Hi. I launched a new ERC20 Token , that is also a Mineable token (100% Proof of Work).
Main Thread : https://bitcointalksearch.org/topic/annno-ico-0xcate-proof-of-work-erc20-token-refund-your-gas-with-cates-3539559
https://www.catether.org/
Discord : https://discordapp.com/invite/XBRaEcW
Telegram Supurr'-group : https://t.me/joinchat/G0Ya5ErA1rGcFaDFbtcBJA
Discord : https://discordapp.com/invite/XBRaEcW
Telegram Supurr'-group : https://t.me/joinchat/G0Ya5ErA1rGcFaDFbtcBJA
An ERC20 token that is mined using PoW through a SmartContract and transactions
No ICO
150,000,000,000 tokens after 18 months
Difficulty target auto-adjusts with PoW hashrate at every block
Rewards decrease as more tokens are minted
Compatible with all services that support ERC20 tokens
How does it work?
Typically, ERC20 tokens will grant all tokens to the owner or will have an ICO and demand that large amounts of Ether be sent to the owner. Instead of granting tokens to the 'contract owner', Catether needs to be "mined" witch a computer, which is very unusual for tokens. Also, each time you call a "transfer" function (each time you transact Cates), it will mint 1 token, want will evenly share it between the sender and another address that the sender choose. It's a sort of "Proof of Use": when you use the Token, you're rewarded.
Since you earn tokens by making transfers with it, you don't loose as much value in transfer fees: they are now partly refunded with Cates. To a certain extent, it can even be profitable to make Cate transactions at a very low cost. There is a correspondence between Cates and gas, actually: each transfers costs around 50 000 gas, and you get awarded with 1 cate. So, 20 transactions is worth 1 million gas, which is also worth 20 Cates.
How does it affect coin supply ?
The coin supply is designed to reach 150 billion tokens by December 2019. After that milestone, mining will generate an additional 4.5 billion per year, and transactions will start to have a real impact on the token supply : Let's say that, by that time, there are 1 Cate transactions per second => 31.5 additional Cates will be generated, and distributed following each and every user's desires. So, 1 transaction per second equals to roughly +0.66% inflation from the standard inflation rate (which is around 2.5% per year, during the first years, and it decreases over time). However, let's imagine not 1tx/s, but rather 1'000tx/s : then, Cates will deflate 6.6 times faster than with PoW alone. 10'000 tx/s ? 66 times faster.
Where this madness will ever stop ?
It will stop in a timely manner, I promise.
If you do the maths, as long as the number of transactions grows no more than 25% per year, the inflation rate will converge towards 0 over time. And since +25% is an unsustainable rate of growth for the number of transactions on a single medium, we shouldn't cross that barrier.
There is (currently) a physical limit to the number of transactions per second, anyway. Currently, this limit is close to 10tx/seconds. As Ethereum scale, so will Cates.
No ICO
150,000,000,000 tokens after 18 months
Difficulty target auto-adjusts with PoW hashrate at every block
Rewards decrease as more tokens are minted
Compatible with all services that support ERC20 tokens
How does it work?
Typically, ERC20 tokens will grant all tokens to the owner or will have an ICO and demand that large amounts of Ether be sent to the owner. Instead of granting tokens to the 'contract owner', Catether needs to be "mined" witch a computer, which is very unusual for tokens. Also, each time you call a "transfer" function (each time you transact Cates), it will mint 1 token, want will evenly share it between the sender and another address that the sender choose. It's a sort of "Proof of Use": when you use the Token, you're rewarded.
Since you earn tokens by making transfers with it, you don't loose as much value in transfer fees: they are now partly refunded with Cates. To a certain extent, it can even be profitable to make Cate transactions at a very low cost. There is a correspondence between Cates and gas, actually: each transfers costs around 50 000 gas, and you get awarded with 1 cate. So, 20 transactions is worth 1 million gas, which is also worth 20 Cates.
How does it affect coin supply ?
The coin supply is designed to reach 150 billion tokens by December 2019. After that milestone, mining will generate an additional 4.5 billion per year, and transactions will start to have a real impact on the token supply : Let's say that, by that time, there are 1 Cate transactions per second => 31.5 additional Cates will be generated, and distributed following each and every user's desires. So, 1 transaction per second equals to roughly +0.66% inflation from the standard inflation rate (which is around 2.5% per year, during the first years, and it decreases over time). However, let's imagine not 1tx/s, but rather 1'000tx/s : then, Cates will deflate 6.6 times faster than with PoW alone. 10'000 tx/s ? 66 times faster.
Where this madness will ever stop ?
It will stop in a timely manner, I promise.
If you do the maths, as long as the number of transactions grows no more than 25% per year, the inflation rate will converge towards 0 over time. And since +25% is an unsustainable rate of growth for the number of transactions on a single medium, we shouldn't cross that barrier.
There is (currently) a physical limit to the number of transactions per second, anyway. Currently, this limit is close to 10tx/seconds. As Ethereum scale, so will Cates.