ObeliskGold Foundation Red Paper

ObeliskGold Red Paper

Introduction:

We have a special announcement. The ObeliskGold Foundation will be creating the ObeliskGold blockchain. This is not an ICO, this is a real blockchain similar to Zcash with the highest level of decentralization. We will be funding the Obelisk Inc. developers (makers of the obelisk Asic SC n& DCR miners) and provide them funding from mining rewards to push Obelisk Inc. development further like the LAUNCHPAD service and build the next generation of new Asics miners. So far Obelisk Inc. DCR & SC with Algo switch turned on are the known compatible miners. We encourage mining manufacturers to create compatible miners to mine ObeliskGold to further decentralize the network. We will begin some formal discussion with Obelisk Inc. Dev soon after they have reviewed our proposal and get community feedback. We are looking into using their LAUNCHPAD service to launch ObeliskGold crypto currency.

Issues:

Obelisk miners are no longer profitable due to late delivery and recent releases of competitor mining products, and our foundation will be formed to make the Obelisk Inc. Miners of SC & DCR whole again. Millions of dollars were spent on Obelisk mining equipment and development. 25,000+ miners will need to go to somewhere with a new coin to mine. Asic mining in general has become a toxic environment and an arms race.

Solution:

To give birth to ObeliskGold crypto blockchain.

It will be structured very similar to Zcash for the founders rewards. No ICO; this will be a real fully decentralized blockchain, 21 million max supply, 75 percent mining rewards will to go miners and 15 percent rewards will go to Obelisk Inc. and 10 percent block rewards will go to the ObeliskGold Foundation. We will be looking into using Obelisk Inc. Launchpad service, so they can configure the Obelisk Miners specifically for ObeliskGold blockchain.

The birth of ObeliskGold Foundation.

This non-profit organization will bring fairness to mining back to the community. This will act in nature very similar to the Zcash Foundation. As mentioned 10 percent of the Block rewards will be used to fund projects that will improve the ObeliskGold ecosystem. Mining will be a service and not an arms race reward.

FAQ:

Why will Obelisk Inc. developers be receiving 15 percent of block rewards?

Answer: Obelisk Inc is a company that has provided the foundation and many years of research and development. They are experts in their field and have many innovations. They are much further ahead than what the Obelisk community can do on their own in order to give value to ObeliskGold. Since the Obelisk Inc. devs will be receiving block rewards there are heavy financial incentives for them to make sure ObeliskGold succeeds and has value. Just like how the Zcash founder Zooko gets 300k a month worth of Zcash value. But its value was worth very little at the start of Zcash.

Why will ObeliskGold Foundation get 10 percent of the rewards?

Answer: The nonprofit foundation is requesting for 10 percent of the rewards to build up a war chest to fund new projects that will improve the ObeliskGold crypto currency. If Obelisk Inc. devs were no longer around ObeliskGold will survive and fund other projects to improve the ObeliskGold ecosystem. The rewards will be of very little value initially but can be used to fund marketing, community, etc.

Why make ObeliskGold? What potential use case may it have?

Answer: That’s up to the community to decide and provide us with further feedback. Maybe ObeliskGold is a currency for Sia storage solution payment, etc. There are many potential use cases. But what we do know is that there are lots of Obelisk DCR & SC that will not be profitable mining decred and siacoin. Those 25,000+ units of machines will need a new coin to mine and support the network with all that hash power.

If you share the same vision, please contact me. We cannot do this all on our own and we will need the help and support of the community. We are looking for board members, marketing, and community outreach.