Topic: [ANN] New CryptoCurrency "StormCoin" Symbol: LIT - SHA-256 algo (Read 368 times)
Sure seems interesting... but what is a mining resume ? References ?
November 25, 2017, 12:25:34 AM
I am not doing a showy glitzy post as the initial announcement because I am new to creation of cryptos. This is my first attempt to launch a cryptocurrency. I will describe the reason for it's existence and concept model below.
Purpose: To act as an intermediary Crypto-asset between fiat or BTC/ETH into a uniform currency for a up and coming crowdfunding site for a specific purpose of offering certain services to businesses and individuals of a high net worth in order to trigger the funded amounts and services to be rendered.
The LIT coins will be redeemable on the crowdfunding site towards the goals on the site, at the price of 100 oz of spot price of silver per 1 LIT. The intent is to peg the backing price to silver, a metal asset, as the coins will only have 1 purpose, to raise funding towards the crowd funding in exchange for other already established crypto assets like BTC and ETH.
The crowdfunding bulletin board page that lists the status of various goals and has the interface to convert your ETH or BTC into LIT {currently valued 1700 per 1 LIT at current silver prices of around 17USD/oz} exchange rate.
The coins as the mining of them continues {This is a POW currency based on SHA-256 CPU mining and does not reward speed. The larger the hashrate the larger the difficulty.} will eventually be released to several specific exchanges for the purposes of trading them if you hold them. Yes, the asset may originally be valued at 100 oz of silver, but once it is released the market controls it's relative value. The conversion rate on the crowdfunding site will change to stay synced up with the market average price of the LIT coin.
At first the mining will be limited, as the growth process and roadmap for this coin is a slow one. The initial investors into the crowdfunding services will be the first people or companies to own LIT coin. They do not have to spend all their lit coin on the site, they can send it to their personal wallet once exchanges open they will be able to send it to an exchange wallet as well, to keep the future open to trading scaleability.
There are not enough silver-pegged Cryptocurrencies yet based on CPU mining so I wanted to solve this problem as well.
I do not affiliate with the person who is rendering the services, they have asked I kept things specifically anonomous and they only talk to me through encrypted chat. I am just the coin dev, so please, no questions about the crowdfunding services. I have no answers for you, my job is to maintain the currency and carry it's long term vision forward as a developer.
I am an amature python coder and have many years working within the forex world in coding MQL4 trading algos. I enjoy cryptocurrencies so much I wanted to find a good project to commit my time and energy to so this one when I was approached via someone on a discord one day who insisted they must remain hidden due to the nature of the services they want to offer via the crowdfunding site. I told them I was interested simply because i needed practice as a developer and I wanted to be involved in a project that is very good for the planet as a whole, so I moved forward with this. I will be given 10% of the profits from the efforts as dev of the coin for the crowdfunding. Beyond that I am not affiliated with the service provider.
I hope this coin grows into something amazing. With your help as a community, it will for sure as miners will be needed to unlock it as time passes when mining becomes public. For now a private mining period is required to fill the crowdfunding site with IOU tokens on the site = to 1 LIT per 1 LITtoken on the site, which are what are used to fund the crowdfunding objectives if you use your LIT for this purpose.
Any suggestions will always be recognized and appreciated and possibly applied.
Thank you for your interest! Help me make this a nice launch, i welcome anyone who wants to team up with me in the longer term picture to help maintain the coin. The source is closed, to prevent backdoors and the blockchain is custom to prevent easy hacking from known exploits.
Please keep in mind the faster you try to mine this coin the longer it takes to mine a block. At first it will be solo only. Mine slowly and persistently w/ CPU and you will find a block. I have found even having only 3 computers mining vs. 1 makes it 8 times harder to find a block. Please heed this. Anyone trying to use pure hashing power to mine this coin will take a very long time to gain a block.
You are not welcome, if you are a power-miner with a bot net or other such folks that think speed is the only thing that should matter. This coin goes the route similar to Coin Magi -- faster mining = slower rewards and huge difficulty in finding blocks. Please keep your mining to soft and subtle and slow. This leaves much smaller block times. I will block any IP i see mining with excessive speed. If your hashrate per second is over 3 million you are making things slow for everyone so please keep your TOTAL HASH SPEED under 2 million per second. This coin is selective and mining is not open to the public but only to trusted miners with a history of mining and a mining resume. Too many problems with CPU algos to allow random miners. Its a huge problem that other of the same algo hash have had to deal with, so I will have to watch out for this on an IP by IP basis. If there's a large hashrate IP it will be blocked permanently. Thanks for understanding, the release of this coin will be a slow process at first so bare with me.
Submit mining resume with references to my PM box if you wish to be informed when private open mining starts.
Your friendly neighborhood Dev,
Chronosphere
Purpose: To act as an intermediary Crypto-asset between fiat or BTC/ETH into a uniform currency for a up and coming crowdfunding site for a specific purpose of offering certain services to businesses and individuals of a high net worth in order to trigger the funded amounts and services to be rendered.
The LIT coins will be redeemable on the crowdfunding site towards the goals on the site, at the price of 100 oz of spot price of silver per 1 LIT. The intent is to peg the backing price to silver, a metal asset, as the coins will only have 1 purpose, to raise funding towards the crowd funding in exchange for other already established crypto assets like BTC and ETH.
The crowdfunding bulletin board page that lists the status of various goals and has the interface to convert your ETH or BTC into LIT {currently valued 1700 per 1 LIT at current silver prices of around 17USD/oz} exchange rate.
The coins as the mining of them continues {This is a POW currency based on SHA-256 CPU mining and does not reward speed. The larger the hashrate the larger the difficulty.} will eventually be released to several specific exchanges for the purposes of trading them if you hold them. Yes, the asset may originally be valued at 100 oz of silver, but once it is released the market controls it's relative value. The conversion rate on the crowdfunding site will change to stay synced up with the market average price of the LIT coin.
At first the mining will be limited, as the growth process and roadmap for this coin is a slow one. The initial investors into the crowdfunding services will be the first people or companies to own LIT coin. They do not have to spend all their lit coin on the site, they can send it to their personal wallet once exchanges open they will be able to send it to an exchange wallet as well, to keep the future open to trading scaleability.
There are not enough silver-pegged Cryptocurrencies yet based on CPU mining so I wanted to solve this problem as well.
I do not affiliate with the person who is rendering the services, they have asked I kept things specifically anonomous and they only talk to me through encrypted chat. I am just the coin dev, so please, no questions about the crowdfunding services. I have no answers for you, my job is to maintain the currency and carry it's long term vision forward as a developer.
I am an amature python coder and have many years working within the forex world in coding MQL4 trading algos. I enjoy cryptocurrencies so much I wanted to find a good project to commit my time and energy to so this one when I was approached via someone on a discord one day who insisted they must remain hidden due to the nature of the services they want to offer via the crowdfunding site. I told them I was interested simply because i needed practice as a developer and I wanted to be involved in a project that is very good for the planet as a whole, so I moved forward with this. I will be given 10% of the profits from the efforts as dev of the coin for the crowdfunding. Beyond that I am not affiliated with the service provider.
I hope this coin grows into something amazing. With your help as a community, it will for sure as miners will be needed to unlock it as time passes when mining becomes public. For now a private mining period is required to fill the crowdfunding site with IOU tokens on the site = to 1 LIT per 1 LITtoken on the site, which are what are used to fund the crowdfunding objectives if you use your LIT for this purpose.
Any suggestions will always be recognized and appreciated and possibly applied.
Thank you for your interest! Help me make this a nice launch, i welcome anyone who wants to team up with me in the longer term picture to help maintain the coin. The source is closed, to prevent backdoors and the blockchain is custom to prevent easy hacking from known exploits.
Please keep in mind the faster you try to mine this coin the longer it takes to mine a block. At first it will be solo only. Mine slowly and persistently w/ CPU and you will find a block. I have found even having only 3 computers mining vs. 1 makes it 8 times harder to find a block. Please heed this. Anyone trying to use pure hashing power to mine this coin will take a very long time to gain a block.
You are not welcome, if you are a power-miner with a bot net or other such folks that think speed is the only thing that should matter. This coin goes the route similar to Coin Magi -- faster mining = slower rewards and huge difficulty in finding blocks. Please keep your mining to soft and subtle and slow. This leaves much smaller block times. I will block any IP i see mining with excessive speed. If your hashrate per second is over 3 million you are making things slow for everyone so please keep your TOTAL HASH SPEED under 2 million per second. This coin is selective and mining is not open to the public but only to trusted miners with a history of mining and a mining resume. Too many problems with CPU algos to allow random miners. Its a huge problem that other of the same algo hash have had to deal with, so I will have to watch out for this on an IP by IP basis. If there's a large hashrate IP it will be blocked permanently. Thanks for understanding, the release of this coin will be a slow process at first so bare with me.
Submit mining resume with references to my PM box if you wish to be informed when private open mining starts.
Your friendly neighborhood Dev,
Chronosphere
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