Topic: Proof of Burn: Slimcoin can be mined competativly on a Rasberry Pi! (Read 7048 times)

Slimcoin pre-release announcement is up!
https://bitcointalksearch.org/topic/ann-slimcoin-proof-of-burn-new-block-gen-mineable-by-low-power-computer-613213

tops 

I plan on releasing this or next weekend. I will have a pre-release announcement a couple days beforehand.

I really like that the aggressive ASIC's can't take over. Will be interesting to watch. When will the countdown start?

bump

It uses a Dcrypt algorithm which is only CPU mineable.

how will the pow phase be handled? I'm guessing gpu/cpu
hopefully X11/ Keccak, anything other than scrypt tbh

Too many Coins. Should have quicker confirmations

Yep, the idea is great, that can make it.  I'll give it try while it's still cheap.

Hoping that all the mined coins won't have to be burnt just after ;-)

And I guess that's why you have to keep a bit of POW.

The main idea or goal of Slimcoin can be said to be a coin that can be "mined" without hardware as if it were proof of work. In other words, it would solve the issues of GPU shortages that occured Januarry and February of this year and the ASIC preorders, etc. If one wants to buy more mining power, they simply burn coins. The burning of coins costs money, and simulates the buying process. There is little waiting (only the waiting for the burn transaction to mature). There is no supply that could run out, solving the issues of hardware back orders.

Simply put, it is meant to be mined without powerful hardware.

So Slimcoin aims to be a POS coin and POB and POW are only supposed to be used at the beginning just like Peercoin, am I right ?

I guess you will need centralized checkpointing like Peercoin, at least at the beginning.

It will be really interesting to see how it goes, thanx for all your work.

The Proof of Burn Block reward can be calculated by the same way it is done in Peercoin. It has a maximum of 250 Coins as a reward and that reward halves (it follows a smooth curve) every 16x the difficulty increases. The difficulty for proof of burn is calculated differently from proof of work. It is calculated based on the amount of coins burnt in the entire network.

Hi, thanx a lot for all those explanations.  You should add them to the official web site btw.

One more question: is there a simple way to estimate how much miners will earn from POB mining as it is the case for POW (h/s*difficulty) and POS (percentage)?  We need this to know if we should stop or keep POB mining.  I feel like POB will burn a lot of coins and though won't be really useful/used.

Thank's ! That seems to be very interesting specifications with not to much coins !! Keep watching

Here is some general information about Slimcoin:

If you guys have any questions, please ask.

Specifications:

• Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
                This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok
• Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
• Block time is 1.5 minutes (90 seconds)
• Difficulty re-targets continuously
• Block Rewards:
  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • *I have not yet fully decided on these rewards, so they may change*
• Block rewards decrease in value as the difficulty increases
• Total 2 billion coins

Proof of Burn and Low Power Requirements:
        Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

General Outline of Launch:
        The coin will have a pre-announcement before the official release. The initial meathod of coin distribution will be through proof-of-work mining. Slimcoin will depend on proof-of-work for the initial coins supply until enough coins have been generated for proof-of-burn and proof-of-stake to become possible.
        I have not yet determined a specific launche date, but I will make it clear when it will be launched. I will, however say, it will be sometime this May, possibly mid-May.

Code:
        The code for Slimcoin, and slimminer and a few other utilities are finished. I am currently extensively testing the code to have an as smooth as possible launch.

Other Comments:
        Naming: Thank you user: "CryptoHobo" for noticing that the abbreviation SMC was already taken, I will change Slimcoin's abbreviation to SLM.
        Miner: Yes, Slimcoin does require its own miner. I have already created a slimminer by forking cpuminer's code.
        PoB block rewards less than number of coins burned: Yes, this is possible. The users of Slimcoin will self regulate the amount of coins are burned. Proof-of-Work has a similar problem where people buy hardware to mine, but so many people start mining that the profits decrease. What I mean by self-regulation is, when the profitability decreases, less people will burn coins, the profitability will then increase, and then more people will burn coins, etc.... That process will continue until a balance is reached.

Have more information?

Was just thinking about it: is it possible that, in case of too many people mining, more coins are burned than mined?

Is "Proof of burn" really that "green"?

People will most probably build huge mining computers or even server farms running thousands of "POB mining" processes in order to increase their chance to obtain the block reward.

But what will the real ROI be if everbody can mine with its personal phone/tablet/computer/etc.?  Probably peanuts.

It will be interesting to see how it goes though.  Waiting to learn more about it.

this need his own miner if i'm correct, right?

how to get coins initially?