- PoW algorithm: Scrypt
- Block reward: 35 COINO
- Block time: 25 seconds
- Retarget: 1 Hour
- Starting difficulty: 0.00024414
- Block halving: NO block halving
- Max supply: 100 million
- Pre Mine : 2% - 2 Million
The Current Community Dev team have no control over this pre-mine. It was mined by the original Dev's and may at some point appear on exchanges. As of yet this has not happened but we cannot guarantee that it will not happen at some point in the future.
It's not about algo - constant supply of 35 COINO per block was a mistake imho. How about dealing with it? May be we should do halving or smth like that? Or may be moving to PoS instead? We have about 15 mil COINO already mined so wouldn't it be better to halve the supply now or to cut it and have few % of stake for example? What do you think?
Yep and kill the premine!
Modifying these two items (block reward/halving, max supply) = new coin / pick another coin that fits what you're looking for in a coin.
Killing the premine = Your coins are worthless as the devs will dictate who's coins are valid and who's are not.
Modifying these things are pretty major deal breakers in terms of integrity and longevity. Who is going to stick around when the fundamental ideas or promises are broken and able to be broken by a dictator...
Once the coin reaches max supply there is no reward for finding a block and mining will shift to processing transactions based on fees. Prioritising those with fees for instance, thus an incentive to keep solving blocks and thus the coin is useful.
There are so many alt coins available to choose from that finding one that suits you is pretty achievable. Granted the community around Coin(O) is unique and is the determining factor for me personally in supporting this coin. Also the applicability for it to actually be useful in the real world at Point of Sale (really the end game for any currency, if people are able to use it to pay for everyday items = WIN).
Finding an alternative algorithm to be used so that the majority of people are able to participate is something we'll all need to consider and is something that keeps the spirit or intentions in tact from the original proposition. The algorithm is going to be updated, however keep in mind the definition of ASIC is Application Specific Integrated Circuit and no code is resilient to this. Who knows SHA256 chips might cost $0.25 and all crypto's go back to that since it makes sense (all it would take is AMD/Intel to make this instructions set a part of future CPUs like they did for many of the multimedia algorithms in use)