In Association with the forum: www.buzzforums.net[Proposal] Sprout - A Community Driven Crypto-Currency
Preface:I am proposing a new type of crypto-currency based on the ideas I am going to outline in this description. The ideas are rough at best, but I needed to get them out into the open, and I want to improve on what I currently have thought of.
This new currency with the current label - Sprout (can be voted on by the community), will be created and maintained by anyone who wants to participate in the production and promotion - it will be a true community driven currency. My current ideas for this project were created to address some of the issues associated with Bitcoin and Litecoin. The main issue being, once Bitcoin and Litecoin are 100% mined, there will be no more free transactions. Fee's for transactions will be implemented as miners will have to be compensated for completing blocks. One of the main attractions of Bitcoin and other crypto currencies are the 0 fee's on transactions, so having fee's will be a huge detriment. Plus, this could lead to such crypto-currencies becoming more institutionalized, as large corporations turn huge hashrate warehouses into fee machines for the transferring of funds. Just a new form of a "Bank". With Sprout we're trying to strive away from all of that.
No Pre-mine:There will be no pre-mine of the coin, only fair compensation to the individuals willing to spend their time on developing and promoting Sprout. This compensation will be of fair value for their time, which will equal an average wage to pay for their time spent on the production. Honestly, I would prefer not doing this either because it devalues the currency a tad, but the reality is, peoples time should be compensated for. It is the only fair way to do business. Of course this can and will all be voted upon with the community if this project gains traction, in which I hope it does.
What will separate Sprout from the rest:Sprout will incorporate multiple layers within the network, the produced coins in Sprout will later cycle within the system to create the perfect balance between inflation and deflation. To generate coins, Sprout will also have two different layers. One layer will be sharing bandwidth to the Sprout Network, the second layer will be GPU based mining.
In short, here is how Sprout will work:When you connect to the Sprout Network, the network will group you up into a 'seed' node with users who are in nearest proximity to your location. This can be thought of as similar to 'seeders' when downloading a torrent. There are however, many differences. Your IP is encrypted, and the seed node itself will have a fluctuating digital signature which changes every block. A seed node is destroyed once every user is disconnected from that seed.
You can think of the 'seed' as the first layer in the Sprout Network. This seed layer shares bandwidth to the Sprout Network, the bandwidth from Sprout can then be shared with other users in the network.
The second layer of the Sprout Network will be what we all know as the block chain. Once connected to a seed, a user is able to then start mining with their GPU, working on the Cryptographic Hash required to make the transactions secure. Users mining will receive coins much like in Bitcoin and Litecoin, however, users without the GPU power that are in the seed node and sharing bandwidth will earn coins as well. They will earn 1% of the amount mined from the seed they are in. This 1% is not added onto the users who are actually mining. Mining also incorporates the seed node and pools together the hash automatically without the need of external 3rd party pool.
Deflationary and Inflationary Coins:The coins in Sprout will create both inflation and deflation, depending on the coin you have. Proper names of these coins will be given/voted by the community that supports Sprout, but for now I will use my terrible naming skills and name the Deflationary Coins - Rays, and the Inflationary Coins - Flora.
The Inflationary Coin - Flora: Flora will be the coins generated by miners in the growth period of Sprout. They will be used on exchanges/trading, and for purchasing and selling goods/services.
So, within the Sprout Network at the mining stage we will have an inflationary period. Coins (Flora) will be generated from miners completing blocks, coins will also trickle down to those who are just supplying bandwidth, who are receiving 1% of what is mined within the seed node. Sprout will generate 14 billion coins (Flora) through-out its lifetime, which will equal 2 coins (Flora) to each person on Earth (if it was all distributed evenly). Once the 14 billion coins have been generated we will have completed Sprouts growth stage and a new cycle begins. You will be able to exchange your Flora for Deflationary Coins (Rays). Rays can only be obtained by exchanging/burning Flora to gain Rays. Rays cannot be destroyed or used to purchase goods/services or be exchanged, they are only used for one purpose. Well why would you ever want to do that, here's why and what Rays are used for...
End of Growth Stage - How to Keep the Miners Mining and the Transactions Free:At the end of the growth stage of Sprout, we want the miners to keep mining to complete blocks with incentive so that there are no fees for transactions. 1 million new coins will be generated per year after the initial growth stage of 14 billion has been attained. So, Miners will still be awarded coins per completed block, these coins will still be passed down at 1% to the seed node for users just supplying bandwidth. The only difference is, users need to pay a fee of Rays to get connected into the seed nodes one time a year. The amount of Flora per 1 Ray will constantly change, but 1 Ray = 1,000,000 divided by the average of active seeders/miners in the year. This will keep inflation and deflation at an even level once the 14 billion has been achieved.
What is all this about sharing Bandwidth?
The goal will eventually be to have a shared bandwidth network, supported by seed nodes; to be used for streaming, downloading and uploading. At the very beginning the seed nodes will probably just be used to let users earn coins who can't mine - much like a faucet. However, once we have a solid development team, they will be used for sharing bandwidth, like torrents.
Coin Downloads / Release Information:SproutCoin will be released with decent arrival, a 24-hour notice will be provided before anything. The coin is fully developed and ready to rock and roll, but before releasing i would like to know if there is anything we can implement to make it even more interesting. I'll also be looking for community contributors who are willing to help out where possible.. so hit me up if you can.
Windows Wallet: Coming Soon
Linux Wallet: Coming Soon
Source: Coming Soon
Website: Coming Soon
Exchanges: Coming Soon
(This section will be updated frequently, so sorry if i've missed anything)
Cheers,SproutCoin Dev.
