SummerCoin Launched, Block Rewards & Supply Cap Decreased, Mandatory Windows Client Update

As we announced late last week, a new X11 Proof-of-Stake cryptocurrency, called SummerCoin, would launch soon. Even though the original launch date of April 27th had issues, and the coin had to relaunch yesterday, April 28th, it does seem like everything is going smooth right now.

When the relaunch occurred yesterday, there was quite some confusion and chaos among the SummerCoin community. it seemed as if only one of the listed pools was finding blocks, and the rest weren’t finding anything at all, despite having more hashpower.

That issue resolved itself quickly though, at the 500th block mark, because that’s where the difficulty retargeting through Kimoto’s Gravity Well kicked in. SummerCoin blocks are being found by all pools at a steady rate ever since.

I have taken the test myself, by mining on the MaxMiners pool all evening and night. So far, I have had 0 disconnects, and 0.2% rejects on 1 card, 0% rejects on the other card. Coins are appearing in my balance on both the confirmed and unconfirmed side, so that’s looking good.

The only downside with SummerCoin was the fact that it took 400 confirmations for mined coins to mature. With a block time of 45 seconds, 400 blocks take ages. A lot of people didn’t like it, but the developer listened and implemented a fix.

Starting on block 3,000, the amount of confirmations for mined SummerCoins will go down from 400 to 180. While 180 still might seem like a lot, it’s a change I can live with. It also shows you the developer is working hard to listen to the coin’s community.

The total coin supply for SummerCoin has also been changed before the re-launch. Whereas it used to be 500,000,000 SUM before the re-launch, the final number is now 50,000,000. Block rewards have also been changed from 15,000 SUM per block, down to 1,500.

Mac OSX users can rejoice as well, as the SummerCoin Mac client has been compiled, tested, and is working like it should. Windows users need to make sure they downloaded the latest SummerCoin client version, which can be found here.

In the meantime, SummerCoin has also been picked up by two exchanges : BitTrex and SwapHole. Volume on both exchanges is still relatively low, but that also has to do with the required confirmations for mined coins in those first 3,000 blocks.

Things are looking up for SummerCoin, and there are about four and a half days of Proof-of-Work mining left. I’m excited, and have high hopes for this coin.

SummerCoin Donations can be sent to : STQbNjVcJSGC9pVedTzRsUbVPaJjRtSSgV