Official Notice: Important UpdatesBackground: The GreenCoin Foundation operates its environmental imperative by maintaining a coin (GreenCoin) that had been specifically developed to provide exactly 50% of the coins generated in a newly mined block directly to an address controlled by the Foundation (which are mathematically divided and sent to renewable producers for their relative carbon mitigated useful work). In early December it was observed that the GreenCoin Foundation was not receiving exactly 50% of the coins, as was supposed to be the case per the Foundation specification. It was further determined that one of the pools had been able to defeat the coinbase transaction requirement that 1,000 coins be sent to the Foundation address. The issue was discussed in great detail in
this post. Over the course of the last couple of months the Foundation received ca. 500,000 on average per day (as opposed to the ~1,400,00 it was supposed to receive). In order to preserve the integrity of the coin the Foundation purchased the ~900,000 coins necessary to bring the payout balance up to 50% of the total mined balance each day (~36M coins total).
During this time the Foundation also solicited for an individual to develop a solution to the issue. We have since found such a technical lead who has presented a solution that involves releasing a new coin. We are pre-announcing the release so users can ask questions, raise concerns and provide feedback.
Proposed Solution: The Foundation will cease to support the current GreenCoin release. We are releasing a new coin and will only support the new coin going forward. Holders of the old coin will be able to exchange their coins for the new coin for a reasonable, yet limited, amount of time.
Name: GreenCoinX
Symbol: GREX
Release Date: Saturday, February 21, 2015: 8 PM Pacific Standard Time (US).
High Level Overview:- 100,000,000 (100 million) total coins. The old coin had too many coins which inhibited adoption for a number of reasons.
- A PoW/PoS hybrid, CPU-only mineable coin that significantly reduces power consumption (more green)
- PoS Interest: begins at 100%, gently curves downward depending on number of adopted users. Similar to Novacoin's implementation.
- Updated coin production deflation curve that more closely matches the intended carbon mitigation effect of the coins future use and trajectory (see sch. below)
- An upgraded, less buggy wallet
- Producers will receive new coins (GREX) for their production beginning Sunday Feb. 22.
Wallet Features:- No IRC (Faster)
- Very Fast Wallet Start (Qt)
- Automatic Sending of Mature Coins to Savings Address
- Built in Block Explorer
- Detailed POW/POS Info
Coin Specs:1. Coin Specs - POW/POS
2. Algorithm: Mirror - Secure, fast and efficient - 100 x Scrypt speeds - CPU Only at launch
3. Total coins: 100,000,000 (one hundred million)
4. Block Time: 60 seconds target (approximately)
5. Initial coins per block:
6. Coins per block awarded to miners: Stars at 3.7 (50%)
7. Coins per block awarded to Foundation: Starts at 3.7(50%)
8. Halving rate: Gradually decreases from 3.8 to 0 over 40 years - decrease by ~0.1 every year
9. Difficulty Retarget: Every 2 Blocks
10. Confirmations on Transactions: 5 (about 5 minutes)
11. Confirmations on Mined Blocks: 25 (about 25 Minutes)
12. Ports: P2P 7554, RPC 7553
Exchanging old coins:In the release, there will be 6M pre-mined coins to be held by the Foundation
and to be used exclusively for exchanging new coins for old coins. This represents 6% of all of the new coins that can ever be mined (note that when we devised the solution we were near block 300,000 = 600M old coins which is why this number was chosen). In order to allow for timely exchanging, but not support both coins overlapping for too long, we will allow old coins to be exchanged for new coins until block 500,000 of the old coin is reached. At this time there will be 1B total old coins outstanding. Therefore old coins will be exchanged for new coins at a rate of 166.6666667 GRE to 1.00000000 GREX.
We are currently on block ~346,000 for the old coin, and the coin generates about 1,400 blocks per day. Stipulating this rate continues about the same, that will yield over 100 days (or until ~ June 2nd, 2015) for everyone to be able to exchange their old coins for new coins. The Foundation will operate this exchange (and manually so, if need be). We will accept the coins to a central address to be determined. Once a confirmed transaction is received and a new coin (GREX) address supplied, the requisite new coins will be issued to the sender. The old coins will either be sent to a burned address or held in a wallet that we encrypt with an unmemorable password and then destroy the password. We will not utilize the old coin in any way and we will no longer support it.
As always, my goal first and foremost is to be make sure users are being treated as fairly as possible. We welcome feedback and also ask for any assistance that may help the transition be a smooth one. Once this "coin plumbing" issue is behind us, all of the previous discussions around marketing, growth, faucets, and everything else is back on the table, and we plan to begin executing on them very quickly after the release. We are excited by this transition and feel it is in the best interest of the stakeholders and for the global environmental imperative we are attempting to effectuate and to serve.
I will keep updating throughout the week on the location for the code, wallets, and more specific details for the launch.
Coin mining schedule:
