Quote from: eizh on April 21, 2014, 05:36:58 AM

Quote from: ShitHappens on April 21, 2014, 03:57:34 AM

Silly question but where did you get the info about the quantity of premined coins?

Looking through the thread I have read two or more comments about it's fairness of distribution and didn't understand where did you get the numbers?

You need to calculate it based on the protocol's formula and parameters. Below is some pseudocode that would output the numbers (it's actually MATLAB, if you have that). Currently there are 154.01 billion BCN and the max supply is 184.46 billion. So the "premine" (mining in the deepweb) is 154.01/184.46 = 83.49%. Actually it's a little bit less than that since we noticed this coin about a month ago so some of those are ours here on the clearweb.

Because of the "premine" and some other things, there's a fork called Bitmonero [BMR]. thankful_for_today is the dev and the coin supply and mining schedule has been changed to be close to Bitcoin (~18 million total coins, mining goes on for decades). You can check it out here: https://bitcointalk.org/index.php?topic=563821.0

Pesudocode:

Quote

MSupply = 2^64 - 1;
A = 0;
Now = 944250/2; % this is the number of minutes since July 4, 2012 5:00 divided by two (because block time = 2 min)

for i = 1:1:Now
BaseReward = (MSupply - A)/2^18; % this is equivalent to the >>18 (right bit shift) in 2's complement described in the white paper
A = A + BaseReward;
end

output = A/10^8 % this is the number of BCN in circulation (because each coin is divisible by 8 decimal places).

I find it difficult to support a clone of Bytecoin that didn't even build a GUI wallet program to release it.
Anyone want to do it better? PM me.