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How A Block Is Born

This is a chat snippet between TurtleCoin Developer Bebop and Atakor, from a time when Atakor asked about how blocks are formed. Bebop gave a great description, and recently Hai brought it to my attention that it never got posted. I felt it was best to leave it raw and unedited, so excuse any LOL’s or spelling mistakes please. Thanks Hai for bringing this to my attention.

image credit: Malware Bytes

Atakor-01/16/2018

this is not really offtopic but i don’t want to pollute general and interupt the ongoing discussion: how are transactions validated in cryptocurrencies, specifically PoW ones?

Bebop van Saberhagen-01/16/2018

well in a nutshell laymen’s terms each block is a hash of the previous block and some digital signature information from the sender and the solution to the PoW and the miner

it uses cryptographic key pairs so that it’s basicalyl pretty easy to verify the validity using the public keys — where it’s computationally difficult to try to reverse the private keys used to sign all the information

Atakor-01/16/2018

so noone has to do anything “manually” to verify transactions

everything is automated

Bebop van Saberhagen-01/16/2018

correct

Atakor-01/16/2018

mining = generating coins + validating transactions

Bebop van Saberhagen-01/16/2018

yeah so it’s like this

Atakor-01/16/2018

k great, thanks, i’ll check all the technical details on how it’s done later

Bebop van Saberhagen-01/16/2018

the blockchain is just a ledger right

Atakor-01/16/2018

i’m curious but never took the time to really understand the whole thing

yep it is

Bebop van Saberhagen-01/16/2018

well first let me ask you this

do you know what a hash is?

Atakor-01/16/2018

yes

Atakor-01/16/2018

was going to say, i’m a computer science graduate just didnt take time to read the details on how the whole thing works

i understand everything on a superficial level

Bebop van Saberhagen-01/16/2018

ok awesome

just don’t want to explain stuff you already know

Atakor-01/16/2018

yeah ofc

Bebop van Saberhagen-01/16/2018

ok so think of it like this

let’s say we’re a group of friends and we create a currency. we agree there are 100 units of fartcoin there’s 10 of us in the group and we all put it in 10 bucks in a pot and say our 100 units of fartcoin are worth the 100 dollars in the pot…

now we decide instead of printing out or making physical tokens for this currency we’re Bebop van Saberhagen-01/16/2018

ok so we say any time anyone transacts, the transaction isn’t official unless the spreadsheet is updated.

so we agree that @Atakor is going to keep up with the spreadsheet and so any time anyone does a transaction they get you to update the record. now you’re the central authority

this is bad because you could lie, for your own benefit or just because. you could get overwhelmed and fall behind or become unreliable

you could try to game the system in less apparent ways like delaying transactions in a way that gives you some advantage

Atakor-01/16/2018

Satoshi Nakamoto, ladies & gents
this is valuable text for beginners, i wonder if you can put it somewhere not to be lost

just goign to do it virtually

but we need a way to track the transactionso f this virtual currency right

so that you don’t sell your 10 worth to me and then tell someone else you still have it and sell it to them (double spend)

and so that once i buy 5 from you and 5 from john, now i i have 20

right

Atakor-01/16/2018

oh

i think i know all of this actually

Bebop van Saberhagen-01/16/2018

so we say ok we’ll make a spreadsheet

Atakor-01/16/2018

don’t want you to go too deep

to basic i mean

i know how the tech works more or less

Bebop van Saberhagen-01/16/2018

don’t worry i’m gonna round it out to pOw niceley here in a sec

PoW

lol

Atakor-01/16/2018

just was confused about the validating transactions part

Bebop van Saberhagen-01/16/2018

other people might be reading this

Atakor-01/16/2018

ok cool

oh yeah that’s true!

Bebop van Saberhagen-01/16/2018

ok so we say any time anyone transacts, the transaction isn’t official unless the spreadsheet is updated.

so we agree that @Atakor is going to keep up with the spreadsheet and so any time anyone does a transaction they get you to update the record. now you’re the central authority

this is bad because you could lie, for your own benefit or just because. you could get overwhelmed and fall behind or become unreliable

you could try to game the system in less apparent ways like delaying transactions in a way that gives you some advantage

Atakor-01/16/2018

Satoshi Nakamoto, ladies & gents

this is valuable text for beginners, i wonder if you can put it somewhere not to be lost

Bebop van Saberhagen-01/16/2018

so we say ok that won’t work we want a distributed situation. so we set up a group email and say now, for a transaction to be official, you send a message to the whole group and then everyone updates their own copy of the spreadsheet

Atakor-01/16/2018

and to be easily accessible(edited)

Bebop van Saberhagen-01/16/2018

but now we have a few new issues

sycnrhonization

what if everyone doesn’t see the message and update at the same time. what if soem people never get some messages, etc

and how do we know the update messages we’re receiving are legitimate

so there’s two elements to this

the first is hashing and encryption. every transaction record is just data so we can hash that, and we can hash that with the previous records. so the sender of the transaction basically does a signed hash of that and that basically gives a sequence of hashes that can be computationally verified and have mathematical guarantees of correctness and crytographic validity

now the 2nd part is consensus. how do we get everyone synced and agreeing on the same sequence of hashes

so the way we get consensus with PoW is we say ok. we’ll do updates on a sort of time interval

and for every single round, 1 random person gets to be the one to update the transactions, and that person signs it with his/her signature and then everyone gets that one as their copy

so how do we choose a random person? we don’t. we do a number guessing game, but it’s not just a simple number guessing game, it’s a hashing game

you gotta guess a number and then carry out computations on it to see if it produces the target number

and whoever guesses it first tells everyone ‘hey i got it!’ and then he can provide the solution — that is computationally easy to verify but computationally difficult to guess

think of it like a set of keys and a lock

100 billion keys or something

and you gotta go through one by one and find the right key for the lock

but once you do, it’s easy for people to insert it into the lock and verify that it opens

sorta like that, via hashing

so you if you guess that round, you tell everyone, and basically if majority quickly verifies and agrees with you, 51% or more, that’s the blockchain now

but what if no one guesses in a round?

well instead of an actual fixed time, we say a round is whenever someone finds the solution

and then we say instead of having to guess the exact number, we say you have to be within a range. and the higher the difficulty, the narrower that range, and we adjust the difficulty each round tryign to target a certain timeframe

in turtlecoin that timeframe is 30 seconds

so each round is not exactly 30 seconds but if there is more hash power then they’re gonna solve it faster and the algorithm is going to increase difficutly on subsequent rounds

and because each round takes time + computational work (hardware + electrical costs) we give a payout — a portion of our virtual currency — for solving the round to incentivize this number guessing and verifying (which we call mining) and because it is incentivized, multiple people participate and invest resources making it hard for a single entity to maintain majority by itself

now instead of a few people starting by putting money in a pot, we just say the only way a unit of this currency can be put into circulation is by mining it

the ledger starts at 0 for everyone

how was that? how’d i do?

Atakor-01/16/2018

your explanation skills are top notch

i wouldn’t have been able to formulate it as clearly and in such a continuous way

Bebop van Saberhagen-01/16/2018

thanks

once everything is a sequence of numbers now you see how the verification is automated

so in theory i cuold tap you on the shoulder and say hey, fuck @RockSteady Nakamoto , we’re gonna make up some false transactions and send all his coins to us, even tho we don’t know the valid keys for that we’re just gonna accept it as truth(edited)

there we go

and you say yeah, definitely let’s do it

and we just agree on the fake transaction

well problem is, we’re not gonna be able to get 51% of the people to agree probably with an invalid transaction

and becuase each block is a hash of the previous

Atakor-01/16/2018

51% is 51% of the hashing power right?

Bebop van Saberhagen-01/16/2018

every subsequent transaction would be invalid

yeah you can put it in those terms too as hashing power

now there have been cases when that has happened (ethereum)

but not everyone agreed. they forked

Atakor-01/16/2018

or mining power should i say (de-hashing, finding the hash)

Bebop van Saberhagen-01/16/2018

those kinds of forks can easily happen. sometimes the fork doesn’t maintain interest/value and dies or staggers along and sometimes it does well. blockchains can fork for a number of reasons

that’s where you get bitcion and bitcoin cash and what not

blockchain forks may or may not come with some software or protocol changes, but one can also deploy new blockchains with the same software and protocols or with different software and protocols

Atakor-01/16/2018

(check PM pls)

as i told you, this explanation is valuable, you might want to save it somewhere

hai-01/16/2018

@Bebop van Saberhagen as a non-cs graduate I found that very informative this should be on turtlecoin.lol or the welcome channel as a pinned message

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This Week In TurtleCoin (Feb 2 2018)

Today’s value, 7SAT — BTC@8579

The chat grew from 2736 to 4736 turtles this week! Turtle-devs consumed 14.3 gallons of Red Bull while submitting updates for everything they’d ever touched, it seems. The dev team has grown by a factor of three, and we got a lot of good feedback after the success of the update article last week, so here’s another status check!

Sidenote: Just in case you were about to ask for a different type of update, no, TradeSatoshi hasn’t contacted us about the review yet.

  • The Meetup — Blockchain901 cryptocurrency group invited TurtleCoin developers to present TurtleCoin at the FedEx Institute of Technology. Several TurtleCoin contributors showed up to talk about the technology, the community, and their experiences with TurtleCoin to a large audience of crypto enthusiasts. Bebop attended to lead the discussion and @RockSteady joined remotely via Skype to tell the story of TurtleCoin’s origin! 1,200,000 TRTL was given out and everyone had a good time. Big thanks to @brianwentzloff @serroft and @Ereptor !
    Blockchain901 — https://twitter.com/blockchain901

Check out Turtle Trouble by GT3000 — http://gigatank3000.com/turtle-trouble/
  • Turtle Trouble Video Game — When I saw this project, I had to take a step back and think about how far this Turtle thing had really gone. GT3000 made a really cool game that is surprisingly addictive. Check it out! 
    Turtle Trouble is inspired by the amazing community surrounding Turtlecoin. I wanted to make a game that would reflect the light-hearted approach to cryptocurrency that you just don’t see very often and is sorely lacking.” — GT3000
    Play Turtle Trouble! — http://gigatank3000.com/turtle-trouble/
  • Make It Rain Turtles! — Chat user MoonMoonDoggo adapted the TurtleBot code from CodIsAFish’s TurtleBot and has turned it into a rain bot! Now Turtles in the chat can send coins to the bot’s donation address and the bot announces pending rain, giving everyone a chance to PM their wallet to the bot and do a rain dance to catch free shells as they rain from the sky!
  • WooCommerce TurtleCoin Payments — New user Fexra came in with a bang, quickly putting together our WooCommerce payments integration! Here’s a quick snippet about this project from the creator themself! 
    I’m happy to announce the turtlecoin powered payment gateway for WooCommerce. This plugin will allow any ecommerce store powered by WooCommerce to start accepting payments in TRTL. Currently the plugin only supports USD, EUR, CAD and GBP but the next release will support the 20 most used currencies.” — Fexra
    GitHub — https://github.com/turtlecoin/woo-turtle
  • TurtleCoin Multiplatform Easy Installer — Cowabunga! The turtlecoin project installation process is now a fully automated bash script supporting both OSX and Ubuntu which can be loaded and run in one single easy command. Try it yourself in your terminal with the following command all on a single line:
    curl -sL "https://raw.githubusercontent.com/turtlecoin/turtlecoin/master/multi_installer.sh" | bash
    GitHub — https://raw.githubusercontent.com/turtlecoin/turtlecoin/master/multi_installer.sh
  • Brian’s TurtleCoin Tshirts — Shirts are still a hit, and new designs have been added to the store! Check them out!
    Store — https://cryptogifts.store/product/short-sleeve-t-shirt-2/
  • madk’s Free TurtleCoin Faucet — The faucet took a beating this week, with hungry Turtles chomping at the captcha piece by piece! Adjusted for demand, the faucet now dispenses 1 TRTL, 3 times per day per Turtle! Remember, the faucet is preferred to be used by first timers so they can try out the network, please don’t be greedy! Madk had this to add: “development on the faucet has continued due to overwhelming growth. Implementing security measures to keep it alive as turtlecoin has become more popular have just finished and appears to be a success.
    To add TRTL to the faucet for new users, send donations to: TRTLv14M1Q9223QdWMmJyNeY8oMjXs5TGP9hDc3GJFsUVdXtaemn1mLKA25Hz9PLu89uvDafx9A93jW2i27E5Q3a7rn8P2fLuVA
    Faucet — http://faucet.trtl.me
  • Tek Syndicate featured a video on how to mine TurtleCoin 🙂 Thanks Logan! We apologize in advance for the price of GPUs, and our effect on them!

  • Paper-wallets —@Ereptor fixed up our paper wallets with better entropy generation. The wallet is now adding extra entropy in every request, giving you better and more secure keys every time.
    Paper-Turtle — https://github.com/turtlecoin/paper-turtle
  • TurtleCoin Android — These guys are building an Android wallet using a programming language that is hot on the Android scene called Kotlin. I spoke with mobile developer HolmHolk for this update: there is a dark theme (night mode) now, and some implementation optimization
    Github — https://github.com/turtlecoin/mobile-kotlin
  • Sue from TurtleCo.in pool had a baby!! 5:02AM – Feb 2nd, 2018! Congrats Sue!
  • Block-Explorer — The bounty for the block explorer has been claimed, and we’ve established a permanent installation thanks to community member Watter who set it up and continues to add improvements. Thanks Watt!
    Watter’s Block Explorer — http://turtle-coin.com
  • TurtleCoin FAQ — ZedPea and Bebop have been hard at work assembling our Documentation repository. If you’re a new turtle and you don’t feel like coding but you still want to pitch in, start here! We always need help with Documentation.
    Github — https://github.com/turtlecoin/docs
    FAQ — http://faq.turtlecoin.lol
  • Community Directory was updated; a simple website called TurtleTurtle.org has links to all community services and projects. Please email turtlecoin.lol on gmail if your TurtleCoin service or website is not listed.
  • desktop-xamarin (Windows GUI Wallet) — This is a GUI wallet being created by ‘TheRealCrypt” who goes by the Github username codingwithredbull. This wallet was created using Xamarin, and is quickly becoming the most visually ornate wallet we have. Currently, the wallet splits large transactions, chooses sensible fees, helping new users generate successful large transactions to and from the exchange. 
    Github — https://github.com/turtlecoin/desktop-xamarin
  • turtle-wallet (Multiplatform GUI Wallet) — I spoke with CodIsAFish who has been working with Serroft on our Python and Glade multiplatform GUI wallet. Currently the project is reviewing a sizable pull-request that includes many usability improvements. As our first baked-at-home wallet GUI, this project has a special place in our hearts, minds, and liquor closets. Thanks guys!!
    Github — 
    https://github.com/turtlecoin/turtle-wallet
  • turtlecoind-js — Our very own TurtleCoin core dev Bebop is working on a javascript wrapper for our software that will let us do cool things like web wallets and bots. He had a few things to say “All rpc interface methods are implemented for both turtlecoind and walletd. Next step is callback handlers and testing and then it should be ready for beta” This is a cool idea, and I can’t wait to see how other projects end up using it! Keep going!
    Github — https://github.com/turtlecoin/turtlecoind-js
  • TurtleCoin v0.3.1 — This forthcoming update has contributions from many devs who spotted improvements and best practices we could implement in the next release. The work is never done! This version includes substantial work from Nnamon and TheRealCrypt. 
    “A few security improvements for v0. 3.1 were made to the core executables. The RPC interfaces to the simplewallet and walletd will require RPC authentication (or an explicit override). Other improvements to walletd include more secure networking defaults.” — Nnamon
    Great work guys! 
    REMEMBER!: Pools and service operators, please update your daemon and service/pool software before block 187,000.
    Github — https://github.com/turtlecoin/turtlecoin

Thank you to everyone who provided quotes for this weekend wrap-up! Contributors, readers, users, project leaders, you all did a fabulous job this week! Have a great weekend!

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This Week In TurtleCoin (Jan 26 2018)

Today’s value, 10SAT — BTC@10856

The chat grew from ~600 to over 2736 turtles this week . Morale has been at an all time high, as well as our ticker value, and even our brawlers have stopped arguing about the practicality of tuples in C# code. All around it has been insanely productive, and you all owe yourself a pat on the back and something bubbly.

Here is a little weekend status update for those of you that are curious what the community did all week:

  • TurtleCoin dev ‘Rocksteady’ was interviewed on episode #3 of Kevin Rose’s new BlockZero podcast about the beginnings of the TurtleCoin project. Please subscribe if you like what you hear, and drop Kevin a line in the chat if you want to say thanks!
    RSS — https://rss.simplecast.com/podcasts/4267/rss
    iTunes — 
    https://itunes.apple.com/us/podcast/id1338620184
  • Brian’s TurtleCoin Tshirts — These were a surprise hit with the community, and I even got one for myself and Mrs. Steady. Check out this link if you want one, and you can even pay with popular cryptoassets. 
    Store — https://cryptogifts.store/product/short-sleeve-t-shirt-2/
  • madk’s Free TurtleCoin Faucet — One thing that’s been an even bigger hit than the shirts, and something that has saved my fingertips has been madk’s Faucet, where you can fill in a TRTL address, complete a captcha, and get a bunch of free TRTL per day, which is completely community supported. “Turtlecoin stood out as an impressive and fun project just from the website. The community was very welcoming and I wanted to get involved in the development work. No working faucet had been made at the time, so I tackled it as my project. A faucet is important to any coin’s growth and I’m proud to say that I made turtlecoin’s first.” Without generosity, this community doesn’t function, and without madk’s generosity, we’d have a lot less turtles out there!
    Faucet — http://faucet.trtl.me
  • TurtleCoin Android — These guys are building an Android wallet using a programming language that is hot on the Android scene called Kotlin. I spoke with ShAdY in the #dev-mobile chat for this update: 
    “We implemented a basic contact book with a Database(almost done with this, will add search/filtering & backup/restore), QR-Code Features, and an About screen(edited) I’m gonna finish working on the contact book and hopefully we can implement real functionality soon” 
    Developer neverdot also had an update to add, “UX is coming along nicely, as shady said QR and address book is also working, network stats are functional. Still don’t have the turtle code compiling on mobile but there is a bit more progress.” Outstanding work, guys 🙂
    Github — https://github.com/turtlecoin/mobile-kotlin
  • Block-Explorer — We held a bounty contest for the block-explorer, which we forked from the Karbowanec project, and the responses were very quick. The first complete entry was Devopsralf who claimed the bounty of 1MM TRTL Thanks to all who participated and continue to submit updates: Turtle0x1, islandjim, Watt3r, Devopsralf
    Devopsralf had a few words for the readers, “I stumbled upon TRTL by sheer luck. I was instantly drawn to its active community and solid development atmosphere. I wanted to create something that would help the project in general and having a need for a block-explorer was the perfect opportunity for me. I really hopes this project succeeds and I cannot wait to see what the future holds for Turtle. Cowabunga!” Good guy Ralf, thanks man!
    If you’d like to host a block explorer, please contact us to be added to TurtleTurtle.org
    Github — https://github.com/turtlecoin/block-explorer
  • TurtleCoin FAQ — This one was a much needed labor of love from ZedPea, who took the time to take all of the common setup questions and concerns, plus a concise solution for them and put them into this FAQ for us. This is a fantastic contribution to the project that anybody can contribute.
    Github — https://github.com/turtlecoin/docs/blob/master/FAQ.md
  • Community Directory was created; a simple website called TurtleTurtle.org has links to all community services and projects.
  • desktop-xamarin (Windows GUI Wallet) — This is a GUI wallet being created by ‘TheRealCrypt” who goes by the Github username codingwithredbull. This wallet was created using Xamarin, and is quickly becoming the most visually appealing wallet we have. TheRealCrypt said, “I could tell TurtleCoin was a unique project from the start, and wanted in on the development right away. All the developers, including myself, have overcome great feats in very short periods, and it shows the nature of how great one project can be when it has a large amazing community behind it. I have had the wonderful pleasure of working on the wallets for TurtleCoin to help users better manage their coins, and I tried not to stop there. I have been working on modifying the current daemon for use on mobile products, and also help with adding ideas to projects to help push PR higher so that all of us my benefit from the amazing community and project that is TurtleCoin.” And we thank you for supporting us, Crypt 🙂
    Github — https://github.com/turtlecoin/desktop-xamarin
  • turtle-wallet (Multiplatform GUI Wallet) — I spoke with CodIsAFish who has been working with Serroft on our Python and Glade multiplatform GUI wallet. Cod said “Turtle-wallet is currently progressing very nicely, with several pull requests having been made, fixing up a lot of things. We hope to have a bit of a redesign at some point, but our main aim is to get a functional GUI wallet out of the door and working for everyone! Currently we’re just working on a few final things, then the wallet can be tested for a very basic functionality release.” Thanks, guys! This wallet is really fun, and is a perfect start for a new developer who wants to tinker with TurtleCoin.
    Github — 
    https://github.com/turtlecoin/turtle-wallet
  • turtlecoind-js — Our very own TurtleCoin core dev Bebop is working on a javascript wrapper for our software that will let us do cool things like web wallets and bots. He had a few things to say “turtlecoind-js and turtlecoinwallet-js (name may change there) are JavaScript libraries that wrap TurtleCoind daemon and wallet JSON-RPC calls into easy-to-use JavaScript APIs. These libraries will enable the development of JavaScript/HTML applications that depend on interaction with the TurtleCoin blockchain and wallets.” This is a cool idea, and I can’t wait to see how other projects end up using it! Keep going!
    Github — https://github.com/turtlecoin/turtlecoind-js
  • TurtleCoin v0.3.0 — This update has contributions from many devs who spotted many typos, inconsistencies, and functions that needed help. One of the biggest improvements was a change of difficulty algorithm to remove some of the incentive for large botnets to swarm our network and spiking the hash rate. This change should take place by block #187,000 automatically as long as you’re running the updated software. 
    The source code is up for inspection if you’d like to compile on your own, but if you’re a Windows or Mac user or just don’t have the time, community compiled binaries are on the way. Thanks to nnamon for the git-fu to the rescue!
    Github — https://github.com/turtlecoin/turtlecoin
  • paper-turtle — This is our cold wallet or paper wallet generator that we use for https://turtlecoin.lol/wallet We had an issue where it was supplying a mnemonic and GUI key, even though we don’t have anything to interpret or receive those yet, and there were many tears while that got worked out. The mnemonic and GUI key should have never been on there, and it was put up in such a hurry that we ended up overlooking the fact that it didn’t work in our graphical wallet.
    Github — https://github.com/turtlecoin/paper-turtle

Thank you to everyone who provided quotes for this weekend wrap-up! Contributors, readers, users, project leaders, you all did a fabulous job this week! Have a great weekend!

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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

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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

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

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