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Offline Delinquency

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Memorycoin Update v3.0 - The Market Correction is Coming!
« on: October 03, 2014, 03:39:53 PM »

Hello Memorycoin Community, passive followers, and greetings to the cryptocurrency community. On behalf of the Memorycoin Dev. Team, we are pleased to announce several changes to the Memorycoin code to be rolled in an update called v3.0, fixing some crucial flaws and optimizing the code. Many of these changes have been in development for a while and even with a limited pay, we were able to push these through without an issue.

First of all I’d like to compliment FreeTrade for his astute coding when he created Memorycoin and possibly Lottoshares as well. There were several things problematic with the Memorycoin code by FreeTrade, outlined very shortly below to reduce trolling:
•   Grant Awards only reward 5.66% of supply.
•   10 million coin cap supersedes the 2.15 minimum block value.
•   Grant awards were not calculated against this 10 million cap and there was unexpected hyperinflation.
•   10 million coin cap will be hit within weeks of after the first year.
•   2% inflation cannot work if there is 10 million coin cap.

There are several things we’re going to change in the v3.0 update:
•   Source code will be OPEN to the public, still only to developed by the Memorycoin Dev. Team.
o   Note: Precompiled executables will be provided, as well as virus checks.
o   Exchange Operators that are not willing to accept our precompiled executables on their servers will be provided the source code in order to scrutinize and compile for themselves.
•   Officer Discussion Board for the development of the coin is now closed to the public and only disclosed to shareholders and other team members.
•   Grant awards will now reward 6.00% of supply.
•   The 10 million market cap will now be hit after the first year, through reducing the block reductions until the 52nd week.
•   2.00% of the supply will be computed and supplied at a constant rate for the next years.
o   200,000 MMC will be minted between the 53rd and 102nd week since the coin launch.
•   In order to optimize the block-chain, we’re increasing block time to eight minutes. The supply will be increased by 33% to satisfy the same supply period, but also relying on a decreased reduction to reach 10 million coins by the 52nd week.
•   We are increasing the interval of grant block reward times to every 8 hours, as opposed to every 2 hours to reduce block-chain bloat – also making elections more competitive to candidates who appeal to different regions in the world (3 elections per day).
•   Temporal Block Retargeting (Faster difficulty changes in order to reduce multi-pool or potentially aggressive mining.)
•   The new Memorycoin executables will be uploaded and distributed within the next week.


There are more changes to be made, and will be rolled in the next v3.1 update including some of the following:
•   Grant Database optimization.
•   Votes of Decay, encourage competition between running candidates.
•   Proxy Voting, and Resignation Options.
•   More shareholder features: Yields over time to combat inflation.


The market correction is coming! Hoard all of  the MMC and mine while supply is still high!

Linkback: https://mmc-square.com/ceo/11/memorycoin-update-v3-0-market-correction-coming/318/
« Last Edit: October 28, 2014, 03:23:59 PM by Delinquency »

Offline bitmeat

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #1 on: October 03, 2014, 04:59:29 PM »
I stopped reading after "Source code will be closed to the public"... That's a great way to kill (an already dead) coin.

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #2 on: October 03, 2014, 05:06:18 PM »
I stopped reading after "Source code will be closed to the public"... That's a great way to kill (an already dead) coin.

Not like anyone else was committing to it anyway, and we still have a dev team to commit changes to the code.

Offline pc

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #3 on: October 03, 2014, 06:56:50 PM »
Open source is not a about committing. It's about being able to read and verify.
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Offline bitmeat

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #4 on: October 03, 2014, 08:04:41 PM »

Open source is not a about committing. It's about being able to read and verify.

Precisely. No one likes Trojans stealing their coins.

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #5 on: October 03, 2014, 09:28:29 PM »
In this cryptocoin market it's about cloning other people's code and profiting off of it, in my opinion. Some other alt coins have closed-source because of this issue.
We just decided that since other coins were already using the memorycoin election code, any further progress that we make to the code *would* be copied and no credit given to us - (NoirX as an example, although it is a small feat of the coin, not sure if there are any others.)

Edit: didn't clarify my stance on it enough.
« Last Edit: October 04, 2014, 04:29:04 AM by Delinquency »

Offline bitmeat

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #6 on: October 04, 2014, 01:47:46 AM »
You really think your code is that valuable that it needs to be closed? Lol people compete on innovation. Are you saying NoirBits just copied MMC and had no innovation whatsoever?

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #7 on: October 04, 2014, 04:11:19 AM »
You really think your code is that valuable that it needs to be closed? Lol people compete on innovation. Are you saying NoirBits just copied MMC and had no innovation whatsoever?

No, I just meant that there was no credit given for using our code in their project.

Offline networker

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #8 on: October 07, 2014, 10:45:34 AM »
MMC居然还没死

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #9 on: October 07, 2014, 12:28:56 PM »
You really think your code is that valuable that it needs to be closed? Lol people compete on innovation. Are you saying NoirBits just copied MMC and had no innovation whatsoever?

No, I just meant that there was no credit given for using our code in their project.

The most valueable BTSX code is opensource   :P

You can secure your credit by a premine or whatever you call it.But close source is a buzz kill.

It'll get you nothing.Without opensource,most exchanges won't even want to enlist.Because they can't be sure what the hell you're doing behind the program.

It's a trade-off that we're willing to accept... There's a huge debate about open-source and close-source but it's actually about the integrity of the current team and the reasons behind the action:

  • Not to secure a pre-mine; but to secure the code from competition that would love it in their "new alt-coin."
  • There isn't much innovation behind our current update but the future updates will have essential code that we would like to protect.
  • We offered current exchanges the source code, as well as for future releases, so there's no issue with exchanges that don't know what we're doing behind the code.

Offline reorder

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #10 on: October 07, 2014, 03:39:20 PM »
Is the fork date/bockno decided upon?

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #11 on: October 07, 2014, 04:32:32 PM »
Is the fork date/bockno decided upon?

73920, set off at about two weeks from now.

Offline emre

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #12 on: October 11, 2014, 01:24:06 PM »
lol, closed source.

Offline itsik78

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #13 on: October 11, 2014, 02:22:34 PM »
lol, closed source.
I'm not loling.. Since I still haven't sold any of my MMC... :)
I really hope they'll wake up.

Offline itsik78

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #14 on: October 11, 2014, 02:23:51 PM »
lol, closed source.
I'm not loling.. Since I still haven't sold any of my MMC... :)
I really hope they'll wake up.
By the way, I'm pretty sure that closing the source that is derived from an open source (Bitcoin -> Protoshares -> MemoryCoin) is illegal and fails to comply with the code license...

 

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