Remember when you first got interested in cryptocurrency? It was such a cool feeling to be a part of something that was gonna change the world. Then the money happened and now it just seems like something for investors to mess with, not an actual breakthrough in decentralized, egalitarian currency. I want to bring that feeling back and make it stay forever.
There are 10 billion pennykoins, 2 decimal places, or 100 pennies each. Emission will be roughly 20% the first year, then 10% for the next six years. No coin has existed 8 years at this point, so we will assess the situation after that.
Transfers are fairly expensive at a penny each (due to 2 desimal places, is the smallest unit), and are a flat fee. Blocks for the first year have 12000 pennykoins, targeting 3 minutes of difficulty.
Deposits require at least 25000 coins ( little over 2 blocks) and can only be deposited for 3 months. Each 3 month deposit earns 1%, or 4% (not compounded) annually.
There are a lot of features in various cryptonote coins. I intend for Pennykoin to implement as many of these features as possible.
Pennykoin blockchain has been live for 10 days now. We have had over 5000 blocks mined, with an emission of over 60M PK. Hashrate has averaged about 7MH over time, peaking as high as 20 for extended periods. There are now 3 active mining pools, with a 4th on the way in the next couple of days. just under 1% of the mined PK has been deposited to the chain where it will gain interest. Tx fees have dropped from .02 to .01.
There was a total rebase about 6 days in, resulting in zawy difficulty adjustment ( it was rough the first few days). Post rebase there were some syncing issues for about 6 hours resulting in a 12 hour takedown of the net. The sync issues have been repaired and code improvements have begun. Just today a hard mixin rate of 7 was set across the board, and the CLI wallet was updated to import/export keys.
Pennykoin is well on it's way to being the most advanced coin based on the XDN codebase. It is already the only fair launched, actively developed coin from that family. XDN itself has warned users not to make transactions or transfers for almost a week now due to asic activity and poor difficulty algorithm. Regardless of how poor it is technically the early adopter advantage has it seeing between 1.5 and 2 million USD in volume daily.
Pennykoin uses the cryptonight algo, with plans to move to cryptonight lite.
This is tentatively a community project. I am moving forward with a very strong vision of what this coin should be, I am not willing to compromise on that. I am fairly logical and if someone has a great idea, I can likely be brought on board. God knows I could use some help coding.
As of now, website, GUI clients for windows/linux, and a block explorer are live. I plan to hit every milestone in the roadmap at or before the noted time.
HELP
If you can code, would like to spread the word, or help in any way drop me a PM, tweet, or email at
[email protected]Please note that the official website, wallet generator & webmining site use SSL, security is important to Pennykoin
Topic: [ANN] [PK] Pennykoin - Make crypto great again. No ICO/premine POS/POW (Read 375 times)