It was very difficult for me to work on the project during the holidays and I restarted this week.
I made some calculation to estimate the number of blocks for a given block time during the 100% PoW period:
With 120 sec. block time and 100K blocks, the PoW duration would be about 4 and a half months. I would let us enough time to develop and to test the next wallet release including PoS/PoC, Master Nodes and Super Stakers.
With a faster block time during the PoS/PoC period, we would get a fast blockchain growth:
- 15 sec. block: 2.102 Mil blocks year
- 30 sec. block: 1.051 Mil blocks year
- 60 sec. block: 0.525 Mil blocks year = an acceptable growth
3 and a half years after launch, Coin2.1 blockchain height is about
1.92 Mil blocks and the db size is
3.3 GB with
60 sec. block. Consequently, it looks difficult to adopt a faster block time and I'm not sure of the real advantage knowing that exchanges are often requesting more confirmation than the coin network.
The next step is to define the reward per block with X super blocks and with a halving at block #50000. I'm also thinking about the block size and more detailed specification. My idea is to create a poll to get the opinion of the community on this matter.
My thought regarding your proposal: yes, it is easy to define a block reward matching the number of PoW blocks and the total reward allocated to the miners as well. It is the next step here
My last thought regarding the inflation: a good strategy may help to increase the demand and the supply together while balancing the market. My disquiet is to succeed in growing the capital almost so quickly as the supply, so that the inflation doesn't affect the real coin value.
I received a first good proposal for the new coin name and the online submission form is almost ready. I'm going to release the link very soon.
I think this is a good start as well for phase 1 of the new coin. It gives us enough time to test and get the next phase ready. The only thing I'd like to add is to please ensure Segwit is implemented from the start. I really do think this feature will be a huge opportunity for us if implemented from the get go.
With a faster block time during the PoS/PoC period, we would get a fast blockchain growth:
- 15 sec. block: 2.102 Mil blocks year
- 30 sec. block: 1.051 Mil blocks year
- 60 sec. block: 0.525 Mil blocks year = an acceptable growth
3 and a half years after launch, Coin2.1 blockchain height is about 1.92 Mil blocks and the db size is 3.3 GB with 60 sec. block. Consequently, it looks difficult to adopt a faster block time and I'm not sure of the real advantage knowing that exchanges are often requesting more confirmation than the coin network.A couple of things with this. First why not have PoW continue but in addition add PoS/PoC on top for phase 2? It would be more secure and allow more hardware to mine but at the cost of being less green/energy efficient. Ultimately though it may be a fair trade off as then we could still claim to be green/energy efficent while also being more secure. So something like...
-2 multi PoW algos at 25% each
-PoS/PoC at 25% each
**We also need to consider percentages of masternodes superstakers**
As for inflation... PoW/PoC should be easy to control inflation by reducing the block reward in favor of quicker blocks but depending on how we do PoS/Masternodes/Superstakers is where we could increase inflation a lot. Also I'm unsure of what type of PoS variation you'd like to implement and what percentages you'd like to use (on top of min/max stake periods). There's a lot to decide just in that alone. Also you may have seen this but it has some PoS variations to look into
https://steemit.com/cryptocurrency/@killjoy/the-different-proofs-of-crypto-currencyAs for advantages of a faster block time... I think its sort of mixed but if accounted for is mostly positive. The obvious negative is how fast the blockchain would grow but that doesn't necessarily have to be a negative. The advantages are obviously transactions would be crazy fast. Perhaps we could study Digibyte more and see how they manage this as I believe they are the fastest coin currently; at least to my knowledge. To me I like the selling point of claiming to have one of the fastest coins as I find that to be marketable. Even still quick transactions is a nice feature and great on its own merits as long as rewards could compensate for it so inflation isn't out of bounds and also if we add enough confirmations to satisfy exchanges. If both of those criteria are met then fast transactions would have no negatives or none that I could see.
I received a first good proposal for the new coin name and the online submission form is almost ready. I'm going to release the link very soon.Very good to hear about the submission for coin names! Hopefully we'll get a good list to vote on
Do you have ideas about the new coin purpose or about a specific usage of the blockchain?I'm very happy you asked this as I have a few ideas. Really I think we should implement a few different things to be honest. The best thing we can do is not have one purpose but definitely a coin that's multi purpose.
BLOCKCHAIN USES:
1. Security/Privacy: I say we implement zero-knowledge proof or 'zk-SNARK' from Zcash. Adding this would give the user a choice of shielded transactions for an additional transaction fee.
2. Digital Publishing Notarize/Signing: For businesses it would be nice to implement something like DiguSign so that documents are securely stored, notarized, validated and secured for an additional transaction fee.
3. Decentralized Cloud Storage: This may take awhile to implement and be something we do in later stages but the impacts are too huge not to ignore. We may need to study Storj to gain a better understanding of how to implement this but I truly feel a decentralized cloud storage will skyrocket in popularity in the near future. Again for an additional transaction fee.
4. Fund Raising Services: If we could tap into fundraising ventures like IndieGoGo/Kickstarter/GoFundMe we could revolutionize the way these are done today while tapping into another market. Yet again for additional transaction fee's.
5. Gaming: This was originally Coin2's purpose but hopefully we could utilize it much more than now. I'm unsure of what we could implement gaming wise into the block chain but its obviously a huge market and one that I'd like us to stay apart of in someway.
These additional fee's could be coins that get destroyed to lower inflation or maybe you have a better idea with what to do with the fees? Normal transaction fee's should be kept to a minimum and low. My thoughts are by offering all 5 of these we give our users the ability for privacy, public notary for business, a trusted decentralized cloud storage mechanism, a way to raise money for fund raising services, and for gamers. By specializing in all of these at once we distinguish ourselves as the best multi-purpose coin and then the huge blockchain from quick block times would serve a purpose. I realize though implementing these would be a lot of work and so I don't think it would be an easy task but certainly the best if we could pull this off.
Aside from the block chain... I think there's three other features we should add. Two of which I consider essential.
ADDITIONAL FEATURES:
1. Stake for Charity: I really enjoy this and think Hobonickels was the first to implement such a thing. It should be pretty easy to implement.
2. DigiShield: This one is a must in my opinion as it gives real time difficulty protection. It would re-target the new coin's difficulty to protect against multi-pools and over-inflation.
3. Segwit implementation: Starting with this is also a must in my opinion.
I'm sorry for the novel but I really tried to think of what would be the best we could do. Hopefully you enjoyed my ideas
