Author Topic: Warmach's Forging Pool  (Read 12424 times)

warmach on: July 18, 2015, 09:09:06 PM

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This pool is completely automated and there is no minimum balance or lease length requirements.  My goal is to create a laid back, easy going group of FIMKers. 

Pool website has about a 1-5 minute delay behind blockchain.  It may take 1-5 minutes before transactions on blockchain show up on website.

Pool Website:

http://fim.warmach.info/pool

Pool Account:

FIM-JS7L-HU5X-XUTT-2GGQH
https://www.mofowallet.com/launch.html#/accounts/FIM-JS7L-HU5X-XUTT-2GGQH/activity/latest

Pool Fee:

1% FIM at withdrawal

Payouts:

Payouts are initiated by the lessor with a blockchain message sent to the Pool account.  Message can contain anything except items in pool settings section.  The message only indicates a withdrawal request of confirmed balance minus 0.1 FIM network fee and pool fee.  Payout occurs when message reaches 1440 confirmations.

Depending on popularity of pool, I may enforce a maximum balance and automatically send a payout.  I don't not wish to be a bank and hold large sums of money.

Pool Logic:

When you lease your balance to the pool, the balance is used for forging blocks by the pool.  If the pool forges a block, the block rewards are given to the pool.  Once the block is confirmed, the block rewards are then divided up to those lessors proportionately who had active leases at the time the block was forged.  The divided rewards are then recorded in the database while the actual funds stay in the pool's account.  Once a request is made to withdraw the funds, the database calculates the total confirmed rewards available to the account and the payment is made to the lessor.

While the funds are being held by the pools account, they are used to increase the total forging power of the pool.  This increases the likelihood of another block being forged which will then be divided up by the lessors.  The pool account balance is not used when determining the ratio of the payouts.  In this way, lessors continue to benefit from increased forging power.  In addition, all fees paid remain in the pool account so as to again increase total forging power for the benefit of the lessors.  The only time the pool receives any FIM is from the 1% fee.  Forging payouts only go towards lessors.

If your funds remain in the pool after your lease has expired, any new block rewards received after your lease expiration will not be distributed to the expired lease account.  Your funds will be used to increase forging power for pool and its active lessors.  While you may not benefit, your fellow lessors do. 

Pool Settings
The pool software can accept messages sent via the FIMK network and will adjust the pool settings accordingly.

To adjust the settings, send a message on the FIMK network to the pool address above and include one of the following settings below. All messages sent to pool will send a response message indicating your message was received and processed.

SETTINGS
Pool will respond with message listing the pool settings for you account

AUTO PAY ON
Turn on lease end payouts. The new setting will take effect the next time you lease your balance to the pool.

AUTO PAY OFF
Turn off lease end payouts. The new setting will take effect the next time you lease your balance to the pool.

EMAIL yourEmail@email.com
Set an email address associated with your account.

REMINDER ON
Turn on lease end reminder emails. This feature requires an email to be linked to your account. The new setting will take effect the next time you lease your balance to the pool.

REMINDER OFF
Turn off lease end payouts. This feature requires an email to be linked to your account. The new setting will take effect the next time you lease your balance to the pool.
« Last Edit: March 30, 2016, 11:32:49 PM by warmach »
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #1 on: July 24, 2015, 01:59:05 AM

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I sent a message of thanks the beta testers via blockchain.  Thanks again for helping out!
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #2 on: July 24, 2015, 03:18:49 AM

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What features would you find useful or fun in a forging pool?  Once we are out of beta, I would like to continue to add features.

How about automatic asset investment with your pool earnings?

Lottery blocks where participants put in 50 FIM and then winner take all?
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

dance #3 on: July 24, 2015, 11:28:29 AM

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What features would you find useful or fun in a forging pool?  Once we are out of beta, I would like to continue to add features.

How about automatic asset investment with your pool earnings?

Lottery blocks where participants put in 50 FIM and then winner take all?
Automatic withdrawal on leasing expiration or/and notification message?
Compound interest?
FIMK: dance

warmach #4 on: July 24, 2015, 01:48:38 PM

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Automatic withdrawal on leasing expiration or/and notification message?
Compound interest?

Automatic withdrawal...simple but a great idea!

Compound interest...  The pool itself does kind of have compound interest.  Any forged blocks that are older than 1440 are used for a forging balance until the funds are withdrawn. 

Thanks for the ideas!
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

Mapa #5 on: July 24, 2015, 02:55:02 PM

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Automatic withdrawal...simple but a great idea!

Compound interest...  The pool itself does kind of have compound interest.  Any forged blocks that are older than 1440 are used for a forging balance until the funds are withdrawn. 

Thanks for the ideas!
Time-based withdrawal process with fixed fee does cause som problems (atleast for small capitol leasers). Lets make a small example and set the expiration for 10'000 blocks (~3.5 days).

Jimmie with 100 FIM and Jack with 100k FIM leases their capitals at same point. With current 1% block forging rate, the pool would be forging 100 blocks on this period of time equaling 20'000 FIM. Jimmie's stake before the fees would be approx. 1 ‰ (20 FIM) and Jack's would be 99.99% (19'980 FIM). With fixed fee on leasing Jimmie would pay 25% vs. Jack paying less than 1‰.

Usually pools use fixed-% fee instead, which doesn't lead to this case.

warmach #6 on: July 24, 2015, 03:38:26 PM

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Time-based withdrawal process with fixed fee does cause som problems (atleast for small capitol leasers). Lets make a small example and set the expiration for 10'000 blocks (~3.5 days).

Jimmie with 100 FIM and Jack with 100k FIM leases their capitals at same point. With current 1% block forging rate, the pool would be forging 100 blocks on this period of time equaling 20'000 FIM. Jimmie's stake before the fees would be approx. 1 ‰ (20 FIM) and Jack's would be 99.99% (19'980 FIM). With fixed fee on leasing Jimmie would pay 25% vs. Jack paying less than 1‰.

Usually pools use fixed-% fee instead, which doesn't lead to this case.

You are right, but automatic withdrawal would be voluntary. 

I had not considered % based fees but you make a good point about taking a higher percentage of the little guy with flat fee.  I may have to change the fee...
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #7 on: July 24, 2015, 11:58:23 PM

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I had not considered % based fees but you make a good point about taking a higher percentage of the little guy with flat fee.  I may have to change the fee...

As I think about this more, this makes more sense.  I want everyone to be able to participate regardless of FIM balance.  After all, my FIM balance doesn't have that many zeros... :)

The pool will be changing the pool fee from 5 FIM per withdrawal to 1% FIM fee taken at withdrawal. 

Beta testers may PM or blockchain message me requesting the 5 FIM withdrawal fee.  I hate to make a change like this after people have already leased their balance.

Any new leases starting.....NOW...Will use the 1% fee.

Thanks Mapa for clearly explaining the impact of my previous pool fee. 
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

warmach #8 on: August 02, 2015, 01:09:38 AM

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I've migrated the pool server to a server in a Tier 1 data center.  Previously, the pool site and FIM server were hosted on a Raspberry Pi and was subject to power and internet outages.  While we only had 2 hours of total down time since starting, I felt that moving to a more reliable server location was important. 

As a result, I now have two Raspberry Pi machines freed up and I can now run a full server backup, in case there is a problem at the data center, as well as having a test server for development. 

With the new release today, I will be running the 0.5 FIM server on my test Pi and seeing how that runs. 

I also will be looking more into the transient messaging.  It seems ideal for making withdrawal requests as it is unnecessary for a withdrawal request AM to stay on the blockchain forever.  Until then, please use the existing AM method for withdrawal requests.
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

dance #9 on: September 01, 2015, 04:50:59 PM

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Pool logic isn't absolutely clear to me. Regarding the FIMKs which were forged using my leased balance. Are they added to my "FIM Contribution" during forging? Do they forge in my favor when lease period is expired (if there was no withdrawal)? Or they are working for the pool owner?
FIMK: dance

warmach #10 on: September 01, 2015, 06:56:12 PM

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Pool logic isn't absolutely clear to me. Regarding the FIMKs which were forged using my leased balance. Are they added to my "FIM Contribution" during forging? Do they forge in my favor when lease period is expired (if there was no withdrawal)? Or they are working for the pool owner?

Good questions!

When you lease your balance to the pool, the balance is used for forging blocks by the pool.  If the pool forges a block, the block rewards are given to the pool.  Once the block is confirmed, the block rewards are then divided up to those lessors proportionately who had active leases at the time the block was forged.  The divided rewards are then recorded in the database while the actual funds stay in the pool's account.  Once a request is made to withdraw the funds, the database calculates the total confirmed rewards available to the account and the payment is made to the lessor.

While the funds are being held by the pools account, they are used to increase the total forging power of the pool.  This increases the likelihood of another block being forged which will then be divided up by the lessors.  The pool account balance is not used when determining the ratio of the payouts.  In this way, lessors continue to benefit from increased forging power.  In addition, all fees paid remain in the pool account so as to again increase total forging power for the benefit of the lessors.  The only time the pool/pool owner receives any FIM is from the 1% fee.  Forging payouts only go towards lessors, which I am also a pool lessor for my personal balance.

If your funds remain in the pool after your lease has expired, any new block rewards received after your lease expiration will not be distributed to the expired lease account.  Your funds will be used to increase forging power for pool and its active lessors.  While you may not benefit, your fellow lessors do.  This scenario likely played out during your active lease as well giving you the benefit of forging using another lessors confirmed balance.  Keeping track of rewards for expired leases would be complicated and more likely prone to error. 

I do plan on adding an auto payout feature on lease expiration once we are out of beta.  Hopefully we can be out of beta in another month. 

I hope this helps!
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

dance #11 on: September 01, 2015, 07:53:25 PM

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That explains more.
So, the balance of FIM-JS7L-HU5X-XUTT-2GGQH - is actually the sum of non-taken-yet withdrawals, or it contains your own FIMKs too?
FIMK: dance

warmach #12 on: September 01, 2015, 07:58:17 PM

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That explains more.
So, the balance of FIM-JS7L-HU5X-XUTT-2GGQH - is actually the sum of non-taken-yet withdrawals, or it contains your own FIMKs too?

FIM-JS7L-HU5X-XUTT-2GGQH contains the not-taken-yet withdrawals and the pool funds.  The pool funds come from the 1% fee assessed  at withdrawal.  My personal funds are held in a different account that is leased to the pool.  I follow the same steps to withdraw my personal earnings as every lessor. 

Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...

dance #13 on: September 01, 2015, 08:30:43 PM

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FIM-JS7L-HU5X-XUTT-2GGQH contains the not-taken-yet withdrawals and the pool funds.  The pool funds come from the 1% fee assessed  at withdrawal.  My personal funds are held in a different account that is leased to the pool.  I follow the same steps to withdraw my personal earnings as every lessor.
So your fees are working in favor of pool lessors.
Thanks for answers.
It would be good to have in FIM/NXT some kind of `lease-prolongation` transaction and not to wait 1440 blocks between leasings...
FIMK: dance

warmach #14 on: September 01, 2015, 08:39:00 PM

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So your fees are working in favor of pool lessors.
Thanks for answers.

No problem.

It would be good to have in FIM/NXT some kind of `lease-prolongation` transaction and not to wait 1440 blocks between leasings...

I've tested the lease stuff a bit and found that you can send a new lease transaction 1439 blocks before your lease expires.  This means that your balance will only be idle for a few blocks between leases. 

I wrote a perl script that checks how long is left on a lease and then send the new lease transaction.  It requires a full running FIMK node and a machine for the script to run on.  http://forum.fimk.fi/index.php?topic=616.0    I'd be willing to host the script for people, but it the transaction requires your secret password and I don't want to be responsible for security someone's secret password.
Warmach's Forging Pool
http://fim.warmach.info/pool/
May the forge be with you...