Author Topic: Official Weekly Updates  (Read 14021 times)

Offline Morranr

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Official Weekly Updates
« on: October 21, 2012, 03:30:42 pm »
Quote from: Sunny King
Weekly Update #1

  • PPCoin has sailed through our first week with aplomb. There is a small annoyance where users see quite a bit exception messages in debug log about tx messages, and is linked to Bitcoin transactions somehow broadcasted on our network. We are currently investigating a network protocol upgrade for v0.2 to solve this problem. Block chain and user transactions have been working normally throughout the week and not affected by this annoyance.
  • In v0.2 a main chain protocol upgrade is expected as I described in https://bitcointalk.org/index.php?topic=102342.0. The code of this has been done, as well as some other improvements. This protocol switch is important and will help us achieve the goal of decentralization in the future. I am also working on setting up public test network. Over next week v0.2 code would go through testing and be prepared for release.
  • I didn't expect that within the first week both a mining pool (NothinG) and a forum website (FuzzyBear) were set up with the ppcoin network. Kudos to our ardent and productive supporters and I believe our still small community has great prospects.
  • While the proof-of-stake blocks are still not due for another 3 weeks, our users should have already observed our difficulty adjustment is continuous. In principle it isn't that much different from Bitcoin, standard averaging techniques are used to achieve constant adjustment. This design helped a lot during our first 3 days, where difficulty climbed from an initial 256 to over 3000. The constant adjustment of difficulty also helps with protecting the kernel, but this is probably a bit premature to be discussed right now.
  • First week total mintage is 3~4 million coins. We thank our supporters for contributing resources to help the network get started. I am an entrepreneurial type as well as an architect/techie, and I understand taking risks deserves matching reward. The mint curve is quite fair in my opinion, as everyone has free choice to participate in the early stages.

Have fun and next week!


Quote from: Sunny King
Weekly Update #2

  • The second week has passed for the ppcoin network, while we celebrated the release of v0.2.0. This release is an important milestone for the ppcoin project. I believe it is also an important milestone for crypto-currency technology in general, as energy efficiency has finally been solved without sacrificing decentralization. This would allow future crypto-currencies to be not only competitive in terms of decentralization and robustness, but also in terms of cost against established (centralized) payment services. Of course ppcoin is still in its very early days in the market so time would tell if my observation is right.
  • Two protocol changes were included in v0.2.0 release. One is that competing block chains are now scored based on proof-of-stake difficulty. Sharp readers would note this is the counterpart of Satoshi's original scoring based on (proof-of-work) difficulty. The property of this formula is that it makes the threshold of effective double-spending attack very high, to the point of almost controlling the entire main chain. The other change is we have limited coin age weighting in proof-of-stake block generation to a max age of 90 days. This change defends against a patient attacker accumulating coin age indefinitely over the rest of the network. With this change the required threshold of stake to control main chain is raised significantly for a patient attacker.
  • I have been asked whether I have plan to operate an exchange. The answer is no. It is noted that this week we saw quite a few people on the forum looking to exchange ppcoin with bitcoin. Several members of our community have hinted at plans of creating exchanges as well. But for me I am fully aware of my responsibilities to the network so I will not be involved in any exchange. My first goal is to ensure ppcoin network operates as designed to survive its first 3 months on the market. I would not allow any distraction to impact my ability to execute this goal.
  • In the new release there are some minor improvements for getblock and getinfo. You can now see the total network money supply via getinfo. For getblock you can now see the mint amount for the block, as well as an additional option to see details of all transactions in the block.
    sunny> ppcoind getblockhash 0
    0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3
    sunny> ppcoind getblock 0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3 true
    {
        "hash" : "0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3",
        "size" : 230,
        "height" : 0,
        "version" : 1,
        "merkleroot" : "3c2d8f85fab4d17aac558cc648a1a58acff0de6deb890c29985690052c5993c2",
        "time" : "2012-08-16 02:31:27 UTC",
        "nonce" : 2179302059,
        "bits" : "1d00ffff",
        "difficulty" : 1.00000000,
        "mint" : 0.00000000,
        "nextblockhash" : "00000000000be4e024af5071ba515c7510767f42ec9e40c5fba56775ff296658",
        "tx" : [
            "3c2d8f85fab4d17aac558cc648a1a58acff0de6deb890c29985690052c5993c2 base",
            " 0000000000000000000000000000000000000000000000000000000000000000 -1",
            " out 0.00 "
        ]
    }

    Yes the genesis block minted 0 coins, as we said ppcoin had no premine and we meant it had absolutely zero premine.
  • As of block 3212 (2012-09-02 02:56:47 UTC) total network money supply has surpassed 5 million coins.

Happy mining and next week!

Quote from: Sunny King
Weekly Update #3

  • This week we witnessed the opening of two exchanges, first by Mugen's CryptoCoin, followed by Chris' Bitparking. Trading on Bitparking has been very impressive, first day volume was over 200k ppc. Thanks to Chris and Mugen for providing the trading platforms for the community.
  • Several GUI applications have also been created by the community. Users who are not proficient with command line can now choose between the GUI applications. We recommend due diligence to verify the reputation and source code of these applications.
  • The network protocol switch will occur tomorrow (September 10th) and users must upgrade to v0.2.0 before the switch. Switch is automatic so users don't need to do anything special. I will monitor the state of the network tomorrow and provide updates on the network status.
  • A bug has been found with the checkwallet command. It may generate false reports on wallet problems. Fix will be included in the next bug fix release v0.2.1
  • I would like to discuss a bit about block spacings. As ppcoin has two type of blocks, proof-of-work block and proof-of-stake block, each type has its own spacing target. Proof-of-stake blocks have a constant spacing target of 10 minutes. Target spacing of proof-of-work blocks are variable, with a minimum target of 10 minutes, and a higher target spacing when proof-of-stake block spacing approaches 10 minutes. When proof-of-stake blocks become abundant, we estimate that proof-of-work block spacing would eventually settle around 30 minutes. The purpose of this design is to reduce the variance of block spacing and maintain overall spacing target around 7.5~10 minutes.

Happy trading and next week!

Quote from: Sunny King
Weekly Update #4

  • With Chris' debut of Bitparking PPC Exchange the week before, this week we have witnessed a mini episode of gold-rush, where difficulty is ramped from below 4000 to over 22000. At some point, I estimated that the network surpassed 1% of Bitcoin's hashing power. The peak was reached at block 6031, difficulty 22334. Currently we are back at around 16000. I would like to caution traders and investors to be aware of the risk involved especially during periods of high volatility in market. Remember ppcoin is still an experimental chain and lots of different risks are possible.
  • There are a few reports of high memory consumption of ppcoind in certain environment. I will search for a reproducible setup to help investigate this problem.
  • It seems that our continuous target adjustment handles difficulty drop quite well. It's been only 2 days since peak difficulty and we are already at 72% of peak difficulty so the drop rate is reasonably fast.
  • Bug fix release v0.2.1 is under testing and expected to be ready some time next week.

Have fun and next week!

Quote from: Sunny King
Weekly Update #5

  • This week we have seen proof-of-stake blocks start showing up on block chain. Difficulty of proof-of-stake has dropped from the initial 256 to about 80 now. It is expected proof-of-stake difficulty continue to drop over next week and proof-of-stake blocks become more frequent.
  • v0.2.1 has been released. This is a bug fix release and upgrade is not required. checkwallet issues have been fixed in this release.
  • A block explorer is made available this week courtesy of dreamwatcher.
  • Proof-of-work difficulty continued to drop this week and now seems to have stabilized around 10000.

Have fun and next week!

Quote from: Sunny King
Weekly Update #6

  • This week we have seen a lot more proof-of-stake blocks generated on the block chain. More and more users are seeing stake values and getting familiar with the proof-of-stake process. It is expected that proof-of-stake difficulty continue to drop from the current 16 in the following week. Eventually proof-of-stake block should approach 10-minute block spacing target and proof-of-work blocks approach ~30-minute spacing.
  • I have published an auxiliary transaction proposal for a future major release of ppcoin. In my opinion it would enable ppcoin to serve as a general peer-to-peer infrastructure for many advanced future peer-to-peer applications, such as marketplace. Interested developers are welcome to review the proposal and give comments and suggestions.
  • Work has started on v0.3. My current plan is to have v0.3 ready within four weeks approximately.

Thank all for your kind support and have a great week!

Quote from: Sunny King
Weekly Update #7

  • This week the total network money supply surpassed 10 million coins at block 8186.
  • Work is under way for v0.3.0.
  • Proof-of-work difficulty appears to have bottomed at block 8409, with difficulty 8116. A fairly strong reversal pushed difficulty past 12000 today due to (maybe temporary) strength in exchange rate the last two days. Proof-of-stake difficulty dropped to around 6.
  • Andy has added a lot more charts besides the PPC:BTC price chart to his website. Nicely done and now I find myself checking the charts regularly. I like to look at the difficulty chart a lot, it resembles a beautiful mountain range. Looking forward to seeing higher and higher peaks as mining technology progresses.

Have fun and next week!

Quote from: Sunny King
Weekly Update #8

  • SatoshiRoulette introduced PPC games this week, becoming the first (non-exchange) website that accepts ppcoin payments.
  • Andy Rossy has provided a raw transaction rpc patch for those who needs the patch to run a service.
  • This serves as a reminder that ppcoin is experimental software that I do not make any guarantee regarding its security. Users must evaluate risks on their own regarding the security of ppcoin and I can only say I will try to do my best to make it more secure.
  • Some miners like to jump between currencies to maximize their profit, this is normal. Often we see ppcoin proof-of-work difficulty oscillate a bit as miners switch and this is expected. My observation is that mining difficulty tends to follow exchange rate. This phenomenon is universal to other bitcoin forks as well, as we saw some chains had problems recovering from miner withdrawals due to long adjustment intervals. For ppcoin it appears to recover from miner withdrawal reasonably well due to the continuous adjustment design. This type of oscillation has less negative impact on ppcoin network for two reasons. First proof-of-stake block generation is independent of the proof-of-work difficulty. And secondly the proof-of-work mint rate design somewhat dampens the oscillation effect.

Have fun and next week!

Offline Morranr

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Re: Official Weekly Updates
« Reply #1 on: October 21, 2012, 03:32:38 pm »
Quote from: Sunny King
Weekly Update #9

  • ppcoin has passed block #10000 this week at 10:41:39 UTC on October 15, 2012
  • Proof-of-stake difficulty has dropped to 1. Last couple of days the frequency of proof-of-stake blocks has reduced compared to last two weeks. This is because 30 days ago the proof-of-stake blocks just started appearing so most coins eligible have already participated in block generation, causing a lack of eligible coins currently. The average size of stake generating blocks are expected to become smaller in the next couple months and proof-of-stake frequency will become more stable and start pushing up difficulty from it's minimum at 1.
  • Due to my heavy schedule around the end of the year, work on the client is slowed down. There will be a delay for the next release.
  • There was some complaints that bitcoin 0.7 rollout wasn't smooth. I don't know the details so if there is something to take note, welcome to message me about this topic. I would probably wait a while before reviewing bitcoin 0.7 and planning for a merge.

Have fun and next week!

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Re: Official Weekly Updates
« Reply #1 on: October 21, 2012, 03:32:38 pm »

Offline Morranr

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Re: Official Weekly Updates
« Reply #2 on: October 29, 2012, 01:12:02 am »
Quote from: Sunny King
Weekly Update #10

  • Proof-of-work difficulty temporarily peaked over 15000 this week due to some buying strength on the Bitparking exchange.
  • There was some effort to figure out the memory leak encountered with mining pools. So far it appears to be an elusive bug.

Not much else to report on this week. So have fun and see ya all next week!

Offline Morranr

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Re: Official Weekly Updates
« Reply #3 on: November 04, 2012, 11:20:50 pm »
Quote from: Sunny King
Weekly Update #11

  • Proof-of-work difficulty stabilized over 16000 this week.
  • Proof-of-stake blocks account for more than half of the blocks in the past several days. It is expected in the next month or two proof-of-stake blocks would reach the 10 minute spacing target and proof-of-stake difficulty should begin rising above the current minimum of 1.

Have fun and next week!

Offline Morranr

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Re: Official Weekly Updates
« Reply #4 on: November 11, 2012, 01:25:10 pm »
Quote from: Sunny King
Weekly Update #12

  • Proof-of-work difficulty surpassed 20000 this week and briefly approached all time high yesterday.
  • v0.2.2 release is under final testing and build. Improvements to the qt gui code have been done and qt can now properly display stake and coinstake transactions. However official build of gui would not be supported yet in this release. Gui users can either self-build or obtain community-released gui builds. v0.2.2 is expected to be ready some time next week.
  • Regarding network hash rate, since ppcoin is designed with variable spacing target for proof-of-work blocks, you cannot directly compare network hash rate to other block chains based on proof-of-work difficulty. To estimate network hash rate you would need to first get an estimate of current proof-of-work spacing target (in seconds), by counting the number of proof-of-work blocks in the last 24 hours for example. The formula to calculate the total network hash rate is: hash rate = difficulty * 4G / spacing target.

Have fun and next week!

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Re: Official Weekly Updates
« Reply #5 on: November 18, 2012, 09:37:30 pm »
Quote from: Sunny King
Weekly Update #13

  • Proof-of-work difficulty broke new high this week. The new peak is at block #14952 with difficulty 25020.
  • v0.2.2 has been released. This release has made some improvements to the qt gui for stake transactions. Although official gui builds are not yet supported, those users who build qt gui themselves should find the new version much more usable.
  • Bitcoin mint-halving date is approaching soon (in about ten days). This event could cause high volatility in ppc (and other altcoin) exchanges. We strongly caution investors and traders to fully evaluate and limit their risk exposure.

Have fun and next week!

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Re: Official Weekly Updates
« Reply #5 on: November 18, 2012, 09:37:30 pm »

Offline Morranr

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Re: Official Weekly Updates
« Reply #6 on: November 25, 2012, 03:54:31 pm »
Quote from: Sunny King
Weekly Update #14

  • Proof-of-work difficulty continued to drop this week, currently at over 16000.
  • Please be aware that in a few days bitcoin mint rate halves from 50 btc to 25 btc per block. This may cause high volatility in alt coins including ppcoin. So please limit risk exposure in the market accordingly.