Here is some general information about Slimcoin:
If you guys have any questions, please ask.
Specifications:- Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok - Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
- Block time is 1.5 minutes (90 seconds)
- Difficulty re-targets continuously
- Block Rewards:
- Proof-of-Burn blocks: max 250 coins
- Proof-of-Work blocks: max 50 coins
- *I have not yet fully decided on these rewards, so they may change*
- Block rewards decrease in value as the difficulty increases
- Total 2 billion coins
Proof of Burn and Low Power Requirements: Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers
no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.
General Outline of Launch: The coin will have a pre-announcement before the official release. The initial meathod of coin distribution will be through proof-of-work mining. Slimcoin will depend on proof-of-work for the initial coins supply until enough coins have been generated for proof-of-burn and proof-of-stake to become possible.
I have not yet determined a specific launche date, but I will make it clear when it will be launched. I will, however say, it will be sometime this May, possibly mid-May.
Code: The code for Slimcoin, and slimminer and a few other utilities are finished. I am currently extensively testing the code to have an as smooth as possible launch.
Other Comments: Naming: Thank you user: "CryptoHobo" for noticing that the abbreviation SMC was already taken, I will change Slimcoin's abbreviation to SLM.
Miner: Yes, Slimcoin does require its own miner. I have already created a slimminer by forking cpuminer's code.
PoB block rewards less than number of coins burned: Yes, this is possible. The users of Slimcoin will self regulate the amount of coins are burned. Proof-of-Work has a similar problem where people buy hardware to mine, but so many people start mining that the profits decrease. What I mean by self-regulation is, when the profitability decreases, less people will burn coins, the profitability will then increase, and then more people will burn coins, etc.... That process will continue until a balance is reached.
