SpainCoin final stage and coin destruction

Hi everybody! The final SpainCoin stage starts on Monday!

Stage 4 will begin on Monday, September 15th. We have about 7.5M coins remaining for the airdrop: we will be destroying 5M coins -initially we said half of the coins remaining, but we’re destroying more- and we’ll keep airdropping the final 2.5M (that’s just 5% of all SPA to ever exist) until they run out or the year ends (at which point we’ll destroy the few remaining coins, if any).

By the way, we remind you that now there is a payment processor that accepts SpainCoin! (cripto-pay.com)

Updated distribution plan:
Stage 1: 5M coins; ~1M were distributed, ~4M destroyed
Stage 2 began on June 10th, ~4M coins were distributed, ~6M were destroyed.
Stage 3 began on July 28th, ~2.5M have been given away, 5M will be destroyed, ~2.5M will be rolled over to the next (final) stage.
Stage 4 to begin on September 15th, giving away the remaining coins (~2.5M SPA), until the end of the year.

Cheers,

SpainCoin Stage 3 to begin on July 28th!

Hi all!

SpainCoin stage 3 will begin on Monday, July 28th. With still about 6M coins left in stage 2, it seems unlikely it will all be allocated, so we will again be destroying excess coins like we did in the previous stage, providing a boost to SpainCoin’s projected value. We’re also going to work again on the SpainCoin marketplace we had envisioned earlier on.

Updated distribution plan:
Stage 1 (already over) 5M coins, ~1M were distributed, ~4M destroyed
Stage 2 began on June 10th, max 10M coins to be given away, excess coins to be destroyed.
Stage 3 to begin on July 28th, max 10M coins to be given away, half of the coins remaining to be destroyed, the other half to go towards the final stage 4.
Stage 4 to begin in early september, giving away the remaining coins, until the end of the year.

Spanish:

La segunda fase de la distribución de spaincoin terminará el lunes 28 de Julio, y dará comienzo la fase 3. Todavía quedan unos 6M de monedas en la fase 2, de manera que parece improbable que se lleguen a repartir todas. Como en la fase anterior, en esta fase destruiremos las monedas que no hayan sido repartidas, dando un empuje al valor proyectado de SpainCoin. También vamos a volver a ponernos a trabajar en el marketplace de SpainCoin que ideamos tiempo atrás.

Cheers,

SpainCoin stage 2 is near! / Se acerca la fase 2 del reparto!

Hi everyone! / Hola de nuevo

(English: see below)

La fase 1 del reparto de SpainCoin terminará en un par de semanas. He decidido que las monedas de la fase 1 que no hayan sido distribuidas serán destruidas (4M+), ‘quemándolas’ enviándolas a una dirección para la que no tenemos clave privada. Esto hará que SpainCoin tenga más valor haciendo que el total de monedas proyectado disminuya. Vamos a empezar a dar tambien 20k SPA (de las monedas de la fase 1) a comerciantes que hagan promoción de SpainCoin (los que estén interesados, que se pongan en contacto con nosotros para decirnos como van a promocionar SpainCoin).

La fase 2 comenzará el 10 de Junio. Se darán 2500 SPA por persona en la fase 2. Quienes soliciten monedas por primera vez recibirán 2500 SPA. Los que ya hayan pedido monedas en la fase 1 no necesitan hacer nada, se les enviarán las monedas adicionales a su dirección que usaron inicialmente de manera que habrán recibido 2500 en total por dirección. Esto se hará gradualmente y aleatoriamente a lo largo de los 2 meses que dura la fase, de manera que no haya un pico de oferta (el reparto será así gradual).

He estado ocupado últimamente así que algunas cosas han quedado pendientes como el mercado de SpainCoin y el monedero de Android. Espero retomar esos proyectos en Junio.

 

English:

Stage 1 of the distribution will finish in a couple of weeks. I’ve decided that stage 1 coins that haven’t been distributed will be destroyed (4M+ coins), burning them by sending to an address for which we have no private key. This will make SpainCoin more valuable as the total number of coins projected will diminish. We will now also start giving away 20k SPA (from the stage 1 coins) to merchants for SpainCoin promotion efforts (merchants interested in thfis please contact us and tell us how you intend to promote SpainCoin).

Stage 2 will begin on June 10th. 2500 SPA will be given away per person on stage 2. Newcomers will get 2500 SPA. People who already requested their coins on stage 1 don’t need to do anything, coins will be given away to their addresses evenly/randomly (so that there isn’t a large spike in coin supply) over the stage 2 2-month period, so that they also get 2500 SPA in total per address, including the 500 SPA they got initially.

I’ve been busy lately so some stuff has been on hold for some time, such as the SpainCoin marketplace and the Android wallet. I hope to work on that again this June.

Cheers

SpainCoin updates

Hi all! / Hola a todos!

I’m going to be more or less absent for a week but I’d like to give you a heads-up on how things are progressing before I’m back:

- The SpainCoin marketplace is almost ready. When I’m back in a week’s time I’ll have it ready to go in no time. There you’ll be able to trade between yourselves in SpainCoin.

- The SpainCoin multipool is ready! There you can mine the most profitable coins and get paid in SpainCoin! It’s a great way to mine profitably and also help SpainCoin by creating buying pressure.

- You can now request coins if you’re a foreign resident with NIE or if you have a digital certificate for an incorporated business as well.

- The airdrop is progressing smoothly (1.75% of the premined coins have been given away so far). Given the identification method, we’ve seen a stable demand for coins instead of a sudden spike, as we expected.

- Stuff on our to-do list is not forgotten. The Android wallet and merchant integration are some of our top priorities.

- You can join our official forums to have a chat, get help or list stuff in the temporary marketplace sub-forum there.

Cheers

Llega el reparto – The ‘airdrop’ is almost here

Hi everyone! / Hola a todos!  (This post begins is in Spanish first, you can read an English summary below).

Han sido unas semanas bastante intensas para SpainCoin y han ocurrido muchas cosas desde el lanzamiento. Recapitulando, estos son los hitos principales durante este pasado mes de marzo:

12 de marzo: se lanza SpainCoin
13 de marzo: se puede cambiar SpainCoin por BTC en Bittrex y C-CEX
13 de marzo: block explorer funcionando
16 de marzo: añadida a CryptoRush y a Mintpal, exchanges más grande que las que nos habían añadido previamente. Añadidos en Poloniex también.
16 de marzo: añadida a Coinwarz y a Coinmarketcap
19 de marzo: blog de Spaincoin creado
20 de marzo: wallets compilados para Mac y Linux
24 de marzo: hardfork a Scrypt-n para solucionar problemas con multipools y añadir resistencia a ASICs
24 de marzo: The Cryptocoin Store acepta Spaincoin
28 de marzo: spaincoin.org es ahora multi-idioma.
28 de marzo: Badges de spaincoin aceptada aquí creados. Varios comerciantes más aceptan Spaincoin.
30 de marzo: SpainCoin añadida a Cryptsy, la casa de cambio de mayor volumen con diferencia. También a muchas otras de menor volumen.
5 de abril: hardfork para arreglar un exploit potencial en el ajuste de dificultad KGW. Cambio a DigiShield como método de ajuste de dificultad, lo que proporcionará más seguridad ante cambios bruscos de hashrate (multipools).
Por favor, actualizad a la última versión el monedero (v0.9.0)

La progresión de SpainCoin ha sido vertiginosa y ha conseguido en tres semanas lo que a otras monedas les lleva meses. A continuación detallamos lo que está por venir a corto plazo:

- Dado que la cotización de SpainCoin ha bajado, se dará una cifra inicial de SpainCoins que tenga una equivalencia razonable en euros para ser un incentivo suficiente. Serán más de las 100 Spaincoins que se había planeado inicialmente, intentando llegar a algo equivalente a entre 10 y 50 euros.

- Para quienes no tengan DNI electrónico y no quieran hacer ese trámite o no tengan un lector adecuado, aceptaremos también certificados FNMT de persona física.

- Estad preparados para el reparto: aseguraos de que el método de identificación que usareis funciona (por ejemplo necesitáis saber vuestro PIN del DNIe y los certificados del DNIe caducan a los 30 meses). Visitad esta web para preparar vuestro ordenador para el uso del DNIe. Para conseguir un certificado FNMT de persona física podéis ir a esta otra web. Los lectores de DNI electrónico se pueden conseguir en tiendas de informática, en Correos o en tiendas online (incluso por ejemplo, con lector de tarjetas de fotos incluido, o integrados en un teclado).

- Durante este mes empezarán a salir algunas entrevistas y artículos que se han hecho con distintos medios de comunicación.

- El monedero de Android se ha visto retrasado por los cambios originados por el hardfork para arreglar el posible exploit de KGW que ha afectado a muchas otras monedas además de SpainCoin. No vamos a dar fechas, pero desde luego que habrá monedero para Android, pronto.

- El desarrollo de software para el reparto está muy avanzado y hemos comprobado que podemos hacer uso de DNIe y certificados FNMT satisfactoriamente. Todo estará listo para cuando comience el reparto el día 16 de abril.

- Tenemos ya varios comerciantes que aceptan SpainCoin, pero vamos a ponernos en contacto con muchos más a lo largo de este mes para que haya una buena oferta de comercios donde usar SpainCoin. Si queréis aceptar SpainCoin en vuestra tienda, poneros en contacto con nosotros.

- Además, se va a crear un mercado donde los usuarios podrán comerciar entre ellos, vendiendo artículos entre particulares a cambio de SpainCoins. Allí también se ofrecerán tarjetas regalo de diversos comercios a cambio de SpainCoins.

- Se añadirá más información a la web, sobre el reparto, el uso de DNIe y certificados, comercios, etc.

Gracias a todos los que nos apoyáis, esperamos veros pronto recogiendo vuestras SpainCoins!

_________________________

English summary:

These past few weeks have been intense for SpainCoin, a lot of things have happened since launch. SpainCoin’s progress has been much faster than that of other coins, what we have achieved in three weeks often takes months for other coins.

This is what’s coming next:

- Given the fact that SpainCoin’s value has been down lately, we’ll give away more coins during the airdrop, enough to be a good incentive for adoption -equivalent to approximately between 10 and 50 euros.

- We’ll be accepting FNMT certificates as well as DNIe for identification. Those who don’t want to use their ID card will be able to get their personal certificate for identification from the government website.

- Some interviews and articles that have been worked on by the media will start to be released during this month.

- The Android wallet has been delayed by the hardfork to fix the potential KGW exploit that has affected many other coins as well. We’re not giving a date but rest assured, there will be an Android wallet, soon.

- Software development for the airdrop is in its last stages and we’ve successully tested ID cards and FNMT certificates for identification. Everything will be ready for the airdrop on April 16.

- There are several merchants accepting SpainCoin already, but we’re going to get in contact with many more during this month so that there will be many to choose from.

- Also, a marketplace will be created where users will be able to exchange goods for SpainCoins between them. There will be gift cards from several well-known retailers for sale as well.

- More info about the airdrop, use of ID cards and certificates, shops… will be added to the website.

Remember to update your wallet to v0.9.0 for the KGW fix! this is a mandatory update.

We’d like to thank all our supporters, we need you to make SpainCoin a big success!

SpainCoin hardfork (UPDATE WALLETS!)

Hi all,

The new wallet ready! You can download it here: spaincoin.org
Remember the hardfork is this Monday, March 24th at 18:00 GMT! update your wallet now!

  • If you’re a normal user the only thing you need to do is use the new wallet (version 0.8.8).
  • If you’re a miner, you will need to switch to another mining software for Scrypt-n adaptive, on Monday. Your pool ops will tell you about this. You can use the same miner that’s used to mine Vertcoin (you can find the miners here, and a thread about mining settings for Scrypt-N here).
  • If you’re a pool operator or exchange, we’ve already contacted you (contact us if you have any questions).

This fork will stop multipools completely and it also hardens SpainCoin against scrypt ASIC mining in the future.

Multipool trouble

tl;dr: Multipools are hitting us, causing trouble for miners and lowering the coin’s value. The Spaincoin network itself is completely healthy thanks to KGW. We’ll fix this issue completely with a hardfork soon, so multipools will stop hitting us.

The main reason for the decline in SpainCoin is that a multipool has been hitting us hard lately. It has starved miners by constantly raising diff and leaving, then coming back at low diff, thus screwing over miners, who have switched to other coins. It has also made the price plummet by dumping all it mines. I have been looking at the blockchain and I’ve been investigating a bit so I’ve been able to determine which pool it is with a fair degree of certainty. I’ve contacted the owner of the multipool and asked him to back off a bit so that the coin can grow, and while he hasn’t replied he seems to have stopped hitting us so hard. I’ve seen honest pools are regaining hashpower now and things look much better overall.

This is not the end of the story, however. KGW was implemented in SpainCoin to prevent multipools from killing the coin immediately after hitting it hard, but no difficulty retarget algorithm can prevent them from doing a fair amount of damage to the miners when their hashrate is so high compared to our “organic” hashrate. DigiByte’s DigiShield makes the cycle shorter and lowers the diff more quickly so it reduces the time between blocks when the diff is higher, but you can see on their blockchain that they’re being hit hard by multipools regardless, the diff oscillates as they join and leave, damaging honest miners regardless. Honest miners are essential to keeping a healthy net hashrate so we have to fix the issue; the sooner we do it, the better.

We do have a solution to this fix the problem. It involves both some small changes that mitigate the issue and a proof-of-work algorithm change that will make it dissapear completely. We’re strongly considering Vertcoin’s Scrypt-n adaptive, as it’s been adopted by many miners and pools already and it has well-known cgminer-like mining software available Obviously something like this will require a hardfork. We will be testing the changes and we will set a date for the hardfork to take place. The changes will be done in such a way as to cause as little impact as possible to users, miners, pools and exchanges. Hopefully, the hardfork will be as smooth as SpainCoin’s launch.

Initially, when we launched SpainCoin, Scrypt was chosen because of its popularity among miners. But given the amount of novice miners joining multipools exclusively lately, the proliferation of these greedy parasitic pools has become a plague that will, together with the upcoming scrypt asics, kill all scrypt coins eventually (except for the strongest one). I knew it would probably come to this in time, I just didn’t think the multipool problem would be so bad, so soon. I underestimated the issue until I saw it happen to this new coin I’ve launched and watched so closely. I was blind because I had been ignoring new and small scrypt coins for some time.

So, please keep mining SpainCoin and keep supporting SpainCoin. Everything is back on track. We’ll keep you posted.