This thread will be the official pre announcement thread of QuantaCoin and also the preannouncement for the IPO which will start in 2 weeks, on June 15, 2014. The reason for the pre-announcement of the IPO is it is a relatively small and as a result this will be to try and minimize the number of people who do not get in because they did not know about it - a complaint I have heard with many other recent IPOs.
There will be a total of 1,000,000,000 (1 billion coins). Of these coins a total of 5,000,000 (0.5%) will be premined and used to cover all of the costs for promoting and marketing the coin as well as paying the investors who invest during this IPO. While I know many people here don’t like premines I do not have the money to personally cover all these costs myself and it needs to be raised somehow.
The coin will have a 1 minute block time, with each normal block containing a total of 10 coins. In addition to this, there will be two super blocks one at noon and one and midnight. One of these blocks will be split across the people who do folding at home and the other for people who do Boinc. Each of these ‘super blocks’ will contain 28,800 coins. You will receive these coins as a percentage of the total work you do for a given day compared to the teams total work.
Formula for superblock payout. (points earned) / (total teams points for day) * 28,800
None of the coins from the super blocks will go the mining portion of the coin…That means in total 72,000 coins will be released on a daily basis.
The mining of the coin will be a new algorithm that comes from a combination of three existing algorithms. The way it will work is 20% of all mining will be using the X11 algorithm to help secure the network and do transactions. 40% of all mining will be using Folding at Home to fold proteins and 40% of the mining will be for BOINC. Everyone’s GPU will be doing all three things at the appropriate percentages. The pool(s) will give the coins for the X11 work with each block and then the Folding and BOINC coins will be paid when the superblocks come out.
Interest / Proof of Stake System
The coin will have a system that pays you an interest of 2.5% on your existing balance for all coins over 30 days old. Your payment will be calculated in with each block which means that you will receive a little bit of interest each block. There will be no transaction fees on the interest that you receive with each block.
These days, remaining anonymous is a goal for many people with digital currency. This coin will have a fully featured anonymity option built in to the wallet similar to Dark Send. The denomination for sending the coins with the anonymity feature will be in groups of 1000 coins. People will denominate how they want their coins to be spent and the 5 people’s groups of 1000 coins that they send will be received and then split accordingly. However, no one will know if the payment to person 5 came from the 1000 coins of person A or the 1000 coins of person D. Once you send this coin, the server will wait until 5 people have sent this many coins using the anonymity feature before sending out all the coins. More details will be released about this later.
The way this when you send coins from the wallet there will be a box you can check to say if you want to have the anonymity feature enabled or not. If you choose to say yes then it will check the amount of coins that you are sending. If the amount of coins you are sending is equal to 1000 then it will send the coins for you to an intermediate party which will split this up accordingly. How it works will be similar to Dark Send. The fees for sending coins this way will double.
The coin will also come with an fully encrypted messaging system where you can send messages from one wallet address to another. That way in some sense your wallet address become emails. This feature could also be useful for attaching messages when you send coins.
The coin will also come with a multiple addresses feature. What this is is if you want to giveaway say 10 coins to 20 different people rather than making 20 separate transactions there will be an option to copy and paste all the addresses, separating them with a comma and send them all out as one transaction box in the wallet.
Why Merge all the mining?
As I’m sure some of you have noticed some recently released science currencies allow you to choose to either do folding/boinc or to choose to do mining. Some of you may be wondering why I chose to merge them. The reason for this is because if you split your coins say 25% mining and 75% science and you can choose to do either, this makes the mining difficulty lower since some people that could be doing mining are doing science instead. This makes it much more efficient for splitting up the work load and keeps the network hashrate from being very low opening it up to a 51% attack. It also offers advantages in Asic Resitance.
Why Boinc & Folding at Home
Boinc and folding & home both offer some very unique projects. By offering both on top of keeping either one from being overwhelmed by receiving 80% of the hashing power, it also gives you the opportunity to instead of putting 80% of the hashing into protein folding you could put 40% into folding and 40% into searching for extraterrestrial life with seti@home or any one of the 10s of projects offered.
Another great feature the mining of the coin this way is Asic Resistance. What that means is let’s say in 2 years Asics come out for X11. Those Asics will not work on this coin even though X11 is the algorithm used to secure the block chain. Instead a Asic would need to be made specifically for this coin and it would offer a much worse advantage over normal GPU mining because it would have to be designed to do protein folding, boinc projects (such as weather simulations) and work on the X11 algorithm
As already said the IPO will begin on a separate thread on June 15, 2014 on bitcointalk forums. In this IPO we are looking to raise a total of 10 Bitcoins (assuming the price of Bitcoins stays between $500 and $750). In exchange for each Bitcoin you donate, you will receive a total of 200,000 coins - that is a total of 2,000,000 coins will be released. The minimum donation amount will be 0.05 Bitcoins - enough to allow many people to donate but not so low as to make it so that their are too many donors to keep track of.
How much each forum user donates and your forum username will be kept in a spreadsheet. Upon donating you will also receive my private email to contact me. More donation instructions will be released with the IPO thread. All donor coins will be paid out within 2 weeks of the coin’s release. To help me give an idea and manage things better if you are interested in donating right now, please PM me (not required.)
What will the 10 Bitcoins go to?
The 10 Bitcoins will be used to get the following.
-Forum & Theme
-Reaching out to Boinc & Folding for possible partnerships
-Social media accounts
-Fully functioning pool with closed testing with another currency.
-Expanding DEV team.
What will the coin have upon release?
-Fully functional pool.
-Explanational and promotional videos.
-Actively maintained social media accounts.
-Standby for help setting up.
-Fully functioning & tested wallet for Linux, Windows, and Mac.
-Wallet for Android
-Anonymity features build in.
-Choice of what research to support.
-Foundation similar to Bitcoin foundation.
-Exchange for trading to Bitcoin and one soon after for trading to USD.
That’s all. Leave any comments / questions in the area below and I will do my best to answer them. Let’s make this coin the next big thing!