[ANN] Memorycoin v3 in the Works

[stalemate]

As CMO, I'd like to share my opinions in public. These are my personal views and submitted to Delinquency, a while ago.

1) Total coin supply amount should not be changed and we should avoid PoS.
2) Instead of PoS, we can implement PoE - Proof-of-Elections: This is one tricky thing to implement because PoW pools should be upgraded, accordingly. It aims to give incentives to Memorycoin holders in their wallet who participated in voting. If the voter's candidate is elected for a consecutive of 5,000 (or 7,200) blocks, each voter is rewarded by 6% of mining rewards for 5,000/7,200 blocks.

Example:

Let's assume there are 25,000 MMC for 5,000 blocks for easy calculation.

Reserved amount for PoE: 25,000 * 6% = 1,500 MMC (for 6 positions including CHA) Therefore, for each 6 positions, there are 1,500 / 6 = 250 MMC reserved for 5,000 blocks.

Scenario #1: If one of the voter's candidate is elected for a consecutive of 5,000 blocks and there are 5 voters for that position, the voter gets 250 / 5 = 50 MMC
If not, the reserved amount is rewarded back to miners. (I guess, this is the tricky part - the question is: how will the distribution of these reserved coins?)

Scenario #2: If 6 (all) of the voter's candidate is elected for a consecutive of 5,000 blocks and there are 45 voters for that position, each voter gets 1,500 / 45 = 33,3 MMC

Pros: Encouraging voting, makes people pull their MMC from exchanges so that MMC prices would rise in a stucked market.
Cons/Contraversial: Makes new candidates to be elected harder than before

3) I suggest getting delisted from BTER: I know that sounds weird but MMC/CNY is the most active market but I believe this is confusing and hurts BTC/MMC conversion and miners. However, I'm unsure about it.

--------
We have in talks with C-Cex, recently. They approved our request, in principle, however I told them to wait until improvements is completed. (I think, September is the best month for it or maybe mid August.)
We are getting listed in CoinTelegraph's partners' page, this week.
These are some little improvements handled by me.

Need more RTs, texts, articles while redesigning the memorycoin.org website.

[bitmeat]

But the question is - will there be a hard fork, and will there be dilution.

[kanes]

Memorycoin still working fine. The team is working to make the coin stronger

[bitmeat]

So what is the state of MMC these days? Is there going to be a hard fork or not?

[Delinquency]

again, supply has nothing to do with demand and will not affect price as much 

https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

I'm simply opening up a larger window for new investors to join the party.

[sgsong]

So better to let MMC play out as it is, and start a new coin for the new ideas, rather than try to bolt them onto MMC at this late stage.

'start a new coin'  is a bad idea.  we have great ideas come to us everyday, yet start a new coin  everyday?

[FreeTrade]

If you had to say you got one (or several) of those parameters wrong Freetrade, which one would it be?

Some comments - maybe relevant here -
https://bitsharestalk.org/index.php?topic=4660.msg60670#msg60670
I thinking modifying the distribution schedule and total amount of MMC planned is a bad idea - it would destroy value for MMC holders. It's okay to fix problems in a coin, but if you start playing around with the parameters, you lose all confidence. After all, if the parameters were changed in the past, what is to stop them being changed in the future?
Also, it wouldn't give the new ideas a clear run . . . they would be weighed down by the baggage of the past.
So better to let MMC play out as it is, and start a new coin for the new ideas, rather than try to bolt them onto MMC at this late stage.
For a new coin, I'd recommend
a) Zero Premine
b) Proxy Voting
c) More positions, with less specificity about each role, and varying salary amounts
d) Faster block verification time (fewer rounds of hashing on smaller amount of data)

[city19akro]

If you had to say you got one (or several) of those parameters wrong Freetrade, which one would it be?

[FreeTrade]

I think Lao-Tze said it best - 'Managing a crypto-currency is like frying a small fish. You spoil it by poking too much.'

You need to get the parameters right at the start and stick to them. It's rather difficult!

You might be better off with a clean slate.

[Delinquency]

As you can see from the past, the market history has suggested that higher inflation levels for the mining phase have been incapable of providing support at the previous price levels.

Bitcoin's supply schedule simply makes it easier for the market to psychologically perceive supply levels and push price levels to zones before and after events such as block halving and difficulty retargeting. They are able to create evaluations on changes such as supply and demand. (block halving and difficulty retargeting).

This goes for dogecoin and others.

The block reward will remain the same but the coin's newly minted coins will remain stable over a longer period of time. 2 years is definitely not enough time to learn and adopt the coin. Why invest now when earlier investors have already mined the same amount of coins with 10% the resources? That is a psychological barrier that makes people look away.

Supply will actually decrease at first vs. the old schedule, and will sustain a constant and small decrease over time to make price levels more stable for the whole run of the minting period.

The market cap will increase because of a longer sustained supply period. However, supply is aggregate to the current market, not much will change the price at block reward levels diminishing. I believe investors expectations will not change due to the fact that the coin will have more to offer them other than a play on supply.

Since supply is covered, price levels are completely based on the fact that people demand something at the current moment.

I'd also rather have sustaining price increases instead of volatility.

More specific details will be explained at the meeting city19akro

EDIT: No sleep (fixed my grammar)

[city19akro]

One of the attractiveness of memorycoin at the moment was that 70%+ is already mined. It had a nice inflation decrease over time and the coin cap is adapted to that decrease. Why change that? I see you talk about psychological reasons to adopt but what would they be?

Will the block reduction (5% per week) change or only the total coin cap?

Hopefully the meeting will clear that up but it will be hard to guarrantee a rise in the MMC value if the block reduction & reward ends up changing.

[Delinquency]

Hello all, Memorycoin v3 is in the works. If you are registered for our meeting, all of its details will be presented and your input will be greatly appreciated.

If you would like to join into the meeting and review the presentation of Memorycoin v3 on May 31st, please PM me your email address.

I only coined v3 because we will be overhauling the entire code.

Most importantly, your balances will be carried over, and the value of MMC is expected to rise or stay the same.

The only details I will spill:
Supply will unfortunately increase purely on the basis of psychological reasons to adopt.

Memorycoin v3 is expected to be introduced in a hard-fork block within a specific amount of time. ( ETA: > 4 weeks from May 31st.)

Linkback: https://www.mmc-square.com/ceo/11/memorycoin-v3-in-the-works/211/