Distribution seems to be done. What's your plan for this coin, dev?
Hi, I'm working on the website and documentation/write-ups for the coin this weekend. The main focus on Midnight is around the Midnight Reserve Fund and what I'm calling Midnight Drawing Rights (MDR's). I'm still working the specifics/mechanics of how the program will work but the concept is that MDT will be backed by MDR's, similar to how NAUT is buying gold, or the Sync Fund. Similar to SDR's from the IMF, the MDR will be made up of a basket of crypto currencies that are determined quarterly (instead of annually in the case of SDRs). The MDT in the MRF will be used to make a market and build up the holdings of the MRF behind the MDR's (ok, that's a lot of acronyms ). So the value of the MRF will set a par or reference value of MDT with some multiple. What I am thinking through now is how we can maybe have some kind of redemption program, and what happens then if we allow redemptions to MDR swaps, perhaps the swapped MDT is burned? I need to think through that a little more but once its been finalized I'll build a web app and an in-wallet interface to support it. I think this program will be something a little unique as its a different twist on a couple of concepts that have been tried before, and it will put real value backing MDT.
Apart from that the next thing coming is a wallet rebrand and optimized staking wallet.
If I build a multipool for Midnight will anybody use it?
btw still no change regarding the richest wallets not giving their 33% to the masternodes on the coin they stake...
I had that feeling too but the small wallet bugs from this coin are not present in octane i think it is more like an octane fork by someone else with bmw algo
Or is this Bananabits fork with different algo
This is not a fork of bananabits. It was forked from latest Blackcoin and then modified.
so why were there any reference to bananabits found in the code (see the previous thread...) ? please dev, don't take us for idiot... nobody care from where you forked your coin, but at least be honest with it.
The 1 click masternode code I grabbed from bananabits and manually integrated it.
btw still no change regarding the richest wallets not giving their 33% to the masternodes on the coin they stake...
I had that feeling too but the small wallet bugs from this coin are not present in octane i think it is more like an octane fork by someone else with bmw algo
Or is this Bananabits fork with different algo
This is not a fork of bananabits. It was forked from latest Blackcoin and then modified.
Ahhh, well that explains it. I think it might be out of my league but might take a look.
Not sure why they put it up if its not working.
I put it up because it gets us 90% of the way there, so that there is miner code with the algo switch already integrated and all someone has to do is tweak the midnight.cl kernel file to get it properly hashing with OpenCL on the gpu's, which doesn't require recompiling the executable, so someone can take it and work with it by modifying the .cl file and re-running the miner. I have been trying to adapt it to bmw-256 but have not been able to get it to work myself yet.
I'm running a MN, don't have any issues, I think. Getting 33 coins per block now (33%), so I assume that's okay?
The masternodes are working/earning correctly: but as djm34 explained, some of the larger holders, are not paying the masternode fees and instead take 90% of the stake reward for themselves. Masternodes are earning 33% of some stakes, but not earning anything from a bunch of stakes as well.
This problem is twofold, one affecting masternodes, one affecting stakers: - people running masternodes are not receiving all of their due rewards - some people are staking with much greater profit than others (almost double)
If this is not a distribution problem, I don't know what is...
You don't know what is eh? Well that much is certainly clear. You are grossly misrepresenting the issue without fully understanding how masternodes and proof of stake coins work. Please FUD somewhere else.
Looks to be that a bunch of wallets are staking without properly rewarding the masternode % of the PoS blocks. Please look into this right away and push for an update that forcibly drops the offending/outdated clients from the network. Otherwise, this remains a fundamental flaw in the masternode incentive. You can take most of the higher positions on the richlist as examples of this behavior (though not all of them).
On the other hand, if the coin will be 90% mined by the time you manage to get a working GPU miner released, it will probably not matter much at all that you fix the issue with masternode rewards (or anything at all). Would be good if you'd settle some deal with djm34, or any other capable miner developer for that matter. IIRC, OCMiner had said much earlier on, that it would be a 5 minute job to get a cuda version made. He's either lacking the 5 minutes, or perhaps the task was underestimated?
It's nice that you've approached this coin with a new algorithm and all, but if you keep ignoring the current flaws in distribution, there isn't much to expect ahead. One positive impulse right at hand, is awarding bounties for community contributions. I hope you can overcome these few hurdles and drive the project forward. Best of Luck!
I made some adjustments to the seed nodes to help with keeping everyone sync'd up with the masternode list which should help keep the masternode payments consistent.
I really feel there is no flaw with the distribution but thanks for your input. There are several periods of high rewards through to next week, and you have the opportunity to get some of those high rewards via POS2 staking and not just POW mining. Also keep in mind that after the rewards drop to a normalized level there are still several 100 coin high reward blocks every day that you can win via both POW and POS mining. It was designed to try to give everybody an opportunity regardless of gpu miner or not or having a ton of money to sink into cloud mining or being quick on the draw with the launch (which a lot of people were). It seems that a lot of people were able to get their hands on some coins so I think the strategy is working so far. There is still plenty of time to participate and get some coins, you can grab the cpu miner and rent some amazon instances and point them at suprnova for instance.
Midnight is a combined proof-of-work and proof-of-stake cryptocurrency that uses the Blue Midnight Wish hashing algorithm throughout, for block hashes as well as additional replacement of Bitcoin's double-SHA256 hashing. Proof-of-work in Midnight is ongoing. The initial mining emission is a high reward using a triangle waveform, with proof-of-stake high rewards interleaved. After approximately 15 days of high reward period, the block reward for both POW and POS goes to 1 MDT per block, and halves every year to a floor of 0.125 MDT for POW and 0.25 MDT for POS. Every 720 blocks is a 100 MDT coin reward, which acts as an incentive to mine on a continuous basis.
Midnight can be mined right from the wallet or daemon by entering "setgenerate true" in the RPC console (Help->Debug Window), or passing -gen=1 on the command line or placing gen=1 in the midnight.conf file.
Midnight includes 1-click Midnight Nodes. The masternodes receive 33% of the stake reward and 10% of the stake reward goes to the Midnight Reserve stabilization & dev support fund. More details about the Midnight Reserve will be released in the near future.
Midnight's high reward phase has been designed to reward both early and late miners, so everyone has a chance to get onboard. The efficiency of the BMW algorithm means you can mine with old hardware, cloud mine, or mine however you like. Eventually we anticipate that someone will develop an FPGA or GPU miner.
Experimental sgminer source: https://github.com/midnightmdt/sgminer Experimental sgminer work in progress Windows: sgminermdt-windows.zip Note: OpenCL kernel file needs to be implemented to hash BMW-256, if you want to work on it you can find it in kernels/midnight.cl.
The only problem I'm having with it now is that it just spews hardware errors. So that is down to either tweaking the midnight.cl kernel file or adjusting settings, but somebody can do that without having to recompile the miner itself.
Hi dev, i can't download windows-qt wallet and Sgminer from mega, please replace to another filehosting
The only problem I'm having with it now is that it just spews hardware errors. So that is down to either tweaking the midnight.cl kernel file or adjusting settings, but somebody can do that without having to recompile the miner itself.
Hi dev, i can't download windows-qt wallet and Sgminer from mega, please replace to another filehosting
I put it on wikisend until I get the website up...:
The only problem I'm having with it now is that it just spews hardware errors. So that is down to either tweaking the midnight.cl kernel file or adjusting settings, but somebody can do that without having to recompile the miner itself.
Made a Windows build with Mingw64 of sgminer. It runs, doesn't like my NVidia card... I haven't tested this on my rig with an ATI card yet, about to do that, but if anyone wants to try it:
I made the changes I think are needed but need to get some dependencies installed to compile it and try it out. If anyone else wants to try compiling it and test it out feel free. You should be able to specify "midnight" as the algo.