[NEW][ANN][DRIP][GPU][POS][MASTERNODE] Private Transactions, Private Staking

Note: There will be no mining pools required for this coin due to the approach we are taking (details below). The wallets, for multiple platforms, will be provided soon. This notice is being put in place to give awareness of the project to Bitcointalk members and allow them to join our Discord group at https://discord.gg/hS8kTrw so that they can be notified as soon as the wallets are released and the blockchain kicks off.

WEBSITE · DISCORD · FACEBOOK · TWITTER · GITHUB

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 merchants 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 will be released on May 12th, 2018.

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 merchants 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 merchant 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 Time	60 Seconds
Difficulty Retargeting	Every Block
Max Coin Supply (PoS Phase)	Infinite
Premine	290,000 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 Height	Reward Amount	Notes
1	290,000 DRIP	Primarily for distribution to the community

PoW Rewards Breakdown

Block Height	Team
2-120	2 DRIP

PoS Rewards Breakdown

Phase	Block Height	Reward	Masternodes & Stakers	Merchant/Charity	Budget
1	121-43200	11 DRIP	10 DRIP (all staker)	1 DRIP	10%
2	43201-129600	151 DRIP	150 DRIP seesaw	1 DRIP	10%
3	129601-216000	131 DRIP	130 DRIP seesaw	1 DRIP	10%
4	216001-302400	111 DRIP	110 DRIP seesaw	1 DRIP	10%
5	302401-388800	91 DRIP	90 DRIP *	1 DRIP	10%
6	388801-475200	56 DRIP	55 DRIP *	1 DRIP	10%
7	475201-561600	46 DRIP	45 DRIP *	1 DRIP	10%
8	561601-648000	26 DRIP	25 DRIP *	1 DRIP	10%
9	648001-734400	11 DRIP	10 DRIP *	1 DRIP	10%
X	734401-Infinite	5.5 DRIP	5 DRIP *	0.5 DRIP	10%

*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

40,000	Four 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)
20,000	To be used for the DRIP coin bounty programs
230,000	To be distributed to miners - and not to be staked or used for masternodes whilst awaiting distribution
290,000	Total

Fundraising

Mining is the inferior method of securing a blockchain when compared to Proof of Stake;
Mining does offer an advantage in the form of wider token distribution during the early days of a coin;
This advantage only exists where the algorithm is ASIC-resistant and unavailable on Nicehash;
LUX, using the PHI algorithm, is an example of a coin using such an algorithm;

Is there a better alternative to simply having DRIP mineable via the PHI algorithm for an initial period of time? How about requesting miners to mine LUX to a DRIP-operated mining pool and offering DRIP as payment in lieu of LUX:

As a PoS coin at it's core, DRIP would only ever be mineable to achieve wide token distribution;
This will also be achieved via the LUX-mining donation pool approach; but
The project would have initial funding without the sale of a single DRIP coin;
Miners would be better able to guage how much DRIP they'll earn as the LUX network has a high, stable, hashrate;

Fundraising Goal

Listing on two exchanges	1.5 BTC
masternodes.online	0.2 BTC
masternodes.pro	0.1 BTC
10% Buffer	0.2 BTC
Total	2.0 BTC

The buffer is to cover Lux price deviations from Bitcoin during the mining period. If the deviations work in our favor, we'll choose higher volume, more costly, exchanges. If the deviations move beyond 10%, and up to 20%, the team will cover the cost difference to get our listings.

At today's rate, 2 BTC is the equivalent to 2420 LUX. With 230,000 DRIP to be distributed to miners, every 1 LUX should result in 99.13 DRIP (we'll round that up to 100 DRIP). There'll be a minimum payout on the pool of 0.1 LUX which will earn you 10 DRIP.

If we are listed on our first exchange before the 230,000 coins are distributed to miners, undistributed coins will not be sold - they will be burned.

OFFICIAL TOPIC:https://bitcointalk.org/index.php?topic=3710056.0