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Description
« on: July 29, 2014, 07:36:13 AM »
Description
Mining is done in such a way that the possibility of industrial mining is eliminated. One miner is 1 real person. To mine, you just need to have a camera and a computer. You will need to prove that you are a real person by making a video of yourself.

At the core of Dcoin there lies a statement on the impossibility of creating 3D video rendering of a human and the world around him in compliance with all conditions:
  • The cost of creating to be recouped from the mining profit
  • Strict compliance with the terms of the plot. For example, you may have to make a video where you are in the street
  • Absolute realism
  • Unicity
  • Scalability, i.e. multiply the previous 4 points to industrial scale
This means that the video check will ensure that 1 miner = 1 person

The point of mining in a few words

 Initially, there are 0 DC of all currencies in the system.
There is no premining.
If you are ready to buy, for example, DUSD 1,000 for USD 1,000, you announce this in the DC-network. If someone close to you has decided to sell their DUSD for USD, you will be notified.
While you are waiting for an exchange order, you get a bonus in DUSD. If, for example, DUSD is worth 10%/year, then waiting for a year will bring you 100 DUSD, which you can exchange for USD with your closest miner.
(Personal meeting at exchange of DC-coins for fiat is necessary to eliminate the possibility of fraud).

Rate fluctuations


Description

Mining is done in such a way that the possibility of industrial mining is eliminated. One miner is 1 real person. To mine, you just need to have a camera and a computer. You will need to prove that you are a real person by making a video of yourself.

At the core of Dcoin there lies a statement on the impossibility of creating 3D video rendering of a human and the world around him in compliance with all conditions:

    The cost of creating to be recouped from the mining profit
    Strict compliance with the terms of the plot. For example, you may have to make a video where you are in the street
    Absolute realism
    Unicity
    Scalability, i.e. multiply the previous 4 points to industrial scale

This means that the video check will ensure that 1 miner = 1 person

The point of mining in a few words
Initially, there are 0 DC of all currencies in the system.
There is no premining.
If you are ready to buy, for example, DUSD 1,000 for USD 1,000, you announce this in the DC-network. If someone close to you has decided to sell their DUSD for USD, you will be notified.
While you are waiting for an exchange order, you get a bonus in DUSD. If, for example, DUSD is worth 10%/year, then waiting for a year will bring you 100 DUSD, which you can exchange for USD with your closest miner.
(Personal meeting at exchange of DC-coins for fiat is necessary to eliminate the possibility of fraud).

Rate fluctuations

Miners can restrain the rate close to 1:1 using 4 tools:
  • increase in money growth %
  • reduction in the money supply
  • change in the maximum amount pledged
  • enable or disable the combination of currencies
All of this is decided by a vote with recalculation every 2 weeks. (All 4 tools are available for currency only after at least 100-1,000 miners have it in a pledged amount for at least 1-3 months. Until this point, the default values ??are applied).

Money supply emission

0 to 1,000%/year of the amount pledged or of the amount of DC on account.
The % is defined by the majority vote among the miners. You can vote every 2 weeks.
Each currency has its own % of growth.
DC can reproduce not only among the miners, but also among ordinary users. % of DC growth on ordinary users' accounts is decided by miners' voting: 0 to 1,000%/year.
The amount present on user's account is not limited.
% of growth for users should be less than that for miners – otherwise very few people would want to mine.
Users' % is needed to sell currency to investors who want larger profit than miners can have, or those who can't mine due to geolocation reasons.

Money supply reduction

If >50% of the miners of the given currency vote for a reduction, the entire money supply of that currency will be reduced by 10/25/50 or 90%.

Mining

Depending on the size of the amount pledged and growth % of the given currency, it gets interest in DC, which at any moment can be transferred to a purse (where they will grow not with the miner's %, but rather with user's %). At the time of the transfer of the amount mined to the purse, 5% commission is charged in favor of the system.

Currency combining

Each currency can be mined with any number of other currencies. This number is defined by that currency's miners' voting.

Geographical and national restrictions

Perhaps most miners will be opposed to the mining of their national currency taking place somewhere outside their country or currency union.
When you add any currency, you will need to record a video where you are speaking your national language, something like “I promise to pay 100 Norwegian krones for 100 DNOK”. Then you will need to specify the country and mark a point on the map. Your request will need to be approved by 100 miners who mine Norwegian krone.

Admin privileges

Admin can demote a miner to a simple user. He cannot do anything with the user account. -Admin cannot be demoted if this miner miner had no complaints from other miners. Admin cannot remove anyone or anything.
Admin's actions cannot cause any financial damage to DC-network user, because he has no access to DC coins.
While there are less than 1,000 miners in the network, the admin has a deciding vote in the voting for the new miners and the amount pledged.
Admin has the ability to change the variables in the table. In future, these variables are planned to turn into constants.
Admin can display alerts within an interface – for example, to indicate that you need to upgrade. DC-network can exist without interference by the admin, but its operation will be a bit more organized with his interference.

11 transaction types are available to the admin, all of them are processed by methods from ParseData:
admin_1block - Processing of the very first block.
admin_add_currency - Adding a new currency. Now there are not all national currencies, but only the major ones.
admin_answer - Answer to the bug-report.
admin_ban_miners - Disranking of a miner to a user if there was a complaint on them. At that, whatever was mined remains available to the user.
admin_message - Short message that is displayed in the interface.
admin_blog - Big message.
admin_new_version - Upload of a new version.
admin_new_version_alert - Provides an alert in the interface about the need to upgrade.
admin_spots - Everything to search for clones: sets of points, compatibility of points versions, what points compose segments, the allowable differences.
admin_unban_miners - Transfer of the disranked miner back to miners.
admin_variables - Variables, the table variables in the database.

Location

Miner must be located in a big city only. Otherwise there's no point in mining. However, it's up to the miners who mine the same currency to decide whether they want to allow mining in a particular place.

DC exchange for cash

Only miners can exchange DC for cash with other miners.
The recipient of the request has to enter a code after the transfer of cash, which he receives from the request sender.
The rate is always 1:1, i.e., DUSD 1,000 can be changed for exactly USD 1,000.

Rejection to pay the amount pledged

If you refuse to pay the amount pledged for DC when receiving a relevant request from another miner, the entire amount pledged on your account becomes unavailable for mining. DC on it stop growing. To unfreeze the amount pledged and restore mining, you need to receive a request for the entire amount. After you enter the code, the entire amount will get the "repaid" status and can be transferred to a purse. The rejection doesn't affect the DC and the repaid amount pledged.

Demoting a miner to a user

In this case, the amount pledged receives the "hold" status.
The repaid amount pledged sees the only change of growth % to the user's one.
DC in the purses are not affected by demoting.
All mined DC can be at any time transferred to a purse.

Miner's responsibilities

Miner has to keep his node on 24 hours a day and with the actual data, ready to generate a block at any time.
Relevance of the tables will be checked by requesting records from the tables (check_node.php script). If the node is often offline, it can be demoted from miners.
Miner has to keep his registration video online for at least 30 days after successful voting completion. This is necessary for manual inspection of suspicious accounts. If the video is not available, the miner will be demoted.
You can be a miner and have an active node, but have a user's growth % on the amount pledged, not miner's. This occurs to passive miners.
To get miner's %, you must perform tasks by checking other miners. The result of each task is your voice: for or against.
Depending on the type of the task, you get points. Every 30 days the points are recalculated, which entails maintaining or changing the status of your account.
Also, you must provide at least 1 vote every 4 weeks for currency options.

Commission

Each miner decides on the commission for each currency on his node on his own. The commission is charged if your node has generated a block.
I do not recommend setting 0 commission, because it can provoke DoS-attack on the network by generating a large number of transactions.

Pools

The allowable number of miners per one server will change as the network grows.
For example, it is forbidden to place 10,000 miners at one server, while 200 people can afford to rent the necessary hardware by pitching in $10/month.
The large pools can cause mass demoting from miners to users.
In future, joining in small pools will solve a problem of storage of multi-terabyte chain of blocks while preserving decentralization.

Protection against primary key theft

You can attach up to 3 keys to the account. This means that 3 signatures will be required to make DC-network accept any of your transactions.
You can store one key at your place, while other two can be stored, for example, at any kind of third-party services that will sign your transactions only after you enter SMS code.

Built-in currency exchange

The commission is indicated when creating the order and may be equal to 0. The more the commission, the faster the order enters DC-network. The commission is charged by the node generating the block at the moment of creating the order. i.e., even if the order is not executed, the commission is still received by the generating node. This is a protection against DoS-attack by generating a large number of orders.

World currency

It can be mined anywhere in the world. It is added to each miner automatically after adding any of national currencies. You can't send a request for cash in this currency, as it doesn't exist in cash. It is assumed that the currency will be bought from people by the government and private companies for international payments.
Increase and decrease in the World currency money supply is also controlled by miners' voting.

Anonymity

If you use user account registered by a miner you don't know, you can remain completely anonymous in the DC-network. You can also share already used user accounts.

More anonymity

In future, if case of need, a possibility to create an unlimited number of anonymous purses will be added.
I believe that everyone has the right to remain anonymous in life and to buy what can't or mustn't be bought overtly.

Thousands of admins instead of one

Not implemented yet, but it will be soon. A few thousand of random programmers will be chosen all around the world. Each of them will receive a key. Any transaction from the admin will have to receive >50% of the votes of those programmers to enter the DC-network. Each of them will also be able to send the admin transaction to DC-network if he receives >50% of the votes. i.e., there will be several thousand peer admins instead of one.

Registration of new users

Only miners can manually register new users. Limit is 2 new users per month.
« Last Edit: July 29, 2014, 07:48:06 AM by Administrator »