[ANN] Webcoin – A Bitcoin Evolution
Hello,
We are a team of three, which are developing an evolution to the current cryptocurrency generation. We will stay anonym for all the time. More below.
To have a name we will call ourselves like the three musketeers. Arthos, Porthos and Aramis. We are from Germany, the two main developers (Arthos and Porthos) are currently writing their dissertations with a cryptographic background. I am (Aramis) still studying Computer Science but will be finished soon. We may be pretty good in science stuff, our English is surely not the best one. Please excuse us for this.
Let us get back to Webcoin. I know currently is a bad time for new IPO’s and Altcoin announcements. But we are in quite a hassle right now. We are all working about 60% of our time on Webcoin. Thus Arthos and Porthos cannot work as much as they need at the university to earn money. I am in my 5th semester of my master, which is why I don’t get money from the state anymore. (Just 4 semester long for the master, called “BAföG”) Our money lasts until the beginning of February. Until then we need at least 6 Bitcoin collected in the first two rounds.
That is why we need YOUR help! We are starting this IPO to get enough money for the upcoming months. We are working on Webcoin since April 2013 and we do NOT want to quit, because we created something truly fantastic! I know that this forum is the #1 place for scammers right now, but we will try everything to show that we are serious with Webcoin.
A few words to our work distribution
Arthos and Porthos are men of genius. They are experts in C and cryptography. This is why they are working on core features of Webcoin. I am not that experienced, thus I am doing everything else. (Writing this article, designing the logos and the client, coding a few services.. More below)
If you have questions about the core of Webcoin please gather the questions and I will give them to Arthos and Porthos. They can answer them 100% better than me. They will answer all questions once a week on Sunday.
If you have questions about the client, the services I am coding and so on, just ask me (Aramis). I will do my best to answer everything as honest as I can. I will be online here for about 1h each day and will only answer questions in this thread.
Webcoin features and current status
Webcoin is written in C. It is based on (nearly) all new code. A few parts are based on Bitcoin and Peercoin, because we can’t afford to code everything from scratch for years.
It is fully decentralized. Right now it is a little unstable, because we do not have many nodes. It is (of course) based on a blockchain. It is 100% POS, but a part will work similar to POW. (more below)
Every account is counted from #0000000000000 (genesis account) to #9999999999999. After this it will be #a0000000000000 to #a9999999999999. Then #b0000000000000 to #b9999999999999. After this #aa0000000000000 to #aa9999999999999 and so on..
Every transaction is counted from +0000000000000000000 (genesis transaction) to +9999999999999999999. After this the above system will take place.
Every block is just counted upwards from $0 (genesis block) to endless. Every minute there will be one new block with a max of 1000 transactions inside. This can be changed later, we are working on more important things right now. Since this is working quite fine.
The core itself has all the features from Bitcoin implemented and is almost fully working. But there are still a few bugs (no critical ones). A few advanced features are also ready like the Alias System and the Voting System. Our blockchain gets quite big, therefore we also implemented blockchain shrinking. (More about the advanced features below)
The user client is finished about 45% but I am just began working on this mid December. Basic functions are mostly implemented (send, receive, overview (NO blockchain-explorer right now)). A few design things are not done yet.
Webcoin numbers and distribution
There will be 100.000.000 Coins. Not divisible at the moment, but the code for 4 decimal places is there! But we will deliver it when the coins are a little bit more worth. (Otherwise everyone will use 0,0001 as a fee at the beginning, no distribution/no mining success.)
The fee will be 1 Coin at the beginning. Later it will be 0.0001 Coins. If a block has more than 1000 transactions then transactions with higher fees will be favored. (A long way to go.)
The distribution will be as fair as possible (we hope!).
- We will take 6% of ALL Coins for us three. So everyone will hold 2% of the Coins.
- We will save 15% of ALL Coins for developers who are successfully building services around Webcoin in the first 6 months (including our faucet at the beginning).
- We will save 9% of ALL Coins for developers who built successful services for Webcoin and which are still active after 1 year.
- We will distribute about 35% of ALL Coins in the first $537120 blocks. This will make 65 coins in each block. The remaining 87200 Coins will be paid out by hand from us to the Wallet ID which mined the most blocks, thus supported the network the most.
- We will distribute 2% at the beginning to valuable users, which set up nodes to support our network.
- We will distribute 33% here with this IPO. We are planning to make the initial investment be 99 Bitcoin. This would grant a value of 0,000003 BTC per Webcoin. We will divide the IPO into three parts.
Currently 99 Bitcoin are worth about 57.420€. We could work 1.5 years with this amount. But after the launch we will let the voting system decide what we should do with the rest.
(More IPO details below.)
More information about the advanced features
Mining:
You cannot mine any Coins like in the typical Bitcoin way. Everyone will have to help the network by running the client. You will then process blocks and each block will contain the fees of all transactions of the last minute. In the first year there will be always 65 Coins minimum in each block. Every running client (only one Wallet ID can be online from the same IP) has the same chance to mine a block. Therefore at the beginning the Coins will be distributed to a small circle of people, because only a few people are mining. With the time it will be harder to mine. After one year the 65 Coins will not be integrated automatically in each block. Then JUST the fees are in the blocks.
Aliases:
Currently you can assign aliases to your Wallet ID. This will make it possible to send money directly to your alias instead of the complicated Wallet ID. The current alias system is quite trivial to expand. After we hear your wishes we will put more time into this. One alias costs 100 Coins. Each Wallet ID can only create one alias each 5 blocks.
Voting:
When you create a new Wallet ID you can define it as a Voting Wallet. (Currently only in terminal mode, not in the client). Person A can now send 1 Coin (later 0,0001 Coins) to this Voting Wallet. When he send the Coin he can assign a token to the Coin for “YES” or “NO”. The Voting Wallet will then check how many Coins Person A had at this moment. This is the number of votes. Later it will be possible to assign other tokens, it is trivial to expand it.
Blockchain shrinking:
Every 21600 blocks there will be a new waypoint, which saves ALL wallet states. The next 21600 blocks will be saved normally. There will be two waypoints present at all the time. When the n+3 waypoint will be created the n+1 waypoint will be deleted. This happens fully automated and is working very good right now.
The IPO, escrow and financing
We are in deep need of money right now. Otherwise we would not publish our precious project a few months before launch and not at this bad reputation of IPOs. As we need the money NOW and at least a few Bitcoin every month we will transfer the Bitcoin DIRECTLY to fiat, starting on Monday next week (February, 13th). Therefore we cannot provide someone doing an escrow until launch. After the launch you will decide what happens with the money. Thus there you can decide for someone trustworthy, who holds the money.
We will follow these IPO rules:
Like mentioned above we will distribute 33% of all Coins in this IPO.
The first 8%-batch of the IPO pot will be distributed until the 12th. We will cash out the Bitcoin DIRECTLY. (6 Bitcoin planned.)
The second 8%-batch of the IPO pot will be distributed from the 13th until the mid of February. (6 Bitcoin planned.)
The third 17%-batch of the IPO pot will be distributed from the mid of February until the initial Webcoin valuation is reached, which will be 99 Bitcoin at the end. (Including the Bitcoin from the first and second IPO parts.)
We won’t accept more than 99 Bitcoin. If there will be (unlikely) already 99 Bitcoin in the first or the second round, we will let the community decide what we should do.
We won’t release anything until the 12th. In the second round I will release things you want to see, but no parts of source code. In the third round I will release the client source code and make the websites and services public.
Therefore 8% of the Coins will be distributed to high risk investors in the first round. They will surely make the biggest profit later and may be able to become large stakeholders, but we need at least 6 Bitcoin in this round, otherwise we will deliver the remaining Bitcoin ourselves to prevent TOO big stakeholders.
Another 8% of the Coins will be distributed to mid risk investors in the second round. They may also make big profits later. The same rule with 6 Bitcoin apply here as well.
The last round with the least reward will mostly have no risk. You can decide in which round you want to participate.
We have money for the January left. We need the money for February. So there is no urge need for big many Bitcoin in the first round. We need 6 Bitcoin to finance 1 month.
How to send money:
You HAVE to send me a private message BEFORE you send the Bitcoin. You have to declare the amount and the public note (
https://blockchain.info/wallet/website-faq) from blockchain.info BEFORE you send the Bitcoin. If you will not do this I will send the Bitcoin back seven days after I received them. We do not accept any Altcoins!
Our IPO Bitcoin address is: 1PqXvuR7R6s54SzQczihgDbETV7egRhPMM
Miscellaneous
Webcoin is still in beta mode. Until the beginning of March we will sort out all of the bugs. We will then test the network until the mid of March. The client is still in alpha mode and will be ready in early February. Then we will take 2 weeks to make the official website, a faucet, a small gambling site and a wiki.
I will publish a few screenshots if you want in the second round of the IPO. In mid February I will publish my cleaned and commented code for the client.
Four days before the launch we will release the full source code of the client so you can prepare yourself for the launch. We may change a few things for the launch at the last moment. So keep an eye on the Github later.
If everything works fine we will launch Webcoin in the mid of March. We will declare the official launch 1 weeks before in this thread!
Arthos and Porthos answering questions once a week on every tuesday in the evening. I am answering questions once a day in the evening. (German Time)Edit:
Screenshot 1: Client - Wallet
http://img21.myimg.de/client8b80f.png
