TopicStarter: LitecoinCashOfficial –
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We taught safe forking to the LTC community.
We performed the first ever spacedrop.
We developed Hive mining.
Now, the Litecoin Cash team brings you a new project. Introducing:
World Record Initial Distribution
To ensure the widest ever distribution of a new coin, on 18 Feb 2020, chainstate snapshots of BTC, LCC, DASH and DOGE will be taken. A proportional Ring balance will be paid to over 30 million addresses (representing over 30 years of compressed cumulative blockchain history).
- Bitcoin 1 BTC : 1 RNG
- Litecoin Cash 1 LCC : 0.00020000 RNG (5000 LCC : 1 RNG)
- Dash Claim rate will be as per BTC price at snapshot point
- Dogecoin Claim rate will be as per BTC price at snapshot point
Three Ways To Mine
Our unique symbiotic chainwork scaling algorithm is designed to allow additional security on hybrid chains by encouraging the different mining dimensions to work together (see our Hardening The Hive paper for more info).
Proof-of-work using a new bespoke CPU minable hash algorithm, Minotaur. This algorithm is designed to level the playing field as much as possible; core count is far more important than core speed, with cores that have a 10x performance difference on paper showing only 2-3x performance difference while hashing Minotaur.
In-wallet Minotaur CPU miner
Agent-based hive mining
Proof-of-play: Play games inside the wallet to earn rewards. This is no gimmick; gameplay directly generates blocks and secures transactions.
Our proof-of-play protocol is designed for integration with additional games. Right from launch you'll be able to do proof-of-play mining from within the wallet; but in the future, third party game developers could have their players earn coins while securing the blockchain.
We know that like us, you don't trust any of the companies promising you "end to end encrypted chat". We also know that you do trust the cryptography that protects your coins every day.
Shakespeare's Rialto was a street in Venice where merchants would meet to discretely conduct their business. Our Rialto will be a wallet-integrated chat application offering true end to end encryption and fully integrated low-friction payments. Note that we're not talking about storing your chat on-chain! Rather, on-chain keypairs will be used to negotiate secure session keys for offchain p2p chat.
- Block time: Approx 30 seconds across all block types (pow, hive, pop). Even distribution of each block type is expected.
- Transaction bandwidth: >30K transactions / minute (assuming 250 byte transactions).
- Total initial distribution: Approx 19 million RNG paid to approx 31 million addresses (exact figures to follow after snapshot point)
- Development fund: 1% of initial distribution
- Proof-of-work block reward: 0.2 RNG
- Hive mining block reward: 1 RNG
- Proof-of-play block reward: 0.05 – 0.2 RNG
- Inflation: Less than 2% per annum, tending towards zero as chain approaches infinite length. Note that Hive mining is overall zero-sum and non-inflationary.
- Hive mining parameters (see the Hive whitepaper):
- Dwarf maturation time: Approx 2 days
- Dwarf lifespan: Approx 31 days
- Sustainable population at GI=100: 1 million dwarves.
The Ring wallet will be made available in source form and as binaries for all platforms shortly after the 18 Feb snapshot point (within days, rather than weeks).
Our Minotaur reference implementation is already available.
How to Participate
Simply hold LCC, BTC, DOGE or DASH for the duration of the snapshot day, 18 Feb 2020, on private keys that you control. A more specific timestamp will follow.
You don't need to trust us in order to claim your coins. In common with an IFO, after the snapshot you should move all your funds to a fresh private key. Once the wallet is released, you can safely import the private key you used to hold your funds during the snapshot. Always practice safe forking!
Visit our site, ringcoin.tech for a chance to win 100 RNG – equivalent to holding 100 BTC through the snapshot point!
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