Topic: Slimcoin | First Proof of Burn currency | Decentralized Web - page 103. (Read 137076 times)

I think soon we'll need a dedicated forum - well, in theory there is Reddit for structured discussions ...


In order to find a block - either PoB or PoS - you must be online. It would not make sense to reward nodes that are offline because they would not contribute to blockchain maintenance & security.

The point with PoS is that there is a yearly limit for the PoS coins you can earn (10% of your stake/year, that means about 0.3% for every day the stake has not moved). That limit is fix, it isn't increased if you mint more often during the year. So in theory you can just wait until your coins have "matured", then connect the wallet (unlocked), mint a while and eventually (if you have enough stake and there are few competitors online, pretty fast) you will find a PoS block. You then can turn off the wallet again for some weeks and wait again until your coins are matured again.

However, for the health of the network the "ideal situation" is if everyone mines 24/7, so if you can, you should. Attacks are less likely then.

With PoB, in contrast, you have more chances to find blocks if you are online 24/7, because you compete for the reward every time and the reward is not limited. That's why PoB is a great measure to incentive 24/7 participation from nodes and provides stability.

PS: Nice price evolution, Slimcoin's market cap (if we take the ask or "last" price of 1990 satoshis) has hit a new high of ~880.000 USD, almost a million! However, I am a little bit worried if this pump "to the million" doesn't come a little bit too early.

Yes, because you avoid many small transactions. I have three wallets on one PC. One for burnt coins, one for stake, and one for mining. You should consider that SLM is old coin with big block chain as well.

To make separate wallets:

Run several SLM clients on the same machine.
- Make where you want the new folder named Slimcoin (or how you wish)
- Copy inside Slimcoin folder slimcoin-qt.exe
- Inside Slimcoin folder make the new folder named Data which will contain full blockchain. In slimcoin.conf rpcport has to be changed for each wallet (for example 41685 or 41686, ....)
- Start client with the .bat (edit bat file: slimcoin-qt.exe -datadir=data). bat file has to be in the Slimcoin folder

Wow lot of replies, good discussions going on & thanks for those who replied to my post last page, good comments.

Just curious, what's the point of having to wait a week for staking to work?

Also, someone talked about having multiple wallets to stake or burn, how is that a more efficient process?

i have heard about proof of burn several times before but i only got to see this thread now. i have skimmed thru the OP and several pages and its looks interesting to me. will buy some at nova to play with.

i see some translations in the OP. do you also give some bounties for those?

I am not arguing . I have sent you PM

I have only been in Slim like 2 weeks, so I'm in no position to arguing with you. I'm just confused.

Really love the concept. Good work. Good luck.

That is typical for true P2P projects - take Bitcoin: bitcoin.org is perhaps the most well-known website about it, but there is also bitcoin.com (from the "Big Blocker" fraction). NXT, when it was still a decentralized project, had also various different pages and even two different forums. People are accustomed to centralized altcoin projects with one "official" website and a presentation like a startup business ... if that is good or bad, I leave it at your discretion.


They're definitively right with this. Take into account that this thread was started when there was no website with guides and help articles available. I'll look into it these days and throw out everything that can be confusing - e.g. the whole section "Why a new thread?" and the thorough PoB explanation - I will replace it with a VERY simple abstract and link to the slimco.in explanations.


I think the "virtual mining rig" analogy I outlined in the ELI5 is where we should start every time we try to explain PoB to newbies. (It's not my invention: this analogy was already used by Iain Stewart, the inventor of Proof of Burn, see his PoB article).

@a123:

Thanks for your comments and your updates to Slimcoin.club!

I have a small question: What is the correct command to access the "getinfo" section on slimcoin.club with the variables like total coins etc.? I have tried arbitrary numbers (http://www.slimcoin.club/getinfo?1 and so on) and some of them work, others no. Unfortunately my understanding of JavaScript is very limited, so I don't really know what the part (in the UpdateBlockExplorer() function) does.


@muf18:

I got a problem with the reward graph: The difficulty calculation used in the code I posted yesterday seems not to be the same than that returned by the "getinfo" command and used at block explorers like slimcoin.club.

So actually according to bchain.info we have a difficulty from 0.07 to 0.1, but that - according to the reward formula - would mean a reward from about 80-90 coins per reward block (but we have actually a reward of 10-12 and sometimes even less). I must still investigate further before I can post a nice graph, but the important thing is that the reward halves every time the difficulty is 16 times higher. According to my stats, the reward is about 20% lower every time the difficulty is duplicated.  

OK. Than try to be offline and see if you will get PoB blocks once you are online

The guides say the opposite ) You have to be online to find PoS blocks. And don't have to be online to find PoB blocks.

You can be online of course, but i found it is not required, especially when very small amounts start to come to wallet. For PoB block you have to be online

"What must I do to mint?
You have to do nothing! Simply stay online with the client and the wallet unlocked, and you will eventually find a Proof of Stake block if you have enough mature coins in your wallet."
Staking guide says you need to stay online in order to get reward.

With PoB I didn't find any info about staying online. It looks like you can burn coins and they'll be fining blocks with the wallet closed.

Hi there, what a nice surprise. I thought you'd moved away from cryptocurrency.

I copied your pool mining code, intending to have a go at reviving it when things quieten down a little because there's been some renewed interest in pool mining of Slimcoin. But I believe that there's still a bounty open on a pool, so if you wish to pick that up by leveraging off've the work you've already done, I'll defer (not that any effort from my side was imminent anyway).

edit: Oh, just seen the above.

Cheers

Graham

Oh cool! I really didn't know this community is still alive.

I'm kinda surprised the slimcoin.club explorer is somewhat alive. I haven't touched it for nearly a year plus. Grabbing data from the server should be ok!

Yeah if anyone wants the JS files please help yourselves! I kinda just ported the Slimcoin frontend from another open source bitcoin project.

Re Dcrypt port, I also always thought browser mining would be interesting in a decentralising fashion particularly since it's a CPU coin (is it still?), and as a faucet of sorts. Had hoped it would be useful to attract people to the project. It pays out from the Giveaways address, but the mining is real (pool-style) and also pays into the giveaways address. If anyone can make use of it please do too

Changes made to Slimcoin.club: Added Novaexchange, relinked github, removed expired links, relinked bitcointalk

Effective burnt coins

Net Burnt Coins- Decayed Burnt Coins=

How do you know how much SLM left to be rewarded?

I burnt 7000, 8000, 50 000, 50 000 something like that (50 000+50 000 i have burned same day) I think i already got back my 115 000 or i am close. I did not keep all the time wallet open. At the moment i still have ~ 95 000 SLM to be rewarded. So, means pure profit everything what comes

Got it. I'd very much like to see some kind of calculations what reward can one count for. Let's say I have burnt 100K coins. How much would I get if I keep the client online. I read that it wouldn't make sense to burn all at once. What would be the best strategy then. Burn 1K coins a day for 100 days. Or 10K every 10 days. Or it's something we have to figure out ourselves? )