Will I be able to keep my HoneyPennies in my HoneyPot?
Sorry, had to get that out of the way. Seriously though why HoneyPennies? It's just awkward is all.
Also.. why are you asking for arbitrary taxes? 10% to yourselves is a bit much . . but that's not my main issue because you said it was changeable and can be turned off.
About 10%, will try to make it clear: You should know, that quality development is always requires a lot of effort and work part-time is unacceptable for any serious project.
And you've all seen how much forks was launched and abandoned later, for various reasons, but mainly because the developing became economically unfeasible.
We have developed this approach (and we believe it is honest and democratic) to declare that we are going to work on this project for a long time.
This is our proof that the project will not be abandoned.
We just want to do things we like to do, and we want to earn some money with it. And we not not ashamed of this.
My main focus is the % you've set aside for CryptoNote. Have you contacted them about that? Do they want a royalty fee? I don't see you've posted on their forum, so I'm just wondering if you're in contact with them at all.
Yes, we communicate with them. As long as our project is in active development now, they have not approve it yet, but they are familiar with our concept and address for royalty was generated by them. But, of course, it doesn't mean anything yet. It is up to CryptoNote.
Another concern here is that you will be seemingly making significant changes to the source. Have you passed any of the proposed changes through them? It's stated very clearly on their forum that they're both looking for and willing to help new implementations of CN. It would be weird to offer them royalties for something they don't agree with.
Wouldn't reducing the scratchpad and required iterations open this hash wide for easy GPU and ASIC mining? That seems counter-intuitive to what CN wants from what I was reading. I'm a little unclear of how you plan on implementing the hash apart from the short description here, so I'm at a large disadvantage.
We know what we do with the code. If you take a look, you'll se.
About PoW hash i've wrote in another answer:
We've decided to use blockchain as scratchpad (with salt of course) coupled with fast version of cryptonote hash(or not) (reduced scratchpad to 130kb, and with reduced scratchpad we able to reduce iterations count). It is two-phase hashing - in first we make extra-fast hash to discover pseudo-random data addresses (indexes), and in second: we do actually hash with the salt based on first extra-fast hash. Since blockchain is always grows up we belive that it will be almost imposible to make effective ASIC. On the other hand, it will make mining process effective with complete node, so we killing two birds with one stone - make ASIC-resistant hash and gets more full nodes in network (even with pools).
Hope this is clear. If not - fill free to ask.