Rationale
The spice must flow! -- Dune
The original Waya Wolf Coin
was issued on 10.16.2016, and now almost 5 years later it will be
revised to Waya Wolf Coin V2. The parameters of WW were selected
for payment methods as well as being a coin to be mined by all. A
main driving force for this change is to keep the blockchain moving.
Three factors can affect a POW coin to slow down if not halt the
blockchain for periods. A lack of miners will simply do this as
rewards diminish in value it is not as attractive to mine a coin.
Situations arise when a large mining hash rate for a short period
occurs. This drives the difficulty up and when the mining hash is
removed there may be several blocks needed to drive the difficulty down
to an appropriate level for the amount of mining hash present.
Finally, and most diabolical of all is the 51% attack. This
is when a miner or group of miners control over 50% of the mining hash,
The attackers could cause transactions not to confirm and even
reverse transactions while they controlled allowing them to potentially
double-spend coins. So there is a correlation between the
blockchain functioning well and the difficulty.
To counter these things, several things were done. For the case where there are no miners of the mining, the difficulty is too high The POS part of the new coins will fix this. Additionally, To be able to accomplish a 51% attack you would need to have 50% of all circulating coins which is very likely not to happen. For the other issues, we have changed how the difficulty is calculated. It is based on the average times of the last 5 intervals. This value is then reduced by 25% and then further constrained to be within 50% of the calculated value. This will ensure the values of the difficulties will not rise too fast or too slow.
To counter these things, several things were done. For the case where there are no miners of the mining, the difficulty is too high The POS part of the new coins will fix this. Additionally, To be able to accomplish a 51% attack you would need to have 50% of all circulating coins which is very likely not to happen. For the other issues, we have changed how the difficulty is calculated. It is based on the average times of the last 5 intervals. This value is then reduced by 25% and then further constrained to be within 50% of the calculated value. This will ensure the values of the difficulties will not rise too fast or too slow.
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The Swap
The number of coins for the
swap was 7,318,750 WW the number of active coins plus 250,00 Waya Wolf
Coins V2. The developer's fund of 250,000 coins was used to pay
for various aspects of the swap. The number of coins swapped in the
bot-room tip-bot was 44274.91412019 WW and on the Frei Exchange, it was
1020205.08114601 WW for a total of 1,064,479.995266 WW. A sum of
1698461.38900984 WW was given to Unnamed to exchange all of the viable
coins. This number is very high and has several reasons:
Several of the main reasons for this is that I personally lost over 1,000,000 WW. The downfall of the now-defunct Cryptopia contained a great amount of WW trapped there. Those who did not get the word in time.
A number of blocks will be mined by me. The process of these blocks will go into the tip bot, thus ensuring a fair launch. These blocks are used to test the features of the wallets. Please note the coins I lost will not be replaced, I can no longer prove ownership and hence cannot be expected to have them swapped. An additional 50,000 WW will come out of the swap fund to pay those who tested the coin. These coins were not included in the development fund. 1217 blocks were used to test the coin this represents 15,212.5 WW which will be added to the faucet and used in the 5th year celebration of the Waya Wolf Coin.
Several of the main reasons for this is that I personally lost over 1,000,000 WW. The downfall of the now-defunct Cryptopia contained a great amount of WW trapped there. Those who did not get the word in time.
A number of blocks will be mined by me. The process of these blocks will go into the tip bot, thus ensuring a fair launch. These blocks are used to test the features of the wallets. Please note the coins I lost will not be replaced, I can no longer prove ownership and hence cannot be expected to have them swapped. An additional 50,000 WW will come out of the swap fund to pay those who tested the coin. These coins were not included in the development fund. 1217 blocks were used to test the coin this represents 15,212.5 WW which will be added to the faucet and used in the 5th year celebration of the Waya Wolf Coin.
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Coin Burn
A great question to ask is
where did all of the other coins from the swap go too?? And below
is the reason, I was hoping I could add more but the waiting period is
over and this material needs to be released for completeness.
It is most likely there will not be a decision made to release funds of the defunct Cryptopia Exchange. Therefore, the balance of the coins in the swap fund have been burned. However, should any WW coins be recovered from Cryptopia Settlement a new checkpoint will be created and a new swap will happen. The transaction is given below:
Status: 21 confirmations, broadcast through 4 nodes
Date: 11/5/2021 02:09
To: WNg2svm2qApxheBKndKGQ9sRwporvRgRpT
Debit: -3776081.11059016 WW
Transaction fee: -0.0001 WW
Net amount: -3776081.11069016 WW
Transaction ID: 2bdc996e0c4f37351224da04faea6fcd03aab1e228d53e94b70a0c4c065843b0
I had asked for a vote on releasing 500,000 WW from the Swap Fund to the Developer's Fund. There was an unanimous result of 12 votes for doing this. I had moved the funds. In retrospect, these 12 votes only represent less than 10% of the community as a whole. Therefore, over 90% did not vote and I think it was beyond my limits to take those funds and hence, will be burned. The transaction is given below:
Status: 11 confirmations, broadcast through 5 nodes
Date: 11/5/2021 04:30
To: WNg2svm2qApxheBKndKGQ9sRwporvRgRpT
Debit: -500000.00 WW
Transaction fee: -0.0001 WW
Net amount: -500000.0001 WW
Transaction ID: bd47a4ab4934b503760d96cb6fff66802c961bd94925443dcfd0df0b3a619ac2
It is important to note both burns used the same “To:” address. This address Wng2svm2qApxheBKndKGQ9sRwporvRgRpT came from http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses. And therefore is truly burned and provable. Therefore, at the time of this writing, the number of circulating valid WW coins is 3,519,691.38428. For the sake of completeness and transparency, the address of the Developer's Fund is WY48cym5Tvd3cBETpiRYMQpqAGQ5gExfBA.
It is most likely there will not be a decision made to release funds of the defunct Cryptopia Exchange. Therefore, the balance of the coins in the swap fund have been burned. However, should any WW coins be recovered from Cryptopia Settlement a new checkpoint will be created and a new swap will happen. The transaction is given below:
Status: 21 confirmations, broadcast through 4 nodes
Date: 11/5/2021 02:09
To: WNg2svm2qApxheBKndKGQ9sRwporvRgRpT
Debit: -3776081.11059016 WW
Transaction fee: -0.0001 WW
Net amount: -3776081.11069016 WW
Transaction ID: 2bdc996e0c4f37351224da04faea6fcd03aab1e228d53e94b70a0c4c065843b0
I had asked for a vote on releasing 500,000 WW from the Swap Fund to the Developer's Fund. There was an unanimous result of 12 votes for doing this. I had moved the funds. In retrospect, these 12 votes only represent less than 10% of the community as a whole. Therefore, over 90% did not vote and I think it was beyond my limits to take those funds and hence, will be burned. The transaction is given below:
Status: 11 confirmations, broadcast through 5 nodes
Date: 11/5/2021 04:30
To: WNg2svm2qApxheBKndKGQ9sRwporvRgRpT
Debit: -500000.00 WW
Transaction fee: -0.0001 WW
Net amount: -500000.0001 WW
Transaction ID: bd47a4ab4934b503760d96cb6fff66802c961bd94925443dcfd0df0b3a619ac2
It is important to note both burns used the same “To:” address. This address Wng2svm2qApxheBKndKGQ9sRwporvRgRpT came from http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses. And therefore is truly burned and provable. Therefore, at the time of this writing, the number of circulating valid WW coins is 3,519,691.38428. For the sake of completeness and transparency, the address of the Developer's Fund is WY48cym5Tvd3cBETpiRYMQpqAGQ5gExfBA.
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