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August 03, 2024, 07:29:26 PM |
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Incitamentum (INCI) White Paper
1. Introduction
Incitamentum (INCI) is a new cryptocurrency designed to establish and sustain a decentralized financial system. INCI offers a unique ecosystem that emphasizes fairness, security, and long-term sustainability. This is achieved through a proprietary blockchain protocol, the RandomX ASIC-resistant consensus mechanism, and a distinctive reward system.
2. Technical Foundations
2.1. Blockchain Protocol
Incitamentum is built on a standalone blockchain protocol that enables decentralized consensus and fully open-source development. The blockchain protocol utilizes the RandomX algorithm, ensuring ASIC resistance and promoting widespread decentralized mining.
2.2. Hashing Algorithm: RandomX
The RandomX algorithm is CPU-centric, preventing dominance by ASIC miners and encouraging broad participation in mining. The algorithm aims to provide secure and efficient transactions and maintain the network.
2.3. Block Reward and Halving Mechanism
Initial Block Reward: 100 INCI/block
Halving Cycle: Annually
Block Reward Reduction Rate: The block reward halves annually until it effectively reaches zero.
3. Reward System
3.1. Miner Rewards
Miners receive an initial reward of 100 INCI per block, halving annually. In addition to block rewards, miners also earn a portion of transaction fees. Once the coin supply reaches 10 million INCI, the burning mechanism ceases, and miners receive the full transaction fees.
3.2. Full Node Rewards
Operators of full nodes that maintain the network are rewarded with 1 INCI per day, halving annually. Full nodes store the complete blockchain and contribute to the network's decentralization and security.
4. Burning Mechanism and Supply Stabilization
Transaction fees are initially split, with 50% automatically burned, reducing the total supply until the circulating coin supply reaches 10 million INCI. At this point, the burning mechanism automatically stops, and all transaction fees go to the miners.
5. Circulating Supply Estimation
The theoretical maximum supply of INCI is 100 million coins. However, the actual supply will never reach this figure due to the halving mechanism and burning rules. During the first five years, the number of coins issued through block rewards and full node rewards will dramatically decrease, approaching the 10 million threshold, after which burning stops.
6. Community and Governance Model
The Incitamentum project is open-source and community-governed. Community members can propose protocol changes, which are collectively discussed and approved. The governance is decentralized, ensuring the network's resistance to censorship and its democratic operation.
7. Security and Privacy
The system employs state-of-the-art cryptographic techniques to protect transactions and user data. Privacy and anonymity are fundamental within the INCI network, with the entire ecosystem designed to ensure their preservation.
8. Conclusion
Incitamentum represents a new generation of cryptocurrency, blending the principles of decentralization, security, and fairness. The RandomX algorithm, the halving mechanism, and the burning rules collectively ensure long-term stability and value retention. The project's goal is to establish a sustainable, community-based ecosystem that is open and beneficial to all participants.
9. Future Developments and Objectives
Future development plans include improving scalability, optimizing user experience, and introducing new features and services that enhance the system's value and utility to the community.
This white paper outlines the core concept, technical foundations, reward system, and community governance of the Incitamentum project. Further development and refinement of these specifications are necessary for the project's finalization and launch.
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