[Announcement] BitCommoditiz - New and Different : 10 crypto commodities !

[BitCommoditiz]

http://www.bitcommoditiz.org/wp-content/uploads/sites/1053/2014/01/bitcoin2561.png

NEW AND DIFFERENT ! NOT JUST AN OTHER SERIE OF COINS. A full network of ten virtual crypto commodities for which hashing  difficulty varies with the price of a real underlying commodity !

****** UPDATE (Feb 26 2014): Now reporting hashrate at http://www.bitcommoditiz.org/where-to-mine/ *******
****** UPDATE (Feb 13 2014): We now have a nice dedicated forum: http://chiznillen.net/forum/bitcommoditiz *******
****** UPDATE (Feb 6 2014): Latest build 0.8.6.3 fixes unclean wallet shutdown for Windows users *******
****** UPDATE (Feb 1 2014): We have our first rate! 0.0001 BTC per XAUz, thanks Jerry! *******



Example: diffculty for mining Oilz (ticker CLz) varies with the price of real crude Oil on the market (quote provided by finance.yahoo.com)

As a miner: you have more stable revenues. If the real oil price is up, it gets harder to get Oilz but what you mine is more valuable. If the underlying price is down, Oilz value is down but it becomes easier to mine, so you receive more shares to compensate.

As a trader: you can apply to BitCommoditiz the volatility rules you already play with in the real world.

As a Crypto coin owner: BitCommoditiz are a safe haven for your coins, BitCommoditiz future value is tied to its underlying real commodity value.  No need to buy gold, buy Goldz and stay in the crypto world.

BitCommoditiz is more than 10 other altcoins, it is a full class of new crypto assets with difficulty volatility correlated to a real commodity price volatility (currently gold, platinium, palladium, silver, crude oil, wheat, corn, cotton, coffee and cocoa). Approx 15K blocks have been mined today.

This announcement concerns the first 10 BitCommoditiz, more virtual commodities to come....

More detailed information: http://www.bitcommoditiz.org

Worldwide P2Pool Network (1% fee):
- USA
- CANADA
- EUROPE

Full list on http://www.bitcommoditiz.org/mining/


Common characteristics

Bitcommoditiz software is a fork of Litecoin using scrypt as a proof-of-work algorithm.
    each bitcommoditiz – and its unit – ends with ‘z’ to differ from real commodity
    birth date (genesis block): 2013 Nov. 12
    difficulty varies according to underlying price on the market
    quote provided by http://finance.yahoo.com
    5 minutes block targets
    1 coin per block
    subsidy halves in 420k blocks (~4 years)
    ~42 million total coins
    1008 blocks to retarget difficulty
    

[1714599676]

1714599676

[1714599676]

1714599676

[1714599676]

1714599676

[SlidingHorn]

    birth date (genesis block): 2013 Nov. 12

....so how long have you been premining this? lol

[BitCommoditiz]

Approx 15K blocks have been mined today (as said in the annoucement).

[SlidingHorn]

Approx 15K blocks have been mined today (as said in the annoucement).

Ha!  Good luck.

[michaelsss]

good bye

[Manwe]

 birth date (genesis block): 2013 Nov. 12

[mrbildo]

So what is the point of this coin? It seems to be to be an attempt to centralize they currencies. So I get that the mining difficulty is controlled by arbitrary IRL trading price of those commodities?
Who controls the diff rating? Is it automated somehow or do devs have control over this?

How do you mine for specific commodities? There is very little information here, clearly developing this took quite a lot of effort, you need to do a better job of explaining exactly what you are developing here.

[thekekk]

dif way low..
when will it move explain more

Gold Stats XAUz


{
"blocks" : 23127,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.00367721,
"errors" : "",
"networkhashps" : 111992,
"pooledtx" : 0,
"testnet" : false
}

[BitCommoditiz]

No centralization, only a third party needed to provide the quote of the underlying commodity. This third party (the quote provider) is Yahoo. This is in the source code of each BitCommoditiz.

The retarget mechanism is built in the code (available on GitHub). Retarget happens each 1008 blocks.

For each BitCommoditiz this mechanism is the same (only the the underlying real commodity varie of course : gold of Goldz, palladium for Palladiumz and so on...)

Each time a a block is found the quote of the underlying commodity is pulled from yahoo. At the time of the retarget, each 1008 blocks (3.5 days approx.) the new diffculty is computed according to the following:

new difficulty = (standard difficulty x underlying commodity price) / initial commodity price
Where:
- standard difficulty is the primary difficulty retarget, only function of the network hashing power, this value is not function of the underlying commodity.
- underlying commodity price is the average value of the last 50 prices of the underlying commodity from finance.yahoo.com
- initial commodity price is the price of the real commodity at the time of the genesis block (November 12, 2013).

[BitCommoditiz]

Please find below some complementary information (this is the FAQ section of our website http://www.bitcommoditiz.org/faq-2/).

Feel free to ask any other information you may want.



*******FAQ********

    Why are BitCommoditiz different from any other “altcoins” ?

    BitCommoditiz are different from others crypto coins in a very simple and interesting way: with Bitcommoditiz, the mining difficulty is proportional to a real underlying commmodity market price (gold, palladium, crude oil, and more…).

    So what ?

    So the BitCommoditiz difficulty variations reproduce the underlying real commodity price variations. Therefore the value variations of a BitCommoditiz relate to the value variations of the actual commodity.
    Example: you are mining Palladiumz and the price of the real Palladium is up 20%. The difficulty of mining Palladiumz will increase by 20% as well.

    Why is this interesting ?

    As a miner: you have more stable revenues. If the real palladium price is up, it gets harder to get Palladiumz but what you mine is more valuable. If the underlying price is down, Palladiumz value is down but it becomes easier to mine, so you receive more shares to compensate.
    As a trader: traders love to play with variations and volatility. Who can seriously make any price variation forecast on any crypto coin ? With BitCommoditiz however, the volatility is related to a real underlying commodity price thus, traders can apply on BitCommoditiz the rules they use in the real world.

    Does this mean that BitCommoditiz prices are backed to real commodities prices ?

    No. Do not get confused with price and volatility of the price. Bitcommoditiz prices are not backed to real commodities prices, only their mining difficulty volatility is correlated with a real commodity price volatility. BitCommoditiz are numerical commodities, their effective price value follows bid & ask rule.

[BitCommoditiz]

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[MisO69]

So you want us to leave the real coins for your premined coins? I don't get it, why would anyone do that?

[lasciv]

Worse than that guy with 5 coins, this one has 10!! lol

[bottacoin]

I am not sure to get what kind of use can be done with the 'mining value indicator' you just published ?

[BitCommoditiz]

BitCommoditiz is an attempt to "plug" crypto coins into reality.

Why mine BitCommoditiz ? Each day a new altcoin pops up, so why thoses onces ?

Ask yourself what will remain at the end of the rush ? The best coins for sure.

What are the best coins ? Coins that ring some bell in people's mind either because their are historicaly well known and give purchasing power in the "real world" (Bitcoin, Litecoin...). Also, coins that are closed to people's primary friendly pictures (you know, the coin with the Dog, the Cat, the Car... no limit), AND - and that is where I wanted to drive you to - coins that are associated  in our mind with some real value we all know and acknowledge automatically as such.

So why would you mine BitCommoditiz ? Because this is the first attempt to do that in the altcoin community. Gold, platinium, wheat, corn, barrel, ton, pound, ounce... we all know that!

You would mine because the whole network is at its earliest days, as such difficulty is low and all the ten BitCommoditiz are still "baby coin". Nothing much to loose.

And finaly because *by design* BitCommoditiz will speak to people and will reproduce the volatility of the real underlying commodity. So they will remain in people's mind.

[BitCommoditiz]

(to "bottacoin")

Thank you for your question regarding the 'mining value indicator'. BitCommoditz has been made by miners for miners.

As explained in a previous post, BitCommoditiz is - by design - the first attempt to correlate crypto coins to underlying well known valuable assets (Goldz for gold, Oilz for crude oil, Platiniumz for platinium, etc..)

Why sould you mine BitCommoditiz ? See the previous post.

Once your decision is made the next question is « which BitCommoditiz should I mine? »

Here comes the mining value indicator.

In the real life, you know that gold worths better than cocoa, OK. Now please pay attention that, on the real commodities market, the base unit for gold is troy ounce - today USD 1,269 per ounce – whereas the  base unit for cocoa is ton (today USD 2,755 per ton). So if the amount of work to produce each unit of real commodity was the same, better run a cocoa plantation than mine for gold.

In the BitCommoditiz world base units are the same than thoses in the real life... but what about the « amount of work »?

In the crypto world the « amount of work » is the  difficulty . It is function of the hashing power of the network. This makes the decision to choose which BitCommoditiz to mine more complex, but not so much.

The 'mining value indicator' gets the computation for you and helps you for the right decision. Each BitCommoditiz value indicator reflects the “value produced per unit of BitCommoditiz difficulty“, the higher the indicator the better the mining reward. Finaly, yes, it’s that simple... follow the indicator.

When the network has reached its natural equilibrium (which is not the case today: it is only the very beginning  as we speak, diff is quite low so all the values are not mature at all), each BitCommoditiz mining value indicator should get approx the same value and reflect a constant value / effort ratio.

BitCommoditz has been made by miners for miners.

• the retarging design rule gives miners more stable revenues. If the real cocoa price is up, it gets harder to get Cocoaz but what you mine is more valuable. If the underlying price is down, Cocoaz value is down but it becomes easier to mine, so you receive more shares to compensate.
  
• the Mining Value Indicator  gives you in real time a classification of the BitCommoditiz to mine ranked from the most « profitable » to the less « profitable ».
  

One could object that no BitCommoditiz has no real value right now either in the real world, nor on any e-market. Yes that's the truth, I would better talk about « potential value » and « potentialy profitable », real value will come with miners. It is not a serious objection to say that a just-born crypto coin has more « potential » than real value.

[bottacoin]

thanks for the explanation, I think I understand.

Really nice feature. If it works, it seems to be a rather innovative concept.

+1

[freet0pian]

Its good that somebody tries to tie cryptos someway to physical assets. Maybe it cant be done reliably but we'll see...

[BitCommoditiz]

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[Chris180Z]

As you can see, I can't seem to be able to connect to any of the servers..



Is this a problem with my configuration, or a problem on your end? Thanks.