An important world event is underway. Imagine you can watch video news about it from multiple viewpoints and determine your own understanding of the truth. Imagine if that event is happening right in front of you, and you pull out your smartphone. With one touch, you instantly create and deliver a video report on it as it happens. Is it a protest? A crime in progress? A good deed? A celebration?
What is RelCoin (Pronounced RealCoin)?
RelCoin is a cryptocurrency similar to Bitcoin, but with its own mining/staking or generative algorithm and its own decentralized, public-consensus transaction ledger or blockchain: an alternative to Bitcoin, or altcoin. RelCoin’s specific purpose is as a store of value and method of exchange within the software application Relnuz.
What is Relnuz (Pronounced RealNews)?Relnuz is a mobile video-sharing application with a niche purpose of creating and sharing video news from your smartphone, whether that news is of global, current, topical niche, or highly geolocal interest. It allows you to instantly “sharecast” newsworthy events happening right in front of you, and lets you earn RelCoin rewards based on both crowd-evaluated quality of your sharecast and newsworthiness as determined by Relnuz editors. Because RelCoin rewards are a functioning, standalone cryptocurrency, tradable on exchanges for Bitcoin (or Euros, Dollars, etc.) or for an ever-increasing range of goods and services, you can earn genuine value for the quality news you sharecast, or for the honest and accurate feedback and editorial/categorization help you provide on other users’ sharecasts. In this way, Relnuz is a self-sustaining ecosystem that aims to disrupt Big Media video news as we know it, by decentralizing both its content and its value, and giving it back to a community of creators and consumers.
If I mine or buy RelCoin, how will you deliver value?The Relnuz executive team has decided to launch RelCoin concurrently to the development of the Relnuz application, then integrate it later. We’re doing this because we want a working Relnuz beta to test in the field as soon as possible, and part of the data collected from our beta users will inform how to best integrate the RelCoin reward system into the app. We also want to generate attention amongst the cryptocurrency community, who share an early-adopter mindset and understand well the potential for real-world applications of cryptocurrency to generate true value. It’s our hope to be able to provide a profitable risk-reward proposition to early miners, investors, and supporters within such a network, and align you with our own goals for the success of Relnuz.
It’ll be important to manage the RelCoin economy to ensure there’s always a supply of RelCoin available to be fairly rewarded to users. This will be algorithmically adjustable according to real market value, which is part of why we’re launching and distributing RelCoin early-- we want the market and community to establish what that value is so we can fairly apply it. We will balance the rewards to minimize unfair exploitation while making it worth your while to sharecast and participate in the way that most benefits you *and* the Relnuz ecosystem.
On a larger economic scale, the Relnuz team is currently self-funding the development of Relnuz from our own pockets. In addition to continually seeking outside private and/or government funding, we have considered that RelCoin itself has the potential value to further fund development. Thus, we intend to participate as market-makers in the RelCoin market to preserve and grow its value while also working toward disparate goals of exchanging that value for further development. This may give rise to occasional, discretionary buying of RelCoin at market to refill the reward pool, or selling of RelCoin at market to finance company objectives. In-house market-making expertise will ensure this is done skilfully, with a light touch, minimizing any price shock, and only as a final-priority option. It’s mentioned here for the sake of transparent disclosure.
We will also create through in-app-purchasing steady flow of RelCoin back to the reward pool. Beta testing will tell us which ideas to implement and which to discard, with a primary concern for improvement of the Relnuz user experience. RelCoin will be purchasable in-app using normal app-store channels and usable for:
- tipping other users
- customizing sharecast video overlays and a user’s personal Relnuz channel
- geolocalized, categorizable video advertising
- re-sharecasting to wider audiences
- skipping or hiding ads
- more if it makes for a positive UX; less if it doesn’t
Inflow-outflow diagrams to illustrate the balance of the RelCoin economy will follow.
Who is behind RelCoin?I’m notsofast, @notsofastcrypto on Twitter. I got into cryptocurrency during the early days of DogeCoin as a miner and trader and have since striven to be a positive force in an admittedly unruly space. I hold an undergraduate honours business administration degree, and more importantly, I bring to the table five years' experience as a technical/tactical trader and market maker on the NYSE, as well as eleven years' experience as a successful entrepreneur and owner of multiple growing businesses.
I use a pseudonym to keep my involvement in cryptocurrency separate from my other pursuits, but when and if the time is right, I will offer my dox if it will support investor confidence or further the goals of the Relnuz project.
I'm currently seeking a developer who is interested in doing the meat-and-potatoes main work on RelCoin. I have a good practical understanding of what this coin's parameters need to be, but I haven't learned to code. This would be a low time-commitment to start, as we would be able to clone a coin already out there and tweak it to our needs as well as leave things open for the important and more time-consuming app-integration work later on. Compensation for technical development is an open conversation. I'm open to input.We have finalized a contract to hire RelCoin's lead technical developer! This individual is a well-known name in the cryptocurrency community and has contributed technical development to high-profile altcoins. The developer's identity will be released in the official RelCoin announcement thread.
Project StatusAlthough RelCoin is an integral part of Relnuz, this space will focus on RelCoin. For updates and more information on Relnuz, please visit our investor page at
relnuz.info, which is also under development and subject to change. Much of the development process is protected by non-disclosure agreements, but we’ll share everything we can.
At time of this PRE-ANN's launch, RelNuz's parent corporation is in the registration process, pending some final consolidation of the share structure. The RelNuz software has been in development since mid-April, and our development team is hiring an additional programmer to help meet our deadline of a working beta in August 2015.
The RelCoin project is in its earliest stages. The first goal of this pre-announcement is to seed awareness within the cryptocurrency community, and from there, recruit a primary developer based on track record with other coins, as well as bounty/volunteer help for management and promotion. I have a wish-list for developers I’d like to bring on, as well as an expert economic understanding of RelCoin’s required parameters.
Roadmap for predevelopment:- Hire an experienced developer from wish-list.
- Finalize RelCoin specifications.
- Solicit PoW mining pools.
- Develop and perform testnet mining to satisfaction.
- Release source code (minus genesis block info) to pools; release passworded wallets.
- Finalize launch date and time.
- Launch PoW by releasing genesis block info to pools and password to wallets.
- Monitor PoW period and ensure successful transition to PoS.
RelCoin Parameters:Proof-of-work on launch, then transition to proof-of-stake (or consistent PoW/PoS hybrid in order to accommodate the distributive network strength merge mining allows)
[TBD] Mining algorithm
[TBD] Maximum supply, proof-of-work
[TBD] Total eventual supply
[TBD] Premine (as hard coin quantity and as percentage of total eventual supply)
[TBD] Target spacing
[TBD] Difficulty retargeting algorithm
[TBD] Staking reward (as percentage or preset amount, HiPoS, or combination)
Relnuz mobile app (Android and iOS) to contain integrated staking wallet
Integration of RelCoin with in-app user actions, scalable by RelCoin's market value and with an internal interface for both manual and algorithmic adjustment
If you're interested in being RelCoin's lead technical developer, please contact me through this forum or as @notsofastcrypto on Twitter. We have finalized an arrangement with a trusted, well-known developer! The development contract has been signed. I will reveal more in the forthcoming main ANN thread, once technical development begins.NOTE: This forum is self-moderated in order to keep discussion productive.
Speedposts above my first reply will be deleted in order to reserve that post for a FAQ and updates.
