Promethium Coin - Peoples Money 2019
Ticker: PCM
This is a pre ann, as we are moving closer to the mainnet launch we will update GitHub and official site.
Please join our discord or our keybase group for more info.
In nature, Promethium is a chemical element with the symbol Pm and atomic number 61. All of its isotopes are radioactive; it is extremely rare, with only about 500–600 grams naturally occurring in Earth's crust at any given time.
On-chain, the Promethium coin represents the people's money(PM) as it is based on fair distribution and steady inflation. Without a single coin pre-mined, no ICO or any other fundraising.
Promethium coin aims to be a global currency representing also as a store of value by unifying APIs, from virtual goods such as artwork, music, game items to 3rd party applications.
Mining:
We have chosen to implement a new proof of work algorithm called Promethium-Loaded-Hash (PLHash).
PLHash is very similar to a brand new approach to proof of mining algorithms by Jeffrey Emanuel * but with some differences.
We use only the 512 outputs and add reverse replication in two of the passes that are needed, the passes are SHA256+rev, SHA512, SHA512, BLAKE2S+rev, BLAKE2B.
We also chose to do simple arithmetic on the final hash A+B-C*D/E instead of a multiplication of all the resulting hashes.
Forks may update the pool of math functions used(we will start the network with 100) that will make the production of ASIC machines impossible and will keep the network as decentralized as possible. More info on that on the medium article.
Our goal is to keep the mining in a decentralized manner and as much as possible more GPU friendly.
This mining algorithm along with the 51% protection (inspired by Horizen) and the node maturity engine, will ensure that the network stays attractive for our main target group which is the average user with a GPU that would like to create some value with his machine or interact with other users and trade value and stay safe from the known attacks.
Wallet:
Via the wallet that represents the core application of the chain, the user will be able to connect with other peers and transact or trade goods with safety via the provided APIs.
The user will be able to post offers or receive offers from other peers and interact on those via a secure escrow system handled by the smart contracts.
On top of that, an alias system unique for each user will be applied so that reviewing and rating can be applied to users(vendors).
In the first release of the wallet application trades will be only available for the APIs that the smart contract support and can evaluate.
With the addition of the sidechains, nodes will eventually be rated and have a maturity time on the network to ensure a healthy decentralized community. Honest nodes that will stay active over a threshold of time will have the ability to share the blockchain while newcomers will have to depend on the boot nodes and the honest nodes to get the chain data.
This will ensure that Sybil attacks are not possible and there will be no need to add master nodes to secure the chain later on.
Finally, a stable coin pair will be introduced in the second quarter of 2020 based on side chains, with the ability for every wallet to mint directly Promethium-Coin to Promethium-USD and Promethium-EUR (more pairs are planned) so that users can more convenient manage they're incomes and savings.
Some key points of the Promethium chain.
Chain :
ASIC resistant with a new mining algorithm PLHash.
Based on the proven Ethereum codebase that enables the use of smart contracts.
51% attack protection.
No initial coin offering (ICO).
No pre-mine.
Developers reward 15%(phase 1) dropping to 10%(phase 2) to 5%(phase 3) and finally to 3%(phase 4).
Side-chain system for use of aliases and rating system for nodes.
Stable coins.
Wallet:
API integration via the wallet for all majors platforms for virtual goods(Bandcamp, Steam and so on).
On-chain games via the wallet.
APIs for the first release of the wallet:
Bandcamp(music, artworks)
Steam(virtual items)
Specs :
Algo: PLHash
Block Time: 14s
ICO: No
Pre-mine: No
Master nodes: No
Dev Reward: Yes (phased)
Ticker: PCM
Roadmap:
Q3 2019
Mainnet launch.
Linux/Osx.
Wallets via node or metamask,myetherwallet.
Q4 2019
Wallet release with support for aliases and p2p offers, trades, and escrow.
Q1 2020
Mobile wallets.
Complete tor integration.
BLS signatures.
Q2 2020
Promethium USD EUR stable coins.
On-chain games.
Distribution:
Phase 01
Block Reward: 3 PCI Coins per Block
Miners Reward: 85%
Developers Reward: 15%
Duration: 3.000.000 blocks
Total Coins generated: 9.000.000 PCM
Coins awarded to miners: 7.650.000 PCM
Coins awarded to the team: 1.350.000 PCM
Total coins in existence: 9.000.000 PCM
Phase 02
Block Reward: 2 PCI Coins per Block
Miners Reward: 90%
Developers Reward: 10%
Duration: 1.500.000 blocks
Total Coins generated: 3.000.000 PCM
Coins awarded to miners: 2.700.000 PCM
Coins awarded to the team: 300.000 PCM
Total coins in existence: 12.000.000 PCM
Phase 03
Block Reward: 1 PCI Coins per Block
Miners Reward: 95%
Developers Reward: 5%
Duration: 1.500.000 blocks
Total Coins generated: 1.500.000 PCM
Coins awarded to miners: 1.425.000 PCM
Coins awarded to the team: 75.500 PCM
Total coins in existence: 13.500.000 PCM
Phase 04
Block Reward: 1 PCI Coins per Block
Miners Reward: 97%
Developers Reward: 3%
Duration: §blocks
*
https://medium.com/@jeffrey.emanuel/loaded-pow-a-new-direction-in-proof-of-work-algorithms-ae15ae2ae66a(a very similar idea and python implementation from Jeffrey Emanuel from Anime Coin)
