Post
Topic
Board Announcements (Altcoins)
Re: [TEK] TEKcoin Hi-PoS hybrid pos/pow no premine/ipo/ico
by
vancefox
on 10/10/2015, 18:24:26 UTC
Whilst driving through a remote part South Wales with my family for a holiday, I stopped off at a cafe/restaurant with a very poor Internet connection. I was troubled by a series of posts on the HoboNickels Bitcointalk thread from vegasguy. He wanted to know how "to send many transactions to the same address in small amounts" - but was finding it difficult. He was thinking of using the 'sendmany' command. Here's a link to the Bitcointalk page in question: https://bitcointalk.org/index.php?topic=303749.msg11837695#msg11837695

A very capable member of the community replied to him by confirming that all Bitcoin-derived coins have the 'sendmany' capability. I tried to head vegasguy off from exploring further by trying to suggest that HoboNickels was different because it was a Scrypt-based coin - hoping that others would understand what I was trying to do and pick up upon it.

I wasn't concerned so much about lots of moderate amounts which can help the Network. I was concerned about flooding the system with micro-amounts which is a MASSIVE, theoretical security risk. Stopping the micro-amounts from staking is, to my mind, a very desirable property for TEK to have and should be adopted without further delay.

I think that we should accept a gradual, fair-to-all, falling POS percentage to put a break on an increasing coin supply. I don't think that it's crucial since, at the moment, the TEK coin supply at 42,000,000 is considerably less than most other established coins - surprising considering the amount of time that TEKcoin has been around.

Biomech's and thefix's suggestions seem reasonable to me, although I would prefer the POS return percentage to be simply and gradually, inversely-linked to the coin supply - possibly kicking in before we hit 75,000,000 ... I'm following Biomech's example of plucking a figure out of the air to get the ball rolling.

I agree with Kiklo's observation that "the whole point behind requiring a 1000 per block, was to lower the difficulty so that people could start getting 40% stakes again and allowing the smaller blocks to stay will kind of defeat that purpose". However, I would like to emphasise the security aspect as a further reason for action in this direction.

If nothing else is done, stopping micro-amounts from staking should be implemented as quickly as possible and would increase the security of TEKcoin tremendously.


Actually the other side of the "coin" is for those of us that make a purchase of, say, 50k coins and want to split that single block into 50 1k blocks...  just an fyi...