The innovative altcoin of the century year month, DungCoin (DNG) aims to consolidate your CrapCoins into BitCoin, with no need for any messy clients packed with viruses! Now with a 100% better logo:
Release date: 28th June 2013 - 3PM GMT
Downloads needed? NO
Block reward: 1 DNG
Block timer: N/A (see point below)
DungHashes needed to mine a block: 10 DNH/DungHashes
Pre-mine: 5 blocks - 1 DNG for genesis log and 4 DNG for bounties. The genesis DungCoin will be kept by me as a legendary DungCoin.
DungCoin is not just designed to poke fun at all the crappy recent releases - it also has an innovative design.
Blocks are mined using DungHashes and a Proof of Crap method. The hashing algorithm is crap256. Every time a new CrapCoin is released, you can put forward 100 of that CrapCoin (CrapCoins that are supposed to be rare may only require 10 to be put forward) to put a DungHash against the next block. Each block will be mined after 10 DungHashes, like a lottery. The winning DungHashes are pre-determined and hashed with sha256 before hand to prevent cheating. Whoever mines a block successfully will be credited with 1 DungCoin (DNG).
Now, the CrapCoin that is put forward will have two fates:
a) The CrapCoin will die and nothing will happen;
b) It will go onto an exchange.
Once it is on an exchange, anyone who has had a DungHash in a block where the CrapCoin (that is now on the exchange) was used to get a DungHash will be able to put forward a request to sell the CrapCoins for BTC. The format is like this:
Block number you contributed in: #xxx
CrapCoin name: Name of CrapCoin, e.g coins such as RichCoin, Emeralds
On a successful request, the CrapCoins will be dumped at market price, and the BTC proceeds will be put towards backing CrapCoin. This is the beauty. Eventually, by putting CrapCoins in, you will have real BTC that you may not have had before.
You may ask, why don't you just keep the CrapCoins and sell them yourself for BTC? Well, firstly, you may never get enough BTC, and secondly, even if the CrapCoins you put in get sold for BTC, the other CrapCoins you put in may reward you with precious DNG which you'll be able to get more BTC out of. In the end, you get rid of CrapCoins and get BTC - a win-win situation.
What is a CrapCoin? Well, if you can afford to dump 100 of it on here willingly and it's been released in the last month or two, it's probably a CrapCoin. However, I have the final call (making the currency slightly centralized, however the next part may interest you).
Anyone with 10 DNG or above may apply to be a DungCoin treasurer. There can only be 10 DungCoin treasurers at any given time, and ultimately, I will appoint them. DNG backing assets will be held between these treasurers evenly. The treasurer system will come into effect when the backing assets held equal BTC 0.001 or higher. Also, if a CrapCoin is denied by me (i.e declared to not be a CrapCoin), treasurers will be able to challenge this decision. 6 or more votes against the decision will result in the CrapCoin being accepted as a CrapCoin.DNG transferring will function similarly to systems such as AbstractCoin. The block-chain will be maintained by me in a seperate thread. Transfers will work like this:NameOfSender[StartBalance] ---> NameOfReceiver[NewBalance] [Sent: SentAmount]
NameOfSender's New Balance: [NewBalance]
E.G if I had 1 DNG and wanted to send .1 DNG to God:
DiamondCardz[1] ---> God[0.1] [Sent: 0.1]
DiamondCardz's New Balance: [0.9]
You may freely trade DNG. Anyone may trade in at least 10001 satoshis worth of DNG to me or a treasurer at any given time to recover the backed funds. Any DNG that is traded in is destroyed.
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Opinions? xD This turned into a piss-take to a pretty large idea, pretty fast. It could actually work, surprisingly. If this gets good feedback (i.e it's funny, it's a cool idea, it's a piss-take that's well-needed), i'll release it tomorrow
