Project websiteslimco.inGithub Project Sitegithub.com/slimcoin-projectDiscussion forum (Reddit)reddit.com/r/slimcoinOther ResourcesTelegram - Slack - Discord - YouTube - FacebookMarketplace
Bitcointalk SLM Marketplace threadBitcointalk threads in other languagesGerman / Deutsch - Spanish / EspañolOriginal announcementThe Historic Slimcoin ANN thread (outdated)*Exchanges
Novaexchange
FreiExchange
Coinsmarkets (with problems)
Mining Pool
Bazcoin (experimental)
Slimcoin is a energy-saving, fast-confirming and novel cryptocurrency. It is the first cryptocurrency using Proof of Burn for block generation and currency distribution - a distribution mechanism with interesting economic properties. Proof of Burn is combined with Proof of Work and Proof of Stake to increase security. Another highlight is the DCrypt algorithm, which is one of the most difficult algorithms to implement in an ASIC and suitable for CPU and GPU mining.
Slimcoin is a P2P project - we have no "official dev", nor it is managed by any centralized entity or organization. There was no premine at the start. You can contribute with coding, testing, providing Slimcoin-based products & services, use it for trading of virtual or real-world goods or simply hodling it. Be welcome!
Current developments (as of Q3 2018)
Some exciting experimental developments are currently going on:
-
Web2Web - Easy Publishing tool: Create decentralized websites that are updated via the blockchain and
can be read without installing any software! The
Slimweb Publisher has now a simple graphical interface and can also be used via the command line.
-
A pool could come soon: Bazcoin - donations (BTC): 17evPVkeVJ3H4yPEMpQ6rjyCFEC7FQpb9r (There are some implementation problems, hopefully to be resolved soon.)
-
ACME, a new breed of blockchain explorer, works with
Semantic Web technologies and includes a Web2Web browser. Is already usable. (currently updating)
-
slimvm: a small virtual machine for Ricardian contracts (currently development is private)
- Improvements to the Slimcoin Core client: Watch addresses, "total burnt" score support, BIP65 (OP_CHECKLOCKTIMEVERIFY - still not in master, expected soon, but is
not trivial to port)
Installation: v0.5 is now the standard wallet
Thanks to contributions from the user gjhiggins,
Version 0.5 is about to finish the testing phase and can already be considered pretty stable. It comes with a polished new wallet design and some nice new features like support for OP_RETURN and - related - an inscription service to store small data snippets and links in the blockchain - that allows for
web2web-style decentralized websites.
You can help testing it!Downloads & Wallet variantsCurrent versions from the project repository:
Up-to-date community contributions on other servers (Use at your own risk and scan it for security, but sources seem trustworthy.):
Older versions:
Notes:
- Linux executables are not up to date. If you can't compile it yourself, you can ask for help in this thread.
- Instructions on how to install via Homebrew on MacOS and how to cross-compile a Windows version via Ubuntu are at Github (README file on the master branch).
- There is a nightly snapshot of the blockchain data directory, download it here.
Test the bleeding-edge source code (master)Instructions for Linux/Unix:
- Install git, if you don't have already (For tech-laymen: Git is a version control system. It's not absolutely necessary to build Slimcoin, but it makes updating experimental versions a lot easier).
- Download the source code from Github.
- Open a terminal. Go to the folder with the code and checkout the master branch:
git checkout master
- Compile it:
QT graphical client (slimcoin-qt):
qmake
make
Command line client (slimcoind):
cd src
make -f makefile.unix
- Run it (preferably with a fresh wallet file). We have a testnet for experiments (-testnet option), but it should work on the main net. If not, you are welcome to report bugs.
Specifications
- Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks and Proof-of-Work blocks
- PoW: Dcrypt algorithm, suitable for CPU mining, an algorithm made to be difficult to implement on an ASIC. See Tutorial for solo CPU mining
- 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
- Proof-of-Stake blocks: 10% of the staking coins per year
- Proof of Work block rewards decrease in value as the difficulty increases
- No hard supply limit, but comparatively low inflation rate. A "250 million coins maximum" is coded into the client, but probability is extremely low this amount will be reached in the next 100 years.
- Proof of Stake minimum coin age: ~1 week
What is Proof of Burn?
Proof of burn is an energy-saving decentralized consensus mechanism that rewards long term involvement. It was
proposed by Iain Stewart as early as 2012. Slimcoin is
the first cryptocurrency to implement it as a block generation method and was created in May 2014 by an pseudonymous developer (he used the name
slimcoin in this forum,
John Smith on Github and
P4Titan on Reddit).
How does Proof of Burn work?Let's quote the original Slimcoin developer:
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.
In short: The more coins you destroy by burning, the higher the chances you find Proof-of-Burn blocks. It's not necessary to burn all the coins together: your "score" (probability to find a block) will also rise when you burn coins periodically.
Read our Proof of Burn ELI5 here!Proof of burn is explained in detail by its original author in
the Proof of Burn Wiki article.How to burn coins?Short explanation to start:
QT client: There is a tab in the main window with the label "Burn". Simply click on it and you will be able to burn coins.
Command line: Enter the following command:
[/list]
With the following command you see the PoB statistics of the wallet:
For more details:
Read the Proof of Burn minting guide!How many coins are burnt by the Slimcoin users?Check the balance of the burn address:
SfSLMCoinMainNetworkBurnAddr1DeTK5This amount is different from nEffectiveBurnCoins because it returns all coins that were burnt in some moment - also those who already have lost totally their "power".
The number is useful to calculate the real available money supply: You deduct the balance of this address from the total money supply ("moneysupply" parameter when you type "getinfo" in the debug window or with the CLI client).
Developers: Bounties & Info
After the original developer's departure, other developers have made fixes to the code and thanks to them the client is quite stable now. However, we welcome all contributions, as there still are bugs and the code should keep up to date with Bitcoin and Peercoin development.
Slimcoin is unique because it is the first cryptocurrency to use the Proof of Burn consensus method. Because of this
first-mover-advantage, Slimcoin has the potential to become one of the leading cryptocurrencies in the future, like it has ocurred with Peercoin (first PoS coin) before. Proof of burn has a
very interesting economic model (see below), which - in a mature market - can lead to a more stable price.
As Slimcoin is based on the Bitcoin code, even
crypto 2.0 features can be added relatively easily porting Coloured coins implementations like PeerAssets, Counterparty, OpenAssets or Omni.
To speed development up, a
variety of bounties are offered. There was no premine or ICO and there is no centralized corporation, so these bounties come from donations from individual users.
If you are interested in participating, you can
reply to this thread or start a thread on
Reddit, where a more structured discussion is possible. Also Slack is an option where some community members (but not all) are active.
Current bounties: Older bounties (please confirm first if they're still offered!):
If you want to apply for a bounty, please reply to this thread. If you want to stay anonymous,
before you start development you can send a PM to the user
"d5000" for more informations. Note that he is
not in control of the bounty amounts, the money for now remains in possession of the donators, but he will contact them and give you contact information.
If you want to donate Slimcoins for development bounties, you can reply to this thread or alternatively open a thread on Reddit (the old bounty thread there was archived).
Resources for developers:The official source code repository is
slimcoin-project/Slimcoin at Github.
The magic of Proof of Burn
Proof of burn has
multiple advantages over both Proof of Work and Proof of Stake and some very interesting economic implications.
Advantages over Proof of Work:- Very low energy consumption
- No need to invest in powerful hardware
- No artificial price swings because of the "mining hardware" investment cycle or the influence of multipools
Advantages over Proof of Stake:- No simple "rich get richer" mechanism. Proof of burn rewards entrepreneurial risk, not wealth.
- While "staking" coins can be stolen hacking the private key, burnt coins cannot be "stolen". The most an attacker can get when he hacks a wallet are the PoB rewards, but incentive for this kind of attack is low as the attacker would have to wait a long time until he gets a significant amount of coins - and the legitimate owner of the key can also transfer these coins to another address.
The economic modelProof of Burn has at least three very interesting economic implications that can lead to a more stable price with less pump-and-dump bubbles.
- It rewards long-term investments: When you burn coins, you basically trade a short-term loss to a mid/long-term advantage. You will very probably get back your investment via the PoB reward mechanism (and probably even more), but you won't get it back immediately but after a certain amount of time. That means that the risk to make a long-term investment is rewarded by the PoB mechanism. Short term Pump and dump scenarios are obviously possible, but long-term involvement is explicitly made more profitable than in other cryptocurrencies. A high long term investor/short term investor rate should stabilize the price.
- Burnt coins are locked and can't be sold: After you burn coins, you cannot spend them anymore. So you can't sell them in a panic event and very probably there will be less sellers in a price crash. For this reason the participants in the Proof-of-burn mechanism can be seen as "backers" of the coin price, as the burnt coins are not part of the available supply.
- It is easier to burn coins when they are cheap. When price is low but fundamentals are sound, then the burn rate should be higher than in the times when coins are expensive, simply because it's cheaper to burn coins. Every coin burnt is rested from total supply. So supply tends to be smaller, the lower the price is - and that is a excellent condition to make the price rise again. That means that PoB probably has an inherent supply-follows-demand mechanism - something very difficult to implement as a separate "supply-regulating" algorithm.
- Proof of burn can work like an integrated "futures" market: a high burn rate is a sign for optimism.
Bug reports:Best practice is to use directly the Github repository to report bugs.How to report a bug on Github:- Go to https://github.com/slimcoin-project/Slimcoin. If you haven't registered yet on Github, you should register (it's free).
- In the right column, you will see a menu <> Code with a item called "Issues". Click it.
- In the new screen, look at the already posted issues. If your bug isn't reported, click New Issue. Try to give the most information possible.
If you don't want to use Github, you can use the
Slimcoin subreddit or reply here in the Bitcointalk thread.
Nodes:Add these lines to your slimcoin.conf (in your Application Data/Slimcoin or .slimcoin folder) to connect faster to the network:
Slimcoin addnodes (as of 2018-08)
More resources
Technical Whitepaper:An extensive explanation of what Slimcoin has new to offer: Slimcoin Whitepaper PDFBlockchain ExplorerBChain.infoACME (novel experimental RDF-based metadata explorer)Slimminer DownloadsCPU miner Source Code (Kryptoslab's version)CPU miner Source Code (Johnnylatte's version, experimental!, see here)
GPU miner Source Code (experimental)
Windows executable (original version, outdated)
Source Code (original version, outdated)
Tutorial for Linux source code compilation: https://bitcointalksearch.org/topic/m.7192912
Tutorial for Windows source code compilation: https://bitcointalksearch.org/topic/m.7090075
IRC Channel
#OfficialSlimcoin on freenode
Note: The original Slimcoin developer has not posted in this forum since the end of 2014, and he has stated that for the moment he is too busy to continue maintaining the coin. Some of the links in the release announcement are outdated and the former "official" website is offline now. So some members of the community have decided to restart the thread and build a new ecosystem.
