Ninjastic
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Topic
Board Altcoin Discussion
Re: Best way of initial coin distribution
by
MisO69
on 27/02/2015, 13:46:43 UTC
Quote from: mrz123 on February 26, 2015, 10:24:21 PM
Step 1:
    
Code:
Launch a proof of stake altcoin. For example bitcoindark clone or something
Step 2:
  
Code:
People mine that altcoin until the proof of work period is ended
Step 3:
    
Code:
People send their coins to a burn address

Step 4:
  
Code:
You send the new 100% pos coin to the addresses they send to the burn address with proportional to their coins.
    For example i send 18324 coins to the burn address using my address i get sent back same amount i burned to the same address on the new chain

Step 5:
    
Code:
People import their addresses to the new chains wallet and rescan
Step 6:
    
Code:
You have achieved your goal

Source: This is how the Stakecoin distribution was and i got my coins and was worked good i am like it because it was like magic and stuff.

This approach works better if the coin being mined is multi-algo. 4 Algos would make it very fair, scrypt, sha256, x11(or a different GPU algo), and a CPU algo that no one has a GPU miner for.

PoW period should not end as a snapshot can be taken at any point and the new coin allocated based on those numbers. The coins don't need to be burned either.