[ANN][OSMO] Osmosis - 100% premined proof of stake, energy saving, interest earning, decentralised cryptocurrency. [OSMO][ANN]

http://s17.postimg.org/ifv05oiqn/osmosisedii_Sized.gif

Symbol: OSMO

Please stay tuned to this thread for important updates including IPO stakeholder confirmations with the final list of investors, public keys and addresses.

Innovations and Contributions

Based primarily on peercoin and with a few ideas borrowed from mintcoin, preminecoin and heavycoin (mostly for the IPO structure).
Our plan is to instamine all the coins from the genesis block and distribute them proportionatly to our investors on launch day.

Total number of coins will be 15,482,880 with 1% inflation per year paid to each wallet containing coins which meet the PoS criteria being 20 or more coin days held in the same wallet.
There will be a fixed block reward of 0.1 OSMO for the life of the coin.

Goals

Create a sustainable and environmentally friendly medium of exchange freely available to be used by all.
Provide long-term open source development, support and maintenance.
Build a great community of stakeholders.

Specification

Proof Of Stake (mostly).
Algorithm: Scrypt
Block time: 2 Min
Retarget up: Every 5 blocks (max 100%)
Retarget down: Every block (max 200%)
Block reward: 0.1 OSM
Total supply: 15,482,880 + 1% PA
Premine: 100%

Dates and Info

IPO dates: March 6th - March 13th, 2014
Mining launch: March 15th 05:00 UTC (forum time).
Wallets: Windows, Ubuntu, and Debian available at launch.
Mac OSX wallet will be finished before Monday, bit more testing.

IPO Details

To invest simply send Bitcoin to the IPO address using one of the procedures outlined below.
As with all investing, investments are final and not refundable.
Investments must be received before 00:00 UTC March 13th, 2014.
Funds received after this time will be returned to sender, with the possible loss of minimum Bitcoin transaction fees.

Key Info

Start date: Thu Mar 6th 05:00 UTC.
Cut-off date: Thu Mar 13th 05:00 UTC.
Osmosis IPO address BTC: 1LFGEmdZtdjukfUbR69DTL4KTwiD5ymwDL
http://s3.postimg.org/pl2j8gotv/osmosis_IPO.png
Total IPO investment received so far: 0 BTC.

The 15,482,880 OSMO will be distributed among the IPO investors proportional to how much BTC they have invested.
There is no limit on the amount of BTC investment.
The free market will determine the OSMO exchange rate, for example:

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If there were only two investors, Alice and Bob, and Alice invests 1 BTC and Bob invests 0.25 BTC, then Alice would get 80% (12M OSMO), Bob would get 20% (3M OSMO) and the OSMO exchange rate would be 0.00000008 BTC per OSMO.

Osmosis IPO investors will be paid their OSMO stakes instantly the moment the Osmosis genesis block is released on March 15th, as soon as the network is launched and mining starts.
There will be no lengthy waiting period nor will there be a manual, error-prone disbursement of funds.
It will be an automatic process leveraging the genesis block. Investors who want to take part in the IPO must follow one of the two official IPO procedures below.

IPO Procedure 1 (preferred)

1. Download Osmosis Keypair and Address Tool for your platform.
2. Unzip to your Dekstop.
3. Generate an Osmosis keypair, for example:

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A) Launch the Command Prompt
B) cd %HOME%\Desktop\osmohashgen-windows
C) C:\Documents and Settings\Default User\Desktop\osmohashgen-windows>osmohashgen.exe

Osmosis Private Key :   5J6365676be50de3f753fc00555cd6f8b8eb4fd1a13fde600c2e6ecb1863f791b1
Osmosis Public Key :   046359001e4a05824c097379b4d104d2ca82133759236f927e3b44ac322ec865f7c0262d3df489b f6c5d95ba902e4da255db6ed15f193b3964d59cc6857f2bfd9f
Osmosis Address :   O76effd3834d0ba9b27ef54d8b1772ac4

Warning: In Windows there will be an annoying line-wrap splitting your public key over two lines (see above)
4. Save your Osmosis Private Key, Public Key and Address in a very safe place.
Warning: Keep your private key secret.
Warning: You will not be able to claim your OSMO without these details!
5. Send any amount of BTC to the IPO address.
Record the Bitcoin Transaction ID of your payment.
6. Post a message to this thread with your Osmosis Public key, Bitcoin Transaction ID and Amount sent, for example:

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Osmosis Public Key : 04a53227c5271f6d53824eac328d7465f22ebef7deae508451ba52739d4dbadadacab98b7dc8793 fd58465c921a8ded5dd92455f2c51af3d9960489b740bac308e
Bitcoin Transaction ID: 90c73248c0d5bd6df557ba353aa739df10243ccadddfacbbcdb40a2db2b2221d
Amount sent: 0.40 BTC

Warning: Be careful when copying and pasting the Osmosis Public Key. In Windows line-wrap splits the key in half and you need to make sure to paste it together without any mistakes. If you make a mistake you will be unable to receive your OSMO.
Note: If you desire confidentiality, then send a PM instead.

IPO Procedure 2 (even easier option)

For users who find the osmohashgen procedure above too difficult or technically complex, you can make your OSMO IPO investment with the following procedure.
1. Send any amount of BTC to the IPO address and include the md5sum of your username along with your payment as a message. Using the blockchain.info website is by far the easiest method of achieving this.
If you're not very familiar with performing this operation using the command line, you can simply visit a website like 'http://www.miraclesalad.com/webtools/md5.php' and it will generate the md5sum for you.
Please be aware that it is not insecure to use a website service as nobody other than you would want to include the has of your username in their payment (unless they were feeling very generous).
Record the Bitcoin Transaction ID of your payment.
2. Post a message to this thread with your Bitcoin Transaction ID and the Amount sent, for example:

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Bitcoin Transaction ID: d73bd2cdab298c1ecdc05d260f2190e530813bc5504be06181f11f0b9863631a
Amount sent: 0.30 BTC

Note: If you desire confidentiality, then send a PM instead.
3. We will perform the keygen procedure for you and send you bitcointalk.org PM confirming your investment and giving you your Osmosis Address. We will hold the private key on cold storage for you.
4. When the Osmosis genesis block is released, you will install the Osmosis wallet and generate a receiving address.
5. You will then send us a bitcointalk.org PM with the details about your stake and your Osmosis receiving address.
6. We will perform a security check and send your OSMO stake to the supplied Osmosis address.

IPO Security

We will send you a bitcointalk.org PM confirming your IPO payment has been received.
Please be aware we will only be checking the forum inbox one or two times per day so please be patient if you dont receive confirmation immediately.
If we encounter any conflicts where multiple bitcointalk.org handles are claiming the same Bitcoin transaction Id, then we will contact the respective users and the legitimate key holder will be able to prove she owns the sending Bitcoin address by sending us a message signed by the corresponding Bitcoin private key(s). Thus, any attempts to cheat will be completely futile.
Advanced users who want to to sign their forum posts from the start are encouraged to do so. In this case you must send your IPO payment from a single address and then sign their IPO forum post with the corresponding private key. We can then verify that the Osmosis Public Key does indeed correspond to that particular BTC payment. Sending payments from a specific address can be achieved from the Bitcoin RPC interface OR using blockchain.info.

Mining Launch

Wallet downloads:

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Coming soon...

Mining parameters:

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Coming soon...

Seed nodes:

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Coming soon...

Offical Website

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Revealed at launch...

Exchanges

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We're talking to a pal of ours right now Wink

Articles

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None yet...

A great FAQ on PoS from the mintcointeam:

Quote from: mintcointeam on February 05, 2014, 05:24:47 PM

FAQ
1.What is PoS?
PoS: Proof of Stake.
http://en.wikipedia.org/wiki/Proof-of-stake

2. what is the line Stake in wallet?
It is for the PoS blocks. Once a PoS block generated, some of your coins plus the generated interests will be moved to "stake", it is like "immature" for PoW. It will take 50 confirmations to mature, after mature the coins plus interests will be added back to your balance.

3. what does that mean in the wallet : Minting suspended due to locked wallet?
This says you can not do mining due to wallet encrypted.
you need to unlock the wallet in order to mine (for example for PoS blocks):
osmosiscoin-qt -server
osmosisd walletpassphrase true
still unclear? read this post

4. Do I have to let my wallet open to get PoS coins?
PoS will be generated after at least 20 days holding of the coins in your wallet. You don't need to keep the wallet open all the time. The coin-days accumulated in your wallet will not be lost. The next time when you open the wallet client, the internal miner will start automatically and if the coin holding period meet certain requirements the pos blocks will be generated based on the coin-days in your wallet.

5. How often do I have to open the wallet in order to get PoS coins?
See above. You don't need to open wallet all the time, your coin-days accumulated in the wallet will not be lost.

6. Why I can't sync?
Use addnode in the conf file. The addnode list and sample conf file are posted above.
If you use Windows, the Osmosis config dir is usually at c:/users/*yourcomputername*/AppData/Roaming/Osmosis, in which you should see your wallet.dat and peers.dat files. If the osmosis.conf file is not there, create it using the above example (you don't need to include all the addnode lines, include some will be ok). Restart your client, you should be in sync within a few minutes.

7. Do I have to wait 1 year to get the PoS interest?
No. PoS blocks will be generated after you hold some coins in your wallet for certain period of time. For Osmosis the minimum requirement is 20 days. If you move around the coins (for example send to other wallet and then send back), the time will reset for those moved.

8. The PoS generated coins, are they eligible for new PoS block generations?
Yes. After maturity (50 confirmations), the coins will move from "Stake" to "Balance". Once the PoS generated coins in "balance", they will be the same as all other coins, and are eligible for future PoS generations.

9. When I transfer some of the coins from my OSMO wallet, are they the newest coins or does it disrupt the proof of stake process of my older coins?
Any "moved" coins the pos time (coin-day) will be reset for them. It will not affect other "unmoved" coins in the wallet. The PoS will be generated if there are some coins in the wallet satisfying minimum requirements, and the amount generated will be based on the coin-day the total eligible coins have in your wallet.

osmosis-jones

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