Topic: [XPM] [ANN] Primecoin Prerelease Announcement - Introducing Prime Proof-of-Work - page 19. (Read 71645 times)

people are going to go mine coins regardless of these attributes. look at all the copy cats with random values of coin caps people have been pulling out of their asses. yet people still mine the hell out of them. Im still LMFAO @ infinitecoin. what a waste of typing zeros to make a transaction. and you cant even trade the bastards on an exchange because the exchanges dont have a low enough .0000000000000001 input option to get people to trade. what a joke!

so just let the man release the coin! gonna keep him busy all day replying to q & a like 1st grade show and tell.

I formerly request op log out of bitcointalk and log into his github and go polish up this code  i want a damn prime coin! neeeooowww!

Can you be more specific on the rate of inflation (coin minting)?  PPC inflation is about 10% per year, which is pretty outrageous.  It's not fair comparing it to BTC, since BTC has a fixed cap.  If your time horizon is extended by a few years (like a 30yr t-bill would be) then BTC inflation rate is 0.

approved! stamp it and release that bad boy!!!

damn!
I've been working in a prime-finding proof of work and I'm currently testing my difficulty adjustment algorithm.
Also, I have plans for pool software too. How did you solve that?
I wonder if your ideas are similiar, and I'm looking forward to seeing you paper.
PM if you're interested in sharing ideas.

Money supply is not capped. Scarcity is ensured by Moore's Law similar to ppcoin's design. This doesn't necessarily mean it's high inflation compared to other coins.

See d5000's excellent study on inflation speed in cryptocurrency:
https://bitcointalksearch.org/topic/inflation-rate-coin-supply-growth-of-major-alt-coins-updated-2013-06-26-227395
Even though ppcoin does not have cap, it's inflation speed is currently lowest among all altcoins.

Money supply is scaled at similar level to ppcoin and litecoin.

Sunny would you be able to address questions in post 77
thanks

Looking forward to it.

So your new method for Primecoin is just leaving the checkpointing system in place but disabled, and then letting the users turn it on if you think there's the possibility of a 51% attack?

Okay let me clarify how checkpoints are managed in primecoin.

Many of you know that in ppcoin we introduced a centrally broadcasted checkpoint system, to protect ppcoin network before it's mature. Some would call this system 'complete centralization' but this is very misleading. Even in ppcoin's checkpoint system a lot of measures have been taken such that if there are issues with the checkpoints the network cannot be significantly impacted. Consistency of checkpoints are checked by every node such that the checkpoint system cannot be used for double spending attack once a transaction is confirmed beyond a checkpoint.

In primecoin a similar checkpoint system is present, but it's user enabled, and by default not enforced. So without threats of 51% attack the system is actually dormant. This system is a very useful defense against sustained 51% attack. In fact I think this is a more responsible approach and I believe many altcoins should adopt this system. As recent events show, 51% attack is a reality for altcoin community. To claim otherwise is disingenuous at best.

For those of you worried about my central power, the system present in primecoin is actually not much more centralized than the hard checkpoints in source code (i.e. bitcoin's checkpoints). If you don't manually turn it on, it's just like you don't upgrade to the new versions of the client with a new hard checkpoint. But this system allows a more rapid and effective response of the network against 51% attacker.

This mode of the checkpoint system will also be the way ppcoin operates its checkpoints in the future.

Similar to PPCoin, the chain will be checkpointed such that anyone acting maliciously on the chain will be overridden by Sunny Coin (completely centralized).

The new PoW scheme may have yet unforeseen vulnerabilities, also like PPCoin.  This isn't really a problem because of the sentence above, but it depends on how comfortable you feel using a chain that is essentially controlled by a single person.

Of course, you can always fork the chain and make a version without the continuous checkpointing, too.

Anyone want to play devil's advocate?  What are the down-sides?

I papernpenmined PoW == 3 where's my reward?

I'm very excited about this one. Good luck.

Please don't release any new coins.

So SunnyKing? I guess my idea wasn't so crazy after all? Will proof of work look similar to this:

https://bitcointalksearch.org/topic/m.1734858

Wouldn't it be better to look for any prime?  Why restrict it to Mersenne primes?

Find Aliens, get all the money!  Or it could connect with BOINC - cure cancer drug - get money!

...but in all seriousness, I do wonder if some sort of protein folding calculations can be done instead of the primes calculations.  Protein folding is in serious need of computing, and can save lives.  I guess the problem is that the calculations are not unpredictable.

I take it, it's forked? same as others
also any indication how many coins will be minted?
80 million? 320 million? unlimited?(unlimited always bad imo)
will it be capped?
will it be opensource?

thanks

watching with interest

so, 7th july
will try and remember

I want to see the whitepaper first. The announcement contains too little details on what the currency offers