Announcing ProzCoin : Proof of Action (PoA)

[MajidBC]

In my opinion, the most important thing for a new coin to be launched is transparency. It's good that there's a list of the dev team. I'm going to read the OP thoroughly and give my opinion.

[1714666947]

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[1714666947]

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[1714666947]

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[ProzCoin]

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.

Coin Proz Oy has already put over 10k into development.  The site was custom built from scratch to provide the back end for our future plans.  This project has been in development for over 6 months at this point.  It is not the complete software cycle by any means, and in fact we had built our basic infrastructure for Proof of Concept.  

www.coinproz.com/default.html

We are in the middle of a UI overhaul before Alpha testing.

So to give an idea of what why it was important to get the basic infrastructure built:

We needed to have a system that would have easily assignable permissions levels so that certain levels can publish articles to the front page, certain levels can moderate/edit, etc...

Our long term goal is to have a system where user feedback creates a meritocracy based system to allow for users to become "coin community" moderators who can publish articles, and Coin Proz organization is not actively moderating the individual coins, allowing the coin communities to in effect "moderate themselves".  The PoA system will take into account feedback/activity to calculate the score so that "quality participation" is rewarded in ProzCoin, so theoretically we would be paying a user to write an article about "Dogecoin", paying another user to edit the article, and then the article's feedback would also influence the payout of the writer/editor over time. 

This concept will be applied to other areas, such as PoW mining, so using the Coin Proz mining pool will point a PoW miner at whatever coin the person desires, then monitor that miner for activity as proof that the miner is in fact mining.  Hashpower is not relevant to PoA, because it is designed to promote "participation" and not pay out based on weight of "hashing power".  We are trying to create fair systems with mutual benefit for all parties involved.

Chris

[MajidBC]

Your account and the following ones are all newbie accounts. Don't you have any older username? Are you amateur in cryptocurrency world?

this is Tim from Coin Proz. Our team stands behind our coin and project

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

[HunterMinerCrafter]

"Shannon Code" is not likely a real name, ofc.

How can "proof-of-activity" be trusted if it relies on integration to a central black-box forum server?  What would prevent the forum operators from simply faking their reputation score?  What happens if someone compromises the forum?  What happens if the forum goes away, can the coin still function?

[MajidBC]

Merchant accepting Proz Coin From Day 1:
1. Coin Proz - advertising, promotional articles, sponsor page, paid troll box
2. Cryptoshoppers – Unique clothing, art, and accessories
3. Left Turn Only - video productions  
4. Elblaus Design – Graphic Design, UI design
5. Altcoin Agent- PR, Marketing, logos, videos
6. Future Media Management and design – PR, Marketing, website building

You have all of them from day one? That's great. Can you provide any proof of their acceptance? Or we should wait until launch?

[ProzCoin]

Your account and the following ones are all newbie accounts. Don't you have any older username? Are you amateur in cryptocurrency world?

this is Tim from Coin Proz. Our team stands behind our coin and project

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

This is my personal twitter account:

https://twitter.com/CoinProzTeam0

Shannon is on the Mastercoin Development team as well, so he is hardly new to Cryptocurrency by any definition.

Tim has been active in cryptos for over 6 months as well, as we are co-founders of "Cryptoshoppers.com"

Shannon did a great AMA for the Mastercoin team that can be found here:

http://blog.mastercoin.org/2014/08/08/shannon-developer-evangelist-ask-me-anything/

To be quite honest, I personally tend to stay away from Bitcointalk forum because of the general negative attitude by many posters, but it is clearly one of the biggest hubs for Crypto-news/info.

Merchant accepting Proz Coin From Day 1:
1. Coin Proz - advertising, promotional articles, sponsor page, paid troll box
2. Cryptoshoppers – Unique clothing, art, and accessories
3. Left Turn Only - video productions  
4. Elblaus Design – Graphic Design, UI design
5. Altcoin Agent- PR, Marketing, logos, videos
6. Future Media Management and design – PR, Marketing, website building

You have all of them from day one? That's great. Can you provide any proof of their acceptance? Or we should wait until launch?

Anyone listed is part of the Coin Proz network.  We will have an affiliate page with their logos, but as I said our main site is still getting prepared for Alpha.

In my opinion, the most important thing for a new coin to be launched is transparency. It's good that there's a list of the dev team. I'm going to read the OP thoroughly and give my opinion.

Thanks!  Any feedback is not only welcome, it's requested!



Chris

[MajidBC]

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.

An active community is another factor for a good coin imho. I like your POA idea, and I think it needs a lot of discussion on its implementation and security. It would be nice if you put its details, so it can be criticized a few times before launch.

Btw, SHOPcoin (Bitcoin shop and talk) used the forum idea, (I'm not sure if it was the first one). Maybe if you read its members opinions, it will benefit your POA. Their site has been down for construction, though:
https://www.bitcointalknshop.com/forumz/

[ProzCoin]

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.

An active community is another factor for a good coin imho. I like your POA idea, and I think it needs a lot of discussion on its implementation and security. It would be nice if you put its details, so it can be criticized a few times before launch.

Btw, SHOPcoin (Bitcoin shop and talk) used the forum idea, (I'm not sure if it was the first one). Maybe if you read its members opinions, it will benefit your POA. Their site has been down for construction, though:
https://www.bitcointalknshop.com/forumz/

Absolutely! 

One of our biggest goals will be to take feedback from the community and implement ideas from YOU ALL, so that we are evolving WITH the communities, and not forcing our ideas on the communities.  Really that is the essence of PoA itself.  As we build we will actively seek feedback from the community.  We wanted our announcement to be focused on the coin and not muddled with our long term plans, but we DEFINITELY have plans to greatly increase public outreach, education, and involvement.


Chris

[MajidBC]

Your account and the following ones are all newbie accounts. Don't you have any older username? Are you amateur in cryptocurrency world?

this is Tim from Coin Proz. Our team stands behind our coin and project

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

This is my personal twitter account:

https://twitter.com/CoinProzTeam0

Shannon is on the Mastercoin Development team as well, so he is hardly new to Cryptocurrency by any definition.

Tim has been active in cryptos for over 6 months as well, as we are co-founders of "Cryptoshoppers.com"

Shannon did a great AMA for the Mastercoin team that can be found here:

http://blog.mastercoin.org/2014/08/08/shannon-developer-evangelist-ask-me-anything/

To be quite honest, I personally tend to stay away from Bitcointalk forum because of the general negative attitude by many posters, but it is clearly one of the biggest hubs for Crypto-news/info.

Merchant accepting Proz Coin From Day 1:
1. Coin Proz - advertising, promotional articles, sponsor page, paid troll box
2. Cryptoshoppers – Unique clothing, art, and accessories
3. Left Turn Only - video productions  
4. Elblaus Design – Graphic Design, UI design
5. Altcoin Agent- PR, Marketing, logos, videos
6. Future Media Management and design – PR, Marketing, website building

You have all of them from day one? That's great. Can you provide any proof of their acceptance? Or we should wait until launch?

Anyone listed is part of the Coin Proz network.  We will have an affiliate page with their logos, but as I said our main site is still getting prepared for Alpha.

In my opinion, the most important thing for a new coin to be launched is transparency. It's good that there's a list of the dev team. I'm going to read the OP thoroughly and give my opinion.

Thanks!  Any feedback is not only welcome, it's requested!

Chris

Thanks for the response. Due to recent crapcoins, I like to find some legitimate coins to invest and mine. I created the following thread to discuss problems related to new coins and possible solutions to them. Take a look, if you are interested:
https://bitcointalk.org/index.php?topic=726610

Looking forward for your updates!

[ProzCoin]

Thanks for the response. Due to recent crapcoins, I like to find some legitimate coins to invest and mine. I created the following thread to discuss problems related to new coins and possible solutions to them. Take a look, if you are interested:
https://bitcointalk.org/index.php?topic=726610

Oh Wow!

I think after taking a read over your ideas, you will REALLY appreciate what we are trying to do.  Your suggested solutions are very much in line with what we are planning, and I believe we will take the concept even further!


Again, your feedback is not only welcome, it's requested!


Chris

[ProzCoin]

"Shannon Code" is not likely a real name, ofc.

How can "proof-of-activity" be trusted if it relies on integration to a central black-box forum server?  What would prevent the forum operators from simply faking their reputation score?  What happens if someone compromises the forum?  What happens if the forum goes away, can the coin still function?

You should check out Shannon's AMA about his name

Anyways, it won't be a "black box" forum, even though a transparent ledger will exist, as the forum is simply part of the overall Coin Proz infrastructure.  The coin will still be able to function without the site, as they are separate, and the intent is to build the long term site infrastructure around "ProzCoin" as the main medium for exchange/payment within that network.  In addition, the idea of "faking a score" is something that was taken into account from the beginning, so "gaming the system" will constantly be prevented, as someone will constantly attempt to exploit it.  It is a reward based system, and there is no "punishment", rather attempts to game the system simply reduce payout logarithmically the MORE a person attempts to game the system.  Theoretically, say you earn 100 Prozcoin and try to upvote yourself a ton to increase your score.  Well, our upper limits will start to reduce your payout if your upvotes aren't proportional to the views, or whatever counterbalance metric we choose.  In addition, if you try to game the system by posting a bunch, until you actually get "feedback" to say your posting is "quality", you haven't fulfilled the full requirements to get "paid".  So you can't just game the system by spamming.

Here is an example of an equation from the Proof of Action White Paper
Base Equation Examples

Simple Forum Poster:

X = Posts
Y = Upvotes
Z = PoA Score

X(.25) * Y(/\2) = Z

Conditional adjustments

If X/Y < 10, then Z * 5
If Y/X > 100, then Z *.5

Article Contributor:

X = Articles submitted
Y = Unique Page Views Per Article
Z = PoA Score

X(.25) * Y(/\2) = Z

Conditional adjustments

If X/Y < 5, then Z * .1
If Y/X > 100, then Z * 5

So then if you look at how we are going to create the variables for "merged mining", you see that we are going to use our CoinProz Mining Pool to monitor "mining activity" on "any" coin, and then that activity gets paid out in "ProzCoin" based on the PoA score, and not "hashing power".  Since PoW mining benefits miners with bigger rigs, we wanted to promote PoW mining to keep network security across all cryptocurrency since it is intrinsically more secure than PoS mining.  In addition, our merged mining system will basically be paying a miner in ProzCoin to mine ANY coin, but just to use our pool.  At this point, the user would be receiving whatever coin they are mining PoW for, and then ProzCoin based on their PoA score.  

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 Miner

Chris

[kisrap]

good luck

[Tusk]

Hey Shannon and team, MikeS. referred me. Best of luck! I will be following

[ProzCoin]

Hey Shannon and team, MikeS. referred me. Best of luck! I will be following

Thank you very much!  We look forward to a growing community!

Chris

[Crypto 4 Revo]

I know the Prozcoin team personally. Very genuine group of guys. Best of luck!

[GreatOrchid]

hi my name is zak
how do i mine this
i hope if im mining this im not prozzak
cause i might need it soon
mining it yeah thats the question

[lihaidong198871]

HI,dev how can we guys get this coins?

[555clent]

reserved.what a poor ANN,but i will watch this!

[ProzCoin]

An interesting way to launch, watching..

Distribution Model:  All 100 million coins will be mined in 1 block?
10% Will be reallocated for PoA/PoW mining rewards?
Don't see how you will have a PoW if all the coins are in only one block, more info on this please.
Correct me if I'm wrong, but doesn't the mining/staking keep the blockchain going, PoW/PoS/PoA?

P.S. Looks like a great plan for launch, but need more detail on keeping the block going. Is the PoA going to keep it going, what will the transaction time be?

No, we are using Mastercoin Protocol, so traditional PoW mining is something that isn't "necessary" for this protocol.

We are developing a combined PoA/PoW protocol, so that if you are PoW mining "dogecoin", "bitcoin", or "litecoin" as an example, our mining pool will monitor your mining and not only will you get your PoW payout from whatever coin you are mining, but you will get a PoA payout in ProzCoin.

In a sense, it is "double mining", since Mastercoin Protocol does not need to be "mined" over time using PoW.

Again, since this is NOT traditional PoW mining, the block rewards for the combined PoA/PoW mining will be calculated every 24 hours.

Here is some info about the Mastercoin Protocol:

Master Protocol Design

The “Master Protocol” layer between the existing Bitcoin Protocol and users’ currencies is intended to be a base upon which anyone can build their own currency. The software implementing the Master Protocol will contain simple tools which will allow anyone to design and release their own currency with their own rules without doing any software development.

Chris

[ProzCoin]

HI,dev how can we guys get this coins?

Cryptoshoppers will be selling the first million coins at 250 satoshi, then 9 million will be listed on Lazycoins exchange.

Cryptoshoppers accepts over 10 different altcoins for payment in addition to Bitcoin, so the first million Proz are accessible to people holding multiple currencies.

On Monday, the first ProzCoin will be offered.



http://cryptoshoppers.com/




Chris