[PRE-ANN][JPC] JackpotCoin is getting relaunched [PLEASE VOTE]

  • Please Vote

    A few of us are thinking of relaunching JACKPOTCOIN. We already consulted with the original developer and we're given permission for a relaunch.

    If you were around in 2014 you remember how successful JackpotCoin was during the Spring/Summer of 2014. At one point it was one of the most popular coins out there. It was popular due to its various wallets available for Linux, Windows, Mac, and even Rasp Pi. It was very CPU and GPU friendly. It supported both AMD and Nvidia GPUs. Was completely ASIC-Resistant and had a large variety of exchanges and pools. 

    However unfortunately the old chain seems broken. A few of us are trying to sync and we are getting stuck. I propose that we start fresh at block 1 using the current setup as in 2014. However it might not be fair for some of the old coin holders so I made a poll for the community decide what they want to do.

    Please vote for either:

    1) Brand New Blockchain from BLOCK 1: We will create a new genesis block from block 0 and continue on with the brand new chain. All the old coins will be COMPLETELY lost. 

    2) Use Old Blockchain from a certain block height: We will rollback the blockchain to a certain height and continue on the chain from there. This will have already a few billions of coins in supply and might have issues getting listed on exchanges and the miner reward will be lower because the coin reward halves every few weeks.

    3) New Blockchain from BLOCK 1 with old Coinswap:Start with a new genesis block from block 0 but have the option of having any old coins swapped for new coins. The formula for this is yet to be determined. Keep in mind this option might not be possible if the old chain is stuck somewhere. This option will have the miner reward start at 100,000 coins BUT the initial supply will be hard to predict because nobody knows how many are still holding on to the old coins, its after all been 3 years.

    Old thread for reference: https://bitcointalk.org/index.php?topic=584481.0https://bitcointalk.org/index.php?topic=584481.0
     2. You can find it also on our website:
     3. You can check using the console in QT client. Open the console (Help->Debug Windows->Console), then type “getcurrentjackpot”.
     4. Use a damon (jackpotcoind) and “getcurrentjackpot” command. For example on windows: jackpotcoind.exe getcurrentjackpot.
    5. Visit http://jackpotcoin.info/jackpo... (Note that this is an image you can you anywhere with an IMG html tag) 

    Q5. Why PoW and PoS are independent in JackpotCoin? Can you give details about that?
    Among the many original features Jackpotcoin provides, one important and original feature is the separation of PoW and PoS. All previous PoW/PoS coins share the same target block time for PoW and PoS. This causes a serious problem for the PoW. As we all know, the coin usually starts with PoW (since PoS based on the coins that need to be mined first). So when the PoS block kicks in, the normal PoW rhythm is broken, the block chain changes from PoW-PoW-PoW- to a mix of -PoW-PoS-PoS-PoW-PoS-PoW-PoS-PoS- etc.

    Why this causes problem? well because the target block time is fixed (and are the same for both PoS and PoW). Because of this, the PoW can not keep the target block time. So the algorithm (from Peercoin/Novacoin) delays the PoW block target time (to up to 12X the normal target time). This often causes erratic diff oscillations and usually makes the PoW blocks difficult to mine (due to the huge increase of block time which causes the diff to increase big time). This is a common problem of PoW/PoS mixed coins.

    Some recent coins tried to avoid this problem by making the coin transit from pure PoW to pure PoS, thus avoided the co-existence of PoW/PoS, so to avoid the above-mentioned problem. This wave of coins is led by MintCoin. Many copycat coins exist after MINT. Though intelligently avoided the problem, the MINT and its copycats (such as BC, ECC, etc) did not really handle the issue of PoW/PoS coexistence.

    JackpotCoin is the first coin successfully handles the issue. By defining different target block times for PoW and PoS, and completely separation of the diff retargeting for them, Jackpotcoin separated the two mechanisms while keeping them in the same blockchain. This is a big advance of the PoW/PoS coin. For JackpotCoin, the PoW target block time is at 120 sec, while PoS at 20sec. The PoW block time matches perfectly the target block time, and the generation of PoS does no longer affect the PoW mining.

    Another big advantage of this new and original feature, is that the transaction confirmations become zap fast. The transactions are mainly confirmed with PoS blocks, which is a lot faster than PoW blocks. Thus, without issuing more coins related to mining, the JackpotCoin's transaction is confirmed in less than a minutes on average. This makes the coin is a good candidate for real world spending coin.

    Random Number Distribution for 6 days

    For jackpot, at each pow we generate a random number from 1-25200, if the number is between 15001 and 15010 (inclusive), then the pow will hit the jackpot.
    This is 10/25200 = 1/2520 chance, which corresponds to 1 in 3.5 days on average (720 x 3.5 = 2520)

    Random Number with Jackpot Zone

    The colored area is the jackpot zone, if the random number is inside this area, it triggers the Jackpot. As you can see, it hasn't happened so far (at the time of this writing). If nobody gets the prize, this zone will be expanded till somebody hits the jackpot.

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