All posts by FreeTrade

MemoryCoin Wallet 0.8.583

Some minor fixes and features in the new wallet release. Nothing to worry about if you’re happy with your current wallet.

1. Transaction fee option has been removed – the software will now automatically try to charge a 1cent (USD) transaction fee per 1Kb. Usually that means 1 cent per transaction.

2. -overridetxfee=5000000 flag to force a specific transaction fee amount.

3. -customvoteprefix=”xxx” flag to count an arbitrary vote, must be coupled with -reindex=1

2. The -multiaddress=1 flag forces the wallet to use change addresses in the same way as the Bitcoin wallet (new address for change for every transaction)

3. Testnet capability added

4. Additional Checkpoint

5. Faster startup of vote count (vote database now saved to disk)

6. Update nodes to remove dead nodes

Wallet 0.8.58 – GUI Voting

The latest wallet now includes an easy-to-use voting panel – it looks like this.

voting panel

Easy to use voting panel

It includes a ‘Sweep’ button – this will be displayed if you have balances at more than one address and this lets you group all the balances together at a single address before voting. This puts the full weight of your balance behind your votes.

The ProtoShares Distribution

If you owned any ProtoShares at block 32,000 (12/12/2013 12:05:31 AM UTC) – your ProtoShares private key can be used to claim MemoryCoins that were set aside for you in the MemoryCoin blockchain. The distribution was 10:1, so if you owned 100 ProtoShares, there are 10 MemoryCoin waiting for you.

How do I claim them?
The easiest way is to
1. Download the MemoryCoin wallet
2. Start it and synch the blockchain so it is up-to-date
3. Shut it down
4. Copy your ProtoShares wallet.dat file over the top of your MemoryCoin wallet.dat file (obviously don’t do this if you already have funds in your MemoryCoin wallet – make a backup first)
5. Restart the MemoryCoin wallet
6. Your funds should appear.

When do they expire?
There is no expiry date. The funds will remain in the blockchain until you use them. There is no hurry to do this, but don’t lose your ProtoShares private key.

My ProtoShares were on an exchange. What then?
If your ProtoShares were held by an exchange at the distribution date, then the exchange has the private keys and they can claim them. However, please be patient with your exchange, they may not understand what has happened yet, they may not have a listing for MemoryCoin, and the distribution is extra, unexpected work for them.

Status so far of different exchanges: : Currently reviewing : No comment, but users report distribution not made yet. : They misunderstood. Next question is for you!

I run an exchange, how do I make the distribution to our users?
It depends how you hold the ProtoShares for your users.

Scenario A: Each customer’s ProtoShares balance is held at a separate address.
This is the easiest to deal with. You can do a simple transform on the ProtoShares public address and private key to get the corresponding MemoryCoin keys. See below for code.

Scenario B: All the ProtoShares balances are held together in another address or multiple addresses.
You’ll need to run a report to identify the balances of your users as at the distribution time and date – (12/12/2013 12:05:31 AM UTC) – then convert the private keys you hold with the code below to claim the MemoryCoin balances. Distribute the balances either directly to your users if you have MMC listed, or solicit addresses to send the funds to if you do not.

Transform code

string convertAddress(const char address[], char newVersionByte){
    std::vector<unsigned char> v;
    string result = EncodeBase58Check(v);
    return result;

//For the address
memoryCoinAddress = convertAddress(protoSharesAddress, 0x32)

//For the private key
memoryCoinPrivKey = convertAddress(protoSharesPrivkey, 0xB2)

Wallet Update 0.8.57

Version 0.8.57 of the wallet is available. Here’s the download link to the latest windows installer –

New features include –

Voting menu

Voting Menu

As seen in the interface

The first option opens with the wallet’s default address so you can see immediately what you’re currently voting for.

The other items link to web pages showing the user how to vote, recent results and candidates to vote for.

MemoryWallet Import

A new command in the debug window allows you to import previously created MemoryWallets – it’s simple

importm <memorywalletkey>

Usually you’ll have spaces in your key, so use quotation marks –

importm “my secret memory wallet. don’t use”

Why GPU Miners Are Good For CPU coins

There has been some confusion and resentment expressed about the arrival of GPU miners for MemoryCoin. How could GPU miners be here so quickly when MemoryCoin was supposed to be GPU-resistant?


GPU means ‘Graphics Processing Unit’, but it is more accurate nowadays to think of them as ‘General Processing Units’, made up, as they are, of multiple under-powered processors. They can do nearly any paralellizable task faster than a CPU but are much more difficult to program for.

Two Approaches

One way to approach the problem is to have a very complex algorithm – this is the protection afforded by Quark and PrimeCoin. The proof-of-work is so complicated that it takes a long time to develop code that will run well on GPUs. When the code is developed, it represents a big investment and so is unlikely to be released. You won’t even hear about it while it is profitable to its creators. When GPU miners are eventually released, they will blow CPU miners out of the water. This approach is a short-term one.

The Long Term Approach

MemoryCoin aims to keep CPU miners in the game long-term. This requires a different approach that plays to the strengths of CPUs and capitalizes on the weaknesses of GPUs. MemoryCoin’s algorithm does this by maximizing main memory use and using the AES-NI set that modern CPUs have. However, even with these measures, GPUs can still beat CPUs. The algorithm is simple and so GPU miners have appeared publicly and rapidly.

The Upsides

The upside is that the GPUs are limited in their advantage over CPUs. They are between 2 or 3 times faster per dollar. Compare that to 100X for Bitcoin or 10X for Litecoin. This means CPUs will continue to be viable and we’re unlikely to see GPU farms built for, nor directed, at MemoryCoin. Commercial miners won’t be able to compete with the zero-capital costs of widespread individual mining. Individuals will still be able to convert electricity to MemoryCoin at a reasonable rate.

The other upside is that GPU miners are a now known quantity and there is a level playing field. With other coins, it can be uncertain as to whether GPU miners exist, how much faster they are, and who has access to them.

Getting Started With MemoryCoin

We’re working really hard to make it easy to get started with MemoryCoin, but it’ll be a few weeks before it’s well documented and really easy. For now you’ll need some technical skill, and all the details are here –

Coin parameters

POW Hash: Momentum (64K XOR AES-CBC x 50) with SHA512 Generation
Block target: 6 minutes
Port: 1968
Codebase: ProtoShares 0.8.6 (Bitcoin 0.8.5)
Block reward: 280 MMC, 5% reduction every 1680 blocks
Total Coins: 10 Million coins in the first 2 years, 2% inflation thereafter
Difficulty Retargeting: Every block with the Kimoto ‘Gravity Well’