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Decentralized Rewarding Instant Payments - DRIP Coin
DRIP is an open source crypto-currency focused on fast private transactions with low transaction fees and minimal environmental footprint. It is a fork of the latest version of PIVX which now offers, among other features, private staking. At the beginning, DRIP will offer the additional feature of a portion of each block reward going to merchants and/or charities (further detail below). As a community governed coin with a different community to PIVX, this will only be the first in a long list of differences coming soon. Further information will be available in our whitepaper - which will be released on May 12th, 2018.
DRIP utilizes a custom Proof of Stake protocol for securing its network and uses an innovative variable seesaw reward mechanism that dynamically balances 90% of its block reward size between masternodes and staking nodes - with the remaining 10% dedicated to community budget proposals. A further portion of the block reward is assigned to the last person to whom the PoS winner of each block has sent coins to. The purpose of this is to incentivise merchants to accept DRIP - as acceptance of DRIP will result in being paid for their product or service AND getting an opportunity for further awards.
Should the miner of a block not have sent DRIP before, i.e. they have only set up a wallet and received money, the reward that would normally go to the merchant will go to a DRIP address reserved for charity. Coins in this address will be sold off at regular intervals and the proceeds donated to various charities.
The primary goal of DRIP is to achieve a decentralized sustainable crypto currency with near-instant, private transactions, fair governance and community intelligence.
- Anonymized transactions using the [_Zerocoin Protocol_]
- Fast transactions featuring guaranteed zero confirmation transactions - _SwiftX_
- Decentralized blockchain voting utilizing Masternode technology to form a DAO. The blockchain will distribute monthly treasury funds based on successful proposals submitted by the community and voted on by the DAO
More information at [dripcoin.tech](http://www.dripcoin.tech)
Coin Specs
| Block Time | 60 Seconds |
| Difficulty Retargeting | Every Block |
| Max Coin Supply (PoS Phase) | Infinite |
| Premine | 290,000 DRIP* |
*40,000 DRIP will be used to run four developer masternodes, resulting in a stable network. The other 250,000 coins will be distributed to the community using the various approaches detailed in our whitepaper and social media groups. These tokens will not be staked or used for masternodes during the distribution phase and any undistributed tokens will be burned on the day we list on an exchange.
Reward Distribution
| Block Height | Reward Amount | Notes |
| 1 | 290,000 DRIP | Primarily for distribution to the community |
PoW Rewards Breakdown
| Block Height | Team |
| 2-120 | 2 DRIP |
PoS Rewards Breakdown
| Phase | Block Height | Reward | Masternodes & Stakers | Merchant/Charity | Budget |
| 1 | 121-43200 | 11 DRIP | 10 DRIP (all staker) | 1 DRIP | 10% |
| 2 | 43201-129600 | 151 DRIP | 150 DRIP seesaw | 1 DRIP | 10% |
| 3 | 129601-216000 | 131 DRIP | 130 DRIP seesaw | 1 DRIP | 10% |
| 4 | 216001-302400 | 111 DRIP | 110 DRIP seesaw | 1 DRIP | 10% |
| 5 | 302401-388800 | 91 DRIP | 90 DRIP * | 1 DRIP | 10% |
| 6 | 388801-475200 | 56 DRIP | 55 DRIP * | 1 DRIP | 10% |
| 7 | 475201-561600 | 46 DRIP | 45 DRIP * | 1 DRIP | 10% |
| 8 | 561601-648000 | 26 DRIP | 25 DRIP * | 1 DRIP | 10% |
| 9 | 648001-734400 | 11 DRIP | 10 DRIP * | 1 DRIP | 10% |
| X | 734401-Infinite | 5.5 DRIP | 5 DRIP * | 0.5 DRIP | 10% |
*After block 302,400, the reward split between masternode and staker will move from the seesaw algorithm to a fixed reward based upon whether the staker is staking DRIP or zDRIP. If the staker is staking zDRIP, they get 60% of the reward. Otherwise, they get 40%. The remainder goes to the masternode.
Token Distribution Details
Pre-Mine
| 40,000 | Four masternodes to be run by team in order to maintain a stable network until other masternodes come online (burning of these tokens will happen after phase 3) |
| 20,000 | To be used for the DRIP coin bounty programs |
| 230,000 | To be distributed to miners - and not to be staked or used for masternodes whilst awaiting distribution |
| 290,000 | Total |
Fundraising
- Mining is the inferior method of securing a blockchain when compared to Proof of Stake;
- Mining does offer an advantage in the form of wider token distribution during the early days of a coin;
- This advantage only exists where the algorithm is ASIC-resistant and unavailable on Nicehash;
- LUX, using the PHI algorithm, is an example of a coin using such an algorithm;
Is there a better alternative to simply having DRIP mineable via the PHI algorithm for an initial period of time? How about requesting miners to mine LUX to a DRIP-operated mining pool and offering DRIP as payment in lieu of LUX:
- As a PoS coin at it's core, DRIP would only ever be mineable to achieve wide token distribution;
- This will also be achieved via the LUX-mining donation pool approach; but
- The project would have initial funding without the sale of a single DRIP coin;
- Miners would be better able to guage how much DRIP they'll earn as the LUX network has a high, stable, hashrate;
Fundraising Goal
| Listing on two exchanges | 1.5 BTC |
| masternodes.online | 0.2 BTC |
| masternodes.pro | 0.1 BTC |
| 10% Buffer | 0.2 BTC |
| Total | 2.0 BTC |
The buffer is to cover Lux price deviations from Bitcoin during the mining period. If the deviations work in our favor, we'll choose higher volume, more costly, exchanges. If the deviations move beyond 10%, and up to 20%, the team will cover the cost difference to get our listings.
At today's rate, 2 BTC is the equivalent to 2420 LUX. With 230,000 DRIP to be distributed to miners, every 1 LUX should result in 99.13 DRIP (we'll round that up to 100 DRIP). There'll be a minimum payout on the pool of 0.1 LUX which will earn you 10 DRIP.
If we are listed on our first exchange before the 230,000 coins are distributed to miners, undistributed coins will not be sold - they will be burned.
OFFICIAL TOPIC:https://bitcointalk.org/index.php?topic=3710056.0
