Jumped in a few weeks back after just a little dd. Feeling was this started off w/ better motive than most. So, maybe a good coin with good dev and hopefully a great future. Three questions.
1) What's the contest mentioned? Maybe i could boost it by 20k UTC, or more.
2) Can't remember if I came across a max. coin amount and if there is any inflation?
3) If someone were to come up with a truly great use for UTC do you think there would be the kind of Dev and community support to speed things up greatly? Maybe this is a dumb question but I ask anyway ;-)
Thank you
Hi Laniakean and welcome to our community.
1) What's the contest mentioned? Maybe i could boost it by 20k UTC, or more.
By all means - you are welcome to contribute to the contest pot.
Due to a few delays in developing, testing and debugging the new wallet - We will RESTART the competition when the new wallet is released. That should be in about a week - with a fork to the new Ultracoin targeted for about 2 weeks from now. These are details of the "competition".
https://bitcointalk.org/index.php?topic=727023.msg14091753#msg14091753RE - ANNOUNCING
The Ultracoin Contest
(new and improved thanks to the generosity of PaulR1)
Just for fun - lets have a contest!
Its like this............
Guess the day that UTC hits 2000 ea (0.00002 BTC per UTC) - on Bittrex
Win 25,000 UTC = 50 million Satoshi = 0.5 BTC
Guesses in UTC time of course. UTC = Coordinated Universal Time.
Guesses must be date/hour/minute in UTC time.
Only 1 (one) "guess" per registered forum member.
No votes after price hits 1500 (0.000015 BTC per UTC). I will call the cut off time on this forum to avoid any unnecessary confusion.
The closest guess wins.
To claim - just re-post your guess on this forum when you think you have won. Include your UTC deposit address. If you don't claim (re-post your guess) - you won't be considered for the prize.
I will check claims and make plump the wallet of the winner from the UTC pot funds.
Discussion not entered into and my decision will be final. Trolls excluded from entry. Those are the terms and conditions that you accept on entry.
May the best guess win.
https://twitter.com/official_utcCheers - usukan
2) Can't remember if I came across a max. coin amount and if there is any inflation?
Inflation is programmed to reduce over time and tend toward zero.
Max coin amount 100,000,000.
current supply -
http://www.presstab.pw/phpexplorer/UTC/index.php 41,021,324
We are at 1,800,000 blocks at present - approx. Producing about 500,000 blocks per year by POW/POS
so the maths is complex to forecast out - but the current inflation rate is somewhere in the 12% range.
Inflation is accounted for by the following parameters currently agreed by the community and encoded in the new wallet.
Reward rate - with new wallet - POW
Change to 10 UTC per block pending new update
10 UTC per block - 4,000,000
5 UTC per block - 6,000,000
2.5 UTC per block - 8,000,000
1.25 UTC per block - 20,000,000
1 UTC per block - 25,000,000
.5 UTC per block - 30,000,000
.25 UTC per block - 40,000,000
.125 UTC per block - 50,000,000
.01 UTC per block - 208,145,600
POS
Change to 5.6% pending new update
3% per year at block 3,000,000
1.5% per year at block 4,000,000
1% per year at block 8,000,000
3) If someone were to come up with a truly great use for UTC do you think there would be the kind of Dev and community support to speed things up greatly? Maybe this is a dumb question but I ask anyway ;-)
YES - but this is like the chicken and egg question.
I have been overwhelmed with the community support so far since we started to resurrect UTC. This is not only moral support but support by funding with cold hard crypto for dev undertakings. We have a few hard core members who really get things moving. With a truly great use and well thought out strategy - I am sure that this support will continue. With this - new support emerges and we fit dev speed to community support - so it can snowball. We have discussed a few ideas for UTC - but we will work on this after we get the new wallet out. Currently we are just re-establishing a solid base to work from for the future.
So IMO - the chicken comes first - then the eggs. That is, the merit of the project/use case further fuels support and we move to develop with focussed and appropriate resources both monetary and dev horsepower. There is wisdom in getting great devs in to specialise in their particular area - call it contract devs. We are not Ethereum or Bitcoin - we can not possibly hope to have a diverse dev team covering multiple specialist areas (as crypto dev now requires). What we can do is hire particular specialists who are trusted and proven in their particular area to perform particular tasks. That IMO is the fastest and most secure way to develop. Incidentally - it usually works out cheaper in the end. PressTab and some of his colleagues are currently providing this function for our current stage of development.
Personally - I'm researching some areas for use cases where the systems are ripe for disruption. I have one leader but my research is ongoing and ideas are still forming. I will discuss with the community after we get the new wallet out - but our future direction will rely wholly on the community and all ideas will be considered and discussed.
Thanks for your questions
Cheers - usukan
