[PRE-ANN] | small IPO| ChainCoin | CHAIN | POW & POS | X11

[ChainCoin]

https://i.imgur.com/QsiXu2B.png?1

ChainCoin

Launch: 30 may 18:00 UTC





About
The unique feature of ChainCoin is it's layered blocks system. No more waiting around for unreliable block times.
ChainCoin adds a new layer to the blockchain every 10 minutes even if only 1 out of 20 blocks were found.
ChainCoin's ~30 second blocktime makes transactions faster while still being just as secure as a 10min blocktime coin.
Since a new layer is created every 10 minutes even if not all the blocks in the layer are found there will most likely be less CHAIN than in the specifications.
If all 20 blocks are found within 10 minutes the next layer will be created early.
The first 5 layers (50 min) will be guaranteed 10 min with unlimited 0 reward blocks to avoid an insta-mine.
POS Layers will only be 5 min as opposed to 10.







Specifications

• Algorithm: X11
• Total coins:    POW < ~1000000 CHAIN
• POW layers: 1000
• POW time:  ~7 days
• Layer Time: <10 minutes
• Block Time:  ~30 seconds
• Coin Maturity: 25 Layers
• Min Coin Age: 5 hours
• diff retarget: Every Layer
• Min Tx Fee: 0.00002 CHAIN
• Premine: 0% (IPO 5%)

• POS:
• First year 50%:
• Second year: 20%
• Third and subsequent years: 2%

Block Rewards + blocks per layer

Layers 1 to 5:
(10 min)
X blocks 0 reward (to avoid insta-mine)

Layers 6 - 500
(<10min)
20 blocks
80 CHAIN reward


Layers 500 – 1000
(<10min)
20 blocks
20 CHAIN reward


Layers 1000+
(5 min)
POS 


IPO:
~5% of POW ( 50000 CHAIN) will be used for an IPO
1 BTC = 5000 CHAIN
To purchase CHAIN send BTC to 148qdC2GpjzrapWnF4njn6EVVAP6oyWjgF with a signed message containing your bitcointalk username. Then at release send me a PM with your ChainCoin adress.

IF you wish to stay anonymous send BTC to 148qdC2GpjzrapWnF4njn6EVVAP6oyWjgF and then send another signed message at release containing your ChainCoin address.
Minimum purchase amount: 0.01 BTC any BTC received under that amount will be refunded to the sending address. coins sent after IPO is over will also be refunded.

The raised funds will go to:

• Bounties(~1%)
• Marketing(~1%)
• Further development  of ChainCoin(~3%)

Possible additions
We are considering adding these before or after the release. Feel free to leave suggestions on what you would like us to add.

• anonymous transactions

Exchanges:


Pools:




Multipool:
Sha256, Scrypt and X11 multipools will be released when POW ends.


Bounties:

• New logo 400 CHAIN
• Exchanges: 400 CHAIN
• Translations: 150 CHAIN

Source, wallet and conf will be released at release.

[1715272598]

1715272598

[1715272598]

1715272598

[seedtrue]

Any more info?

[hashpuppy]

watching

[djm34]

what does it mean "pow layer" 1000 and pow time 7 days ?

[ChainCoin]

Any more info?

what would you like me to add?

what does it mean "pow layer" 1000 and pow time 7 days ?

it means there are 1000 POW layers and the estimated POW mining time is 7 days
POW stands for proof of work if that's what you were wondering.

[illiki23]

Please off escrow, make your coin open source, and consider writing up a white paper as your description of your innovation is a little unclear.

As of right now I cannot take your coin seriously. Non-escrow IPO's really need to demonstrate proof of development.  All IPOs really should use an escrow option. (does not make it completely safe, but ensures at least something will be released)

[ChainCoin]

Please off escrow, make your coin open source, and consider writing up a white paper as your description of your innovation is a little unclear.

As of right now I cannot take your coin seriously. Non-escrow IPO's really need to demonstrate proof of development.  All IPOs really should use an escrow option. (does not make it completely safe, but ensures at least something will be released)

We're releasing the source at launch (mainly to stop other coins using it before we have even launched). Do you have any suggested escrows we could use? we'll think about creating a white paper

[MisO69]

There is already a Chaincoin. https://bitcointalk.org/index.php?topic=422149.0

Its the one that started all this x11 stuff. How dare you!

[sonysasankan]

Please off escrow, make your coin open source, and consider writing up a white paper as your description of your innovation is a little unclear.

As of right now I cannot take your coin seriously. Non-escrow IPO's really need to demonstrate proof of development.  All IPOs really should use an escrow option. (does not make it completely safe, but ensures at least something will be released)

We're releasing the source at launch (mainly to stop other coins using it before we have even launched). Do you have any suggested escrows we could use? we'll think about creating a white paper

Use escrow.ms (https://bitcointalk.org/index.php?action=profile;u=76380) or anon136 (https://bitcointalk.org/index.php?action=profile;u=3028).

Both are very reliable and in the default trust list in the forum. If you are offering IPO without escrow, you will get  negative trust rating on your profile from many users here and will show "scammer" near your name.

[eddywise]

lol
It is die before live

[IgorKolya]

lol
It is die before live

Dammit. I was really excited about this one.

[Somekindabitcoin]

Probably just going to follow. Look at that! I mean 50% PoS first year? 1 million coins PoW? Wow.

[bcd]

Premine: 0%
..
...
..
but  (IPO 5%)

^ Innovation right there.

[Somekindabitcoin]

Premine: 0%
..
...
..
but  (IPO 5%)

^ Innovation right there.

Haha seems legit eh?

[suprnurd]

I'm guessing this never went anywhere? Or did it get another name and move on?