The road to making Peercoin No.1 Altcoin

Increasing the PoW reward will just bring more mining power on PPC, nothing else. Miners will still dump their PPC on the market like they are doing now, either for FIAT or BTC because it’s profitable to them (http://www.coinwarz.com/cryptocurrency).

PoW only helps the coins’ distribution, I think the market now is telling us there are enough coins for everyone… and probably too much (check the order depth chart: https://cryptrader.com/charts/btce/ppc/usd)…

Mining Peercoin PoW blocks is feasible only with specialized ASIC hardware, so fair distribution is no longer possible.

My suggestion is:

  1. Switch off PoW
  2. Variable PoS block reward, which depends of the total money supply. We need to achieve one percent inflation per year and attract people with low and very low amount of Peercoins.

Math:

The average length of the year in the Gregorian (modern) calendar is 365.2425 days (taking account of the century rule for leap years).

         AVGLY (average length of the year) :        365.2425 days
               ABPY (average blocks per year) :    52594.92 = (24 * 6 * AVGLY) = (24 * 6 * 365.2425)

BRMC (block reward manipulation constant) : (1.01 ^ (1/ABPY)) - 1 = 1.8918807737344281234481581941758e-7

                     BN (block number) :     150512
                     MS (moneysupply) : 21966625.38081000

BR_150512 (reward for block 150512) = MS * BRMC = 21966625.38081 * 1.8918807737344281234481581941758e-7 = 4.155823622178114962304697168243 Peercoins

                     BN (block number) :     150523
                     MS (moneysupply) : 21966729.96081000

BR_150523 (reward for block 150523) = MS * BRMC = 21966729.96081 * 1.8918807737344281234481581941758e-7 = 4.1558434074672466769540121890814 Peercoins

I’m not shure how to deal with rounding. Need to look in the source.

This has been discussed before. The problem with near constant reward is that it greatly increase incentive to attack the network with small stakes.

This has been discussed before. The problem with near constant reward is that it greatly increase incentive to attack the network with small stakes.[/quote]

You can spread your coins in many small stakes and now. Probability to solve a block is the same. I do not understand what the difference is and why near constant reward will greatly increase incentive to attack the network.

This has been discussed before. The problem with near constant reward is that it greatly increase incentive to attack the network with small stakes.[/quote]

You can spread your coins in many small stakes and now. Probability to solve a block is the same. I do not understand what the difference is and why near constant reward will greatly increase incentive to attack the network.[/quote]

It’s in one of those POS threads. Sigmike pointed it out.
Also note that “increase incentive to attack” includes attacking from an angle we haven’t realize.

mhps, I think my proposal is suitable, after sigmike’s cold minting and duplicate stake rejection protocol changes.

[quote=“Sentinelrv, post:1, topic:2415”]…
Sunny King: I have a proposal that maybe switch to a constant mint per block would significantly improve participation without too much impact to inflation model. However this is something the commnity needs to reach a level of consensus on

Sunny King: It’s sort of also works with sigmike’s cold mint proposal, so reduce minting risk + better incentive

Ben: Interesting direction. If the per-block reward was constant, would you also look to make modifications to the min and max coinage used in the calculation

Sunny King: that should give peercoin network much stronger security.

Ben: Would you be willing to address this in greater detail as part of a forum topic, if I opened one up? I don’t want to overwhelm you with all of the questions that come to mind about it, but I want to make sure the community is able to see what’s going on in your mind, and then start the conversation about it.

Sunny King: Proof-of-stake remains the same, only the reward changes a bit. so you can’t sit on large sum yet still get 1% after many months, while not protecting the network
…[/quote]

Sunny King, please comment this!

You maybe right. There were discussions in that directions after the interview, which was put to a stop when sigmike pointed out a problem I remember. The duplicate stake rejection protocol changes may have changed the situation. Note that nushares use constant reward. But it has a different set of parameters and is a share, not a currency.

I’m mining Peercoin and I voted “no” nevertheless.

Nobody would require Sunny King’s permit to alter anything in the code as it is open source. But as you might estimate from the results of the vote so far, Peercoiners are quite confident, that the current settings are chosen quite well.
So I take my hat off to Sunny King for his far-sighted creation of Peercoin!

[quote=“bruter, post:18, topic:3183”]Mining Peercoin PoW blocks is feasible only with specialized ASIC hardware, so fair distribution is no longer possible.

My suggestion is:

  1. Switch off PoW
  2. Variable PoS block reward, which depends of the total money supply. We need to achieve one percent inflation per year and attract people with low and very low amount of Peercoins.[/quote]

+1

Voting closed. Disregarding the single “Yes” vote, which was my own, I must admit that my proposal was vastly rejected. :o
Thanks anyway to the one who gave me a single “Depends - not sure” vote which saved my honour. ::slight_smile:

[quote=“Ötzi, post:26, topic:3183”]Voting closed. Disregarding the single “Yes” vote, which was my own, I must admit that my proposal was vastly rejected. :o
Thanks anyway to the one who gave me a single “Depends - not sure” vote which saved my honour. ::)[/quote]

Thanks for sounding the depth of opinion of the community for this matter. Maybe you should get more controversial questions polled :slight_smile:

If you wanted to do something different with peercoin you could try to make it HDD minable. I feel last year was the year of POS coins and this year will be all about HDD coins.

PPC can be used along with storj to buy and dell storage space :wink:
like every other coin of course

It’s quite disappointing, that storj partly relies on bitcoin’s blockchain.

I hope that will change some day.

Any good reason why storj chose Bitcoin? and datacoin, I believe

They use counterparty. Counterparty uses the BTC blockchain… maybe it was just convenient.

no. Peercoin is not about this at all. The whole point of peercoin is backbone which is incompatible with mining, etc.

People really doin’t get peercoin, Most people in crypto don get peercoin which is why it has not competitor. They are all hurr durr retail. muh amazon/walmart etc for craptstic plactic depreciating assets.

You really have to have a good sit back and thing about boundary condition, thin chain, one objective, where the big $$$ value is. Its mostly in backbone transactions, and they are best served by peercoins set up.

for and do what you want but changeing peercoin is not the way.

Doge and LTC are not doing that well. Peercoin will take a few more years for people to get it.

I didn’t meant to change the security mechanism of Peercoin to Proof-of-work, but to use Proof-of-work to improve the distribution of Peercoin. Chain weight would be determined by PoS blocks as it is now.

But it has been vastly rejected, so let’s stop this here.

I see also a problem that the economies of scale have impacted GPU/CPU mining over the past 2 years, so distribution might not become much better from such a hard fork, while the price could fall too low and then never recover.

This is a terrible idea. Glad it was downvoted.

what peercoin needs is marketing, a lot of marketing…a lot of people dont see Pos as a viable alternative to pow