What is the concept of the project you are offering? Can you explain it in more detail? If your project is really interesting then i might consider it to invest in ICO you will do.
In a quick nutshell (from the white paper we are finishing up now):
Guptacoin is setup to be the first and foremost cryptocurrency dedicated to the Indian market. The goal is to enable the people of India to use Guptacoin as a token of value that is no longer controlled by a central entity.
We plan to airdrop 250 – 1,000 Guptacoins (GPT) to each citizen of India by means of SMS verification. 65% (1,300,000,000 GPT) of all coins are reserved for this.
Apart from the reserved airdrop coins we have 25% (500,000,000 GPT) reserved for the miners. The coin will be based upon 3 algorithms that are all ASIC resistant and thus environmentally friendly. The total mining time is set to 31,7 years. After that we expect the network to run on fees.
We also want to encourage people to become part of the decentralized network by setting up their own nodes for as little as $15. The more nodes we have to run the network, the more secure, stable and fast transactions take place. We want to setup a reward program to those who run nodes by offering 25 GPT per month (or the rational equality of the actual uptime). For this we have reserved 7% (140.000.000 GPT).
The remaining 3% (60,000,000 GPT) is reserved for development costs and incentives.
Technical specs:
Coin name : Guptacoin
Ticker identifier : GPT
Coin sign : G
Total supply : 2,000,000,000 GPT
Premine : 75% (1,500,000,000) Total
65% (1,300,000,000) Reserved airdrop
7% (140,000,000) Reserved Nodes
3% (60,000,000) Reserved development
Mining algorithms :
Qubit (CPU/GPU only)
Skein (CPU/GPU only)
Groestl (CPU/GPU only)
Block times : 20 sec
Block reward : 10 GPT
Estimated time to last block reward : 31,7 years
There are some excellent ideas here.
First, a coin dedicated to the Indian market is a huge opportunity. I don't know enough about different cryptos to know if there are other coins targeting India (I'd be surprised if there aren't already people trying this) but India's bureaucracy is heavy. This may be an area ripe for the kind of decentralization cryptos bring.
Second, airdroping via SMS is a great idea. There are actually a lot of charities that seek to bring mobile technology (e.g. via mesh networks) to poor and rural areas of India, because many consider mobile technology to be the key to unlocking the potential of these areas, especially when telecom is already huge in urban India. Any opportunity to interface with the coin via SMS will make it accessible to Indians and tie it to the existing projects that want to use phones to empower rural India.
Third, I'm a fan of ASIC resistance in general, though that's a person preference.
