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Author Topic: [ANN] Litcoin is a Zcash Fork - No Premine, No ICO, No 20% Founders' Tax  (Read 1025 times)
ativ2k (OP)
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July 04, 2018, 01:14:17 AM
Last edit: July 08, 2018, 09:10:59 PM by ativ2k
 #1

Litcoin will be a fork of Zcash 1.1.2 with some minor changes. The changes are as follows:

1. 20% Founders' Reward is removed
2. Slow start is for 30000 blocks (blocks will then become 12.5 Litcoin rewards per block)
3. Not doing an ICO, premining or other traditional fundraising mechanisms (e.g. VC financing)

Parameters are as follows:

PoW Algorithm: Equihash (same as Zcash)
Halving rate: Every 4 years (same as Zcash and bitcoin)
Starting Block Reward: Block rewards will linearly increase until it reaches full 12.5 coin reward at the 30,000th block.
Total Eventual Supply: 21 million - 21,000,000. (Same as bitcoin and Zcash)
Difficulty adjustment algorithm: Digishield V3 (Same as Zcash)
Difficulty adjusts each block (Same as Zcash)
Ticker: LIT (pronounced “lit” e.g. “a lit candle”)
Logo/Symbol: ₤ (e.g. Italian Lira no longer used)
Trusted Parameters: Same initial ceremony parameters as Zcash. More info can be found here - https://z.cash/blog/the-design-of-the-ceremony.html and video here - https://www.youtube.com/watch?v=D6dY-3x3teM

Estimated timeline: Litcoin’s mainet will go live on Thursday 7/12 at ~12pm. Subject to change and will be updated on this thread and Twitter.

Website: TBD

CoinMarketCap or OnchainFx URL: TBD

Chat Server (Discord): https://discord.gg/9amD7p9

Source Code (GitHub): TBD

Reddit: TBD

Pools: TBD

Exchanges: TBD

Block Explorer: TBD

Wallets: TBD

Social Accounts: https://twitter.com/Litcoinorg

Twitter Social Proof:
https://twitter.com/ativ2k/status/1011058441362657280
https://twitter.com/KamenShah/status/1009552929487929344

Zooko Retweet: https://imgur.com/a/ZrWKnSR

To Do:
Launch the mainnet
Create Wallets
Create a mining pool
Block explorer

Note from creators:
It is clear that Zcash has no intention of removing the 20% tax they currently have implemented, so we started working on Litcoin to (1) remove the 20% tax from Zcash and (2) have a sustainable alternative that would be updated on a rolling basis. We see ourselves updating 6-9 months after Zcash, allowing us to observe the communities feedback to Zcash’s implementation. This update schedule is subject to change if the community feels it’s what is best for the coin. Our goal is to create an inclusive community and equitable coin. We are aiming to enable volunteers from all walks of life, not just those with backgrounds in computer science. To be clear on our backgrounds, we have never created an altcoin before.

For context, this is the allocation of the founder's reward and the financial snapshot of Zcash Foundation and Zcash Company from Zcon in 2018: https://twitter.com/bcrypt/status/1011602573873336320?s=12

We wanted to get this announcement out as soon as possible so that as many people as possible are aware of the launch. We are open to suggestions to distribute this message and please feel free to spread the word.

We will post on this thread as we have additional updates.




FAQ:

Do you plan to be ASIC resistant in the future?

No, we currently have no plans of becoming ASIC resistant or being against ASIC mining.

How is Litcoin different than ZClassic?

Litcoin is a fork of Zcash 1.1.2 while Zclassic is a fork of Zcash 1.0.1. Litcoin will contain several years more of technological development such as transaction expiration and replay protection. Additionally, Zclassic practically removed the slow start Zcash had implemented, while we will be extending it. We have increased the slow start from 20,000 to 30,000 blocks which will allow the network some breathing room, users to experiment and more stakeholders to become aware of the coin, thus limiting any "gold-rush" effects that may occur. You can see how the slow start operate in this diagram: https://imgur.com/gallery/wrZMiS5. Please note the diagram is showing the slow start for Zcash at 20,000, not the 30,000 that Litcoin will have implemented. We are also posting this in advance so that as many people as possible can become aware of the launch.

Will you work with Zcash?

Sure, we would like to work with Zcash if they are open to it. We will likely build out wallets and other applications that are interoperable with the Zcash blockchain. We believe it’s important to contribute back and we will work toward this as and if we have additional resources.

How can I help?

If you’re a developer or designer, please reach out to us on the #volunteer channel on our Discord server. You can also help in other ways: (1) help spread the word that we are launching, (2) request your favorite exchanges to support us when the mainnet goes live (3) contribute your mining power when the mainnet launches (4) feel free to donate to our project with the addresses listed below (5) if you have other ideas, please reach out to us on #volunteer.



If you have any advice or feedback on Litcoin, please contact us on twitter @litcoinorg or reply here.

Donate BTC: 3FdvntGJ6n4Nk79zbC51Q81FbRGFaYyXBV
Donate LTC: MAaRNYtWmFTAFHzn39wuX5uv88XqA8WoEr
Donate ETH: 0x71dba28dc771269Bf5EC51d79B3a9eB02561702C

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July 04, 2018, 01:23:34 AM
 #2

will see how this project work. waiting for mainnet launching and try to mining. good luck dev

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July 04, 2018, 04:50:47 AM
 #3

 Chinese Translation Reserved
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July 04, 2018, 07:53:57 AM
 #4

we're in ...
NIBIRUPOOL

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July 04, 2018, 07:57:04 AM
 #5

so another version of zclassic then....

 Roll Eyes
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July 04, 2018, 09:41:32 AM
 #6

it's like a competition - who have more forks, BTC or ZEC ? )

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July 04, 2018, 12:57:32 PM
 #7

Reserved for https://voidr.net pool
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July 04, 2018, 02:15:52 PM
 #8

You have been added to our new coin section.

Hashkings is a premier mining platform with no more programming. Currently in alpha testing...come be an alpha tester!

https://discord.gg/p8Kn9W8

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Github   -   Discord   -   Twitter   -   Get Free Advice Now!
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July 05, 2018, 03:03:44 AM
 #9

waiting for mainnet launching Grin
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July 05, 2018, 03:54:19 AM
 #10

Zcash999
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July 05, 2018, 07:02:55 AM
 #11

new ann altcoin
https://goo.gl/TUHEQn
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July 05, 2018, 08:00:07 AM
 #12

Nice project and promise. Just join this project and hope things will run very well, I am confident in this project.
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July 05, 2018, 08:05:49 AM
 #13

good projects are seen with the support systems they maintain and time
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July 05, 2018, 09:20:56 AM
 #14

There is so many information needed not available here.
I'll be waiting for the required information to be presented, so that everyone could learn more about the project.
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July 05, 2018, 11:42:14 AM
 #15

Litcoin will be a fork of Zcash 1.1.2 with some minor changes. The changes are as follows:

1. 20% Founders' Reward is removed
2. Slow start is for 30000 blocks (blocks will then become 12.5 Litcoin rewards per block)
3. Not doing an ICO, premining or other traditional fundraising mechanisms (e.g. VC financing)

Parameters are as follows:

PoW Algorithm: Equihash (same as Zcash)
Halving rate: Every 4 years (same as Zcash and bitcoin)
Starting Block Reward: Block rewards will linearly increase until it reaches full 12.5 coin reward at the 30,000th block.
Total Eventual Supply: 21 million - 21,000,000. (Same as bitcoin and Zcash)
Difficulty adjustment algorithm: Digishield V3 (Same as Zcash)
Difficulty adjusts each block (Same as Zcash)
Ticker: LIT (pronounced “lit” e.g. “a lit candle”)
Logo/Symbol: ₤ (e.g. Italian Lira no longer used)
Trusted Parameters: Same initial ceremony parameters as Zcash. More info can be found here - https://z.cash/blog/the-design-of-the-ceremony.html and video here - https://www.youtube.com/watch?v=D6dY-3x3teM

Estimated timeline: Litcoin’s mainet will go live on Tuesday 7/12 at ~12pm. Subject to change and will be updated on this thread and Twitter.

Website: TBD

CoinMarketCap or OnchainFx URL: TBD

Chat Server (Discord): https://discord.gg/9amD7p9

Source Code (GitHub): TBD

Reddit: TBD

Pools: TBD

Exchanges: TBD

Block Explorer: TBD

Wallets: TBD

Social Accounts: https://twitter.com/Litcoinorg

Twitter Social Proof:
https://twitter.com/ativ2k/status/1011058441362657280
https://twitter.com/KamenShah/status/1009552929487929344

Zooko Retweet: https://imgur.com/a/ZrWKnSR

To Do:
Launch the mainnet
Create Wallets
Create a mining pool
Block explorer

Note from creators:
It is clear that Zcash has no intention of removing the 20% tax they currently have implemented, so we started working on Litcoin to (1) remove the 20% tax from Zcash and (2) have a sustainable alternative that would be updated on a rolling basis. We see ourselves updating 6-9 months after Zcash, allowing us to observe the communities feedback to Zcash’s implementation. This update schedule is subject to change if the community feels it’s what is best for the coin. Our goal is to create an inclusive community and equitable coin. We are aiming to enable volunteers from all walks of life, not just those with backgrounds in computer science. To be clear on our backgrounds, we have never created an altcoin before.

For context, this is the allocation of the founder's reward and the financial snapshot of Zcash Foundation and Zcash Company from Zcon in 2018: https://twitter.com/bcrypt/status/1011602573873336320?s=12

We wanted to get this announcement out as soon as possible so that as many people as possible are aware of the launch. We are open to suggestions to distribute this message and please feel free to spread the word.

We will post on this thread as we have additional updates.




FAQ:

Do you plan to be ASIC resistant in the future?

No, we currently have no plans of becoming ASIC resistant or being against ASIC mining.

How is Litcoin different than ZClassic?

Litcoin is a fork of Zcash 1.1.2 while Zclassic is a fork of Zcash 1.0.1. Litcoin will contain several years more of technological development such as transaction expiration and replay protection. Additionally, Zclassic practically removed the slow start Zcash had implemented, while we will be extending it. We have increased the slow start from 20,000 to 30,000 blocks which will allow the network some breathing room, users to experiment and more stakeholders to become aware of the coin, thus limiting any "gold-rush" effects that may occur. You can see how the slow start operate in this diagram: https://imgur.com/gallery/wrZMiS5. Please note the diagram is showing the slow start for Zcash at 20,000, not the 30,000 that Litcoin will have implemented. We are also posting this in advance so that as many people as possible can become aware of the launch.

Will you work with Zcash?

Sure, we would like to work with Zcash if they are open to it. We will likely build out wallets and other applications that are interoperable with the Zcash blockchain. We believe it’s important to contribute back and we will work toward this as and if we have additional resources.

How can I help?

If you’re a developer or designer, please reach out to us on the #volunteer channel on our Discord server. You can also help in other ways: (1) help spread the word that we are launching, (2) request your favorite exchanges to support us when the mainnet goes live (3) contribute your mining power when the mainnet launches (4) feel free to donate to our project with the addresses listed below (5) if you have other ideas, please reach out to us on #volunteer.



If you have any advice or feedback on Litcoin, please contact us on twitter @litcoinorg or reply here.

Donate BTC: 3FdvntGJ6n4Nk79zbC51Q81FbRGFaYyXBV
Donate LTC: MAaRNYtWmFTAFHzn39wuX5uv88XqA8WoEr
Donate ETH: 0x71dba28dc771269Bf5EC51d79B3a9eB02561702C



Looking forward for the start.

Appreciate the pre-ann, and the philosophy of no premine/ICO/Taxes..Smiley joined discord, will be in touch! Cheers!
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July 11, 2018, 09:51:46 PM
 #16

It is almost July 12th. Anything new?
BTW , 12th is thursday, not tuesday as written in ANN  Wink

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July 11, 2018, 09:56:05 PM
 #17

WHich is the point of this coin since there is already ZERO which seemingly has very similar features, not speaking about ZEN, HUSH, etc.
Which are the differences of Litcoin vs the other previous Zcash forks?
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July 13, 2018, 04:02:48 AM
 #18

Hi all, we apologize for the delays with the Litcoin launch. We are in the process of running diagnostics to ensure all aspects are running correctly. We will relay more information once we ensure everything is working tomorrow.
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July 17, 2018, 09:27:50 PM
 #19

I've heard that it's really hard to handle Zcash forks because zk-snarks is bleeding edge and very complicated experimental tech
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October 30, 2018, 01:40:19 PM
 #20

3 months have passed, the project died unborn?

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