Algorand's network distributes tokens via auctions and staking rewards.
My project Coin has a different approach to the distribution problem: it divides the pool of tokens between all cryptocurrency stakeholders, according to the value of their existing holdings, creating a unified blockchain with fair initial stakes.
Algorand's protocol makes this possible because it doesn't need mining, sharding, or trusted validators - just consensus.
The main properties:
- Everyone with cryptocurrency already has Coin in their wallet.
- It's decentralized, secure, and energy efficient.
- Transactions confirm in seconds and cost a fraction of a cent.
Users claim their Coin by signing "input" transactions with external wallet keys. This has no effect on the original tokens, but it allows them to be spent on the Coin network. There's no staking and no time limit to claim or spend Coin. The amount that can be claimed by each user is determined by the USD value of their public cryptocurrency holdings as at 2021-06-05 00:00:00.00 UTC.
At present, the project is a proof of concept. There's an unstable devnet that allows Bitcoin and Ethereum balances over a certain threshold to be claimed and spent. There's no graphical wallet or significant infrastructure yet, though the API is fully backward compatible with Algorand's API.
I wrote more details here, including step-by-step instructions to set up a devnet node and "claim" a Bitcoin balance for testing purposes:
https://github.com/coin-labs/go-coin/blob/master/COIN.mdI'm posting here to see if anyone is interested in developing the idea further, or even just discussing it and looking for flaws. Pull requests are welcome. I'm also hanging out in #coin on Libera Chat.
