[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[SquidsIn]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

[frameLAlife]

squids your signature is amazing.

[Rumhurius]

BURNING

[CryptoBroker79]

BURNING

[frameLAlife]

Thanks to those that have either replied or PM me that they were BURNING.

Please, if you plan on burning your Octocoin for the new coin, reply a simple burning post like you have seen the others do. We are basically getting a head count.

Much appreciated.

[frameLAlife]

One of the best things about creating a coin on CP is the other coins that you can allow to use your applications with. I remember back when I first started getting into crypto one of my first initial thoughts was why is there no wallet to hold all of my different coins or at least some of them. Of course that idea has came and gone on a few platforms and i never really cared by the time they got here because i was about done with most alt coins.

The best thing about Counterparty is that all the applications and code should work for any Counterparty asset.

When I first started thinking about doing my own asset, which turned into asking Octocoin to becoming that asset for a few different reasons, i kept getting one question from people: why don't you just use Bitcoin?

Don't get me wrong, BTC is the big dog and I don't want to make a laundry list of reasons why having your own coin has both pluses and minuses. I will say this, I think it's cool that you can have projects, apps and websites that can all be held and controlled in the same wallet.

So then that led me to another question: so if you can have both OCTO and BTC and others in the same wallet, how do you allow other coins to be used on your apps and projects to gain more traction and customers yet keep your coin special.

There are many different ways and ideas I've kicked around and discussed with others. I also have looked far and wide on other CP assets forums to see what others say about this issue. I'm only going to talk about one, because it's really a no-brainer and it also doesn't intrude on other coins/assets ideas.

I have found that one of the best ways is early access. If everything you create will eventually accept other CP assets, then one of the easiest ideas is that when you use our coin on our apps and projects you get access to the alphas, betas and maybe even for an extended time period. You could set it to the first year to cover the testing and beta versions and then keep it to our asset until the end of the year mark. Then from that point you can allow other assets to be used to kind of kickstart a new cycle of growth.

There's more that goes into this idea that I won't go into for a few different reasons.

And of course I have some plans for another project that I want to do that I know I will keep strictly OCTO and BTC related.

If any of you have ideas or opinions on this please post them here. I'd love to hear what you think.

[Pecunia non olet]

is there a tl,dr version?

[frameLAlife]

is there a tl,dr version?

i'm sorry i don't understand the question? tl,dr version?

[SquidsIn]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

OK, it's pretty straightforward, the last few characters are required for a checksum and the first needs to be an 8 but you can have anything alphanumeric you want for the rest excluding lowercase l, upper case O and I or 0 (zero).  For instance this is a valid address, I just sent some dust there;

8burnYouroctoHere4oCToPartyXRcdDgX

[SquidsIn]

is there a tl,dr version?

i'm sorry i don't understand the question? tl,dr version?

TL; DR = Too Long; Didn't Read = Requesting an abridged version.

[FoldingCoin]

...

Ok that makes sense. Is there a way you could create a public key that does show that it would be impossible to have the private key to? The one that Counterparty used was "1CounterpartyXXXXXXXXXXXXXXXUWLpVr" and that is a valid BTC address that you can look up that no one would possibly have the private key to.

Here is some information on how they got that public key, maybe it will help

• http://counterparty.io/news/why-proof-of-burn/
• https://en.bitcoin.it/wiki/Proof_of_burn
• https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

The above apply to Bitcoin, so i am not sure how useful they will be to you for Octo

No problem, i'll take a look, the Octo address I generated was based on how it's done for bitcoin so it should be possible to apply the same principles again as per your links.

OK, it's pretty straightforward, the last few characters are required for a checksum and the first needs to be an 8 but you can have anything alphanumeric you want for the rest excluding lowercase l, upper case O and I or 0 (zero).  For instance this is a valid address, I just sent some dust there;

8burnYouroctoHere4oCToPartyXRcdDgX

This is a perfect burn address! Nice job, i would recommend using this one for the burn

[frameLAlife]

Gotcha. Thanks 

[mafort1469]

BURNING

[mafort1469]

Makes me think of Blue Oyster Cult. LOL

Good job guys!!!

[frameLAlife]

i'm burnin, i'm burnin, i'm burnin for you

[hashbrown9000]

BURNING

[hashbrown9000]

also willing to provide some lowly GPU hash for the process, but it may be more cost-effective to rent someone's ASICs.

[frameLAlife]

also willing to provide some lowly GPU hash for the process, but it may be more cost-effective to rent someone's ASICs.

thanks for the offer hashbrown. hey, every hash counts. if we do a 2 month burn process or even a 1 month burn process, then we will have to control the network during that time period.

whether it's GPU's or rented hash every little bit counts.

[FoldingCoin]

also willing to provide some lowly GPU hash for the process, but it may be more cost-effective to rent someone's ASICs.

thanks for the offer hashbrown. hey, every hash counts. if we do a 2 month burn process or even a 1 month burn process, then we will have to control the network during that time period.

whether it's GPU's or rented hash every little bit counts.

Looks like there are a lot of takers on the burn, I am excited for this

Let me know when you are ready to get something up on our site with instructions on how the burn will work. If you join the Merged Folding family you get some real estate on our site for whatever you would like

[madmartyk]

also willing to provide some lowly GPU hash for the process, but it may be more cost-effective to rent someone's ASICs.

thanks for the offer hashbrown. hey, every hash counts. if we do a 2 month burn process or even a 1 month burn process, then we will have to control the network during that time period.

whether it's GPU's or rented hash every little bit counts.

Looks like there are a lot of takers on the burn, I am excited for this

Let me know when you are ready to get something up on our site with instructions on how the burn will work. If you join the Merged Folding family you get some real estate on our site for whatever you would like

Please post link and instructions.