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Preface:

I am proposing a new type of crypto-currency based on the ideas I am going to outline in this description. The ideas are rough at best, but I needed to get them out into the open, and I want to improve on what I currently have thought of.

This new currency with the current label - Sprout (can be voted on by the community), will be created and maintained by anyone who wants to participate in the production and promotion - it will be a true community driven currency. My current ideas for this project were created to address some of the issues associated with Bitcoin and Litecoin. The main issue being, once Bitcoin and Litecoin are 100% mined, there will be no more free transactions. Fee's for transactions will be implemented as miners will have to be compensated for completing blocks. One of the main attractions of Bitcoin and other crypto currencies are the 0 fee's on transactions, so having fee's will be a huge detriment. Plus, this could lead to such crypto-currencies becoming more institutionalized, as large corporations turn huge hashrate warehouses into fee machines for the transferring of funds. Just a new form of a "Bank". With Sprout we're trying to strive away from all of that.


No Pre-mine:

There will be no pre-mine of the coin, only fair compensation to the individuals willing to spend their time on developing and promoting Sprout. This compensation will be of fair value for their time, which will equal an average wage to pay for their time spent on the production. Honestly, I would prefer not doing this either because it devalues the currency a tad, but the reality is, peoples time should be compensated for. It is the only fair way to do business. Of course this can and will all be voted upon with the community if this project gains traction, in which I hope it does.


What will separate Sprout from the rest:

Sprout will incorporate multiple layers within the network, the produced coins in Sprout will later cycle within the system to create the perfect balance between inflation and deflation. To generate coins, Sprout will also have two different layers. One layer will be sharing bandwidth to the Sprout Network, the second layer will be GPU based mining.


In short, here is how Sprout will work:

When you connect to the Sprout Network, the network will group you up into a 'seed' node with users who are in nearest proximity to your location. This can be thought of as similar to 'seeders' when downloading a torrent. There are however, many differences. Your IP is encrypted, and the seed node itself will have a fluctuating digital signature which changes every block. A seed node is destroyed once every user is disconnected from that seed.

You can think of the 'seed' as the first layer in the Sprout Network. This seed layer shares bandwidth to the Sprout Network, the bandwidth from Sprout can then be shared with other users in the network.

The second layer of the Sprout Network will be what we all know as the block chain. Once connected to a seed, a user is able to then start mining with their GPU, working on the Cryptographic Hash required to make the transactions secure. Users mining will receive coins much like in Bitcoin and Litecoin, however, users without the GPU power that are in the seed node and sharing bandwidth will earn coins as well. They will earn 1% of the amount mined from the seed they are in. This 1% is not added onto the users who are actually mining. Mining also incorporates the seed node and pools together the hash automatically without the need of external 3rd party pool.


Deflationary and Inflationary Coins:

The coins in Sprout will create both inflation and deflation, depending on the coin you have. Proper names of these coins will be given/voted by the community that supports Sprout, but for now I will use my terrible naming skills and name the Deflationary Coins - Rays, and the Inflationary Coins - Flora.

The Inflationary Coin - Flora: Flora will be the coins generated by miners in the growth period of Sprout. They will be used on exchanges/trading, and for purchasing and selling goods/services.

So, within the Sprout Network at the mining stage we will have an inflationary period. Coins (Flora) will be generated from miners completing blocks, coins will also trickle down to those who are just supplying bandwidth, who are receiving 1% of what is mined within the seed node. Sprout will generate 14 billion coins (Flora) through-out its lifetime, which will equal 2 coins (Flora) to each person on Earth (if it was all distributed evenly). Once the 14 billion coins have been generated we will have completed Sprouts growth stage and a new cycle begins. You will be able to exchange your Flora for Deflationary Coins (Rays). Rays can only be obtained by exchanging/burning Flora to gain Rays. Rays cannot be destroyed or used to purchase goods/services or be exchanged, they are only used for one purpose. Well why would you ever want to do that, here's why and what Rays are used for...


End of Growth Stage - How to Keep the Miners Mining and the Transactions Free:

At the end of the growth stage of Sprout, we want the miners to keep mining to complete blocks with incentive so that there are no fees for transactions. 1 million new coins will be generated per year after the initial growth stage of 14 billion has been attained. So, Miners will still be awarded coins per completed block, these coins will still be passed down at 1% to the seed node for users just supplying bandwidth. The only difference is, users need to pay a fee of Rays to get connected into the seed nodes one time a year. The amount of Flora per 1 Ray will constantly change, but 1 Ray = 1,000,000 divided by the average of active seeders/miners in the year. This will keep inflation and deflation at an even level once the 14 billion has been achieved.


What is all this about sharing Bandwidth?

The goal will eventually be to have a shared bandwidth network, supported by seed nodes; to be used for streaming, downloading and uploading. At the very beginning the seed nodes will probably just be used to let users earn coins who can't mine - much like a faucet. However, once we have a solid development team, they will be used for sharing bandwidth, like torrents.


Coin Downloads / Release Information:

SproutCoin will be released with decent arrival, a 24-hour notice will be provided before anything. The coin is fully developed and ready to rock and roll, but before releasing i would like to know if there is anything we can implement to make it even more interesting. I'll also be looking for community contributors who are willing to help out where possible.. so hit me up if you can.

Windows Wallet: Coming Soon
Linux Wallet: Coming Soon
Source: Coming Soon
Website: Coming Soon
Exchanges: Coming Soon

(This section will be updated frequently, so sorry if i've missed anything)

Cheers,
SproutCoin Dev.

First!

Some good ideas. I should read OP once again, this time more carefully!

Definitely a lot to take in.

Not bad. Good +1 for not having a premine and IPO. Wish you all the best and good luck!

I like the idea of the little guys getting 1% of what is mined within the seed node for helping out.

Thanks guys so far for the positive feedback.. Are the any ideas the community would like to point out before the release of this coin? I'm looking to release it on Friday.

Good ideas
Would like to know your skills and history though. Even if you're not much of a developer and looking for more experienced guys to join the team its good to say so up front, transparently, builds trust.

I can help with a logo, promo video, explainer video or commercial. PM me for more info.

wating for it.

looks nice

keep eye on it, waiting for updates

Its good to see some change in such coin, watching this thread, keep us updated.

Looks good!Lets me see

I'm also curious about this coin. looks different from the others. waiting for more info :D

How about this topic - https://bitcointalk.org/index.php?topic=434306.0 ?  Are you a new dev team?

There is only one new dev' and thats me Sir. Im willing to make this coin work, ive waiting a while for a few replies on the thread and so far all is good. The project will be going forward.

I wouldn't worry about replies. People will show up to the party.

Algo?

whitepaper?

Interesting so far! Waiting on updates and more info!

looks interesting

Your coin has been added to the Altcoin launch calendar.

http://altcoinherald.com/3838 (http://altcoinherald.com/3838)

We'll keep posted for developments with your coin!

https://i.imgur.com/gTrGwgk.png

Any translation bounty?

Thank you, yes ill be sure to give the community progress updates. About the launch, im not entirely sure when it'll be ready.. but everyone will be notified in reasonable timing.

This is really interesting-- it's much better thought out than Torrentcoin (which failed badly) and adds the same groundwork of functionality, with room for much more.

Can anyone more familiar with code speak to the complexity of how to code the exchange of Flora to Rays? I feel like the fluctuating rates between the two would be easy for a big coinholder to game.

Just reading the OP again. I think this is one of the more interesting coin ideas I have come across in a while, but just want to make sure I am understanding this right.

1)  Everything is handled through the wallet right? Seeding and mining? So we just keep our wallets open and we seed.
2)  If we want to mine we can only mine with our CPUs through the wallet and can't use gpus or anything else correct?
3)  If we have multiple computers can we install a wallet on each computer to seed and mine with?
4)  The altcoinherald has you launching this on the 4th is that still correct? Didn't see much about that on this thread, but might just be I'm a bit slow processing the OP :) Meaning in a few hours depending on time zone. Didn't check to see what time zone the herald is posting at. Sorry didn't originally see your post saying you don't know when it will be released yet, but will keep us posted :)

Have a Good Day.

Very good, thank you.

Some good ideas.

Any tentative launch date/time? Thanks. This coin looks good! ;D

What algo would people prefer for this coin? Sprout will be GPU related. I'm heading towards Scrypt-N, this is to give everyone in the community a chance.. instead of only the big boys taking control.

Also the total supply of coins / block reward.

Drop a few suggestions below & i'll be sure to read them and maybe implement those that i feel are necessary.

myriadcoin-groestl for sure, as the weather is hot  ::)

Scrypt-N is unhealthy for GPU's and miners will shy away from it due to there hardware investment. Choose X15, uses less power & easier on cards. There are no fpga/asic/massive rentals available for that algo.

Scrypt-N is too much load for GPUs in this hot summer , x15 is still better than scrypt-n.

I would be fine with x11, x13 or x15, but not scrypt or scrypt-n too much power and heat.

Not if you have ASICs!!  Lot less power and heat!!  Bring on Scrypt!!

I guess a vote makes sence. I am for groestl.

x15, Nist5 or Quark...

Gonna check this out

How many coins after the initial growth? I didn´t get it..  per year 1m coins.. total 14billion coins?! when will we reach 14billion coins?? that´s too many coins :(

Hi all.
Dev have you narrowed it down to what algo or possible launch date? Would really like to see if this idea works.

Have a Good Day!

Look forward to it.
When do it release?

Thank you. I'll keep watching this coin's development. I wish you Sproutcoin success.

NIST5, Groestl, Keccak, X13 or X15 will be good in the summer - Low heat and Low energy consumption - will match the green tendency of this coin!
Good luck!

Any updates? Dev are you still around? I'm very intrigued by this concept, but would like to know more about when it's going to be launched and what algo your going to use.

Personally, I would like to see a CPU friendly algo... Something like Groestl... X11 or any scrypt will have rentals sweep in at the beginning and then leave when its no longer the most profitabe coin out there...(which might skew your appraisal of what the network support would actually be in the future, and effect the stability of service or potential feature releases)...

IF your serious about continual network support, you have to have a CPU friendly algo IMHO (as miners will always have a bit of CPU hash left over, even from GPU rigs, that they would likely flock to just set it on, and forget it...while still being beneficial for them)...

Complete rigs will come and go, being pointed at whatever is making a positive ROI (you have to at least make what your elec costs are, ya know?)...so when the network hits a point where GPUs can make more off of another alt, most will switch...many miners have CPU hash that they don't even bother using, and your coin would be a major incentive to having those minor hashs work for them and the network...

I could be wrong, but isn't that what the "seeding" part of this idea does? The second layer uses the gpu or whatever depending on what the algo ends up being?

Looking at the suggestions, I'm pointing towards x15, yes with the summer and all it is alot of heat and power. Thank you for the recommendation, much appreciated. I'm still in the testing beta stages, i want this coin to be spot on before anything.. Anymore suggestions/ideas please post them. Thank you.

Is there anything I can do to help you with testing?

I hope this coin is still being developed. If so I have just started mining with Nist5 on a coin and like what I see. So might be the algo to use for this coin. I think another person mentioned it before as well. Only 2 coins out that I know of use third is being released soon. Any updates on progress?
Have a Good Day

nist5 is not so good, there is more power consumption than X11/X13/X15

Hi McNulty,
Remember you from other coin. My 8 gpus are coming with less power consumption than X11 and X13. I have not mined anything with X15. Are you undervolting? I'll have to test the different algos again and see if it was a fluke or something.

Have a Good Day

Hi of course you were right. I was using the old kernel, didn't realize there was an optimized one out already. Also could push my clock speeds a lot higher so of course using more power. Even though I know it doesn't really matter, but getting 8.5 MH/s on a 270x and 13+ MH/s on a 280x just seems cool. Of course since everyone else is getting the same results it doesn't make it a big deal just seems cool :)

Have a good day and Hope to hear from the dev soon about if this coin is still moving forward or dead.

Anyone still watching this thread. It seems like this particular coin isn't going anywhere. I was wondering if there are any other coins out there that are like this one was supposed to be?

Thanks and Have a Good Day!

nearly 2 months has passed,still no any development progress  >:( >:( >:(

one with skill will make his own coin

I believe he's still actively developing it. There are real world obligations and tests which need to be done prelaunch in order to make sure that this coin is everything that it can be.

I have complete confidence in the OP, I personally will be investing into this immediately upon release.

+1
(however no premine, can't be a new algo...)

It would be great to have this kind of concepts running. Bump, and if the dev is still around, might usggest doing proof of dev. After all, it's free and it somewhat adds a layer of trust for potential investors who don't want to get burnt easily.

Is Dev gone?    ??? ???

Nope, just extremely busy. There is no time estimate for this coin launch. Tests have been made for the structure, just trial and error. Updates will be provided, when new information is available.

Hey guys Sprout coin thread moved ! Check @ https://bitcointalk.org/index.php?topic=1238834.0;topicseen

Ummmm this isn't even the same coin, this one was never released.... Why say that the coin has moved on a 2 year old thread ?

I am replying to this comment because this thread is no longer old !

Well I posted the latest post, There are actually a few threads! I think its basically the same coin ! If I am wrong MY BAD! 8)