Topic: [Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 83. (Read 381063 times)

Can confirm that this is the case

Update

There is nothing to update

PressTab just has his head down working on UTC.

There will be action next week.

Cheers - usukan

In case anyone wonders

The balance of the UTC Dev Fund DEPOSIT ADDRESS (1LpFmfieMBH63ivFA1Us5ju1jnH9CSccKZ) reports
0.612 BTC
https://blockchain.info/address/1LpFmfieMBH63ivFA1Us5ju1jnH9CSccKZ

This deposit address is only really useful for looking at incoming and outgoing transactions - it does not accurately reflect the BALANCE.


Its not this single address (1LpFmfieMBH63ivFA1Us5ju1jnH9CSccKZ) that now holds all the funds.  All the UTC Dev Funds are actually in an ACCOUNT - with many addresses all in the UTC Dev Account.

This is because - Every time I spend to pay PressTab - the transaction "change" is returned to a new address which is also held within the UTC Dev Fund ACCOUNT.
Here is the "change" part of the last transaction to PressTab.
https://blockchain.info/address/112zzg99aTM6zKDbawGXqHz7rE5TicSuaN



So - just for everyone's info
This is the balance in the UTC Dev Account

Account #3 - UTC DevFund
0.89370098 BTC

Cheers - usukan

Stage 3 - addition of "liteStake" code to improve UTC staking


Unnecessary delays make me anxious - so I always try to avoid them.

Accordingly - I have topped up the UTC Dev Fund with an additional 0.3 UTC

As it stands - we have enough now to pay for the 3rd and final stage of this work with PressTab (with a little surplus).

PressTab will advise exact cost shortly and I will pay him for this final stage of the work.


Sometime next week PressTab will likely be finished - He will hand over the work and then work with Steven to implement the fork.

I will leave the timing of the fork up to the Community and Steven to decide - but its likely a couple of weeks after PressTab is finished so all stakeholders can update.

Stakeholders = miners, pool, Bittrex and general users etc.


ALMOST DONE





Cheers - usukan

PressTab Update

PressTab is making great progress - it can be summarised as the following:

-------------------------------------------------------------------------------------
He has thus far placed the standard pos/pow difficulty adjustment code into the codebase, cleaned up the former difficulty adjustment code as well as certain aspects of main.cpp, and also reduced the update threshold on QT from .5 seconds (he's never seen a client use such a small amount) to 10 seconds. The QT change should reduce a lot of lag, most clients are using 5 seconds, and bigger chains using up to 30 seconds. Each time this is queried it will do a variety of things such as iterate through each one of the unspent outputs you hold and calculate its weight, update network weights, etc. It all takes precious resources. Typically the wallet is running idly in the background so a half a second update time is a bit bizzare in this case.

Moving forward PressTab will be scanning through the codebase to see if the common memory leaks have been patched yet, make sure the key code has been updated to accept the newest SSL build and also prevent the transaction malleation problem that can occur (this is a malicious attack that can shut down the client if someone wants to do it), and also a few other tidying items.

He will also be placing the actual code to handle the fork, which is not yet done.

He will look into the problems Alenevaa mentioned about the balances. Concerning net hashrate, this is something that is not an exact science and is actually an estimate based on statistics and the rate that the blocks are coming in for PoW. So a weird difficulty adjustment code can definitely throw this statistic off. For the unconfirmed transaction problem, he's not totally sure how to handle this other than maybe restricting tx to only used confirmed inputs.

Basically he is tag teaming Stage 1 and 2 right now.

He will have a good crack at things this weekend and be close to finished apart from the liteStake code additions.
------------------------------------------------------------------------------------

I have sent payment for Stage 2 to PressTab - from the UTC Dev Fund

as advised by PressTab 1.199501 BTC

https://blockchain.info/tx/1a69c05a33d4d3e65f034de74b4b6d5bc0dae74d32d39391b566705059e9e430


Cheers - usukan

Hi Steven - Welcome back.

Everything is coming together rather well now in UTC so the Ultracoin Community is in for some exciting times.

Cheers - usukan

Hello everyone,

I just want everybody to know that I do view the thread at least once a day, or several times a day in most cases. The ball has been set in motion and Usukan has been operating at full force. Usukan and I have agreed to let him finish through with current developments and then I will take the lead from there, especially during the hard fork process when we are ready to move on to the next update. . I will also be stepping back up in big ways in the marketing department, I am currently working on an automated system for Facebook and Twitter updates, and a written newsletter which will be sent out on a consistent basis. My current task list also include making some changes to the website and OP and scouting out possible marketing opportunities for low cost/ high impact exposure.

Beave, I truly appreciate your dissent, you have been one of the biggest (respectfully) dissenting voices on this thread and I wouldn't want it any other way. First off, I would disagree that the conventions were ineffective, Ultracoin raised to 23rd on the marketcap at $1,000,000 total value right after convention time; not to mention the reach and recognition of being included on the convention floor. The bear market unfolded immediately during the failed fork with the update that was supposed to improve difficultly fluctuations but ended up causing it to swing so high no one could find a block for days. That was a heart wrenching time, the second largest downturn coincided with the mistimed NAT server that was connected to ultrablockparty.com resulting in a second network failure and the multiple hard forks that followed. All of these things happened under my watch, and I take responsibility for that, but I am no developer and I could do in my power was co-ordinate a recovery as quickly as possible. I am hoping with Presstab's help and the future update we should have a rock solid platform to move forward with things like marketing, infrastructure and acceptance. Future updates to come.

As for NFactor and block reward, I would not recommend changing block reward as this was a heavily meditated issue that involved a lot of thought and historical sampling. Too low and you discourage miners, too high and you create inflation and reach your coin ceiling sooner. It is no secret that 90% of all BTC will be mined by 2022, the consolidation of currency is still largely help by tech savvy users, large mining operations and the grey and black market. Although the 90% mark is 8 years away, cryptocurrency has yet to go mainstream in a meaningful way that it could compete with central bank backed currencies. Bitcoin of course does have the option to increase the money base, but that would require a hard fork, which for Bitcoin would mean a completely separate creation of a new coin. I have personally debated Bitcoin core developers (as I had the opportunity at the North American Bitcoin Conference whilst I personally defended the existence of alt-coins), I can say that these developers are fantastic at their jobs, but know next to nothing about economics. As far as NFactor, both NF14 and NF15 are worthy options; as the next generation of GPU's and CPU's are released I believe mining technology will advance significantly and become more affordable allowing more and more average computer users to be able to mine Ultracoin. Not to mention the more future proof, the less likelihood of a hard fork needed in the future.

Sincerely,

Steven "Rapture" Nekhaila
Ultracoin Development Team
[email protected]
Ultracoin

Thanks fabietech - your contribution received.

almost there

Cheers - usukan

yes - shes READY for sure...............

Hi barbados-fs

The only place to trade UTC is Bittrex

https://bittrex.com/Market/Index?MarketName=BTC-UTC

To be honest - I would not sell any UTC just at the moment - they are likely to be worth a lot more in the future.

Your intentions noted and appreciated - but just hold your UTC for now.

Cheers - usukan

Don't skimp too much on the finer things in life - they say its bad for your health.

But glad you made this sacrifice for the good of UTC

They also say what goes around - comes around

may your karma catch up with you soon

Cheers - usukan

You know Roister, it is at this moment better to donate for the future of our UTC instead of "paying" for some other fine things in live (if you understand what i am saying)    

Thanks very much for that massive donation to the cause Paul...nice for someone to lead by example!

Fingers crossed it helps to make this coin the success it deserves to be...

Cheers,

Roister...

I mined UTC for almost a year in the factories. I haven't sold anything, only folded. It was a little UTC on Cryptsy I would be glad to sell them and make my small contribution, but Cryptsy is dead. I can donate only to UTC, but I don't know where they can be sold.

Hi Usukan and the whole community, I do not want to let fail this important phase of the UTC project.

So I will pay/send the "short fall of 0.241 BTC" in a view moments with a extra raise to a totall of 0.731 BTC

But, with all due respect to everybody, I want to express honestly that i am a little (little) disappointed that from the entire community only a small group of supporters are active, in one way or another way and with or without financial contribution.

To all other "active" community members, specially to those who also contribute financially: Thank you  !

Warm greetings,
Paul.

EDIT: So to let pass the the totall projet phase 1/2/3 there remains after my last donation of 0.731 BTC now only a little "short fall of 0.23 BTC".... feel free (small or big) to contribute 

Hi Roister

WRT Steven - he has been holding off while I sort these projects with PressTab and funding - and we have a clear strategy going fwd. The strategy is now close to fruition and its time for him to step back in.

We have discussed and we know our respective tasks going fwd.

Never fear - I will keep the Community informed - even if Steven and I are busy in our real lives. I will always report the good, bad and plainly ugly.

Its actually a big draw on our time to manage all the UTC business.  We must share it. Steven has a lot of time consuming tasks that I have not got time for - and only he can do (ANN update, Ultracoin website and social media engagement).  If hes not here online - hes still busy for UTC.

But I expect that Steven will achieve this online presence admirably.

Only time will tell, but, whatever, I will manage everything accordingly to keep UTC development moving forward - and forward. I have never managed a coin before but in business I make things work - perhaps not as expected at the start (because we not often know what the opportunities are at the beginning - trying, failing, learning and conquering is the lesson) - but the finish is good and from there the options are interesting.

I'm here for the long game. If anyone is expecting a pump - forget it. It may happen but its not under our control.  If you are still here in 2 years - you will look back on this very favourably.


Cheers - usukan





 

Hi Usukan,

From reading the last few posts, I agree with you that leaving the block reward at 10 is essential for the time being, at least until the coin has reestablished itself firmly in the world of crypto. I obviously don't know enough about the NFactor, though as folks say, 14 or 15 both sound fine. However, I assume the issue with 15 is around the lite wallets? If it is, this needs to be considered seriously beforehand..I still maintain that reliable, easy to use android/apple wallets, and PC wallets are vital.

Regarding the point that Beave makes, around concerns around Rapture. Beave has been around a good while, and seems to talk a lot of sense. I am aware that since Stevens return, he has only made one post, even after we had voiced concerns about needing regular contact via this forum. Admittedly, you have been keeping us informed marvellously well...my concern is what will happen when you take a more back seat role..will communication die off again?

Just my concerns...thank you though for your fantastic support that you have provided so far...

Roister