This week we have been running the network in a sandbox. All algorithms performed extremely well! We have 61 sec blocktimes like clockwork, even with spikes in hashes throughout. We are very grateful to the the external advisors that have helped us finetune the network to perform under the extreme payload we expect in India.

We also have tested the block explorer and the dedicated pool we setup. Both run like a charm as well. The basic setup to run a node on a $ 16,- RPi also has proven to be quite stable.

Sure enough, we have a lot to tweak and test before we can go live, but it's looking good!

We chose Gupta for it's legacy as a Dynasty in an era of prosperity. There probably is a reason why it has become a surname later.

This is why we chose the name:

http://www.coin-competition.eu/history/the-golden-age-of-indian-coinage-the-gupta-coins/

True, sometimes one has to have a little fun in crypto right?

The purpose of this coin is to fairly distribute a good decentralized monetary platform to all (or most) people in India. By enabling the people to build the infrastructure (miners and nodes) themselves they have a new way to settle payments without being robed by the central banking system.

The name is chosen for two reasons:

1: "The Gupta period is considered the "Golden Age" of classical India. This was a time when great universities flourished in Nalanda and Taxila, and great writers such as the playwright Kalidasa and great scientists such as the mathematician and astronomer Aryabhatta, who is credited with the concept of zero among his many achievements, helped create an atmosphere of tremendous creative impulse. Gupta art is regarded as the high point of classical Indian art, and the coinage is equally regarded as among the most beautiful of ancient India.”

2: http://media1.santabanta.com/full1/Indian%20%20Celebrities(F)/Esha%20Gupta/esha-gupta-22a.jpg

 

It sure is, read this:

https://news.bitcoin.com/indian-multi-industry-survey-bitcoin/

http://norberthaering.de/en/home/27-german/news/745-washington-s-role-in-india

We are working towards that. We need to lose some restrictions first that come with a new account.

Thanks, we welcome everyone to join in mining and otherwise. We will release new info on our progress on a daily basis from now on.

Yes, we plan to fully disclose every part of our initiative before 1st of september. We also will setup a mining pool that is ready to mine the very first blocks before the chain goes life. We even plan to let miners hook up before the GPT chain is started and give ROI by channeling alternative crypto's with the same algo before the initial block. So no loss of hashing power!

Once the chain is live (and the first blocks with premine have been secured), we will release the entire source.

Well, we haven't really been clear on this, so we understand your remark. We truly believe that building a real decentralized network that is carried by the people of India is the best solution. Not the easiest, that would be an ICO on an existing platform like ETH or WAVES.

The true value lies within the infrastructure we are planning to build in India. Once people are able to be their own banks and participate in the infrastructure that enables them to use money as it's supposed to be, then we are successful! Relying on a platform that is run by foreign entities is not aligned with that thought. That's why we leave 25% to be mined by the self supporting network.

Thanks!

Unfortunately, since this is a new account, our images are not shown yet. One of the reasons we started this ANN early.

Thanks for your educated insights. You catch the exact reason why we decided to do this.

As an answer to your last question, we have no true answer. We planned a certain amount to be released to the people of India. Surely we can't foresee any demographics in the future. But the total amount of Gupta released to the people will organically balance itself between it's users.

We agree with you. But there are several reasons why we didn't wait any longer (we have been working on this for 8 months now).

First is excitement on our part. We wanted to start sharing our thoughts with this community.

Secondly, we want to have some input from you as well. We have a lot of time and money invested already and also have some awesome people with great experience advising us. Still we know early discussions on this forum can be of great value as well.

Third, we need this account to be active enough to be able to interact with the community swiftly and without limitations. Being a newbie doesn't help, so we like to interact and get a more working status along the line.

Honest enough?

Today most ICO's are 100% premine, yet they tend to get millions thrown at them without any end product. We don't ask for any contributions before we show the entire end product.

We do plan to acquire some funds through a separate ICO that can fund the initial costs of the SMS setup and add campaign. These tokens will not be linked to the Guptacoin directly, but can be best compared to holding a share in the foundation that holds the key to the growing infrastructure.

Well, we didn't chose Gupta because it is a surname. Gupta is a well known surname in India because it has a history: http://www.coin-competition.eu/history/the-golden-age-of-indian-coinage-the-gupta-coins/

And yes, we focus 100% on Indian market. Of course there will be international opportunities later as markets don't know borders.

True, India has a masive potential to adopt crypto currency. There have been some attempts to start a coin for India, but all failed in getting approval to be tradable against existing currency. We are going about this differently. We airdrop tokens that people can chose to use as currency. We are not selling them. That's also why we incentivize people setting up their own nodes, so we can build a strong and decentralized network as infrastructure.


You are right again here. India has a great need for accessible currency and the best way to do this is by mobile phones (over 90% penetration).


Well, we have been busy last week with many things, but you can expect way more in-depth information within weeks.

Well, there is a reason why Gupta is a surname in India. It has a long rooted history in our country. Here is a good article about it and we think it explains perfectly well why we chose this name: http://www.coin-competition.eu/history/the-golden-age-of-indian-coinage-the-gupta-coins/


Yes, we are in the process of setting up a SMS verification server with one of the largest telco's in India for this purpose. The penetration grade of smartphones in India is huge compared to other countries, so is the need and awareness of alternative currencies.

In a quick nutshell (from the white paper we are finishing up now):

Guptacoin is setup to be the first and foremost cryptocurrency dedicated to the Indian market. The goal is to enable the people of India to use Guptacoin as a token of value that is no longer controlled by a central entity.

We plan to airdrop 250 – 1,000 Guptacoins (GPT) to each citizen of India by means of SMS verification. 65% (1,300,000,000 GPT) of all coins are reserved for this.

Apart from the reserved airdrop coins we have 25% (500,000,000 GPT) reserved for the miners. The coin will be based upon 3 algorithms that are all ASIC resistant and thus environmentally friendly. The total mining time is set to 31,7 years. After that we expect the network to run on fees.

We also want to encourage people to become part of the decentralized network by setting up their own nodes for as little as $15. The more nodes we have to run the network, the more secure, stable and fast transactions take place. We want to setup a reward program to those who run nodes by offering 25 GPT per month (or the rational equality of the actual uptime). For this we have reserved 7% (140.000.000 GPT).

The remaining 3% (60,000,000 GPT) is reserved for development costs and incentives.

Technical specs:

Coin name   : Guptacoin
Ticker identifier : GPT
Coin sign :   G
Total supply : 2,000,000,000 GPT
Premine :   75% (1,500,000,000) Total
                     
65% (1,300,000,000) Reserved airdrop
7% (140,000,000) Reserved Nodes
3% (60,000,000) Reserved development

Mining algorithms :

Qubit (CPU/GPU only)
Skein (CPU/GPU only)
Groestl (CPU/GPU only)

Block times : 20 sec
Block reward : 10 GPT
Estimated time to last block reward : 31,7 years