TPCoin - Cryptocurrency for The Poisoned Chalice film
Specifications
- Scrypt Algorithm
- 548000 Maximum Coins
- 50% Premine
- 2.5 Minute Block Targets
TPCoin will utilise scrypt as a proof-of-work algorithm, based off the open source code for Litecoin. TPCoin will have a maximum number of coins set at 548000, where two coins exist for every 'one share' allotted to investors that contribute Bitcoin towards The Poisoned Chalice film. A 50% pre-mine will be used to distribute a maximum of 274000 TPCoins to award investors, so that they may keep track of their investment and be awarded dividends in Bitcoin at pre-defined intervals. The remaining half of the coin total, a further 274000 TPCoins, are to be generated via proof-of-work and can be mined by anyone. At a block calculation time of 2.5 minutes, there are 841,519 blocks to be mined from the launch date of 16/05/2015, at a block reward of .32560168 TPCoins. Difficulty will retarget every 2016 blocks, the same as Bitcoin. Whereas Litecoin halves their block reward every four years, for TPCoin four years is the expected life of the coin, so there will be no reward halving. When the total amount of TPCoin is mined, the proof-of-work phase ends, and holders can elect to provide 'proof-of-burn' to convert their holdings into the share restructuring that will govern any further profit taking from The Poisoned Chalice film from 4/04/2019 onwards. Currently the Director is expected to do the programming work required to launch TPCoin. If a different developer is found prior to May 1st 2015, then they may oversee this launch due on 16/05/2015 and provide an alternative vision if one can be demonstrated to align it's goals more efficiently to this project than what is allowed for under this current specification.
Rationale
- Investment Tracking
- Dividends vs Open Market Incentive
- Linked to Tangible Goods and Services
- Four Year Cycle
As we have seen, half of the coin total is issued to investors as a token of liability that they need to keep in order to receive their investment returns, whereas the other half of the coin total is generated by proof-of-work and is not attached to any liability. However, in an open market situation where coins are traded on exchanges, the value of coins generated via proof-of-work may come to approach the more clearly defined value of TPCoins attached to a liability. In this situation, investors may sell their TPCoins rather than wait for the returns they are entitled to in due course, and someone else who did not invest in The Poisoned Chalice film originally may come to benefit from someone else's initial investment. The investment conditions are clearly defined on the poisonedchalice.io website, outlined here:
poisonedchalice.io/Roadmap.html and here:
poisonedchalice/io/Conditions.html , where key factors are to be found in the following diagrams:
Total Shares as Raised Capital
Investment Recovery and Dividends
TPCoin - Complimentary coin to Bitcoin
With the tracking of investments and the distribution of dividends being the primary purpose of TPCoin, it is clear now that TPCoin is intended to be a complimentary coin to Bitcoin. So long as the Investment goals are reached and The Poisoned Chalice film is made, then the Bitcoin community has a powerful guarantor of the continued efficacy of Bitcoin as an investment product through to 4/04/2019. Now in 2015 it would be a good time to reflect on how many other products or investment initiatives are effectively providing similar guarantees that Bitcoin will remain relevant throughout this same period. While there are numerous holders and speculators of Bitcoin, the truth of the matter is the most active functioning market that keeps Bitcoin afloat is the buying and selling of illicit substances in darknet sites, and the continuing functioning of these darknet sites is not a sure thing. Needless to say a successful launch of The Poisoned Chalice film, crowd funded via Bitcoin contributions and awarding dividends at regular intervals, will go a long way to legitimise crypto currencies in general. The experimental nature of TPCoin as a currency that tracks investments and awards dividends could well be a prototype for other future successes based around entertainment products.
TPCoin Wallet - Virtual Machine Activation
For the fundraising model of The Poisoned Chalice to be a success, it is likely that some investors with little prior knowledge of Bitcoin will make their first transaction in the currency to invest in the film. On the other hand, it is likely that miners who support TPCoin will have knowledge and experience in using Linux open source operating systems. To ensure security over the life of the currency, TPCoin will officially support a wallet only on Linux systems. Investors that sign up for either Platinum, Gold or Silver Membership will be provided with a functioning Linux system that operates within a virtual machine. Platinum members will have their choice of either a deluxe USB key or flash memory card, Gold members will be given a USB key, while Silver members will be given a DVD. This media will have the wallet pre-compiled within a functional OS that can be run on Windows or Mac computers directly from the media. The Director has a signed arrangement with VMware to distribute their VMware Player software on physical media, this relationship extends back to a prior enterprise operated under the 'Dragonseer' ABN. Miners will be able to use this Virtual Machine as well, which will be available as a torrent, if they would like to keep their coins on a Windows or Mac computer. Once Investors receive the media with the Virtual Machine, they must 'activate' their wallet to receive their share of the pre-mined TPCoin. Once received, this media can be safely stored or destroyed, so long as the coin balance at their address remains the same, they will receive their entitled investment return. If they sell or trade their TPCoins however, then the benefits will pass to the recipient. These benefits also can include Timeshare benefits, visit
poisonedchalice.io/Timeshare.html for more details. A screenshot of an early prototype of the Virtual Machine follows, note the platform chosen is Xubuntu 14.04 LTS.
TPCoin as a Currency
Of course when The Poisoned Chalice launches as a film there will be opportunities to spend TPCoins in ways related to the film. There may be tickets that can be redeemed by spending TPCoins, or there may be other merchandise related to the film offered for sale as ways to spend TPCoins. The reason that the IPO has plenty of time to accept funds before the coin launch is simple. If funds aren't raised, then there is no film, and TPCoins are left stranded without any relevant application. Bitcoin is an amazing resource that can function quite adequately as an investment pool that sources funds all over the globe and rewards investors by transacting out of that same pool. It isn't particularly important for the sake of the film where the funds come from, but wouldn't it be great if the broader cryptocurrency community endorses a successful launch of the film that is also committed to advancing the cause of crypto currencies.
Previous Updates
Most Recent Update - 12/04/2015 12.36 PM GMT - Poll unlocked, Namecoin [NMC] added for voting. It is a SHA-256 coin so that is another option to consider vs Litecoin [LTC] which is a Scrypt coin.
Update - 5/04/2015 10.01 AM GMT now that
http://poisonedchalice.io has launched, the OP has been revised with clear Specifications, Rationale, Complimentary coin and Virtual Machine subheadings and content established.
Update - 26/03/2015 9.24 AM GMT - I will be in the Melbourne CBD distributing flyers either in person or via the mail in April ahead of the launch of TPCoin. I'm closing the development poll early, thank you for your interest in TPC coin launching as an update to the open source code of either MINT, DRK, MON or LTC crypto algorithms. Without another developer to assist me in coding I have decided on TPC coin launching as a scrypt coin, so it will likely most closely resemble the LTC code from these four options tabled originally. The good news about this is there should be plenty of incentive to mine TPC coin, and I've settled on a 50/50 premine, where half of the total can be generated to exchange with investors that expand the investment pool by depositing BTC, and the other half of the total can be mined by anyone!
Update - 25/03/2015 8.40 AM GMT - Coin launch date set and moved to May 16th 2015, IPO funds are taken from April 4th 2015 when the first round of investors are welcomed, escrow can be used up until such time as first targets for infrastructure acquisition are reached.
Update - 24/03/2015 00.10 AM GMT - Image added, website template sorted, feedback welcome
Update - 23/03/2015 11.33 PM GMT - Mintcoin is off to an early lead in the poll! So far a PoS coin is proving a popular choice, poll closes in a week's time guys
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