Bitcoin Forum

First things first, feel free to read the first official thread related to our offering. Here you can find block reward details and other information so I'll not repeat it in the initial post of this thread: https://bitcointalk.org/index.php?topic=3710056.0 (https://bitcointalk.org/index.php?topic=3710056.0)

From a technical point of view, we are a clone of the latest version of PIVX and offer all the same features and functionality as them. For starting out, we've added one of the many features that we, as developers, have for the future of DRIP:

Retailer Rewards and Charitable Contributions

For every block in a typical PoS Masternode coin, there is a block reward that is split between the masternode and the staker (anyone holding coins in a wallet that is online for staking).  DRIP add to this by allocating a portion of the block reward to retailers in return for acceptance of DRIP or to charitable organisations. It works as follows:

• For every block, the last address to which the winner of the staker reward for that block is also awarded a portion of the block reward;
• If the person winning the staking reward has never sent DRIP before, only bought and staked, the retailer reward defaults to a charity address;
• When we ramp up marketing later this year, we will use the fact that retailers can be rewarded to tempt them into acceptence of DRIP - in doing so, they'll be paid in full for their goods and services but will also have an opportunity to receive further rewards through this DRIP rewards system;
• The charity funds will be sold and distributed to charities, as voted on by masternodes, every quarter;
• The charity voting will be automated through the wallet and a choice of three charities will be given based upon community feedback on Discord;
• The DRIP founder has a charity close that he'd like to award the first payment to unless the community are in total disagreement - more detail to be announced;

Send as Bitcoin

Whilst the retailer rewards and charitable donations features will be in place on day 1, this feature will take more time to develop and requires funding for more full-time developers - hence our attempt tos get exchange listed as soon as possible.

When introducing a new cryptocurrency , a proper development team will have many ideas about the future of the product but the greatest ideas take the longest time to develop. Until a project is funded, the thousands of man-hours required to develop these features do not exist. As a result, a development team can only really take an existing product, customize it slightly and add the least labor-intensive feature before taking the product to market. For us, this feature was the retailer/charity rewards portion of the staking rewards. This is a simple idea but will reap huge benefits when it comes to persuading retailers to accept DRIP as payment for their goods and services.

My team and I have many other ideas and, perhaps, it's the fact that these are in our heads as opposed to in the public domain that has us so shocked that our Discord has only hit 250 members whilst other coins that offer much poorer value have 1000's (it's only been 4 days since announcement so maybe we're being too ambitious).

Given the above information, and the fact that one of the first questions usually posed by others when presented with a new coin is 'how are you different', we are faced with a dilemma. Do we release all information and risk other coins, with huge funding providing them with a much larger development team, stealing our ideas and coming to market first?

At first, our plan had been to keep all of our ideas secret because DRIP is already a fantastic product. This approach isn't leading us to the adoption we'd like at a fast-enough pace so, with the approval of the DRIP team, I am now going to release one idea for which I don't believe there is yet a competitor.

There are many coins that are introducing marketplaces for their own coins today. As a team, we do not like this idea. We are of the belief that if a crypto marketplace that can rival eBay is ever to emerge, it won't be that produced as a side-project to a particular coin. Instead, it'll be an independent project that accepts multiple cryptocurrencies.

With all the above in mind, one of DRIP's idea for the future is not a marketplace, but a feature that will allow DRIP to be spent on any crypto marketplace. Basically, a back-end exchange operated by our masternodes - not to manually exchange currencies like a traditional exchange, but to allow us to offer a 'Spend Privately as Bitcoin' button on our wallets. This will be designed in a flexible manner so that we can adapt in the future if Bitcoin's loses its throne as number 1 cryptocurrency – or add other options to ‘spend privately as’ if that feature makes sense.

When we have this feature, one of many planned (some great, some average), in place, a DRIP user will be able to spend their cryptocurrency absolutely anywhere that accepts Bitcoin - and will be able to do so privately without the spend ever being traceable back to your wallet.
So just imagine, in the future, eBay see the rise in market share of online auctions accepting crypto. In this scenario, they’d be foolish not to start accepting it themselves to stomp out the competition. With a ‘BitcoinBay’ in place,  there’d be billions worth of Bitcoin spent on a monthly basis – but no one using the platform would have any privacy and transactions could be tracked back to wallets via the blockchain. DRIP would offer anyone wanting to use this platform a unique value-proposition.

The above feature not only adds significant value to those holding DRIP as their currency of choice - it also adds an additional revenue stream to masternodes in the future as there will be a yet-to-be-decided fee for someone wanting to 'Spend Privately as Bitcoin'.

As an idea, we think ‘Spend Privately as Bitcoin’ is up there with the best of them. As such, it's the only one we intend to make public for now. If I'm being honest, I fully expect someone else to steal it. As a team, we've decided that someone stealing this one will take the burden of development off our team. If they steal our idea, I’m sure the DRIP community would agree that we should have no qualms with stealing their code, if it's up to our standards, freeing us up to work on development of our other ideas (as a funded project at that point, we'll be better able to keep them under wraps until release).

How can you get some DRIP?

We are not selling masternodes as it puts too many tokens in the hands of too few people. We are not selling coins as the wealthy tend to use this opportunity to purchase an oversized portion of any good projects that offer such an option. We are distributing our tokens fairly, among miners, via ASIC-resistant algorithms that are unavailable on Nicehash. As such, miners are the ones who stand to make big money here - not those with a load of bitcoin to buy masternodes.

DRIP is not directly mineable as this offers no advantage to us as a coin and doesn't provide us with the funding we now need due to our refusal to sell masternodes and/or coins.

Instead, you miners need to mine LUX or RVN to an address owned by DRIP and, instead of the LUX or RVN, you would receive DRIP.

You need to:

• Download the DRIP wallet here (https://github.com/DRIP-Project/DRIP/releases/tag/v1.0.2.1);
• Generate a DRIP address;
• Private message us your DRIP address requesting a DRIP-owned LUX or RVN address;
• We will provide you a LUX or RVN address that we've linked to your DRIP address;
• Mine to that address via a pool of your choice;

DRIP would then receive the LUX and RVN and sell it to fund exchange listings. We would send you DRIP for your mined coins at a rate of 1.7 RVN = 1 DRIP or 0.01 LUX = 1 DRIP.

You can contact us privately either here or on Discord.

The wallet will not connect to any nodes or synchronise until 9pm GMT tonight - as the blockchain hasn't yet kicked off so there's nothing to sync to.

Mining will continue for at least one month - and the first DRIP payouts will be later today when we release a wallet update to allow you to connect to nodes and synchronize.

As some will miss the shortened link to our Discord above, here it is in long-format:

https://discordapp.com/invite/n93p2BW (https://discordapp.com/invite/n93p2BW)

nice joke,People who speak beautiful words are generally fraudsters
fucking scam

There is absolutely no logic behind your comments. Are you saying 'you sound good, you look good, you're not looking to raise loads of bitcoin and your coin is set up to be a sustainable coin as opposed to a masternode pump-and-dump scheme - so you're a scam'.

Is this truly how you feel? Or are you worried that DRIP will attract people away from your own coin (https://bitcointalk.org/index.php?topic=3586805.msg36478175#msg36478175 (https://bitcointalk.org/index.php?topic=3586805.msg36478175#msg36478175))?


I'll leave it at that as any argument we have will be a waste of my time - time that is better spend promoting and developing DRIP.

Bitcointalk readers can read the information and go through our code and decide for themselves. Most will surely be in disagreement with your opinion.

Distribution seems a pure scam system... Will check in some days.

Distribution is the opposite to a scam. We could easily have sold a load of masternodes, taken in a load of bitcoin and ran. Instead, mining is continuing, slowly bringing in funds and we only earn when the coin continues to be successful.

The point of the distribution is that miners can only mine a certain amount so one holder can't own too many. This is the complete opposite to selling masternodes and setting up block rewards to that masternodes end up with 90% of the coins.

In other words, not only is the idea good - the distribution is geared toward small miners making profits as opposed to big masternode investors.

joined the discord, active channel, I will also join the bounty and hope this project will last long, making a good benefit

I don't seems to understand the whole issue, why are they using only discord and bitcoin forum? How about the other social media channels...?

Hi,

Other channels will be made available in due course. We're just using those two for now. We had an attempted twitter bounty that was pulled due to the number of fake accounts.

Facebook, Twitter, Reddit, Discord, Bitcointalk as well as other forms of online and offline advertising are all planned for the future.

Everyone, the original post has been updated with the link to our block explorer: http://explorer.dripcoin.tech/ (http://explorer.dripcoin.tech/)

pfft..look scam to me

Definitely not - we've a good community on Discord that you can raise any concerns with rather than calling something a scam without research (a little research would tell you it's far from a scam).

I'll give you a chance!

Our first payment of DRIP to our LUX miners has gone successfully and is visible on our block explorer here: http://explorer.dripcoin.tech/tx/ff3166450f89f81bf66935ed889de1700797dda07a5e4a59a837035d7f2bbf8e

Our first payment of DRIP to our RVN miners has gone successfully and is visible on our block explorer here: http://explorer.dripcoin.tech/tx/fe4f22cb1588a73ac788fd6a067d20df3420c2d53d9d4915aa562eb80d79ef7e


The next payout will be tomorrow evening (UK time).

The block reward for staking is 9 DRIP - with a block every minute, that's 12,960 DRIP per day.

With a 300,000 coin supply and 216,239 of these locked and unstakeable, estimated return to stakers for day 1 of our blockchain will be about 15% (12,960/83,761).

We continue to attract new miners of RVN and LUX to our donation addresses and this mining will go on for another 1 month.

First payment received!
Staking is working well!

sounds pretty interesting im going to keep an eye on this and maybe invest soon

Staking is going well and people are getting a very high return in these early days. Join Discord here if interested: https://discord.gg/n93p2BW (https://discord.gg/n93p2BW)

If people can provide details of why they don't think DRIP is 100% honest, transparent and trustworthy, we can refute those claims. However, as is always the case, we'll get some that don't back up their statements with reasons - in a lot of cases, the only reason is that they might be developers for a different coin.  ;D

Staking rewards are frequent and the network is stable. There are 7 masternodes online and we will be pulling down all except 4 of these as soon as our miners start spinning up masternodes of their own.

For any new miners looking to start, download our wallet, create a DRIP address and contact us requesting a linked RVN/LUX address to which you can mine.

staking drip works like a charm :) mining rewards have been more than generous and the dev it seems that he knows what hes doing

im very happy overall and i feel lucky i got involved with this project from the start

Thanks vipsvvv. As you're probably aware, staking rewards will also increase at block 43,201, in about 29 days time. Until then, we are continuing to provide miners with DRIP-owned LUX/RVN addresses to which they can mine and earn DRIP. This will allow them in on the action before the block reward increase.

Our goal is an exchange listing before the block reward increase as this will allow those without the coins needed for a shared masternode to purchase what they need.

Good luck with your continued mining and good luck with your DRIP staking rewards.  ;D

Later today, I'll be converting LUX and RVN donated so far to Bitcoin, the payment of choice for exchange listings, and providing the address so that people can track our progress toward our first exchange listing.

We do not wish to list on any exchange where the listing fee is less than 0.5 BTC as it would result in us being one good coin in a sea of sh1tcoins. We don't want to be tarred with the same brush as such coins.

i thinks this is a good project because has a great way for Retailer Rewards and Charitable Contributions. also have a good concept to make this project succesfull.

this is an awesome and Nice project wish you luck

Thanks for the kind comments all.

As any of you involved with DRIP will be aware, the DRIP payouts for today have gone without a hitch and everyone continues to get frequent staking rewards.

As promised, the dev team are not permitted to stake the funds that are being held for future distribution to miners. This is the reason current rewards are so frequent. Here is the detail after yesterdays payouts had concluded:

Premine: 290,000 (mostly for distribution to miners)
Locked to Masternodes: 80,000 (half of which is temporary until more masternodes come online - those 40,000 coins are also for distribution to miners)
Total Payout to Miners to date: 24,035.6

To be locked and not staked: 185,964.4


Addresses for Public Verification
DLZt7h34GJEJ8FJSP51TAvxYHVG2ZtuXFu
DCyqqBwcacn1Mr5AQ7w6JPg2bdpNNLeZ5G

You will not see these addresses getting staking rewards.

Block Explorer: http://explorer.dripcoin.tech (http://explorer.dripcoin.tech)

The original post has now been updated with a link to a copy of our whitepaper:

WHITEPAPER (http://files.dripcoin.tech/DRIP.docx)

This coin is really surprising because of the honesty of the devs I experienced so far. They are fully transparent and up to so far I got a generous exchange rate for all the mined RVN.
The first month staking rewards will go nearly all to stakers and the devs locked their masternodes from staking so that literally everything is going to community.
I will mine and stake to be one of the first to get a masternode!

The network works really great, has been very stable from day 1 and the staking gains are good:)
I am mining and staking, and will hopefully be able to launch a masternodes when phase 3 begins 8)

I have posted the main detail from this thread to our main announcement here:

https://bitcointalk.org/index.php?topic=3710056.0 (https://bitcointalk.org/index.php?topic=3710056.0)


I will now lock this thread. Thanks all.