ULI Hard Fork August 11, 2017
New Wallet Released, 18.104.22.168-ULI MANDITORY UPDATE BY August 11, 2017ZEITCoin Web Site download from
The AltCoin ZEITCoin will change to an ultra low inflation Proof Of Stake (POS) digital currency sometime during the 1st or 2nd quarter of 2017. ZeitCoin has been a kind of phoenix in the altcoin world in that the original developers abandoned the coin but the very active community would not let it die. The ZeitCoin community recently came to the decision, in an effort to ensure the long term viability of the coin, to change the POS percentage to an ultra low rate of 0.0005% (the rate is currently 5%).
The thinking behind the change is to reduce the massive number of new coins that are generated each day. Other planned changes include changing the minimum stake age to 1 day, and blocks will no longer split after staking (the stake amount is just added to the block amount). This last change will help with one of the hidden problems of the POS wallet – lots of small blocks generated by staking and the need to clean them up periodically.
Hopefully this change will increase the price of the coin relative to Bitcoin, Litecoin, etc., as well as generate more interest in the coin.
ZeitCoin has Zeit Knights which help to determine the direction of the coin as well as provide tithing of Zeit to do good around the world. Entrance requirements to become a Zeit Knight are to maintain 100,000,000 coins in a wallet. The next ZEIT Knight registration is in March of 2017. Follow the ZEITCoin thread here to keep up with coin developments and Knight registration (read the last several pages and the first page).
Below is a very short transaction speed and capacity comparison from Kiklo, one of the ZEITCoin community‘s most ardent supporters:
- BTC max is 7 transactions per second, which means the Maximum it can handle would be ~4,200 transactions per block per 10 minute block.
- ZEIT max is 20X that since our block speed is 30 seconds instead of 10 minutes.
- So ZEIT maximum would be 140 transactions per second , which in 10 minutes would be able to process a maximum of 84,000 transactions.
- ZEIT 84,000 transactions Verses
- BTC 4,200 transaction every 10 minutes
- ZEIT can handle BTC current volume without even blinking
Great quote from post on ZEITCoin BitCoinTalk thread explaining why the move to ULI will benefit this coin.
Yup. Not that this is something people like to acknowledge, but one of the things that discourages traders from trying to increase the price of the coin (and promoting it) is the fact that the new supply will always create that downward pressure. By removing that pressure, and making earnings a function of transaction velocity (everyone earns more if people are sending zeit to and from each other, proportional to how much you are holding), you make the coin attractive to the sort of people who would be interested in promoting the coin for their own personal gain.
All that is left after ULI takes effect is for a team of whales to see the potential for profits in this coin, and increase prices which increases awareness which increases investors which attracts businesses and so forth. And even if they dump, enough people will have bought into it that the whales will come back (after the weak hands are shaken) and start the process all over again.
Now again, people will buy and sell this coin without really knowing what the coin is all about, and without knowing the true long term vision. But Zeitcoin has established itself as a community that has endured when so many other coin communities simply disintegrated without a trace after being delisted from every exchange because of scammy devs. So in reality, as long as we have a good vision and keep progressing as a community and keep building things, the whales and the pumpers and the dumpers will never have a long term effect on this coin. They would merely be the byproduct of our community’s success…..or failure.
Check the ZEITCoin website for the current list of exchanges where you can trade for Zeit, current wallet, etc.
Until next time,
P.S. Full disclosure: I own and hold ZEITCoin.