It's slow because domain transfer process requires 5 days for transfering geticoin.com to my account. Website is up now (old version as the new one i received from Cointopic is incompleted, not usable).
Next update is done too. Just one more thing is the new setting:
Current setting: Algo: Scrypt
Total coins: 500 million
Premine: 1%
Block reward: 100 iCoin
Block time: 3 minutes
Reward halving interval: 128,000 blocks
Proposed setting:Algo: X11
Total coins: 250 million
Premine: 0%
Block reward: 25 iCoin
Block time: 3 minutes
Reward halving interval: 64,000 blocks
Any sugguestions?
The dev seems slow with updates, if this is what the iCoin team had to deal with no wonder they left. I have a feeling that the anonymous Captainhook has run away with the btc for the IPO and working on his other coins.
iCoin most likely needs a coin take over but who would touch it now?
Shut your mouth up than just typing behind monitor and helpless.
There will be no new update until this a**h*** get out of this thread.
Hey CH,
I think there are a few factors to consider for the new coin release schedule:
1) Mining period- How long will x11 be ASIC resistant? 2ish years? Do we want to be able to mine icoin for 2, 5, 10, 20, or 50+ years?
2) Total number of coins- Depending on your mining period, this may vary. The suggested 250,000,000 ICN seems way too large considering the suggested block rewards and halving times. It would take hundreds of years to mine the total amount, and given the rapid rate of technology advancement, any algorithm would be obsolete.
3) Block Times- Faster transaction times would definitely provide more real world use. If you change reward times down to 1 or 2 minutes, you could just modify the block rewards so that the rate of coins being mined is the same, but confirmations are hastened.
4) Block rewards- I do agree we need a bottleneck in new coins entering the market, but is a 100 to a 25 ICN reward too drastic of a decrease? Would it kill mining all together? With such low trade volume, a 50 ICN block reward transition may ease the transition.
5) Block reward halving times- who said block reward halving times had to be constant. Why couldn't the halving times double as your rewards halved?
*Calculations are made assuming there are currently 11620850 ICN in circulation
Current suggested release schedule:blocks reward time (years) total coins
64000 25 0.365296804 13220850
64000 12.5 0.730593607 14020850
64000 6.25 1.095890411 14420850
64000 3.125 1.461187215 14620850
64000 1.5625 1.826484018 14720850
64000 0.78125 2.191780822 14770850
64000 0.390625 2.557077626 14795850
64000 0.1953125 2.922374429 14808350
64000 0.09765625 3.287671233 14814600
64000 0.048828125 3.652968037 14817725
64000 0.024414063 4.01826484 14819287.5
64000 0.012207031 4.383561644 14820068.75
64000 0.006103516 4.748858447 14820459.38
64000 0.003051758 5.114155251 14820654.69
64000 0.001525879 5.479452055 14820752.34
64000 0.000762939 5.844748858 14820801.17
64000 0.00038147 6.210045662 14820825.59
64000 0.000190735 6.575342466 14820837.79
64000 9.53674E-05 6.940639269 14820843.9
64000 4.76837E-05 7.305936073 14820846.95
64000 2.38419E-05 7.671232877 14820848.47
64000 1.19209E-05 8.03652968 14820849.24
64000 5.96046E-06 8.401826484 14820849.62
64000 2.98023E-06 8.767123288 14820849.81
64000 1.49012E-06 9.132420091 14820849.9
64000 7.45058E-07 9.497716895 14820849.95
64000 3.72529E-07 9.863013699 14820849.98
64000 1.86265E-07 10.2283105 14820849.99
64000 9.31323E-08 10.59360731 14820849.99
64000 4.65661E-08 10.95890411 14820850
64000 2.32831E-08 11.32420091 14820850
Current release schedule with previous "3 ICN Reward minimum":blocks reward time (years) total coins
64000 25 0.365296804 13220850
64000 12.5 0.730593607 14020850
64000 6.25 1.095890411 14420850
64000 3.125 1.461187215 14620850
64000 3.125 1.826484018 14820850
64000 3.125 2.191780822 15020850
64000 3.125 2.557077626 15220850
64000 3.125 2.922374429 15420850
64000 3.125 3.287671233 15620850
64000 3.125 3.652968037 15820850
64000 3.125 4.01826484 16020850
64000 3.125 4.383561644 16220850
64000 3.125 4.748858447 16420850
64000 3.125 5.114155251 16620850
64000 3.125 5.479452055 16820850
64000 3.125 5.844748858 17020850
64000 3.125 6.210045662 17220850
64000 3.125 6.575342466 17420850
64000 3.125 6.940639269 17620850
64000 3.125 7.305936073 17820850
64000 3.125 7.671232877 18020850
64000 3.125 8.03652968 18220850
64000 3.125 8.401826484 18420850
64000 3.125 8.767123288 18620850
64000 3.125 9.132420091 18820850
64000 3.125 9.497716895 19020850
64000 3.125 9.863013699 19220850
64000 3.125 10.2283105 19420850
64000 3.125 10.59360731 19620850
64000 3.125 10.95890411 19820850
64000 3.125 11.32420091 20020850
Here are my suggestions:1) <20 year mining period (Instead of straight mining over the 20 year period, if PoS can eventually be added to add the remaining coins into circulation after x11 becomes obsolete in the next 2-3 years)
2) 42,000,000 total coins (250,000,000 coins is not achievable during any of our lifetimes given the current rewards / halving times. Just cut out all the fluff and tell people how many coins are going to be in circulation while they're alive.
3) 1 minute block times (Fast transaction times are a necessity if real world adoption is ever going to take place.)
4) Start with a 50 ICN block reward and decrease from there. (A drop from 100 to 25 seems like to quick of a drop that could harm mining rather than increase the value of the coin)
5) Have variable block reward halving times for more sustainable future mining.
blocks reward time (years) total coins
128000 50 0.243531202 18020850
256000 25 1.704718417 24420850
512000 12.5 4.627092846 30820850
1024000 6.25 10.4718417 37220850
1529328 3.125 19.2008828 42000000