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Author Topic: [ANN][DRIP][POS][MN] Now offering masternode monitoring and hosting services  (Read 5550 times)
drip
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May 10, 2018, 11:44:45 AM
Merited by Matt9301 (5), leetlezee (1)
 #1



Decentralized Rewarding Instant Payments - DRIP Coin


DRIP is an open source crypto-currency focused on fast private transactions with low transaction fees and minimal environmental footprint. It is a fork of the latest version of PIVX which now offers, among other features, private staking. At the beginning, DRIP will offer the additional feature of a portion of each block reward going to retailers and/or charities (further detail below). As a community governed coin with a different community to PIVX, this will only be the first in a long list of differences coming soon. Further information will be available in our whitepaper - which is linked to above.

DRIP utilizes a custom Proof of Stake protocol for securing its network and uses an innovative variable seesaw reward mechanism that dynamically balances 90% of its block reward size between masternodes and staking nodes - with the remaining 10% dedicated to community budget proposals. A further portion of the block reward is assigned to the last person to whom the PoS winner of each block has sent coins to. The purpose of this is to incentivise retailers to accept DRIP - as acceptance of DRIP will result in being paid for their product or service AND getting an opportunity for further awards.

Should the miner of a block not have sent DRIP before, i.e. they have only set up a wallet and received money, the reward that would normally go to the retailer will go to a DRIP address reserved for charity. Coins in this address will be sold off at regular intervals and the proceeds donated to various charities.  

The primary goal of DRIP is to achieve a decentralized sustainable crypto currency with near-instant, private transactions, fair governance and community intelligence.

  • Anonymized transactions using the [_Zerocoin Protocol_]
  • Fast transactions featuring guaranteed zero confirmation transactions - _SwiftX_
  • Decentralized blockchain voting utilizing Masternode technology to form a DAO. The blockchain will distribute monthly treasury funds based on successful proposals submitted by the community and voted on by the DAO

More information at [dripcoin.tech](http://www.dripcoin.tech)


Coin Specs

Block Time60 Seconds
Difficulty RetargetingEvery Block
Max Coin Supply (PoS Phase)            Infinite
Premine290,000 DRIP*

*40,000 DRIP will be used to run four developer masternodes, resulting in a stable network. The other 250,000 coins will be distributed to the community using the various approaches detailed in our whitepaper and social media groups. These tokens will not be staked or used for masternodes during the distribution phase and any undistributed tokens will be burned on the day we list on an exchange.


Reward Distribution

Block HeightReward Amount Notes
1290,000 DRIPPrimarily for distribution to the miner community


PoW Rewards Breakdown

Block Height    Team
2-1202 DRIP


PoS Rewards Breakdown

PhaseBlock HeightRewardMasternodes & Stakers   Retailer/Charity   Budget  
1121-4320011 DRIP10 DRIP (90% staker)1 DRIP10%
243201-129600151 DRIP   150 DRIP seesaw1 DRIP10%
3129601-216000131 DRIP130 DRIP seesaw1 DRIP10%
4216001-302400111 DRIP110 DRIP seesaw1 DRIP10%
5302401-38880091 DRIP90 DRIP *1 DRIP10%
6388801-47520056 DRIP55 DRIP *1 DRIP10%
7475201-56160046 DRIP45 DRIP *1 DRIP10%
8561601-64800026 DRIP25 DRIP *1 DRIP10%
9648001-734400   11 DRIP10 DRIP *1 DRIP10%
X734401-Infinite5.5 DRIP5 DRIP *0.5 DRIP10%

*After block 302,400, the reward split between masternode and staker will move from the seesaw algorithm to a fixed reward based upon whether the staker is staking DRIP or zDRIP. If the staker is staking zDRIP, they get 60% of the reward. Otherwise, they get 40%. The remainder goes to the masternode.


Token Distribution Details


Pre-Mine
40,000Four masternodes to be run by team in order to maintain a stable network until other masternodes come online (burning of these tokens will happen after phase 3)
20,000To be used for the DRIP coin bounty programs
230,000To be distributed to miners - and not to be staked or used for masternodes whilst awaiting distribution
290,000    Total


Fundraising

Through miners mining to DRIP-owned LUX and RVN addresses, we secured funding for the following:

First Exchange Listing0.7 BTC
masternodes.online0.2 BTC
masternodes.pro0.1 BTC
Second Exchange1 BTC




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May 10, 2018, 11:51:54 AM
 #2

Retailer Rewards and Charitable Contributions

For every block in a typical PoS Masternode coin, there is a block reward that is split between the masternode and the staker (anyone holding coins in a wallet that is online for staking).  DRIP add to this by allocating a portion of the block reward to retailers in return for acceptance of DRIP or to charitable organisations. It works as follows:

  • For every block, the last address to which the winner of the staker reward for that block is also awarded a portion of the block reward;
  • If the person winning the staking reward has never sent DRIP before, only bought and staked, the retailer reward defaults to a charity address;
  • When we ramp up marketing later this year, we will use the fact that retailers can be rewarded to tempt them into acceptence of DRIP - in doing so, they'll be paid in full for their goods and services but will also have an opportunity to receive further rewards through this DRIP rewards system;
  • The charity funds will be sold and distributed to charities, as voted on by masternodes, every quarter;
  • The charity voting will be automated through the wallet and a choice of three charities will be given based upon community feedback on Discord;
  • The DRIP founder has a charity close that he'd like to award the first payment to unless the community are in total disagreement - more detail to be announced;

Send as Bitcoin

Whilst the retailer rewards and charitable donations features will be in place on day 1, this feature will take more time to develop and requires funding for more full-time developers - hence our attempt tos get exchange listed as soon as possible.

When introducing a new cryptocurrency , a proper development team will have many ideas about the future of the product but the greatest ideas take the longest time to develop. Until a project is funded, the thousands of man-hours required to develop these features do not exist. As a result, a development team can only really take an existing product, customize it slightly and add the least labor-intensive feature before taking the product to market. For us, this feature was the retailer/charity rewards portion of the staking rewards. This is a simple idea but will reap huge benefits when it comes to persuading retailers to accept DRIP as payment for their goods and services.

My team and I have many other ideas and, perhaps, it's the fact that these are in our heads as opposed to in the public domain that has us so shocked that our Discord has only hit 250 members whilst other coins that offer much poorer value have 1000's (it's only been 4 days since announcement so maybe we're being too ambitious).

Given the above information, and the fact that one of the first questions usually posed by others when presented with a new coin is 'how are you different', we are faced with a dilemma. Do we release all information and risk other coins, with huge funding providing them with a much larger development team, stealing our ideas and coming to market first?

At first, our plan had been to keep all of our ideas secret because DRIP is already a fantastic product. This approach isn't leading us to the adoption we'd like at a fast-enough pace so, with the approval of the DRIP team, I am now going to release one idea for which I don't believe there is yet a competitor.

There are many coins that are introducing marketplaces for their own coins today. As a team, we do not like this idea. We are of the belief that if a crypto marketplace that can rival eBay is ever to emerge, it won't be that produced as a side-project to a particular coin. Instead, it'll be an independent project that accepts multiple cryptocurrencies.

With all the above in mind, one of DRIP's idea for the future is not a marketplace, but a feature that will allow DRIP to be spent on any crypto marketplace. Basically, a back-end exchange operated by our masternodes - not to manually exchange currencies like a traditional exchange, but to allow us to offer a 'Spend Privately as Bitcoin' button on our wallets. This will be designed in a flexible manner so that we can adapt in the future if Bitcoin's loses its throne as number 1 cryptocurrency – or add other options to ‘spend privately as’ if that feature makes sense.

When we have this feature, one of many planned (some great, some average), in place, a DRIP user will be able to spend their cryptocurrency absolutely anywhere that accepts Bitcoin - and will be able to do so privately without the spend ever being traceable back to your wallet.
So just imagine, in the future, eBay see the rise in market share of online auctions accepting crypto. In this scenario, they’d be foolish not to start accepting it themselves to stomp out the competition. With a ‘BitcoinBay’ in place,  there’d be billions worth of Bitcoin spent on a monthly basis – but no one using the platform would have any privacy and transactions could be tracked back to wallets via the blockchain. DRIP would offer anyone wanting to use this platform a unique value-proposition.

The above feature not only adds significant value to those holding DRIP as their currency of choice - it also adds an additional revenue stream to masternodes in the future as there will be a yet-to-be-decided fee for someone wanting to 'Spend Privately as Bitcoin'.

As an idea, we think ‘Spend Privately as Bitcoin’ is up there with the best of them. As such, it's the only one we intend to make public for now. If I'm being honest, I fully expect someone else to steal it. As a team, we've decided that someone stealing this one will take the burden of development off our team. If they steal our idea, I’m sure the DRIP community would agree that we should have no qualms with stealing their code, if it's up to our standards, freeing us up to work on development of our other ideas (as a funded project at that point, we'll be better able to keep them under wraps until release).

How can you get some DRIP?

There were no DRIP masternode sales and no DRIP coin sales. DRIP coin was distributed fairly to miners who mined ASIC-resistant coins that were unavailable on Nicehash to DRIP owned addresses. This ensured a wide distribution of coins. We are now approaching a point where all coins held for distribution for miners will soon be fully distributed.

However, DRIP should be listed on CryptoBridge on the week beginning 11th June 2018 and coins can be purchased at that time.
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May 10, 2018, 11:58:25 AM
 #3

Russian translation reserved, image translation
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May 10, 2018, 12:09:51 PM
 #4

This coin has been promoted in new coin group, good luck team!
https://t.me/CoinsANN
https://discord.gg/Afwc2wn
http://finfront.ru/wp-content/uploads/2018/03/%D0%9C%D0%B0%D0%B9%D0%BD%D0%B8%D0%BD%D0%B3.jpg
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May 10, 2018, 12:15:26 PM
 #5

German translation reserved
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May 10, 2018, 12:43:30 PM
 #6

French translation reserved.

https://cryptos-mining.net
Minage cryptos-monnaies
drip
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May 10, 2018, 01:04:02 PM
 #7

We don't believe in the approach of masternode sales to provide initial funding for a project - it results in too many coins in the hands of too few people and the end-result is that the coin lacks decentralization. With this in mind, we will not be selling masternodes at any price.

However, we can now introduce our first bounty program. This is the Discord invite bounty and will work as follows:

The person who invited most people to our Discord each day will be allocated as the winner for the day. Of course, our own name is excluded - as are those found to be cheating the system.

When we have 20 winners, each will be allocated a 5% share of a shared masternode. This will be operated by the DRIP team and masternode rewards distributed to winners twice weekly. The team will operatate this as a shared masternode until each of the 20 winners has received 4,500 DRIP in rewards. At that point, each winner will also be refunded the 500 coins locked into their 5% share of a shared masternode.

Our expectation is that, together with staking rewards earned from masternode reward earnings, this 5,000 coins should be enough, or very close to enough, for a shared masternode each of their own (masternode collateral is 10,000 coins).

The invite counts will be reset after each winner is allocated so we expect this shared masternode to be up-and-running within 3 weeks.
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May 10, 2018, 01:20:49 PM
 #8

As can be seen above, we are a PoS coin who will be distributing DRIP tokens to those who mine LUX to our donation pool. If we don't happen to have found an early block when we kick the blockchain off, we'll be air-dropping 5 coins to each miner that's with us from the start.

This is required because there is a 10 coin per block (14,400 per day) allocation to stakers. The team aren't allowed to stake the premined coins and we need stakers in place to earn these rewards.

Mining will begin shortly after wallet release and there'll be an announcement for this both here and on Discord.
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May 10, 2018, 01:21:19 PM
 #9

What number of coins, needed for a masternode?
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May 10, 2018, 01:26:57 PM
 #10

What number of coins, needed for a masternode?

Masternode collateral is 10,000 coins. It will be very difficult to earn this number solely through the mining donation pool. However, a masternode is very achievable by mining to the donation pool to get your mining rewards and then staking the rewarded coins to get your staking rewards.
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May 10, 2018, 01:29:55 PM
 #11

Total coins supply is infinite? Coins price can be low because it.
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May 10, 2018, 01:59:29 PM
 #12

Total coins supply is infinite? Coins price can be low because it.

Most good PoS coins have an infinite supply - PIVX and Phore are two good examples. The trick is that the block reward has to be reasonably low at the final phase of a coins maturity - in order to keep inflation low.

For DRIP, this final reward is 5.5 DRIP per block. Also, unlike a lot of PoW coins, transaction fees are burned with DRIP - they're not offered to masternodes, stakers or anyone else. This reduces that 5.5 DRIP per block further.

You can read the link below for further information:

https://pivx.org/knowledge-base/pivx-does-not-have-a-max-coin-supply-wont-this-devalue-my-investment/
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May 10, 2018, 02:14:21 PM
 #13

Its interesting. Thank you.
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May 10, 2018, 02:32:44 PM
 #14

Its interesting. Thank you.

No problem.

For some additional information, PIVX, the coin from which we forked, have a current circulating supply of 56,162,946 and a block reward of 6 PIV per block (including budget).

With DRIP, the total circulating supply will ramp up extremely fast over the next 15 months before settling at a little over 60,000,000 with a 6.1 DRIP per block reward going forward (including budget).

DRIP block rewards were purposely setup to reward early adopters significantly before settling down, in 15 months time, at an almost identical total block reward and total circulating supply to PIVX.

A PIVX masternode today costs $54,667 whilst a DRIP masternode should be achievable by mining a small number of LUX to our mining pool and staking the coins you are rewarded with. We won't argue that the risk is higher as PIVX is a well established coin - one of the best on the market in our opinion. However, the required investment for DRIP is significantly lower and the potential reward more than makes up for this added risk.

The budget I refer to above is an automated monthly budget allocated to proposals submitted by the community and voted on by the masternodes. The best proposals are approved on a monthly basis and work begins on implementing the suggested improvements for DRIP.

A simple example would be that DRIP could have a community member/coin holder that runs a website development company. He/She could submit a proposal detailing how they could develop something better than what we have in place at that time for a fee of xxx DRIP. If masternodes approve that proposal, the proposer receives the coins and works on implementation of the proposal.

With two different communities submitting proposals, the single difference we have to PIVX now (retailer/charity rewards) will grow into multiple differences in the coming months as our roadmaps fork off in different directions.

My hope for DRIP would also be to attract a lot of talented potential future team members as investors. For example, we may have some newly graduated rising-stars in the cryptocurreny world (developers, marketing professionals, etc.) mining to our donation pool, owning masternodes and voting on proposals. For these people, a $55k PIVX masternode is now out of grasp but DRIP most certainly isn't. If all goes well, who's to know which will be the better platform in 6-12 months?
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May 10, 2018, 02:57:42 PM
 #15

reserve Chinese translation
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May 10, 2018, 03:01:25 PM
 #16

Look better.  The main thing that provided the purses were reliable . Now reliability and safety above all . My best regards

✘  EXCOLONY   |▌  YOUR PLEASURE IS OUR INNOVATION
|███    White Paper   [   JOIN our ICO   ]   ANN Thread    ██|
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Admkng5
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May 10, 2018, 03:07:11 PM
 #17

People hope that you project not a scam. I think its a good and interesting.
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May 10, 2018, 03:33:16 PM
 #18

People hope that you project not a scam. I think its a good and interesting.

I can assure you that we are not a scam. A prior project that we worked on was Lottereth - which aimed to be a worldwide crypto-based lottery platform. The coding was complete for that project and we were approaching release before it was brought to our attention that there are many legal obstacles in the way to offering such a service. For example, did you know that the UK requires a licence to advertise and sell tickets to UK citizens - even if operating from another country. Securing that licence would have put us in a legally approved position in only one of hundreds of countries.

We were approached by multiple potential investors looking to buy Lottereth masternodes but refused to accept payment. That project was halted before a single cent/penny/dime was taken from anyone - any ex-members of the Lottereth discord will be able to confirm this. If we were a scam project, we would surely have sold masternodes or coins to everyone that made an approach.

Our intention is to offer a long-term, sustainable product. We cannot do this if we were operating outside the confines of the law - as we would have been with the Lottereth offering. There are a number of lottery products currently on the market in crypto - BeLotto and FireLotto being two that I'm personally aware of. Our experience with Lottereth has us avoiding potential investments in these projects like the plague.
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May 10, 2018, 03:39:53 PM
 #19

I know Lottereth project. It was on bitcointalk. Almost all wants that will be long term project.
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May 10, 2018, 03:53:14 PM
 #20

Look better.  The main thing that provided the purses were reliable . Now reliability and safety above all . My best regards

I am in total agreement. The wallet security is of utmost importance as is reliability. This is especially true when it comes to a PoS wallet. There's no point in a staking wallet that continuously crashes - causing the owner to miss out on staking rewards.
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