Pragma BlocksThe initial goal of this project is to make a straightforward Litecoin PoW clone [PRA] with better parameters, to become the basis for further work. This one will be used to issue rewards and equity, trade on exchanges and attract hashing power.

More experimental or special purpose coins will be able initially to perform merged mining with PRA, and then act as test cases for more advanced PoW, PoS, Difficulty adjustment, Lighting network, and similar enhancements.

There has already been a strong interest in building upon Ethereum and Zcash.  We could also decide to provide testbed support or rewards to researchers and promising projects.

  • Litecoin 0.13.2.1 codebase, transitioning to 0.14, once Litecoin does catch-up with Bitcoin (Linux and Windows wallets and nodes)
  • 6 min blocks – 240/day, with 100 coin reward
  • Decrement block rewards by 10 coins every 1,000 days (100,90…20,10)
    • 55,000,000 coins to be emitted in 10,000 days ~27 years (do check my math, please)
  • Averaging difficulty adjustment every hour (10 blocks)
  • SegWit and CSV activated
  • Regular Checkpoints of block, transaction count, min work, at least once a quarter

 

Coins Set Aside (pre-mine) 4% (2,200,000 – 3 months of mining)

  • 1% to Tearo, locked for 1 year (once we nail down the process)
  • 1% for a Private Placement (nano ICO)
    • Participation by invitation or vetted by Tearo
    • Based on commitment to the project or stature in the Cryptocurrency ecosystem
    • Escrow and transparency procedures TBD
  • 2% for Rewards to early Forum and Testnet participants, Content creators, etc.

 

10% Block reward Fee

  • 10 coins/block initially
  • 5% to Node and infrastructure operators
    • may follow the lead of the Zclassic team’s Zen project
  • 5% for content and developer Rewards and Bounties
    • details TBD and open for discussion

 

Block Explorer, Mining Pool, additional Wallets can be contributed by members of the community or bounties issued, out of the ICO or Set Aside funds. with schedule TBD.

Though non-commercial in nature, the Practice Coin project may generate Cryptocurrency denominated Revenue via referral or affiliate fees or on-line advertising. In such a case, 50% of the profit will be distributed to the Membership, on the quarterly basis. Due to non-trivial bookkeeping and reporting requirements, details are TBD.

Policy on accepting Outside Contributions or Sponsorships is TBD.

 

Timeline (conservative estimates, but on best efforts basis)

  • Public testnet – June 1, 2017
  • Governance Structure –  June 10
  • Site, logo, white paper – June 20
  • Private Placement – July 1
  • Social Media – July 10
  • Launch – August 1
  • Exchange Listings – September 1
  • X11 DGW3 prototype – October 1