Greetings Bitcointalk Community
We thought it would be a good idea to keep the community updated with what's going on after our Pre Launch, also discuss our reasons for the block chain and lessons learned.
One thing with iCoin we want to be transparent about what we doing and I want to share some info before the Official Launch.
What's being worked on currently:
1. Official announcement of iCoin Launch.
2. Release of iCoin website and brand new wallet, as well as iCoin faucet. NB. Current Wallet holders must update to new Client when released.
3. Hard fork iCoin to prevent difficulty goes up/down too much <-- discussed more in lessons learned.
4. Rewards for logo competition and other giveaways to be payed out before official launch.
Block Chain Specifications
Our plan was to create a block chain that offers balance, this will be discussed on the website in a bit more detail. Ultimately we wanted to protect miners and investors from iCoin becoming a complete dump coin,
far too often we see coins get released on the exchanges only to go down in value because they being used to get into BTC.
Before we hit the exchanges with iCoin we at least want some beneficial services beforehand so clients will want to keep the coin, directly spend the coin and miners selling the coin at a fair price.
lessons learned
One of the reasons for the pre launch was we didn't know if our block timings and intervals would work in a world using scrypt without ASICs (6 months away). For those that initially mined iCoin
can answer that question. NO!
Before I continue the fundamentals of the block chain are staying the same so nothing will happen to the coins you have already mined.
We started at a difficulty of 1 not expecting to get a massive response initially,however the network hash shot up to over 3GHz in under 3 hours which caused problems when the next difficulty came in
and block resolves took too long to complete once miners switched off.
At this point we released iCoins block specifications would not work initially because all we are is just a name for now.
After much consideration we have reworked the chain to prevent the above from occurring again and keeping our ideals of balance
I hope this has cleared some things up and I just want to say thank you to the community that has started with iCoin for there patience on our Official release.
Please post any questions or suggestions below that we can take into consideration before release later this week.
Lets build iCoin together
