[PRE-ANN] PoW - PoS - PoB : Unlimited Supply : No Halving : Slow Distribution

[intristin]

A brand new digital cryptocurrency is about to launch and will have a fair distribution. Credits can be earned three different ways! Proof of Work (PoW), Proof of Stake (PoS), and Proof of Burn (PoB). Below is more information on how these three methods will work:

Proof of Work (PoW) : You will be able to mine new credits at a set rate until the end of time. No worries about block halving at all. With the blocks never halving the inflation rate would drop each day to just 1% a year in line with PoS. It would remove uncertainty caused by block halving and I think make this currency more stable.

– SHA-256 Algorithm
– Difficulty Retargeting every block
– 5 credit block reward FOREVER
– New block every 60 seconds
– 7,200 credits a day, or 2,628,000 credits a year FOREVER
– Halving = Never
– Total Supply = Unlimited

Proof of Stake (PoS) : When you keep credits in your wallet you can stake them and earn 1% annually. Credits are first eligible to stake 1 day after they have been received into your wallet, and after 30 days, their chance of success is maximized. If you stake more often, your earnings will compound! Staking is energy-efficient, because it is based on the credits you hold, rather than on your processing power. Staking can be done directly from your wallet software.

Proof of Burn (PoB) : $200 million credits will be premined for this purpose. There are many Altcoins out there right now and many of them have failed. The developer disappeared, trading has ground to a halt, and everyone has stopped mining it. You end up sitting on a large supply of these worthless coins with nobody willing to buy them. Each month we will find new dead coins and attempt to buy up the entire supply of said coins. You will be paid in credits the fair value of the burn coin. And yes, you can mine the coin during the burn cycle as long as you trade them in before the deadline. You will have 30 days to do this. All the coins we buy up will then be burned, never to be spent again. Transaction records will be available to the public to insure we are not scamming anyone. We will continue this process until we run out of funds.

Coin Selection : Each month one or more dead Altcoins will be selected. The coins will have to meet all of the following specifications in order to be eligible:

1. Missing Developer/No Development/Abandoned
2. Little to no trade volume (under 0.2 BTC weekly Average)
3. Little to no Hashrate (PoW)/Little to no staking (PoS)

The process of PoB could take months or years to complete depending on the value of our credits on the open market. The more valuable they become the more dead coins that can be targeted and burned. The net effect of this would be allowing all the other alt coins that have dedicated communities and developers to rise above the rest. This would never be used as a weapon to attack weak coins. Again, all 3 requirements above must be met. Coins will be burned on a single exchange, we are in discussion with a few exchanges, when we find one will to host our burns, we will launch.

I just wanted to point out that when we launch you will have several methods to mine these credits. For those with ASIC you will be able to mine these credits directly through the SHA256 algorithm. If you prefer CPU or GPU mining you can just mine our burn coins and exchange them for credits. This option is indirect mining but will still give the same result with our 30 day burn cycle which is a guaranteed price. We will be launching within the next two weeks. Burns will start the first of december and last 30 days.  

[Sir_Astral]

The point is power consumption. Better use less hot algo.

[MagicOne]

Sounds very interesting. POW + POS + POB !! 

[intristin]

The point is power consumption. Better use less hot algo.

Like I said, any cryptocurrency that gains any value will be cracked. Scrypt was designed to be the asic killer, it was cracked in no time when Litecoin gained value. I could design some innovative algorithm but the second this cryptocurrency became valuable it would be cracked. 

[Sir_Astral]

The point is power consumption. Better use less hot algo.

Like I said, any cryptocurrency that gains any value will be cracked. Scrypt was designed to be the asic killer, it was cracked in no time when Litecoin gained value.

I'm talking about less power consumpiton, not about asic resistance etc.
If all algos was cracked what's the point to use highest power consumption algos? Better to use efficient algo and everyone can mine it without big loses cause expensive electricity if it will die.

[BanzaiBTC]

The point is power consumption. Better use less hot algo.

Like I said, any cryptocurrency that gains any value will be cracked. Scrypt was designed to be the asic killer, it was cracked in no time when Litecoin gained value.

I'm talking about less power consumpiton, not about asic resistance etc.
If all algos was cracked what's the point to use highest power consumption algos? Better to use efficient algo and everyone can mine it without big loses cause expensive electricity if it will die.

Mining is not about efficiency... the more efficient.. the less a coin is worth when you mine it during PoW.. Mining sets a " price " on a coin

Why do people always think cryptocurrency is about efficiency? Just mine and use that POWER!  

And he has PoS for people who dont want to mine themselves... just buy coins and stake them then...

[Sir_Astral]

Oh, c'mon. How many sha-256 coins had shittest price ever?
X11 shitcoins had often bigger price than sha.

[BanzaiBTC]

Oh, c'mon. How many sha-256 coins had shittest price ever?
X11 shitcoins had often bigger price than sha.

You really need to drop that thought bro...

You know why x11 has bigger price? It costs more power to mine with a single GPU then a single asic (hashwise)

[intristin]

The point is power consumption. Better use less hot algo.

Like I said, any cryptocurrency that gains any value will be cracked. Scrypt was designed to be the asic killer, it was cracked in no time when Litecoin gained value.

I'm talking about less power consumpiton, not about asic resistance etc.
If all algos was cracked what's the point to use highest power consumption algos? Better to use efficient algo and everyone can mine it without big loses cause expensive electricity if it will die.

Ah, I see your point. Honestly i feel SHA-256 is cheaper to mine so would be open to more people. To get any kind of hashrate on a new algorithm requires a state of the art video card. You can buy an antminer 3 on Ebay for $100 and it will run circles around a video card at twice the price. As far as energy consumption goes, Technolgy will fix that problem in a few years.  

[Sir_Astral]

It is just my suggestion. You can use what you want. I'm saying not exactly about X11, it can be Fresh for example.

[stellargratis]

hope soon enter exchange...............
 

[intristin]

It is just my suggestion. You can use what you want. I'm saying not exactly about X11, it can be Fresh for example.

Thank you for the suggestion, and I understand what you are trying to get across. I'm kind of a tree hugging dork myself. But I still think SHA-256 is the best way to go as I want everyone to be able to mine for a low cost. And I think the environmental concerns will work themselves out in short time with technology advances.  

[intristin]

hope soon enter exchange...............
 

I'm working hard to find an exchange to host our burns, when I do the coin will launch!

[zodiac3011]

I have to say that proof of burn is the new trend at the moment. 3 coins in the same week already Does it even have a name? and no halving can lead to deflation despit proof of burn advantage of pump the price of coin combined with proof stake this can be a huge problem with the price of it

[Sir_Astral]

I have to say that proof of burn is the new trend at the moment. 3 coins in the same week already Does it even have a name? and no halving can lead to deflation despit proof of burn advantage of pump the price of coin combined with proof stake this can be a huge problem with the price of it

3 coins?

[intristin]

I have to say that proof of burn is the new trend at the moment. 3 coins in the same week already Does it even have a name?

It has a name but I'm not ready to release it. I don't want people mining it until we find an exchange. And no, I'm not premining it beyond the PoB funds. These funds will be handed over to the exchange that hosts our PoB's to distribute, this will alleviate fears of a scam.

and no halving can lead to deflation despite proof of burn advantage of pump the price of coin combined with proof stake this can be a huge problem with the price of it

It could if we were pumping out a massive supply via PoW or PoB. But that will not happen, our goal is to keep inflation very very low. And every coin we eat just adds to our market cap. Also, we will adjust PoB on the fly to make sure the valve heads up. More burns when the value goes up, less when it goes down. And all the coins out there that have a limited total supply will not reach that total supply until me, you, and everyone else on the planet is long dead and gone. Capped supplies have no benefit to anyone who is currently alive and breathing. Our credits slow distribution via PoW, PoS, and PoB will make it rare and valuable in theory. Of course with 90% of all new coins crashing and burning, there is always the chance this one will as well. The difference is I'm here, my identity is public, I'm taking every step to make this launch and the operation as transparent as possible. If you don't trust me, sit back and watch, in time you will trust me.

[intristin]

UPDATE: We are installing the official mining pool and block explorer on our servers now. The fee for our pool will be 1%, half of that feeding back into the PoB fund, and the other half going into my personal wallet to make me rich!   Well hopefully, I still have to pay for bandwidth so i imagine I will loose money for a bit !

[paolo77]

Release date ?

[intristin]

Release date ?

When we find an exchange willing to host our PoB. We are in discussions with a few.

[BARR_Official]

yawn


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