Announcing ProzCoin : Proof of Action (PoA)

[ProzCoin]

Click the Coin Proz Logo to get to the Main Coin Proz Website!




Press Release

Article about Prozcoin on the Coin Front

Prozcoin current rates

About:

The Coin Proz team is creating “ProzCoin” to generate capital and create a debt free start up and also creating a way to pay users for content submission and Platform participation.  Coin Proz Oy recognizes the talented people within the cryptocurrency community constantly create new intellectual property.  Participants will have an opportunity to get paid in ProzCoin for cryptocurrency related activity via the revolutionary Proof of Action algorithm which will be unique to the Coin Proz Platform.  

Specifications:

Algorithm: Mastercoin protocol for base, PoA/PoW Hybrid mining for future
Max Tokens: 100 million

Distribution Model:  All 100 million Tokens will be mined in 1 block

10% Tokens will be evenly distributed to the founding team over 3 years.  
20% ProzCoins will be sold initially on exchanges.  All sold ProzCoins will go 100% to Coin Proz Oy.  The revenue generated from the sale will go to the further advancement of the site and keep as reserves
10% Will be reallocated for PoA/PoW mining rewards
10% for Proof of Action (PoA)
20 % Discretionary spending to have reserves for exchanges
30 % Unallocated for future plans Cold Stored with multi-sig founder verification for wallet release


Project Scope

The Research and Development team led by Shannon Code intends to use capital generated from the sale of Proz Coins to create innovative software and hardware.  The creations developed with/for the Coin Proz Network will be tested and hardened throughout the digital infrastructure. These innovations will come in a variety of flavors, from open sourced to commercial.

Coin Proz Marketing Department will be doing direct marketing on rival sites on twitter, Reddit, and other social media sites that are not crypto-centric.  In addition to being head of R & D for Coin Proz, Mr. Code serves as a Developer Evangelist for the Mastercoin team.  He is in a unique position to help the Mastercoin Team and the Coin Proz team cross promote and expand the networks of both organizations.  Coin Proz has created many allies in the crypto world that see the need for a more cooperative approach to information sharing, and they will help spread the message of the Coin Proz Network all throughout the crypto communities.

The team has developed strong relationships with many coin developers who will bring their communities to Coin Proz.  

Proof of Action

What is Proof of Action: (POA) is going to be system designed for the Coin Proz Platform.  It will use individualized difficulty increase based on upper/lower limits.  POA pays users for article submission, moderating forums, participating on forums.  POA adjusts to pay out higher rates for higher quality content based on user ratings.  Algorithm has internal limits to logarithmically reduce payout if user continues to go past upper limit to discourage system abuse.  Payouts once per week to user/wallet address.  POA will be implemented into Coin Proz Platform Wallet after completion.

Proof of Action White Paper





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GIF proudly made by @altcoinagent





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Edit:

As per request, this as an addendum to more accurately explain the PoA/PoW merged mining that we are planning


And as for the way we plan on implementing mining, the idea is that we will add PoW Tokens to the CoinProz mining pool, and monitor the activity so that completed mining hours are what get counted towards the score, and not the "hashing power" of the miner.

So if you PoW mine "Dogecoin" through the Coin Proz pool, you will get your regular PoW payout in Doge, but in addition you will get a PoA payout in ProzCoin for "participation" in PoW mining.  This way we can bring people into the mining pools, not force them to mine a specific coin, and then reward their activity ProzCoin, which could really be seen as a "bonus".

Our model is about trying to get the alternative currency communities to work in the same direction.  PoA allows individual communities to thrive, then CoinProz also gives an unbiased home for information distribution, forum particpation, mining, and an all inclusive reward system for involvement.



/\ click on logo to see video

ANN thread Allcryptotalk

http://www.moneymakergroup.com/Coinproz-Coinprozcom-t477637.html
http://www.rolclub.com/discuss-coins-bitcoin-litecoin-peercoin-namecoin-dogecoin-worldcoin-protoshares-megacoin-et/3650995-prozcoin-proz-proof-of-action-poa.html
http://mmo4me.com/threads/prozcoin-proz-proof-of-action-poa.196105/
http://forum.italkmoney.com/topic/54591-prozcoinproz-proof-of-action-poa/
http://coinwik.org/ProzCoin
blockchain explorer:
https://masterchest.info/lookupsp.aspx?sp=28

[Chris001]

Looks ok as you realize the value of content in this day and age. Forward thinking.

Devs are not hiding behind an anon acct. Also great to see.

THE PROBLEM

Too many coins will be held by developers. With the current state of crypto and the track record of devs dumping said coins, no one will trust you with this many coins, at least not enough for your project to have any meaningful success.


THE SOLUTION

Have this large amount of coin held by a trusted escrow. Then the community will know that you are serious about using them for the purpose stated.


You are DOA without an escrow with this many coins being held for the future.


Don't believe me? Read the next ten posts after this. lol

[ZacharyComstock]

this is looking good!
solid team with a real linkedin accounts (hope these are not hacked tho..  )

[ProzCoin]

Looks ok as you realize the value of content in this day and age. Forward thinking.

Devs are not hiding behind an anon acct. Also great to see.

THE PROBLEM

Too many coins will be held by developers. With the current state of crypto and the track record of devs dumping said coins, no one will trust you with this many coins, at least not enough for your project to have any meaningful success.


THE SOLUTION

Have this large amount of coin held by a trusted escrow. Then the community will know that you are serious about using them for the purpose stated.


You are DOA without an escrow with this many coins being held for the future.


Don't believe me? Read the next ten posts after this. lol

That is part of the plan my friend  Can't claim transparency and hide the coins

this is looking good!
solid team with a real linkedin accounts (hope these are not hacked tho..  )

Ha, that would be the biggest debacle ever!


Chris

[najzenmajsen]

ice coin

[lainarko]

Original idea , and nice to see all the team 

good luck , i will follow.

[Jacobit]

Tim Frost: http://fi.linkedin.com/pub/tim-frost/75/924/b93
Chris Bates: https://iub.academia.edu/ChrisBates
Shannon Code: http://iamafreakingninja.strikingly.com/
Erko Elblaus: http://www.elblausdesign.com
Josh Wilmoth: http://www.linkedin.com/pub/josh-wilmoth/47/4/993

where are these members now?stand up and say halo everybody.

[ProzCoin]

Tim Frost: http://fi.linkedin.com/pub/tim-frost/75/924/b93
Chris Bates: https://iub.academia.edu/ChrisBates
Shannon Code: http://iamafreakingninja.strikingly.com/
Erko Elblaus: http://www.elblausdesign.com
Josh Wilmoth: http://www.linkedin.com/pub/josh-wilmoth/47/4/993

where are these members now?stand up and say halo everybody.

Considering the time zone differences we all have, I doubt the team will all be on at once.  They will surely make an appearance in the thread over the course of the day.

Chris

[bathrobehero]

It's nice and all, but it is still 30% premine that you keep plus 20% IPO.

[ProzCoin]

It's nice and all, but it is still 30% premine that you keep plus 20% IPO.

No, we don't "keep" the 30%...

That will be put in escrow.

There are many potential uses for it, including insurance for exchanges, reserves for merchants, etc...

Since we have a 4 year plan for the organization, assuming that we can expect everything in the coming 4 years would be irresponsible.

"30 % Unallocated for future plans Cold Stored with multi-sig founder verification for wallet release"


That 30% was intended to be escrowed from the start.


Chris

[ProzCoin]

Here is the link to the PoA white paper:

https://www.academia.edu/7925177/PROOF_OF_ACTION

It will be an evolving document.

Chris

[tobeaj2mer01]

Here is the link to the PoA white paper:

https://www.academia.edu/7925177/PROOF_OF_ACTION

It will be an evolving document.

Chris

Man, it's too simple.

[ProzCoin]

Here is the link to the PoA white paper:

https://www.academia.edu/7925177/PROOF_OF_ACTION

It will be an evolving document.

Chris

Man, it's too simple.

it is an evolving document...

the current edits haven't been added yet:

A = 10,000,000 ProzCoin
B = Mining hours Used
C = Base Block reward of 1141 Proz
D = leftover proz from previous block + C
F = minutes of mining from last 24 hours for an individual
N = F/1440
Q = Cumulative individual minutes of mining across network (1,000,000 miners = 1,000,000 minutes)
X = Number of miners in real time
Y = Number of ProzCoin mined so far
Z = total (hours or blocks) 8760

(B/Z) = %Time elapsed
(Z-B) = Hours left

[C/(X*N)+D]/Q*(Z-B)= 24 hour payout for an individual


There will probably be edits to the document weekly/bi-weekly.


I put out the white paper as an assertion of the reasoning behind PoA.  As we continue to develop the system and the infrastructure, the document will be edited to reflect changes/additions that have been accepted up to that point.

  

Chris

[genecyber]

Shannon here: Away most of the day, but will check periodically

[Cryptocreek]

Very nice idea. Waiting for start. Good luck

[ProzCoin]

Very nice idea. Waiting for start. Good luck

Thank you very much!

One of the main goals of PoA is to promote QUALITY participation, and not be biased about which community people choose to align themselves with.  If you want to write an article about dogecoin, potcoin, urocoin, or whatevercoin you should get rewarded by the crypto community as a whole.  We feel we have figured out a way to keep in line with the decentralization movement while also figuring out how to utilize the combined energy of the crypto-community.


Chris

[BTMan]

good luck.

[lihaidong198871]

I will follow ,I like innovation~

[ProzCoin]

I will follow ,I like innovation~

We do too!

We want to see cryptocurrency evolve, and we will be right there as pioneers.  Hopefully, this new model of cooperative and mutual benefit will help the push for worldwide acceptance and adoption.


Chris

[Neo.op]

Hmm..."The Research and Development team led by Shannon Code intends to use capital generated from the sale of Proz Coins to create innovative software and hardware." So all you have an idea ( I guess no PoC's too? ) and want people to fund your complete software cycle? Nope sorry not a good idea. But given the greedy state in crypto currency you just might succeed.