A Short History of the World’s Largest Bitcoin Mining Pools

Primecoin

Primecoin is an innovative cryptocurrency, a form of digital currency secured by cryptography and issued through a decentralized mining market. Derived from Satoshi Nakamoto's Bitcoin, Primecoin introduces an unique form of proof-of-work based on searching for prime numbers.
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Primecoin

Discussion about Primecoin and its infra. Primecoin is a very innovative cryptocurrency, being the 1st non Hash-Cash PoW crypto, naturally scarce (not artificially), with very fast confirmations (1min), elastic readjusting reward & a useful mining (byproducts are primes). Primecoin is sustainable (miners are guaranteed to have revenues), and decentralized (ASIC/FPGA are not particularly advantaged). Sidechain for decentralized data applications (e.g. Storj) currently in development.
[link]

Neocoin

A place for news about Neocoin
[link]

EDUCATIONAL INSTITUTE FROM COINEX

EDUCATIONAL INSTITUTE FROM COINEX

to Cryptocurrencies: LTC, the most famou
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
The LTC we are going to talk about today is Litecoin, one famous “altcoin”. Why is it called “altcoin”? That’s because it is a copy of BTC, sharing the same technical implementation principle. Legend even has it that “if the Bitcoin is gold, then Litecoin is silver.”
However, what makes LTC stand out from many other altcoins? Let’s take a closer look.
In early years, the popularity of BTC brought about a large number of “copycats”, which sprang up like mushrooms. Only a few of them have survived. As of now, there are at least 30 altcoins around the world, such as the Litecoin, Primecoin, Biocoin, Ripple, ZCC Coin, and Megacoin. Among them LTC took the lead as the most famous altcoin.
The creator of LTC is Charlie Lee, a talent who graduated from MIT and used to work at Google. Inspired by BTC, he designed LTC in 2011.
Although LTC technically has the same implementation principle as BTC, both its creation and transfer are based on an open source encryption protocol, free from custody of any central authority; however, it is different from BTC in that it enables efficient “mining” and faster transaction confirmation even with consumer-grade hardware (2.5 minutes on average). It is said that the LTC network is expected to produce 84 million monetary units.
An “altcoin” as it is, LTC has its own mission and purpose, which is to improve BTC. Moreover, LTC is considered as “the cryptocurrency that has most successfully improved Bitcoin algorithm.”
Compared with BTC, LTC has three significant features:
  1. The LTC network can process one block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation;
  2. The LTC network is expected to produce 84 million LCT, four times the amount of BTC;
  3. LTC uses the scrypt encryption algorithm first proposed by Colin Percival in its proof-of-work algorithm, which makes it easier to mine LTC on ordinary computers than BTC.
In other words, compared with the cryptocurrency system of BTC, LTC has faster transaction confirmation, higher network transaction capacity and efficiency. Therefore, LTC was able to stand out from many “copycats”.
Some BTC players once said: “If you can’t afford Bitcoin, try Litecoin.” The BTC rush has attracted many, and its counterparts, i.e. these “altcoins” represented by LTC, have gone viral as well. According to data from overseas media, the low price of LTC has made China the largest market for LTC transactions. CoinEx, a world-renowned digital asset trading service platform, supports LTC trading, attracting numerous investors to gain wealth.
Charlie Lee, founder of LTC, once liquidated LTC in December 2017, “a crazy action” as it was known in the field. He suggested on social media that he had sold and donated all his own LTC yet without providing more details on the quantity and price of the sale.
At that time, LTC took on a clear upward momentum as its price once soared to $ 375 before Charlie Lee’s liquidation, an increase of 7000% compared to the beginning of the year. Some investors have wondered if it was because Charlie Lee had lost confidence in the future of LTC that he decided to quit. After his liquidation, both LTC and BTC slumped in 2018, sending the cryptocurrency market to a recession.
After the liquidation of LTC, Charlie Lee suggested in an interview that he “regrets selling all Litecoin” because the selling price at that time was lower than the highest level in history in the short run, but he still believed that was a correct decision in the long run. He also mentioned that he would leave this industry after LTC’s success.
In what direction will LTC go in the future? Stay tuned. If you have any idea, please follow CoinEx and let us know.
About CoinEx
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.
Website: https://www.coinex.com/
Twitter: https://twitter.com/coinexcom
Telegram: https://t.me/CoinExOfficialENG
submitted by dammy1988 to ICOAnalysis [link] [comments]

Virtual VM VPS hosting now accepts Bitcoin!

submitted by keagan2000 to Bitcoin [link] [comments]

is there any coin a completely average CPU can mine? or do pro miners increase the difficulty so quickly it's pointless to try mining at all?

submitted by TrumpXXIII to altcoin [link] [comments]

Bitcoin Software Development Company in canada

As per the scenario of success of Bitcoin, many cryptocurrencies have comes in the picture such as Etherium, Litecoin, Dogecoin, Ripple, Peercoin, Primecoin, Namecoin, Quark and more. These are the just example but as a matter of fact, there are hundreds of cryptocurrencies available and also, on the other hand, new types of cryptocurrencies keep coming regularly. All those types of cryptocurrencies are based on the original Bitcoin source code.
Out of them, each cryptocurrency is run on the basis of cryptographic record known as the blockchain. For the past couple of years, the use of cryptocurrency has been raised and also raising day by day. This increased use has made the demand for many cryptographic wallets and also bitcoin storage apps. It would not surprise if the growth of cryptocurrency multiplies to itself what it is now. The main reason behind of growth in cryptographic wallets and bitcoin trading apps is its decentralization. Decentralized Blockchain Development is trendy at present and will remain in the future also with the rising usage of bitcoins and other cryptocurrencies. The most trending word like cryptocurrency is derived from the term cryptography which means to encrypt transactions.

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Considered as the money which will use in the future, cryptocurrency is a digital asset developed to work as a reliable and flexible medium of exchange. Cryptography secures all types of Cryptocurrency transactions. With Bitcoins global success, numerous cryptocurrencies are entering the market and also have become popular for online investment.

Tokyotechie assists the entrepreneurs and enterprises with integrating of cryptocurrencies into their legacy system. Our Cryptocurrency Development Services will allow you to create your own cryptocurrency that will enable you and you will start to trade them as utility tokens or security tokens.

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TokyoTechie.com may well be a number one Cryptocurrency Development Services in canada ,Up to date with every new technology and innovation in the blockchain world, Our Expertise team is focused on building an outstanding computer-based protocol.

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We are a result-driven emerging IT organization dedicated to providing the best Bitcoin Wallet Application Development services. Our Expertise and Skilled developers have excelled in building Bitcoin wallet applications.

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With an entrepreneurial mindset, if you wanted to be part of this massive technological revolution, then you should build your own Bitcoin exchange platform on priority. We can help you build a customized and excellent, fully branded and white-label service to start your own Bitcoin exchange within a short couple of days.

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We are holding a pool of skillful Blockchain developers who have a huge experience in building cryptocurrency wallets that run flawlessly and smooth flow on Blockchain. We have also likewise some special expertise in Decentralized App Development and Smart Contracts.

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submitted by nainaroy12 to u/nainaroy12 [link] [comments]

New to Cryptocurrency? Please read this, my advice from following the crypto community.

Hey folks --
Incredibly unexpectedly to me, DogeCoin seems to have struck a chord with the world, and now I'm seeing all sorts of new people into cryptocurrency. Welcome! To me, the cryptocurrency scene is utterly fascinating. However, as it is so new and money is involved, it can be quite dangerous. So, I'd like to share some advice that I've attained through being involved in the community for awhile:
This is the main point I want to make, and the rest are just supporting details. There are good people and there are scammers. There are opportunities to grow and learn and contribute cool things, and there are sharks that will take advantage of people and fraud them out of money. There are genuine market dynamics as well alongside massive manipulation, and it's hard to tell which is which without studying it for awhile. There aren't any rules, there can be rampant greed a times, there are always bubbles on bubbles on bubbles (see http://www.pbs.org/wgbh/nova/body/mind-over-money.html -- this basically shows that humans naturally make financial bubbles and how the entire market is ruled by psychology). I have no doubt that cryptocurrency will be studied for years, academically, as "what happens in a free market." Fascinating stuff. Just know what you're getting yourself into!
First of all, buying cryptocurrency is not really investing, it's much closer to gambling. I have never recommended purchase of any crypto with dollars to anyone, but I always recommend mining, because it's quite inexpensive and makes it easier to treat these coins as magic funny money. Pretty much all cryptocurrency "value" is just the amount of bitcoin people are trading it for, and bitcoin is an extremely volatile asset that can and has dropped in value 50%+ overnight, and that isn't any different with DogeCoin.
This is why I want to keep the DogeCoin community lighthearted. It's never fun to lose money, but everyone needs to understand that, unless they are just mining, any money they put into it can be lost. Not trying to scare everyone away! Just be careful.
Even though I wouldn't recommend purchasing over mining, if you insist, I would always recommend going through http://coinbase.com, purchasing bitcoin, and trading it for dogecoin at market value on one of the major exchanges (bter, vircurex, coinedup, imo. Cryptsy, as you have seen, is a bit of a toilet) as opposed to purchasing anything on ebay/paypal, even though it is faster. First of all, people mark up the price on ebay, because they are targetting newbies. Second of all, paypal will not honor any cryptocurrency agreement, so if the buyer files a dispute, the seller won't get the money - another reason for markup. This goes for selling as well, for the same reasons.
The vast majority of people are honest, but not everyone, so be careful and diligent. Don't use the same password twice, set up 2-factor authentication wherever you can. Forums often get hacked and steal passwords, and sometimes site operators aren't safe and have your passwords hidden in plaintext.
Your wallet.dat file holds are your coins. If you lose that, you are toast. If someone copies that file from you, they can steal all your coins. You want to encrypt it and use a very strong password, and back it up - on a thumb drive, etc. Or export the private key and write it down somewhere (google paper wallet for how to accomplish this)
Note that there is a bug right now for some windows platforms when encrypting the wallet. I'll fix it soon..ish... >_<
When you're using an exchange, pool, or online wallet, keep in mind that at any point they can go down or be hacked. It's best to keep the payout threshold low in pools and only keep money in online exchanges you find trustworthy with 2-factor authentication. Considering its newness, DogeCoin does not yet have long running trusted services, so of course not saying dogewallet (or any other wallet service that will come about for dogecoin) is untrustworthy, but that it is a risk to keep too much coin in any type of online wallet.
(Note - dogewallet turned out to be a unsafe/compromised/maybe a scam)
If you're mining Dogecoin with a graphics card, you can also mine with your CPU at the same time (though generally you'll need to use MAX_CPU_THREADS - 1 to avoid issues). There are some coins that are essentially CPU only -- the most interesting of these, I find, are Primecoin and Protoshares. The easiest way to do this is to go through http://www.ypool.net and follow the instructions from that site. Both these coins are well established and have interesting algorithms. Mining two coins at once -- much profit!
This is my last piece of advice to all. This is the tone I hope to always keep for DogeCoin. The cryptocommunity is full of elitism and greed, and it makes sense in from a psychological standpoint. People get very invested and want to thwart away anything that entrenches on their territory. I hope that the DogeCoin community will never get that way. I want us to understand how that happens and resist it. Even though 5 new coins just came out that essentially cut and paste DogeCoin, we don't need to trash their coins and feign being superior to everyone - there will be many more popular coins that come out in the future. And really, I mean, c'mon. I slapped a dog on a coin :) Let's remember that and continue to do what I am seeing right now, which is incredibly welcoming, generous, and fun.
Thanks folks. Enjoy your holidays :)
submitted by BillyM2k to dogecoin [link] [comments]

Merged Mining: Analysis of Effects and Implications

Date: 2017-08-24
Author(s): Alexei Zamyatin, Edgar Weippl

Link to Paper


Abstract
Merged mining refers to the concept of mining more than one cryptocurrency without necessitating additional proof-of-work effort. Merged mining was introduced in 2011 as a boostrapping mechanism for new cryptocurrencies and countermeasures against the fragmentation of mining power across competing systems. Although merged mining has already been adopted by a number of cryptocurrencies, to this date little is known about the effects and implications.
In this thesis, we shed light on this topic area by performing a comprehensive analysis of merged mining in practice. As part of this analysis, we present a block attribution scheme for mining pools to assist in the evaluation of mining centralization. Our findings disclose that mining pools in merge-mined cryptocurrencies have operated at the edge of, and even beyond, the security guarantees offered by the underlying Nakamoto consensus for extended periods. We discuss the implications and security considerations for these cryptocurrencies and the mining ecosystem as a whole, and link our findings to the intended effects of merged mining.

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submitted by dj-gutz to myrXiv [link] [comments]

Let's discuss consensus algorithms, as that's the most important basis for a cryptocurrency

Let's all work on this one as if it's a Wiki. Correct me in the comments and I'll update the post and reference you as a thank you.
An interesting investment strategy (which I dislike) might be choosing one of the best cryptocurrency for each consensus algorithm, and investing in a ratio comparable to it's market capitalization.
The most important properties of a consensus algorithm would be:
There's also the percentage of attackers that it could resist, but I'll skip that part. Ripple is the worse by far when it comes to that, PoW, PoS and dPoS are the best)
First off, I think that we should only care about consensus algorithms that are suited for a public cryptocurrency. I see no reason as to why we should care about permissioned cryptocurrencies (where you need approval to mine/stake). But since I might be wrong - and please illuminate me if I am - I'll write about those as well here.
So...
Consensus algorithms for permissionless cryptocurrencies
  • PoW (proof of work): Bitcoin, Ethereum, ...
    [D] high [R] average [C] no
    huge disadvantage in that it consumes too much electricity therefore I don't see more than 1-2 cryptocurrencies surviving with this
    special flavors:
    • useful PoW (where the work actually does something useful for the world): Curecoin, Primecoin, Gridcoin
 
  • PoS (proof of stake): Waves, NXT, ...
    [D] high [R] low [C] no
    special flavors:
    • PoI (proof of importance, how active you are matters as well, not just the size of the stake, not worth discussing much as it can easily be gamed): NEM
    • Casper with sharding (both sharding and casper are under active development): none yet, [C] yes
 
  • DAG (directed acyclic graph): Byteball (directed through - currently centralized - witnesses, but this will easily be changed when the distribution is over), IOTA (directed through a - currently centralized - coordinator, should be directed only through PoW in the future, if it is indeed possible)
    [D] high [R] too early to tell [C] yes
    big advantage in that you make the transaction directly, there's no intermediary in the memory pool
 
  • dPoS (delegated proof of stake): Lisk, Bitshares, ...
    [D] average [R] low [C] no
    in my humble opinion this is the best, even though God (aka Vitalik Buterin) disagrees. I don't have in my portfolio any cryptocurrency that uses it though
Consensus algorithms for permissioned cryptocurrencies
  • PBFT (practical byzantine fault tolerance): Hyperledger Fabric
    [D] low [R] low [C] no
    all the nodes have to know all the nodes for this to work, the block confirmation process is done in three steps that require a lot of communication
    special flavors:
    • dBFT (delegated blabla): Neo (not completed, might allow concurrency in the end)
    • SCP (Stellar Consensus Protocol): Stellar, BOScoin
 
 
  • Ripple: Ripple
    [D] low [R] average [C] no
    for Ripple itself, the cryptocurrency, [D] is extremely low, but forking their code might solve that (basically creating another cryptocurrency with the Ripple consensus mechanism)
I need help categorizing these
  • ???: Maidsafe
    [D] ??? [R] ??? [C] yes
Note that there are also leeches, colored coins or metacoins, that use the consensus algorithms of other cryptocurrencies in order to function. For example Factom.
submitted by Nabukadnezar to CryptoCurrency [link] [comments]

Cryptocurrency Market - The Biggest Trends to watch out for 2018-2025

New market research study provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Global Cryptocurrency Industry.
Cryptocurrency is a digital currency which operates on cryptographic techniques to complete safe transaction. Being decentralized with no governing body/central body involved in verifying transaction, secured protection and producing new currencies are projected to be the major reason for the market growth over the forecast period. Moreover, cryptocurrency’s community which include miners/stakers, developers, service providers, users etc. drive the governance of cryptocurrencies. The positive feedback loop has made the community more homogenous.
Globally, cryptocurreny has been selected as digital payment method for the future financial world. These convenient currencies are completely digital requiring online transaction unlike physical cash. Hustle free transaction and deduction in entire ownership cost are few key features propelling the industry.
Major drivers include authentication, ease of transaction, complete security, faster international transaction are expected to spur the market growth with steady performance. Moreover, the industry has not been confined with government rules, exchange rates, interest rates or international transaction fee, hence, making the currency more convenient for application.
The currencies can also be transferred digitally via devices such as smartphones, since they are completely unrestricted from any centralized bank/authorities. Vendors and consumers prefer virtual money for making payments, henceforth, creating new opportunities for the market growth.
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Tax-free & compliance-free transactions, lesser chances of identity theft & fraud and negligible fee charged for cryptocurreny transaction are few other key elements augmenting the industry growth over the forecast period. Moreover, lack of awareness among the people and stringent rules and regulations for application of robots in various countries is expected to restrain the market growth. The emerging industry is projected to grow over the forecast period with more public awareness and continuous increase of new market players with innovative product/services.
The market has been segmented into type of currency, mining types, and application. The type of currency segment includes Bitcoin, Litecoin, Ethereum, Ripple, and others. Mining type is segregated into solo and pool mining. The application segment includes banking, real estate, stock market and virtual currency. Other application for the market includes retail sector, gaming industry, education, logistics & transportation, BFSI, tourism sector, media and entertainment industry. BFSI is expected to acquire the major share followed by retail sector operating on cryptocurrencies. The cryptocurrency mining hardware includes Central Processing Unit (CPU) mining, Graphics Processing Unit (GPU) mining, Field-Program Gate Array (FPGA) mining, and Application-Specific Integrated Circuit (ASIC) mining. ASIC mining can calculate 10,000 times faster than conventional CPU mining.
Increasing acceptance and potential growth for this industry have attracted various small vendors globally for competing in the market. Apart from Bitcoin, Litcoin has also gained prominence in the market over last few years, there are plenty of vendors in the market namely as Litecoin, Namecoin, Novacoin, Peercoin, Ripple, Steller, Primecoin, Megacoin, and many others.
Geographically, the market is expended across North America (U.S., Mexico, and Canada), Europe (UK, France, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and MEA (Middle East, Latin America, and Africa). North America region dominates the market owing to the regulations offered by the government. Brazil and Canada are other major regions using cryptocurreny due to rules and regulations
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Key market players include Intel Corporation, Microsoft Corporation, Xilinx, Inc., NVIDIA Corporation, 21 Inc. AlphaPoint Corporation , Amazon.com, Inc., Advanced Micro Devices, Inc, BTL Group Ltd.(Blockchain Tech), BitGo, BitFury Group , Coinbase UK, Ltd. Coinsecure, Unocoin, Coinbase, Bitstamp Ltd., Zebpay,, Poloniex Inc., Bitfury Group Limited, Global Area Holding Inc., Digital Limited, IBM Corp, are the other niche players.
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submitted by mansee36 to u/mansee36 [link] [comments]

Primecoin Profitability Calculations and mini Guide

So you want to mine Primecoins.
See this analysis bellow for today : (30/11/2013)
The current price of 1 Primecoin (XPM) = 0.00640010 Bitcoins (BTC)
The current payout barrier for the only good pool (http://beeeeer.org) is 3.01 XPM
3.01 XPM equals to 0.0192003 BTC
0.0192003 BTC = 21.86 USD
Your aim is to mine 3.01 XPM as fast as possible at current difficulty 9.985399019
To mine 3.01 Primecoins per 24 hours you need about 21 Chains Per Day.
At this rate you can make 655 USD per month
On my MacMini (2010) I can make 1 chain per day,
On a big HP server with dual XEON I can make 2.5 chains a day
On the 20 Core Droplet in Digital Ocean you can make 2.6 chains a day
You would need about 8 of those machines to achieve this. (This means that you would need 2 accounts as there is a 5 droplet limit per account).
When you signup you pay $5 through paypal and get a bonus of $10 if you use the code "LINUX13" during checkout.
The cost to operate those machines for 24 hours is :
0.941 x 24 x 8 = $180
$-180 cost - $10 bonus + $5 deposit + $21.86 = -$163 profit
This means that you do not make profit currently, but you could always signup, pay the paypal fee and have the machines on until they suspend you since you do not setup any credit card or auto payment but this will be a one off and get you started with some coins that you can trade in cryptsy.
You can always sell the BTC at like double price in small increments in ebay and make up for the losses but it does not worth the hassle
At the current trends it looks like primecoin will rise , at least triple, and in combination with the bitcoin price rise it might worth mining or at least setup the infrastructure to mine.
Personally I have destroyed all my droplets and keep them on standby and wait for the price to rise. I have an image ready that can restore to any droplet i create to start mining whenever I want. Trying to be pro-active. I am using some work PCs and old server that you can buy for like 200 on ebay to make those 3XPMs a day currently.
Lastly here are the commands to start mining on a ubuntu 13 x64bit when you get your hands on. Login as root, do a sudo -s and then
mkdir ~/.primecoin
echo "rpcuser=none
rpcpassword=none
gen=1" > ~/.primecoin/primecoin.conf
sudo apt-get update
sudo apt-get install bzip2 -y
sudo apt-get install git -y
sudo apt-get install git-core -y
sudo apt-get install subversion -y
sudo apt-get install checkinstall -y
sudo apt-get install build-essential -y
sudo apt-get install libssl-dev -y
sudo apt-get install libboost-all-dev -y
sudo apt-get install libdb5.1-dev -y
sudo apt-get install libdb5.1++-dev -y
sudo apt-get install libgtk2.0-dev -y
sudo apt-get install libgmp3-dev -y
wget http://sourceforge.net/projects/primecoin-hp/files/0.1.2-hp11/primecoin-0.1.2-hp11.tar.bz2/download
tar jxvf download
cd primecoin-0.1.2-hp11
cd src
make -f makefile.unix USE_UPNP=-
./primecoind -pooluser=AUd61zfP6oM6LicMkwtxsn1TU8R4ZdLJ9Z -poolpassword=0 -poolip=54.200.248.75 -poolport=1337 -genproclimit=20 &
watch -d -n 5 './primecoind getmininginfo && ./primecoind getdifficulty && ./primecoind listtransactions "*" 1 0'
(make sure you replace the mining address above with your mining address)
That is all for today , I hope some people find it useful :)
submitted by upggr to primecoin [link] [comments]

Let's discuss consensus algorithms, as that's the most important basis for a cryptocurrency

Let's all work on this one as if it's a Wiki. Correct me in the comments and I'll update the post and reference you as a thank you.
An interesting investment strategy (which I dislike) might be choosing one of the best cryptocurrency for each consensus algorithm, and investing in a ratio comparable to it's market capitalization.
The most important properties of a consensus algorithm would be:
There's also the percentage of attackers that it could resist, but I'll skip that part. Ripple is the worse by far when it comes to that, PoW, PoS and dPoS are the best)
First off, I think that we should only care about consensus algorithms that are suited for a public cryptocurrency. I see no reason as to why we should care about permissioned cryptocurrencies (where you need approval to mine/stake). But since I might be wrong - and please illuminate me if I am - I'll write about those as well here.
So...
Consensus algorithms for permissionless cryptocurrencies
  • PoW (proof of work): Bitcoin, Ethereum, ...
    [D] high [R] average [C] no
    huge disadvantage in that it consumes too much electricity therefore I don't see more than 1-2 cryptocurrencies surviving with this
    special flavors:
    • useful PoW (where the work actually does something useful for the world): Curecoin, Primecoin, Gridcoin
 
  • PoS (proof of stake): Waves, NXT, ...
    [D] high [R] low [C] no
    special flavors:
    • PoI (proof of importance, how active you are matters as well, not just the size of the stake, not worth discussing much as it can easily be gamed): NEM
    • Casper with sharding (both sharding and casper are under active development): none yet, [C] yes
 
  • DAG (directed acyclic graph): Byteball (directed through - currently centralized - witnesses, but this will easily be changed when the distribution is over), IOTA (directed through a - currently centralized - coordinator, should be directed only through PoW in the future, if it is indeed possible)
    [D] high [R] too early to tell [C] yes
    big advantage in that you make the transaction directly, there's no intermediary in the memory pool
 
  • dPoS (delegated proof of stake): Lisk, Bitshares, ...
    [D] average [R] low [C] no
    in my humble opinion this is the best, even though God (aka Vitalik Buterin) disagrees. I don't have in my portfolio any cryptocurrency that uses it though
Consensus algorithms for permissioned cryptocurrencies
  • PBFT (practical byzantine fault tolerance): Hyperledger Fabric
    [D] low [R] low [C] no
    all the nodes have to know all the nodes for this to work, the block confirmation process is done in three steps that require a lot of communication
    special flavors:
    • dBFT (delegated blabla): Neo (not completed, might allow concurrency in the end)
    • SCP (Stellar Consensus Protocol): Stellar, BOScoin
 
 
  • Ripple: Ripple
    [D] low [R] average [C] no
    for Ripple itself, the cryptocurrency, [D] is extremely low, but forking their code might solve that (basically creating another cryptocurrency with the Ripple consensus mechanism)
I need help categorizing these
  • ???: Maidsafe
    [D] ??? [R] ??? [C] yes
Note that there are also leeches, colored coins or metacoins, that use the consensus algorithms of other cryptocurrencies in order to function. For example Factom.
submitted by Nabukadnezar to ethtrader [link] [comments]

Another Primcoin Mining in the Cloud Thread

Hi, long time listener, first time caller -
There are a few Primecoin threads on here and most of them seem to be a few months old. I can add some value from recent experience as the game has changed significantly since the begining of December; Primecoin has dropped to less than US$3/xpm and the difficulty has gone above 10. I expected the value to have increased, but then most of the world went on holiday about that time, too.
There are a few threads recommending Digital Ocean - DigitalOcean is not happy giving more than 5 VPS services to any one client, especially if they figure out you're mining. I know this sounds lame, but think of the business model that VPS is about and understand they won't survive this way - imagine all the gym subscribers actually going to gym everyday for two hours - what would membership cost then? Anyhow, it makes more sense to spread out your load, get VPSs from different providers in different datacentres, that way, you won't screw yourself if you happen to get all your 10 mining serviers on the same 5 physical cores.
I wrote three guides while researching Primecoin, they are all here:
http://arcainsula.co.nz/tag/primecoin/
Each uses a differenet client and I used three providers in the testing - DigitalOcean, VPSNine and Server4You. On average, the best datacentres were the ones in big busy cities - Dusseldorf, New York, Switzerland because that's where the VPS provider spends the most money because thats where the big money clients are. Potential and laods varied during each day as those business centres woke up, worked and went to sleep and the biggest gain I made was realising that leaving a miner running for as long as posible made it more profitable over time - I'm still not sure how this is, but I have spreadsheets to show this.
I can say hand on heart that PPS (PrimesPerSecond) is a very bad way to measure performance of mining because there are so many variables to mining that it would be like saying a particular model of Ferrari is faster because it's engine can rev to 20k rpm. Furthermore, each pool has different ways of allocating shares.
Finally, if you're going to build a fleet, try to get some knowledge about how virtualisation works, it will help you detemine loads and potential.
Today I have a fleet of 25VPSs and one physical 8core server and gain about 2.5XPMs per day purely on CPU mining - GPU mining is not yet a consideration for me. The eight core server averages 90% of the VPS, and I think this is because the VPS services are newer processors and spread out so that my core neighbours are possibly websites, not other miners.
My fleet is only just profitable now that XPM is under US$3 but I believe that will change when everybody goes back to work after the December break as quickly as it changed when everybody went on holiday. Also, the value for me was not so much having XPM to one day convert to cash (maybe), but having a free thing that I can trade for Bitcoins and eventually cash or rent mining rigs etc. , also, having gained some large scale mining experience and the ability to work with large fleets of servers.
I make about an extra 10% per week trading my XPMs on markets in my spare time (buy low, sell high).
My guides are free, they do have affiliate links to try to cover my costs and time to write them. Please be positively critical, I have only recently decided to start a technical blog with my years and years of technical notes and would appreciate constructive feedback.
Many thanks, I hope XPM mining works positively for you.
Best regards
Gund
submitted by gundnz to primecoin [link] [comments]

You got some powerful CPUs; Why not mine some Primecoins?

Primecoin is secure online money similar to bitcoin, but can only be mined (generated) with CPUs as of now. Primecoin is generating long and longer prime chains as more computing power joins the network. Right now, 1 XPM is worth around $1.
Remember Bitcoin?
If not, look it up or get a super-short summary here:
Bitcoin is a decentralized encrypted currency with no bank in control. Think of it as a p2p network for money. Bitcoins are not given away for free, your PC has to solve complicated tasks to be rewarded with some BTC.
Calculation difficulty rises with more people calculating, so it gets harder when more people join in.
As people started using Graphic Cards and even so called ASIC devices for bitcoin mining, your chances of getting a block are very very very small.
Primecoin takes a different approach, it calculates prime chains (which are a lot more useful to science than cracking random hashes)
Primecoins can, as of now, only be mined with CPUs so you might want to chime in.
Primecoin High Performance Client can be aquired here (Bitcointalk.com)
You can mine Primecoin alone or in a mining pool (http://ypool.net/ - I haven't tested this pool myself)
FAQ
Primecoin is an interesting new concept similar to bitcoin, but instead of wasteing all this computing power on SHA256 hashing, Primecoin is generating long and longer prime chains as more computing power joins the network.
Read about it on /primecoin
Primecoins (XPM) are generated when you find a prime chain (Cunningham or bitwin chain) of given length. Right now, it has to be 9 primes long. The computer who found the chain gets primecoins credited into his wallet file. (Around 11 XPM)
Primecoins are similar to Bitcoin. For general information, check out Bitcoin. Primecoins are simply generated in a more meaningful way. (Generating prime chains instead of "bruteforcing" senseless SHA256 hashes)
There isn't, but as the difficulty of mining them increases, the payout of coins decreases. Right now, difficulty is at 9. That means chains of 9 primes have to be found. Soon 10 primes are needed.
The payout can be calculated with
999 / difficulty2 = payout
The more people join in on calculating, the higher the difficulty. It adjusts in such a way that every minute one chain is found.
I have some Primecoins to give away to interested folks and I am ready to answer questions!
submitted by asdfasdf4r to gaming [link] [comments]

The need for a universal medium of exchange.

The birth and acceptance of a universal medium of exchange ("UMX") is inevitable. The UMX may follow the Bitcoin protocol or its variants (Litecoin's scrypt), be based upon innovations that include some novel concepts (Peercoin's proof-of-stake) or variants (Quark's multiple hashing functions, Primecoin's 'useful' proof-of-work) or arise from a more general layer of development that uses the Bitcoin protocol to generalize the concept (Etherium).
The current amalgam of fiat currencies and bartering systems controlled by centralized authorities (through taxation and regulation) stifles worldwide growth and impedes progress toward achieving a humanitarian distribution of the planet's resources. Indeed, the hope that a centralized, benevolent authority would eventually emerge as more developed countries increase their wealth to the level that enables them to act selflessly for the common good and cooperate in a mission to improve the world's quality of life, is flawed. History has demonstrated that despite good intention, when a political entity is in a crisis it will act in its own self-interest, as do individuals. Although there are certainly examples of self-destructive and selfless individuals, in the collective humankind has survived because of a deep-seated survival instinct.
Good intention is not sufficient to garner the universal cooperation needed to march toward utopian goals. Beehives and ant colonies are examples of successful, large-scale cooperative behavior in nature that benefits a species. Such cooperation is limited, however, to species whose individuals lack self-awareness. One might argue that a beehive or ant colony is self-aware as an aggregate entity but their physical limitations prevent their spheres of influence from significantly disrupting the survival of other species. So unlike the science fiction staple of a computer operating system run amuck when it reaches self-awareness (and always with negative consequences, although without these there probably wouldn't be material for a story), to-date only humankind has the self-awareness that allows it to recognize and acknowledge the inherent conflict of interest in societal versus individual needs.
After a period of economic success, even if it came at the expense of neighboring societies, centralized authorities steer society on a utopian path by imposing rigid rules or mandates. And to some degree, they have succeeded, as the quality of life has improved in the past few millennia (even though significant resources have been utilized to pursue those that violate the rules). Such well-guided efforts eventually fail, often dramatically, as attempts are made to incorporate divergent cultures. Using religion as a masthead to warrant horrific actions obfuscates the fundamental flaw, namely that human nature, the survival instinct, is at odds with the utopian goal (Karl, can you hear me?).
Another tenet of human nature is neighbor envy, or the perception that someone has undeserved benefits acquired by chance or mendacity. Ultimately this is the root of many conflicts, on small and large scales.
Rather than force cooperation among individuals for the greater good, it would be far more effective - in terms of maximizing survival and quality of life - if universal cooperation was itself driven by self-interest.
The Bitcoin protocol is an exquisite example of the implementation of a decentralized system that is fueled by the benefits of cooperation.
Some argue that since bitcoin wealth may be concentrated in the hands of a few founders or early miners, the notion of a decentralized system is illusory. Note, however, that in order to realize this wealth now the bitcoins would need to be converted into fiat currencies. But doing so on a large scale would, because of market forces, destroy the very wealth trying to be realized. On the other hand, as bitcoin becomes universally accepted, this wealth could be exchanged directly for goods or services, which would benefit economies.
There may certainly be flaws in the initial design, although they very likely surmountable. For example, the existence of large, centralized ASIC mining pools was probably not anticipated. Indeed, an early assumption was that success of the protocol depended on honest miners that would not destroy - via a 51% attack - the very foundation upon which their wealth was being built. Self-interest is the driving force here, as demonstrated by recent events when a major mining pool reached 45% of the bitcoin mining capacity. It self-regulated itself to under 40% very quickly. This happened because it was not being controlled by any one individual: no despotic arch-villain could destroy the protocol.
An UMX is a natural and inevitable development, as it is consistent with basic human nature. It will serve society as a whole. Imagine the implication for the production of basic electronic goods that are used by a significant fraction of the world. Their production and development is currently shared across many borders, each with its own exchange medium or currency, currencies that can be deflated or inflated at the will of the centralized authority controlling them for short term economic or political gain. These actions are often in conflict with one of the other entities in the line of production and can lead to political crises, even wars. Over time, an UMX would eliminate these sources of conflict, the importance of which cannot be overstated.
The UMX protocol is here to stay.
submitted by bhEventHorizon to Bitcoin [link] [comments]

The Bitcoin Support System

In the spirit of creating original content for this sub, I thought I'd do a post about some overlooked aspects of the bitcoin ecosystem that supports the bitcoin price.
Faucets
The original faucet was of course created by Gavin Andreson in 2010 to give people a little share of bitcoin and spread the idea around. His faucet was a simple dispensing page. However people took his idea and created a mini-industry funded by advertising.
The reason I've mentioned faucets as part of the bitcoin support system is that they convert fiat into bitcoin. That is, they earn fiat from advertising (usually Google Adsense) and spend a portion of this money on actually buying bitcoin and dispensing it from their faucet.
The following article follows someone who set up a faucet from scratch and how he made some profits out of it:
https://99bitcoins.com/complete-beginners-guide-make-money-bitcoin-faucet/
His faucet was dispensing some $225 a month in bitcoins.
Faucetbox lists a stagerring 743 bitcoin fauctes:
https://faucetbox.com/en/list
Even if each dispensed a conservative average of $100 worth of coins a month, that amounts to $74300 a month converted from fiat to bitcoin or $891000 per annum. Some faucets dispense much more of course - the big faucets like moonbitco.in dispense several thousand dollars worth of coins each month.
Note that if a competitor to bitcoin was to emerge, we'd see them first in the faucet space because a) popular coins tend to have users eagerly trying to collect the coins creating demand and b) faucets catering to those users are converting fiat into those particular alts, supporting their price. Faucetbox has 148 litecoin faucets, 248 dogecoin faucets, 41 peercoin faucets, 18 primecoin faucets, and 63 Dark faucets. The much ballyhooed ethereum is absent...
Scrypt Pools
Scrypt pools mine scrypt based proof-of-work alts and then sell those alts to buy bitcoin to pay their miners. In the process they convert potential competitors to bitcoin into a giant support system for bitcoin.
However, if scyypt pools opt to pay out in other coins, then they become a support system for that alternative coin. Prohashing gave an interview to Forbes where they report:
Changes in behaviors by Prohashing’s miners also indicate that they recognize problems with the Bitcoin network. Every time there’s a problem with congestion, he says more of its miners choose to be paid in a competing currency
Here's the Prohashing payout chart:
https://prohashing.com/help.html?topic=charts-payoutsowed
About 70% of their miners are still opting to be paid in BTC. The others are opting for Litecoin, Ehereum, Dash, Digitalcoin and others.
A similar pattern can be seen from the scrypt pool "Xpool". Of their top 20 hashers, 14 are opting to be paid in alts (Dash, Bitcoindark, NXY and Litecoin). See
http://www.bitcoindark.ca/leaderboard
The scrypt pools arn't as big a support system as the faucets - but between them and the faucets they produce a steady regular monthly support for bitcoin and act as demand for the new coins being generated by the miners.
If this support disappeared or switched to another cryotocurrency, BTC would have to rely purely on speculators to supply demand for the coin.
submitted by aenor to btc [link] [comments]

How to solo mine Primecoin XPM How to pool mine Primecoin XPM Bitcoin & Cryptocurrency Mining Pools Explained  Best ... stratum mining primecoin mining pool test of my primecoin pool

Primecoin Mining Pool Software. Does anyone know of an open source Primecoin Mining pool like p2pool is for a ton of other coins? I have looked around and can't really find anything. If not, does anyone on here know anything about building a mining pool? If so, I'd be willing to throw some cash at getting it done. 8 comments . share. save hide report. 100% Upvoted. This thread is archived. New ... Mining pools grow and shrink, and rise and fall altogether. Today there are more extinct mining pools than there are active ones. The hashpower of the DASH Mining Pools: 7. Ethereum Classic: 95950892411491.00 3.104 ETC $5.70 USD 12 sec ETC Mining Pools: 8. Bytecoin: 59202147837.0 1,506.89 BCN $0.00 USD 2 min BCN Mining Pools: 9. Zcash: N/A 6.25 ZEC $62.98 USD 2 min 30 sec ZEC Mining Pools: 10. Bitcoin Gold What is Primecoin? Primecoin is an innovative cryptocurrency, a form of digital currency secured by cryptography and issued through a decentralized mining market. Derived from Satoshi Nakamoto's Bitcoin, Primecoin introduces an unique form of Proof-of-Work based on prime numbers. Learn More. Advantages of Primecoin. The innovative prime Proof-of-Work in Primecoin not only provides security and ... Primecoin (XPM) is a fairly new alternative cryptocurrency that introduces a new type of proof-of-work in peer-to-peer cryptocurrency designs based on searching for prime numbers. Up until now most alternative crypto currencies rely either on SHA-256 like Bitcoin or Scrypt like Litecon for their proof-of-work design and Primecoin brings something new and interesting on the table making it a ...

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How to solo mine Primecoin XPM

Today we look at the top 4 bitcoin mining pools and determine which one is the best. Fiat to Cryptocurrency EXCHANGES 1) Coinbase - Buy Cryptocurrency With Fiat → BTC-BCH-ETH-LTC » Registration ... Bitcoin & Cryptocurrency Mining Pools Explained Best Mining Pools PPS vs PPLNS - Duration: 18:17. VoskCoin 6,118 views. 18:17. Mix Play all Mix - Crypto Rick YouTube; LIVE ... first test of stratum mining on primecoin Network. I show you how to quickly set up solo mining with Primecoin XPM. For more indepth instructions visit - http://www.letslearnthis.com/cryptocurrency/how-to-sol... BTC.com is a popular block explorer bitcoin mining pool. This tutorial will demonstrate how to mine bitcoin on btc.com mining pool. #bitcoin #miningpool #cry...

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