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Author Topic: [ANN] Sound Money Coin (SOV). A new King is in town.  (Read 2768 times)
rothbartofficial
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March 06, 2019, 09:15:57 AM
Last edit: March 20, 2019, 05:02:15 AM by rothbartofficial
 #1






Whether in Rome, Constantinople, Florence, or Venice, history shows that a sound monetary standard is a necessary prerequisite for human flourishing, without which society stands on the precipice of barbarism and destruction.
 — Saifedean Ammous


Sound Money Coin (SOV) is a sound money and a secure store of value. It's also the hardest money in existence - even harder than gold which is physically indestructible. As the hardest money, Sound Money Coin is on an unstoppable trajectory to become a global reserve currency used by the poor and wealthy alike. Its transactions are settled on the Ethereum blockchain. Its benefits are:


- Immutable issuance rate and hard cap. SOV Coin is the hardest money possible.
- No ICO or premine.
- No energy expenditure for PoW mining.
- Secured on the Ethereum blockchain.
- Code is open source and can be verified on the Ethereum blockchain.




Rationale


After studying the teachings of Austrian Economists, I felt as if bandages had been taken from my eyes: Government-controlled fiat money is the most devastating force in the Universe. By constantly printing money out of thin air, governments inflate the money supply which leads to high time preference in the population, world wars, Justin Bieber, the breeding of inexcusable aberrations like the Sphinx and Pekingese, and ultimately the demise of mankind.

For something to be a sound money its monetary policy must not be subject to any form governance. In Bitcoin, the inflation rate is determined by block rewards, which are specified in the code of the Bitcoin Core node.

The elephant in the room is that Bitcoin's issuance policy is mutable and could be changed by "social consensus" in the future. All it needs is some influential figureheads manipulating the dumb masses into installing a software upgrade. Bitcoin is NOT sound money. However, the Bitcoin community chooses to ignore this problem.

What if, in a 100 years, it turns out that block rewards are too low to keep the network running? There goes your 21,000,000 max supply, here comes raving inflation. Professor Ammous calls this the "easy money trap": anything used as a store of value will have its supply increased, and anything whose supply can be easily increased will destroy the wealth of those who used it as a store of value.

When implementing a truly hard currency on the blockchain, it is important to decouple monetary policy from the incentive system that keeps the system going. This is where Sound Money Coin (SOV Coin) comes in. We're the hardest money in existence. We will take the store of value crown from Bitcoin and become the backbone of the decentralized finance ecosystem.



SOV Coin is the Kryptonite to the gold that is Bitcoin. In SOV Coin, the monetary policy is encoded into an Ethereum smart contract. It thus obtains the property of true immutability: There is no way to change or update the code of the smart contract, ever. Thus, code is law and the danger of governance is eliminated. If Bitcoin is gold, then Sound Money Coin is Dwarven lodenstone hardened for 1,000 years in the flames of Mordor.

Monetary Supply and Distribution

In contrast to competing SOVs, mining of SOV coins is not restricted to the confines of Chinese factories. Anyone in the world can mint SOV at the cost of an Ethereum transaction. Supply is capped at 21 million, a number that been scientifically proven to be the optimal supply for sound money. New coins can be minted only once per block and the minter receives 0.05 SOV. Each time new SOV are minted, 0.001 SOV go into a fund for further development of the SoundMoneyCoin ecosystem.

SOV Coin is emitted very slowly. The rate of generating SOV Coin is tied to the rate of Ethereum block generation. At current block times, a maximum of 320 SOV Coin can be generated every 24 hours. At this rate, it will take 122 years until the full supply is available.

Mining

The rules are simple: 0.05 SOV can be minted once per Ethereum block by calling the mint function in the SOV Coin smart contract. Minting SOV is free except for the Ethereum transaction fee.

Creating new SOV is not computationally intensive but the cost of production manifests itself in transaction fees. As competition for minting new coins increases, minters will need to compete in the gas price set for each transaction. If there are competing transactions, Ethereum miners will likely to prioritize the transaction with the highest gas price.

f user A calls the mint function with a gas price of 2 Gwei and user B sets gas price to 4 Gwei, user A's transaction will likely end up in the block after user B's transaction and user B will receive the coins. Economically, the cost of minting 1Sound Money Coin is given by the total gas fees and effort spent of all users competing for that coin.

At the same time, the transaction fees paid by all minters goes to the miner who added the Ethereum block to the blockchain (or, in proof-of-stake, to the node who generated  the  block). The miner therefore earns an amount of ETH equal to the value of the SOV minted. This somewhat dis-incentivizes miners from cheating, as they are already earning the high gas fees paid by minters. However, it is still possible,  and even desired behavior,  for miners to cheat eventually to take load off the Ethereum network.

Mining Quickstart Guide

Anybody can mint new coins via the minting app. You do NOT have to pay ETH for mining SOV. However, you will need some ETH to pay for the fees of sending an Ethereum transaction. A more detailed guide is available here. If you run into trouble ask for support on Discord!


If you're too lazy to mint SOV yourself, simply buy some on ForkDelta instead.

Please get mining so that supply gets distributed evenly. We don't want to have 80% of the supply in the hands of 1% of hodlers  Cry


For advanced users with access to an Ethereum node, there is also a Python miner is available that automates the process and emits Ludwig van Mises quotes for the double purpose of entertainment and education.

Code:
python sovminer.py
"Once the principle is admitted that it is the duty of the government to protect the individual against his own foolishness, no serious objections can be advanced against further encroachments."
Txhash: 0x86c5c82875aa913fc323cac085a839889440d8cd57f2a134606c063c12f7b8b2
"All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts."
Txhash: 0xa113faf799b396dc9df2f3a7d8e14af947dbfb6a2492ded9bf8931b4c5c7293d
"The first requisite for a better social order is the return to unrestricted freedom of thought and speech."
Txhash: 0x884bf591c504bfb5266dc6eb9a72f1a13eb135f44f419fc3087e1f7e419d90e0


Fair Mining

You can configure the Python miner (or use some other method) to send transactions at a rapid pace. Yes, this will get you a lot of SOV - but it will also diminish the value of SOV besides clogging the Ethereum network. We keeping the default of 1 transaction per 5 minutes. Remember, you'll be better off holding 1 SOV that's worth $10,000 than holding 10,000 SOV worth $0 because of your actions.

Mining Quickstart Guide

You can head right over to ForkDelta to dump your SOV Coins, or buy some if you're to lazy to hit the 'mint' button over and over again. Note however that in SOV Coin, hodling is king!

Roadmap

SOV Coin is the apex predator of value. Over time, we expect it to become the world's reserve currency. Here is how the history of SOV Coin is expected to play out.


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rothbartofficial
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March 06, 2019, 03:47:27 PM
 #2

Thanks! It's pretty much a done deal at this point IMO. History has shown over and over again that people will flock to the hardest money. Assuming that the Ethereum blockchain succeeds (which it will, because it's the apex predator), SOV Coin is the optimal implementation of the store of value use-case.

It's like a holy Trinity with MKR (governance) and DAI (MUE/UOA) and SOV Coin (store of value), plus ETH as the gas for keeping the whole thing going.
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March 06, 2019, 06:44:32 PM
 #3

Hello,

Do you have a team? a whitepaper?

Why did you use this quote with a wrong person, please provide a link where he stated what is quoted? 
And this quote is NOT about your project.





Person that quoted that sentence:




http://web.archive.org/web/20190306183634/http://mint.soundmoneycoin.io/

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March 06, 2019, 07:56:09 PM
 #4

Hi , the project really has a legitimate strategy, today the distribution system and dependence on the conventional financial market do away with the main purpose of encryption, "decentralization". I agree with the concept of the project and look forward to the development.
I would like to know more about Python miner.
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March 06, 2019, 08:28:01 PM
 #5

 Wink

SOV Sovereign coin is traded at Crex24.com/exchange/SOV-BTC

Another ticker maybe?

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March 07, 2019, 12:05:29 AM
 #6

What will happen after 122 years when all the SOVs are issued? perhaps inflation will not appear as it will in bitcoin?


I'm guessing KABOOOM! Price sky rockets  Roll Eyes
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March 07, 2019, 01:09:52 AM
Last edit: April 13, 2019, 10:39:36 PM by mprep
 #7

Why did you use this quote with a wrong person, please provide a link where he stated what is quoted? 
And this quote is NOT about your project.

Hey ICOEthics, that is Ludwig van Mises, a famous Austrian economist who is already dead. It is not to meant to be a quote about the project rather than the emphasizing the philosophy behind it. But you are right, the quote is actually from Sennholz Undecided We'll fix that, thanks!
Do you feel that it is misleading? We thought it would be obvious that the quote is not directly about the project. We'll add a sentence to clarify this explicitly.

Quote
Do you have a team? a whitepaper?

We do have team but we choose to stay anonymous. There's no ICO and we're asking money for anything so we think that's fair.
Also, we don't think a whitepaper is required. All the info needed is ITT and in the source code on Github and Etherscan. Although we can write one if there's demand  Wink






Wink

SOV Sovereign coin is traded at Crex24.com/exchange/SOV-BTC

Another ticker maybe?

Oooops - well I guess, social consensus will decide who's the real SOV  Roll Eyes



What will happen after 122 years when all the SOVs are issued? perhaps inflation will not appear as it will in bitcoin?

Well exactly, that's the idea. Bitcoin might eventually lift its hard cap because block rewards are needed to incentivize miners. It may or may not happen, but the point is it can happen if there's consensus (and let's be honest, "consensus" in BTC means that a small group of devs and influencers agree, 99% of people will just update their full nodes to whatever makes it into Bitcoin Core).



Why did you use this quote with a wrong person, please provide a link where he stated what is quoted? 
And this quote is NOT about your project.

It has been corrected.
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March 07, 2019, 07:04:43 AM
 #8


..... Therefore, SOV Coin has no pre-mine and can be mined by anyone for the cost of an Ethereum transaction fee. As of now, 0.0003% of the maximim supply have been minted. Currently, the cost of mining 1 SOV at a gas price of 2 Gwei is 10 cents.


This is an interesting solution ... I will try how it works.

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March 07, 2019, 10:17:21 AM
 #9

Do you have confidence that your coin will be valued more than 10cents per SOV coin?
What would be your major advantages to meet your tagline of being the new King in town?
I think beating BTC is still impossible for the time being, with regards to usage and popularity.

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March 07, 2019, 10:22:35 AM
 #10

Do you have confidence that your coin will be valued more than 10cents per SOV coin?
What would be your major advantages to meet your tagline of being the new King in town?
I think beating BTC is still impossible for the time being, with regards to usage and popularity.
I certainly am not a developer of the project and can not professionally answer your question. But it seems to me that the pricing in the project depends on how successful the marketing will be. If the coin is popular among the crypto community, you can count on the price of more than 10 cents!
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March 07, 2019, 10:36:06 AM
 #11

Do you have confidence that your coin will be valued more than 10cents per SOV coin?
What would be your major advantages to meet your tagline of being the new King in town?
I think beating BTC is still impossible for the time being, with regards to usage and popularity.
Personally I don’t think that it is so important to overcome Bitcoin to become popular and useful for the community. I am pretty interested it SOV Coin because I want to try mining. And SOV seems to be one of the most perspectives from all that I have noticed
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March 07, 2019, 11:13:12 AM
 #12

Do you have confidence that your coin will be valued more than 10cents per SOV coin?
What would be your major advantages to meet your tagline of being the new King in town?
I think beating BTC is still impossible for the time being, with regards to usage and popularity.

Yes, as long as demand grows faster than new coins can be issued. Supply is very low and gasprice to mint will increase. It's a little bit like a lottery - whoever gets into the block first wins the price.
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March 07, 2019, 11:30:41 AM
 #13

Do you have an official website? How many coins do you need to open a pool and what is its price? What is the profit?
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March 07, 2019, 12:54:17 PM
 #14

Hmmm Mining in the browser ... This is something new. You can also try. I understand the power of the computer does not matter to anyone? Mine can be on almost any device?
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March 07, 2019, 12:55:49 PM
 #15

Do you have confidence that your coin will be valued more than 10cents per SOV coin?
What would be your major advantages to meet your tagline of being the new King in town?
I think beating BTC is still impossible for the time being, with regards to usage and popularity.

Yes, as long as demand grows faster than new coins can be issued. Supply is very low and gasprice to mint will increase. It's a little bit like a lottery - whoever gets into the block first wins the price.
This concept is unusual and interesting. maybe this project will be successful. I will follow the development, good luck to the team.
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March 07, 2019, 01:16:34 PM
 #16

I'm afraid to seem foolish, but I can not understand how it works. This is not similar to masternodes or POS-staking, since you do not need to have coins on your balance ... This is not similar to classic mining, because you don’t need to have special powerful equipment ...
How will the mining of coins go?
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March 07, 2019, 01:20:06 PM
 #17

Guys, you forgive me, but I can not understand how mining in the browser? It turns out that any user can just start mining on his old laptop? Sounds fantastic!

Mining is not resource intense but the cost of production manifests itself in gas fees. If you have two competing transactions, miners will tend to prioritize the transaction with the higher gas price. If one user calls mint() with as gas price of 2 Gwei and another user who pays 4 Gwei, user number will likely lose the bid.

Theoretically, gas price could go up indefinitely depending on how much demand there is for mining SOV.

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March 07, 2019, 01:20:16 PM
 #18

Guys, you forgive me, but I can not understand how mining in the browser? It turns out that any user can just start mining on his old laptop? Sounds fantastic!
yes, anyone can start.
you can read the starting message, there is a detailed explanation.
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March 07, 2019, 01:22:48 PM
 #19

I receive this error in metamask
ALERT: Transaction Error. Exception thrown in contract code.
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March 07, 2019, 01:33:22 PM
 #20

I receive this error in metamask
ALERT: Transaction Error. Exception thrown in contract code.

This happens if another user bids for the same block reward but pays a higher gas price. In that case, your transaction will likely end up in the same block *after* that user's transaction.

Currenly, it looks like users pay between 3 and 4 Gwei for a transaction (you can look this up on EtherScan, but hopefully we'll have a dashboard soon that shows some stats about that.).

This means that if you want your transaction to likely succeed, you should set a gas price of 5-6 Gwei.

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