Bottlecaps Foundation Official User Briefing
7/22/2013
30 Days since Genesis Block Creation
Approx. 400,000 Bottlecaps Minted
1.33 Coin days behind Target Generation RateThe origin of the Foundation
Bottlecaps were designed and founded by a group of individuals. They set out to create a currency not for the profit of the developers. But rather for the good of the community. They gathered feedback from the community as to better understand what they needed in a Crypto Currency. When the community had spoken the overwhelming response was security and stable coin generation. The superiority of a hybrid Proof of work and Proof of stake blockchain has really began to show itself as of lately. But there seemed to be a few aspects of the current design investors and miners alike were not all too comfortable with.
First off I would like to give credit where credit is most certainly due. The true developers of our time have put more effort into the code then we have without a doubt. We would like to give credit to Satoshi, Sunny King Balthazar Mineral and Shakezula As well as the many, many developers who have helped bring the true innovation to Alternative Crypto currency's. We are sorry if we missed a few but there are so many that deserve credit. It is not the intention of Bottlecaps to directly compete or harm any of these crypto currency's. We hope to join them in the long term financial markets.
The first of which being the unknown total of the currency to be generated. The current subsidy algorithm used by all major Hybrid Pow/PoS currency's is regulated by Moore's Law. Which states the number of transistors on integrated circuits doubles approximately every two years. At a astonishingly predictable rate. The proof of work block reward Declines on course for halving every x number of times the network difficulty multiples. This means as mining hardware improves and difficulty rises the block reward will slowly diminish. Rapidly at first due too low initial difficulty, then following a relatively predictable course on track with technological improvements. This means there is no hard set cap on the number of coins produced. Except a hard coded limit of Billion coins. The total number of coins may never reach this limit. But it is the only limit in place for total generation. It is impossible to predict the total number of coins to be minted with absolute certainty
The second concern is also with the block subsidy algorithm. Due to the low initial difficulty of current Proof of Stake currency's, A large majority of the total currency supply is minted within the first hours/days/weeks of its existence. Just to reach a difficulty of 1 means the difficulty has already multiplied in the orders of 100's, Meaning the reward has already halved multiple times. Difficulty 1 is easily reached within hours or days meaning early adopters are largely rewarded for simply being among the first to mine. This is commonly referred to as "Instamining". And by many is considered just as undesirable as a large premine
How do Bottlecaps address these concerns?The Bottlecaps foundation set out to create a currency which would ease the uncertainty and concerns for investors and miners alike.
First it was decided a more predictable coin generation rate was needed. The foundation decided on a 10 Cap Proof of work reward. Stable for 9 years Totaling 47,433,600 Bottlecaps to be minted through the Proof of work Method of coin currency generation
To combat concerns about "Instamining" it was decided a relatively high starting difficulty was desirable. The starting difficulty chosen was .25 This allowed for a slow but steady increase in block spacing until the desired 60 second block time was reached.
The charts below compare several different Crypto Currency's generation rates for the first 7 days. You may notice Within the first few days currency generation is at an astonishingly high level across the board. Then continues to drop from there on. This is rewarding miners just for being among the first to mine.
The following graphs show Bottlecaps currency generation rates. Alongside the respected target generation rate of 600 per hour and 14400 per day
The above graphs were put together from information publicly available at the block explorer found here:
http://bot.webboise.com:2760/chain/Bottlecaps. Are values are NOT estimates and are correct to within 1 block or 10 coins. Figuring in human error
The genesis block was hashed 4 hours prior to release. That and the first block that was generated to confirm network functionality were omitted from the above graphs.
What is noticeable on the graph is that the target generation rate was nearly matched perfectly. Only 6 blocks were found in the first hour and each hour came closer and closer to the target generation rate. Only slightly exceeding this target at hours 6-7. Which was corrected in the following days/weeks. We are currently 1.33 days Behind target generation rate. Among only a hand full of currency's to achieve this.
Development Path For The FutureThe goals of the foundaation from the start have been, Stable coin generation and network security. We believe we have accomplished our first goal even and exceeding our expectations. The path for the future of Bottlecaps it to make the network as secure as possible. aAll future updates will work closer to this goal. With a major advance coming in release 2.0. Details for this will be released when the time nears. But for now we have many exciting developments coming in the next few updates.
Here we will lay out the plans for Updates 1.4 and 1.5 Please check back often as we will try to keep users informed as to what will be included in the next two planned updates
Release Version 1.4
Expected release date: July 30th 2013Updated checkpoints for network security
Fixes to network connectivity that have presented themselves. No more need for a configuration file with added nodes!
We will begin changing the return on investment for Proof Of stake minting. To better utilize the features planed for Release 2.0. The change will not be effective immediately but will rather be set to take over at a date yet to be determined.
The new proof of stake reward will change to a full 5%
The higher the % of the currency up for stake the faster and more secure the network will be. We believe this will encourage many users to Open their wallets for Proof of stake minting therefore securing the network with every coin up for stake
Don't be frightened by a high proof of stake Return on investment. In order for the network to inflate by 5% the entire currency would need to be up for stake. We have seen in the past it will be nowhere near this rate. We believe it is worth the cost when you consider the network security it will bring along with it. Again more details on this will be released as we approach Bottlecaps 2.0
Release Version 1.5
Expected Release Date: August 2013 TBDUpdated checkpoints for network security
Finalizing the ROI changes for Proof of stake minting
Possible Developments To Be Included In 1.5:Transaction Messaging
A skinnable wallet which can be customized with Bottlecaps Foundation and user created skins
Slight changes to block subsidy/ transaction fees to better handle the end of PoW rewards in the year 2022 ( Total currency cap will not be affected )
Miner and Outside Developers Notifications:Hashrate DistributionThe current network hashrate distribution is leading to an inefficient network. The pool located at
www.bottlecapspool.com is running at 90%+ of the total network hashrate. It is not as much of a security concern as with PoW alt coins. The owner is a trusted individual. But all that aside the unequal hashrate distribution is leading to an inefficient network, Smaller pools are having blocks orphaned by the superior hashrate of
www.bottlecapspool.com. Leading to wasted hashes and further driving people to that particular pool.
It is strongly advised for network efficiency to switch miners to one of the pools listed below. I have personally verified each pool is paying out users and functioning correctly
http://cap.botpool.com*Proportional payouts
*1% Fee
*Stratum
http://swmining.mine.nu/bot/Features :
* VARDIFF Support (BETA)
* PoW Scrypt with PoS Support (BETA)
* PPLNS payout system
* Dynamic PPLNS lastNshares calculation for correct payouts!
* PPLNS Status Display for 100% transparency (Very Cool!). You can see exactly where every coin goes.
* Stratum support.
* 1% Fee
http://bot.coinmine.pl* 0% fee
*Proportional Payouts
*stratum only
* Getwork
http://bot.coinmine.pl:9102https://www.multipool.in 0% fee pplns
Developers:We are currently looking for a few talented individuals to join the Bottlecaps Foundation Development Team.
We currently only have one developer who is devoting the majority of his free time to the Foundation.
Because Bottlecaps were created for the people and not for the profit of the developers we rely solely on donations from the community. If you feel you could benefit Bottlecaps with your skill set please contact us with your background and any asset you believe you could bring to the team. Although we can only offer a small donation for your time and effort, We feel any asset you bring to the team will further enhance the future of Bottlecaps. As well as securing your investment
Outside Developers:Bottlecaps is always open for any outside developers to create services for or add Bottlecaps to any existing service they offer. We unfortunately cannot offer much of an incentive in the bounty department. But we feel the customer base you will acquire with the Bottlecaps community will further increase your profits and or volume.
Items that are requested for Bottlecaps:More pools can never be a bad thing. The more options users have the more evenly distributed the network hashrate will be distributed.
Q&AQ: I have noticed quite a bit of confusion with he latest release/ updates for Bottlecaps. Is there a reason for this?
A: The foundation sincerely apologizes for any confusion and frustration with the latest release. The project has recently been handed over to a new developer. With any change of hands there will be an adjustment period. As the new developer switches certain aspects to his preferred method of development. As well as understanding what the previous developer has already accomplished. We assure you Bottlecaps are in safe hands and we are taking steps to prevent issues like his from occurring in the future.
Q: Will the Proof of Stake Return on investment changes cause large inflation of the currency?
A: In order for the currency to hit 5% inflation Every coin in existence would have to be staked. This is extremely unlikely. We have seen volume of up to 20% on
www.cryptsy.com in a single day. Those coins if all pulled from the market today would require 30 days of inactivity to be eligible for stake. The past has shown with NVC the actual infaltion caused by POS will be nowhere near this. Proof Of stake minting is not designed to be a large profit scenario. It is simply designed as a reward for using the currency itself to secure and protect the network. With the current ROI we feel not enough of the currency will be put up for stake. Leaving the network vulnerable. We have a development in the works to take full advantage of the high ROI we are implementing. We will keep users informed as we release more details over the coming weeks and months
Q: Were Bottlecaps created as a Fallout style game currency?
A: Yes and No really. Bottlecaps were not created solely as a Fallout style currency. In fact the original developer was unaware and didn't understand the reference. It has many more aspects to it than that, And should not be thought of as just another game currency. It embraces the newest developments in crypto currency and offers users a secure and trustworthy currency. We have embraced the support from the community and have made changes to the client and name to better reflect what we believe the users would like. We fully embrace the reference and that is one of the main reasons behind the Skinnable qt system we are working on.
We will add to this section as more valid question are proposed.
Since there was no premine any donations to support the foundation will go to creating bounties and or supporting outside developers:
CAP donations: F2YX4Aiyk9p2WqXHrrGGgVuskTxCGYpaG9
Currently balance is 423.75 BOT
**Balance sheet**
Paid 30 CAP to support the fountain
Paid 10 CAP as bounty for blockexplorer
Paid 100 CAP in giveaways
Paid 2800 CAP to support cryptocoin.cc casino balance
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