[ANN] ZenithCoin (ZTC) Market Making Sustainable Crypto Currency

[solracx]

ANNOUNCE:  Please retrieve the latest sources from Github.   https://github.com/zenithcoin/ZenithCoin

Code has been forked to remove all development subsidy.  Mining against the new code base rewards 24 per block.   


Launch Date June 1, 2013.  Official Mining Starts on June 9th, 2013

http://www.zenithcoin.com

Like it on Facebook https://www.facebook.com/Zenithcoin

ZenithCoin now listed for trading on CryptoRush.IN

https://www.cryptorush.in/index.php?p=trading&m=ZTC&b=BTC



ZenithCoin now listed on www.coinmarketcap.com
Listed on www.coinmarketcap.com



STATUS

7:57 AM EST  -  Currently generating genesis block for June 1st, 2013.   Proof of work will be Litecoin compatible.  Difficulty will start at 0.00024414.

2:30 PM EST - Genesis block created.  Currently performing final checks prior to source code check-in.

4:30 PM EST - Source code checked in.   Daemon tested on MacOS X.  Currently testing build for Ubuntu.

6/2/2013 11:56 AM - Block Explorer ready and tested (see: http://explore.zenithcoin.com ).   We will be making some network changes, to add some permanent nodes on the network.    Please do not mine yet until we have this setup.

6/2/2013 6:41 PM - Initial code check-in of client code based on MultiBit.

6/2/2013 8:49 PM - Fixed port bug.  Successful network test.  

6/3/2013 Two nodes have been set up to allow folks to test mine the coin.

6/5/2013 A couple of miners have attempted to skip the line and mine prior to official mining.    All their coins will become invalidated prior to the start of mining.

6/5/2013 8:57 PM Appears there are a couple of scammers who modified the source code,  distributed a windows binary and are  mining.    Due to the modification,  none of the official clients will accept the incompatible blockchain created by these scammers.    This is a minor inconvenience at this time.  We will just need to reconfigure default network parameters to avoid these folks.

6/6/2013 2:13 PM Users eagleeye and magnet continue to pawn off counterfeit ZTC on bitcointalk.org.

6/7/2013 ZenithCoin being prepared for mining on 6/09

Nodes in different geographic locations  (europe, us east, us west) will be setup for mining.   A new genesis block will be created for these nodes.

One word of warning, you can test mine right now, but we'll recreate the genesis block on the official mining launch so you will will lose these test coins.

6/9/2013  Mining started.  

6/10/2013 1457 blocks mined, current difficulty is 0.58768933.  

6/17/2013 5,342 Block Mined.  Difficulty is 0.7

Windows, Linux and MacOS clients available.

http://sourceforge.net/projects/zenithcoin/files/

Block Explorer

http://explore.zenithcoin.com

Update

I received this email from Jim yesterday:

:Thank you for suggestion for the new coin type.
We will take the time to check out your suggestion and consider it for addition to the Cryptsy
trading area!

If you have any further suggestions, please let me know

Sincerely
Jim
Customer Service Manager
Cryptsy.com

Difficulty is quite low right now, so this is a great opportunity to mine.

Also,  I can give a 2,000 ZTC bounty for people to setup pools!  First 3 pools get the bounty!

I will keep up the ZTC Cryptsy Bounty thread https://cryptsy.freshdesk.com/support/discussions/topics/41385  until we actually list.

So if you can't mine, you can continue to show your support by voting up ZTC at Cryptsy.

The market will determine the price.  However,  there are only less than 2.5 million coins, so try to compare it with coins like it.

Coinmarketcap.com is a good source:

Here are some coins that are comparable (based on number of coins created):

28      Cryptogenic Bullion   $ 961,923   $ 1.03   933,591 CGB   $ 14,120   -13.58 %  
31    Mincoin                   $ 873,685   $ 0.57   1,521,751 MNC   $ 5,615   -4.03 %  
32    MemoryCoin        $ 671,369   $ 0.26   2,580,115 MMC   $ 5,286   -10.05 %      
36    Datacoin                 $ 598,965   $ 0.33   1,805,919 DTC   $ 1,119   ?      
44    Deutsche eMark       $ 344,662   $ 0.10   3,356,750 DEM   $ 4,676   -23.42 %  
45    Philosopher Stones   $ 313,640   $ 0.19   1,624,849 PHS   $ 3,651   +27.73 %  
47    Catcoin               $ 247,095   $ 0.23   1,051,650 CAT   $ 6,375   -11.64 %  
51    Bytecoin              $ 209,783   $ 0.11   1,838,078 BTE   $ 984           -20.30 %  
52    BetaCoin              $ 178,702   $ 0.034   5,310,682 BET   $ 382           -15.96 %      
58    HoboNickels      $ 128,811   $ 0.051   2,513,147 HBN   $ 968            +2.93 %  
61    Orbitcoin              $ 100,507   $ 0.093   1,082,748 ORB   $ 170            -6.01 %  
65    Noirbits                $ 63,109   $ 0.03   2,099,560 NRB   $ 1,527   -3.98 %

So in the low range, it could be work 3 cents and at the high, possibly 50 cents.

Just a reminder,  this is not a new coin,  it was created back in June 2013.  

[1714044855]

1714044855

[1714044855]

1714044855

[Geocen]

Anything special about it?

[iamrickrock]

yay

[worldinacoin]

Maybe you will want to describe and give more details of your ZenithCoin so that others can evaluate and maybe offer some good suggestions?  Just giving the date isn't too much helpful.

[solracx]

Anything special about it?

Use Google.

[mebezac]

http://www.zenithcoin.com/?page_id=6 50% of the coins go to the dev and to "back" the value of the coins with reserves of btc and ltc  

[worldinacoin]

It is quite interesting especially how the development fund will be used.

[flyingmonkeycrap]

difficulty changes every 4096 blocks...hmm i dont see it lasting long after the initial hype

[BrewCrewFan]

difficulty changes every 4096 blocks...hmm i dont see it lasting long after the initial hype

FTC 2.0

[mebezac]

difficulty changes every 4096 blocks...hmm i dont see it lasting long after the initial hype

FTC 2.0

FTC 2 already exists lol, yeah I was thinking that same thing when I saw it, week re target is going to turn into a really long time when a bunch of miners jump off if it at a high difficulty.

[solracx]

It is quite interesting especially how the development fund will be used.

Yes, potentially the growth curve could be at 50% that of BTC if the fund selects this kind of reserve.

However, this is all experimental, so a combination of deflationary currencies and market making activities would be employed.

[solracx]

difficulty changes every 4096 blocks...hmm i dont see it lasting long after the initial hype

That actually has changed in the latest release.   

[BrewCrewFan]

difficulty changes every 4096 blocks...hmm i dont see it lasting long after the initial hype

That actually has changed in the latest release.   

To what?

Like to add that if it did change that is good because your learned from past issues which is awesome.

[psybits]

Looks similar to an idea I had in PM.

Thanks for stealing my idea (I'm flattered) but this coin is selfish.

The "fund" goes to perpetuating the coin itself.

[solracx]

Looks similar to an idea I had in PM.

Thanks for stealing my idea but this coin is selfish.

The "fund" goes to perpetuating the coin itself.

You have a link to that idea so I can 're-steal' it?

Anyway, that's a good term.... the 'selfish coin'.... kind of like the 'selfish gene'. 

[psybits]

Looks similar to an idea I had in PM.

Thanks for stealing my idea but this coin is selfish.

The "fund" goes to perpetuating the coin itself.

You have a link to that idea so I can 're-steal' it?

Anyway, that's a good term.... the 'selfish coin'.... kind of like the 'selfish gene'. 

Maybe it is one of those things where people think of the same thing simultaneously - who knows 

[User_513]

Wow, I get to pay 100% of my power & internet bills, do 100% of all the administration of the hardware I paid 100% for, and I get to have 50% of the coins I mine? I think this coin should be renamed to GOVcoin. Who else would tell you that being allowed to keep half of what you produce is 'generous'?

[psybits]

At least this coin actually has a new feature - best ANN all week 

[solracx]

Wow, I get to pay 100% of my power & internet bills, do 100% of all the administration of the hardware I paid 100% for, and I get to have 50% of the coins I mine? I think this coin should be renamed to GOVcoin. Who else would tell you that being allowed to keep half of what you produce is 'generous'?

Please read the FAQ.

Anyway, the explanation is here is that we are trying to have a balanced incentive for both miners and developers.  Miners provide the operations, developers provide the growth opportunities.

The weakness of so many coins is that there is so very little incentive for anyone to improve a coin after it has been released.   Just look for example at a relatively successful coin (Litecoin),  how well is it supported by developers?  

The balance here is that miners will hoard the coin because they trust that the developers will over time add value to the coin.  Similarly, if developers believe that they can be successful in building value, then they will also hoard the coin.  

Yes, it is different from what folks may be used to, but most coins other than BTC and LTC will trend toward zero without sustained developer effort that differentiates the coin from other coins.  Flipping parameters like confirmation rate, #of coins per block are irrelevant to survival of a coin.

[psybits]

What is the starting difficulty of the coin?

By the way nice of you to make a real announcement first