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Author Topic: COUNTERChain Mining  (Read 414 times)
COUNTERChain
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September 10, 2016, 10:27:43 AM
 #1

Hello all,

My name is Peter Lui. I was originally brought in as a consultant on the COUNTERChain project, and have now agreed to head up the Blockchain / Mining operations for the company.

Unfortunately I have only just been given permission to discuss the project in open forums, so I would like to take this opportunity to introduce COUNTERChain and the Mining aspects.

Our original mandate was to develop a distributed ledger solution (and supporting software) for the products / services offered by the Company. Senior management requested a solution that provides the benefits of distributed ledger technology but without the need for excessive computational power, and avoid what can only be described as an arms race with other Blockchains  (such as Bitcoin).

COUNTERChain is a unique counterfeit protection solution that can be applied to virtually any product that is subjected to counterfeiting, and makes it impossible for counterfeiters to pass off fake items as authentic originals.

The very nature of the counterfeit solution requires an infinite number of digital tokens (Counters), yet management wanted to restrict the number of mining participants.

Our solution was to create a proof of participation concept, whereby all miners are equally rewarded with the block reward (irrespective of the computational power contributed), with licences being issued to allow only the holders to participate in COUNTERChain mining. Another major benefit for our mining community is the fact that the block reward will increase over time (not decrease as with the Bitcoin block reward) as more businesses adopt the solution and the demand for Counters increases.

Licences will be issued in four tranches, the first two tranches will be made available via the COUNTERChain website at the advertised prices, with the final two tranches being made available via the COUNTERxChange at market price. Licences are a tradable asset. The first tranche will be available from Monday September 12.

Use promocode: satoshi25 to receive a 25% discount on licences. A further 10% is also applied for payments in Bitcoin.

More information about COUNTERChain and our Mining options can be found on the company website (www.counterchain.org). A Mining Prospectus is also available for download (www.counterchain.org/mining.pdf).

I will endeavour to answer any questions on here, and would welcome any feedback /comments on our solution. Due to my schedule and travel commitments please accept that i may not be able to respond immediately. Please also feel free to PM me or contact me via email.

Peter Lui - Head of Blockchain / Mining Operations
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September 10, 2016, 03:00:13 PM
 #2

Is this correct?

One has to purchase a mining license with 5000$ for regular 0r 10000$ for premium?

ok.

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September 10, 2016, 03:15:52 PM
 #3

Is this correct?

One has to purchase a mining license with 5000$ for regular 0r 10000$ for premium?

ok.

I read this too  Grin
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September 10, 2016, 03:16:08 PM
 #4

makes 0 sense. Brand new account, brand new website, lots of words but doesnt say anything.

Scam


     
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September 10, 2016, 03:22:33 PM
 #5

Mining license? So now you need a mining license all of a sudden to mine?


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September 11, 2016, 10:52:40 AM
 #6

Well firstly, yes I am new to this forum in my current capacity, the website is relatively new, and the company was only formed this year. I have however been a frequent visitor to this forum and other crypto-currency forums over the years.

The concept of the licence was initially created to restrict the mining participants and to provide the transparency of who the participants are. While this licence concept satisfies the requirements of our business, we believe that we have created a model that could pave the way for other entrepreneurs and start-up businesses to operate distributed ledgers, and raise capital without the restrictions of arduous and cumbersome securities laws.

Mining licences cannot be defined as a security, they hold no ownership or voting rights of the company, they simply grant the holder permission to perform mining duties, and earn a reward for performing these duties (this is certainly the case in the jurisdictions in which we operate). There may be tax implications for the miners however, again based on where miners are domiciled and local laws.

Compared to existing mining models, and their competitive nature, capital outlay for miners currently consists of acquiring, upgrading, or replacing hardware. This hardware is a depreciating asset.
COUNTERChain removes this competitive nature with all participating miners being equally rewarded for performing the mining tasks, and removes the need for excessive computational power. Therefore, continuous capital outlay for hardware is not required, nor would miners expect has see a dramatic increase in operating costs of hydro/electricity.

COUNTERChain mining licences could be considered an appreciating (and tradable) asset, as the business grows the demand for newly issued Counters increases (together with the block reward for miners). We believe this opens the door for main street participation, more specifically investors looking for yield.

While returns from mining can be attractive, investors are highly unlikely to build rigs or engage in the actual mining process; however, with a tradable asset and a managed mining solution, investors may find this an attractive proposition.

While the first two tranches of licences will be made available at the advertised prices, our aim is to allow these licences to trade on an open market basis. The future value of licences will be based on the yield (block reward in fiat currency terms) versus risk appetite.

Obviously this is a new model that many of you have not seen before, and ultimately the decision to purchase a licence and participate in our mining program is down to the individual. The business is primarily targeting the investment community with this new asset class rather than the crypto-currency community. I guess we will be able to gauge the demand and feasibility of this model based on the sales of the first two tranches, and what market price is established for the final two tranches, and subsequent open market trading of the licences.

Once again, happy to engage in meaningful debate on COUNTERChain via this medium, PM or email.

Peter Lui - Head of Blockchain / Mining Operations
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