Deva giving out his document, call it white paper or not its up to you....
P.S: Name for coin is already decided. only thing its not disclosed so Deva using testCoin as demo name to pitch the idea. This is not full proof documents. and can be altered if needed.
What is testCoin?testCoin is P2P Cryptocurrency.... created to increase awareness and build confidence about Bitcoin and testCoin and its use throughout India. educate peoples about Bitcoin, Bitcoin protocol, security issues. with the help of testCoin.
Approx 525 B coins will be mined over period of 18 years. and then after 0.5% inflation will be added. We assume that 20%-30% Coins will be lost while promoting the Coins, due to people negligence, lost of keys, password, system crash etc. etc. so we need more coins to promote it properly. Also its decentralized currency we cannot stop outside miners. To match with India circumstances and people psychology about Fiat Currency's decimal places, we have reduced myCoins decimal places to 3 only, this will be hardcoded unlike (name removed) Coin. we want our coin price to be low priced in term of fiat currency so any everyday person can use it without hesitation. this is not hard limit we can either increase or decrease depending on discussion prior to release the software. and we will discuss if needed about supply.
In 1st year approx 68 Bil coins will be mined. Unlike Bitcoin reward halving after some block we are using %age based decreasing system. 1st 100K blocks will be with 100% reward, 2nd 100K blocks will be with 99% reward and 3rd 100K blocks rewards will be 98% and so on. ( like World Coin). so anyone can join anytime in mining program. Although separate investment in mining equipment is not suggested to mine this coin but if someone done and found that reward is halved in next month. that will be problem.
Rather than Premine whole amount at start. we start with zero Premine. ( exception genesis block, we add 1 coin in genesis block). We will use DevCoin system. where miners mine coins and some percentage will be auto deposited to project fund. which will be used for promotion and ongoing development and strengthen network. Deva believes that "Charity can't be done on empty stomach"
we will start with 50% ( can be changed with discussion). when miner mines coins 50% of their coins will be auto deposited to project fund wallet. later we can reduce this 50% to lower say like up to 10% but it wont be completely removed. we need funds to keep movement and code development intack. we have to contribute back to Bitcoin protocol as well, either in code or by funding with Bitcoin.
( Due to above reason we want reputed person or team of person to be our fund manager. who will Manage our project wallets properly. rather than using funds for themselves). Strictly Deva is not going to handle these wallets.
Algorithm: we will use Scrypt-Adaptive N Factor as our hashing algorithm. so Indian Miners can mine on their CPU without need of GPU as well. I have seen other hashing algorithms coin liken Quark, DarkCoin, MaxCoin, StacyCoin, for CPU only but it wont be possible. due to SGMiner with few tweaks any hashing algorithm coin can be mined over GPU. so we need NFactor to increase Memory requirement so the difference between GPU and CPU mining can be reduced. this Nfactor will also increase based on time passed so later years it will be only CPU mining coin only.
POS + POW: as this is not pump and dump scheme and Deva is also not intended to hit the Exchange until he done with Website and promotional/educational material. he thinks there will be less miners to mine this coins. to keep blockchain away from 51% attack and also reimburse the early miners he decided to go with hybrid POS + POW system. meanwhile Foundation will also buy coins from miners if needed to keep promotion intact.
Checkpoints: Rather than updating software for each checkpoint and release it again. we will use auto checkpoint system, few members will have password for auto checkpoint( Deva knows its kinda centralized but really needed at least for few months)
Drupal Site: We want Drupal platform based site because of its scalability. and large availability of modules.( Deva was going to suggest Plone due to security reasons.. but it will be too much and users will not be comfortable with it). We need our site to be translated in 15+ Indian language with community efforts. each of our page will be available in every language of India. Site will contains educational material, security guides, tutorials. those who contribute to site will also get compensation from foundation. We can use embedded forum and blog. so Users don't need different logins credentials for accessing forum, site and wiki, Developer will get compensation for keeping site up to date. ( Deva have noted down site requirements based on drupal platform. not listing them here because of out of scope of this paper) he will give out if we all select drupal developer for this project.
We also needs 2-3 super nodes hosted within India. compensation will be given out.
pools: same as above preferred hosted in India for better latency.
Online Wallets/Android/windows8 / iOS(?)
We need online wallets prior to start promotions.
Games/faucets : depends on community. developers will get compensation for this too. Deva have idea about one Facebook Game he will giveout once we done with all above. promotion with newspapers running faucets for newspaper readers.
Our Goals:1) Increase Awareness about Bitcoin and testCoin through out india:Seminars: we will generate thousands of Paper Wallet of testCoin, Create Slideshows and infographics ( Multilingual) about TestCoin and Bitcoin, Blockchain, possible usage of blockchain apart from just currency. mining, trading, securities and take Seminars in schools, colleges and offices. distribute paperwallet free of cost at the end of seminars and meetups so they can use and experience it. Foundation will also distribute Tea shirts and caps for volunteers to increase their confidence while taking seminars. we got more funds we can even distribute these things in peoples attending seminars. Volunteers will get compensated with the foundation fund.
Gift/Greeting Cards: Create Gift Cards or associate with current Gift card manufacturers, attach paperwallet with some amount filled within it, distribute in market.
ShopOwners/ business: they can buy in bulk paperwallet and giveaway as thank you / Complimentary gift to their customers.
Social Media: Promote through Facebook, twitter, reddit and other social Media sites.
Engage merchants to sell small stuffs like mobile recharge or toys for testCoins.
People can also use it to TIP to others and increase awareness.
This list is not limited, we can add few more based on peoples suggestions.
out of above 3 stage in coin software development, Deva is on 2nd stage now. if anyone like to give hand in coding. help is welcomed..
Thats it for now. Feedback appreciated... Deva has only one request in this project.... Let him decide the name of Coin and Foundation
