Slimcoin (abbreviated SLM) is the first known cryptocurrency designed with a proof-of-burn block generation system along with both proof-of-work/proof-of-stake systems. Proof-of-burn mining can be compared to proof-of-work mining, differing in that it can be mined without powerful hardware and that faster and more powerful hardware offer absolutely no advantage over slower hardware. Slimcoin also uses a special "Dcrypt" hashing algorithm for proof-of-work. The Dcrypt hashing algorithm uses SHA256 as a back end, but in such a way that makes it extremely ASIC/FPGA resistant. Slimcoin is built upon Bitcoin and Peercoin, but unique in the fact that it is more energy-efficient, as both proof-of-burn and proof-of-stake blocks require minimal energy consumption. Proof-of-burn is made to be the energy efficient counterpart to proof-of-work, with the added benefit of a much easier setup and maintenance. Proof-of-burn eliminates the need for powerful hardware, thus eliminating the need for an ASIC implementation, making Slimcoin an even more ASIC-proof.
Short and Simple Proof of Burn Explanation:
Proof-of-burn mining is like proof-of-work mining without all of the hassles (maintenance, pre-order queues, etc...). Anyone can mine, regardless of what hardware they have in their possession. Having a fast computer offers absolutely no advantage over a slower computer in proof-of-burn.
What is Proof of Burn?
Simply put, proof-of-burn can be compared to proof-of-work, as they are both mined. Proof-of-work mining requires many hashes to be calculated until a valid hash is found. Proof-of-burn mining requires a valid hash to be found also, but the hashing is different. For a burn hash to be calculated, the user has to burn coins (explained in detail below). Burning coins can be related to proof-of-work as buying a powerful computer. Once the coins have been burned they are forever gone and in-spendable. Each burning is recorded as a burn transaction and each burn transaction can be used to generate a unique burn hash. Having a fast computer offers absolutely no advantage over a slower computer in proof-of-burn as proof-of-burn only allows 1 burn hash for each burn transaction to be calculated every ~90 seconds.
How does Proof of Burn really work?
Proof of Burn is mainly centered around the burning of coins and calculation their corresponding burn hashes. In order to burn coins, there is a special address, called a burn address. No one has ownership of that address, thus when coins are sent to that address, they are considered "burnt". It is impossible for coins to be "un-burnt". That sending of coins to the burn address is recorded as a special type of transaction, a burn transaction. After the coins have been burned, a cycle of calculating so-called burn hashes begins. Each burn hash is specific and unique to each burn transaction sent in the network. The more coins that are burnt, the smaller this unique burn hash will be, making it more likely to be valid and accepted by the network. What differentiates the proof-of-burn algorithm from the proof-of-work algorithm is the fact that powerful computational resources are not needed. Once some coins have been burned, all that is needed to perform proof-of-burn mining is a low power computer running 24/7. The proof-of-burn algorithm is not demanding and having a faster computer offers no advantage over a slower computer. That is because every burn hash is also dependent on the last proof-of-work block to be accepted by the network. That means that until a new proof-of-work block enters the blockchain, if the burn hashes were to be recalculated, they would remain constant. Thus, for every burn transaction, only 1 burn hash has to be calculated. The hashing computer can then remain idle again until it receives another proof-of-work block. This low intensity work is what makes proof-of-burn a much more energy efficient form of mining.
Block Explorer / Crawler
- Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC. This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Work
- Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
- Block time is 1.5 minutes (90 seconds)
- 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 250 million coins
rpcuser=username rpcpassword=password rpcallowip=127.0.0.1 rpcport=41683 port=41682 gen=0 server=1 addnode=184.108.40.206 addnode=220.127.116.11 addnode=18.104.22.168 addnode=22.214.171.124 addnode=126.96.36.199 addnode=188.8.131.52
Source Code: https://github.com/slimcoin/slimminer
- RPC Port: 41683
- P2P Port: 41682
SERVICES / OTHER
Edited by Jimmy, 30 June 2014 - 05:47 PM.
Added / Updated Information.