Re: [ANN] Elacoin | Releasing In 1 Day | Fair Elastic Scrypt Mining | No Premine
Bitcoin may be still be great for a store of value, but Elacoin would be better for getting everyone in. People who are new to cryptocurrencies can still mine it, and merchants will be happy to accept it because people will want to spend Elacoin.
The inflation is also limited by the halving every 9 months (it's not a sudden jump through, it's a smooth decrease).
Let's say you start with 100kh/s, 1 coin per block, only 1 person, 1 coin/person per block
At block 50 you reach 200kh/s, 1.5 cons per block, shared by 2 persons, 0.75 coin/person per block
At block 100 you reach 500kh/s, 2.5 coins per block, shared by 5 persons, 0.5 coin/person per block
So:
- I understand that hashpower:reward is not linear, so early adopters will still get an higher reward
- How this is going to fight inflation?
- Don't you think that people will fight inflation converting elacoin to bitcoin/litecoin until there are some merchants?
- And how long do you think it will take to make this happen? See litecoin
Maybe it's a good idea, maybe not, who knows, see you in a few hours
EDIT: Also, could you explain how you are going to control diff and value using Moore's law which doesn't consider it. Thanks
It's based on difficulty. Let's say every user has the same hashing power, and each user contributes 50 difficulty (work with big numbers).
Difficulty 50: 3.08 coin reward for block ID 1
> 3.08 coins per person
Difficulty 100: 5.16 coin reward for block ID 1
> 2 people, 2.58 coins per person
Difficulty 500: 21.83 coin reward for block ID 1
> 10 people, 2.18 coins per person
> Without elasticity: 0.31 coins per person
As you can see, the coins per person drops with more users, however it is still elastic and makes sure everyone can still get a reasonable amount. This is how inflation is fought, in addition with the constant reward reduction that works out to be half every 9 months.
The value of Elacoin should be quite stable, regardless of if there are 200k or 2 million coins. Why? Because the more coins there are, the more demand there would have being (more hashpower), and that would drive the price of each up. The less coins there are, the less demand there is, and that balances out the lack of supply.
Pretty clever system, even if I say it myself