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Author Topic: [ANN][RNG] Ring: Widest ever initial distro | Proof of Play | CPU Mining | Hive  (Read 2088 times)
LitecoinCashOfficial
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February 11, 2020, 06:38:00 PM
Last edit: February 17, 2020, 04:57:48 PM by LitecoinCashOfficial
 #1


We taught safe forking to the LTC community.

We performed the first ever spacedrop.

We developed Hive mining.

Now, the Litecoin Cash team brings you a new project. Introducing:


The Ring (Ticker: RNG)


Uniting 4 chains to forge a Ring on 18 Feb 2020

World Record Initial Distribution

To ensure the widest ever distribution of a new coin, on 18 Feb 2020, chainstate snapshots of BTC, LCC, DASH and DOGE will be taken. A proportional Ring balance will be paid to over 30 million addresses (representing over 30 years of compressed cumulative blockchain history).

Snapshot Blocks

These blocks are expected to all occur close to 12:00 UTC (midday) Tues 18 Feb 2020.

  • Bitcoin 617922
  • Litecoin Cash 1907989
  • Dash 1223510
  • Dogecoin 3110554

Claim Rates

  • Bitcoin 1 BTC : 1 RNG
  • Litecoin Cash 1 LCC : 0.00020000 RNG (5000 LCC : 1 RNG)
  • Dash Claim rate will be as per BTC price at snapshot point
  • Dogecoin Claim rate will be as per BTC price at snapshot point

Three Ways To Mine

Our unique symbiotic chainwork scaling algorithm is designed to allow additional security on hybrid chains by encouraging the different mining dimensions to work together (see our Hardening The Hive paper for more info).

Proof-of-work using a new bespoke CPU minable hash algorithm, Minotaur. This algorithm is designed to level the playing field as much as possible; core count is far more important than core speed, with cores that have a 10x performance difference on paper showing only 2-3x performance difference while hashing Minotaur.


In-wallet Minotaur CPU miner

Hive mining: Create on-chain agents (dwarves) who mine for you during their lifespan (see the Hive mining guide or whitepaper)


Agent-based hive mining

Proof-of-play: Play games inside the wallet to earn rewards. This is no gimmick; gameplay directly generates blocks and secures transactions.


Proof-of-play mining

Scaleable Gamification

Our proof-of-play protocol is designed for integration with additional games. Right from launch you'll be able to do proof-of-play mining from within the wallet; but in the future, third party game developers could have their players earn coins while securing the blockchain.

The Rialto

We know that like us, you don't trust any of the companies promising you "end to end encrypted chat". We also know that you do trust the cryptography that protects your coins every day.

Shakespeare's Rialto was a street in Venice where merchants would meet to discretely conduct their business. Our Rialto will be a wallet-integrated chat application offering true end to end encryption and fully integrated low-friction payments. Note that we're not talking about storing your chat on-chain! Rather, on-chain keypairs will be used to negotiate secure session keys for offchain p2p chat.

Economic Parameters

  • Block time: Approx 30 seconds across all block types (pow, hive, pop). Even distribution of each block type is expected.
  • Transaction bandwidth: >30K transactions / minute (assuming 250 byte transactions).
  • Total initial distribution: Approx 19 million RNG paid to approx 31 million addresses (exact figures to follow after snapshot point)
  • Development fund: 1% of initial distribution
  • Proof-of-work block reward: 0.2 RNG
  • Hive mining block reward: 1 RNG
  • Proof-of-play block reward: 0.05 - 0.2 RNG
  • Inflation: Less than 2% per annum, tending towards zero as chain approaches infinite length. Note that Hive mining is overall zero-sum and non-inflationary.
  • Hive mining parameters (see the Hive whitepaper):
    • Dwarf maturation time: Approx 24 hours
    • Dwarf lifespan: Approx 10 days
    • Sustainable population at GI=100: 1 million dwarves.

Availability

The Ring wallet will be made available in source form and as binaries for all platforms shortly after the 18 Feb snapshot point (within days, rather than weeks).

Our Minotaur reference implementation is already available.

How to Participate

Simply hold LCC, BTC, DOGE or DASH for the duration of the snapshot day, 18 Feb 2020, on private keys that you control. See above for the specific snapshot blockheights for each chain.

You don't need to trust us in order to claim your coins. In common with an IFO, after the snapshot you should move all your funds to a fresh private key. Once the wallet is released, you can safely import the private key you used to hold your funds during the snapshot. Always practice safe forking!

Confirmed Exchanges

         

Confirmed Services



Links

Visit our site, ringcoin.tech for a chance to win 100 RNG - equivalent to holding 100 BTC through the snapshot point!

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February 11, 2020, 06:39:05 PM
 #2

Reserved
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February 11, 2020, 08:28:28 PM
 #3

Subscribed.

Me too.  Wink

Great features. 
I hope Ring is going to be a revolutionary coin in Crypto world.

#metoo


GO GO!
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February 11, 2020, 10:10:32 PM
 #4

we can mine this coin from GUI wallet?
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February 11, 2020, 10:43:46 PM
 #5

we can mine this coin from GUI wallet?

Yes.  Can also specify number of threads to use.
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February 11, 2020, 11:19:43 PM
 #6

Please give me a wallet download address, thank you.
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February 11, 2020, 11:25:05 PM
 #7

Subscribed. I'm a little noob here may I ask what's with the snapshot day?

cheers,
joe

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LitecoinCashOfficial
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February 11, 2020, 11:36:45 PM
 #8

@xxhll please see "availability" section. Keep an eye on our website and Discord!

@joe Welcome Smiley "Snapshot day" is the day on which we will take an instantaneous dump of all active addresses and balances across BTC, LCC, DASH and DOGE. Those addresses will get converted into Ring addresses, and our first 30k or so Ring blocks will pay all those converted addresses.
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February 11, 2020, 11:42:53 PM
 #9

@xxhll please see "availability" section. Keep an eye on our website and Discord!

@joe Welcome Smiley "Snapshot day" is the day on which we will take an instantaneous dump of all active addresses and balances across BTC, LCC, DASH and DOGE. Those addresses will get converted into Ring addresses, and our first 30k or so Ring blocks will pay all those converted addresses.

That's great to hear, looking forward on this project. To make clear I can mine RNG now with minotaur Algorithm right?

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●              ►              Buy bitcoin with credit card  ✓              ◄              ●
FACEBOOK                TWITTER                INSTAGRAM                TELEGRAM
TakeItEasy
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February 11, 2020, 11:47:03 PM
 #10

It looks really interesting.
So the release date (wallet, start mining,payments to holders) is February 18th?


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LitecoinCashOfficial
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February 11, 2020, 11:56:17 PM
Last edit: February 12, 2020, 12:39:03 AM by LitecoinCashOfficial
 #11

@xxhll please see "availability" section. Keep an eye on our website and Discord!

@joe Welcome Smiley "Snapshot day" is the day on which we will take an instantaneous dump of all active addresses and balances across BTC, LCC, DASH and DOGE. Those addresses will get converted into Ring addresses, and our first 30k or so Ring blocks will pay all those converted addresses.

That's great to hear, looking forward on this project. To make clear I can mine RNG now with minotaur Algorithm right?

Not yet! First the snapshot needs to happen; we'll release source and binaries as soon as possible afterwards; think hours or days, not weeks!

Binaries for all platforms will be released simultaneously, including Mac and Rasp Pi.

It looks really interesting.
So the release date (wallet, start mining,payments to holders) is February 18th?


As soon as possible after the snapshot, but for absolutely up to the minute news, join our Discord Smiley
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February 12, 2020, 04:47:53 AM
 #12


Proof-of-play: Play games inside the wallet to earn rewards. This is no gimmick; gameplay directly generates blocks and secures transactions.

Can you explain a bit more how this works... How are the blocks generated through game play?
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February 12, 2020, 10:18:19 AM
 #13


Proof-of-play: Play games inside the wallet to earn rewards. This is no gimmick; gameplay directly generates blocks and secures transactions.

Can you explain a bit more how this works... How are the blocks generated through game play?

Sounds new to me I'm not a gamer but my children and some of my friends does and I can invite them to play this game if I will be rewarded with coins have book mark this thread and will wait for the next big announcement.

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February 12, 2020, 10:50:10 AM
 #14

"Dash Claim rate will be as per BTC price at snapshot point"

Can you please be more specific.
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February 12, 2020, 10:52:30 AM
 #15


Proof-of-play: Play games inside the wallet to earn rewards. This is no gimmick; gameplay directly generates blocks and secures transactions.

Can you explain a bit more how this works... How are the blocks generated through game play?

Sure.

Any mining method represents a competition, the aim of which is to decide which network node has the right (or priority) to mint the next block.

When a Hive block is minted, a proof-of-play gameplay opportunity is created; the block hash of the Hive block is used as a game seed. In the case of the initial tile-placing game, the seed serves to shuffle the initial tile stack (which then gets subsequently shuffled every time the player places a tile, depending on the placed tile's position and rotation).

The output of all this is a vector which tracks the decisions made by the player, and allows the validation code to fully replay their game. So proof-of-play is a function of this seed hash, and the user's gameplay. Giving these as inputs to a heuristic scoring function, f(seed hash, gameplay) = score, we have a way of checking whether the player performed well enough to win the right to mint the block.

So, when a player completes the game, if the score meets a required target, and if nobody else has yet claimed the game opportunity created by the same specific Hive block, their wallet checks the mempool, assembles any waiting transactions into a block, and submits the block.
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February 12, 2020, 10:53:52 AM
 #16

"Dash Claim rate will be as per BTC price at snapshot point"

Can you please be more specific.

Sure. At snapshot time, 1 held BTC will reward you with 1 RNG.

If, at snapshot time, the Dash market price (as per CMC) is 0.01 BTC, then 1 held Dash will reward you with 0.01 RNG.
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February 12, 2020, 12:06:40 PM
 #17

"Dash Claim rate will be as per BTC price at snapshot point"

Can you please be more specific.

Sure. At snapshot time, 1 held BTC will reward you with 1 RNG.

If, at snapshot time, the Dash market price (as per CMC) is 0.01 BTC, then 1 held Dash will reward you with 0.01 RNG.

Got it, thanks!

I was a bit confused because of LCC fixed rate, and Dash/Doge "as per BTC price at snapshot point".
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February 12, 2020, 12:59:58 PM
 #18

Got it, thanks!

I was a bit confused because of LCC fixed rate, and Dash/Doge "as per BTC price at snapshot point".

No probs! The LCC fixed rate claim at above market rate is to reward the LCC community, who really stuck with the team through thick and thin. Hive mining in particular was definitely a development the whole community helped build together.
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February 12, 2020, 09:44:23 PM
 #19

Is the secret, additional coin for airdrop going to be Nyzo?
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February 13, 2020, 02:26:43 AM
 #20

Is the secret, additional coin for airdrop going to be Nyzo?

Secret will be revealed on Saturday Night Hive Smiley
Join Litecoin Cash discord server for more info.
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