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May 25, 2021, 06:13:37 AM |
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Announcing BARBEQUE CHIPS
I've been working on a project that will create a better cryptocurrency that will serve everyone, not just the developers, through Blind Quantum Conical Hyper Proofs or BQCHPs, pronounced Barbeque Chips. Not to be confused with BBQ Coin from way back.
BQCHPs allow for privacy and is resistant to inflation bugs.
Barbeque Chips uses post-quantum consensus algorithms and leverages incentives to achieve anonymity.
Consensus Rules:
Coin Supply: 21,000,000
Blocktime: 60 seconds
Algorithm: SHA3 (post-quantum)
How does it work?
Similar to bitcoin, transactions are broadcast, batched into blocks, but blocktime is much faster than bitcoin, at 60 seconds greatly increasing throughput. After a transaction enters a block, miners begin to solve new blocks; however we also introduce another role that anyone can participate in (no mining hardware needed) which is the role of spinning (more commonly known as mixing). Everyone who runs a Barbeque Chips node can enroll as a spinner. After a block is mined, spinners then mix the outputs on an ongoing basis. When a user spends an output the transaction is broadcast and the spinners enter into a smart contract where they must construct a valid signed transaction that spends to the desired output address the user defined, and the exact amount. There is no tie to the original spender and the funds that end-user receives. As multiple spinners could execute any transaction spinners are selected on a turn-based system. As long as you have equal or greater funds for the transaction and your node produces a valid smart contract you will not be skipped for your turn (the node will do this automatically but I'm just explaining the process behind the scenes). Spinners are rewarded by proportionally-allocating the block fees (not reward) for the block in which their transaction was included. Miners receive only block rewards, and spinners receive a portion of the fees paid relative to the proportion they funded.
Incentive
As we have seen with bitcoin and other cryptocurrencies incentive plays a very large role in the success of a currency. No block reward = no miners, no node reward = less node operators. Barbeque Chips offers miners an incentive to mine, node users an incentive to spin (mix), and every user the incentive to remain anonymous without having to enroll in any mixing service as it's automatically included in the protocol.
Pre-mine Disclosure
There will be 1 million pre-mined coins prior to launch.
10% will be held as a developer fund;
the other 90% will be available for pre-sale.
Road Map
- GitHub release for Open-Source review (coming soon!)
- Finish Website (bqchps.com coming soon!)
- Pre-Sale tranche 1 first 500,000 coins at GROUND FLOOR rate will go on for 1-week (rate TBD)
- Pre-Sale tranche 2 next 250,000 coins at early investor discount rate will go on for 1-week (rate TBD)
- Final Pre-Sale tranche 3 for 150,000 coins at a fair rate will go on for 2-weeks (rate TBD)
- Pre-sale proceeds will be used for development, marketing and to pay exchange listing fees. During the pre-sale we will be simultaneously working with different exchanges in order to get in-line and meet the listing requirements. We will be looking to hire an exchange professional or relations manager to assist with these pursuits, so if you have any experience or you feel you may be a good fit keep an eye on this thread or visit our website for more details.
- Launch!
A pre-mine and pre-sale is necessary not only for working capital but in order for the built-in spinning to work properly. We need users who already have coins prior to launch in order to provide liquidity needed for spinning.
Risks
If there is an insufficient amount of node operators and liquidity at launch, users attempting to spend may be unable to spend as the network is unable find a spin partner to broadcast their transaction for them. To mitigate this risk we have introduced a spinning role that is built-in with the node that can be operated without any mining hardware and earn rewards. This incentivizes users to run a node so they can earn funds just by running a node and by keeping a balance on their node wallet. The incentive should keep users running nodes, and thereby keeping the chain alive. Fortunately if users left and liquidity were to completely evaporate the chain can still be revived later if sufficient liquidity becomes available. If the amount of spinners ever goes to zero, it incentivizes someone to reactivate the chain on their own by adding liquidity as they would be the only spinner and thereby collecting 100% of mining fees of pending transactions. It should go without saying this will be an experiment.
Sorry I don't have a logo yet, I've been focusing more on the code. If you think you have an idea DM me, I'll pay to use it if I like it.
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