What will you gain when changing to X11 at this stage? There are a total of 110,000,000,000 coins and you're already at 70,000,000,000. Changing your algorithm will not help you in new miners, etc, as the block reward is already so low.
I would suggest:
1. Really try to get on bittrex.com or so, as you don't have any exchange where you can use your coins, ok, lets stated it differently any good exchange.
2. I would go for POS, just allow people to mine 1 or 2 weeks using POW, but with a big amount of coins that they can mine, else nobody will mine it. Move to POS with a nice yearly return.
You cannot remove any coins... that is the biggest problem here. I've a third idea.
Basically this coin is dying, why not launch a new coin with x% pre-mine. Let this coin die, BUT reward the people that has been mining for you since the beginning, so what you will ask is, that people deposit their EDU coins to your wallet, based on the number of coins they will receive a part of the pre-mine coin. Launch a new coin with a lot less coins!!!! Everything above 10,000,000,000 is way too much.
Just think about it. Have a good marketing team for your coin to market it, and don't be afraid to pay (or invest) for it.
I would suggest:
1. Really try to get on bittrex.com or so, as you don't have any exchange where you can use your coins, ok, lets stated it differently any good exchange.
2. I would go for POS, just allow people to mine 1 or 2 weeks using POW, but with a big amount of coins that they can mine, else nobody will mine it. Move to POS with a nice yearly return.
You cannot remove any coins... that is the biggest problem here. I've a third idea.
Basically this coin is dying, why not launch a new coin with x% pre-mine. Let this coin die, BUT reward the people that has been mining for you since the beginning, so what you will ask is, that people deposit their EDU coins to your wallet, based on the number of coins they will receive a part of the pre-mine coin. Launch a new coin with a lot less coins!!!! Everything above 10,000,000,000 is way too much.
Just think about it. Have a good marketing team for your coin to market it, and don't be afraid to pay (or invest) for it.
Ideas for Educoin2.0 :
Primary Goals:
- Put Educoin in the hands of people who could benefit from Educoin the most, the students and teachers across the world.
- Target college students with Scholarship program (sign up .edu email for your piece of the Educoin scholarship fund!)
- Contact http://www.arcademics.com/ and other similar websites to reward students who complete games/quizes in Educoin (doubles as a differentiation strategy to increase site traffic as well as teaching younger generations about cryptocurrencies, starting with Educoin)
We need a more sustainable total supply and I believe this a 100% PoS model would effectively provide that for the community. Due to the nature of PoS coins, (essentially 100% premine currencies), we could restructure the distribution strategy to allow for improvements such as:
Percentage Breakdown
50% Evenly distributed to current Educoin holders
35% Scholarship program directed at college students (redeem by signing up with college email ".edu" for verification)
10% Funding for learning websites that reward students in Educoin. Incentivizes students to play learning games with a positive twist, a healthy conditioning of learning = reward
which is beneficial for the young minds of our nations solving problems
For reference, this should be enough proof of concept for most:
http://usatoday30.usatoday.com/news/education/2008-01-27-grades_N.htm?csp=usat.me
2% Donation for development work/coding (devs involved in harvesting)
3% Bonus coins for Multipool to boost payouts for Educoin supporters
1% Bounty for 1st Multipool (Scrypt/X11) for mining Educoin (providing healthy buy support)
.5% Bounty for exchange involved in harvesting process
X% Unclaimed balance. To deduce from 50% minted coins. For those who haven't switched during the swap period; we will keep that balance for 3 months (and those who are late would be able to claim their Educoin). After this period, unclaimed coins will be destroyed.
Approximate distribution figures:
Total Supply: 10.1 billion
- 5.05 billion (Minted edu)
- 3.53 billion (College Scholorship Program)
- 1.01 billion (Various Learning Websites)
- 200 million (Development work turning to PoS)
- 300 million (Bonus coins to promote mining in multipool)
- 100 million (1st Scrypt/X11 Multipool for EduCoin)
- 50 million (Bounty for Exchange helping "harvesting" process)
Potential PoS Specifications:
- 15 sec block target
- Difficulty retarget each block
- PoS daily interest payout initially at 0.05% per day (equivalent to 22% annual interest rate), gradually dropping down to 0.01% per day (equivalent to 3.7% annual rate), the decrease will be over a period of 5 years (rate adjusted every 3 months). Then it will remain at this rate.
- Minimum holding time before the PoS will be generated: 1 day
- Max accumulated coin-day: 100 days
If you check out Distroblitz, they are a example of the following process that I feel would be an excellent choice for educoin:
They took the unstable Blitzcoin network, and through a "harvesting" process on bittrex, they converted Blitz to DistroBlitz at a 2:1 ratio.
With consideration of our total supply, I believe we should scale it down to a 20:1 ratio.
An individual merely needs to move their coins onto the exchange, bittrex disables the wallet temporarily and viola, moments later you have Educoin2.0 in your wallet at a 20:1 ratio.
