On-and-off for the past two years or so I have been working on a new bitcoin fork that focuses on privacy and node incentives.
Today I'm excited to finally announce it. Although the full code release will come later.
Introducing,
Spinn.
Spinn is an open-source fork of pre-taproot bitcoin core that focuses on three (3) main aspects:
(1) Privacy: Through the use of mixers built-in with each node allowing privacy that is also resistant to inflation bugs (sorry Monero).
(2) Decentralization: Proof of Work SHA256
(3) Node Incentives: Aside from typical mining incentives, node runners also have 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.
It's really only two (2) new aspects, but Proof-of-Work needs to be re-stated as a focus due to recent attacks against POW as it is the only way to truly maintain decentralization.
Coin Specs
Coin Supply: 21,000,000
Blocktime: 10 minutes
Consensus: Proof of Work SHA256
Ticker Symbol: SPNN
Pre-mine DisclosureI get it pre-mines can look bad, but it's 100% necessary for the network to operate and 90% of the pre-mine will be airdropped to users.
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 the Airdrop.
Visit our Spinn-Airdrop repository (
https://github.com/spinn-DR/spinn-airdrop) for more details on how to claim the airdrop.
A pre-mine is necessary in order for the built-in spinning to work properly. If the network launched and there were no users with balance for mixing liquidity, users would be unable to spend. This is why it is paramount for users to already have coins prior to launch in order to provide liquidity needed for spinning.
How to be a Spinning/Mixing Provider?Anyone running a Spinn node, (including pruned nodes) can opt-in to mix transactions and collect fees. This provides an incentive to node operators and helps support mixing liquidity in a decentralized manner.
Depending when you claim the airdrop you may be eligible for redeeming at a higher rate. This will allow early adopters who don't have deep pockets to gain access to the necessary liquidity to participate in mixing.
How the Airdrop WorksThe Spinn airdrop is eligible to anyone who owns non-custodial bitcoin ($BTC) as of the snapshot date, and makes a claim by posting a signed message to our airdrop claim thread prior to mainnet launch (05 December 2022). SINCE BITCOINTALK DOES NOT ALLOW ALTCOIN ANNOUNCEMENTS THAT REQUIRE USERS TO REPLY TO THE THREAD WE SET UP OUR OWN THREAD OFFSITE.
The first 100 valid claims to be posted and identified will redeem at a rate of 10,000/1 their BTC holdings at the time of the snapshot. (ie if you sign a message from a BTC address with a balance of 0.001 BTC you will receive an airdrop of 10 Spinn)
The next 150 valid claims (101 - 250) to be identified will redeem at a rate of 1,000/1 their BTC holdings at the time of the snapshot. (ie if you sign a message from a BTC address with a balance of 0.001 BTC you will receive an airdrop of 1 Spinn)
Everyone else will redeem at a rate of 200/1 their BTC holdings at the time of the snapshot. (ie if you sign a message from a BTC address with a balance of 0.001 BTC you will receive an airdrop of 0.2 Spinn)
WE WILL NOT ACCEPT SIGNED MESSAGES VIA PRIVATE MESSAGE, DM OR OTHER METHOD. We believe there needs to be complete transparency in conjunction with the distribution.
Visit our Spinn-Airdrop repository (
https://github.com/spinn-DR/spinn-airdrop) for more details on how to claim the airdrop.
Replay ProtectionTo prevent transaction replay attacks Spinn addresses will use a base58 encoding with a leading hexadecimal byte of '7c'. Spinn addresses will start with a "s" or "r".
Roadmap- GitHub release (coming soon!)
- Bitcoin UTXO Snapshot 05 October 2022
- Launch 05 December 2022!
Experimental RisksIf 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 an airdop so that they can enable spinning 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.
If a large percentage of users left and liquidity were to completely evaporate the chain can still be revived if sufficient liquidity returns. 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 fees of pending transactions.
Although local tests are functional and operating it's impossible to say what people will actually do in practice. It should go without saying this will be an experiment.
Main Github:
https://github.com/spinn-DR/SpinnTalent we need and will pay for:- Digital Artist for a logo. Looking for a non-complex logo Reply in this thread and/or DM if interested.
- Community Manager. Mainly twitter to spread the word. Reply in this thread and/or DM if interested.
- Pre-Launch Testers. Looking for experienced node operators to help test. Reply in this thread and/or DM.
