Orbitcoin - A new cryptocurrency designed to fund research

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Asphyxiated
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Joined: Wed Aug 21, 2013 11:20 pm

Orbitcoin - A new cryptocurrency designed to fund research

Post by Asphyxiated » Wed Aug 21, 2013 11:30 pm

Hey guys, I know this is my first post and your probably going think this is spam but I ask that you take a look at what I am saying first and perhaps ask a few questions before just deleting my account because I will monitor this post for responses, not just drop and run, anyway on to the actual post.

First: What is a cryptocoin/cryptocurrency?


Cryptocurrency is anything like Bitcoin or Litecoin, Bitcoin uses SHA-256 hashes to generate blocks which increases the money supply and also builds the blockchain which is a transaction ledger and validation device. This is either done with a CPU/GPU or ASICs (Appilication Specific Integrated Circuits). Litecoin, on the other hand, uses an algorithm known as sCrypt to generate hashes and blocks to build the blockchain, the major difference is that sCrypt requires much more memory than SHA-256 to generate and thus it is much more expensive to build an ASIC for sCrypt than SHA-256 due to the cost of high performance RAM which a bitcoin ASIC has very little of. This coin is based on litecoin and therefore will not be dominated by ASICs in the near future.

What is Orbitcoin?

Just like CHNcoin was made to support the farmers in China, Orbitcoin is made to fund scientific research in areas currently considered to be 'conspiracy theories' and thus not worth real investigation. We hope to change that by being able to offer funding the scientist that otherwise would like to explore these questions but cannot get funding or even ask for funding to do such research for fear of losing their jobs or reputation in the scientific community.

Unlike many of the other cryptocurrencies out there Orbitcoin has a very low generation rate (or mining rate) at only 700 ORB per day, other coins have thousands, or tens of thousands of their coins generated on a daily basis. This makes the demand for them greater than the supply, therefore their price is already very high compared to almost any other cryptocurrency.

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List of scientific research teams YOU will be helping by just supporting Orbitcoin.
http://spacetech.dundee.ac.uk/ Orbitcoin is to be used to help new students graduating from this field, by giving them other options to the corporate elite at graduation.

Orbitcoin also allows research teams around the world and in orbit, to trade research and skills, in a secure manner.
http://progressivetechcenter.org Orbitcoin is helping to fund a prototype craft, based on the Nazi bell.. the plans for this craft will be open sourced to the population of the world as soon as they have working evidence to show.
http://www.openspaceegypt.com/ We fully support open space and have agreements to help fund meet up’s, that will also be used to talk about Orbitcoin and how it can help the community.

Orbitcoin is set to bring the (seed node) of freedom to scientists around the world!!

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These coins are already being traded on http://www.coins-e.com for bitcoins and bitcoins are being traded for usd at ~$115/btc right now.

The developer has given me some ORB coins to distribute to anyone that tries out the client (which is open source) and I will give 2 ORB free to anyone who posts their payment address in this thread.

You can find all the information about the release of this coin at https://cryptocointalk.com/topic/927-or ... se-thread/
Thanks for looking and (hopefully) not deleting this right away as spam

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Here is a detailed explanation on how cryptocurrecies work to 'generate' more coins into existance (which is the same thing as the FED printing money, expect some real work actually goes into it but the results are the same, inflation, however since the genration of Orbitcoin is only 700 ORB/day the inflation is incredibly low compared to almost any other coin).

http://bitcoin.org/en/how-it-works

http://www.zerohedge.com/news/2013-05-1 ... tion-works

http://gizmodo.com/how-a-bitcoin-transa ... -504922955

http://en.wikipedia.org/wiki/Bitcoin

The first cryptocurrency that has stuck with the public and has their support is bitcoin, I will focus on that because litecoin and everything else is based on this basic design, some with more features like transaction comments, and others with different generation algorithms.

So lets say you want to generate your own bitcoins, ok? ok. You would first download either the source code or the binary file for the bitcoin wallet, install and open it up at which point the client will start looking for other peers to connect to and download the blockchain, until you download the entire blockchain (which for bitcoin is over 7GB as its been out for awhile, for Orbitcoin its only about 150MB or so) which is a transaction ledger of all the coins generated or traded from one person to the other.

Now that the blockchain has been downloaded you may now generate your own bitcoins, you do this by either using the cheap cpu miner built into the bitcoin wallet your you can set the bitcoin.conf file to the correct rpcuser, rpcpassword, rpcport etc to connect a much better miner like cgminer or bfgminer to the wallet and generate SHA-256 hashes that way. Anyway you go about this for a bitcoin based coin is going to make you generate SHA-256 hashes. In the miner window (if you use cgminer) it will tell you when you find a share something like "Share found diff 167/1" or "Share found diff 19.8K/1" or if your lucky "Share found diff 85.9M/1 BLOCK FOUND!!". the Number on the left is the relative "difficulty" of the share and the right number is the the minimum difficulty of share that the pool will take, if you mine this solo (not on a pool) then this is what you will always see but for pooled mining (where more than one person works on a block and is paid the percentage of work for solving that block that they did) you would see "Share found 16.4K/78" a lot of pools have a higher share diff minimum because it cuts down on bandwidth and you're never going to solve a bitcoin block with <9.5M of a share right now. The miner window also has near the top of the screen the network difficulty which is the miniumum relative difficulty to solve the next block in the chain with 1 share. For bitcoin thats around 9.5M for Orbitcoin thats about 6.81K right now. However the generation of SHA-256 to sCrypt ratio on a card is about 10^-3 slower, so if you get 1000MH/s for bitcoin-based coins you will get about 1MH/s for litecoin-based coins. This does not mean that it takes longer to generate litecoin-based coins, just that the algorithm is much larger and takes more memory per calculation than SHA-256 does. Litecoin its self has a network diff of about 9.5M now but most other coins are in the 10s or 100s K (like 18.6K or 337K). If you do the math you actually make alot more money mining the new coins because of their better exchange rates on a given day.

If you do find such a share and are mining solo you would get paid 50 btc (but with only 1 amd 9870 it would take me approx 1.5 to 3 years to solve a single block, therefore it is much better to pool mine bitcoin.)

Now for anything not bitcoin based but litecoin based the abover procedure is the same, just switcch SHA-256 and anything associated with it to sCrypt and you got it.

These blocks are not just used as gereneration devices but also transaction ledgers, how? Well when everyone is mining away at a block of any given currency other people are trading that same coin with each other and different exchanges, so all those transactions that take place inbetween a block generation cycle will be written into the that block so that the blockchain can be referred back to, to see if someone really did send x amount of btc to y address.

All transactions on bitcoin/litecoin and other coin networks are publicly visible, but only the payment address, from address and amount, not to whom or why you sent it (well not that entirely true as some coins are coming out with a transaction or tx comment system, so if you want to give a reason for the payment publicly you can).

If you are planning on mining any cryptocurrencies I suggest buying a decent gpu for your computer from at least 2012 if not 2013. I bought the 7870 about 2 months after it hit the market, amd has a 2 core 7990 right now for $999 which gets about 1000MH/s (megaHashes per second) for bitcoin-based SHA-256 coins and about 1.0MH/s for litecoin-based coins. My 7870 gets 397kH/s for Orbitcoins, which uses sCrypt from litecoin.

So once the mining of one block is done that block will be submitted to the blockchain and after so many nodes say that the block is valid it gets 'confirmed' on the network and once a transaction is 'confirmed' you can not reverse it, which is why people like to get paid in bitcoin or other cryptcoins, there is no risk of you telling your credit card that you really didnt place that order and having it reversed, that cannot happen in the bitcoin world. The only places that are at risk of this is places that sell you bitcoins for fiat US Dollars, these places get scammers hitting them all the time because you can pay for the bitcoin, have them send you what you bought and then claim you didnt really buy it to your credit card and they will charge it back for you. I try to stay out of that area. In just 2 months I have been able to gather up over 4 BTC just from mining and doing certain "bounties" for new coins that are released and then trading them on exchanges that accept whatever I got paid in and turn it to btc then personally I use coinbase.com to sell my btc at about 1% less than market price and they deposit the cash in my bank account the next day or perhaps 2 days if you did the transfer late at night.

Please let me know if you have any questions, as I stated above, I am not just dropping this post and leaving, I'll be here to answer any questions that people have.
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Re: Orbitcoin - A new cryptocurrency designed to fund resear

Post by editor » Thu Aug 22, 2013 4:54 am

I delete a lot of spam and various crap that people try to post here. Maybe I should have deleted this?

I'm away from home, with low bandwidth, and very little time to read some of this stuff, but this post looked vaguely interesting.

Comments, anyone?
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Asphyxiated
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Re: Orbitcoin - A new cryptocurrency designed to fund resear

Post by Asphyxiated » Thu Aug 22, 2013 5:19 am

just wanted to say thanks for at least letting the users of your forum see my post. I am here to try to explain any questions people may have.
Asphyxiated
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Joined: Wed Aug 21, 2013 11:20 pm

Re: Orbitcoin - A new cryptocurrency designed to fund resear

Post by Asphyxiated » Thu Aug 22, 2013 8:53 pm

editor wrote:I delete a lot of spam and various crap that people try to post here. Maybe I should have deleted this?

I'm away from home, with low bandwidth, and very little time to read some of this stuff, but this post looked vaguely interesting.

Comments, anyone?
Thanks for letting people on your forum check out the information I am trying to spread to folks that might care about this project. To be further clear, we are not asking for any of your personal information, nor do you have to pay for anything at anytime. If you download the open source wallet and post your payment address back to this tread I will give you 2 ORB just for trying out the software. At that point you don't have to do anything else, if you don't want to. If you want to support the project then check the release thread that I link to about half way down my first post. This will tell you have to mine (or generate) more coins on your own without buying them. With my 1 Radeon HD 7870 GPU i get about 60=80 blocks/day solved solo mining, which is 15 to 20 ORB a day I generate myself. We need to have a large mining base generating coins so that the network is more secure against 51% attacks. The more people mining, the higher the network hash rate, the harder it is for someone to have enough equipment to generate 51% of the total network hash.

There is a detailed section on my first post about how mining works in detail.
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Re: Orbitcoin - A new cryptocurrency designed to fund resear

Post by the » Thu Aug 29, 2013 10:39 pm

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THANKS in advance....good luck for your coin...
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