A hello to the KeyCoin community from the KeyCoin team.Our official introduction statement:
https://mega.co.nz/#!YA82hLTB!Eh-qvTzt_0fLWfPjn_jn--uyuZEEAxa3dEtngD4f4YwAlso here for those with problems with MEGA:
KeyCoin - “Security is KEY”
An Informal Message from the KeyCoin Team
July 16, 2014
Hello community, and all our fanatical supporters. Hello to the trusty FUDsters, as well.
We the developers decided not to post until the coin had passed the large block rewards that were intended as a community bonus, and to ensure a more fair distribution. We thought this would be beneficial to our miners, investors, and community. we also wanted to measure the reaction to a unique and fair distribution method.
The rewards were originally stated as Block 2001 - 2100 would be 550 KEY payout. However, the actual large blocks came before that, from Block 1601-2000.
This was intentional. We want to reward members of the community who were mining all along, not the multipools and giant hash farms who will wait for the target block and use so much hashrate.
The actual block rewards are very similar, as follows:
Block 1 - 400: 500 KEY
Block 401 - 700: 450 KEY
Block 701 - 1000: 350 KEY
Block 1001 - 1300: 300 KEY
Block 1301 - 1600: 250 KEY
Block 1601 - 2000: 550 KEY
Block 2001 - 2100: 150 KEY
Block 2101 - 3000: 100 KEY
Block 3001 - 4000: 50 KEY
Block 4001 - 4500: 1 KEY
The last 500 block rewards are very small, to make up for the huge rewards in the middle 400 blocks. We will be assisting the mining of these if the community lacks interest.
KeyCoin Team
There are 4 full time members on this project, with the backing of some very large investors. For now, we want to keep our identities confidential. We will consider naming ourselves in the future.
We are:
Member 1 - Full time C++ programmer, skilled with QT and cryptocurrency development.
Member 2 - Python, Ruby, and PHP programmer, with a focus on web application development and API integrations.
Member 3 - Well rounded, full time graphic designer specializing in usability and interface development.
Member 4 - Community relations and PR manager, will be maintaining our website, twitter, other social media, and press releases.
We have several technologies currently in the development phase that will bring meaning and understanding to both the name “KEY” and “Security is KEY.” To separate ourselves from current hype based white paper style coin releases, we will not be announcing all of these features at launch. Instead we will be releasing them and implementing the technologies in a controlled fashion over time to ensure continuous healthy movement in the coin, and a rewarding, unique trading experience for those that choose to invest. Our goal is to create something worthy of being added to larger exchanges, eventually reaching the point of larger scale adoption, we have the devs and the financial backing to accomplish this goal.
Questions and Answers: (from BitcoinTalk Thread)
Question: Why such a low coin count?
Answer:
Several reasons, in short:
The POW mining period was limited, we did this to eliminate the ominous presence of multipool dumps as our coin grows in value over the next few weeks.
Also, we want the value of each coin to be significant, as it is one of our goals to have an eventual USD pairing.
Question: Was this coin premined or heavily instamined by the devs?
Answer:
Absolutely not! We did have a bit of hash power distributed throughout the first few pools to ensure that things went smoothly with the launch. Things went incredibly well however and we experienced a massive amount of distributed hash power on the network that continues even today. This has created a healthy environment for the coin and it’s robust network.
Question: What is different about KEY?
Answer:
KEY is a forward thinking coin. We have made some small tweaks to Proof-of-Stake code after discussing the potential hazards with other experienced developers. These small changes, and the fact that we run the nodes and private checkpointing server on powerful machines, ensure a more secure network, which proves resilient to accumulation attacks.
KEY has attracted the eyes of the crypto community. KEY has large investors onboard, a focus on security, and KEY has a fair block reward structure, with the largest payout blocks in the middle of the rewards.
We will have ongoing announcements of development work, and MEET the target dates.
Question: What are some of the upcoming milestones for KEY?
Answer:
Now that the largest blocks, the community blocks, have been mined through, we will begin establishing a presence on social media and news outlets. We will reach out to the altcoin media, and the mainstream media in the future. A website is being developed, and useful features are currently being added to the QT wallet. A new logo is underway and being tested by a hired professional focus group for it’s branding potential.
We have chosen to limit the discussion of other work related to future developments as we believe that steady growth over time is the best means of establishing longevity in this economy.
Please, do not hesitate to ask us more questions in the future, we will answer them as time permits.
We will be releasing a detailed roadmap with a clear layout of our feature development and goals, with target release dates shortly.
Stay tuned and happy trading,
The Key Team
“Security is KEY”
You will be hearing more from us, now. We wished to remain silent until the largest blocks in the middle were fairly mined - at 150gh+, these blocks were well distributed.
