no i never got an answer.
I do believe that all options should be explored before automatically going to POS. Even if someone comes up with a new innovative idea should be looked at.
POS in my opinion is a flawed concept and inflationary....i.e fiat money. Cryptocurrency are suppose to be the opposite of fiat money.
Sorry we're generally behind on responding to all the PMs. I don't have much experience with 'queue mining' and how it works but have checked out the ANN, how is security from 51% guaranteed, what is the current hashrate and is it scrypt etc?
The thing with inflation and cryptocurrency (both PoW and PoS) is at this point it is a necessity to ensure continued security/processing through stake/mining. Many people believe BTC will require an overhaul as rewards dwindle and that transaction *fees* are not sufficient to support the necessary security. There are too many unknowns at this point. It would be great if we could simply stop supply (from a value standpoint but this would completely stifle any further distribution and the criticism would roll in stronger), but a continuous supply is what rewards those involved for securing a decentralized system. No new supply = no more distribution and no more security/processing = dead blockchain. Believe me I do share many of the same thoughts and criticisms towards fiat and its control/devaluaton, but there are plenty of positive differences between cryptocurrency and government issued and controlled money besides inflation.
I can't keep stressing this enough, but to put things in perspective, current inflation in BTC of the latest 'hot coin' is 90BTC
per day (RZR) and many average 15-40BTC/day. We're currently sitting at 1.5BTC. Our most important issue right now is dealing with external security threats in this environment related to PoW.
Inflation is the expansion of money supply. The rate of inflation for fiat money and gold is different. Fiat money cost next to nothing to produce hence we all suffered from high inflation since the 1970's. Inflation is not the CPI, RPI, RPI-X, etc. Gold had inflation but very small because digging gold out of the ground cost a lot of money in machineries, labour, etc. The small inflation was offset by expanded population. Thus POW is like gold and POS is like fiat with very low adoption rate. With fiat everyone have to use it because of the politicians. With POS the main benefactors are the holders of coins, the same as those who are savers and earns interest. With POS the interest is somewhat mind boggling (eg. 100% interest) and inflationary as it has little cost involved compared to POW.
The 51% attacks is obviously bad news and must have be done by the ASIC holders or pools. In needing a solution to this, most seem to think that POS will be the answer to the problem.
However i have been following Hotcoin as the developers are just as busy as Noblecoin developers. Obviously each have their own development path. I will now explain Hotcoin concept of 'queue mining' and i would suggest everyone to look into it and think about it, rather than automatically following what the majority of shitcoins are doing.
When Hotcoin was suppose to be 'dead' months ago, with a few miners, the developers didn't give up. They constantly worked on their wallet and introduced many new features. At the time i was mining on and off with my 250kh card and had the tendency to fork the chain, don't ask me how. In bringing this up with a developer, there was a need for a new solution. In looking at the blockchain, the majority of the coins where going to one address thus very low adoption rate. The price were low and was just under 100 sats at the time. I did buy at the time as i always do when developers are actually busy, just like Noblecoin's developers. Hotcoin use scrypt algo and with the invention of ASIC, abuses from pools, forking, etc.....Hotcoin introduced 'queue mining' as anti-ASIC, anti-botnet, energy saving, no GPU needed, etc. With all new ideas, one always have some reservation, naturally so. However i have observed Hotcoin and seen how it works.
With 'queue mining', having the biggest hash-rate is irrelevant. Pools are irrelevant as one pool is = to one miner, thus a pool with 10 miners will have to share that block. Quite simply when one starts their wallet, start mining, they go into the back of the queue and every 2 minutes a block is created and given to the one at the top of the queue. When one mined a block, one has to wait 60 blocks before being allowed to receive another block. When everyone queueing gets a block and for 600 seconds (5 minutes) if there is no new block mined then they it reverts to the old system and reverts back when a new miner enter the fray.
In mining i'd simply selected mining with 1 thread of my CPU - 10khs. I still use my computer as normal and my Hotcoin wallet behaves the same as an anti-virus software, it's there running in the background and ignored until it tells you that you have a block. There is no need for any fancy new equipment or high electricity bill that you get with POW mining. The distribution of coins is spread out and thus has a wider adoption rate than before. Since the inception of 'queue mining', instead of changing algo or going to POS, Hotcoin has returned from being 'dead' and gained popularity and the price has increased since then, reflecting it's proper market value.
However since i've observed the workings of 'queue mining', there are some minor flaws. They are solvable.
1. Confirmations time is increased when there are less than 60 miners because of the 600 seconds wait before reverting to the old system and vice versa.
2. True 'queue mining' should not revert to older system of mining but continue creating a new block according to block target, 2 minutes for Hotcoin and 1 minute for Noblecoin, distributed according to the queue. If there are 100 miners then each would get a block out of every 100 blocks created. If there are 500 miners then each would get a block out of every 500 blocks created, and so on.
3. Difficulty based on POW would need to be changed where difficulty is based on the number of miners, as quite simply, if there are more miners then gaining a block becomes more difficult.
4. Hotcoin wallet has a mining tab. Mining full CPU, mining 50% or mining 1 thread. This is only useful when mining reverts to the old system but one has no way of knowing whether the wallet is creating blocks through 'queue mining' or not. With true 'queue mining' there is only a need to 'mine' with the lowest possible hash-rate to support the network and using the same amount of resources as an anti-virus software does. I think 1kh to 5khs fixed in the wallet is sufficient and no need for a mining tab. It can start 'mining' automatically when the wallet starts.
5. Adoption rate with all cryptocoins will always be low when there is a need for new equipment, high electricity, etc. Most people do not simple understand nor are they willing to invest money on unknowns. To get wider adoption rate among the masses, 'queue mining' would work best in my opinion as almost everyone has anti-virus. Imagine almost everyone having a Noble wallet that sits in the background waiting for one's turn to get a block. Once people realised there isn't any need to do so much work in mining like POW, POS.....in the same way no one needs to be obsessed with their anti-virus software, this could be a game changer and get more people into Noblecoin. Obviously the community would need to do their bit in spreading Noblecoin to the public. Words of mouth can be effective. Posting Noblecoin link in comment section in other forums outside the usual crypto forums, posting link in comments section of various online news channels, etc.
All i ask now, can those who care and have Noblecoins, simply debate the merits of 'queue mining' and all it's pros and cons.
I can quite understand that those who want POS will probably object because they themselves want more coins with little work involved. However we shouldn't think in that way, but think of the long term prospect of Noblecoin itself in becoming a currency that could dislodge Bitcoin one day, and can only be done with wider adoption rate.
Finally an open honest debate require no abusive comments.
