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=12We 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
