[Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 136.

rapture333

sr. member

Activity: 476

Merit: 250

Quote from: NineEleven on June 12, 2015, 12:55:43 PM

Nice to see some UTC news

do you have a release date for the new update?

Best regards

We are still in testing, but I hope to release some new updates soon.

funsponge

hero member

Activity: 776

Merit: 557

I fully support the change. Too many coins currently been mined

NineEleven

full member

Activity: 274

Merit: 100

Nice to see some UTC news

do you have a release date for the new update?

Best regards

rapture333

sr. member

Activity: 476

Merit: 250

Hello ladies & gentlemen,

Firstly, I wanted to apologize about the disruptions in the pool's, we rely on the pools to keep Ultracoin afloat and any problems we take very seriously. Most issue's have been resolved and e-mails should be reaching users that use major e-mail services like Google. Kracko is currently working on switching the pool's over to an anonymous system where users are paid out automatically and do not need to sign up for an account to use the pool. This will create a much more stable platform as well as provide a layer of anonymity for our users.

As mentioned previously, Ultracoin will be undergoing a major update with changes to the monetary policy, N-Factor, and some technical changes. We are very excited to be providing these changes as I believe it will dramatically increase the longevity and promote the monetary propserity of Ultracoin as a viable alternative currency.

This change should benefit both miners and investors, as we roll back to N-Factor 15 and decrease the rate of inflation, your investment will be able to sustain it's purchasing power. At our current rate, roughly 1/3rd of all Ultracoin have been minted/mined within the first year and two months of the coins life span. Although the inflation rate has been dropped several times by decreasing block reward, the rate is still too high, I believe that many other coins are starting to feel the brunt of their inflation as time goes on. Many cryptocurrencies are in a constant state of hyperinflation, with many many coins being minted over the course of several months, the money supply can grow by 10% or 20% within only a few months. This causes a drastic increase of coins in circulation, thus, in the same way that oil is diluted by water, the purchasing power of the currency begins to be diluted by the sheer supply. By lowering Ultracoin's block reward, this will take the gas pedal off of the coin expansion rate and cause a much slower increase in the inflation rate.

You may be wondering how this effects you. Let's say you are mining Ultracoin now at a rate of 30 coins per block. This stays constant for everyone, and everyone enjoys a nice flow of coins (depending on your hash of course). However, unless you plan on buying something with your coins right away, you will most likely be saving them in your wallet. As time goes on more and more coins will continue to be mined, that means an increase in the inflation rate, which means the coins in your wallet will continue to be diluted by the ever growing supply. From a savings perspective, lowering the block reward is beneficial, as in time everyone will suffer the cost of inflation.

At Ultracoin's current rate of expansion, we are minting roughly ~15,778,470 UTC per year. This means we should see the complete minting of all Ultracoin by around July of 2022, if you count in the current block halving at 4,000,000 and 6,000,000 blocks.

At our current rate, the expansion of coinbase should look something like this:

4/21/2015 = 29,326,754 UTC
1/1/2017 = 54,572,294 UTC
10/1/2020 = 84,572,294 UTC
7/1/2022 = 100,000,000 UTC

All UTC should be mined by July 2022 on our current schedule. The amount of inflation would be tremendous. The point of cryptocurrencies is to escape the inflation and manipulation of government or central bank backed currencies. To this philosophical and economic end, I believe the best course of action is to cut the block reward by 1/3rd to 10 UTC per block, this will decrease our inflation rate quite a bit while still rewarding miners. You may compare a block reward of 10 to Bitcoins block reward of 25 and believe that to be a small payout, however, keep in mind that Ultracoin's block target is once per minute, while Bitcoin has a target of one block per every 10 minutes. Every 10 minutes will lead to 100 new Ultracoins created, versus the current 300, with a goal of 100 million total. On the other hand, Bitcoin's 25 coins per 10 minutes with a goal of 21 million total. The lowered block reward will mean we should reach This rate is sensible and will allow the market to choose the correct value of Ultracoin without so much inflation.

With a block reward of 10 UTC per block, we will see the creation of 28,627,990 UTC by 9/1/2020, which will bring our total coinbase up to 58,185,544 UTC. That would equate to more than half of all UTC being minted by the end of 2020. This steady rate of expansion will allow UTC to be tested by the markets without huge spikes in wealth creation. For miners that are also long-term holders, this means that your savings won't decrease as you mine. Using BTC as context, it has been nearly 6 and a half years since the inception of Bitcoin, with 2/3rds of its currency created and a block halving to occur sometime in 2017, Bitcoin has seen high success, not without its peaks and falls, but it has remained strong. I believe a similar future is necessary for Ultracoin, with the currency reaching approximately 58MM UTC by the end of 2020, UTC will be nearly celebratings its 7th birthday.

At the 4,000,000 block mark, another block halving will be scheduled to occur (5 UTC per block), at this rate, another 10,000,000 UTC will come into existance before the next halving. This will make the total coin supply 68,185,554 UTC by approximately May 2024. At this point, another block halving will take place at the 6,000,000 block mark to 2.5 UTC per block. Within another by block 8,000,000, another 5,000,000 UTC will be created by approximately January 2028, bringing the total amount of Ultracoin up to about 73,185,544. By block 10,000,000 another 2.5MM UTC will be created with a reward of, 1.5 million new Ultracoin by approximately September 2032. At this point, I believe cryptocurrencies have a chance of being much more highly accepted and adopted, with more than 99% of all Bitcoin being mined at this point the price of Bitcoin would have to be astronomical at this point for it to be worth mining (which I believe it will be). I believe Satoshi Nakamoto made a mistake by allowing so much Bitcoin to be minted at one time, 93% by 2020, as this is too much wealth being consolidated into the hands of so few. At block 20,000,000 I believe a block reward to 1 UTC per block will suffice, allowing new miners to still adopt the currency as cryptocurrencies become a strong if not preferable alternative to government backed fiat. By the end of 2051, Ultracoin will feature approximately 87,188,544 UTC and be at block 20MM. Unlike Keynesian economic theory which states that inflationary money must be used by government or bankers to spur economic growth, the monetary policy for Ultracoin will reflect the need for distribution of the currency to a population that will be between 9 and 12 billion by 2100, and that doesn't count the generations of people in between. By 2110 I believe much of the world will have embraced crypto, and as popular cryptocurrencies of today begin to shut their doors to minting, Ultracoin shall do the same, at this point the inflation will be tapered off quickly and only serious mining operations shall remain that are fit to secure the network, for the sake of the network. By keeping the block reward at .01 UTC per block, this will ensure the network stays secure and hopefully will fund the mining operations without relying to much on transaction fee's, this should keep pools and private operations open for hundreds of years despite 98% of the currency having already been minted.

Here's a roadmap of Ultracoin's monetary policy:

4/21/2015 = ~29,326,754 UTC @ 30 UTC per block - 1,137,000
[Change to 10 UTC per block pending new update]
9/1/2020 = ~58,185,544 UTC @ 10 UTC per block - 4,000,000
5/1/2024 = ~68,185,544 UTC @ 5 UTC per block - 6,000,000
1/1/2028 = ~73,188,544 UTC @ 2.5 UTC per block - 8,000,000
9/1/2051 = ~87,188,544 UTC @ 1.25 UTC per block - 20,000,000
3/1/2063 = ~92,188,544 UTC @ 1 UTC per block - 25,000,000
9/1/2072 = ~94,688,544 UTC @ .5 UTC per block - 30,000,000
10/1/2091 = ~97,188,544 UTC @ .25 UTC per block - 40,000,000
11/1/2110 = ~98,418,544 UTC @ .125 UTC per block - 50,000,000
11/1/2506 = ~100,000,000 UTC @ .01 UTC per block - 208,145,600

Keeping Ultracoin's distribution constant over the century will ensure that Ultracoin see's the widest possible distribution as technology advances and cryptocurrencies become more mainstream. As you already know, most people do not know about cryptocurrencies, and even amongst the ones that do, few own Bitcoin relative to the worlds population. Of course, in time, the popularity of cryptocurrencies will increase and with it so will its adoption and use. That is why it is important to maintain a steady distribution of coins, as well as to throttle back the inflation which has already affected so many cryptocurrencies. The Proof of Stake mechanism will also be modified, 5.6% interest is currently too high, most banks offer nowhere near this percentage and if they do it is often in the form of CD's and not savings accounts. Not only does this artificially high interest rate create inflation, it is too high of a reward compared to market alternatives. That is why the newly proposed interest rate will be lowered to 2%, still considered a high interest rate, but and also much more sustainable. Future scheduled decreases in the interest rate are 1.5% at block 4,000,000 and 1% at block 8,000,000 with no future rate decreases scheduled afterwards.

Here's to the future,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

mivrus

newbie

Activity: 2

Merit: 0

not normal situation on ultrablockparty

Jabberwock - less 1 kH/s
derBruchpilotPro - 2 kH/s

my opinion - UTC not noteworthily of miners, still this situation takes place Angry

http://i.imgur.com/S28HcM5.png

иными cлoвaми - идитe вы нaxyй co cвoими yльтpaми, c тaкими тo eбaнными paзpaбaми Grin

hardcoreprime

full member

Activity: 147

Merit: 100

Haven't followed this thread in a while. Anything happening with the coin?

ultradar

member

Activity: 63

Merit: 10

I wanted to ask Paul if he does exist anymore about his opinion for ultracoin being lower than vertcoin on the market cap ???what just you said ?? Vertcoin has 7mil marketcap???oh im sorry!!!

dan_and_shan

sr. member

Activity: 433

Merit: 250

Its off topic, but i thought you guys might like it Wink

Qxw

full member

Activity: 203

Merit: 100

Quote from: rapture333 on June 09, 2015, 11:58:39 AM

Quote from: Qxw on June 09, 2015, 06:41:23 AM

Missing Block Explorer. Where it is?

Perhaps dev team think block Explorer is "who cares" but it is important part of coin functionality. What you think if someone shut off BTC block Explorer, what happend after then next weeks...

Ultrablocparty pool confirmation email still not work. If it can not work shut off this feature asap.

Hello Qxw, we did get the block explorer working again last week. Check my earlier post for the link. Ultrabex is supposed to be working but for some reason it's still not redirecting to http://ultrabex.tumblingblock.com/ like it should. I will look into this and try to get it resolved ASAP. Also, we are currently on the e-mail functionality of UBP, currently e-mails are being sent to the smaller providers such as hotmail but still continued to be blocked on Gmail and other larger providers. We are currently working on getting this fixed and I will be providing updates when we do.

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

Thank your answer! Good!

rapture333

sr. member

Activity: 476

Merit: 250

Quote from: Qxw on June 09, 2015, 06:41:23 AM

Missing Block Explorer. Where it is?

Perhaps dev team think block Explorer is "who cares" but it is important part of coin functionality. What you think if someone shut off BTC block Explorer, what happend after then next weeks...

Ultrablocparty pool confirmation email still not work. If it can not work shut off this feature asap.

Hello Qxw, we did get the block explorer working again last week. Check my earlier post for the link. Ultrabex is supposed to be working but for some reason it's still not redirecting to http://ultrabex.tumblingblock.com/ like it should. I will look into this and try to get it resolved ASAP. Also, we are currently on the e-mail functionality of UBP, currently e-mails are being sent to the smaller providers such as hotmail but still continued to be blocked on Gmail and other larger providers. We are currently working on getting this fixed and I will be providing updates when we do.

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

sambiohazard

hero member

Activity: 840

Merit: 1000

Quote from: Qxw on June 09, 2015, 06:41:23 AM

Missing Block Explorer. Where it is?

Perhaps dev team think block Explorer is "who cares" but it is important part of coin functionality. What you think if someone shut off BTC block Explorer, what happend after then next weeks...

Ultrablocparty pool confirmation email still not work. If it can not work shut off this feature asap.

I think CryptoID's block explorer services are great. If you want them to host a UTC explorer its $10/month just ask them in their thread or on twitter. They put it up for 3 days for free. After that everyone can donate to address shown on the about tab of explorer to keep it running. If community can put $120 together in donations, it will be up for a year or little less as blockchain size determines the cost.

Qxw

full member

Activity: 203

Merit: 100

Missing Block Explorer. Where it is?

Perhaps dev team think block Explorer is "who cares" but it is important part of coin functionality. What you think if someone shut off BTC block Explorer, what happend after then next weeks...

Ultrablocparty pool confirmation email still not work. If it can not work shut off this feature asap.

nanoprobe

legendary

Activity: 980

Merit: 1000

Traveling in subspace

Quote from: Vlad2Vlad on June 08, 2015, 05:27:48 PM

What's with the spike in volume? Anybody know or is Ultra the next alt to get pumped for no reason. This alt pump started on May 19th with about 10 coins and it's starting to spread.

Just the usual P&D suspects.

funsponge

hero member

Activity: 776

Merit: 557

Quote from: Vlad2Vlad on June 08, 2015, 05:27:48 PM

What's with the spike in volume? Anybody know or is Ultra the next alt to get pumped for no reason. This alt pump started on May 19th with about 10 coins and it's starting to spread.

More people becoming aware of altcoins and crypto in general. It's getting more easier for people to buy it.
Just think, only 0.00001 of the world own crypto! In 5 years if 2% of the world own some for example that's an increase of . . . A hell of a lot. 1000%'s.

I know here in the UK it's a nightmare trying to buy it. I have to transfer money to a Slovenian bank which involves a 30minute telephone call and a 4 day wait.

Vlad2Vlad

legendary

Activity: 3052

Merit: 1534

www.ixcoin.net

What's with the spike in volume? Anybody know or is Ultra the next alt to get pumped for no reason. This alt pump started on May 19th with about 10 coins and it's starting to spread.

ryanb

legendary

Activity: 1148

Merit: 1000