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Author Topic: [ANN] IndoCoin - Indonesian Crypto Currency | No IPO | PoW | 60 Block Premine  (Read 51219 times)
naitpes
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May 17, 2014, 02:48:08 AM
Last edit: June 12, 2014, 11:00:23 PM by naitpes
 #1

http://indocoin.net/assets/img/logo.png
Launch Date: 21 May 2014, 11:00AM WIB (GMT+7)
Memayu Hayuning Bawana, Ambrasta dur Hangkara
IRC Chat | Official Website | Facebook




http://i.imgur.com/KhNBN1k.png
Indonesia, or known as Republic of Indonesia is one of country in South East Asia. A big archipelagic country compromising 18,307 islands. With over 238 million people, Indonesia is the world’s fourth most populous country. There are around 300 distinct native ethnic groups in Indonesia, with more than 700 living languages are spoken here. The country has abundant natural resources, yet poverty remains widespread.



http://i.imgur.com/YIczjWC.png
As the name suggest, IndoCoin is aimed towards Indonesians. IndoCoin will be launched on 21 May 2014, it is a special day for Indonesian known as Indonesian Reformation Day, I hope that Indocoin would reform Indonesia in payment system. As you know, Indonesia is still underdeveloped in terms of technology compared towards other South East Asian countries. Indonesia is a very big country, yet is small at the same time. Bitcoins, or crypto currencies technology are still not widely known here, this is due to the lack of internet penetration (though, 70 millions new internet users will come by next year in 2015),  lack of resources, and as you know informations regarding crypto currencies, how they works, and such are mostly written in English. This is one of big barriers that prevent Indonesians from knowing more about crypto currencies. If I remembered correctly, bitcoin was almost banned here, but thanks to another Indonesian fellows here, it was solved now. Bitcoin still being seen as a very scary stuffs here, I’m sure that’s because of the lack of understanding on how the crypto currency works.

I strongly believe that crypto currencies, are the most democratic form of money. It’s open source, everyone can take a peek on the codes, and everyone can contribute. I believe that, crypto currencies would be beneficial to Indonesia and should not be seen as a threat. Today, most of Indonesian here still use bank as a form of payment for their online purchases. Such as Kaskus, Indonesian biggest forum boards, most of people here buying and selling stuffs via Bank. And there are many banks here, and you are lucky if the seller have the same bank as you are using, if the banks are in different network, be prepared for additional fee. Even though Internet Banking here is pretty widely used, it is not that reliable. They don’t open 24/7. If I’m not wrong, Bank Mandiri (the bank I’m using) Internet Banking is closed everyday from 11PM-3AM, so if you want to send money during this time, guess what? You’re out of luck. People here still relies heavily to the bank. Oh and I almost forgot, you ever heard about Bank Century?  Whose fault? Who knows, all I know, people lost their money, some went crazy and some committed suicide. Big mess.

Crypto currencies would solve most of these problems. It’s fast, with a very low transaction fees, available 24/7 whenever you need, transparent, and it’s decentralized. And I believe, crypto currency would give a benefit to Indonesia.



http://i.imgur.com/0q50tIQ.png
To widely introduce crypto currencies to Indonesian people. To let them know what exactly is crypto currencies? How do they work? What’s the benefit of this compared to other payment methods? And let them taste it.
To let them know that crypto currencies is not some kind of scary monster, it’s not a threat. But it’s just a different kind of currency. That’s the goal of IndoCoin. The rest, whether to embrace it or not, I will leave it up to them.

What are you going to do to accomplish that?
Personal support is the best approach. Wallet Qt will be localized to Bahasa Indonesia (Yes I know, Bitcoin v0.9 already has Indonesian translation there, but I personally think it needs rework here and there, it feels too stiff, therefore for Indocoin I translated it from stratch) to help those who are lacking in English skill. I will also provide a site dedicated for Indonesians that is new in crypto currency world, to guide them to get things started, and place for them to hang around. At first, I will personally provide the guides, but I hope I will meet another fellows along the way that are willing to help me on this endeavours.

Support will not only be given on there. I will active stroll on Indonesian major forums, boards, or any place I could think of to spread the words, mail the media, let them know, give them support, and hopefully they are interested in this. Too ambitious? Well, Ralph said, without ambition one starts nothing. Seems hard, but one step at a time, and one day we will realize that we’ve already reached Rome.



http://i.imgur.com/DU4wmVR.png
  • Proof of Work Algorithm: Scrypt
  • Premine: 60 Blocks
  • Total Coins: 19,450,000,000 (Soft cap)
  • Block Time: 60 Seconds
  • Reward Change: Every 500,000 Blocks
  • Difficulty Retargetting: Every Block (DigiShield)

RPC Port: 19451
P2P Port: 19457
-Testnet RPC: 19458
-Testnet P2P: 19459



http://i.imgur.com/qLFY7J2.png
Rewards are soft capped at 19,450,000,000. After that every block generate 500 IDC.
  • 1-500,000 = 20,000 IDC
  • 500,001-1,000,000 = 10,000 IDC
  • 1,000,001-1,500,000 = 5,000 IDC
  • 1,500,001-2,000,000 = 2,500 IDC
  • 2,000,001-2,500,000 = 1,400 IDC
  • 2,500,000+ = 500 IDC



http://i.imgur.com/rAJwAAl.png
Windows: http://www.mediafire.com/download/bstascu6slp48ak/indocoin.zip | Mirror
Linux: http://www.mediafire.com/download/7997a752e79ir86/indocoin.zip | Mirror
Mac OS: Available for bounty
Source Code: https://github.com/indocoinproject/indocoin



http://i.imgur.com/vj3wLly.png
Official Site: http://indocoin.net
Forums: http://indocoin.org/forums
IRC Channel: server: irc.freenode.net channel: #indocoin or WebChat
Block Explorer: http://indocoin.info
Faucet: http://indocoin.info/faucet/


http://i.imgur.com/FqAeATl.png
1 Mining Pool will be provided upon launch. If you are pool operator and would like to mine Indocoin, please inform me by posting your pool info on this thread. I will update the mining pools list accordingly.



http://i.imgur.com/xI9jaGG.png
Currently none. If you are crypto-coin exchange owner and would like to put Indocoin on your exchange site, please inform me by posting your exchange site on this thread. I will update the exchanges list accordingly.


http://i.imgur.com/WQPHHSE.png
- http://finance.detik.com/read/2014/06/11/131744/2605060/5/saingi-bitcoin-indonesia-punya-indocoin
- http://www.usacryptocoins.com/thecryptocurrencytimes/uncategorized/indocoin-a-cryptocurrency-for-indonesia/


http://i.imgur.com/AkwARGj.png
Is this coin premined?
After the final compile, 60 blocks were mined for testing purpose, to make sure it is working as intended. After that, mining operation will be stopped until the launching where everyone can start mining. The premined coins will be used to pay bounty, my coffes, initial setup of Indocoin, some of them will be dumped to faucet or will be used as giveaway. All premined blocks can be seen on block explorer after launching. Also, no IPO.

This is another country-coin, is there airdrop?
No, unlike other country-coins that have airdrop to  give to their citizens, Indocoin does not have any airdrop planned.  Indonesia currently doesn’t have any form of online ID verification system. There is eKTP (Electronic Citizenship Card, or something) but it is nowhere near finish. In short, we cannot execute airdrop. We could simply use a scan of citizenship card (with personal info blurred ofc) but that is no good, people could send fake ID still. I believe, things such as Airdrop isn’t really essential and isn’t really needed to introduce a crypto currency to a country. It certainly nice to have free coins, but with a words of mouths, proper supports, localization, and the power of internet, should works wonder.

Do we need another country coin?
I don't know if every country need their own crypto coin, but so far most of country has their own fiat money, don't you think we all need to switch and use usd?  Cheesy
Joking aside, the answer is up to you. My 10,000 rupiah might worth nothing to you, but to other Indonesian, it could get me a lunch. Same with Indocoin, might be just another country coin for you, but as long as people here are willing to accept them, then there's a need for that coin.

I think it's a good idea, but why should total up to 194,500,000,000 coins? Why not be made simpler? eg 17081945? Because, as already seen in the previous coins that had "hundreds of billions" ends its value will surely be in 1 satoshi! And I think it would reduce the value of the spirit of man for mining it, sell or buy.
You will understand if you take a look how $1 worth in rupiah (1$ currently Rp 11,412). Over these years Indonesian already used to big digits numbers. A serving of Bakso cost me Rp. 5000, A computer Rp 3,5 millions. And so on, might be weird for you but not for them since they already used to it. That's why it has ridiculous amount of digits. Also if you consider Indonesian population now, that total number isn't that bad.

change to X11 ,  scrypt will exit the stage of history
I've been in a slump on which algorithm to choose. X11, Scrypt-N, or just go with scrypt. Heck and now there's even X13. After I read a bit on warren post here, and take a look back on Indocoin goal that I wrote, I couldn't find any text on combatting ASIC. Then I ended up with scrypt, since combatting asic is not part of our goal.


Another questions, please post it on this thread, I will try to answer it my best.
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May 17, 2014, 03:16:17 AM
 #2

ready for mining
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May 17, 2014, 03:23:10 AM
 #3

I'm on this one. Sounds like a great option for Indonesian citizens.
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May 17, 2014, 03:35:35 AM
 #4

WelCome China Pool
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May 17, 2014, 03:48:19 AM
 #5




Reward System: Full Stratum/Vardiff system with PPLNS
Server Location: Europe / America
Pro Hardware: Connections: 10 gigabit network hypervisor/storage. Direct connection to AIMX, MSX
Storage: Fast ZFS based environment with SSD cache and 32 disks.
CPU: Xeon 64bit / 16 powerful CPU cores
Ram: 128 GB RAM.

Security:
Two different geo-locations Hot wallets (primary and instant back-up).
Offline secured cold Wallet.
Automated back-ups and warning system for operators.
Ddos protecion.
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May 17, 2014, 04:22:40 AM
 #6

We have home country coin now. I support it

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May 17, 2014, 05:02:52 AM
 #7

Thank you, updated the first post with pools
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May 17, 2014, 06:19:09 AM
 #8

change to X11 ,  scrypt will exit the stage of history
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May 17, 2014, 06:19:50 AM
 #9

Do we need another country coin?
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May 17, 2014, 06:24:13 AM
 #10

Do we need another country coin?
Every country needs a coin , right? Grin
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May 17, 2014, 06:25:46 AM
 #11

Do we need another country coin?
Every country needs a coin , right? Grin
There will be more countrys
 Cheesy Cheesy
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May 17, 2014, 06:26:05 AM
 #12

Indo coin comes to the race Smiley
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May 17, 2014, 06:27:05 AM
 #13

I think it's a good idea, but why should total up to 194,500,000,000 coins? Why not be made simpler? eg 17081945? Because, as already seen in the previous coins that had "hundreds of billions" ends its value will surely be in 1 satoshi! And I think it would reduce the value of the spirit of man for mining it, sell or buy.

  ████
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  .WEBSITE.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
  .ANN THREAD.
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May 17, 2014, 07:20:33 AM
 #14

Do we need another country coin?
I don't know if every country need their own crypto coin, but so far most of country has their own fiat money, don't you think we all need to switch and use usd?  Cheesy
Joking aside, the answer is up to you. My 10,000 rupiah might worth nothing to you, but to other Indonesian, it could get me a lunch. Same with Indocoin, might be just another country coin for you, but as long as people here are willing to accept them, then there's a need for that coin.

I think it's a good idea, but why should total up to 194,500,000,000 coins? Why not be made simpler? eg 17081945? Because, as already seen in the previous coins that had "hundreds of billions" ends its value will surely be in 1 satoshi! And I think it would reduce the value of the spirit of man for mining it, sell or buy.
You will understand if you take a look how $1 worth in rupiah (1$ currently Rp 11,412). Over these years Indonesian already used to big digits numbers. A serving of Bakso cost me Rp. 5000, A computer Rp 3,5 millions. And so on, might be weird for you but not for them since they already used to it. That's why it has ridiculous amount of digits. Also if you consider Indonesian population now, that total number isn't that bad.

change to X11 ,  scrypt will exit the stage of history
I've been in a slump on which algorithm to choose. X11, Scrypt-N, or just go with scrypt. Heck and now there's even X13. After I read a bit on warren post here, and take a look back on Indocoin goal that I wrote, I couldn't find any text on combatting ASIC. Then I ended up with scrypt, since combatting asic is not part of our goal.
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May 17, 2014, 09:35:11 AM
 #15

nice coin,love X11 Smiley

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May 17, 2014, 09:36:09 AM
 #16

Any offer for chinese translation?I am also a market manager from www.ecoinfund.com
pm me if you any interest

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May 17, 2014, 09:38:46 AM
 #17

wait for mining.
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May 17, 2014, 10:46:07 AM
 #18

looks great, waiting for launch
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May 17, 2014, 10:58:18 AM
 #19

Good luck, Guys!
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May 17, 2014, 11:01:27 AM
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wow wow wow .. in fact Indonesia can...
bravo Indonesiancoin.. welcome in altcoin world
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