Re: [ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer!
So, I feel like I'm broaching something a little taboo, but I have to ask. It seems like no one really knows how slimcoin works, but every now and then someone buys a few hundred bucks worth of it. Why?
There are some who know very well how Slimcoin works - ask "Slimcoin" or a123 for example.
Everyone one who is interested and has the skill can find out as well - the code is open source.
That's what "Mr E" did and - boom! - there's another one who knows how it works.
The interaction between the different processes and their difficulty adjustment is for sure something that needs to be watched closely or even tuned.
But I need to underline it:
Slimcoin is working. It's still running. The block chain is safe. Forking seems to be no longer a problem.
Although it's not maintained for some months the last updates by a123 seem to have kept Slimcoin alive.
Why do people buy coins? Because the speculate on price development, because they like to play with their features, because they want to know how things work.
I have Peercoins, because I want to play with minting.
I have Emercoins, because I wanted to play with the DNS and PKI features.
I have NuShares, because I wanted to play with voting.
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Slimcoin is very experimental. Proof of Burn to secure a block chain is unique.
What's intriguing is that it's working!
And it solves one of the problems PoS processes face: after the SLM have been burned, you have a (strong!) incentive to mint continuously, because the decay whether or not you mint with them.
Slimcoin is a great experiment. It would be nice to see that continued, which would be a reason for speculators to buy low these days