The original FUNK blockchain will not cease to exist after the launch of the ETH token. There will however be an exchange cap at 50 Billion FUNK. This means that only 50 Billion FUNK supply will be able to be burned, and any new supply beyond the 50 Billion FUNK mined will not be able to be burned.
Alright! This gives me something to work with
So, given that, This is what I'm thinking.
One, tokenizing a piece of it kind of makes sense, gives basically a side chain. That's a whole different animal from totally destroying the original chain.
Two, block reward. Now we get into fork territory.
My suggestions above are solid, I think, so I'll kind of do a list here. I'm willing to try to do some of this, but it would be a little at a time. Then again, there's no hurry
1. KGW is causing problems. It's a good idea, but either the number of miners needs to get bigger and more stable, or there needs to be a modification to the wallets that can readjust diff over time. 1-2 days between blocks when some idiot turns a bunch of ASICS on for one block screws the utility of the coin. So, I would suggest leaving KGW, because it does tend to discourage the hit and run multipool market (though that is less of a problem than it was a few years ago), but adding code to an upgraded wallet that incrementally decreases the difficulty over time so that block times are never more than two hours.
2. Algorithm. Scrypt is the reason why KGW has the problem. Point one is simply a wallet upgrade, not even really a fork. It would require a mandatory upgrade and code to exclude previous versions of the wallet, so a soft fork. But hard forking the algorithm to something that is NOT vulnerable to loose cannons with large asic devices would solve the problem altogether. It IS a hard fork, but doesn't change the coin fundamentals. If we went in this direction, it would negate the need for point one. KGW would function just fine for, say, Prime or Groestl. Both are pretty CPU centric. This also helps with decentralization, especially if it's a CPU hard algo. Because frankly, if it's a cpu only coin, any wallet holder can mine and is likely to get blocks. Keeps the chain moving smoothly and spreads the wealth.
3. Accelerate the reduction of the block reward at the same time as the hard fork of the algorithm.
Why I think this would be useful:
Point one is a bandaid. It stops the chain from sticking for hours to days at a time and serves no other purpose. It's also relatively easy to do. So, I actually conceive this as multi stage. Do that first, and it solves the chain sticking for the short term. It doesn't stop people from manipulating the chain, though. I think at the moment, the sudden spikes in diff are accidental. Kids with a new toy. But a deliberate bad actor could play the system and gather the majority of the rewards by playing that game, and my "fix" would make that more true if it were left for a long term. So first, kick in a timer that reduces diff if X number of minutes have passed without a block. This buys time for more serious development.
In conjunction with your token launch, either simultaneously or within a short time, fork the chain to a CPU hard algo AND reduce the block reward. Or at least change the targeting, so it reduces FASTER. This solves the longer term supply problem. Leave the cap the same, but make the reward halving happen faster. This would actually attract miners, as they would want to hit the higher rewards while they exist, which would help to build a stable network.
And of course, promotion
Any musicians out there, talk to your friends, get 'em to get involved, take FUNK as payment, etc. I'm sure Sounposition's folk have that in mind already, given that they're building a Token. And more immediately, start looking to get both the token and the coin on more exchanges. Nova is dead, Yobit has a coin with the same ticker, but it ain't FUNK, and who knows what's going to happen with Cryptopia. They've closed all pairs that trade FUNK with no ETA on their return. I don't think it is malicious or permanent, but it demonstrates the vulnerability of only one trade outlet.
I am considering starting a small exchange myself. I have most of the skills, if I use PEATIO, but I'm not sure I want to dedicate the time it would take. Or more to the point, I'm not sure I CAN dedicate that kind of time
But if there is sufficient interest, I'll start looking more seriously at it. And of course, as a small exchange, I could do some interesting pairs Also, I want to point out that I am NOT in any way endorsing a 'takeover' of this coin! I believe that Soundposition is qualified to lead here, and I will support whatever decisions his team makes. I reserve the right to bitch, but I won't interfere. I'll help if I can.
I would like to see a LOT more development of the music side. I'm a heavy metal vocalist myself, and this seems like it could be a great way to collaborate with a great many diverse musicians. All music genres are improved by exposure to and dilution with other forms. Individual exceptions aside, fusion works!
Even Rap and Country have been improved by outside influences. Granted, in those cases there was nowhere to go but up, but the point remains.
We aren't interested in working on the old chain because the FUNK coin will likely not have any exchange as LTC pairs are closed down. These old coins have to move to ETH blockchain to maintain trading pairs that work.
That is what happened to GameCredits on Komkort. When LTC markets shut down, it's time to get onto an ETH trading pair.
Hey mate...I haven't received any response from the Cryptopia's support regarding the FUNK wallet maintenance..basically all our FUNK funds are trapped at Cryptopia right now given LTC market is disabled. Does anyone here have a direct contact at Cryptopia to get some insights and ETA on resolution ?
Not worried too much, just annoyed by Cryptopia's amateurism.
BTW, great to see GAME team posts here.Kudos to all of you guys.
