[ANN] Levelcoin - Proof of Stake / Proof of Burn Hybrid - Inflation Immune

[steff9132]

Sounds interesting. I'm very excited how this concept gonna work when the coin is launched   

[-Greed-]

Looks very promising. What about escrow?

[stuartcharles]

Below is a quote from the opening of your thread

As a disclaimer, I will not be holding any of this currency so there will be absolutely zero dilution. My funding will be entirely based on pre launch fundraiser. Currently I am in the coding phase, there are still some kinks to work out and I have to apply every scenario possible to ensure that this system is not exploited in any way, though from what I have tested thus far it seems highly unlikely.

If you are not holding any of the coin what will be your incentive to keep the development going after launch?

bump... levelcoin?

[Level Coin]

Below is a quote from the opening of your thread

As a disclaimer, I will not be holding any of this currency so there will be absolutely zero dilution. My funding will be entirely based on pre launch fundraiser. Currently I am in the coding phase, there are still some kinks to work out and I have to apply every scenario possible to ensure that this system is not exploited in any way, though from what I have tested thus far it seems highly unlikely.

If you are not holding any of the coin what will be your incentive to keep the development going after launch?

bump... levelcoin?

This is why I am having a fundraiser to raise development funds. These funds will hopefully drive development to the point where the system is working flawlessly.
I am giving people the option to invest directly. It's better in my opinion than if I held coins and dumped them by surprise should I need funds. Also I love coding.

[northranger79510]

Can you give us your identity? Or maybe a program that you can prove you wrote?

[Level Coin]

Can you give us your identity? Or maybe a program that you can prove you wrote?

Well my name is David Elsinger. I live in Lansing, Michigan. I went to MSU. I work with my current employer to create software that will help facilitate an increase in learning capabilities in individuals with mental conditions.
The programs are owned wholly by my employer and as such I can not provide a source code. I have no other projects outside of the work I do for my employer and Levelcoin.

[xibeijan]

What about the supply of LV2 coins?  Are they Inflation Immune?

This is a serious concern.

Anyone?

[Level Coin]

What about the supply of LV2 coins?  Are they Inflation Immune?

This is a serious concern.

Anyone?

There is no limit to Level 2 coins. There would need to be a ridiculous amount in circulation for the system to switch from a deflation model to an inflation one, remember it takes four years to make an ROI on a Level 2 coin (this might be shortened to 2 years), and even if by some miracle that were to happen we would be in the same situation as any other PoW or PoS coin. Given the very small amounts of investments made thus far, there will likely be very few Level 2 coins in circulation at least to begin with.

On the subject of software, I have mentioned that currently I am lacking a GUI, but here is a screenshot of how the burn client works more or less:

https://i.imgur.com/ZipYj8A.png

Obviously the program assumes you know the commands, which makes it very new user unfriendly. I plan to change that.

[SyRenity]

Obviously the program assumes you know the commands, which makes it very new user unfriendly. I plan to change that.

Is it uses a real main net or test net? Somewhere that we can see the results of the operations?

[jelin1984]

When the level coin will out?

[Level Coin]

Obviously the program assumes you know the commands, which makes it very new user unfriendly. I plan to change that.

Is it uses a real main net or test net? Somewhere that we can see the results of the operations?

What you see there is a localhost testnet. At the moment withdrawals and deposits don't work properly as I mentioned before. They stay pending forever.

When the level coin will out?

I will likely e-mail a link to the client downloads in the first week of February. If the Kickstarter campaign fails to be approved, I may need to delay the release by a couple of weeks.

[northranger79510]

How many total coins available? Will all be forked in genesis block?

[Level Coin]

How many total coins available? Will all be forked in genesis block?

There is no coin limit. There is no fork, the code is built from the ground up.

I am considering shortening the ROI and implementing a degradation mechanic on Level 2 coins. This will solve any Level 2 coin inflation concerns that anyone might have.
Instead of taking 4 years to achieve an ROI for burning Level 1 into a Level 2, I will shorten this amount to 2 years.
The longer you hold a Level 2 coin, the less it will generate. In 5 years using both the old, and the proposed new system, one Level 2 coin will have generated the same amount of Level 1 coin.
Passing 5 years, a Level 2 coin will slowly start generating very little. This will help induce burning and deter people from hoarding Level 2 coins in a short span of time.
Hopefully people understand what I am trying to say here. Heres a graph:

https://i.imgur.com/pep6Gpd.png
Green was the old system, red is the one I am proposing now.
I feel like I could spend months in development here, the ideas keep pouring in.
These would all need to be decided before the launch though as there is no going back.

[LeoC]

Sent you some more, you're a genius.
We need more people like you to take the limelight out of all the shitclones out there.

[northranger79510]

So there will be premine then no?

[FrictionlessCoin]

How many total coins available? Will all be forked in genesis block?

There is no coin limit. There is no fork, the code is built from the ground up.

I am considering shortening the ROI and implementing a degradation mechanic on Level 2 coins. This will solve any Level 2 coin inflation concerns that anyone might have.
Instead of taking 4 years to achieve an ROI for burning Level 1 into a Level 2, I will shorten this amount to 2 years.
The longer you hold a Level 2 coin, the less it will generate. In 5 years using both the old, and the proposed new system, one Level 2 coin will have generated the same amount of Level 1 coin.
Passing 5 years, a Level 2 coin will slowly start generating very little. This will help induce burning and deter people from hoarding Level 2 coins in a short span of time.
Hopefully people understand what I am trying to say here. Heres a graph:


Green was the old system, red is the one I am proposing now.
I feel like I could spend months in development here, the ideas keep pouring in.
These would all need to be decided before the launch though as there is no going back.

This makes sense because in general enterprises are unable to have constant productivity forever,  over time, their productivity decreases such that they need to burn more coins for new enterprises.

[LeoC]

So there will be premine then no?

Zero premine, please read his first post.

[irrawaddybtc]

Just sent you some BTC

Do you only code in C?

[Level Coin]

Yes, I code entirely in C. Hey it's better than Java!
Thank you again for your support.

[Legcorner]

Green was the old system, red is the one I am proposing now.
I feel like I could spend months in development here, the ideas keep pouring in.
These would all need to be decided before the launch though as there is no going back.

Is it possible that the graph show only the described mechanism and not the halfing of the ROI?

In this graph you have with the old system after 4 years 2000 L1
But in half of this timespan you make with the new system only 1300 L1