Johnny Apple Seeds?
Why 1000X growth?
It refers to the intended number of coins possible to grow during the growth period. But there was a teensy problem with the math, and it turns out that growth will be much higher than originally anticipated. Sumgye did a pretty good job of informing everyone earlier. Here's his post:
I wanted to give an update for everyone. Testing is finished and has gone well. Launch time currently looks good, but Mac wallets wont be ready by then. Sorry about that.
One thing that we did discover during testing is that our math is a 'little off' for 1000x for the week at 269% interest, and I wanted to let you know. It was calculated based on the rate a coin would have to grow to reach 1000x in 7 days, which is absolutely true. But it was clearly stated in the OP that the interest would be 269% daily, which is a different thing altogether. That will create 269% more coins for you, on top of the ones you already have. So instead of 1 coin staking into 2.69 coins on day one of the growth period, it will PRODUCE 2.69 coins, and leave you with 3.69 coins to stake tomorrow, when the same thing will happen again, hence compound interest.
Anyway, long story short, I've re-done the math, and with 269% interest a single coin mined continuously over a week will produce nearly 10k coins, not 1k coins. Oops! Anyway, we talked about it and decided to leave it as is, since 269% daily interest during the growth period is the advertised spec. I just wanted to let people know, since the maximum number of coins that could be produced, depending on the number of coins mined and how many coins overall get staked, is now roughly 10m, not 1m.
I've updated the graph to show the growth:
https://docs.google.com/spreadsheets/d/1b1_BKfRxuOeAzvhzmldG1P0d0bxZAEQsXXmcBDHedTY/edit#gid=43161177As for the ICO, coins will go out once they mature after POW begins - which will happen after block 121. Those blocks will go by pretty fast while the difficulty is still ramping up. Testing suggests it will take roughly 10-15 minutes.
And why is because it favors people who hold the coin over traders, and lets the community decide the ultimate number of coins that there will be. It's difficult to estimate the final number of coins, but the maximum possible after the growth period is roughly 10m, though it could be far less than this number.
Edit: I edited the topic to reflect the mining launch. Will update the growth projections over the next day to reflect our testing results.
