Digital Moon Coins - Concept

[challen]

http://upload.wikimedia.org/wikipedia/commons/b/ba/Lunar_libration_with_phase_Oct_2007_450px.gif

Greetings all,

I have a coin idea again (My first one was LUV, not intended for exchange, just to pass around lol). But anyways, I was reading somebody can fix a coin by re-releasing the correct blockchain and code so people can start mining again with the same wallet and coins. Unplanned, this is a disaster ofc, but if this was the planned release of a new coin, it just *might* be a hit. Also, ppl stay away from insta-mine/pre-mine coins so instead, this coin would be mined by ASIC the first ~7 days to get coins for give-aways/bounties etc. Then, mining stops for a period so code can be re-released for GPU mining with the previous blockchain.

Now why would GPU miners want to mine a coin that was just raped by ASIC's? Well for 1, the initial coins mined with ASICs is only scheduled to equal the first ~7 days of GPU mining. Also, the *intent* is that the coins generated from the ASIC's would be the ones used for give-aways/bounties etc.

OK, besides dual-launch, what makes this coin special? Digital Moon Coins have a block reward cycle similar to that of the moon. When the moon is full, 100 coins per block. When the moon is new, 1 coin per block. Block times 29.53059 seconds, block reward changes every 1440 blocks. Rewards increase slowly when waxing and decrease when waning. After 12 waxing/waning cycles, all block rewards decrease by 1.

Some issues with this concept include pump/dump and difficulty change. To address pump/dump I think it's good that mined coins wait half a cycle to mature. This means coins mined when block reward is 100 will mature when block reward is 50 and so on throughout the cycle. Also, can difficulty be changed often enough, but not prone to other coin problems (trc... )?

I don't know, I'm only a small time player and late to the btc party . I just got x3 usb asicminer (1ghs) and 1x7970 for scrypt and this coin sounds like a lot of work but to miners and forex traders, it could be a hit.

With sites like coinchoose, this coin will stand apart from the rest due to the cyclic nature.
1/2 cycle (~2 week) mining maturation means multi-pools can't dump this one (at least not right away  ).
x2launches=x2challenge=x2fun?

I would love to hear feedback from traders and moonlighting miners about trading a coin with this type of rewards cycle and mining maturation period. I understand time blocks =/= time so the reward cycle will often be out of sync with the actual lunar cycle, but I would also love to hear feedback from devs about the complexity of this type of coin and how difficult it would be to pull of a dual launch like this.

[miffman]

seems like a pretty interesting concept

[Oldminer]

I'd prolly mine it..

[claycoins]

You are going to publicly release it as sha256 for the first 7 days?

[challen]

You are going to publicly release it as sha256 for the first 7 days?

Yes. Well, the dev would rather. Ofc dual launch is entirely optional and not a necessary component to the reward cycle concept, I just thought it might be a better alternative to a premine, albeit more work.

[aysyr]

I'd mine it if someone made it haha

[challen]

I'd mine it if someone made it haha

Me too!  The block reward cycle is the first of a kind that I know of and could make for some interesting trading.

To start off, this coin will need a developer. In all honesty, I'm broke, but that's OK because I prefer the developer be paid in the value of their product instead of an up-front cost. This means the community may need to agree to some sort of Digital Moon Coin compensation for their magic but I ask this amount is not too much which could create an unhealthy market. I'd also propose the dual launch be scrapped and just go with single moon-aligned release since 2 launches may be too much work. If any dev's are still interested, please give us your ask bids in DMC 

To get developer's interested in this project, we need to let them know that we want mine and trade this coin. If you would mine and/or trade this coin, please reply to thread and explain why. If enough interest can be garnered, the concept could change to a project and eventually a moon-aligned release date.

Also, since this may turn into somewhat of an open source collaboration of an open source alt-coin, pool operators and exchanges just might keep their eye on how the project is going and plan according to market interests. Personally, I believe the sooner any coin can be traded, the healthier the market will become.

[meta.p02]

I'd mine it if someone made it haha

Me too!  The block reward cycle is the first of a kind that I know of and could make for some interesting trading.

To start off, this coin will need a developer. In all honesty, I'm broke, but that's OK because I prefer the developer be paid in the value of their product instead of an up-front cost. This means the community may need to agree to some sort of Digital Moon Coin compensation for their magic but I ask this amount is not too much which could create an unhealthy market. I'd also propose the dual launch be scrapped and just go with single moon-aligned release since 2 launches may be too much work. If any dev's are still interested, please give us your ask bids in DMC 

To get developer's interested in this project, we need to let them know that we want mine and trade this coin. If you would mine and/or trade this coin, please reply to thread and explain why. If enough interest can be garnered, the concept could change to a project and eventually a moon-aligned release date.

Also, since this may turn into somewhat of an open source collaboration of an open source alt-coin, pool operators and exchanges just might keep their eye on how the project is going and plan according to market interests. Personally, I believe the sooner any coin can be traded, the healthier the market will become.

My 0.02 DMC:

1. I would definitely mine this coin. The reward system gives an additional interesting factor to mining. It is a much better way to implement variable rewards than superblocks (superblocks allow easy hopping). However, it is still vulnerable to multipools, in a different way - if people profit-hopped, difficulty would bottom out just after the block reward bottoms out, and that's when the hoppers would come back on again in force (medium reward, very low diff).

2. I think pools could come first, and then build up a community. Most important is to find worldly usage of the coin (see SXC). Exchanges can come later.

[challen]

My 0.02 DMC:

1. I would definitely mine this coin. The reward system gives an additional interesting factor to mining. It is a much better way to implement variable rewards than superblocks (superblocks allow easy hopping). However, it is still vulnerable to multipools, in a different way - if people profit-hopped, difficulty would bottom out just after the block reward bottoms out, and that's when the hoppers would come back on again in force (medium reward, very low diff).

2. I think pools could come first, and then build up a community. Most important is to find worldly usage of the coin (see SXC). Exchanges can come later.

Yes, multipools could still jump on it when block rewards are high. A problem that still remains is getting people (besides me  ) to mine this coin when block rewards are low.

Perhaps a possible solution would be to inverse mining maturation according to block rewards. IE 100 coin blocks would would take longer to mature while 1 coin blocks mature quickly. This would end up causing much more coins to mature when block rewards are low.

Of course, this may be more tedious code-work and doesn't fully incentivize mining while block rewards are low but should creating a healthier market for the coin since liquidity starts decreasing as block rewards increase.

[meta.p02]

So:

29.53059 seconds per block, 29.53059 days per cycle -> 86,400 blocks per cycle, with block rewards changing every 1440

Some difficulty adjustment method

After 12 waxing/waning cycles, all block rewards decrease by 1 (Decrease by 1 every year?)

Varied coin maturity time depending on block mint time, 1/2 cycle at max (?). I think this is too long (waiting 2 weeks for confirmed coins might be an off-putter). I think a minimum of 80 blocks (40 minutes) for 1 coin and a maximum of 8,000 blocks (65.6 hours) for 100 coins should be OK.