[ANN][♔] Britcoin 3 [BRIT] | 5% annual PoS

[britcoin]

BRITCOIN - British Digital Currency

Visit Britcoin.com for more information!

Desktop wallets available at https://github.com/britcoin3/britcoin3.3/releases
Please ensure that you are on v3.3.0.3 going forwards.

Mobile wallet available at https://coinomi.com/



Britcoin was started by will7am in 2014.  Though the coin got off to a good start, will7am didn't have the time or money to keep the coin going.  A new team took over the coin in 2015 ( https://bitcointalk.org/index.php?topic=1061026.0 ), but they didn't really do anything.  Now piggy_mogreen has decided to keep the coin going with security fixes and the like, and will7am and mammix2 are assisting.  Any help would be most welcome!

Thanks to mammix2, Britcoin has the key feature that it exists nowadays entirely on the TOR network, thus you can avoid exposing your IP address to nasty Internet people.

We have minted 10 million new coins for a Welsh multi-millionaire tech investor, kind of like a limited IPO. Details in the bitcointalk thread.


Coin Specs

Britcoin (BRIT)

X13 algorithm

60 second block time => 120 seconds

PoW + PoS hybrid

PoW ended at block 20,000, estimated 7-10 days mining

10 million coins produced in PoW phase

10 million coins minted for fiat investor in 2016

30 million 'maximum' coin supply

12 hours min stake age

No max limit on stake age => 2.5 years max stake age

5% annual interest on staked coins (plus earnings from transaction fees)

0.5% annual interest on staked coins (plus earnings from transaction fees) tail emission, after 30 million coin supply is hit

No IPO

No foundation

1% premine for bounties, competitions and giveaways (all spent now)

110 block confirmations to maturity (for mined blocks)

6 block confirmations for coin transfers

1000 coins per block

Ports: Main=9197, RPC=9198


Exchanges
C-Cex
CoinExchange.io


Block explorers
http://cryptobe.com/chain/BritCoin
https://prohashing.com/explorer/Britcoin/
https://chainz.cryptoid.info/brit/


Social media
IRC: #britcoin3 on irc.freenode.net
Twitter: https://twitter.com/britcoin3uk
Facebook: https://www.facebook.com/BritCoinUK/

[britcoin]

Dear Britcoin community,

Hello and thanks for your patience with this project so far.

We have an multi-millionaire investor who is ready to invest at least GBP 12K into Britcoin development over the next six months, but he wants a substantial portion of the coin supply, like 10 million BRIT. We’d increase the coin supply limit by about that amount too, to keep people staking. He’ll invest more in the future, if he sees his BRIT holdings increase in value.

There don't seem to be many BRIT available for sale, so we'd have to mint new ones by hard-forking the coin to have those extra coins in a certain address, for instance.

Our thoughts are that this is not quite as bad as the government printing extra money to bail out the banks, as you can fork the code and blockchain if you really don't like it.

We think that BRIT can do really well with some funds behind it. The coin's not really suitable for its intended purpose without decent mobile wallets, ongoing development, a smooth and easy-to-use UI, anon features (coin mixing), and places to spend it. Britcoin needs more than bug fixes and security updates to reach its full, world-changing potential.

I will also say that this investor has so far ponied up the dosh to get us on C-Cex and to get us onto the vote list on Cryptopia.

We haven't heard from any other potential investors, but if they are out there then do let us know ASAP.

The investor would be most pleased if we could fork another 10M coins, and we want him to be happy so that he becomes involved with the coin and wants to see it succeed. It’s not only money — He has development, marketing, legal people too, who can help out if need be. Though there would be more BRIT in circulation, with money funnelled into the project and access to more expertise, we all could see our coins increase in value.

Thoughts?

[britcoin]

Please shut down your wallets from now until you have the 3.1 wallet. See bitcointalk thread for more details.

[britcoin]

Please shut down your wallets from now until you have the 3.1 wallet. See bitcointalk thread for more details.

Hello,

It didn't work unfortunately; the PoW difficulty was too high to mine anything in a reasonable time.

We'll see if we can do it in a different way over the next week or two.

You may reactivate your wallets now. Sorry for the inconvenience :8[

[britcoin]

https://twitter.com/TaoOfSatoshi/status ... 5252220928

Please support Dash's retweet campaign to keep Dash wallets on the iOS App Store. BRIT might be wanting an iOS app later too.

[britcoin]

New 3.2.0.0 wallets now available at britcoin.xyz.  (You might consider v3.1 to be the failed attempt to mine the new coins earlier.)

Note that the location of our github repo has changed from greenmo000's account to https://github.com/britcoin3/britcoin3.2/

These new wallets will stake up the new 10 million coins for the investor, no matter who gets that block.  It will happen at block 1,020,000 which could be found in about a week from now, so be sure to upgrade your wallets before then.

Linux/VPS users will also note that the annoying "Tor: Exit policy" message has disappeared :8]

And we've finally made the in-wallet logo not have a jaggy edge ;8]

Other, more major changes have been postponed until the next release in order to get this one out without any more delay.

Thanks to xCore and mammix2 for the help with these wallets.  And thanks to all of you for your patience, Britcoin holders!

[britcoin]

Britcoin has been added to a new exchange, CoinExchange.io!

https://www.coinexchange.io/market/BRIT/BTC

[britcoin]

The person who stakes block 1,020,000 tonight will forgo his own staking rewards for that block. So you might want to avoid bringing online any large chunks of BRIT that haven't moved or staked for two years :8]

[britcoin]

Looks like the fork didn't work. We have some idea of why, but we've decided to downgrade to Britcoin v3.0.0.1 for the time being. Please:

1. Close your Britcoin v3.2 wallets.

2. Make a backup of your data directory, which you can find in these locations:

Linux:

~/.britcoin/

MacOS:

~/Library/Application Support/Britcoin/

Windows:

%APPDATA%\Britcoin

(This defaults to C:\Documents and Settings\YourUserName\Application data\Britcoin on Windows XP and to C:\Users\YourUserName\Appdata\Roaming\Britcoin on Windows Vista, 7, 8, and 10.)

3. Resume running your Britcoin 3.0.0.1 wallets. You should be able to pick up where you left off in terms of the blockchain.

Thank you once again for your patience, Brits!

[britcoin]

v3.2.1.0 source code and wallets now available at http://britcoin.xyz

Please upgrade before the weekend.

Still waiting for someone to compile the Mac wallet; stand by on that.

If you compile it yourself, be sure to use bdb 4.8 and not bdb 5+.

[britcoin]

Our CryptoBE block explorer is updating today so they might not show you the most recent blocks

[britcoin]

Sorry, still waiting on Mac version.

Looks like the fork block, 1,038,000, will take a little while longer to arrive than expected -- There've been some slow periods since the time I calculated the block number to put into the code, and I've been avoiding bringing some more coins online for staking until the Mac version was ready.

[britcoin]

Mac v3.2.1.0 wallet now available at britcoin.xyz.

All users should upgrade to v3.2.1.0 ASAP.

[britcoin]

There was a problem for some users with the Mac wallet. A fixed version has now been uploaded to britcoin.xyz.

[britcoin]

Fork successful!

Thanks again to xCore and mammix2 for the help with this hard fork. Please everyone keep an eye on your BRIT news channels as there will be another hard fork before the end of year to slow the block time and introduce a maximum staking age.

[mjglqw]

How are you different compared to other altcoins? especially ones that are only temporarily in the spotlight.

[britcoin]

How are you different compared to other altcoins? especially ones that are only temporarily in the spotlight.

Sorry, I don't check this forum often.

Britcoin's entirely on TOR nowadays so you can hide your IP address for more privacy. We are minting some coins for a private investor who will provide an infusion of fiat and expertise to help us to make the coin user-friendly and build in mixing features like Dash's.

There will be a new wallet coming soon to re-mint these coins -- the old coins became unminted due to someone staking a lot on the old fork. Obviously we'll make sure the same thing doesn't happen again.

The new release will include a maximum staking age of 2.5 years (previously it was unlimited), so get those Britcoins out of storage to stake! You don't completely lose interest if your coins haven't moved for 2.5 years, but you start to forgo additional interest.

EDIT: Actually the new release will include a fix to the stake overflow issue seen in many PoS coins where you don't get the amount of interest you deserve from a very large stake. If you've had one large UTxO sitting there for a year or more you may want to wait to stake until after the particular block when that change takes effect.

[britcoin]

Britcoin 3.3.0.0 is now available at britcoin.xyz! Please upgrade by Sunday. Sorry for short notice again.

Updates:
- Timedrift allowance restricted further (to take place this Sunday at noon)
- Investor coins re-minted (to take place after that, sometime next week)
- Fix for staking of large amounts to prevent overflow so they get the correct 5% annual reward (seemed to affect fiftyseven here) -- set to come in later
- Block time target change from 1 min to 2 mins -- set to come in later
- Max. stake age reward of 2.5 years (won't affect anyone until Dec 2016)
- Images modified to play nicely with newer versions of QT

Will give an update next week on when the "later" changes are forecast to take effect.

[britcoin]

So, all went well with the change to restrict timedrift -- That's the allowance for blocks to be accepted which deviate from the expected timestamp.

Next, the investor coins are set to be re-minted at block 1,056,500 -- Looks like that'll be this coming Thursday or Friday.

[Rmcdermott927]

Just out of curiosity, I know Britcoin has gone through several iterations of ownership. When did you acquire it?

[britcoin]

Just out of curiosity, I know Britcoin has gone through several iterations of ownership. When did you acquire it?

I (Mo) didn't really acquire it; I just started fixing some bugs common to 2014-made proof-of-stake coins earlier this year, and it's grown into this :8] We no longer have the britcoin.io domain though unfortunately.

[britcoin]

The new coins have been minted. If you are running a wallet older than v3.3.0.0 you are certainly now on an old fork and I would ask you to stop running your wallet and upgrade ASAP.

The next change to take effect will be a fix to the staking calculations. At present, when large amounts are staked, it could cause an overflow, and the staker would get far less than the 5% annual interest. A lot of 2014 coins had this kind of issue, including New PiggyCoin.

The fix is set to happen at block 1,066,700, about a week from now. The code to do this is already in the v3.3.0.0 wallet ;8]

[britcoin]

The 'Source on Github' link on BRIT's info box on C-Cex is still linking to v3.2. It needs to link to v3.3 at https://github.com/britcoin3/britcoin3.3

Anyone else want to open a support ticket about this? We already have done but no response yet.

[britcoin]

The 'Source on Github' link on BRIT's info box on C-Cex is still linking to v3.2. It needs to link to v3.3 at https://github.com/britcoin3/britcoin3.3

Anyone else want to open a support ticket about this? We already have done but no response yet.

OK, they've done it now

[piebeyb]

lol. I had been holding the bag for this Britcoin, hopefully here you get a lot of new community support for Britcoin

[britcoin]

The next change to take effect will be a fix to the staking calculations. At present, when large amounts are staked, it could cause an overflow, and the staker would get far less than the 5% annual interest. A lot of 2014 coins had this kind of issue, including New PiggyCoin.

The fix is set to happen at block 1,066,700, about a week from now. The code to do this is already in the v3.3.0.0 wallet ;8]

This will happen in a little over 24 hours i.e. Friday morning UK time.

[britcoin]

BRIT has been added as a payout coin at the multipool ProHashing.com!

https://forums.prohashing.com/viewtopic ... 4352#p4352

[britcoin]

Already in the v3.3 wallet, there's a shift from a 1 min blocktime target to a 2 min blocktime target, set to happen at block 1,076,800.

Now we're at block 1,072,183, and there's about 1,440 blocks a day if there aren't any non-staking periods, so the change should happen this Friday

[britcoin]

Blocktime target and maximum stake age

Looks like the move to a 2-minute target blocktime was successful  

The only remaining change in the v3.3 wallets to take effect is that there is a maximum stake age of 2.5 years.  You don't lose stake after this point, but you don't accrue stake any further.  This has already taken effect in a sense, but can't possibly affect anyone until the 2.5th anniversary of this coin, which I believe is this 27th December.


New wallet versions

There are new v3.3.0.2 wallets now available at britcoin.xyz.  Upgrading from v3.3.0.0 (which most people are using, as that was the last version that Windows and Mac wallets were compiled for) is recommended and desirable, but not essential.

These new versions reject connections from clients older than v3.3.0.0, as well they should because v3.3.0.0 was a hard fork.  They also have a few more hardcoded checkpoints to keep people on track while syncing.

If you have a version older than v3.3.0.0, you should have upgraded already and will likely be on an outdated fork.

[britcoin]

ProHashing gives us another block explorer at https://prohashing.com/explorer/Britcoin/