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Offline bytemaster

ProtoShares Mining Schedule
« on: November 04, 2013, 07:19:00 AM »



This chart shows how the money supply will change by week.  This is a 5% reduction in mining reward every week with a maximum supply a little over 2 million in 2 years.  This schedule was chosen because ProtoShares is not a currency play but a speculation play on the future value of BitShares and BitShares should be fully developed and deployed within 6 months to 1 year.   Therefore mining is meant to encourage early adoption.

The BitShares money supply will be about 20 million so ProtoShares represents at most 10% of the eventual BitShare money supply.  BitShares will be mined over about 10 years. 
« Last Edit: November 04, 2013, 08:49:45 AM by bytemaster »
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline ebit

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Re: ProtoShares Mining Schedule
« Reply #1 on: November 04, 2013, 02:42:52 PM »
Protoshares can be changed into Bitshares ?

Offline bytemaster

Re: ProtoShares Mining Schedule
« Reply #2 on: November 04, 2013, 03:23:47 PM »
For every ProtoShare you own you will be granted 1 BitShare in genesis block.  So they don't CHANGE INTO BitShares  you get both :)
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline phoenix

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Re: ProtoShares Mining Schedule
« Reply #3 on: November 04, 2013, 08:29:55 PM »
Will all DACs released by invictus innovations use the same form of protoshares, or will there be a separate block chain for the protoshares of each DAC?
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline bytemaster

Re: ProtoShares Mining Schedule
« Reply #4 on: November 04, 2013, 09:00:22 PM »
Will all DACs released by invictus innovations use the same form of protoshares, or will there be a separate block chain for the protoshares of each DAC?

ProtoShares will be the foundation for each DAC based upon BitShares we release.   We will probably fork ProtoShares into ProtoDomains so that they can be priced separately in about 3 months.   In this case ProtoDomains will start out honoring ProtoShares positions.

ProtoShares are a pricing mechanism used to fund development of DACs.    IF there is a new DAC idea that we want to 'price' in the market, we will split it off from ProtoShares.   In effect, owning ProtoShares will give you some cut in every DAC we ever release.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline cc5alive

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Re: ProtoShares Mining Schedule
« Reply #5 on: November 08, 2013, 12:33:07 AM »
I thought the reward was supposed to decrease 5% a week.  It looks like it's decreasing around 5% a day.  Anyone have an explanation for this difference?

Offline bytemaster

Re: ProtoShares Mining Schedule
« Reply #6 on: November 08, 2013, 12:45:22 AM »
I thought the reward was supposed to decrease 5% a week.  It looks like it's decreasing around 5% a day.  Anyone have an explanation for this difference?

Mining rate is supposed to be every 5 minutes, but initial demand was so high that it has been closer to every 30 sec... once difficulty adjusts we we be back on schedule, perhaps accelerated by 1 month.   Note that Bitcoin also has this problem and is currently over a month ahead as well.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline jovani75

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Re: ProtoShares Mining Schedule
« Reply #7 on: November 08, 2013, 09:06:28 PM »
I thought the reward was supposed to decrease 5% a week.  It looks like it's decreasing around 5% a day.  Anyone have an explanation for this difference?

Mining rate is supposed to be every 5 minutes, but initial demand was so high that it has been closer to every 30 sec... once difficulty adjusts we we be back on schedule, perhaps accelerated by 1 month.   Note that Bitcoin also has this problem and is currently over a month ahead as well.

All Primecoin miners a here, that's why global hashrate is so high!

Offline bytemaster

Re: ProtoShares Mining Schedule
« Reply #8 on: November 08, 2013, 09:13:11 PM »
Difficulty goes up by 4x in about 45 minutes... we shall see if it makes any difference.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

 

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