[PRE-ANN] Gapcoin: prime gap based hashing

[j0nn9]

GAPCOIN

The largest, decentralized prime gap search

Website: gapcoin.org
Twitter: Gapcoin

Specifications:

• PoW: custom, prime gaps
• Block target time 2.5 minutes
• Block reward proportional to the current difficulty
• Block reward halving every 420000 (about 2 years)
• Cap: about 10 - 30 million GAP
• Difficulty adjusts every block and increases logarithmic (it will probably take years to get to 50)

Fair launch:

• Gapcoin was not designed to enrich the early adopters or the coin creators! The more people mine Gapcoin, the more coins per block will be produced. (Coin supply will increase logarithmic with the difficulty, this means it will grow in the beginning, but later, it won't change much.)
• There won't be any premine!
• To avoid instamine, the reward of the first 1152 blocks (about 48 hours) will increase quadratically to its absolute value: the current difficulty. Block reward will be 1/1152^2 * blockheight^2 * difficulty for the first 1152 blocks. This should guarantee that the difficulty is stable until the blocks yield a worthwhile amount of coins.
• Source code will be available before launch (excluding the PoW function), so everyone can setup their own environment, compile the software, and check if everything works.
• Windows and Linux binaries will be distributed in an encrypted container before launch, the password will be revealed at launch.

Launch date: Tue Oct 21 2014 - 18:00 UTC

Edit: Website now contains a mailing list.
Edit: Reward scheme changed: Block reward halving every 420000 (about 2 years) with about 10 - 30 million GAP.
Edit: We have an new and unique logo.
Edit: Launch date released


Launch thread: https://bitcointalk.org/index.php?topic=822498

[pozmu]

CPU only, right?
Such block reward scheme will probably lead to dumping I'm afraid :/

[reflector]

Any estimation for release?

[MsCollec]

Seems interesting.

[j0nn9]

CPU only, right?

Yes

Such block reward scheme will probably lead to dumping I'm afraid :/

In the beginning maybe, but once the difficulty has stabilized, the block reward won't change much.
Due to the logarithmic difficulty increase, the block reward will only have significant increase at the start.
This will effectively avoid instamine!

[youbob]

Ok this will be my first coin ever to mine right as it lunches! I can't wait!

[powersup]

Interesting idea.  Will you be releasing a whitepaper?

[j0nn9]

Interesting idea.  Will you be releasing a whitepaper?

Maybe, but the website covers already the most parts.

[GreekBitcoin]

Interesting  Keeping an eye on it.

[platorin]

I wouldn't pass the source code to anyone before start. You should know why.

[naphariel]

From the website:

With Gapcoin, you will be able to anonymously send money...

Anonymously, or "anonymously"? 

[powersup]

Interesting idea.  Will you be releasing a whitepaper?

Maybe, but the website covers already the most parts.

Thanks, Nice read.  You guys have done your homework. 

So does this mean the primecoin gpu miner could be ported to this coin. If I understand correctly, you need to find prime numbers to work out prime gaps?

[j0nn9]

I wouldn't pass the source code to anyone before start. You should know why.

Source code will be available before launch (excluding the PoW function).
The hashing part will only contain prototype functions.
You won't be able to do anything with it, except checking if you setup your compile environment correctly.

Anonymously, or "anonymously"? 

Anonymously as in Bitcoin "anonymously" 

So does this mean the primecoin gpu miner could be ported to this coin.

Theoretically yes, but it will be much harder than just copy paste.

If I understand correctly, you need to find prime numbers to work out prime gaps?

Yes

[KIRAZ]

Seems interesting, will keep a watch.

[liutiaoming1]

Suggest you update logo

[j0nn9]

Suggest you update logo

I know its just a template, but there could be a logo contest.

[tromp]

Suggest you update logo

I know its just a template, but there could be a logo contest.

You could use this prime-sieve program as a logo:

Code:

000100011001100101000110100
 000000101100000100100010101
 11110111          101001000
 11010000          111001101
 000000000010110111001110011
 11111011110000000011111001
 10111000
 00010110
0000110110

[reflector]

Suggest you update logo

I know its just a template, but there could be a logo contest.

You could use this prime-sieve program as a logo:

Code:

000100011001100101000110100
 000000101100000100100010101
 11110111          101001000
 11010000          111001101
 000000000010110111001110011
 11111011110000000011111001
 10111000
 00010110
0000110110

That would be pretty cool if it were fancied up a touch.

[Richard213]

i will watch this coin 
CPU? is this CryptoN?

[chiguireitor]

Will you be releasing a python PoW too? for P2P Pool... and Javascript would be cool too, so NOMP can include it