Mining

Knavecoin is an innovative digital currency based on Litecoin. It uses scrypt as a proof-of-work function, and increases the amount of memory used by scrypt somewhat linearly over time by changing the N-factor. Specifically, the formula is:
const uint64_t scheduleStart = 1396647014; // nTime of block 25000 + 1 second
if (nTime < scheduleStart) {
return 9;
} else {
uint64_t offset = nTime – scheduleStart;
return 9 + floor(logb(offset/(60*60*24*365)));
}
Additionally, the difficulty algorithm now uses Kimoto’s Gravity Well for added security against multipools and difficulty fluctuations.

… in other words, after May 1. 2014, the N-factor increases as the binary logarithm of the number of years passed since May 1. The actual N value (the amount of memory used is O(N)) varies with and thus acts as a discrete linear function of time.

Before May 1st., 2014, Knavecoin’s scrypt is identical to Litecoin and friends, and existing miners will still work. After that, miners will need to use the client’s existing miner or write a custom one.

In most other respects (including block rewards,, Knavecoin is similar to Litecoin. A small percentage of coins have been premined, and they will be used for giveaways, as a seed fund for services related to Knavecoin run by Poker Knave, and to fund awareness and create publicity for the coin.

Anyone who wants to start mining:

Open debug console

Go to console

Type “setgenerate true”

Type “getmininginfo” periodically to see how fast you are mining

 

Check out the Block Explorer to see Knavecoins movements.