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USING COMMUNITY VOTES TO BUILD A PROOF OF WORK BASED CURRENCY
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~ LAUNCH DATE: 2019 ~
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WHAT IS MONO?
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Mono is a blank canvas, with every aspect of the final product sculpted by the community.
It is a crypto-currency project based on an undecided proof of work algorithm, secured by the CryptoNote protocol.
This allows it to remain completely anonymous and private, utilizing ring-signatures to prevent transaction identification.
Mono is built ground-up by the community, with each person being able to vote on what features they'd like.
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HOW DO WE CONTROL MONO?
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Each feature of Mono will be decided by the community using a voting platform, each vote will start at 8PM GMT, and last for 24 hours.
Mandatory features will have a non-unanimous decision threshold, with the winner being the feature with over 50% of the votes.
Non-mandatory features will have a near unanimous decision threshold, with the winner being the feature with over 80% of the votes.
I'd like this project to take on a life of it's own, so even if I were to disappear it could still be developed and carried on by the community many years later.
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CORE PRINCIPLES OF MONO
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Although each feature is decided by the community, I want to lay out the foundations of this project as lead developer.
~ FUNDING FOR THE PROJECT WILL BE RAISED THROUGH DONATIONS ~
No ICOs, nothing fishy. If the community allows it, a small premine to get things kicked off as well. The latter isn't mandatory though.
~ CRYPTONOTE WILL PROVIDE THE NETWORK PROTOCOL ~
CryptoNote provides an entirely private and secure network protocol that allows all transaction to be anonymous, free from third party investigation or interference.
~ FOCUSED ON DECENTRALIZATION ~
I'd like to ensure that when the project is alive and running, that there is no mining pool with over 30% of the hash power of the network.
I know this can be hard to achieve, but I'd like every mining pool to have a fair chance and for miners to switch pools if they see the one they are using is growing too big.
~ COMMUNITY BASED DEVELOPMENT ~
I want this project to come alive, with an active user base that helps to support one another and develop this project into a great one.
This means that decentralized development is a real core here, and I want to community to praise anyone who votes on new features, suggests ideas, or even better, develops to program themselves.
The end goal is to have a large network of developers and a dedicated community all working together to create this project, I'll just light the fuse!
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VOTING
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Each vote will last a minimum of 24 hours or until 100 votes are reached, and open at 8PM GMT on the scheduled day.
- MINING ALGORITHM -
Voting has ended, the mining algorithm will be CryptoNight!
Voting ended on 103 votes, with CryptoNight holding the majority with 47 votes.
- TOTAL SUPPLY -
Voting has ended, the total supply will be 100 million coins.
Voting ended on 56 votes, with 100 million holding the majority with 16 votes.
- EMISSION RATE -
Voting has ended, the emission rate will be 15% of coins in the first year, using the standard CryptoNote emission formula.
Voting ended on 37 votes, with 15% holding the majority at 13 votes.
- AVERAGE BLOCK TIME -
Voting has ended, the average block time will be 1 minute.
Voting ended on 37 votes, with 1 minute holding the majority at 21 votes.
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ROADMAP
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The community can suggest features that will be added to the roadmap!
The project has only just begun so there aren't any pending features yet!
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COMMUNICATION CHANNELS
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~MY TWITTER~
I'd like this forum post to be the main point of communication for the community, since it'll keep the thread active to expose new users to it!
When the project grows larger in size, a Slack or Discord channel will be created for more in-depth community discussions!
An official twitter page for the project will also be made when the community grows in size to keep users updated with announcements for the project.
If there is large demand for any other communication channels and I'm not able to make them I encourage anyone who's involved with the project to create that channel!
Please ask any questions or begin any discussions in this forum post, I'd be happy to answer any questions.
Remember, anyone who gets involved in the community has as much right to add new features and develop the coin as they wish as another, that's the beauty of open source!
The community will decide the outcome of this project! Thanks for reading, I'll be updating this post shortly.
