0xCA7E
*heavy breathing*
Catether is an open source mineable ERC20 Token, powered by Cates.
CATETHER WILL GO LIVE ON CATURDAY NIGHT (May 5th), AT 10PM UTC:
Why Catether ?
Catether introduces a new mechanic: "Proof of Use". Short version: transfers fees are covered with newly created CATEs.
Long version : Each time you make a transfer, or use the "transferFrom" delegated transfer function, it will mint 1 CATE to the address from which the transaction comes from.
Since it always costs around the same gas price (but not the same GWei price), depending on the gas price of your transaction... It either costs, or gives you money.
In practice, one Cate will always be pegged to, or under the median gas price of the Ethereum network, multiplied by 42000 (that's the gas cost of sending CATEs).
The Ethereum miners are basically selling CATEs, now.
"A Cat-aclysm on Ethereum network" - New York Times
Also, you can use that feature to make micro-transactions at every transfer you make. A great way to create some savings without thinking about it, or,
donate to the Research against Cancer each time you buy a coffee... possibilities are endless.
One of my next project will be to create a game that takes advantage of that token, to make the first viable (cash-wise) game on the Ethereum platform.
A free-to-play game, not a " 'free'-to-play-if-you're-already-holding-10000-ETH-because-who-gives-a-f*ck-about-0.00005ETH-at-that-point-eh" game.
Free as in really free. (Take that, Cryptokitties)
No ICO.
"Don't fucking move" - the SEC Board
There will be no ICO whatsoever, just mining. You come, you mine it, you get tokens. Or, you make empty transactions to yourself, and buy your tokens to a 42000gas/Cate price.
Fun fact: anyone can buy tokens this way... transaction "Mining", may I say. Anyway, it's the first kind of mining experience that will never, ever, require you to have costly hardware.
Broadcast transactions to the Ethereum network, get your reward. You don't even need CATEs to start with, you can just send a transaction of 0 CATE, it works.
It's fucking weird, but really, it's harmless. When you think about this, it still costs gas to do so, so, there are no real "free" money, just a very funny way to distribute new tokens.
The more people use the contract, the more stable that transaction economy will be. At one point, it will really cover a significant portion of your transfer fees at any time.
"Purrfect." - Vitalik Buterin
Block rewards
We like Dogecoin. After all, between memes, we understand each other. But halving is kinda harsh for a mining community, so, it will be slightly better.
Let's take a look at the source code :
//There's no limit to the coin supply
//reward follows more or less the same emmission rate as Dogecoins'. 5 minutes per block / 105120 block in one year (roughly)
function getMiningReward() public constant returns (uint) {
bytes32 digest = solutionForChallenge[challengeNumber];
if(epochCount > 160000) return (50000 * 10**uint(decimals) ); // 14.4 M/day / ~ 1.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 150 Billions)
if(epochCount > 140000) return (75000 * 10**uint(decimals) ); // 21.6 M/day / ~ 1.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 149 Billions)
if(epochCount > 120000) return (125000 * 10**uint(decimals) ); // 36.0 M/day / ~ 2.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 146 Billions)
if(epochCount > 100000) return (250000 * 10**uint(decimals) ); // 72.0 M/day / ~ 5.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 141 Billions) (~ 1 year elapsed)
if(epochCount > 80000) return (500000 * 10**uint(decimals) ); // 144.0 M/day / ~10.0B Tokens in 20'000 blocks (coin supply @ 80'000th block ~ 131 Billions)
if(epochCount > 60000) return (1000000 * 10**uint(decimals) ); // 288.0 M/day / ~20.0B Tokens in 20'000 blocks (coin supply @ 60'000th block ~ 111 Billions)
if(epochCount > 40000) return ((uint256(keccak256(digest)) % 2500000) * 10**uint(decimals) ); // 360.0 M/day / ~25.0B Tokens in 20'000 blocks (coin supply @ 40'000th block ~ 86 Billions)
if(epochCount > 20000) return ((uint256(keccak256(digest)) % 3500000) * 10**uint(decimals) ); // 504.0 M/day / ~35.0B Tokens in 20'000 blocks (coin supply @ 20'000th block ~ 51 Billions)
return ((uint256(keccak256(digest)) % 5000000) * 10**uint(decimals) ); // 720.0 M/day / ~50.0B Tokens in 20'000 blocks
}
So, Here's how it goes :
Block Time: 5 minutes
Supply cap: None. (150 Billion tokens after 18 Months)
Era time: 20 000 blocks (around 69 days. sexy)
Number of Eras : 9 (a Cate haz 9 liefs)
Rewards : Completely random until block 60'000th, fixed thereafter.
Era 1: Between 0 and 4 999 999 CATEs/block (720.0M /day)
Era 2: Between 0 and 3 499 999 CATEs/block (504.0M /day)
Era 3: Between 0 and 2 499 999 CATEs/block (360.0M /day)
Era 4: 1 000 000 CATEs/block (288.0M /day)
Era 5: 500 000 CATEs/block (144.0M /day)
Era 6: 250 000 CATEs/block (72.0M /day)
Era 7: 125 000 CATEs/block (36.0M /day)
Era 8: 75 000 CATEs/block (21.6M /day)
Era 9 and above: 50 000 CATEs/block (14.4M /day , 5.25B/year)
There is a pre-mine of 1 337 Million Cates.
As we don't do an ICO, but Catether Foundation needs funds to make its project work on the long-term, we need investments.
Running a mining pool costs Ethers and $, as there's need for servers and gas to make the Mint transactions. So, yeah, we will premine what would be
less than 1% of the total supply of the token in 1year.
We will use theses tokens to cover the expanses of running a pool for everyone to mine for free (solo-mining costs gas, on the Ethereum platform),
Make Grand Prizes, tournaments, bounties... Do things that any community would want to see. All the other Tokens have theses mechanics in place, why not us ?
We want people who use Cates to know this token won't be manipulated by shady investors that controls most of the coin's supply. Here, Mining rewards defines everything. We have a precise goal: make transactions free.
"One more token like this and I'm on the dole." - John Mc Affee
