How to daemon mine Electroneum!

Mining Electroneum on new PoR…feeling pretty responsible connected to 50 peers.

I have upgraded to the new daemon. The build was easy and worked well.
After a full sync yesterday and doing a status check …daemon showing 8 out / 42 in… I noticed a few new features in the daemon help menu. Pretty cool!
I wanted to try doing a little mining with my cpu from the daemon miner.

There is a new donna feature to issue keys. (generate_ed25519_keypair)
There is a new feature to set block validator keys. (set_validator_key)

After doing some reading on various posting and ETN news regarding PoR and learning that all mined blocks need to be signed by a validator key. I figured the process might be like this…

  1. Generate new keys (I generated some keys…no problem)
  2. Set validator key (I used the public key to set as validator key…no problem)
  3. Start mining to address (I started mining with daemon and 1 Thread…no problem)
  4. No errors were showed and all was working well mining with 1 thread at 30h/s, even the network hashrate updated with a status check showing my new 30h/s addition.

After a little while, it even found a block…cool! :smile:

Then this message :slight_smile:
Found block for difficulty: 36057
Then this message :neutral_face:
Mined block failed verification

First of all, is Electroneum “currently” mineable at all by the general public or ETN users like myself?
So ETN community…how can we mine?
How do we get a block Validator Key?

The rest seems to work great. Nice Job ETN!

Nope we cannot mine etn…

Ngo’s and charities only named by etn can mine.

Well we can … on a mobile device.

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OK, how does that make ETN decentralized that all?

I took the current ETN news for PoR (Proof of Resposibility) at face value and literally.

De-Corrupting Charities

Extensive corruption in charities is deterring many well-wishers from participating. Lack of well-wishers’ funds means those who genuinely need those funds will continue suffering.

Blockchain and Cryptocurrency can be used to deter corruption and fund leaks occurring within charities. The World Food Program (WFP) is already using Blockchain to carefully distribute cash assistance to the hungry.

If ETN becomes exclusive to charities and NGO I don’t see how it is helpful in any way for the public or users of ETN?

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You should read the ETN official post where they address all these questions. FAQ

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Richards email…

Hi Everyone!

Super exciting news! We’ve just undertaken a successful fork to an improved blockchain model that we have developed called Proof of Responsibility . This model brings a new level of confidence, security and scalability required to achieve mass adoption.

We have developed our blockchain to:

  • Become one of the few cryptocurrencies that is insusceptible to 51% attack
  • Reduce our block reward (new coin emission) by 75%
  • Increase scalability, confidence and commercial viability
  • Speed up on-chain transactions
  • Involve relevant and influential Non Governmental Organisations (NGOs) in the Electroneum project.

With this development we have engineered two new blockchain processes; Proof of Responsibility and Moderated blockchain. Delivering all the benefits of decentralisation whilst adding new layers of protection.

(A 17 minute video version with even more detail is available here: https://youtu.be/OuhHKFRiuzw)

IMPORTANT

If you run a full node (i.e. if you are a technical user or an exchange) you need to ensure you download and use the latest software from our Github library (https://github.com/electroneum/electroneum).

If you are a mobile user – no action is required.

Proof of Responsibility

We have moved from Proof of Work (used by the majority of cryptocurrencies) to a new way of mining Electroneum that we call Proof of Responsibility. It is a decentralised network layer that is run by responsible global organisations operating in the developing world that have been qualified to participate. This achieves a number of things:

  • It means that the NGOs get the block reward and they will use it to help the same target people in the countries we are empowering with ETN this year.
  • A huge increase in the security of the ETN network via our highly trusted nodes makes us insusceptible to a 51% attack on our network.
  • Radically reduces power consumption of the Electroneum blockchain making it more environmentally friendly than most other cryptocurrencies. Our new blockchain runs on ONE MILLIONTH of the electricity that it took before!
  • It educates NGOs about the Electroneum project and furthers the legitimacy of all cryptocurrencies by making them valuable to influential organisations.

75% Block Reward Reduction

Each ETN block that gets added to the blockchain releases a block reward. This reward has been reduced by 75%. We had a very large block reward when we launched to encourage hashing power, but we no longer need that enormous hashing power as we’ve launched our new Proof of Responsibility Blockchain. This reduction in output increases the length of time that the block reward lasts for (like Bitcoin, ETN has a finite maximum supply). The remaining 25% of the block reward goes to the new miners on our decentralised layer (see below).

Moderated Blockchain (Additional Security via Highly Trusted Nodes)

We’ve changed the way our blockchain operates to hugely increase the security. We have created a new blockchain model called Moderated Blockchain.

Our moderated blockchain operates two layers:

Layer One: A decentralised layer where our trusted miners operate their mining servers and handle the ETN transactions.

Layer Two: A second layer of highly trusted nodes is operated by us (Electroneum) as a company.

People already trust Electroneum as a brand, they trust us with the instant payment system, the custodial wallet app system and with the KYC/AML system. This blockchain update utilises that trust to add a new layer of highly trusted nodes to the blockchain.

These highly trusted nodes passively monitor the blockchain for unusual or damaging activity and have the power to shut down that activity in seconds.

Video with more details

I’ve made a lengthy video that explains more about it here: https://youtu.be/OuhHKFRiuzw

Thanks for taking the time to read this message and for being part of Electroneum.

Have a great week everyone!

Richard Ells

CEO

Electroneum logo 2

:+1::+1:

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I have read and understood the news from ETN…I just don’t see how or who will be able to regulate or check the Charities or NGO’s.

I see that they will be able to mine it and use rewards for their purposes, but will they be running their entire financial books through the ETN blockchain? Not just mining efforts…

I see no mention of any NGO or Charity that says we will be putting “all” financial data through the ETN blockchain?

I have some experience with charities and fundraising. I would want nothing more than to see a paradigm shift of the process and protocols used by them changed to blockchain.

Just like pre-fork all the ASIC miners we regulated and checked you mean… Oh wait :thinking:

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The charities and NGO’s have been left to announce when they are ready

Etn will do it they set them up and help them

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hmmm? I guess I’ll wait and see how all this works out?

This is how the NGO’s will help ETN.

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I guess my question is… with PoR will the charities/NGO’s
selected by ETN be running their financials through the blockchain or is it just the mining rewards?

Just the rewards i would of thought

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Yeah that is what it appears to read like…that’s the part which makes me question Proof of Resposibilty?
Mining responsibility yes…but organization responsibility not necessarily.

Correct imo the organizations are responsible for mining the blockchain in return they get the block rewards. While at first they may not incorporate Etn into their business model, they will have some in their hands and will need to decide what to do with it. At some point Imo they would find a use besides only cashing to fiat. Remember these organizations will be located in areas where deals will be live for top ups ext. While at first the connection and responsibility is solely for the blockchain we can imagine how these partnerships may grow in time. Step 1 is get it into their hands and see what they do with it.

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Hi,

I have the same issue as on the beginning was written and after all the replays and answers I still don’t understand or it wasn’t clearly answered:

  1. This error messages:

Then this message :slight_smile:
Found block for difficulty: 36057
Then this message :neutral_face:
Mined block failed verification

is possible somehow resolve, that we doesn’t have it?
I have difficulty higher as the block in the error message.

  1. On the beginning was answer that we can’t mine privately, but then in the official letter is written that we should be able to mine even for reduced rewards. So can we mine or not? And if yes, we can only on mobile phones or on our PC’s too?
    If can mine on our PC’s then is needed to get back to point 1. and resolve it.

Thanks.

you can mine etn only if you are an NGO approved by etn LTD. you can mine other coins on your PC and exchange it to etn. if you mine at etngpu.thorshammer.cc pool it does the exchange for you automatically

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And how is possible to be approved by the by the ten LTD?

Thanks.

You have to be a Non Government Organization (NGO) in order to be approved.

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