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Decentralized Rewarding Instant Payments - DRIP Coin
First things first, feel free to read the first official thread related to our offering. Here you can find block reward details and other information so I'll not repeat it in the initial post of this thread: https://bitcointalk.org/index.php?topic=3710056.0
From a technical point of view, we are a clone of the latest version of PIVX and offer all the same features and functionality as them. For starting out, we've added one of the many features that we, as developers, have for the future of DRIP:
Retailer Rewards and Charitable Contributions
For every block in a typical PoS Masternode coin, there is a block reward that is split between the masternode and the staker (anyone holding coins in a wallet that is online for staking). DRIP add to this by allocating a portion of the block reward to retailers in return for acceptance of DRIP or to charitable organisations. It works as follows:
- For every block, the last address to which the winner of the staker reward for that block is also awarded a portion of the block reward;
- If the person winning the staking reward has never sent DRIP before, only bought and staked, the retailer reward defaults to a charity address;
- When we ramp up marketing later this year, we will use the fact that retailers can be rewarded to tempt them into acceptence of DRIP - in doing so, they'll be paid in full for their goods and services but will also have an opportunity to receive further rewards through this DRIP rewards system;
- The charity funds will be sold and distributed to charities, as voted on by masternodes, every quarter;
- The charity voting will be automated through the wallet and a choice of three charities will be given based upon community feedback on Discord;
- The DRIP founder has a charity close that he'd like to award the first payment to unless the community are in total disagreement - more detail to be announced;
Send as Bitcoin
Whilst the retailer rewards and charitable donations features will be in place on day 1, this feature will take more time to develop and requires funding for more full-time developers - hence our attempt tos get exchange listed as soon as possible.
When introducing a new cryptocurrency , a proper development team will have many ideas about the future of the product but the greatest ideas take the longest time to develop. Until a project is funded, the thousands of man-hours required to develop these features do not exist. As a result, a development team can only really take an existing product, customize it slightly and add the least labor-intensive feature before taking the product to market. For us, this feature was the retailer/charity rewards portion of the staking rewards. This is a simple idea but will reap huge benefits when it comes to persuading retailers to accept DRIP as payment for their goods and services.
My team and I have many other ideas and, perhaps, it's the fact that these are in our heads as opposed to in the public domain that has us so shocked that our Discord has only hit 250 members whilst other coins that offer much poorer value have 1000's (it's only been 4 days since announcement so maybe we're being too ambitious).
Given the above information, and the fact that one of the first questions usually posed by others when presented with a new coin is 'how are you different', we are faced with a dilemma. Do we release all information and risk other coins, with huge funding providing them with a much larger development team, stealing our ideas and coming to market first?
At first, our plan had been to keep all of our ideas secret because DRIP is already a fantastic product. This approach isn't leading us to the adoption we'd like at a fast-enough pace so, with the approval of the DRIP team, I am now going to release one idea for which I don't believe there is yet a competitor.
There are many coins that are introducing marketplaces for their own coins today. As a team, we do not like this idea. We are of the belief that if a crypto marketplace that can rival eBay is ever to emerge, it won't be that produced as a side-project to a particular coin. Instead, it'll be an independent project that accepts multiple cryptocurrencies.
With all the above in mind, one of DRIP's idea for the future is not a marketplace, but a feature that will allow DRIP to be spent on any crypto marketplace. Basically, a back-end exchange operated by our masternodes - not to manually exchange currencies like a traditional exchange, but to allow us to offer a 'Spend Privately as Bitcoin' button on our wallets. This will be designed in a flexible manner so that we can adapt in the future if Bitcoin's loses its throne as number 1 cryptocurrency – or add other options to ‘spend privately as’ if that feature makes sense.
When we have this feature, one of many planned (some great, some average), in place, a DRIP user will be able to spend their cryptocurrency absolutely anywhere that accepts Bitcoin - and will be able to do so privately without the spend ever being traceable back to your wallet.
So just imagine, in the future, eBay see the rise in market share of online auctions accepting crypto. In this scenario, they’d be foolish not to start accepting it themselves to stomp out the competition. With a ‘BitcoinBay’ in place, there’d be billions worth of Bitcoin spent on a monthly basis – but no one using the platform would have any privacy and transactions could be tracked back to wallets via the blockchain. DRIP would offer anyone wanting to use this platform a unique value-proposition.
The above feature not only adds significant value to those holding DRIP as their currency of choice - it also adds an additional revenue stream to masternodes in the future as there will be a yet-to-be-decided fee for someone wanting to 'Spend Privately as Bitcoin'.
As an idea, we think ‘Spend Privately as Bitcoin’ is up there with the best of them. As such, it's the only one we intend to make public for now. If I'm being honest, I fully expect someone else to steal it. As a team, we've decided that someone stealing this one will take the burden of development off our team. If they steal our idea, I’m sure the DRIP community would agree that we should have no qualms with stealing their code, if it's up to our standards, freeing us up to work on development of our other ideas (as a funded project at that point, we'll be better able to keep them under wraps until release).
How can you get some DRIP?
We are not selling masternodes as it puts too many tokens in the hands of too few people. We are not selling coins as the wealthy tend to use this opportunity to purchase an oversized portion of any good projects that offer such an option. We are distributing our tokens fairly, among miners, via ASIC-resistant algorithms that are unavailable on Nicehash. As such, miners are the ones who stand to make big money here - not those with a load of bitcoin to buy masternodes.
DRIP is not directly mineable as this offers no advantage to us as a coin and doesn't provide us with the funding we now need due to our refusal to sell masternodes and/or coins.
Instead, you miners need to mine LUX or RVN to an address owned by DRIP and, instead of the LUX or RVN, you would receive DRIP.
You need to:
- Download the DRIP wallet here;
- Generate a DRIP address;
- Private message us your DRIP address requesting a DRIP-owned LUX or RVN address;
- We will provide you a LUX or RVN address that we've linked to your DRIP address;
- Mine to that address via a pool of your choice;
DRIP would then receive the LUX and RVN and sell it to fund exchange listings. We would send you DRIP for your mined coins at a rate of 1.7 RVN = 1 DRIP or 0.01 LUX = 1 DRIP.
You can contact us privately either here or on Discord.
The wallet will not connect to any nodes or synchronise until 9pm GMT tonight - as the blockchain hasn't yet kicked off so there's nothing to sync to.
Mining will continue for at least one month - and the first DRIP payouts will be later today when we release a wallet update to allow you to connect to nodes and synchronize.
