Introducing the new Proof-of-Contributionhttps://i.imgur.com/2Y18xLI.gifKiB is the first Proof-of-Work/Proof-of-Contribution/Proof-of-Stake coin. The PoS will be activated after the PoW/PoC period, which is expected to last 8 months.
Mining though the Proof-of-Work is about resolving a X11 algorithm. As any PoW system, the block finder win the block reward.
The new Proof-of-Contribution involve no direct mining: every Contributor will earn Coins, in any case, no Contributors will end with a 0 balance.
This new way to earn Coins during the distribution phase (PoW/PoC) do not require any premining from the developers team. Kibweecoin is
0% premined.
The Proof-of-Contribution concept solves a lot of problems than many developers have tried to fix. Unlike CPU mining, or mining though a game, the PoC is
immunized against bots or any form of cheat while being fair with all Contributors (
100% chance to earn Coins every Roll).
Each Roll, the Contributors sharing a reward.
Kibweecoin is green.
Very green. You can turn off your computer and keep receiving the Coins from the PoC: you're a Contributor, your wallet will grow every roll, with you, or without you.
Specificationshttps://i.imgur.com/2Y18xLI.gifMonetary symbol:
ꝄUnicode number: U+A744
HTML-code: ꝄPoW Algorithm: X11
PoC Algorithm: None
PoS Interest: 2% / year
PoW Basic reward per block: 8 KiB
PoW Time target per block: 60 seconds
PoW Distribution: The block finder earn the reward
PoW Difficulty adjustment: Dark Gravity Well
PoW Reward halves: on block 43200 (4 from 8 ), 129600 (2 from 4) and 259200 (1 from 2)
PoW coins to be mined: 1.019.520 KiB
PoC Time target per Roll: every 60 blocks (60 minutes)
PoC basic reward: 472 KiB
PoC Distribution: shared between all Contributors
PoC total coins: 2.718.720 KiB
PoW + PoC total coins: 3.738.240 KiB
PoW/PoC Block maturity: 220 blocks
End of the PoW/PoC period: on block 345600 (target: 8 months)
Transaction confirmations: 6
Bountieshttps://i.imgur.com/2Y18xLI.gifAs the Kibweecoin isn't premined, we won't deliver directly any KiB for your work.
Instead, on the release, we will give Shares as bounty.
Available Bounties: - Translations: 72 Shares (3 days of PoC)
- Promoting on other forums/website: between 12-24 Shares (0.5-1 days of PoC)
- MAC/Windows Wallet: 336 Shares (14 days of PoC)
- Fixing the PoC Console English: depending of the work
- Fixing the English in this thread: depending of the work
- First Blockchain explorer: 336 Shares (14 days of PoC)
- 2 firsts mining pools: 168 Shares (7 days of PoC)
- Finding bugs on the PoC Console: depend of the work/bug
Translations done (no more bounties): - Chinese
- Russian
- Greek
- German
Main Links / Social Networkhttps://i.imgur.com/2Y18xLI.gifPoC Console: https://www.kibwee.comTwitter @kibweecoinFacebook: https://www.facebook.com/profile.php?id=100005694165617Cryptocoin Talk: https://cryptocointalk.com/topic/12021-14-17-june-kibweecoin-powpocpos-0-premine-new-proof-of-contribution-system/IRC Freenode: #kibweeEvents Calendarhttps://i.imgur.com/2Y18xLI.gifPre-launch operation: 10 June.
https://bitcointalk.org/index.php?topic=642933.msg7228425#msg7228425Kibwee.com: 11-12 June.Kibweecoin Source Code: 13 June.PoC Console Source Code: no date.
Exchanges / Marketplaceshttps://i.imgur.com/2Y18xLI.gifAllcoin: https://www.allcoin.com/ (not available yet)
kibweecoin.conf examplehttps://i.imgur.com/2Y18xLI.gifrpcuser=kibuser
rpcpassword=kibpass
port=38000
rpcport=38001
maxconnections=200
rpcallowip=localhost
rpcconnect=localhost
gen=0
testnet=0
addnode=37.187.193.228
- Pre-registration open
- Dedicated server 512 SSD, 32GB RAM, 8 Core Processor
- 24/7 support at #minerpools freenode channel
- Block finder bonus
- 1% Fees
http://kib.hashlink.eu- Pre-registration open
- 1% Fee
- PROP Payout system
- Dedicated Servers
- High performance NODE.js backend with MPOS Frontend
http://kib.coin-miners.info/- Pre-registration open
- 1% Pool fee
- PROP payout system
- Stratum with vardiff
- Stable SSD Server, DDOS protection
- Cashout are processed every minute
- Support at #COINMINERS freenode channel
https://becausepool.com/index.php?coin=kib- Single sign on across all the coins featured on the pool.
- 1% Fee
- Proportional Payout
http://kib.ssdpool.com/- 0% Pool Fee
- PROP payout system
- DDoS Protected
- Clustered Servers+ VARDIFF
- 24/7 Monitoring on Stratum
- SSD for all servers for best performance
http://kib.suvpool.comhttp://www.rockandpool.com/BTCTalk, other languageshttps://i.imgur.com/2Y18xLI.gifChinese: https://bitcointalk.org/index.php?topic=644272Russian: https://bitcointalk.org/index.php?topic=646859Greek: https://bitcointalk.org/index.php?topic=648416German: https://bitcointalk.org/index.php?topic=651081Other linkshttps://i.imgur.com/2Y18xLI.gifhttp://www.coin38.org/forum.php?mod=viewthread&tid=6823 (chinese)
PoC Description (Quick start)https://i.imgur.com/2Y18xLI.gif- The coin distribution is PoW and PoC, then will turn full PoS.
- The PoC isn't build into the wallet but on a dedicated server.
- The PoW and PoC work together.
- Every 60 Blocks (=1 hour), the PoC receive 472 KiB from the PoW
- This 472 reward is only for the Contributors who have Shares.
- 1 Share cost 0.0001 BTC. The Share max. number is unlimited.
- Every Contributors, every 60 Block, will receive KiB based on this formula: Your amount of Shares * (472 / Total Shares). We call this a Roll.
- Every Rolls, the Contributors losing 1 Share.
- You can turn off/on the Contribution anytime.
- It's an alternative to the mining. Peoples who can't mine, can Contribute and receive KiB.
- The PoC Console is web based and gonna be open-source on the long term.
PoC Description (Detailed)https://i.imgur.com/2Y18xLI.gif1. Proof-of-Contribution BasicsThe PoC is PoW dependent: it's the Miners who are creating the PoC Reward.
The magic will occur every 60 blocks: on this special block, instead of sending the reward to the Miners, an higher reward (472 KiB) is send to the PoC Console.
On 60 mined Blocks, the Miners earn Coins only on the 59 firsts (59 * 8 = 472 KiB).
Then the PoC Console will share this reward between all the Contributors.
Here a small paper-scheme showing how it's working:
https://i.imgur.com/ZnllXV8.pngThe Proof-of-Contribution part is pretty Centralized, but still require 0% premining from us. The PoC flow follow the PoW rhythm.
The PoC Console is hosted by a server (kibwee.com), accessible from any device. A robot will spread the Coins every 60 blocks between all the Contributors.
The Console gonna be Open-Source on the long term.
2. PoC Rewards DistributionAll active Contributors are 100% sure to earn KiB on every Roll.
But the distribution isn't equal. Contributor (1) can receive more KiB than Contributor (2).
A Contributor, to be active, require Shares, and the PoC turned On (you turn it off/on anytime).
The PoC Reward isn't split between each Contributors, but between each Shares.
The more Shares you own, the more KiB will be credited on your account.
On a Roll, the Console calculate the value of 1 Share.
The math is simple:
472 / Total Active Shares = 1 Share value.
(example: 472 / 8 = 59)If you own 3 Shares, you'll receive 3x the Share value:
Your Shares * (472 / Total Active Shares) = Your KiB for this Roll.
(example: 3 * (472 / 8 ) = 177 KiB)Here the paper example:
https://i.imgur.com/GHD998j.png3. The Shares mechanicsWhy you can't cheat the PoC ? Why multi-accounts, bots, etc ... are going to be inefficient ?
To acquire a Share, you have to buy it.
The price will be fair and accessible to all, the goal for us isn't to extort the Contributors, but to protect the PoC/PoW eco-system and keep the both balanced (read (3.) for more details).
We think 0.0001 BTC (atm $0.065c) per Share is right, making 1 day of Contribution costing 0.0024 BTC.
Every-time a Roll is over, all the active Contributors losing 1 Share (except if your Contribution is turned off).
4. Contributing and Mining, hand-to-handWe need to keep the PoW and PoC balanced. All Miners will leave the PoW if the PoC is too cheap or if the PoW become not profitable. And all Contributors will leave the PoC if too expensive or not profitable.
Let's summarize !
Mining require:
- Hardware (-$)
- Electricity (-$)
- Find the 'best' mining pool (-time)
- Check if the Mining is profitable and turn off/on miners in consequent (-time)
- Find the best setup (-time)
- Occasional maintenance (-time)
Contribution require:
- Shares (-$)
- Check if the Contribution is profitable and turn off/on PoC in consequent (-time)
Both, PoW and PoC, require management to reach the ROI.
We want the PoC easy, secure against bots, very green, and to be the best distribution system, while not overkilling the PoW.
