Scroll down(this is his original post) and you'll see that they plan to take 20% of the total coins for themselves(the develoeprs).
The devs will have 200million coins, obviously so they can pump and dump to gain a huge profit.
**The devs have also deleted any posts revealing their scam since their thread is self moderated!, 3 of mine were deleted as were others who pointed his Scam out!**
**Dev also refuses to use an escrow for his IPO! He says it's too "bothersome" and that you just have to "trust" him, yea trust him as he runs away with your money just like that guy in stackcoin did!!AGAIN DO NOT SEND ANYTHING TO SIMCOIN DEV, NXTCHG.COM!!!!!**
Looking at the second generation cryptocurrencies, they seem to be locked in a race to develop more and more advanced and complicated features, like distributed exchange, Turing-complete scripts, etc., while we haven't mastered our core feature yet: transactions.
That's why I want to build upon ideas from Bitcoin, Ripple and NXT and create a simple coin with the goal of
not adding more and more confusing features, but rather focusing on three S'es:
It will not be a clone of anything, but written completely from scratch.
("simcoin" is a temporary name and can be re-branded later).
----
As some of you know, I was the most vocal in NXT community about lack of checksums and helped develop Reed-Solomon protected addresses, which are yet to be implemented in NXT. Well, in Simcoin they will be there from the start and will be shorter - 12 characters instead of 17 (while providing the same level of protection):
JOHN-DEAN-3J4S
or
FLOWERS-563KT
Because addresses are so short, there will be a built-in vanity generator in the client from the start.
There will be paranoid checksums on all levels of the system. There will be built-in strong passphrase generator and key-strengthening algorithm, as well as the ability to save passphrase as an encrypted wallet.
There will be no "darkNXT", i.e. no ability to send money to an arbitrary address and lose it. There will be no genesis account where you can send money to destroy it. There will be no reduced security for new addresses as in NXT.
There will be some form of account control to prevent big losses in case the passphrase is compromised and also to simulate multisig transactions. There will be assistance for cold wallets in the client from the start too.
For crypto, Ed25519 will be used, which is more logical choice compared to Curve25519 in NXT. Protection from 51% attack is done via PoS.
The server will be written in C++ with minimal dependencies and UDP as main network protocol. Database format will be as compact as possible to help with "blockchain bloat". From the start the transaction history can be arbitrary truncated or even turned off completely!
All clients will be "thin" clients, they won’t have to download the whole database and only cache what's relevant
to you.
In NXT and Bitcoin the best way to handle customer deposits is to generate unique addresses for them. This increases the size of the database. In Simcoin transactions will be done similar to Ripple - with a short text field where you can put some special code to link this deposit to your account. Or you can register with your address as a username, which is possible because they are so short and mnemonic.
There will be ability to send messages, similar to NXT Arbitrary Messages, but it will be done right: there will be a type tag and all messages will be automatically and transparently encrypted. In fact, ALL traffic will be automatically encrypted to help with privacy, security and to make it harder for governments to filter our packets.
----
Since I've already developed an exchange (former NxtChg.com), I got this covered from the start. And there will be no trading fees.
There will be no mining, but instead all server owners will receive constant rewards for running their nodes.
I also will not repeat the same mistake BCNext did: he abandoned his creation to an idealistic vision of completely distributed and "headless" development. It was sad to see great ideas of NXT disintegrate like this. Instead, the source code will remain closed until my vision is implemented exactly as I planned it to be. I might be wrong in some decisions, but at least I will be coherent.
Transaction SpeedTransaction speed will be a priority. The goal is ambitious: to achieve <1 sec confirmation.
Complete confirmation, no backsies. Either your transaction is confirmed and engraved in stone in less than 1 second, or it will be rejected and you will have to try it later.
I believe it is possible. Here's a network simulation video:
You can
download the simulator and play with various settings in the ini-file if you are Ok with an exe file.
IPOThere will be total 1 billion simcoins.
We split it like this:
- 40% main auction IPO
- 20% distributed, probably via worldcommunitygrid as well as bounties and giveaways. Probably put under community's control via committees, similar to NXT.
- 20% distributed as rewards for server runners over the years to support the network
- 20% left as developers reserve
To participate, go here:
https://simcoin.info/ipo/create an account and deposit your bitcoins. You will get your share, proportional to your stake relative to all other deposits. I.e., if only 2 people deposit, each 0.1 BTC, they will get 200 million each. If they deposit 0.2+0.1, they will get 267 and 133 million respectively.
All deposits are non-refundable because they will be used to cover development costs, so think carefully.
The end date for the IPO
will not be announced to prevent last minute deposits. It will just end one day without any warning.
Progress- crypto code (90%)
- network code (50%)
- native Windows client (0%)
- exchange (90%)
- initial servers setup (0%)
- web client with JS signing (0%)
- forum + wiki (0%)
So, if you want to help create such a coin - join me. You will have to suffer my dictatorship for the course of initial development
but once it's open source I will relinquish control to the community.
Do you have any suggestions or ideas? I'd love to hear them.
