Post
Topic
Board Announcements (Altcoins)
Re: [ANN][BTCZ] BitcoinZ
by
alexinus
on 10/10/2017, 22:08:16 UTC
This is a serious post and I'd like the current team (?) to honestly answer it.
Quote
D. Fair start of the coin by posting in public forum, offering the opportunity to all. No pre-mine,
no development fund, all coins to be mined by the community.
Quote
 GitHub announcement at Block #71 with no public pools. Link
 Announced in Zclassic Slack in #general at Block #284 with 15KSol/s network hash
 BitcoinTalk Announcement (‘ANN’) on September 10th, 2017. Link
First of all do you honestly push for it to be a fair launch? If so, what are your criterias for a fair launch?
There are at least 31.3M coins mined by dev address https://bitcoinz.ph/address/t1Y4QACu5S6udREAEjNZgEFWLT6TASncfcL You have stopped solomining September 18th, so I assume real estimate atm is anywhere from 35M to 50M.
With 12.5K coins per block, currently there are 223.4M coins. Essentially developer has more than 10% of supply at this point. After a year developer will still own more than 2% of total supply. Is that intended and seems to be okay for a decentralized spirit of your coin? Are there plans to use those coins to pay for development? Are you a developer yourself and such a huge amount is used as an incentive for you to develop the coin?

The second issue stems from your development model. Bitcoin has shown again and again and is showing currently at this time with all the segwit2x drama how lack of governance damages the coin.
Your proposal is to get help for volunteers -- you expect people to work for free in their spare time for the good of community. It's your right. The question is how exactly do you decide on development? Your whitepaper says there's a voting process which starts on GitHub submission. How exactly does something get implemented? Who exactly votes for it and how exactly do you count the votes? You mention some kind of platform? Why should we believe this platform will not be gamed or cheated?

Third question: I happen to know a coin called ZenCash; it already has secure messaging implemented (the only real goal in your whitepaper). It has a funding model where community members, owners of ZEN, choose which projects/development to fund and pays developers for their work. ZenCash historically evolved from Zclassic which faced a simple issue - no developer would work on coin for free. What are your plans to avoid the same fate? Do you already have volunteers willing to work for free?

Fourth question: What's your coin usecase? So far your only plan seems to build an infrastructure surrounding the coin: marketing, mining, exchanges, websites, "support systems" whatever's that supposed to mean. How and why do you imagine people using your coin? What are your advantages over Zcash? Or more importantly, how exactly your coin is different from Zclassic?

Five question: Do you have an actual roadmap or are you planning to make one? Do you make updates on development and if so where can we see them(this thread, forums, blog)?

Oh and a last one. I assumed you copied the initialization params from ZEC's ceremony?, but better make sure.