Bitcoin Forum

A brand new digital cryptocurrency is about to launch and will have a fair distribution. Credits can be earned three different ways! Proof of Work (PoW), Proof of Stake (PoS), and Proof of Burn (PoB). Below is more information on how these three methods will work:

Proof of Work (PoW) : You will be able to mine new credits at a set rate until the end of time. No worries about block halving at all. With the blocks never halving the inflation rate would drop each day to just 1% a year in line with PoS. It would remove uncertainty caused by block halving and I think make this currency more stable.

– SHA-256 Algorithm
– Difficulty Retargeting every block
– 5 credit block reward FOREVER
– New block every 60 seconds
– 7,200 credits a day, or 2,628,000 credits a year FOREVER
– Halving = Never
– Total Supply = Unlimited

Proof of Stake (PoS) : When you keep credits in your wallet you can stake them and earn 1% annually. Credits are first eligible to stake 1 day after they have been received into your wallet, and after 30 days, their chance of success is maximized. If you stake more often, your earnings will compound! Staking is energy-efficient, because it is based on the credits you hold, rather than on your processing power. Staking can be done directly from your wallet software.

Proof of Burn (PoB) : $200 million credits will be premined for this purpose. There are many Altcoins out there right now and many of them have failed. The developer disappeared, trading has ground to a halt, and everyone has stopped mining it. You end up sitting on a large supply of these worthless coins with nobody willing to buy them. Each month we will find new dead coins and attempt to buy up the entire supply of said coins. You will be paid in credits the fair value of the burn coin. And yes, you can mine the coin during the burn cycle as long as you trade them in before the deadline. You will have 30 days to do this. All the coins we buy up will then be burned, never to be spent again. Transaction records will be available to the public to insure we are not scamming anyone. We will continue this process until we run out of funds.

Coin Selection : Each month one or more dead Altcoins will be selected. The coins will have to meet all of the following specifications in order to be eligible:

1. Missing Developer/No Development/Abandoned
2. Little to no trade volume (under 0.2 BTC weekly Average)
3. Little to no Hashrate (PoW)/Little to no staking (PoS)

The process of PoB could take months or years to complete depending on the value of our credits on the open market. The more valuable they become the more dead coins that can be targeted and burned. The net effect of this would be allowing all the other alt coins that have dedicated communities and developers to rise above the rest. This would never be used as a weapon to attack weak coins. Again, all 3 requirements above must be met. Coins will be burned on a single exchange, we are in discussion with a few exchanges, when we find one will to host our burns, we will launch.

I just wanted to point out that when we launch you will have several methods to mine these credits. For those with ASIC you will be able to mine these credits directly through the SHA256 algorithm. If you prefer CPU or GPU mining you can just mine our burn coins and exchange them for credits. This option is indirect mining but will still give the same result with our 30 day burn cycle which is a guaranteed price. We will be launching within the next two weeks. Burns will start the first of december and last 30 days.  

The point is power consumption. Better use less hot algo.

Sounds very interesting. POW + POS + POB !!  ;D

Like I said, any cryptocurrency that gains any value will be cracked. Scrypt was designed to be the asic killer, it was cracked in no time when Litecoin gained value. I could design some innovative algorithm but the second this cryptocurrency became valuable it would be cracked. 

I'm talking about less power consumpiton, not about asic resistance etc.
If all algos was cracked what's the point to use highest power consumption algos? Better to use efficient algo and everyone can mine it without big loses cause expensive electricity if it will die.

Mining is not about efficiency... the more efficient.. the less a coin is worth when you mine it during PoW.. Mining sets a " price " on a coin

Why do people always think cryptocurrency is about efficiency? Just mine and use that POWER!  ;D

And he has PoS for people who dont want to mine themselves... just buy coins and stake them then...

Oh, c'mon. How many sha-256 coins had shittest price ever? :)
X11 shitcoins had often bigger price than sha.

You really need to drop that thought bro...

You know why x11 has bigger price? It costs more power to mine with a single GPU then a single asic (hashwise)

Ah, I see your point. Honestly i feel SHA-256 is cheaper to mine so would be open to more people. To get any kind of hashrate on a new algorithm requires a state of the art video card. You can buy an antminer 3 on Ebay for $100 and it will run circles around a video card at twice the price. As far as energy consumption goes, Technolgy will fix that problem in a few years.  

It is just my suggestion. You can use what you want. I'm saying not exactly about X11, it can be Fresh for example.

hope soon enter exchange...............
 ;) ;) ;)

Thank you for the suggestion, and I understand what you are trying to get across. I'm kind of a tree hugging dork myself. But I still think SHA-256 is the best way to go as I want everyone to be able to mine for a low cost. And I think the environmental concerns will work themselves out in short time with technology advances.  

I'm working hard to find an exchange to host our burns, when I do the coin will launch!

I have to say that proof of burn is the new trend at the moment. 3 coins in the same week already ;D Does it even have a name? and no halving can lead to deflation despit proof of burn advantage of pump the price of coin combined with proof stake this can be a huge problem with the price of it

3 coins?

It has a name but I'm not ready to release it. I don't want people mining it until we find an exchange. And no, I'm not premining it beyond the PoB funds. These funds will be handed over to the exchange that hosts our PoB's to distribute, this will alleviate fears of a scam.


It could if we were pumping out a massive supply via PoW or PoB. But that will not happen, our goal is to keep inflation very very low. And every coin we eat just adds to our market cap. Also, we will adjust PoB on the fly to make sure the valve heads up. More burns when the value goes up, less when it goes down. And all the coins out there that have a limited total supply will not reach that total supply until me, you, and everyone else on the planet is long dead and gone. Capped supplies have no benefit to anyone who is currently alive and breathing. Our credits slow distribution via PoW, PoS, and PoB will make it rare and valuable in theory. Of course with 90% of all new coins crashing and burning, there is always the chance this one will as well. The difference is I'm here, my identity is public, I'm taking every step to make this launch and the operation as transparent as possible. If you don't trust me, sit back and watch, in time you will trust me.

UPDATE: We are installing the official mining pool and block explorer on our servers now. The fee for our pool will be 1%, half of that feeding back into the PoB fund, and the other half going into my personal wallet to make me rich!  ;D Well hopefully, I still have to pay for bandwidth so i imagine I will loose money for a bit !

Release date ?

When we find an exchange willing to host our PoB. We are in discussions with a few.

yawn


https://bitcointalk.org/index.php?topic=1219460.0

Not approved, Name has been used in the past at least twice. A  PoB clon will not change the result.                   Next.

And x11 too Sir_Astral. The new upcoming asic's will do x11. I wish he would do qubit or lyra2re2.  :)

I have not even released the name of the coin yet, so how do you know it has been used twice before? perhaps your referring to Proof of Burn? Look, none of the Proof of Burn coins currently in existence invented PoB. PoB has been in discussion on this forum for years, the 3 coins launching this month are taking different approaches to implementing PoB. Is ours the best? I'm not related to Ms. Cleo so I can't predict the future. I will say this, using PoB as the only method is flawed in my opinion. What happens to the coin once the PoB funds runs out? My guess is that it becomes a burn coin itself. This coin was designed to have a life beyond PoB. PoB will never be the end all be all.  


Congratulations on your new NXT asset, I wish you well.  ;D

https://bitcointalk.org/index.php?topic=614917.0
https://bitcointalk.org/index.php?topic=1037244.0
 
So you could consider change the name, Use a old name is not a good idea.

The name of this cryptocurrency is not credits. However, credits is part of the name. I get the feeling you don't trust me. Please bookmark this thread and watch what happens.

I just wanted to point out that when we launch you will have several methods to mine these credits. For those with ASIC you will be able to mine these credits directly through the SHA256 algorithm. If you prefer CPU or GPU mining you can just mine our burn coins and exchange them for credits. This option is indirect mining but will still give the same result with our 30 day burn cycle which is a guaranteed price. We will be launching within the next two weeks. Burns will start the first of december and last 30 days.     

It's not too late for you to just cancel this, and it wouldn't be a big deal.  

BARR has just started, and it might be a little soon for a blatant copycat project.

We launched 4 hours ago, and we've already burned about $7,000 worth of Sapience.  

We have destroyed 43% of all Sapience coins - this is a coin right at the Top 200 on CoinMarketCap, as are Fractalcoin and Keycoin.

Why would anyone burn thousands of dollars worth of their coins to get your credits, when they could get the same thing with an ASIC, and also keep all their coins?

I really hope that your coin is successful, I think that PoB is a valid concept. However, you did not invent PoB, and I did not copy your coin. PoB has been discussed in this forum for years, and I have been working on this coin for 6 months, long before you announced. There is no reason for us to be enemies. If you wish to make me your enemy that is your choice. But at the end of the day, my coin is a stand alone cryptocurrency that can be mined and staked, yours is a NXT asset that uses only PoB. When your burn funds run out, your coin is dead. With that said, I wish you luck. And by the way, promoting your coin in another coins thread reeks of desperation.

We invented Multi-Proof-of-Burn.






But you announced it the same week as we did, and you're announcing a 30-day burn cycle beginning December 1st, exactly the same as what we've already announced.







But in all those years, no one has ever released a coin like ours.  We were the first, and then it only took you 3 days to announce something similar.






Then where is the work?  Why don't you have any details?  From all appearances, you just threw this together after you saw our ANN, and now you're scrambling to make it up as you go.  If that's not the case, then I am mistaken.  But that is the appearance you have given. 






I haven't done anything to you, and I don't want to do anything to you.  I only told the truth, because I don't think you have thought about what you're doing enough to realize that it probably won't work.






Your coin is also an asset, issued by you, and it has constant inflation. 

BARR is only earned with Multi-Proof-of-Burn as the mining method, with the goal of completely absorbing and replacing entire altcoins. 
Your plan involves giving away premined coins for no apparent reason. 






Our funds will never run out.  We actually planned it, before we made any announcements.

I really don't know how to reply to that. I feel sorry for everyone that burns coins via BARR. And you my friend are delusional. I mean let's say for a second that I did steal the idea from you! Your point is what? At the end of the day Bitcoin invented cryptocurrency, so by your standards your a blatant copycat project. Also, my identity is public, your hiding behind a screen name. Who do you think this community will trust more?

I didn't mean to upset you.  Please calm down, it's not worth stressing yourself out over.

I apologize for offering unwanted advice.  You don't need me to tell you about your coin, you'll see for yourself how it does.  

And I don't need to worry about everyone saying "proof of burn is the new fad, everybody's doing it all of a sudden."  They'll see for themselves too.






Maybe they'll trust you, who knows.  Maybe they won't mind that you just signed up 30 days ago but claim to have been working on your coin for 6 months.

I'm not upset man, but your slinging allegations at me and I have to defend myself. I do wish your coin luck, I hope it succeeds. But stop attacking me, because I will fight back. If you want a war, I'll be more then happy to target the coins your targeting, and we will see who comes out on top. I don't want that, so please back off.   

Again, your point? How does my registration date have any relationship to how long I have been working on this coin? And even if I have been working on it for only a month, how does that matter? Dude, just focus on your own coin, it's success or failure has nothing to do with me. But attacking my coin makes you look desperate, your only shooting yourself in the foot.

Because it would prove you're a liar.





So then when you attack BARR, what does that look like? 

If you care what things look like, your entire project looks like an attack on BARR.






Don't be stupid.

Are you actually bragging about the fact that you've announced a coin without knowing how it will work?





Maybe you should get some sleep, it's less than 10%. 





The blockchain shows a spike in buy orders?  For Fractalcoin, Keycoin, and Sapience?





Are you talking about Banxshares again?





Well, you do think there are buy orders on 1.0 PoW blockchains

I see a fundamental problem with the burn idea. The dev. have build in
insider trading in that, they can buy cheap coins. Advertise the burn and
profit from the supply reduction. Will it be viewed as self serving or community
service? Could be good or a Pump and dump>>>?