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May 14, 2014, 06:34:28 AM |
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We just hit block 10080 which marks half way through the PoW phase. Congratulations! So far this coin has been an incredible journey. From what was a good idea to testing for over a month on a closed network to finally launching. Then getting miners, minor forks (now resolved), pools up, block explorer, listed on exchanges, etc. What a ride!
Today also marked the first meeting of the VeriCoin Multipool team. We have started designing the multipool for the PoS phase. We will be implementing Scrypt, Scrypt-N, X11, and hopefully SHA-256 algorithms so you can point your miner at the server and get paid out in VeriCoin even after the PoW phase ends. This will help to ensure there is constant buy pressure for the coin, provide a profitable way for you to use your miners, and will be a source of community.
We haven't decided the structure of fees yet, but it will be relatively low (comparable to other multipools) yet feature a significant percentage donation towards the soon-to-be formed VeriCoin Foundation (supporting VeriCoin outreach, development, and charities of choice) as well as a funding source for a VeriCoin buy wall suppport. It will be both a beautiful multipool system as well as one that works to make you the most coin for your hashes.
We have some other neat things up our sleeves that will really set VeriCoin apart from the others. You will be hearing about them in the coming days/weeks/months.
Now, here's what you've all been waiting for: Specifics on the 1/2 way block.
02:23:40 AM EST  "blocks" : 10080, "currentblocksize" : 1000, "currentblocktx" : 0, "difficulty" : "proof-of-work" : 87.14805907, "proof-of-stake" : 0.01623687, "blockvalue" : 250000000000, "netmhashps" : 9357.45159060, "netstakeweight" : 358869.09079662, "blockhash" : 00000000023212158c4a50727711ffc9ddbcb246e7c34e8a6668c49aad3b5390,
There are 9,357 Gigahashes/second mining VeriCoin. That's incredible. The coin is only just 4 days and almost 2 hours old (the first block was mined by an an unknown miner at ~12:30 AM EST). Just for reference, the AMD R9 290x hashes at around 900 kilohashes/second. This is like pointing over 10,000 top AMD graphics cards at Vericoin and mining it.
In addition, the network stake weight is 337,208 providing an interest rate of 1.58646%, perfectly on track with our projections.
Mining will be over in approximately 4 days. The reason mining is going to be ending earlier than the originally projected 14 days is because the blocktime is shorter than expected (1 minute). This is due to a few reasons. One of which is the wildly varying hashrates causing blocks to be found faster before difficulty can adjust. Another reason is because many holders are staking their wallets allowing Proof of Stake blocks to occur. This is a great thing. One other side effect is that it will reduce total coin supply significantly. Because PoS blocks contain much less total coin, the total amount of coin is now projected to be 14025412.54974229 [total supply] * (20160 [last block of PoW]/10089 [block at which the supply existed]) = = 28,025,802.1 coins. That's far less than the 50,000,000 originally predicted. That's great news for you miners and those that are able to buy in early.
We're at the point where the world is starting to take notice of VeriCoin. Hold onto your seat belts. It's going to be a pretty fun ride to Mars.
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