Somewhere in this forum there is a pre announcement of Munich Project (it's a coin but they still don't have a name). They propose something similar to what I think you say: IPO investors get their share spread during the first four years to avoid dumpers.
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Topic: HarCoded addresses for premined coins (Read 621 times)
I'm not thinking in that case, where the developers took the premined coins for themselves. In this case it makes more sense to have the coins from the beginning. I'm neither thinking about "sending the coins without the knowledge of the users".
I'm thinking in cases like:
1. The countries based coins, such as Auroracoin. Instead of premine this 50%, use this approach to spread among the time the money between the population.
The address where this coins are going might be addresses controlled by some NGO for instance, in charge of make the spreading.
2. A country wants to have a crypto currency. It decides to spread 50% of it "democratically" according the Proof of Work concept. And the other 50% might go for the government as a long-term input (so current guys in the government cannot spend all the coins the first day).
3. A NGO/Foundation coin, for instance for the Red Cross. 50% of all mined coins will go for them (the hard-coded wallet). But also it is probably better to send these coins one-by-one than all at the same time.
I see many possibilities to this approach. But I would like to know if from the technical point of view is feasible.
I'm thinking in cases like:
1. The countries based coins, such as Auroracoin. Instead of premine this 50%, use this approach to spread among the time the money between the population.
The address where this coins are going might be addresses controlled by some NGO for instance, in charge of make the spreading.
2. A country wants to have a crypto currency. It decides to spread 50% of it "democratically" according the Proof of Work concept. And the other 50% might go for the government as a long-term input (so current guys in the government cannot spend all the coins the first day).
3. A NGO/Foundation coin, for instance for the Red Cross. 50% of all mined coins will go for them (the hard-coded wallet). But also it is probably better to send these coins one-by-one than all at the same time.
I see many possibilities to this approach. But I would like to know if from the technical point of view is feasible.
it would make things interesting, for sure. i doubt the idea would take off though. The whole point of premining is to give the dev a nice little chunk of coins right in the beginning that he can either sell for a nice little profit or give away as bounties for creating services and paying for hosting and such. What you're suggesting is that the dev take his cut in small amounts over a long period of time. Financially, this makes no sense. How am I supposed to pay my bounties and pay for the hosting for my website if I don't have those coins available to me right from the onset? Also, what you're accomplishing would not be considered a premine. It would just be every miner sending you 50% of their mined coins right out of their wallets without their knowledge or prior consent (either express or implied). Might as well just call it a "tax" and be over with it.
Maybe I did not explain myself correctly.
I was not asking about how the current premined coins work. I'm trying to see if another approach makes sense.
However I think what you say is not right, the premined amount of coins are already in the genesis block, so there is no need of mining it.
The idea I propose is, instead of using this approach, hardcore some wallet addresses in the code.
When some miner solves a block, it has the MUST of include a transaction for these wallets of a certain amount.
For instance, if the Block reward is 50 COINS, this is the distribution of the reward when a block is added in the chain:
Special Wallet 1: 12.5 COINS
Special Wallet 2: 12.5 COINS
Block finder: 25 COINS
This way the special wallets (currently named wallets with the premined coins) are getting the amount slowly (block-by-block) instead of from the beginning.
That may be an interesting feature for some coins.
I was not asking about how the current premined coins work. I'm trying to see if another approach makes sense.
However I think what you say is not right, the premined amount of coins are already in the genesis block, so there is no need of mining it.
The idea I propose is, instead of using this approach, hardcore some wallet addresses in the code.
When some miner solves a block, it has the MUST of include a transaction for these wallets of a certain amount.
For instance, if the Block reward is 50 COINS, this is the distribution of the reward when a block is added in the chain:
Special Wallet 1: 12.5 COINS
Special Wallet 2: 12.5 COINS
Block finder: 25 COINS
This way the special wallets (currently named wallets with the premined coins) are getting the amount slowly (block-by-block) instead of from the beginning.
That may be an interesting feature for some coins.
it's not a big magic: they set the high reward for first blocks at code. And before the source is released, they solve some blocks, and woala coins are in they qt wallet. The diff is very low, so it's easy to mine, even with cpuminer.
I suppose I should have come here with some implementation to get some feedback.
But before start coding it would be very useful for me to know if this approach is theoretically possible or if there is some none-sense thing that I'm not considering.
Thanks
But before start coding it would be very useful for me to know if this approach is theoretically possible or if there is some none-sense thing that I'm not considering.
Thanks
Hello.
I was wondering, for all those coins which have a certain amount of premined coins, if would it make sense to use this approach:
1. There are a set of hardcoded wallets in the altcoin code
2. The reward of the block is split between the miner and those wallets (for a 50% premined coin it would be, for instance: miner:50% wallet1:25% wallet2:25%)
3. Each miner in the network verify these transactions are properly added to the block before confirm it and start mining over it.
So, that would be a cleaner solution for premined coins, right? The special wallets are receiving the coins slowly when the blocks are being found.
What do you think?
I was wondering, for all those coins which have a certain amount of premined coins, if would it make sense to use this approach:
1. There are a set of hardcoded wallets in the altcoin code
2. The reward of the block is split between the miner and those wallets (for a 50% premined coin it would be, for instance: miner:50% wallet1:25% wallet2:25%)
3. Each miner in the network verify these transactions are properly added to the block before confirm it and start mining over it.
So, that would be a cleaner solution for premined coins, right? The special wallets are receiving the coins slowly when the blocks are being found.
What do you think?
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