Hello everyone. In order to avoid people calling the Alt coin I am going to release a premine scam, I am taking the initiative and giving a
minimum six-week announcement before release. As I get closer, I will divulge exact time of launch, and will have example configs, and all the info you need to have to mine the early blocks (cgminer settings that work best, etc.)
The coin will be Scrypt-based, will have absolutely ZERO premine, and will attempt to counter one of the issues with cryptocurrencies today.
The coin itself will have a block reward that increases with hashing power. While this doesn't benefit early miners as much as current alt coins, it makes the coin have a more forseeable future. While the details are still sketchy, I plan to program the coin to award the square root of the current difficulty times some convenient constant. For example (subject to change a TON), a block when the total network hashrate is 1MH/s would be worth one coin, however a block when the network hashrate is 2MH/s would be worth around 1.41, and a block when the network hashrate is 10MH/s would be right around 3.3. When hash rate gets to 100MH/s, the block reward is 10 coins per block.
The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.
I am completely open to suggestions, and have barely started on the code itself yet. I would be more than happy to have some suggestions for that "magic constant," as well.
Name suggestions. I need them. Thanks
Explanation as to why square root:
As computing gets faster, either with faster generations of Graphics Cards (per dollar, or per Watt), or with FPGA/ASIC mining devices, I don't want the supply to explode. It makes sense for the currency to get larger as more people adopt it, but not as hardware evolves to be faster (in my opinion). This leads me to the square root idea: while the coin reward would increase with higher hashing power, the square root acts as a sort of permanent buffer against some of the extreme hashing power that could join the network.
I also had another idea, not sure quite how the implementation would work, but the constant C would go down with increasing block number, in accordance to Moore's law. Basically, it would attempt to keep coins/$ of hardware relatively the same throughout its existence. It would run into a few problems though: ASICs break Moore's law (in the sense that a 2-year development is a 10x or more increase in hashing power), and Moore's law will end at some point, due to the inability of chip manufacturers to make smaller die sizes. It has to end somewhere, some people say 10 years, others say 15-20.
Legality: According to the United States of America Stamp Act, creating your own
physical currency is illegal. This currency is digital. The United States has, to some extent, even embraced Bitcoin, in an attempt to tax it and prevent money laundering operations. Bitcoin has blazed a trail of legal and social acceptance. Therefore, the making or use of this coin will not be illegal in the United States. No idea about other countries, I'm not a law expert.
Will it be based off bitblock? That would be awesome.
IMHO it would be the best coin if it had a better starting difficulty and/or this
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