[ANN][KiB] Kibweecoin | Proof-of-Contribution | Under rework

[HackaB321]

why should a miner mine the 60th block if he/she already knows that his/her reward is zero for that block?

[Globee07]

How do we buy shares? Is it possible to buy-in pre-launch like an IPO?

[Aktor]

For this roll, it's 0.0803541 KiB per Share  1 Share cost 0.0001 BTC.
1 KiB will be generated from  1/0.0803541=12.44491569191 shares ?
1 Kib should be cost at least 12.44491569191shares x 0.0001BTC = 0.00124449 BTC to be profitable for Contributors ?

[Kib]

Hi,

For this roll, it's 0.0803541 KiB per Share  1 Share cost 0.0001 BTC.
1 KiB will be generated from  1/0.0803541=12.44491569191 shares ?
1 Kib should be cost at least 12.44491569191shares x 0.0001BTC = 0.00124449 BTC to be profitable for Contributors ?

Not sure your math is correct. More factors are involved, let's try to simulate !

If we retake the example on page 1: 5874 total shares, you with 150 shares.
On the next roll you'll receive 12.053115 KiB (150 * (472 / 5874)) and lost 1 share.
You got >12 KiB on this Roll for the price of 0.0001 (because 1 share got burned), but you bought 150 of them for 0.015 BTC.
On the long run, it's hard to say the total of KiB you'll generate because the number of total shares will not stop to move.

If we consider only this roll, it's profitable for you if the KiB price is over 0.0001 / 12.053115 = 0.00000829BTC
Maths details: to be profitable we need the 12.053115 * KiB price > 0.0001, so I did
12.053115 * x = 0.0001
x = 0.0001 / 12.053115

So the formula to calculate 1 Roll profitability is: 0.0001 / (Your amount of share * (472 / Total shares)) = Minimum value per KiB to be profitable.

How do we buy shares? Is it possible to buy-in pre-launch like an IPO?

You'll able to buy Shares on the release.
But I'll giveaway some Shares for the early users, I'll keep you updated on this threads and other social networks.

why should a miner mine the 60th block if he/she already knows that his/her reward is zero for that block?

Not sure all miners will leave every 60 blocks just for 1 block ! Not mentioning miners can also be contributors.
I don't think it will be an issue, let's see, if that become so, I'll have to fix it.

[policymaker]

This sure appears quite promising, and I DO love the fact that there is no anon in development in thread, it d be just another "trend" coin...


But then again, I just HAVE to ask, are there any other serious developments being worked on, like anon, encrypted messaging and such?

Any info on the dev team? I think people are just frustrated by the simple pump and dump coins, and wanna be investors in really promising ideas like this one, but they also need justification as to why they should expect the coin to not just disappear in the pump and dump sea

[Kib]

This sure appears quite promising, and I DO love the fact that there is no anon in development in thread, it d be just another "trend" coin...


But then again, I just HAVE to ask, are there any other serious developments being worked on, like anon, encrypted messaging and such?

Hi,

At the moment we are 100% working on the Proof-of-Contribution. We need it perfect as we are going to share the source code.
We will start other development only when our work on the PoC will be over.

Any info on the dev team? I think people are just frustrated by the simple pump and dump coins, and wanna be investors in really promising ideas like this one, but they also need justification as to why they should expect the coin to not just disappear in the pump and dump sea

Yes sure.
You can get some data here (the phone number isn't correct), we decided to use no OvO to hide the informations:
http://www.whois.com/whois/kibwee.com

The dev team is me (main dev), my wife (2nd dev) and my rat (buttress).
The name of this coin coming from my IRL nickname. Kiba Walenty -> Kib Walee -> Kib Wee -> Kibwee.

We will expend the dev team slowly on the need and when we will find trusted devs.

[nonlinearboy]

Hi,

thanks for the support !

1. Added a Quick start description of the PoC among the detailed one:


PoC Description (Quick start)

• 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.

2. Updated the mining pool list, some are already pre-registering.

Mining Pool (not available yet as the coin isn't released)


http://kib.pool.mn/

• 0.99% Fee
• Dedicated server
• DDoS protection

http://kib.hashhot.com/

http://kib.minerpools.com/

• Pre-registration open

http://kib.hashlink.eu

• Pre-registration open
• 1% Fee
• PROP Payout system
• Dedicated Servers
• High performance NODE.js backend with MPOS Frontend

3. Chinese Translation available: https://bitcointalk.org/index.php?topic=644272

KEEP WATCHING~

[Kib]

Hi,

added the IRC Freenode on #kibwee !

I'm glad to announce that we are finishing the lasts tests on the PoC Console, we should start pre-registering + pre-launch Shares giveaway soon !

Stay updated

[3months18w]

The POC is just another kind of IPO , dev.
I am sure I have understood it.

I don't think your complex IPO will add any value to your coin.

POC :1.buy shares from dev--2.ask for joining in mine, then your shares are active--3.get coins from your active shares.
You don't need to anything inculding open your PC  after step 1 and 2.
So , it is an IPO guys.

[policymaker]

thanx for ur reply

[provenceday]

watch this.

[Globee07]

The POC is just another kind of IPO , dev.
I am sure I have understood it.

I don't think your complex IPO will add any value to your coin.

POC :1.buy shares from dev--2.ask for joining in mine, then your shares are active--3.get coins from your active shares.
You don't need to anything inculding open your PC  after step 1 and 2.
So , it is an IPO guys.

Yes,be careful,scam！

LOL why would it be a scam? Just because it is another way of IPO.
And it is still a lot safer in my opinion than the original ipo where you send btc to the dev even before the coin launched.

Not to mention that most of the IPO buyers dump their coins on exchanges at first chance. With this system they will get x amount of coin every hour, same as other share buyers. So they can not dump a huge amount of coin on any exchange at the start.

And even if the coin does not have any innovation technically I still would say that this new ipo "POC" is innovative because it makes the traditional ipo a LOT better.

So I would not say there is no innovation

[Kib]

Hi,

Let's clarify this.

It's not an IPO. Here the definition of an IPO: http://en.wikipedia.org/wiki/Initial_public_offering

IPO for crypto-currencies are dangerous because you have to send money even before the coin is released. This also involve premining.
KibweeCoin is premining free, and IPO free.

PoC is to simulate the mining for all the peoples who can't mine because they have no hardware/hashrate. This process is progressive and will last for 8 months, and follow the PoW rhythm.
Miners spending time and money. Same for the Contributors: we can't give the coin for free, else he would have no value on the market, and no miners (why spend electricity when you can get the coin for free?).

And as Globee07 mentioned, the system also reduce the dump power on the market: no early big buyers. You're all equal.

YYmeans, you post has been deleted. I'm okay to discuss but I'll not allow direct and not justified attacks.

[studio1one]

interesting concept.

2 questions.

1. Why the newbie account --- what is your normal account

2. why the self moderated thread?

[Kib]

interesting concept.

2 questions.

1. Why the newbie account --- what is your normal account

2. why the self moderated thread?

Hi,

It's my first time on BTCTalk, and it's also the best place to promote a coin ! I started on CryptocoinTalk but really more peoples are here.
The thread is self-moderated to mainly avoid attacks spam.

As you can see I'm not censoring peoples who don't appreciate the idea if they are about to discuss (just watch above).
But I'm censoring peoples throwing direct and not justified attacks, who are just spammers.
Until now, only 2 posts has been deleted.

I'll answer all questions, positive or negative.

[berkelip]

interesting concept.

2 questions.

1. Why the newbie account --- what is your normal account

2. why the self moderated thread?

Hi,

It's my first time on BTCTalk, and it's also the best place to promote a coin ! I started on CryptocoinTalk but really more peoples are here.
The thread is self-moderated to mainly avoid attacks spam.

As you can see I'm not censoring peoples who don't appreciate the idea if they are about to discuss (just watch above).
But I'm censoring peoples throwing direct and not justified attacks, who are just spammers.
Until now, only 2 posts has been deleted.

I'll answer all questions, positive or negative.

it's up to you
never mind
enjoy the roll guys

[smoothdoger]

I will have to keep my eye on this coin

[Vitalogy]

Before I buy a share, will I know how many are already sold or it's pure gambling?

[milan74]

interesting coin, i will keep an eye on it. Is there an ETA of launch?

[wanvo]

I reserve Russian translation