Feel free to pinpoint anything, any flaw that could've been looked over
Topic: [ANN][NO-ICO] 0xCATE - PROOF OF WORK ERC20 TOKEN - Refund your gas with CATES ! - page 2. (Read 792 times)
May 04, 2018, 05:02:28 PM
I would really like to have people's opinion on whether or not this system could be viable or not. To me, it totally is (of course it is, I even created a token for this !)
Feel free to pinpoint anything, any flaw that could've been looked over
Feel free to pinpoint anything, any flaw that could've been looked over
May 04, 2018, 03:28:56 PM
the idea is interesting, free transactions - this is of course cool. I wish you success in your development. Obviously, I will participate in the free distribution to test this.
You can start by mining it, it will start tomorrow at 10 PM UTC. Since there are 720 Million tokens generated per day with mining, it would be a great way to get an initial stash !
Securing a ledger comes at a cost, that's why mining cryptocurrencies at the very beginning is generally very profitable :3
I just wanted a certain amount of early users, so that no one really controls the coin supply. That's something really important for a stablecoin, because that's exactly what we want to create: a stable coin, whose price is way more stable than any other coin.
In-between Ripple, Ethereum, Dogecoin, 0xBTC... Each time it's a little bit better.
May 04, 2018, 02:35:10 PM
the idea is interesting, free transactions - this is of course cool. I wish you success in your development. Obviously, I will participate in the free distribution to test this.
May 04, 2018, 02:00:56 PM
Wel will do some games, bounties, in the upcoming weeks. Stay tuned !
May 04, 2018, 01:18:13 PM
A total of 1 Token Holder
First Prev Page 1 of 1 Next Last
Rank Address Quantity Percentage
1 0x004229a278b206664aa1f857d80f17c9786c200b 1337000000 84.7060%
I'm not trying to say bad or good, the idea itself is very interesting, the rest is everyone's business
It's testnet. You're looking at a token on Ropsten, not MainNet
But yeah, there is a pre-mine, indeed. However, in two months it will only account for 2%, and it will be less than 1% of the total supply in one year.
1'337 M tokens isn't that much, compared to the total supply, and I will mostly use theses funds to make some bounties, community games/challenges, etc...
And if this token works, it will be less than 0.1% in 5 years. Anyway, Bitcoin has been "premined", Ethereum did a big pre-mine and made an ICO with it; Dash is premined, almost all BTC forks are premined...
And theses ones didn't just premine 1%.
I'll use this to pay for the mining pool expanses once it's live, as you might not be aware of, it costs around 0.5 Ether per day in gas fees to mine ERC20 tokens.
I'm just a student, and don't have hundreds of thousands of dollars to kick-start a project all by myself
May 04, 2018, 01:02:23 PM
A total of 1 Token Holder
First Prev Page 1 of 1 Next Last
Rank Address Quantity Percentage
1 0x004229a278b206664aa1f857d80f17c9786c200b 1337000000 84.7060%
I'm not trying to say bad or good, the idea itself is very interesting, the rest is everyone's business
May 04, 2018, 12:58:17 PM
It's been more than a couple months since Mining softwares are flagged by almost every antivirus software.
Mainly because, if not done, it would then be possible to infect a lot of computers with mining viruses that would silently mine coins in the background.
So, yeah. I'm not the developper of that mining software, it's 0xBTC's team who developed it. Take a look at them :
https://0xbitcoin.org
They created the first mineable token, it's pretty huge if you think about it for a while. It opens up for a lot more possibilities than we ever thought on the Ethereum platform, 0xCATE included.
Technically, you could mine this token purely from calling the right functions in the main contract.
Of course, it's highly inefficient to do so, but still. It's like Bitcoin mining, technically you could do it on a sheet of paper.
Anyway, here's what looks CATE on the testnet : https://ropsten.etherscan.io/address/0x457e8acf08fb7193dc65c25556e18ecb674df87c
Mainly because, if not done, it would then be possible to infect a lot of computers with mining viruses that would silently mine coins in the background.
So, yeah. I'm not the developper of that mining software, it's 0xBTC's team who developed it. Take a look at them :
https://0xbitcoin.org
They created the first mineable token, it's pretty huge if you think about it for a while. It opens up for a lot more possibilities than we ever thought on the Ethereum platform, 0xCATE included.
Technically, you could mine this token purely from calling the right functions in the main contract.
Of course, it's highly inefficient to do so, but still. It's like Bitcoin mining, technically you could do it on a sheet of paper.
Anyway, here's what looks CATE on the testnet : https://ropsten.etherscan.io/address/0x457e8acf08fb7193dc65c25556e18ecb674df87c
May 04, 2018, 12:50:03 PM
3 engines detected this file
SHA-256 e06549aadd9a429661e3b439b1a20dcf77efee431ae29f1cbf41873fc53b0e92
File name Cosmic-0xBTC-HB_V3.4t-Win64-2%25.7z
File size 10.06 MB
Last analysis 2018-05-04 17:48:32 UTC
https://www.virustotal.com/#/file/e06549aadd9a429661e3b439b1a20dcf77efee431ae29f1cbf41873fc53b0e92/detection
Win32.Trojan.WisdomEyes
May 04, 2018, 12:33:11 PM
0xCA7E
*heavy breathing*
Catether is an open source mineable ERC20 Token, powered by Cates.
Discord : https://discordapp.com/invite/XBRaEcW
Telegram Supurr'-group : https://t.me/joinchat/G0Ya5ErA1rGcFaDFbtcBJA
JOIN OUR MINING POOL : http://www.catether.org:3000
NVIDIA GPU Miner software [Windows] :https://bitbucket.org/LieutenantTofu/cosmic-v3/downloads/
AMD GPU Miner software [Windows] :https://github.com/mining-visualizer/MVis-tokenminer/releases
NVIDIA GPU Miner software [Linux] :http://mike.rs/0xbitcoin-linux-2018-04-04.zip
Why Catether ?
Catether introduces a new mechanic: "Proof of Use". Short version: transfers fees are covered with newly created CATEs.
Long version : Each time you make a transfer, or use the "transferFrom" delegated transfer function, it will mint 1 CATE to the address from which the transaction comes from.
Since it always costs around the same gas price (but not the same GWei price), depending on the gas price of your transaction... It either costs, or gives you money.
In practice, one Cate will always be pegged to, or under the median gas price of the Ethereum network, multiplied by 42000 (that's the gas cost of sending CATEs).
The Ethereum miners are basically selling CATEs, now.
Long version : Each time you make a transfer, or use the "transferFrom" delegated transfer function, it will mint 1 CATE to the address from which the transaction comes from.
Since it always costs around the same gas price (but not the same GWei price), depending on the gas price of your transaction... It either costs, or gives you money.
In practice, one Cate will always be pegged to, or under the median gas price of the Ethereum network, multiplied by 42000 (that's the gas cost of sending CATEs).
The Ethereum miners are basically selling CATEs, now.
"A Cat-aclysm on the Ethereum network" - New York Times
Also, you can use that feature to make micro-transactions at every transfer you make. A great way to create some savings without thinking about it, or,
donate to the Research against Cancer each time you buy a coffee... possibilities are endless.
donate to the Research against Cancer each time you buy a coffee... possibilities are endless.
One of my next project will be to create a game that takes advantage of that token, to make the first viable (cash-wise) game on the Ethereum platform.
A free-to-play game, not a " 'free'-to-play-if-you're-already-holding-10000-ETH-because-who-gives-a-f*ck-about-0.00005ETH-at-that-point-eh" game.
Free as in really free. (Take that, Cryptokitties)
A free-to-play game, not a " 'free'-to-play-if-you're-already-holding-10000-ETH-because-who-gives-a-f*ck-about-0.00005ETH-at-that-point-eh" game.
Free as in really free. (Take that, Cryptokitties)
No ICO.
"Don't fucking move" - the SEC Board
There will be no ICO whatsoever, just mining. You come, you mine it, you get tokens. Or, you make empty transactions to yourself, and buy your tokens to a 42000gas/Cate price.
Fun fact: anyone can buy tokens this way... transaction "Mining", may I say. Anyway, it's the first kind of mining experience that will never, ever, require you to have costly hardware.
Broadcast transactions to the Ethereum network, get your reward. You don't even need CATEs to start with, you can just send a transaction of 0 CATE, it works.
It's fucking weird, but really, it's harmless. When you think about this, it still costs gas to do so, so, there are no real "free" money, just a very funny way to distribute new tokens.
The more people use the contract, the more stable that transaction economy will be. At one point, it will really cover a significant portion of your transfer fees at any time.
Fun fact: anyone can buy tokens this way... transaction "Mining", may I say. Anyway, it's the first kind of mining experience that will never, ever, require you to have costly hardware.
Broadcast transactions to the Ethereum network, get your reward. You don't even need CATEs to start with, you can just send a transaction of 0 CATE, it works.
It's fucking weird, but really, it's harmless. When you think about this, it still costs gas to do so, so, there are no real "free" money, just a very funny way to distribute new tokens.
The more people use the contract, the more stable that transaction economy will be. At one point, it will really cover a significant portion of your transfer fees at any time.
"Purrfect." - Vitalik Buterin
Block rewards
We like Dogecoin. After all, between memes, we understand each other. But halving is kinda harsh for a mining community, so, it will be slightly better.
Let's take a look at the source code :
Let's take a look at the source code :
Code:
//There's no limit to the coin supply
//reward follows more or less the same emmission rate as Dogecoins'. 5 minutes per block / 105120 block in one year (roughly)
function getMiningReward() public constant returns (uint) {
bytes32 digest = solutionForChallenge[challengeNumber];
if(epochCount > 160000) return (50000 * 10**uint(decimals) ); // 14.4 M/day / ~ 1.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 150 Billions)
if(epochCount > 140000) return (75000 * 10**uint(decimals) ); // 21.6 M/day / ~ 1.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 149 Billions)
if(epochCount > 120000) return (125000 * 10**uint(decimals) ); // 36.0 M/day / ~ 2.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 146 Billions)
if(epochCount > 100000) return (250000 * 10**uint(decimals) ); // 72.0 M/day / ~ 5.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 141 Billions) (~ 1 year elapsed)
if(epochCount > 80000) return (500000 * 10**uint(decimals) ); // 144.0 M/day / ~10.0B Tokens in 20'000 blocks (coin supply @ 80'000th block ~ 131 Billions)
if(epochCount > 60000) return (1000000 * 10**uint(decimals) ); // 288.0 M/day / ~20.0B Tokens in 20'000 blocks (coin supply @ 60'000th block ~ 111 Billions)
if(epochCount > 40000) return ((uint256(keccak256(digest)) % 2500000) * 10**uint(decimals) ); // 360.0 M/day / ~25.0B Tokens in 20'000 blocks (coin supply @ 40'000th block ~ 86 Billions)
if(epochCount > 20000) return ((uint256(keccak256(digest)) % 3500000) * 10**uint(decimals) ); // 504.0 M/day / ~35.0B Tokens in 20'000 blocks (coin supply @ 20'000th block ~ 51 Billions)
return ((uint256(keccak256(digest)) % 5000000) * 10**uint(decimals) ); // 720.0 M/day / ~50.0B Tokens in 20'000 blocks
}
//reward follows more or less the same emmission rate as Dogecoins'. 5 minutes per block / 105120 block in one year (roughly)
function getMiningReward() public constant returns (uint) {
bytes32 digest = solutionForChallenge[challengeNumber];
if(epochCount > 160000) return (50000 * 10**uint(decimals) ); // 14.4 M/day / ~ 1.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 150 Billions)
if(epochCount > 140000) return (75000 * 10**uint(decimals) ); // 21.6 M/day / ~ 1.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 149 Billions)
if(epochCount > 120000) return (125000 * 10**uint(decimals) ); // 36.0 M/day / ~ 2.5B Tokens in 20'000 blocks (coin supply @100'000th block ~ 146 Billions)
if(epochCount > 100000) return (250000 * 10**uint(decimals) ); // 72.0 M/day / ~ 5.0B Tokens in 20'000 blocks (coin supply @100'000th block ~ 141 Billions) (~ 1 year elapsed)
if(epochCount > 80000) return (500000 * 10**uint(decimals) ); // 144.0 M/day / ~10.0B Tokens in 20'000 blocks (coin supply @ 80'000th block ~ 131 Billions)
if(epochCount > 60000) return (1000000 * 10**uint(decimals) ); // 288.0 M/day / ~20.0B Tokens in 20'000 blocks (coin supply @ 60'000th block ~ 111 Billions)
if(epochCount > 40000) return ((uint256(keccak256(digest)) % 2500000) * 10**uint(decimals) ); // 360.0 M/day / ~25.0B Tokens in 20'000 blocks (coin supply @ 40'000th block ~ 86 Billions)
if(epochCount > 20000) return ((uint256(keccak256(digest)) % 3500000) * 10**uint(decimals) ); // 504.0 M/day / ~35.0B Tokens in 20'000 blocks (coin supply @ 20'000th block ~ 51 Billions)
return ((uint256(keccak256(digest)) % 5000000) * 10**uint(decimals) ); // 720.0 M/day / ~50.0B Tokens in 20'000 blocks
}
So, Here's how it goes :
Block Time: 5 minutes
Supply cap: None. (150 Billion tokens after 18 Months)
Era time: 20 000 blocks (around 69 days. sexy)
Number of Eras : 9 (a Cate haz 9 liefs)
Rewards : Completely random until block 60'000th, fixed thereafter.
Era 1: Between 0 and 4 999 999 CATEs/block (720.0M /day)
Era 2: Between 0 and 3 499 999 CATEs/block (504.0M /day)
Era 3: Between 0 and 2 499 999 CATEs/block (360.0M /day)
Era 4: 1 000 000 CATEs/block (288.0M /day)
Era 5: 500 000 CATEs/block (144.0M /day)
Era 6: 250 000 CATEs/block (72.0M /day)
Era 7: 125 000 CATEs/block (36.0M /day)
Era 8: 75 000 CATEs/block (21.6M /day)
Era 9 and above: 50 000 CATEs/block (14.4M /day , 5.25B/year)
Block Time: 5 minutes
Supply cap: None. (150 Billion tokens after 18 Months)
Era time: 20 000 blocks (around 69 days. sexy)
Number of Eras : 9 (a Cate haz 9 liefs)
Rewards : Completely random until block 60'000th, fixed thereafter.
Era 1: Between 0 and 4 999 999 CATEs/block (720.0M /day)
Era 2: Between 0 and 3 499 999 CATEs/block (504.0M /day)
Era 3: Between 0 and 2 499 999 CATEs/block (360.0M /day)
Era 4: 1 000 000 CATEs/block (288.0M /day)
Era 5: 500 000 CATEs/block (144.0M /day)
Era 6: 250 000 CATEs/block (72.0M /day)
Era 7: 125 000 CATEs/block (36.0M /day)
Era 8: 75 000 CATEs/block (21.6M /day)
Era 9 and above: 50 000 CATEs/block (14.4M /day , 5.25B/year)
There is a pre-mine of 1 337 Million Cates.
As we don't do an ICO, but Catether Foundation needs funds to make its project work on the long-term, we need investments.
Running a mining pool costs Ethers and $, as there's need for servers and gas to make the Mint transactions. So, yeah, we will premine what would be
less than 1% of the total supply of the token in 1year.
We will use theses tokens to cover the expanses of running a pool for everyone to mine for free (solo-mining costs gas, on the Ethereum platform),
Make Grand Prizes, tournaments, bounties... Do things that any community would want to see. All the other Tokens have theses mechanics in place, why not us ?
We want people who use Cates to know this token won't be manipulated by shady investors that controls most of the coin's supply. Here, Mining rewards defines everything. We have a precise goal: make transactions free.
Running a mining pool costs Ethers and $, as there's need for servers and gas to make the Mint transactions. So, yeah, we will premine what would be
less than 1% of the total supply of the token in 1year.
We will use theses tokens to cover the expanses of running a pool for everyone to mine for free (solo-mining costs gas, on the Ethereum platform),
Make Grand Prizes, tournaments, bounties... Do things that any community would want to see. All the other Tokens have theses mechanics in place, why not us ?
We want people who use Cates to know this token won't be manipulated by shady investors that controls most of the coin's supply. Here, Mining rewards defines everything. We have a precise goal: make transactions free.
"One more token like this and I'm on the dole." - John Mc Affee
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