FROM:
https://docs.google.com/document/d/1Cb27iZo6CKFaGWit4dT34ptTs26sWsbdvYy0jwtNgnc/editGryfenCoin
Ticker: $GRYF
Launches August 20th, 2014
Official Websites:
http://www.GryfenCoin.Com ,
http://www.GryfenCo.in ,
http://www.GryfenCryp.to,
http://www.Gryfx.comhttps://docs.google.com/document/d/1Cb27iZo6CKFaGWit4dT34ptTs26sWsbdvYy0jwtNgnc/edit?usp=sharinghttp://www.slideshare.net/tylerdylan/gryfencoin-pitchdeckGryfenCoin seeks to bring randomness and true decentralization to cryptocurency. Other coins only offer excitement from market fluctuations and that’s usually caused by pump and dumps. We will rise above that with unpredictable, non-systematic changes in difficulty and block reward, block bonus zones and super blocks. Not only that, but we will ebb and flow with the market trends and modify our plans to reflect the situation on the ground - what is actually happening - vs. what some whitepaper or mathematician thinks is going to happen. (See Lean Startup, Eric Ries ; The Startup Owners Manual, Steve Blank; Lean Analytics, Alistair Croll & Ben Yoskovitz)
IMPORTANT READ OUTLINE BELOW, ALL TEXT IS COLOR CODED
Tables of Contents
1. Full Features List
2. Proof of Work
3. Proof of Stake
4. Mining/Super Faucet
5. Options Market
6. Coin Supply
7. GryfenVault
8. GryfenCoin Shares
9. Future Plans/Third Party/Misc
10. Social Media/ About us
1: Full Features List
Blake 415 Algorithm (Blake + X15 with 4 random selections of X15 Algo)
1 Trillion Coins
Block Time 60 seconds
110 confirmations for blocks to mature
Proof of Stake Interest: 2.5% per month, 24 hour minting cycle.
Fluctuating Difficulty Level with SuperBlocks, Bonus Zones, Regular Blocks
Block High End Halving Yearly:
1st year: [50-50,000]gryf
2nd year: [50-25,000]gryf
3rd year: [50-12,500]gryf
Etc…
Difficulty: Like Bitcoin, but changes every block.
Premine: 0.25% reducing to 0.025%-0.050% to fuel and back the options market.
If account overflows past 0.050%, it will overflow to users via the Super Faucet.
Interest staked from Premine account sold to users in weekly shares with future coin deliveries to fund development.
Premine of 0.25% (with reduction) will back Gryfx.com Options market with 0.05% House supply limit.
Mining confirmation and transaction fees:
Miners keep 50% Transaction fees
25% go to users in super faucet
25% goes to back GryfX Options Market
Backed by Gold & fueled by daily exchange microtransaction fees!
2,500,000,000 2.5 Billion Coin Premine
We sell GryfenCoins & weekly shares on GryfX: Coin proceeds only go to physical backing with proof. Share proceeds go towards development.
2: Proof of Work
Summary of our Proof of Work mechanism
Why Blake 415?
Our Algorithm uses the newly created Blake 415 - extremely secure and energy efficient (compared to SHA-256 and others), but to differentiate ourselves from the horde of other clone X15 PoW/PoS coins.
With every block there are 4 algorithms chosen at random, with duplicity, for only 4 rounds of hashing compared to the traditional 15. Functionally, this doesn't sacrifice much, but it is more energy efficient and arguably just as effective at securing a blockchain. There's a possibility of over 1,365 combinations of hashing.
3: Proof of Stake
CPU mined. No GPUs; No ASICs - Algorithm will be subject to future changes to ensure differentiation
Block Rewards halving yearly, as follows:
1st year:[50-50,000]GFYF
2nd year:[50-25,000]GRYF
3rd year:[50-12,500]GRYF
ETC...
2.5 Billion Coin Premine(0.25%) -> Transparent Addresses with trade histories are only used to back options market -attracts lots of traders with a good early adopter bonus
2.5% Billion at 2.5%/month, with 24 hour stake time.
0.05% Maximum Limit of total supply of coins held by House Options Market. If GryfenCrypto account overflows past 0.05%, it will overflow to users via the Super Faucet. This is to create a flow in the coin supply to bring balance to individuals and market actors across the network. Brings inflationary and deflationary pressures into the market to stabilize market forces.
Block difficulty will trend upward over time but fluctuates randomly
Proof of Stake Block Rewards will also Fluctuate Randomly while Trending Upwards
4: Mining/Super Faucet
Mining confirmation and transaction fees:
Miners keep 50% Transaction fees
25% go to users in super faucet
25% goes to back GryfX Options Market
Super Faucet
5: Options Market
Our Coin Options Market will be a combination of investing, gaming, and betting. You will be able to buy Gryfencoin-backed options such as futures, puts, calls, and shorts, while our application will draw elements from racing and traditional options markets. It will help regulate altcoin prices, allow for greater depth in crypto-monetary markets, and create decentralized financial instruments that anyone with a computer, iPhone or Android can use. Fun is guaranteed.
Option market fees in GryfenCoin are sold to users or on exchanges with the proceeds going to bitcoin or other crypto that then is used to purchase gold/silver/rem that grow and gradually back the supply of GryfenCoin. This will begin with the first 0.1 BTC of revenue and be ongoing.
2.5 billion Premine will be distributed to kick off Options Market. Supply held by House to back Options Market will never exceed 500 Million (0.05% of total supply) or be lower than 250 million (0.025% of total supply)
6: Coin Supply
Supply of GryfenCoin for first two-three months
7: GryfenVault
The purpose of using an actual stored value mechanism is to insure no fractional reserve lending, no "Mt. Gox" incidents, no losing your money. Period. We will conduct public monthly audits and with the inherent upwards price pressure due mining, electricity and infrastructure used (like Bitcoin), there will be the added value to the GryfenVault.
8: GryfenCoin Shares
Buy GryfenShares as part of IPO and future operations. Supply of Minted Coins will fluctuate randomly but trend upwards.
2.5% interest of Starting premine of 62.5 Million is sold off in 20,000 shares at 0.0002BTC per share, with each share yielding 3,125 GFRYF, giving a total marketcap initially of 4BTC for GryfenCoin.
Share sales will continue every week afterwards, yet number of GryfenCoin will fluctuate due to amount of GryfenCoin held with GryfX House Option.
9: Future Plans/Third Party/Misc
In-Progress Plans:
Web Trading App, Android App
Future Plans:
GryfenMultipool - Web based multipool
Based on Node.js
Mines Low/No Value altcoins, trades them for btc, buy gryfencoins from exchanges
Secure, recordless, instant transaction through proprietary coin mixing platform built on GryfenCoin
Exchanges:
Not listed on any exchange for first 30 days
Pools:
Only CPU mining at first, pools developing from community/future action.
10: Social Media/About us
See here for GryfenCoin Pitchdeck
http://www.slideshare.net/tylerdylan/gryfencoin-pitchdeckIf you want to get involved and purchase GryfenShares please visit the link below!
http://www.GryfenCo.in/register.htmlSocial Media:
Twitter: @GryfenCoin
Facebook: GryfenCoin
Reddit: r/GryfenCoin
Contact: GryfenCoin@Gmail.com
Total Members: 14197
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