Festival coin (FEST) is a business and use-case driven; community centered CryptoNote based cryptocurrency. Besides providing a ubiquitous completely anonymous payment scheme, we are here to solve a real problem !
Every time you attend a big event or a festival, you will probably face long queues and lose those plastic tokens. Meaning that you are endangered to losing time and money (and possibly your patience).
Those are two examples of the real-world-use-cases that FEST will strive to solve by using its high-skilled business core team, with more than 20 years of expertise in events, and tech-wise by implementing Smart Contracts for personal token generation.
FEST is initially adopting an ASIC-resistant Proof of Work mining scheme and futurelly the Proof of Stake with Master Nodes will take place. The latest which will bring advantages to coin holders and merchants, both on the financial aspect by staking the coins and on the safety aspect, by storing value.
Overall the FEST goal is becoming a secure, fast, easy, private, and untraceable online payment tool. Payment gateways that will open the opportunity for mass adoption of general public.
Algorithm: CN-FEST (our own algo) Block time: 120 seconds Difficulty retargets each block PREMINE : 5% Block reward decreases each block according to the formula: BaseReward = (MSupply - A)/218, where MSupply = (264 - 1) atomic units and 'A' is amount of already generated coins One coin is divisible down to 8 decimal places Total coins: 18 446 744 FEST
FEST takes a utilitarian approach to development. From real world examples, use cases, community suggestions, it strives to develop a blockchain that can be deployed and widely used for practical applications.
We welcomes everyone to participate in shaping its roadmap and technology by contributing directly to code development, proposing new ideas, or submitting comments and suggestions.
FEST total premine 5% + 350 000 FEST FROM OLD BLOCKCHAIN (All that FEST were redistributed)
Areas we will strive to refine constantly in the future * Reducing energy consumption of the network * Reducing block times * Increasing transactions per second * Reducing blockchain sync times and resource utilization * Reducing blockchain size * Increasing reliability and security of the network * Secure hardware wallet with biometrics. * Regular audits and updates of the core cryptography to negate the benefits of quantum computations.
FESTIVAL PROJECT COMPANY :
Plan to incorporate a company which will market, develop, maintain, and expand FEST. Company would hire more developers, expand the marketing team, add advisors, and would be representing FEST to the world. Draft Version, This document will be updated based on community inputs.
