Author Topic: Memorycoin Update v3.0 - The Market Correction is Coming!  (Read 4460 times)

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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...

Offline emre

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #15 on: October 11, 2014, 05:06:47 pm »
LICENSE is MIT.

afaik, MIT permits closing source as long as you keep a copy of license with the application/program you distribute.

I am sorry that you still hold your MMC - I dumped all when freeTrade was fired from the CEO position, and I see now that was a good call.

Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #16 on: October 11, 2014, 10:07:02 pm »
Thanks for clearing that up with everyone, emre.

And itsik78 I'm surprised that you still hold your MMC. You think that MMC will go up so you can profit.

Offline pc

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #17 on: October 15, 2014, 09:11:49 am »
I've been thinking... so far, I can't see any positive reactions to your announcement. OTOH several people have criticized your decision to go closed source.

Now, you're planning a hardfork. A fork has more than one prong, though. It may well happen that Memorycoin-2 retains the majority of its current users and the Memorycoin-3 fork is largely ignored. What's your plan B for that?
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Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #18 on: October 16, 2014, 05:06:10 pm »
I've been thinking... so far, I can't see any positive reactions to your announcement. OTOH several people have criticized your decision to go closed source.

Now, you're planning a hardfork. A fork has more than one prong, though. It may well happen that Memorycoin-2 retains the majority of its current users and the Memorycoin-3 fork is largely ignored. What's your plan B for that?

The old network would suffer from faulty supply. The 10 million cap would be hit on the 56th week since launch, not 2 years.

The fixes we have applied are obviously meant to repair the network before that could happen, and suit investors so that the 10 million coin cap is hit after one year, instead of two years.


I have prepared these data based on preliminary work I've done on the code. I created this spreadsheet to outline the future of Memorycoin v2's supply schedule.

The original supply schedule of Memorycoin is described in the spreadsheet below.
https://mmc-square.com/318.0/a374/faultsupplyv2.xlsx

Discussion:
https://mmc-square.com/ceo/11/memorycoin-update-v3-0-market-correction-coming/318/msg1602#msg1602
« Last Edit: October 16, 2014, 05:40:00 pm by Delinquency »

Offline barwizi

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #19 on: October 17, 2014, 04:28:46 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?


Interesting that, I seem to remember 3 attempts at communication with my intent being to form a partnership then a merger later. There wasn't much of a response so I went ahead with my plans. I even wanted to use MMC implementation of momentum with an eye for merged mining in the future.

The community as a whole is falling apart due to lack of cooperation between leaders and developers. So to clear the air
1) check the about section of NoirShares you'll see that MemoryCoin devs are mentioned among others.

2 ) let's stop trying to make it on our own, cooperation is a surer bet.

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Offline barwizi

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #20 on: October 17, 2014, 04:41:08 am »
I completely support the idea of MMC 3.0 and if we can come to an understanding, I will join the development team. I do have some suggestions you may wish to consider.

1) start a new chain , altcoins are different from BTC in that once an alt becomes settled, forking it leaves many behind.

2) (if I am part of this) let's really pull together some communities, instead of MMC and NRS only, lets have a larger sharebase. Those who wish to participate should burn their existing coins on their respective chains and will be allocated in MMC 3.0

3) if 2 is done, lets use a different name.

4) maybe consider BTSX as a model, I hear good things about DPoS
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Offline biophil

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #21 on: October 17, 2014, 05:07:35 am »
I completely support the idea of MMC 3.0 and if we can come to an understanding, I will join the development team. I do have some suggestions you may wish to consider.

1) start a new chain , altcoins are different from BTC in that once an alt becomes settled, forking it leaves many behind.

2) (if I am part of this) let's really pull together some communities, instead of MMC and NRS only, lets have a larger sharebase. Those who wish to participate should burn their existing coins on their respective chains and will be allocated in MMC 3.0

3) if 2 is done, lets use a different name.

4) maybe consider BTSX as a model, I hear good things about DPoS

5) honor the social consensus, allocating 10% each to PTS/AGS, and I fully support this partnership. I'd burn all my MMC (approx. 0.3% of total supply, give or take) to be part of such a project.

Sent from my SCH-S720C using Tapatalk 2


Offline Delinquency

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #22 on: October 17, 2014, 12:19:13 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?


Interesting that, I seem to remember 3 attempts at communication with my intent being to form a partnership then a merger later. There wasn't much of a response so I went ahead with my plans. I even wanted to use MMC implementation of momentum with an eye for merged mining in the future.

The community as a whole is falling apart due to lack of cooperation between leaders and developers. So to clear the air
1) check the about section of NoirShares you'll see that MemoryCoin devs are mentioned among others.

2 ) let's stop trying to make it on our own, cooperation is a surer bet.


By the way I had asked that you join our meeting and details of the meeting were published on our forum, mentioning NRS and hoping to create a partnership of some kind in the presented material.

It's still available here:
http://shrine.mmc-square.com/MMCDEV/mmcmeeting.7z

Some of these items have been changed since it was presented so don't worry about the change in supply in that-
Most of those ideas are now in the TODO topic list in the technical section of our closed Officer Board.



Since you've credited Memorycoin for using our code I hope to keep the open source model that we have, and believe that we can trust the open-source community, as long as they credit our code for usage (exactly where it's used).

I shall be updating the code on github shortly with the v3 adjustments.
« Last Edit: October 17, 2014, 12:25:42 pm by Delinquency »

Offline pc

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #23 on: October 18, 2014, 08:50:20 am »
Since you've credited Memorycoin for using our code I hope to keep the open source model that we have, and believe that we can trust the open-source community, as long as they credit our code for usage (exactly where it's used).

I shall be updating the code on github shortly with the v3 adjustments.
+1
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Offline barwizi

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Re: Memorycoin Update v3.0 - The Market Correction is Coming!
« Reply #24 on: October 19, 2014, 04:14:24 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?


Interesting that, I seem to remember 3 attempts at communication with my intent being to form a partnership then a merger later. There wasn't much of a response so I went ahead with my plans. I even wanted to use MMC implementation of momentum with an eye for merged mining in the future.

The community as a whole is falling apart due to lack of cooperation between leaders and developers. So to clear the air
1) check the about section of NoirShares you'll see that MemoryCoin devs are mentioned among others.

2 ) let's stop trying to make it on our own, cooperation is a surer bet.


By the way I had asked that you join our meeting and details of the meeting were published on our forum, mentioning NRS and hoping to create a partnership of some kind in the presented material.

It's still available here:
http://shrine.mmc-square.com/MMCDEV/mmcmeeting.7z

Some of these items have been changed since it was presented so don't worry about the change in supply in that-
Most of those ideas are now in the TODO topic list in the technical section of our closed Officer Board.



Since you've credited Memorycoin for using our code I hope to keep the open source model that we have, and believe that we can trust the open-source community, as long as they credit our code for usage (exactly where it's used).

I shall be updating the code on github shortly with the v3 adjustments.

That's great, I'll PM you in a day or two. I have been tied up IRL but that's coming to a close soon.  A lot of effort has been wasted by having so many different communities, I'm hoping bridging the gaps will bring forth better results.
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