Edit: Someone suggested a coin be created- it was created prior to this announcement;
but this is right on track with what PHCoin is doing today.
http://www.PHCoin.org Now Distributing Funds in multiple accepted methods.
Thread:
https://bitcointalk.org/index.php?topic=589992PHCoin display's (PROOF OF DISTRIBUTION) with the picture locating Explorer, Data outline, Documentation, and Transparency sheets.
I am now taking a stand to be the first to set an industry standard for
Proof of Distribution (POD).
We all know there is digital currencies being released today with premine; it is normal for a developer to take a premine, it is NOT Normal for a developer to not fully disclose where the premine is going. Therefore, I am starting the trend in the industry moving forward with a Proof of Distribution (POD) modeled layout.
The problem is the community is losing faith in new released digital currencies that have any kind of premine; however, a developer or a group behind the coin may need it for many purposes such as country based coins that distribute coins to the residents of that country (like Auroracoin). When people are worried the premine could be dumped on the market at anytime; this gives people less faith into the coin, and then causes drama and frustration starting with miners then investors and anyone looking to adopt the coin.
This is why Proof of Distribution model was born and it starts here (Today) with each of you who support this plan.Clear cut transparency is underway...
Moving forward, any digital currency currently with any premine amount should provide a clear, and transparent
plan of action (document) elaborating where, why, and how the premine will be distributed.
These are some questions that should be answered
A) What percentage of the premine does the Development team need?
B) How much of the premine is going into marketing? and where to?
C) How much of the premine is going into bounties?
D) Who is the person that made the payment?
E) What is the address(s) of all the premined coins?
We need further clear answers; offering transparency in the industry- and without a clear POD model; the coin should not be touched, in my opinion.
Any coin team needs to provide insight as to what miners and investors are getting involved in.. and must have a clear objective in place for that with POD.
Example of a spreadsheet we should expect to see with more digital currencies that have a premine
This should be updated frequently on a daily basis or a maximum of 7 days.
Questions should be asked by you (the people) supporting the digital currency
and the group leading the coin should be able to answer those questions about it.
This industry needs more transparency and it is time to set an industry standard of Proof of Distribution (POD)
I am open to hearing more suggestions to improve POD with the community.
Now it's your turn to add into this...
What would you like to see added? What kind of questions would you ask the group leading the digital currency? Is there anything missing on the spreadsheet template that should be added?
I will finalize the spreadsheet template and release a copy here for everyone to utilize as a resource.
Edit: Someone suggested a coin be created- it was created prior to this announcement; but this is right on track with what PHCoin is doing today.
http://www.PHCoin.org (Now Distributing Funds in multiple accepted methods). Thread: https://bitcointalk.org/index.php?topic=589992If you want more talk about POD, lets discuss it here, if you have specific questions, lets chat here:
www.PHCointalk.org
