[PRE ANN] HashShares[HAS] Scrypt PoW with Bitcoin PoS

[castiron]

Introducing: HashShares[HAS]

HashShares[HAS] is the first Proof of Work Scrypt coin that pays out Bitcoins as Proof of Stake.
HashShares is more then just any Scrypt coin, it is also a way to co-own current Bitcoin mining capacity and future Bitcoin mining capacity.

The Genesis block will contain 500000HAS, 400000 of them will be divided among those that donated BTC to the development of HAS depending on the % donated. Please read the Q&A for more information.

Technical Specifications:
- Scrypt Proof of Work algorithm with Bitcoin shares as Proof of Stake.
- 60 second block time targets.
- 6 blocks to retarget difficulty.
- 1 coin per block, never halfs. First 1440 blocks are only 0.01    
  HAS/each to ensure a fair launch around the globe.
- 100% fair launch, absolutely no premine.

Q. What is HashShares?
A. Hashshares is a scrypt based PoW/PoS coin with the PoS part payed out in Bitcoin.

Q. How is this possible?
A. We have aquired 6000GH/s in the form of 2 KnC Neptune miners from the first batch. 50% of the Bitcoins generated the previous day will be paid out directly as Proof of Stake at 00:00 GMT the following day.

Q. What will happen to the other 50%?
A. 10% will be used for electricty, maintenance, internet connection and storage, the other 40% will be deposited into the HashFund.
The HashFund is used to over time incorporate more Bitcoin mining capacity. Any surplus from the Bitcoins set aside for electricity and storage will be put directly into the HashFund.

Q. Why KnC miner?
A. Because the HAS development team is mainly Swedish and this way we will get easy local access to support, repairs, spare parts & replacements etc
KnC is also in our opinion the most legit ASIC company out there at the moment.

Q. How will the PoS be payed out?
A. We are working on a "dual-wallet" that is in fact a HashShares and
a Bitcoin wallet combined. Wallet is currently in BETA stage but will
be finished in good advance of the creation of the HashShares genesis block.

Q. Will i be forced to completly download/sync to the Bitcoin blockchain.
A. No you wont, think Multibit but not really Multibit, you will however be forced to sync to the HAS blockchain.

Q. Will we be able to wallet mine?
A. Yes but we discourage it because the chances of finding a block while solo mining will be very small for most users.

Q. When is the launch estimated?
A. Estimated launch right now is mid/late March. As soon as the miners are delivered and everything else is complete for takeoff.
Launch will be announced at least 3 days in advance here on Bitcointalk.

Q. Is HashShares in any way related to Protoshares?
A. Not at the moment. But if a majority of the community wants HashShares to be implemented as a DAC it most likely will be. If so we will use 20% of the Genesis blocks 500000 HAS for the purpose.
The 50000HAS reserved for the developers and the 50000HAS reserved for bountys/marketing will also be affected by 20% if the community votes for a DAC.
The number of HAS per PTS will be determined by the amount of PTS prior to HAS launch.

Q. How will the Genesis blocks 500000HAS be divided.
A. 50000HAS is for the developers, another 50000HAS is for various bountys, promotions, giveaway threads and similar.
The rest(400k) will be divided among the development donators based on their percentage of total Bitcoins donated.

Q. How do i become a Development Donator?
A. You make a donation for any amount in Bitcoins to this address:
1DamjUVABxXmHbd68NaUmVrdWTG2rAUwny
Please do not send directly from exchanges or through a Bitcoin mixing service or similar. Use a wallet you control and will be able to import into the HAS client later on, a detailed how-to-guide for dummies on how to do this will be available at launch.  

Q. How will you know who made what donation?
A. You will later need to import your Bitcoin wallet that you sent from into the HAS client to get your shares from the HashShares genesis block.

Q. Will there be any premine?
A. No! The first 1440 blocks will only contain 0.01 HAS to make sure that it is a fair release all around the globe.  

Q. Will there be a Windows/OSX client at launch?
A. Yes! There will be both Windows and OSX client at launch as well as GITHUB.

Q. Why dont you just use the miners yourself?
A. Because by doing it this way we do belive that this will be a good long term investment. We also belive that this is a exellent way to
combine a Scrypt and a SHA-256 coin into one. Launching another coin like any other coin will fill no purpose on todays market more then for pump and dump. The Development team have been heavily involved in both Bitcoin and Litecoin for many years, we wanted to create something of our own.

Q. Will you have a homepage and a forum for HAS?
A. Yes we will have a homepage but we feel that it would be best to keep the forum part here at Bitcointalk at start, once we get more community support and activity we will consider a separate HAS forum.

Q. Will your miners solo mine or mine at a pool?
A. They will be pointed towards a pool, we have contacted a few notably stable pool operators to discuss fee %.

Q. Will you overclock/fiddle with the miners to improve hashrate?
A. Most likely not, we want to insure a long life span of the miners and avoid to void any warranty and/or downtime. However when enough Guinea-pigs have done enough trial&error with their Neptunes we might consider it.  



<-:BOUNTYS:->

Available now:

Logo: 1000HAS
Banner 1: 500HAS
Banner 2: 500HAS
Feel free to post in this thread but please also send a link to your reation/creations by PM to make sure we dont miss any contributions.
A separate threads with voting will be created to determine the winners, we would like your creative contribution(s) before the end of January.
Please note: Banners & Logo must contain the following words:
"HashShares" "Scrypt PoW" "Bitcoin PoS"


Available upon launch:

First Exchange: 2500HAS
Second Exchange: 1000HAS

First Pool: 1000HAS
Second Pool: 500HAS
Third Pool: 250HAS
(Please note: a pool that sets fee`s above 1% will be disqualified for the bounty)

First 100 blogposts: 10HAS/each
First 100 tweets: 5HAS/each
(A separate thread will be created to claim these bountys, claims posted in this thread will be ignored)

Second Block Explorer: 1500HAS
(We are working on a block explorer to be ready quickly after launch, bounty for the second one will be paid out after 1 months functional uptime.)

First 50 addnodes: 10HAS/each

[1715549297]

1715549297

[Snard]

So you will be splitting 50% of 3.3723 ~1.6862 BTC?

[jacquette]

I like it.. can't wait.. 

[PyroTekNeks]

Hmmm sounds interesting.

[castiron]

So you will be splitting 50% of 3.3723 ~1.6862 BTC?

Daily Proof of Stake payouts will depend greatly on the pools luck in finding blocks.
We are looking at a few pools, it will be one of the big dinosaurs.
The high % to the Hash Fund will ensure a very rapid increase in extending the mining capacity.

[donschoe]

Subscribing. If you plan to create a DAC you could also settle at the bitsharestalk forum with your own subforum I guess.

[castiron]

Subscribing. If you plan to create a DAC you could also settle at the bitsharestalk forum with your own subforum I guess.

It is not a plan at the moment it is more of a option we are considering.
A question we have asked ourself is if the HAS contributors want to share the cake?
But there is nothing on fire at the moment and we have plenty of time to gather opinions.
A thread have been created at Bitsharestalk to get opinions from the PTS community that might
not be active here at Bitcointalk.https://bitsharestalk.org/index.php?topic=2320.0

[Indemnified]

What are your previous/other usernames at bitcointalk and at bitsharestalk?

[wing_hk]

It's sounds to be a good idea. However I will only donate when there's more solid content e.g. website, info released 

[sighle]

You have a 500,000 size genesis block and then go on to say "no premine".

Tell me again how it's a "fair launch"?

[castiron]

You have a 500,000 size genesis block and then go on to say "no premine".

Tell me again how it's a "fair launch"?

Because 80% of the genesis block will be distributed towards donators, 10% will be used for bountys/giveaways/etc
and 10% is reserved for the developers.
We will then have invested around 30000USD out of our own pockets and countless of hours.
I honestly do belive you have slighty missunderstood the term premine.
Please read the entire Q&A.
Depending on how donations work out we might launch with even more capacity already pre ordered from the second Neptune batch.

[castiron]

It's sounds to be a good idea. However I will only donate when there's more solid content e.g. website, info released  

That will be made available in a not to distant future, we have a quite generous timeframe between this pre announcement and the actual release.

[Snard]

I am sorry, but this just looks like a hybrid of a normal coin with the IPO crap we have been seeing lately. I think the bitcoin backing of the POS is a very interesting and novel approach. Something that will provide value to the coin as people are going to want to own them in order to share the bitcoin earnings.  

At the same time, the IPO part of it leaves a bad taste in my mouth.  You don't call it a premine, but it is essentially the same thing. You are taking bitcoins in advance of the release instead of the coin itself to cover your costs and profit. Isn't that the same thing?

[sighle]

You have a 500,000 size genesis block and then go on to say "no premine".

Tell me again how it's a "fair launch"?

Because 80% of the genesis block will be distributed towards donators, 10% will be used for bountys/giveaways/etc
and 10% is reserved for the developers.
We will then have invested around 30000USD out of our own pockets and countless of hours.
I honestly do belive you have slighty missunderstood the term premine.
Please read the entire Q&A.
Depending on how donations work out we might launch with even more capacity already pre ordered from the second Neptune batch.

How it's distributed is irrelevant. A premine is a premine.

In fact, allowing "investors" to buy into your premine makes it even more unfair.

I read your silly proposal. *IF* it's legitimate in any way, which I doubt, there is no reason for anyone to ever sell it. Especially your "investors".

Hence the problem with PoS.

Edit: Your premine is also equal to A FULL YEAR of mining. LOL.

[eddywise]

total coins is？

[bykardinal]

LOL))) MakeMeRichCOIN

500k blocks premine

[castiron]

I am sorry, but this just looks like a hybrid of a normal coin with the IPO crap we have been seeing lately. I think the bitcoin backing of the POS is a very interesting and novel approach. Something that will provide value to the coin as people are going to want to own them in order to share the bitcoin earnings.  

At the same time, the IPO part of it leaves a bad taste in my mouth.  You don't call it a premine, but it is essentially the same thing. You are taking bitcoins in advance of the release instead of the coin itself to cover your costs and profit. Isn't that the same thing?

Considering the circumstances i would not consider it the same thing as a premine per definition.

This is not a normal scrypt coin, 99.9% of all other coins launched in this subforum have the only intention to hit Cryptsy, be dumped and then slowly be left to die. No other coin will continue to daily generate value to its holders like HAS will.

Yes, part of the point with donations is of course to cover part of our costs so far, to help pay for some of the bits that still needs to get in place for the release and to maybe help to speed up investment rate, we do not claim to be Robin Hood.
We of course want our piece of the cake and want in on the ground floor.
The intention is of course that this coin instead will generate income to ourselfs, the donators and the miners...

We after some discussions calculated that creating this coin would be more profitable over time then to mine ourselfs directly.
This is a calculated risk we take, it is nothing we hide and nothing we are ashamed of.
 

[castiron]

You have a 500,000 size genesis block and then go on to say "no premine".

Tell me again how it's a "fair launch"?

Because 80% of the genesis block will be distributed towards donators, 10% will be used for bountys/giveaways/etc
and 10% is reserved for the developers.
We will then have invested around 30000USD out of our own pockets and countless of hours.
I honestly do belive you have slighty missunderstood the term premine.
Please read the entire Q&A.
Depending on how donations work out we might launch with even more capacity already pre ordered from the second Neptune batch.

How it's distributed is irrelevant. A premine is a premine.

In fact, allowing "investors" to buy into your premine makes it even more unfair.

I read your silly proposal. *IF* it's legitimate in any way, which I doubt, there is no reason for anyone to ever sell it. Especially your "investors".

Hence the problem with PoS.

Edit: Your premine is also equal to A FULL YEAR of mining. LOL.

If a full year at your place is 347,22 days then your world is spinning a lot faster then mine.
Look at NXT, 100% premined.. You can buy into AngelShares on a daily basis.
The goal have never been to create a coin you want to sell as easily as the vast majority of other coins.
It will be a complex coin to determine the value of but we do belive that the market will take care of that problem
just like for any other coin.

[wing_hk]

As you mentioned that you have done calculation, so based on 6000GH/s how much BTC will be paid to donator/miners monthly? (both depends on how many HAS they get right?)

[castiron]

As you mentioned that you have done calculation, so based on 6000GH/s how much BTC will be paid to donator/miners monthly? (both depends on how many HAS they get right?)

It is hard to calculate the exact amount of Bitcoins distributed daily/montly since that will depend on the pools luck in finding blocks.
Payouts will be done daily not monthly.
You can use any Bitcoin profitability calculator to get a good estimate of the amount that in theory will be distributed each day.
Yes, the Bitcoins will be divided among all HAS, the more HAS you have in your HAS client the more Bitcoins you will be rewarded as Proof of Stake.
If your HAS is at an exchange then the exchange will get your daily Bitcoin payout.