Bitcoin Forum

*Coin's name not fully decided - currently United Coin - most likely will change.

Hello Everyone,
I have started development on a new coin and was interested in gauging interest in the coin before doing further work on it. The coin will probably have 1-2 fundraisers throughout its development in order to help pay for the development fees and the initial services that the coin will have. The coin will implement a new algorithm to help secure the block chain and at the same time a lot of the hashing will go to helping science. Post any suggestions you guys have here.


Total Coins: 1,000,000,000 (1 Billion)
Premine: 10,000,000 (10 million - 1%) - pay for services and pay to all of the investors etc.


Coins / block: 10 (halves every 5 years) Mining algorithm X11 for block security that goes along with every block. 20% of the coins~ will go to those mining. The coin will be merged mining that is everyone will mine with 20% of the resources X11 and 40% of the resources for the other 2 projects. Daily coins = 72,000


Once a day there will be a super block of 57,600 coins - none of these coins will go to miners - they will be split across people using Boinc and people doing folding at home 50-50. 28,800 coins will go to each. The coins will be split as your daily points over a percentage of the total daily points. The reason for once a day is to keep people from trying to time work unit submissions in order to maximize the currency that they receive. You may have to mine with a certain team probably - or maybe I'll make it so that you can stick with your current team.

The coin will also be a POS. The interest will be 2.5% a year. You must have the coins in your wallet for 50 days. Once that 50 days is hit, interest will be calculated, but it will be calculated with every block, that is every block afterwards you have afterwards will get the appropriate percentage of interest on your coins paid out every day. That is unless the value is so small that it doesn't fit into the smallest amount the coin can be divided - if it is that small it will be rounded to 0 (though having more than ~1 coin in your wallet will mean you get your interest). Moving the coins from one address to another will reset this counter.

Services upon release
-Mac & Windows & Linux wallets
-USD to Coin exchange (like Coinbase for Bitcoin)
-2 pools up and running
-gambling sites
-faucet
-block explorer soon after


That is all,
Let me know any suggestions you guys have or modifications you would like to see or if you would be interested in a coin like this.

*I also am looking for additional developers. Any interested developers will receive a percentage of the coins upon release. PM me if you are interested*

You should IPO your coin on the NXT decentralized asset exchange. There are a lot of buyers there and it would attract a lot of attention to your coin b/c you'd be one of the first to do a decentralized IPO.

10 coins/block and 10 mil premine?  Not very miner friendly ratio...


-tb-

Same thing isn't it? Just ignore the 0's. I can see it'll be the next big thing.  ;D ;D ;D

I am lost. Is this coin called "sciencecoin" or "unitedcoin"?

Except in reality the equivalent coins per block is 50 coins / block because of the super block for science. Sciences get 80% of the coins mined, however, it is done in the daily way to keep timing submissions from happening. The pre-mine is equivalent to roughly 140 days of coin mining which is actually a bit high - I may change that pre-mine to 5,000,000. However, also keep in mind that not counting paying for services, ads ect. our current plan has investors receiving 3,000,000 of those coins (and the minimum purchase as an investor will most likely be ~10,000 coins - so a decent number of those coins will be spread out).


I'll look into making the premine worth a month of the coins, and I've also toyed around with the idea of putting a restriction on investor & developer coins that for their first transaction (when they go into the investors wallet / developers wallet) that limits how long it could be before the coins are sold.


I understand many people here don't like premines and that that quickly turns them off from the coin but building a coin of this scale versus just making a copycat coin requires noticeably more resources that I can't afford to pay for at this time. I'm looking alternative methods to solve this but currently possibly increasing the equivalent coins per block to 75 or 100 and cutting the premine down to 5,000,000 + a restriction on when / how fast they can be sold / released could help solve this problem.

Thanks for the advice.



For now it is United Coin - but we haven't fully decided yet and it is likely the name will change.

Looking into how to remove/minimize the pre-mine any suggestions would help. We'll also try spreading the investor pot across as many investors as possible to keep things easier.

stop insta-mining by big hashing power. mining needed to go longer so more users with smaller hash could involve.  also create random rewards so no one can predict.

I like the idea of people knowing how many coins a block - I doubt random rewards will go well doesn't seem professional at all to start with. Insta-mining can be worked with though.

Looking forward to more replies in the morning! - Let me know what you guys think!!!

hi cameron,

still don't get what you mean in first post, so basically for get coins it's just to mine x11 or fold like curecoin? if  I choose to fold do i need join particular team or any team will do?

very interesting coin btw

I haven't decided if you need to be in a particular team - many people have requested to make it so that you do not - but it makes things a lot harder.


The idea is basically a new algorithm that is a combination of x11 & science so it will be mainly GPU mining only though CPUs will work too at a much lower profit. Any X11 Asics should they happen to come out before release will not work. Everyone's GPU will put ~20% of its resources towards X11 to secure the network and then 40% to folding and 40% to boinc. That way everyone's GPU works towards all three aspects. Also the mining clients will be built into the wallet with both folding & boinc options.

Once I harden in basic development things I'm going to be contacting folding and boinc lead developers to see about working with them.

Still pondering new ways I could make transactions extra anonymous - maybe even more so than Darkcoin

To clarify: For now the name is officially United Coin!

ok.
wait for more info.

you should find a way to keeps big farms out of the game , limit the hash power or something(maybe you can limit the maximum hashrate possible for your coin and thus the diff also)

anti-instamine blocks aren't a solution, because will leave small miners out of the game

i'm dreaming, but i'm still waiting for the coin that will kick the big farmer ass out there...

I was thinking about this - but the problem with limiting big farms is that it severely decreases hash power. However, I was thinking about ways to make it so that for example the coin uses all of your GPU (similar to video games where their are no video game asics and video games are a much larger market - in a sense GPUs are the Asics for video games). That way GPU mining would always be the only relevant mining method - and the average person assuming electricity costs aren't to high could still construct a GPU rig to compete with the big guys.


I'm not going to go with anti-instamine blocks though I may make the starting difficulty higher than normal to decrease the chance of this.

Ok - make sure to keep checking this thread for the latest info.

What anonymity / wallet features would you guys like to see - and also stay tuned - I'll probably be creating a forum soon.

bump.

goood

I hope so :)



Some people have been PM'ing me some great ideas working on incorporating them all. I have finals next week but after that I will begin to finalize the plan of the coin, prove feasibility and launch fundraiser 1. I have planned it out and their is a very high chance that the premine will be reduced down to just 0.50% - however, how long it takes us to fulfill the first fundraiser will likely be a part of this.


The price I am currently tossing around for fundraiser 1 is 5 BTC raised and the price will be 200,000 coins / 1 BTC. What do you guys think? This will get us all the way to the stage of coding most of it and testing it out on a pool with another currency - stay tuned.

Thx for the news!

You're welcome!

I've been hardening out the details and thinking of ways to improve on the current Darksend structure to help add more anonymity benefits.