Post
Topic
Board Announcements (Altcoins)
Re: [ANN][CFC]Coffeecoin 丨POS+POW 丨NO IPO丨1000+ member丨MultiPool丨
by
fedmahnkassad
on 26/05/2014, 19:04:35 UTC
Concerning the wallet update...

I had a nice, long conversation with Orangecoindev, and CFC's source code is a lot worse than we initially thought. So bad, in fact, that we will have to re-release CFC and do a 1:1 swap. Our source is based on out-of-date code, and allowed incorrect genesis block data to pass through (PM me if you want exact details). Whether through a Ybcoin fork with CFC specs, or old CFC source with patches, the new updates cannot be applied. I'm getting us prepared for a 1:1 swap by asking around our listed exchanges. Basically, we need one of them to host a CFCv1/CFCv2 trading pair, preferably with 0% fee. While I don't entirely agree with our former dev's distribution method, what's done is done, and I will not allow anyone to lose their holdings!

Timeline for fix is 1 week for development, 1 week for testing. We can use this time to work out our new specifications; I need to get them over to OCdev by tomorrow. Here's what we're currently have, with my proposed changes in bold:

Interest: The first year of annual interest 10%. Interest will decrease by .95*previous year's interest, until a floor of 1% is reached.
Algorithm: Scrypt POS+POW Remove POW
Block Time: 20 seconds
Total Coin: 100,000,000 CFC
Mined Block Confirmation: 40
Transaction Confirmation: 3
POW Reward: 0.0001 CFC Zero, once POW is removed
Min stake age: 3 days Reduce to 24 hours
Max stake age: 9 days Increase to 90 days
Add Coin Control
Add "Unlock Wallet" button for ease of staking an encrypted wallet
Add daemon with release by default

Port: 16789
Rpc port: 16889

Please take part in the poll to decide the future specs of our coin!

I believe you also need to consider that not all coins will be exchanged, so my proposition is that you give around 7 days to people to exchange their coins and once that is done, all remaining coins are distributed via a new giveaway.