Utex (utility for exchange) is a coin with a tie between coin value and price of energy. This is obtained by letting the block reward be proportional to the difficulty. This means that miners get paid according to the work (or hashes) they put in, independent of network hashrate:
Block reward = c * Difficulty
The constant, c, is halved every 1.5 years. This is consistent with Koomey's law that predicts a doubling of computing power each 1.5 years, given the same amount of energy. The reward policy will ensure that the cost of producing 1 UTX requires the same amount of energy, over time. Beware that this does not mean halving of the money supply, as is the case for coins with fixed supply. Koomey's law is essential here, and has proven stable for several decades.
Key features:
- Mining cost per coin remains constant, in terms of energy
- Total money supply is unlimited, and non-predictable
- Energy cost put a limit on price - if too high everyone can profit from mining
- Supply will grow with increased adoption
Utex will not benefit early adopters on the cost of the later community. Hence, it will not behave as a commodity, or subject for speculation, and it does not encourage hoarding. The objective is to create a coin that can achieve common acceptance as a utility for exchange. The coin is inflationary, but the inflation rate will be self-regulating because if the value drops, the incentive to main will drop accordingly. I have given some more arguments about economics here: www.gigahash.blogspot.com
DEVELOPERS/MINERS:
Utex-a is a litecoin clone version with the following features:
Block reward = 0.01 x Difficulty (--> 429 gigahash per coin) - but never less than 1 UTX.
TCP/RPC = 31510/31511
Minimum monetary unit (satoshi) = 0.01 UTX
Github: utex/utex-a
addnode: 188.226.144.128
Time between blocks & retargeting similar to litecoin.
Only the genesis block is created. Anyone can create the first block. The minimum difficulty limit is 1. The minimum block reward is 1, meaning coins are discounted for difficulty below 200.
I seek developers that share interest in this project. I am not an experienced coder, and I did this work only to check that this concept is possible, and to attract attention and interest for a cryptocurrency with a different monetary policy.