ANNOUNCEMENT -

As the cryptocurrency environment is constantly changing, any coin that hopes to be successful and have longevity must adapt to changing market conditions.  In the spirit of adapting to changing conditions, the development team is making the following changes, effective Sept. 19th.

Please see the OP for instructions to upgrade to the latest client and be prepared for the upcoming hard forks.

Change 1 -

Spots was originally designed to not have a block reward halving.  In reading some of the older archives, iGotSpots had made the assumption that the price would continue to raise indefinitely and thought that by not introducing a halving that the price could be made to stay static by keeping a steady amount of new coins coming in to circulation.  The goal with this was to keep a steady SPT / Silver or Gold price point over a long period of time.

What has happened, is that the demand for the coin has slowed because the altcoin market is simply flooded.  Now, a block reward that never phases out is placing downward pressure on a market that isn't able to combat it.  To solve for this, and still try to remain true to the original concepts, we are introducing a "smooth reward phase out".  The block reward will be reduced to 24 SPT at Block 230,000 and reduce by 5% every 48,000 blocks.  To ensure network security, the reward will never be less than 4.5 SPT.


Change 2 -

When our team took over Spots, there was a fear of Scrypt ASICs and how they would impact the marketplace.  We introduced a change to Scrypt-N, which has presented another set of problems.  In the Scrypt-N arena, we have seen significant downward pressure from multipools that have only a few Scrypt-N coins to compare against.  The mining software is also specialized and more difficult to use.

The feared "Scrypt ASIC invasion" wasn't as significant as we originally feared.  As a result of this, and other factors, Scrypt-N never gained mainstream popularity.  Reverting back to Scrypt places us in the same arena as many other popular altcoins like Litecoin, Dogecoin, Feathercoin, and more.  As such, we shall be reverting back to Scrypt effective Sept 19th at midnight GMT.

Over the next day, or so, I will release the links to the new version.  Thanks to all!