Categories
All Feature Story

Big Turtles Get Stuck!

To put it in simple terms, there’s an issue we’re running across out in the wild and figured it would be best to get ahead of it and keep the community aware of what is going on, and a possible solution while we address the issue.

A whale-turtle struggles to rebroadcast his transaction.

We’ve noticed that sending large transactions (2,000,000+ TRTL) can sometimes get a little hairy, because your wallet will notify both sides of the transaction that a transaction has been broadcast, but the transaction never gets confirmed, or included in a block. This ends with the transaction getting stuck, and after 1–21 days, cancelling.

Normally this is fine.

In Bitcoin and other networks, these stuck funds return to your wallet after some days of not being processed, (they never really left), and you’re able to resume spending. In our case, however, and at least when it has happened to me, the funds remain stuck, and then when the transaction cancels, the wallet software still interprets these funds as attempting to be double-spent, like a US dollar hot off the photo-copier machine.

What’s the problem?

When someone creates a transaction with qualities that make it unsuitable to be processed, it cannot be included in a block easily or quickly. Similar to bitcoin, if you send a large amount of coins with no fee or very little fee, they can sit in the transaction pool until blocks expand to fit the extra size of the transaction into a block.

A good rule of thumb is to use 100 TRTL fee for every 1,000,000 TRTL you send, . If you’re sending less than a million, a fee of 10 or less is fine.

What’s The Solution?

For now, if you have to send a large transaction, split your transaction up into a few chunks of 500,000 TRTL, and if you don’t need the extra transactional privacy, you’ll increase your luck of not getting stuck by using a 10+ mixin for now until a fix is released. Confirmation time is fast on the network, there is no reason to send a large amount of coins all at once and expect it to clear easily.

For the nerds, or people who enjoy a more technical assessment of the situation: https://github.com/forknote/cryptonote-generator/issues/54

Categories
All Feature Story

One Trillion Turtles: Coin Supply and Unit Economics

a wild TRTL appears!

Out of everything we get asked the most, and probably the biggest criticism, we, as a project, receive, is..

“Gee, a trillion coins.. That’s a lot of coins, are you sure that’s a good idea? Nobody would ever list that, the value is too low.”

The first time someone raised that argument, I’ll admit I was impressed, which faded to disappointment, but then ultimately I settled for excited, because I knew I’d get many chances over the following weeks to explain why TurtleCoin was built this way. This article is a summary of our rebuttal for why there are so many TRTL to be generated.

Let’s talk about supply.

When we say “coins” or “total supply” or “total TRTL”, what we mean is that there are1,000,000,000,000.00 TRTL planned to be emitted over the lifetime of the network. That’s 1 Trillion total TurtleCoins. You might ask, “what about the “total supply” of some of the most popular coins out there?

BTC ~21,000,000 (lifetime)

LTC — 84,000,000 (lifetime)

ETH ~97,883,120.97 (currently)

TRTL — 1,000,000,000,000 (lifetime)

IOTA — 2,779,530,283,277,761 (lifetime)

When we say “units” or “divisible units” or “shells” or “turtle cents”, we are talking about the two numbers after the decimal, which are the smallest 0.01 pieces of TRTL that can be made. So when removing the decimals, we get the following amounts of units:

TRTL — 100,000,000,000,000

BTC ~ 2,100,000,000,000,000 Satoshis

IOTA — 2,779,530,283,277,761 IOTA

LTC — 8,400,000,000,000,000 Photons

ETH — 97,879,990,190,000,000,000,000,000 Wei

According to my googling of these figures, you’ll notice TRTL has a number of units far lower than the others surrounding it.

I’m going to use this new-found knowledge to one-up my friends and feel superior to my acquaintances!

So what’s all the fuss about? Why did we choose to even have a decimal place, instead of having bigger unit groups like kTRTL’s or something?

It’s really just a psychological thing. We didn’t intend to make it this way, it’s just a response to how humans think; there is still a large vocal majority of new and inexperienced people who say “Bitcoin is too expensive, I’ll never be able to buy it” and that mentality will probably never be changed.

Conversely, there is an equal amount of uninitiated users that find the amount of digits to the right of the decimal place off-putting and hard to grasp. This way of thinking about numbers when it comes to money, frankly, has very little chance of changing for these two groups of people, and that’s okay.

Part of getting new users is about meeting them in the middle. That means giving them numbers and systems that are familiar and relatable to them.

So, while we know and acknowledge that the decimal placing doesn’t matter, why don’t we put it somewhere that makes everyone feel good, in a place where shoppers can do the math easily in their heads, and miners can realize an adequate return on a day’s work mining.

I think ultimately this will serve us better from a new-user‘s ’perspective.

If you have ideas you’d like to contribute, please leave them as a response below, or join us in the Discord Chat

— —

If you want to know more about what TurtleCoin is, http://turtlecoin.lol

If you want to start mining TurtleCoin, http://mining.turtlecoin.lol