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Offline bitshirehashaway

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Hello Everyone,
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.


Coin Specifications
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.


Anonymity
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.

Multiple Addresses
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 [email protected] or any one of the 10s of projects offered.

Asic Resistance
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


The IPO!
As already said the IPO will begin on a separate thread on June 15, 2014. 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.

-Logo
-Official Website
-Developer's Blog
-Forum & Theme
-Reaching out to Boinc & Folding for possible partnerships
-White Paper
-Social media accounts
-Testing
-Extra
-Fully functioning pool with closed testing with another currency.
-Wallet Development
-Design
-Expanding DEV team.

What will the coin have upon release?
-Fully functional pool.
-Handwritten guides.
-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.
-Gambling websites.
-Faucet.
-Marketplace website.
-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!
« Last Edit: June 04, 2014, 01:20:02 AM by bitshirehashaway »

Offline mf-tzo

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Would you consider out of the 5 mil premined coins donate a percentage to the AGS shareholders and in return get their advice with marketing, development and attract some shareholders that most likely will not dump their free coins but will most probably work with you for the success of your coin?

A small percentage of the total coins doesn't sound a bad deal in return for a valuable collaboration with a community that will make a serious difference soon...think about it.. ;)
 

Offline bitshirehashaway

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Name Change: Quantum.

Offline bitshirehashaway

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Would you consider out of the 5 mil premined coins donate a percentage to the AGS shareholders and in return get their advice with marketing, development and attract some shareholders that most likely will not dump their free coins but will most probably work with you for the success of your coin?

A small percentage of the total coins doesn't sound a bad deal in return for a valuable collaboration with a community that will make a serious difference soon...think about it.. ;)


I would definitely consider it, however, something like that would not be limited to AGS shareholders. I am considering increasing the premined coins to 1% or 10,000,000 of which 4,000,000 would go to investors 3,000,000 developers and the other 3,000,000 could have some of it go to AGS shareholders.

Offline mf-tzo

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That would be nice! Something else... What is the difference between Quantum and Cure coin? I think you are already involved with Cure coin if I am not mistaken. Why would something would be more interested in Quantum and not in Cure coin?

Thanks!

Offline bitshirehashaway

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That would be nice! Something else... What is the difference between Quantum and Cure coin? I think you are already involved with Cure coin if I am not mistaken. Why would something would be more interested in Quantum and not in Cure coin?

Thanks!

I do mine Curecoin but I am not directly involved in the development or anything like that. The difference is that Curecoin is just 80% folding and 20% SHA-256. This means several things. First Curecoin is driving a lot more power towards Folding @ Home - therefore straining their resources more. This project splits the resources between Boinc and Folding @ Home. It also allows users to choose what project they want to do so rather than doing 80% folding they are doing 40% folding and 40% [email protected] example (search for extraterrestrial life).

Next this coin will have the built in anonymity features that many people are seeing as standard these days like DarkSend.

Also, this coin will be X11 instead of SHA-256 and it will have the science & X11 combined into a single algorithm. This means more security. For example let's say $100,000 of equipment signed up for Curecoin and $20,000 does SHA-256 and $80,000 does folding (along the coin payout split). In this case lets say the network hashrate becomes 10 th/s from that $20,000 of equipment. If you want to do a 51% attack you only need to get 5 th/s or $10,000 of equipment. Versus for Quantum the algorithm is merged  so 80% of everyone's calculations go to science. That means if you put in $100,000 of equipment your hashrate will be the equivalent as it is for Curecoin (still X11 instead of SHA-256) but instead it would require $100,000 of equipment in order to do a 51% attack. Also, that makes it much harder to make Asics because X11 Asics wouldn't work for this coin and the differences between folding & different boinc projects mean the chances of being able to make an Asic that offers major performance benefits is very small.

And lastly, Curecoin premined all of the coins for folders. While the coins are still safe it still introduced unnecessary risk by having 76% of the total coin supply in one location. This coin will have the coins for folders & boinc people being released daily.


That's all!

Offline mf-tzo

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Thank you very much for the explanation. It sounds very interesting.

I believe that mining should be used only for scientific purposes and nothing more (folding for cures, searching for prime numbers, solar efficiency, even seti :o ). I bought a few Cure coins and some XPMs at much more expensive prices than currently and I really don't mind losing money since at least these coins even if they don't make much economic sense have some scientific purpose.

Bitcoin doesn't make any sense to me anymore and I refuse to hold any of them irrespective of their price and market cap. For this reason I am 100% POS and behind BTS.

By honoring AGS you will get the gratitude and acceptance of a community that is not dumpers. I am almost certain that most of us will not dump their free share from your coin but rather hold on to it and help you in many aspects for the future success of it (marketing, development, economic advices, and surely some dedicated miners here will also mine it).

I would really like to see Quantum overtake all the useless POW coins and you should seriously consider honoring AGS instead of other POW communities who will most likely dump their free shares. We are creating a new industry here and we would like you to be part of it!!

Offline mf-tzo

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Quote
I would definitely consider it, however, something like that would not be limited to AGS shareholders. I am considering increasing the premined coins to 1% or 10,000,000 of which 4,000,000 would go to investors 3,000,000 developers and the other 3,000,000 could have some of it go to AGS shareholders.

Does this mean that the investors will get 1BTC = 400,000 coins instead of 200,000?

Just a thought...:

I understand that developers need to raise money for the development but in order to avoid the usual "premine" accusation and scam you could do 7 mil for the IPO, 0 devs, and 3 mil for donated to other communities.

You can split your IPO in 10 days for 700,000 coins distributed proportionally to the daily donations (like AGS does it). Let the investors compete for 10 days and you give the advantage for the investors that believe in you to get cheaper shares in advance. Also since you believe in your coin you will also have an incentive to participate in your IPO as well. If the market believes in your project you will end up with more than 10 BTCs from the initial investors in 10 days, you will not have to deal with any "premine" accusations.


 


Offline bitshirehashaway

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I would definitely consider it, however, something like that would not be limited to AGS shareholders. I am considering increasing the premined coins to 1% or 10,000,000 of which 4,000,000 would go to investors 3,000,000 developers and the other 3,000,000 could have some of it go to AGS shareholders.

Does this mean that the investors will get 1BTC = 400,000 coins instead of 200,000?

Just a thought...:

I understand that developers need to raise money for the development but in order to avoid the usual "premine" accusation and scam you could do 7 mil for the IPO, 0 devs, and 3 mil for donated to other communities.

You can split your IPO in 10 days for 700,000 coins distributed proportionally to the daily donations (like AGS does it). Let the investors compete for 10 days and you give the advantage for the investors that believe in you to get cheaper shares in advance. Also since you believe in your coin you will also have an incentive to participate in your IPO as well. If the market believes in your project you will end up with more than 10 BTCs from the initial investors in 10 days, you will not have to deal with any "premine" accusations.

I decided I'm going to go with a 5,000,000 coin premine of which 2,000,000 or 2,250,000 will be for investors at a rate of 200k/BTC or 150k/BTC - haven't decided. No coins will specifically target AGS shareholders on an honoring system (i.e. 1 AGS = 1 coin unless Invictus wants to setup a marketing deal with me) - however, I will do several major giveaways on this forum to anyone who posts an address. I could do an IPO but it seems riskier the way you said to get guaranteed 10 BTC.

That is all for now - thank you for your suggestions.

Offline liondani

interesting
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Offline mf-tzo

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interesting

I am not so sure if it is interesting anymore...

Quote
decided I'm going to go with a 5,000,000 coin premine of which 2,000,000 or 2,250,000 will be for investors at a rate of 200k/BTC or 150k/BTC - haven't decided..

He hasn't yet decided for many things...

Quote
No coins will specifically target AGS shareholders on an honoring system (i.e. 1 AGS = 1 coin unless Invictus wants to setup a marketing deal with me) -
Quote

A hero member in the forum, signed from the beginning and doesn't want to honor AGS unless I3 wants to set up a marketing deal with him....I don't remember Freetrade pre negotiating marketing terms before honoring PTS with his Lottoshares. And after a couple of posts he decided to honor AGS as well... And Freetrade doesn't have the best name on the net but at least this shows some goodwill with his actions now..

however, I will do several major giveaways on this forum to anyone who posts an address.


That is nice. Thank you! :)

[/quote]I could do an IPO but it seems riskier the way you said to get guaranteed 10 BTC.[/quote]

You don't seem very confident with the success of the project...

 

Offline liondani

your concerns make sense...
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