[PRE-ANN] [VIA] - page 50. | Bitcointalksearch.org

jjj0923

sr. member

Activity: 266

Merit: 250

Quote from: btcdrak on July 09, 2014, 06:59:47 AM

Quote from: jjj0923 on July 09, 2014, 04:11:45 AM

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

if you've got a block time of 60 seconds (assuming) that's just a little over 1 day - so the pumpers and dumpers sit on the sidelines until you hit block 2,000 nd then jump in - a better idea is to have a high number of blocks required for maturity - let's say 2 to 3 days.

you get the same impact but do not penalize early miners with wasted mining efforts.

You are right and we thought about this quite a lot. The coin maturity is currently set at 500 blocks for this very reason and may increase it more (to 850). I sincerely believe that whatever the average bid price is set by the presale will have a serious effect on sell price. Miners are not just going to sell below market price if there has been a large presale setting the price higher. Also, there wont actually be that many coins available from mining in the beginning.

The zero reward blocks also solve another problem, because once we launch the network we will need at least the coin maturity before we can distribute the coins and further more, we want presale participants to be in control over their funds before any mining rewards kick in.

I'd make it at least one days worth of blocks. It's amazing how cheaply people will dump their coins. I typically am an early miner and put some of my coins up for about 500,000 sat for sale and then buy some of them back to get the price set then folks come in and sell for a tiny fraction of what I've set the sell wall at - it's amazing and it screws up everything moving forward.

btcdrak

legendary

Activity: 1064

Merit: 1000

Quote from: jjj0923 on July 09, 2014, 04:11:45 AM

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

if you've got a block time of 60 seconds (assuming) that's just a little over 1 day - so the pumpers and dumpers sit on the sidelines until you hit block 2,000 nd then jump in - a better idea is to have a high number of blocks required for maturity - let's say 2 to 3 days.

you get the same impact but do not penalize early miners with wasted mining efforts.

You are right and we thought about this quite a lot. The coin maturity is currently set at 500 blocks for this very reason and may increase it more (to 850). I sincerely believe that whatever the average bid price is set by the presale will have a serious effect on sell price. Miners are not just going to sell below market price if there has been a large presale setting the price higher. Also, there wont actually be that many coins available from mining in the beginning.

The zero reward blocks also solve another problem, because once we launch the network we will need at least the coin maturity before we can distribute the coins and further more, we want presale participants to be in control over their funds before any mining rewards kick in.

btcdrak

legendary

Activity: 1064

Merit: 1000

Quote from: chompyZ on July 09, 2014, 05:37:46 AM

Hi BTCdrak,

I know you have been working on this for months, but this is the first time details are starting to emerge.
I am interested but find it hard to understand many fundamentals.

Would appreciate some clarifications on these matters:

a. can you please clarify the 'open-source' issue. i.e. will "it" (i.e. Viacoin+ClearingHouse) be open-source from day1? later? never? partially? fully?

b. will there be any centralized 'component' of the architecture?

c. building applications on a layer above viacoin will be done via an internal scripting language or any language and then integrated by an API? other?

d. 24sec/block yet you don't seem to be bothered by forks or 51%. Can you please say/hint why?

Thank you very much.
Looking forward.

Thank you for your questions:

a. Everything will be open source. The wallet is not open source right now because we don't want anyone trying to jump the gun.
b. There will be zero centralized components, that defeats the purpose of building decentralized systems.
c. Primarily by embedding data within the blockchain as well as scripting.
b. As far as I am aware, 24 second blocks do not affect 51% attacks. We have taken steps to lower latency, for example maximum block sizes can be significantly smaller without impeding tx/sec because there are many more blocks (3600 per day) than say bitcoin (144 per day). There will be header first syncronization. Over time this means the block time could even get even faster.

johndec2

sr. member

Activity: 350

Merit: 250

Hmm. Looked interesting until I did some math. 10 million premine. Well over 10% of theoretical total coins. Working on the OP figures of 5 coins per block (a fair average seeing as coin reward is on a downward sliding scale) and 3,600 blocks per day it would take miners 555 days to mine 10 million coins to equal the premine.

Are you guys serious??? That's nearly 18 months. MASSIVE pass from me.

Good luck with your ~~scam~~ coin.

btcdrak

legendary

Activity: 1064

Merit: 1000

Quote from: atleticofa on July 08, 2014, 05:58:07 PM

10% IS NOT PREMINE?

Huh

A premine to my mind means a developer premine, where the devs allocate a large quantity of coins to themselves by fiat.
This is a terrible practice because it means they can dump their coins at any time so it understandably makes everyone nervous.

In the case of this presale, coins are being allocated to early adopters. Mining rewards are deliberately slow to generate large numbers of coins so that early adopters can be the main source of coin distribution in the early months without the risks of mining pressure. I imagine this will prevent prices falling below their original buy price and encourage them to sell some coins at a profit thus distributing coins further.

Mining only tends to only favor people with technical skills and access to significant mining hardware.

chompyZ

sr. member

Activity: 291

Merit: 250

Hi BTCdrak,

I know you have been working on this for months, but this is the first time details are starting to emerge.
I am interested but find it hard to understand many fundamentals.

Would appreciate some clarifications on these matters:

a. can you please clarify the 'open-source' issue. i.e. will "it" (i.e. Viacoin+ClearingHouse) be open-source from day1? later? never? partially? fully?

b. will there be any centralized 'component' of the architecture?

c. building applications on a layer above viacoin will be done via an internal scripting language or any language and then integrated by an API? other?

d. 24sec/block yet you don't seem to be bothered by forks or 51%. Can you please say/hint why?

Thank you very much.
Looking forward.

altcoinherald

full member

Activity: 126

Merit: 100

Your coin has been added to the Altcoin launch calendar.

http://altcoinherald.com/xwxg

We'll keep posted for developments with your coin!

studio1one

hero member

Activity: 1218

Merit: 500

BintexFutures

Quote from: jjj0923 on July 09, 2014, 04:11:45 AM

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

if you've got a block time of 60 seconds (assuming) that's just a little over 1 day - so the pumpers and dumpers sit on the sidelines until you hit block 2,000 nd then jump in - a better idea is to have a high number of blocks required for maturity - let's say 2 to 3 days.

you get the same impact but do not penalize early miners with wasted mining efforts.

agree with this. Interested in mining this but there is no point at a block reward of 2 so I will just wait. Would rather mine straight away and wait for block matiruty

jjj0923

sr. member

Activity: 266

Merit: 250

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

if you've got a block time of 60 seconds (assuming) that's just a little over 1 day - so the pumpers and dumpers sit on the sidelines until you hit block 2,000 nd then jump in - a better idea is to have a high number of blocks required for maturity - let's say 2 to 3 days.

you get the same impact but do not penalize early miners with wasted mining efforts.

jjj0923

sr. member

Activity: 266

Merit: 250

Quote from: atleticofa on July 08, 2014, 05:58:07 PM

10% IS NOT PREMINE?

Huh

you're the preminer though.... not the devs

jjj0923

sr. member

Activity: 266

Merit: 250

Quote from: jorneyflair on July 08, 2014, 11:27:43 AM

damned scrypt , dev did you see LTC? dropped 50% in price

it's back on he rise

duru

member

Activity: 70

Merit: 10

people need to go read some code, seriously

prix

hero member

Activity: 750

Merit: 511

Why do you not use escrow? With escrow you will get more BTC than without it.
Where is the whitepaper? Where is the roadmap?

Quote

This allows the building of fully decentralized exchanges, issuing of new currencies, asset tracking, betting,
digital voting, reputation management and even form the basis of fully decentralized market places.

Is it not implemented? Who will implement it, when?
Is the "ClearingHouse" protocol is only feature of this coin at this moment?

Is it open source? When will you publish the source?

Minimum period of IPO is 7 days. What is the maximum?

eterna156

member

Activity: 98

Merit: 10

Think I might throw a btc in on this. I've followed btcdrak on twitter since January, one of the top BTC traders out there. So sick of scam coins and AWOL Devs. Want to focus more long term and lose some of the stress of trading complete shit coins.

xibeijan

legendary

Activity: 1232

Merit: 1001

No whitepaper? Could you please provide an overview of ClearingHouse so we can begin to understand what it is and whether it's any good?

stormia

hero member

Activity: 868

Merit: 1000

Escrow?

btcdrak

legendary

Activity: 1064

Merit: 1000

Quote from: CryptoJebus on July 08, 2014, 06:23:26 PM

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

Its simple scrypt right? I can mine it with the current cuda software for scrypt?

Yes, the PoW is using scrypt, not scrypt-n, not scrypt-jane, just scrypt.

CryptoJebus

newbie

Activity: 5

Merit: 0

Quote from: btcdrak on July 08, 2014, 04:51:41 PM

Quote from: CryptoJebus on July 08, 2014, 04:38:41 PM

When will I be able to mine this?

So the plan is this. First 7 days are surely for the presale bidding, but it will close at a random number of days after that to stop last minute buying.
Coins will be distributed over the next 48 hours while we setup the genesis block, checkpoints, start the network going. During this period there are 2000 blocks with 0 reward. During this period of zero rewards we will release the reference client. That will give enough time for everyone to get setup, configure their pools and get started fairly.

Its simple scrypt right? I can mine it with the current cuda software for scrypt?

chocobo

hero member

Activity: 540

Merit: 500

Quote from: megabuxx on July 08, 2014, 05:21:07 PM

presale coins distribution - proportional bid system is not an ideal model. The person who bids high takes most of the coins and peanuts for the rest. You should have made first come first serve model. Not fair.

You can also argue first come first serve as unfair. This is a free market feel free to not invest.

atleticofa

sr. member

Activity: 406

Merit: 250

10% IS NOT PREMINE?

Huh

Topic: [PRE-ANN] [VIA] - page 50. (Read 71934 times)