Futurecoin is a fundamental change in the design of a typical cryptocurrency. We have adopted a proven model found in many publicly traded corporations across the world in it that our longterm block maturity is designed to simulate the characteristics of graded vesting, such that we would create an environment of miners working to improve the coin and thus the coins value, whilst still stalling the desire to immediately dump. The nature of this model also gives rise to a litany of services that would be central to the coin, such as a strong futures market that would mitigate the risk of all investors and miners that hold the coin, and a new pool design for those that need Futurecoin immediately. 
Algorithms: Skein, Groestl, SHA256
Block rewards: Starts at 100 kFC (see block schedule below)
3 minute block time, 1 min per algo
nDefaultPort = 10900
nRPCPort = 10901
Proof of Work
IPO: 5 million kFC (5 billion Futurecoin)
Block Schedule (halves every year):
1-526,000 blocks - 100 kFC - From 2014-2015
526,000-1,052,000 - 50 kFC - From 2015-2016
1,052,000-1,578,000 - 25 kFC - From 2016-2017
1,578,000-2,104,000 - 12.5 kFC - From 2017-2018
2,104,000-2,630,000 - 6.25 kFC - From 2018-2019
2,630,000-∞ - 5 kFC - From 2019-∞
Dynamic Block Maturity -
The reasoning behind our long block maturity is simply to keep the miners in check. It is to prevent the instant "mine and dump", and give miners a vested interest in the success and stability of the coin. Not only does this give the coin more resilience in the first few weeks of usage, it also reduces risk among those that hold the coin through our futures market.
Similar to "vesting" in a stock option. See
http://en.wikipedia.org/wiki/Employee_stock_option#Contract_differences*IPO and bounty accounts for first 400 blocks.
2 week block maturity: 401-14000 blocks
3 week block maturity: 14001-140001 blocks
4 week block maturity: 140001- ∞ blocks
Example wallet block maturity timer:
3 Algorithm Mining -
We are using three different algorithms in order to promote fair mining across a wide user base. Each algorithm uses it’s own independent difficulty, and are mining the same block chain. This means each algorithm has an equal share of blocks found. Futurecoin has a 1 minute block time per algo, such that each algorithm should find a block every 3 minutes.
These 3 algorithms have in part been chosen for maturity. These are not brand new, supportless, algorithms that require any extraordinary setup. Each has released pool software, GPU/CPU/(ASIC) miners, and extensive usage in Groestlcoin, Skeincoin, and indeed, Bitcoin.
Groestl (old GPU/CPU) - Groestl makes wide range of trade-offs between throughput, latency, and power consumption. Because of this, groestl uses less power per hash than other algos.
Due to the less complex hashing, groestl performs well on older GPU’s as well as CPU’s.
http://www.groestl.info/Groestl.pdfSkein (new GPU/CPU) - Skein is fast (3 times faster than SHA-256) and energy efficient. It combines speed, security, simplicity, and a great deal of flexibility. Furthermore, it’s scalability allows for mining on any device, and only requires 200 bytes of memory for implementation.
http://www.skein-hash.info/aboutSHA256 (ASIC) - The original bitcoin hashing algo, mature hashing function with deployed ASIC’s. Included to make coin accessible to ASIC miners as well as GPU/CPU miners.
Why no “cpu only” hashing function? - GPU’s are increasingly becoming general purpose computing processors. Due to the inherently parallelizable nature of PoW schemes creating a “GPU proof” hashing function is counter productive and only benefits those with early access to GPU miners. Furthermore, we believe CPU algorithms are just an invitation for botnet/cloud mining. See Litecoin, Heavycoin, Quark, etc. for examples of failed attempts.
ASIC resistance -We have decided to forgo the usage of Scrypt, given the impending rise of ASIC’s. Instead, we are falling back to the old roots of SHA256 mixed with the new algorithm’s of Skein and Groestl. Given that SHA256 is the only currently ASIC’able algorithm, they cannot take more than 33% of the blocks found. However, SHA256 miners are still given the opportunity to mine.
We would also like to note that no hashing function is “ASIC proof”. The cost to develop an ASIC for groestl and skein should act as a deterrent until Futurecoin achieves widespread adoption.
kFC - 1 FC is the base unit for Futurecoin; it is indivisible much like one real coin. 1 kFC is thus 1 kilo Futurecoin. This is an attempt is counter unit bias (
http://www.ncbi.nlm.nih.gov/pubmed/16771803) that negatively impacts other coins.
1000 Futurecoin is the equivalent of 1 kFC or 1 thousand FC. This should be a more convenient unit to use for larger amounts of Futurecoin.
Why an IPO?:Many users are wary of extremely shady and unregulated IPO's that could run off with all investments at a moments notice. Furthermore, all the coins invested would fall straight into the pockets of the developers, who's motivations are sketchy at best. Lack of escrow, high premine percentage, dubious IPO setup, unfulfilled claims, previous scam coins (most noticably Stackcoin). All of these factors give IPO's bad reputations.
We are also aware that those that do invest in altcoins and are in it for the quick pump and dump. Such market volatility can easily lead to the rapid death of a coin.
To counter this volatility, we will be using 60% of the IPO funds to set a buy floor at 25% under the final estimated value derived from the IPO. We will keep this buy floor on the largest running exchange (24-hr volume wise) for 2 weeks. All of our market movements will be announced on the thread.
In addition, we will be using the IPO funds generated to “
purchase” bribe a quick listing on Mintpal. This is mostly to ensure a smooth “build up” week before the first matured coins are released.
This will be a 3 phase IPO, each being a non independent percentage from the 5 million kFC IPO allocation. Each phase will be rewarded coins from different block maturities. Details are as follows:
Incentives:Phase 1 - 1 week block maturity - From 4/10 - 4/18
Phase 2 - 2 week block maturity (on par with mined coins) - From 4/19 - 4/25
Phase 3 - 3 week block maturity - From 4/26 - 5/2
Investing -We are no longer offering direct investment! Please see below for official escrow! Official Escrows -1.
Now Offering Escrow For FutureCoin
The way this escrow works: You send bitcoins to my escrow address. I hold them until you give me digitally signed instructions to release them. Instructions must be signed by one of the addresses that you sent from in your transaction to my escrow address. You may release the coins to the devs at any time or have them refunded at any time. I will subtract a fee of 0.02btc or 0.9% which ever is greater upon the release of the funds.
If you dont know how digital signatures work yet its not a big deal. It's pretty simple and i can walk you through it when the time comes. All you need to worry about right now is: YOU MUST BE IN PERSONAL POSSESSION OF ONE OF THE PRIVATE KEYS THAT YOU SEND FROM. Examples would be a client on your desktop or a blockchain.info ewallet (make sure that you know your password and can sign on to you account through a browser). Examples of where not to send from would be an exchange like bistamp or a bitcoin based service like betsofbitco.in. If you send to me from an address that you do not have personal control of than your coins will be lost.
If you have read and agree to these terms than feel free to send to this address at any time:
BTC: 1ERe3KW6GoNV4HfN3SpgqjAPcCvCWX9K1x
Thanks and goodluck!
2. Either post here, PM me (as in thefuturecoin), or bitmessage Pendere, with your transaction ID and amount sent. We will ask you to fill out a Google documents form in order to quickly organize all investor data.
Please only send from a single address! We will not accept multiple transaction ID’s.
3. We will respond in a PM by the end of the day (EST) verifying your investment, and send you your private/public key by the end of the phase.
4. Depending on the phase (refer to payout schedules below), you will import the private key into your Futurecoin wallet and PM/POST/BM us your PUBLIC Futurecoin address, and verify you are ready to receive coins. This MUST match the address we had generated for you prior.
Payout schedule -1 week after launch, Phase 1 investors will receive matured coins.
2 weeks after launch, Phase 2 investors will receive matured coins.
3 weeks after launch, Phase 3 investors will receive matured coins.
We will keep updated expected coins in a public Google docs.
Refund Policies:1. Any direct investor can request to have their coins refunded by the end of the phase.
2. If by launch, it is clear that the community does not support the launch of the coin, we will refund all coins across all phases to the address it was sent from.
3. If for any reason you feel you no longer believe in the coin before the 1st coins have matured, and after the IPO phase has ended, we will repurchase the coins from you at -25% of the BTC you invested.
Password’d download links will be posted 1 week before release to ensure a smooth and timely launch. We will already have seed nodes running in the US, Asia, and Europe.
Windows Wallet:
Download: https://mega.co.nz/#!FddiEZ5I!yfuHoA4AFb03G6ZiZi1olMDWOF7lAmk0tdVo8CvVFQY
Virus scan: https://www.virustotal.com/en/file/7cb702397802c73a3847d31c5d8b9c49d76e2f92822ca85543a65adfec9a4e74/analysis/1398629341/
Source: https://github.com/thefuturecoin/futurecoin
RPC Configuration:
http://pastebin.com/XeU70wUM
Nodes:
seed1.thefuturecoin.org
seed2.thefuturecoin.org
seed3.thefuturecoin.org
seed4.thefuturecoin.org
[/b]
Miners:
Bitmessage: Friedman - BM-2cWac2vRy6ZdL8hexVFyCxvGTWMzsDYo5C
Pendere - BM-2cUs1rsYXD8zAreXd2x9af1aJwqhjo1qxm
Bitcointalk:Friedman
Pendere
E-mail:thefuturecoin@gmail.compenderere@gmail.comIRC:
You can find us at the Freenode IRC @ #futurecoin
Will be listed shortly.
Vote for us at MINTPAL:
BTC/kFC exchanges:
Futures markets:
USD/kFC exchanges:
We will only be listing the most trusted pools given the long term block maturity. We do not recommend mining on any non-listed pools.
Please do not message us for listing, we will evaluate each and every pool advertised here. We’d also like to ask that you do not spam your pool in our thread.
Maturity Switching Pools*:
SHA256:
Skein:
Groestl:
MPOS pools:SHA256:Skein:Groestl:p2p pools:
SHA256:
Skein:
Groestl:
*pools that operate by cashing out matured Futurecoin immediately, holding on to mined immature Futurecoin for 2-3-4 weeks. This is essentially swapping immature Futurecoin for mature Futurecoin using existing platforms. Expected to have a large fee. MUST be able to provide evidence that they can operate for 2-3-4 weeks until immature coins come out. If you are a pool operator that would like to invest in the IPO for this purpose, please contact us!
Please contact Pendere, or message us (thefuturecoin) to claim your bounty.
TOTAL: 100,000 kFC (to be allocated).10,000 kFC - 1st Futures Market
5,000 kFC - 1st Exchange
4,000 kFC - 2nd Exchange
2,000 kFC - 1st article @ any major cryptocurrency/finance site
1,000 kFC - 2nd article @ any major cryptocurrency/finance site
2,500 kFC - 1st block explorer (note: must be able to read maturity time)
1,250 kFC - 2nd block explorer
1,000 kFC - 1st Maturity Switching Pool (any algo)
500 kFC - 2nd Maturity Switching Pool (any algo)
500 kFC - 1st blog review
300 kFC - 2nd blog review
250 kFC - Chinese Translation of pre-ann thread
250 kFC - Russian Translation of pre-ann thread (Completed by BeebopFive, see here:
https://bitcointalk.org/index.php?topic=577971.0)
250 kFC - Spanish Translation of pre-ann thread (Completed by lcharles123, see here:
https://bitcointalk.org/index.php?topic=582304.msg6364979#msg6364979)
250 kFC - Portuguese Translation of pre-ann thread (Completed by miner7788, see here:
https://bitcointalk.org/index.php?topic=574817)
