[PPC] [XPM] Peercoin/Primecoin Weekly Updates - page 4.

Sunny King

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Weekly Update #157

There appears to be a competing protocol team in the bitcoin community, known as bitcoin-xt. The situation is new to bitcoin. We are watching the situation closely.
B&C exchange team has launched their website with a teaser wallet client: https://bcexchange.org/

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Sunny King

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Weekly Update #156

Happy birthday peercoin!
It's been a bit slow last few months. We plan to speed up peercoin development for the next months. Stay tuned.

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Sunny King

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Weekly Update #155

Walletnotify feature is now supported in peercoin's master branch. Please give it a try if you needed this feature.

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Sunny King

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Activity: 1205

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Weekly Update #154

Tyke's book 'Peercoin history of first year' in the print: https://www.peercointalk.org/index.php?topic=3870.105
Emeth resumes his work on Peerapp project and his recent thoughts on the use of identification system: https://www.peercointalk.org/index.php?topic=4203.0

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Sunny King

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Weekly Update #153

It has been reported that some exchanges running the latest master branch have run into a bug that always sends the change output back to the input address (like in the avatar mode, but should not be the default behavior), which is causing the exchange software problems. This issue only affects the recent master branch of peercoin, not affecting official v0.4.0 release. If you build your own binaries from the latest master branch due to feature requirements, please consider update to the latest with the fix as soon as possible. See https://www.peercointalk.org/index.php?topic=4208

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Sunny King

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Weekly Update #152

There is an interesting article written by Ray on proof-of-work: https://www.peercointalk.org/index.php?topic=4200.0
Some of our users are still having trouble understanding the way wallet works: https://www.peercointalk.org/index.php?topic=4199.0. I would say this is not the user's fault, as I always thought the way the 'change address' works in bitcoin wallet is very inconvenient, especially with a brain wallet. Bitcoin introduced this mechanism to obfuscate the sending graph on blockchain, so it's a purely privacy feature. However it's more natural for users to associate balance toward fixed addresses. That's also why a feature was added to peercoin that I call 'avatar mode', where it disables the privacy feature and returns the change back to the sending address. Though it's still a development feature with peercoin. The latest peerunity release should support this mode.

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Sunny King

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Weekly Update #151

Since I mentioned the topic of transaction fees last week, l should mention the exact kind of simplification of fee policy in peercoin/primecoin. As I explained last week, blockchain technology is not well suited as an ultra high volume transaction processing system, thus we want to discourage tiny payments such as a fragment of cent, also known as 'dust' in bitcoin. Bitcoin charges additional fees for these dust transactions. In peercoin and primecoin, each transaction output must have a value at least 0.01. For the next release of peercoin, the output value can also be 0 to accommodate data transactions. But still, dust is not allowed, you either have an output value greater than or equal to 0.01 or a value of 0.
Another simplification is that we don't allow no-fee transactions, so the default 0.01 per KB fee is a requirement, not an option as in bitcoin. This eliminates the complication for user to understand the tradeoff between no-fee and quality of service.
Some might question the consistency of the approach as we move to allow data transaction in peercoin's next release. Data transaction is simply a mechanism to allow user to explicitly declare extra data in the transaction, otherwise user could still stuff data into transaction in obscure ways. In principle transaction fee is the only cost associated with blockchain space usage.

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Sunny King

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Weekly Update #150

With the recent transaction volume on bitcoin network, I would like to discuss the transaction fee policy of peercoin/primecoin. I have always felt that the transaction fee design of bitcoin is overly complex, so peercoin/primecoin simplified it quite a bit, so users could have easier understanding of the policy. However, the deeper issue with bitcoin's technology is that, due to the nature of the decentralization technology, it's inherently a rather expensive settlement network. This means it's more suitable to act as a backbone network for financial systems, rather than to compete with centralized payment networks on volume and cost. This isn't obvious when bitcoin userbase is still limited, but the situation will get more and more obvious as its popularity grows.
Originally bitcoin's transaction fee was defaulted to 0.01BTC. In fact I think this original default value was quite good, it beats having an overly complicated system in my opinion. Think about it, at current valuation it's still only one tenth the cost of bank wire networks. To prematurely increase the scale of the network, to compete against networks such as paypal or credit cards, would cause a significant loss of decentralization which by the way is what bitcoin technology and philosophy is all about. It appears that bitcoin developers are not guarding the fundamental principles with enough vigilance.
In such spirit both peercoin/primecoin set default transaction fee to a required 0.01 coin per KB of data, in a simplified and effective fee policy from old bitcoin. The situation in bitcoin is closedly watched, the current fee policy in peercoin/primecoin likely would remain in place when upgrading to latest bitcoin codebase in the future.

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Sunny King

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Weekly Update #149

Nubits experienced a minor blockchain fork event last week, a fix has been released with mandatory upgrade v1.2.0. See notice here:https://discuss.nubits.com/t/critical-nu-network-fork-experienced-at-block-407-740/2276/17
snakie has open sourced http://peerchain.net to the community with repo at https://github.com/snakie/peerchain (https://www.reddit.com/r/peercoin/comments/3b7uua/open_sourced_peerchainnet/)

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Sunny King

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Weekly Update #148

B&C funding has reached 100%, congratulations to Jordan and the nubits team! This is another significant event in DAO's, eyes are on the team to pull this important project off.
B&C shares still for sale, so one still has a chance to better support its development.

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Sunny King

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Weekly Update #147

B&C exchange funding goal is reportedly 89% reached.
Aside from B&C's own blockshare and blockcredit, the exchange plans to support peercoin, nubits, nushares together with bitcoin and a few other popular cryptocurrencies.
Upon user request, walletnotify should be included in the planned next peercoin release.

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Sunny King

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Weekly Update #146

Peercoin Chinese Community and 8BTC forum jointly organize the "Cryptocurrency and PoS" essay contest: https://www.peercointalk.org/index.php?topic=4156.0
B&C exchange project has reached 80% of its funding goal, according to nubits team.

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Sunny King

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Weekly Update #145

B&C funding raising ongoing, 75% reached. Nubits team appears to be planning its development after the upcoming nubits 2.0's release.
Mably is raising fund to port btcd to ppcd: http://peer4commit.com/projects/130

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Sunny King

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Weekly Update #144

Tyke's book "Peercoin -- A first year history" is now published on amazon: https://www.peercointalk.org/index.php?topic=3870.90
v0.5 protocol adjustment is under testing. Once testing and reviews are completed testnet deployment would follow. Schedule will be fixed after testnet deployment completes sucessfully.
B&C funding raising is still ongoing with nubits team this week.

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Sunny King

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Weekly Update #143

Tyke's book "Peercoin -- A first year history" is almost finished: https://www.peercointalk.org/index.php?topic=3870.0
B&C funding event is rebooted, where B&C shares are offered instead of additional nushare issuance. B&C is Nubits team's venture into decentralized exchange. With the experience gained from nubits liquidity operations, the team is certainly well positioned for such a monumental task.

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Sunny King

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Weekly Update #142

DuoDuo project is making good progress. Version 1.2 under testing: https://www.peercointalk.org/index.php?topic=4110.0.
Mably is planning to give a talk about peercoin and proof-of-stake in France next month at the BdxCoin event: http://www.meetup.com/BdxCoin/events/222368107/
Mably has made good progress on ppcwallet, a peercoin wallet implemented in Go. Minting was successful on testnet. (https://wiki.peercointalk.org/index.php?title=Ppcsuite)
Nubits' team's exchange project B&C fund raising is closing soon. A decentralized exchange platform is important to the overall ecosystem and future DAO's, and the team's track record (peershare & nubits) speaks for itself. I would certainly like to see the project reach its goal.

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Sunny King

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Weekly Update #141

Emeth has updated latest peermessage/peerapp project to run against peercoin master (to become v0.5): https://www.peercointalk.org/index.php?topic=4102
Current peercoin protocol does not allow outputs with value < 0.01PPC, to discourage dust problem. This also prevents the zero amount on outputs, unlike bitcoin. To fully support OP_RETURN, from v0.5 on, zero output amount will be allowed, but nonzero amount less than 0.01PPC is still not allowed.
v0.5 release will be mandatory upgrade, with a 2 month upgrade window. Once testing completes on the protocol change, I will announce a release schedule.

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Sunny King

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Weekly Update #140

The Nubits team led by Jordan has announced fund raising for a decentralized exchange platform based on peershare (https://discuss.nubits.com/t/passed-motion-to-provide-seed-funding-for-b-c-exchange-a-decentralized-exchange-built-on-the-peershares-platform/2001). This is the second major attempt at a peershare project since the team completed peershare project, which enabled a new form of crypto enterprise known as DAO.

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Sunny King

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Weekly Update #139

OP_RETURN small data transaction support is now added to peercoin. This feature is requested by the peermessage project and will be included in the coming release.

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Sunny King

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Weekly Update #138

diandianbi.org has kindly set up another dns seed for peercoin at seed.diandianbi.org
We have made some adjustment to peercoin's release plans. The support for peermessage will be joined with some protocol adjustment to enhance peercoin's network security, which will then be bundled into a release v0.5.0. The current develop branch will become v0.6.

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