Securitycoin [SCSY] | Bittrex and IRC in Wallet | Ccex | Community | VPOS - page 69.

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New team, new logo, new wallet, new website, new road map, new innovations. We do not plan to just repair a broken coin; we are building a new coin with long term value. First of all, I’m sure you want to know what we've done in the past few weeks.

- The Security Coin (SCSY) Development Team is very proud to have successfully released the first “true” variable proof-of-stake (VPoS) cryptocurrency. Security Coin, formerly a Hefty 1 Algorithm proof-of-work (POW) only coin, has been relaunched creating the first POS Hefty 1 Algorithm coin ever developed. Our Team has worked hard to integrate this new and innovative VPoS technology into Security Coin. Building on this track record, we will work to bring other innovations to Security Coin and you, the crypto community. Security Coin was appropriately named because VPoS incentivizes people to hold their investment long term in their local wallet rather than keeping their coins in a wallet on an exchange. This increases the security of the Network and protects coin holders from losses due to exchanges being hacked or simply closing up shop.

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This is our first step in re-launching this coin. Essentially our main focus was creating everything needed first and especially since the original wallet and source was horrible. We are looking into different ventures for this one of them happens to be a trezor for alts that can simply compile any alt source which you can take with you.

What we initially are trying to do is have a stable price for the coin especially since it entices people to hold in their wallets long term. Those also gives us the ability to grow organically and not have to worry as much about market price, so we can focus our efforts on new ideas and concepts that can be associated with this alt.

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The idea of variable proof of stake that is different from other models of staking coins is to reward those who hold longer in wallets and hedge against inflation often caused by high proof of stake coins. This incentivizes people to stake coins longer than a week or two and don't dump on exchange. It also protects small staker's from dumps from large stakeholders by having a Max of 640 coins that can be staked each block.

We are in the works and in talks with many strategic partnerships and different ventures which will be updated in the coming days however since we have now done the swap we cannot wait longer to release the coin as it is time for people to start mining this again.

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- First Hefty1 PoW/VPoS coin (VpoS = Variable PoS)
- Dns seed in source to get always wallet syncing
- ModifierCheckSum set
- Checkpoints master key set
- ccminer, cgminer, cpu-miner and Stratum-mining adapted to work with Securitycoin
- Block explorer and statistics in wallet.
- Completely new design for the wallet.
- Messages in wallet (thanks to Spencer Lievens of Sterlingcoin)

Proof-of-Stake / Proof-of-Work?

“Proof-of-work” or POW is a term used to describe the process of a cryptocurrency miner securing the Network using the computing power of hardware to process transactions and discover blocks. “Proof-of-stake” or POS refers to being paid for holding coins in your wallet, with the amount of payment dependent upon the amount of coins you hold in your wallet. This is commonly referred to as mining from your wallet. New coins are created by staking, and although most coins never actually reach a wallet to be staked, minor inflation in the coin total is a result. The Network is secured by staking, which processes transactions and discovers blocks. POS networks are difficult to attack because a stake holder would need to buy large portions of the coin and risk losing on their initial investment to destroy the network and compromise the blockchain. POW is easier-to-attack by one person or group with a large amount of money. This can be done by a large purchase of hardware or using pooled hardware which can result in 51% or more of the network being controlled by one miner or pool of miners and allows that person or group to control the blockchain of the network. The hardware costs are not lost because it can be used for other purposes.

Variable Proof-of-Stake

Variable interest is not a new idea in the world of finance; however, “true” variable stake interest or variable proof-of-stake based on each individual wallet is a new idea in cryptocurrency. How is this different from other coins that use variable stake for staking rewards? Security Coin rewards each individual user who holds coins in their local wallet independently of what others on the Network have in theirs. Other variable stake coins reward all users the same rate based on the total number of coins staking in the entire Network regardless of the length of time the coins are held in the individual wallet.

Security Coin’s VPoS is different than many other POS methods as it rewards holders of the coin with a higher stake rate the longer the coins are held. Coins that stake for two days should not be rewarded the same stake rate for holding as those who hold for two weeks, one month or three months. Over a period of time, the percentage paid in stake of a coin increases and the stake itself is compounded and is paid out on the stake that was received and held in the wallet, much like compounding interest. Just like treasury bonds reward those who hold for longer terms, stakeholders should also be rewarded for securing the network for longer terms. The longer you hold your stake, the higher your stake percentage grows increasing the return on investment.

What Problem Does VPoS Solve?

When considering cryptocurrency and how it acts in currency markets, there has not yet been a viable design to find a balance between holding coins for the short-term, long-term, and simply dumping them or the accumulated stake coins on an exchange and dropping the market price. Security Coin’s VPoS aims to balance these risks using a new model that has yet to be tried in cryptocurrency.

Often, cryptocurrencies which use staking actually have the incentive for someone to buy a large amount of coins and dump the stake onto the market before someone else does it first. VPoS combats this by ensuring those who hold their coins in their local wallet that others too will hold longer because of the incentive to receive better staking rewards. How does this protect those who keep coins in their wallets from having a large stakeholder take their large daily stake and dump it on the markets? By having a maximum award for proof-of-stake per wallet, which discourages large stakeholders from buying up a coin in large quantities and dumping stake and/or holdings on the market. VPoS also protects against inflation by limiting the maximum daily reward to 640 coins. This weeds out greedy stake-dumpers and stabilizes inflation.

POW: 84 million
Reward: 62 (no halving)
Confirms: 30
Spacing: 1 minute
Blocks per day: 1440
Days of mining: 291

VPoS:
Until PoW's end: 100 %
After PoW's end:
< 2 weeks holding: 10%
2-3 weeks holding: 15%
3-4 weeks holding: 20%
4-5 weeks holding: 30%
5-6 weeks holding: 35%
6-7 weeks holding: 40%
7-8 weeks holding: 45%
8-9 weeks holding: 55%
9-10 weeks holding: 60%
10-11 weeks holding: 70%
11-12 weeks holding: 80%
> 12 weeks holding: 100%
Max Stake Reward (per block): 640 SCSY
// to avoid large stakeholders receiving a vast majority.

Securitycoin.conf

Code:

rpcuser=XXX
rpcpassword=XXXXXXXXXXXXXXX
rpcport=15794
port=15793
deamon=1
listen=1
server=1
rpcallowip=127.0.0.1

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Do you prefer a wallet without IRC? It's here !

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- CCminer
- CGminer
- CPUminer

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Translations : 1000 SCSY
Logo Contest : 10000 SCSY
Bug Bounty : 10000 SCSY for anyone who finds a bug in our code and presents us with a fix.
Games : 10000 SCSY
Twitter Contest : 20000 SCSY to one lucky person @ 1000 Followers

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Twitter Contest : 20000 SCSY to one lucky person @ 1000 Followers

Facebook Contest : 15,000 SCSY to one lucky person @ 500 likes

Reddit Contest : 10,000 SCSY to one lucky person @ 100 Subscribers

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(click for video)

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Indonesian :

Russian :

Dutch :

French :

Portugese :

Chinese :

Romanian :

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Credits:
- My best thanks to Spencer Lievens and Matthew Langdon (Sterlingcoin Developers), who have written the coin from where Securitycoin is born. Both Spencer and Matthew are great developers but also great guys, always ready to confront with me ideas, doubt and whatever.
- My thanks also to Mammix2 (Boostcoin developer), who checked/commented the way how we deleted Boostcoin

Topic: Securitycoin [SCSY] | Bittrex and IRC in Wallet | Ccex | Community | VPOS - page 69. (Read 75214 times)