We are POC mining fans and have been playing around with most of the POC projects. Like the majority of POC miner, we are tired of various kind of unfairness in POC mining such as taxing if one is not fully pledged or instant mining or purely create and adverties a coin and leave it as if the coin is perfect ever since. And also, parallel mining, which enable the miner mine several coin with a same plot file. Even if some coins made efforts creating different seed word generating rule so that parallel mining seem impossible, smart miners successfully find a same plotid with correct private key to two of the desired coins thus making parallel mining possible still.
so we create a new coin NOVA, no ICO or instant mining or taxing or premining, hoping to create a most fair battlefield for all POC believers, we rewrite the POC plotting algorithm which is not compatible with any existing POC coins for now. Staking is good but we don't like any of the rules on the table, we believe there must be a better way of combining POW and POS.
WHAT IS NOVA?
NOVA is a deflationary currency. By using hard drive as a consensus participant, it can significantly lower energy consumption and entry barrier, making mining of crypto currency safer, more decentralized and for everyone. The total number of coins that can ever be mined is capped at 21,000,000.
NOVA was officially introduced on the 31st of January 2020 with a goal to solve the largest problems faced by other cryptocurrencies:
lack of decentralization
unsustainable waste of energy
unfair pre-mines and ICO\IEO\IFO\IMO
supremacy of corporate interests and large mining operations
NOVA is the first cryptocurrency secured by the energy efficient Valve-Proof-of-Capacity algorithm (vPoC). Bitcoin and many other “altcoins” use the unsustainable Proof-of-Work model that is widely regarded as a pending environmental disaster due to excessive energy usage. The Proof-of-Work model provides for network security by requiring computers to needlessly and repeatedly perform computationally intensive hashing functions in real time. As network difficulty increases over time, an arms race to remain competitive has emerged whereby Proof-of-Work miners employ ever more powerful processors, graphics cards, and expensive application-specific integrated circuits (ASICs). The energy costs are astounding with electric usage devoted to Proof-of-Work estimated to be more than the total usage of some countries. The Bitcoin network's annual electricity usage alone is frequently sited as exceeding that of the country of Switzerland. NOVA’s alternative Valve-Proof-of-Capacity algorithm provides equivalent security using regular computer resources and inexpensive hard drives to store and retrieve the results of hashing functions that have been pre-computed and are reusable in perpetuity.
Decentralization
NOVA addresses the centralist tendency problem plaguing other cryptocurrencies by further using an algorithm that is ASIC-proof. With no possibility for ASICs to replace regular everyday hardware as a minimum barrier to feasible entry, continued decentralization is assured.
Energy-Efficient
NOVA uses minimal computational resources beyond that required for initial setup. It is estimated that a NOVA transaction uses several orders of magnitude less energy than that required to process a bitcoin transaction. This makes NOVA eco-friendly and green. It can be mined using something as small as a Raspberry Pi.
Fair Release
NOVA was released with advance public notice, without premine, without airdrops, and without an ICO. All NOVA in existence today has been mined beginning with the genesis block using the vPoc algorithm.
Equal Opportunity
Because there is no need to buy expensive specialized hardware, NOVA is and will remain accessible to anyone who owns a personal computer. No matter how well funded an individual or organization, they cannot use expensive equipment to gain advantage over regular miners using regular computer equipment.
What is Valve Proof of Capacity (vPoc)?
Valve Proof of Capacity vPoc is, in general, a mechanism to ensure that a party has dedicated a particular (significant) amount of storage space towards a specific goal. NOVA uses vPoc in the process of transaction verification for the validation and generation of blocks. Here, miners use a given amount of disk space to fill with plots. The more disk space is plotted, the higher the chances to generate (win) a block. PoC is thus in direct contrast to other consensus algorithms like Proof of Work (PoW) and Proof of Stake (PoS) where block generators need to proof the performance of some difficult computations or the ownership of a significant amount of currency, respectively.
What's the difference between PoC and vPoC
Valve-Proof-of-Capacity(vPoC) is an improvement based on Proof-of-Capacity(POC).
POC algorithm can provide effective capacity to multiple blockchains at the same time, This will lead to serious cheating in computing power of some blockchains. This is often unfair to participants .
vPoC adopts the irreversible cycle algorithm to eliminate the cheating capacity of blockchain. POC plotter cannot provide any effective capacity to vPoC chain. This creates a more equitable environment for all participants.
Advtantages of vPoc
In contrast to PoW, vPoc is considered to be more eco-friendly. While PoW requires expensive computations each time a block is generated, vPoc puts most of the required computational costs up-front in the plotting process. Reading the plots in order to proof the designated disk space investment is much cheaper. Additionaly, users can mine using their existing hardware, instead of having to to invest in special purpose hardware like e.g. ASICS for Bitcoin mining.In contrast to PoS, vPoc allows a fairer distribution of coins as they are generated over time and assigned to active miners. In a PoS coin like NXT, the number of coins is fixed from the beginning and has to be distributed somehow initially. This leads to an unequal distribution of wealth to a few selected early adopters, e.g. via airdrops.
Parameter of NOVA
Total supply: 21,000,000
Block time: 4 mins
Block size: 8 MB
Initial block reward: 20 NOVA
Halving cycle: Every 4 years
Community and Resource Links
Homepage:
http://novaplotter.com/Github:
https://github.com/novachain/
