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December 18, 2017, 10:55:29 PM |
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The idea was born out of getting low payouts when mining with single GPU. The goal is to connect many more of us with the same problem.
By combining POW mining and POS coins payouts it would be possible to add extra income for everyone, even those with single GPU and even for those who use their CPU for mining.
How? Lets take a look at zpool.ca:
Great pool, dedicated owner, wide range of coins and lots of users with different hardware including ASICS (DIGIBYTE, LITECOIN), GPU (VERTCOIN, FEATHERCOIN) AND CPU (MAGI). This is a simple example of a pool that runs great and earns on fees. What it lacks is the ability to provide more earnings to regular miners and there are a lot of them out there. They do not have a chance to earn big because of their hardware restrictions and most of the time are pushed out of a new coin by nicehash, miningrigrentals and private farms.
Goal is to fund raise enough money to pay for building a new multipool dedicated to turn things around.
The pool idea:
For example purposes lets say we have a pool that runs on Yaamp code. There are several algos aviable and coins mined are sent to miners based on their shares when a block is found. I am using my GPU and mining on neoscrypt port. I use Dogecoin for payout (Yaamp has autoexchange option to use any coin for payout as long it is mined by the pool and blocks are found). My average daily income is 500 Doge.
Now comes the interesting part. Pool fees are used to buy Clams (POS Coin that has stood the test of time). Then these Clams are sent to Justice (gambling and staking service for Clams) where they earn stake rewards. Once a day staking profit is calculated and only the profit is withdrawn and exchanged proportionaly to coins mined on the pool. Those coins are sent back to pool and extra income is calculated and is sent to miners. I receive 50 more Doge with the same GPU and the next day even more in ideal situation(same doge and Clams price, difficulty of mined coins, staking share, pool hashrate).
Pool would need a custom algorithm to calculate how many blocks and shares each miner has done that day and award him with those exchanged Clams. New cycle begins and again pool fees are used to buy more Clams. Increasing the size of Clams staking on Justdice gives us more daily interest and miners are paid even more. Of course that award would vary given the price of Clams, staking share and miner prefered coin for payout. But generally yes, miners would earn more. This is just a example of combing POW and POS. Yaamp pool can be replaced with more efficient pool software and Clams wih more awarding coins.
Who would be in control? Found a nice example:
A simple answer here may ultimately be the best one: don’t create an entity at all. Allow the token holders to vote on the disbursement of the funds raised to develop the protocol in a decentralized governance style.
By letting the potential investors decide in creation of this idea - for now this forum will be used.
What platform will be used for ICO. I understand Ethereum is number one but maybe there are better options. For example how will the investors earn interest:
1. Pool has a fee that pays out to investors based on their token amount.
2. Pos coin or Masternode payouts are shared beetween miners on the pool and token holders.
3. Some other more advanced solution, maybe there is a pos token, dividend payout or something completly different. Lets talk about and find a best solution.
Escrow token creation. How and why would a member with no background and trust - (me) - be used for this. There are many members here on btctalk that earn money and have a good reputation for this task. We should use this and form a trust in this project from the start. Not some pictures of unknown guys and girls and website with fancy graphics. Paid service should be used as guarantee.
Who would own the pool, manage private keys, exchange API keys, VPS credentials. Again, we would need to pay for this to trusted and salary wanted people. That is why ICO is a must to provide funds to these responsible tasks.
What is needed for this pool to come to life:
VPS and domain name must be paid from the ICO fund and should last long enough until the pool starts to earn on fees.
Developer would have to be hired for creating or modifying pool code. He would also need to create the code that would be used to buy and sell POS coins and use that income to enhance POW mining - ? % of the fund.
Full time job would be offered to a pool admin or more of them - lets face it, large percent of the fund would go to them for keeping security and managing wallets, which is the hardest part.
Marketing manager would have to be hired to spread the word and attract new miners - ? % of the fund.
50% of the fund would be used to buy established POS coins or coins with Masternode capability.
Token price and supply must be calculated. Important factor in calculation is which POS coins and Masternodes to buy.
My share in all of this. All i want to is earn more with my GPU. I present this idea into the public of how to achieve this but without programing skills, marketing and lots of miners by my side this is not achievable. That is why i need help from community to put this into work. I know there are many others just like me so please come, join, share your thoughts and lets make it work.
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