Sentinelcoin (STNLC)
Project Sentinel's way of encouraging contribution to NXT Security!
Project Sentinel's way of encouraging contribution to NXT Security!
What is it?
Sentinelcoin is a NXT MSCoin aimed at encouraging people to contribute to NXT network level security and NXT personal level security in a variety of ways! Some examples of this are contributing to the Security Library, finding holes in NXT security, and developing NXT security related projects. All of these activities will have bounties paid in Sentinelcoins. The other way to get Sentinelcoins is by minting them (though security contributions will be more handsomely rewarded).
Is uses the Keccak25 PoW algorithm, a new ASIC (and possibly GPU) resistant algorithm aimed at providing fair distribution.
Because of an issue with 8 Decimal MSCoins, STNLC now has a sister coin, SNTNL! STNLC can be traded for SNTNL at a 1 to 1 rate. STNLC is Mintable and has 8 decimals for greater precision. SNTNL is not mintable and only has 4 decimal places, meaning it can be exchanged for NXT at fractional values, unlike its 8 decimal equivalent.
What are the technical details?
STNLC
Algorithm: Keccak25
Initial Supply: 1'000'000 Units
Maximum Supply: 999'999'999 Units
Decimals: 8
Minimum Difficulty: 1
Maximum Difficulty: 15
SNTNL
Initial Supply: 999'999'999
Maximum Supply: 999'999'999
Decimals: 4
What is an MSCoin?
An MSCoin is a cryptocurrency issued on top of the NXT platform. They can be issued with a variety of different options allowing them to function as traditional PoW cryptocurrencies (as is the case with Sentinelcoin), pseudo PoS coins that pay dividends, or controlled fiat currencies for the power hungry.
Are there any differences in difficulty between PoW MSCoins and traditional PoW cryptocurrencies?
The answer is yes. The difficulty for a MSCoin is applied to the smallest possible unit for that coin. For a coin with 8 decimal places (like Sentinelcoin), the difficulty applies to finding 0.00000001 coins. Further, the difficulty, rather than adjusting to the number of people minting (that is, the equivalent of mining for a MSCoin), is adjusted based on the number of coins already minted in relation to the total amount coins ever to exist.
Minimum Difficulty represents the difficulty of minting the smallest possible unit at the very beginning of the coin's existence. Maximum Difficulty represents the difficulty of minting the very last of the smallest possible units. As more units enter the economy, the difficulty gradually increases from the minimum to the maximum.
Further, you can attempt to mint as many units of a MSCoin as you wish, it will just increase the difficulty, and thus the amount of time it takes.
The equation for calculating to aproxomate number of hashes it will take to mint a certian number of coins is as follows:
hashes = 2difficulty × numberOfDecimalPlaces10 × numberOfWholeUnitsToMint
More information on the math behind the minting process can be found here: https://nxtforum.org/monetary-system-153/(guide)-how-to-set-a-good-difficulty-for-mintable-currencies/
What about SentinelC assets?
These will be swapped for STNLC with 3 STNLC for every 1 SentinelC asset turned in.
What existing bounties are there?
None yet. These will be determined once STNLC has a roughly established exchange rate for NXT. This being said, I am more than happy to let people claim bounties from the Project Sentinel Library immediately... After which a a reward in STNLC will be worked out. Another thing we need is a logo. If someone were to submit a logo now, I would work out a price in STNLC once a rough exchange rate has been established.
Thank you all and happy minting!
BOINC Announcement!
There has been talk about including BOINC (PoW that contributes to scientific research) algorithms for Nxt MSCoins! If this comes to pass, there will be a new version of STNLC released that will run off of one of these algorithms. The old STNLC will be honored in exchange for the new one for a 3 month period, after that, it it I will no longer give away the old one as a reward and will not exchange it for the new one.
It may still live on as a life of its own but will simply no longer be a part of Project Sentinel. Thank you all!