WALLET DEVELOPMENT UPDATE:
Okay, so our community chat session was wildly successful and we all agreed to implement the following:
NFACTOR - 1 less from what it is now, effective for 12 months
POS - 7 day POS system at 5.2% per year, which equates to 0.1% per 7 days. Max time = 30 days
No change to # of coins or ratio for now
The POS modifications are implemented and being tested. More news to follow on this. Expect an update shortly!
NFACTOR is actually far more complex than originally thought. Turns out dialing back could have severe, potentially crippling, repercussions. We are investigating how to work through this, if at all possible.
That being said:
NFACTOR will change as scheduled this Saturday, May 24th, 2014 @ 03:15:12pm UTC. We cannot risk crippling the entire blockchain in an attempt to force this revision. When the NFACTOR changes, please use the config generator to update your miners!
http://ultracoin.net/configgen_raw.htmlTo summarize, the wallet update will, for now, include only the POS modifications, NFACTOR changes are being discussed, and NFACTOR will shift this Saturday. We will keep you all posted otherwise.
Thank you for your continued support!
I'm not sure why the N-factor change has to be so complicated. I'm getting ready to go home for a long, long weekend but, if I remember correctly, there is just a convoluted function that has a bunch of arbitrary calculations that result in a block heights to change the N-factor at. The point is, I thought it just returned nFactor and all the other things that used that value derived it from that function.
Why couldn't you just comment that all out and hardcode in the return value to be the N-factor you want it to be, aka 12?
Obviously, this would be a mandatory wallet update. No ones wallet would work on the old N-factor so you'd have to set it at a date in the near future.
well there is the factor of changing the wallet software, a mandatory update, and a forced date for transition. However there is also mining software, scrypt-jane/scrypt-chacha mining software also uses the same formula to determine the n-factor when mining. Custom revisions of each of the mining programs used will need to be ready for this change as well. Coordinating all of this is a nightmare in the crypto world, some people don't listen some don't understand and things just get complicated.