Pennies: A Virtual Piggy Bank and Indivisible Crypto Currency.
The latest update requires all users to update to the client version v0.10.0.0 before January 1st 2014 at 00:00:00 GMT after which:
Older client versions will no longer be able to initiate a connection to this version.
This version will no longer accept blocks from any older versions that remain connected in the interim.
Seven days after older versions are disconnected (8th January 2014 at 00:00:00 GMT) the new stake percentage will take effect. This will be a massive reduction to prevent further over inflation from this point forward.
*Based on Scrypt-Jane for CPU centric mining.
*No decimals, every CENT is a single, indivisible unit.
*1,000,000,000 total Proof of Work coins, no halving, no special blocks.
*1 Minute Block Targeting, 1 Week NFactor Retargetting, Progressive diff adjustment.
*7 Day Coin-Age for Proof of Stake Minting, full coin age after a fortnight. (experimental)
Pennies are straightforward cryptographic coins. They are based on YaCoin and use Scrypt-Jane to encourage CPU-centric mining. They are designed to mint Proof of Stake blocks easily and encourage saving. They have no decimals and no micro or nano units--every penny is a single coin!
Minting of shiny new pennies can be done using the Command Line Banking Virtual Teller Window within the Piggy Bank. Freshly minted coins take 25 blocks to mature. Pennies are not meant to have specific value or be keyed to a specific value in any fiat or electronic currency. Pennies are a free-market cryptocurrency and are worth simply what the market determines their worth to be.
Due to the uniqueness of indivisibility a few interesting challenges are posed to the crypto-currency community through Pennies. How might fees work at an exchange? How does pool minting work if the block reward is 1 and it can't be broken down? Pennies are meant to be simple to use, save, and transfer for beginners--and simultaneously enable advanced crypto-currency users quick, non-nonsense interaction via Command Line Banking.
As of release 0.9.2, The Piggy Bank includes QR code support.
As of release 0.9.3, The Piggy Banks has been translated in to multiple languages.
As of release 0.9.4, The Piggy Bank has a fork in place reducing interest payouts by a factor of 100. The fork is set to occur on Midnight GMT, All Hallow's Eve, 2013. Also new in this release is the ability to mint coins using the command "mintpennies true" in Command Line Banking.
As of 0.9.6, the Piggy Bank has returned interest to its previous levels, temporarily. Coin Control has also been added to the Bank.
0.10.0 Fixes the stake issues, set to take effect on Jan 8th.
As of release 10.3.1,
- Accelerate startup. Old Version startup cost 30 minutes at least , new cost only 3 minutes at most.
- Accelerate sync. Old Version can't sync normally.
- Support Bloom Filter Protocol, it means Pennies will support Light-Wallet soon, Android Wallet will be released later.
- Fix the issue:Stake-Mining cost 100% CPU.
- Fix crash issue. Old Version startup will crash in some PC because scrypt-hash has some CPU-specific code.
- Upgrade openn-ssl to 1.0.1g
As of release 10.3.2,
- fix a random crash issue
- disconnect zombie connection when syncing, it will accelerate syncing