Ethereum: A few days in

Monero works a treat, network sync OK. Ethereum on the other hand loses network sync, and easily lags thousands of blocks. This does prevent users entering the block lotto, for the storage of the blockchain and for such an interesting contract execution technology is failing from my prospective.

It is a beta test, but as all potential developers know, the test net which is not the live ETH, may be interesting, but it is not the eventual situation. The live ETH is where any development lives, and so is the one to have sorted before voiding any time investment in the protocol.

Proof of Burn

Consider the proof of burn algorithm as an effective cryptocoin algorithm. Then turn this on it’s head. If a pseudo random burn density is exhibited, previous mined coins, can be used as the burn sink. If this process is considered an also method of a mine success, then the burn creates an associated make in the protocol. As this can be a fixed multiplier, it maintains a mint standard. An “I could have burnt block, proof of could have” as it were. And get coins for doing it.

Something like Slimcoin with a kick in, kick out coins balancer keeping the fixed-sh multiplier net around a centroid. And having “modulable” kicks within limits. An “alternative slicer” can split this transact delta into a “modulable” stream for storing data. So if a method of “moving root block” can maintain a maximal blockchain size, data compression and a fixed bound cryptocoin with some injected coin total supply “chaos” results.


Of course the minimalist right to sign and signing would work in effect, but would encourage opening many intermediate wallets. Burning these intermediate wallets also provides the final coins for the real wallet. This in essence is proof of work. The next step of proof of stake would be to put any chosen coin into the mix for the hash, to gain right to sign, as this would have the effect of maintaining a faster hashing with more coins to try, and block number and chain check hash would prevent rehashing doubles. Or as some have it, selection of the coin for the right of hash, a la premium bonds. Publishing private key hashes of intermediate wallets such that the coin can be “seen” as mined and owned looks promising. And maybe a right to sign transfer dole for the under coined, although this would negate its use as a bit exchange.

That all explains why some of the best are hybrid in the mechanistic building of the blockchain. The proof of burn allows for coin supply modulation, and on fixed supply coins a possible under representation over time. The idea that calculating something useful would be good is good at heart, but misses the easy re-seeding duplication necessity, as the useful result is an open plain text. In many ways Ethereum will excel at derivatives …

The whole crypto-currency market is full of clones with different marketing and some have a slight tech advantage. The main differences which are coming up are memory intensive hashes, and even some block chain as random data hashes. Proof of stake looks good in principal, but does have a non mining aspect, and so is locked out for new users to mine without initial stake, and in some sense why would they mine? In such a situation it’s not mining but interest payments for service. Which devalues the market without effort, which is sort of not getting paid without equitable burn.

Proof of work maybe environmentally inefficient, but better that the box does it.

An Investigative Journey into Bitcoin

I am currently applying for a MasterCard from Wirex to investigate the possibility of taking payment in Bitcoin. I will let you know how this goes, as and when. Well someone has to do it. At present the Android app does not work with my device, even though the Android version is 4.4, and the app needs 4.2 and up. Strange.

Next I downloaded Ethereum to check out distributed processing ideas on the blockchain. An interesting idea, but quite a lot of documentation to look over. Bitcoin wallets are easy to find, even in mobile form, but Ethereum has the edge of a programmatic layer. I think the solution to the Ethereum block fork, is 1000 ETH in total haircut proportional split, and dump into the account. Although clever, the detach code was not worth “value gained”, and resulted in a experimental ETC net with lower volume.

The blockchain of Bitcoin is quite big, and there are some interesting competing technologies. I’m also checking out Monero for an alternative, and there are some interesting projects in alpha test. I mainly chose the ones I did for Bitcoin standard (an Android wallet), and because of high trading volume or useful extra technology layers.

So I’m up and micro mining ETH and XMR (Monero?) and will let you know. It’s not easy to set up, but with enough technical knowledge you can micro mine on a laptop. Some algorithms are more suited to this than others. Of note be aware I’m not mining Bitcoin. That would be a fool’s game without custom SHA-256 ASICs. Other coins to consider are LTC which is easier than BTC for micro mining, and some of the other highly traded which do not use SHA-256, although it does look like the LTE hash will place the mining in large corporate ASIC hands, as it did so happen for BTC. LTC has a good android wallet very similar to an excellent BTC wallet.

Something like C:\Windows\System32\cmd.exe /K C:\Users\user\Desktop\installed\Ethereum-Wallet-win64-0-8-2\resources\node\geth\geth.exe --mine could prove useful if you want an ETH miner launch from Windows desktop. You can’t run the wallet at the same time though. You may also need switches if you use GPU, and to alter the number of processor cores used.

MyMonero is an excellent idea, but getting Monero might be the most difficult part. It is effectively a most useful tool. This completes my investigation into cryptocoins. I hope you find some tools useful for you.