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kryptoslab edited this page Oct 22, 2014 · 6 revisions

#Slimcoin

##New Block Generation through Proof-of-Burn ##Even a Raspberry Pi can competitively mine, fast hardware offers no advantage

##Website https://slimcoin.club

##Specifications

  • Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
  • By the time GPUs or ASICs are ready, Proof-of-Burn rewards will be better than Proof-of-Work
  • Hybrid Blocks: Proof-of-Work blocks, Proof-of-Burn blocks
  • PoW Block time is 1.5 minutes (90 seconds)
  • PoB Block time every 3 PoW blocks
  • Difficulty re-targets continuously

##Block Rewards:

  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • Block rewards decrease in value as the difficulty increases
  • Total: 1.6 million to 250 million coins, decreasing with increasing usage

##General Details of What is New Slimcoin burn mining is truly ASIC-proof.

The main point of Proof-of-Burn is that "superior and faster mining hardware offers no advantage".

With all of these ASICs coming out for Scrypt now, many people are coming up with "ASIC proof" algorithms. Those are simply patches since mostly anything can be implemented on a custom ASICs an it is wrong to claim any hashing algorithm is ASIC proof. The best ASIC resistance is to not need them at all. Slimcoin utilizes that exactly. It does not focus on proof-of-work that much. It uses a new method of coin generation called proof-of-burn. Long story short, competitive mining can be done with a Raspberry Pi (super-low-power computer), literally.

##Proof of Burn and Low Power Requirements:

Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds. More information on Proof-of-Burn can be found here

##Technical Whitepaper: An extensive explanation of what Slimcoin has new to offer: Slimcoin White Paper

##Downloads: Executable available for Windows, Linux and Raspberry Pi: Slimcoin Release at Github

##Config File: Nodes are hardcoded.

##Exchanges:

##Pools:

  • First working pool : 2500 SLM (0.25% of circulating coins)
  • First pool to host 2MH/s: 2500 SLM (0.25% of circulating coins)

##Blockchain Explorer

##Brain Wallet slimcoin.club

##Slimcoin Faucet

##Slimminer Downloads

##Tutorials

##IRC Channel #OfficialSlimcoin on freenode

##Reddit: http://www.reddit.com/r/slimcoin/

##Donations

  • Bounties: Sg72f5icXXAjrdV7o15ZrFdj9CvNaTZwS1
  • Giveaways, Slimcoin.club Mining Faucet: SeCZAzhRkC8VxdqYfbcvgTVkN3RoLzNoYy
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