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decentralized system

Posted: Tue Aug 01, 2017 5:55 pm
by Azrael
"By making it easy for anyone and everyone to mine Verium, we create a more decentralized system. Did you know that right know China accounts for over 2/3rds of all Bitcoin mining power?"

With currently 76% mined by a single pool Verium is much more centralized than Bitcoin. While Vault mining is a good idea on paper it simply doesn't seem to work. There should be some sort of system that would prevent major pools from taking over. For instance when an address finds a block it's excluded from next x number of blocks. let's says next 99 blocks and a single address wouldn't ever be able to mine more than 1%...

Re: decentralized system

Posted: Mon Aug 21, 2017 3:46 pm
by beercules
I have to totally agree with you on this one, they have made Verium GPU and ASCI resistant but they failed to create resistance against centralized pool but then again would you want to cap yourselves at the knees?

Hash power allows for more transaction per minute which will allow more transaction on its binary chain Vericoin.

There is a great video on youtube where the developers of Vericoin explain how you usually only get 10% of the staking interest even if you hold more than 50% of the staking coins, this is the network stake time protocol if I remember correct, I would encourage the develops to implment something similar to this in Verium where you can only ever get 10% of the blocks over X set of time. This would discourage pools but I don't think you could ever eliminate them without introducing a hard hash or network limit per wallet or connection to nodes, but I don't think thats correct approach. This isn't going to be the most profitable coin anytime soon, its new, revolutionary and that means it needs time to mature. No one is going to move from profitable coins to not profitable coins anytime soon.

Nothing is stopping you from joining a pool and sharing in the profits, I have made more than 10 coins in less than 7 days of mining. If your looking to get rich, buy a lotto ticket, don't mine crypto currency.

Beercules

Re: decentralized system

Posted: Thu Aug 31, 2017 6:06 am
by trinitrotoluene
Azrael wrote:
Tue Aug 01, 2017 5:55 pm
"By making it easy for anyone and everyone to mine Verium, we create a more decentralized system. Did you know that right know China accounts for over 2/3rds of all Bitcoin mining power?"

With currently 76% mined by a single pool Verium is much more centralized than Bitcoin. While Vault mining is a good idea on paper it simply doesn't seem to work. There should be some sort of system that would prevent major pools from taking over. For instance when an address finds a block it's excluded from next x number of blocks. let's says next 99 blocks and a single address wouldn't ever be able to mine more than 1%...
Running a pool can be pretty expensive. I imagine @seion's costs for bloxstor's infrastructure is fairly costly, and he may not make enough in fees/donations to cover that. Hence why I suspect there were very few pools until recently, which has resulted in the hash power being located primarily in those pools. There is choice now, and over time I hope this issue will resolve itself as new people get into mining verium and try the other pools to mine.