A quick copy paste of the Whitepaper PDF
http://inovatium.com/upl/ElementCoin-WhitePaper.pdfWhite paper
~ No point designing a coin if people have no real way of using it. ~
A game (changing:) currency
Investors today can buy or mine many kinds of coins, but not many are really worth
having or mining. This abundance of coins is fine to a certain degree, as there is
more competition and people have more choice, but it’s also the abundance that
can choke many promising ideas. There is, however, one other abundance that we
would all rather have - an abundance of users. Currency can only be valuable if
people use it, and the more people use it, the more valuable it will be - to users and
in its own value, also.
It is also not in their favor that all the power is in the hands of the developers.
People don’t like to be left at the mercy of developers and this is why we decided to
change the game a little and even out the odds somewhat. Developers should not
have all the power, since without the investors, they would not be developing much
in the first place.
The essential question every developer should ask himself is “what will the coin be
used for?” If you don’t know the answer, you have probably failed. Developers should know what an average person will be able to do with their
currency. That should be something an average person sees as both easily done and
useful, as otherwise very few will invest. Why would you buy or mine a coin if you
don’t have any real use for it? If you own any coin you want to make profit or spend
it, and with most alternative coins you can usually do neither.
All that got us thinking. How do we make a currency that has many users, is in daily
use, and not just on the exchange markets, for that matter? Most of the alternative
coins today try to attract people to start using them by offering something else or
more, but that is not how things should be done. People really don’t need another
currency as there are plenty of them out there. What is needed though, is
something people could use their currency for and use it often.
That’s why we have started on a mission to provide a real value to our coin. We
wanted to have a coin with a real purpose, and to give people a platform where they
could use that coin. As one of the projects we were already planning was an online
game where some in-game currency would be needed, the solution was obvious.
We decided to combine both, our future online game and a coin, and to bring
together gamers and crypto-currency. This way we can give people a reason to want,
to have and to buy our coin and in the process gather the funds to develop all the
planned projects. We named the coin Element.
Supremacy Online
Through the planning of the whole process, we eventually designed a kind of
ecosystem where crypto-currency is the blood flow connecting all the parts together.
The biggest part of that ecosystem is going to be our online game called
SUPREMACY ONLINE, where people could make and spend Element coins inside the
game. Another part of our ecosystem will be an online shop, where people could
also use our coins. They could also opt to exchange them on the market or just
simply hold onto them, as that can make them money too.
Since we were already designing a coin to be used in a game, we thought of making
one that suited the gamers. Gamers usually own computers with one or two graphic
cards, so we decided to use that to both their and our advantage. When you think
about hundreds of thousands of computers being idle for most of the time, that is a
lot of hashing power staying unused. We figured we could harvest some of that power for mining, and in return pay the gamers back with our coins, an elemental part of the ecosystem we are designing.
In essence, what we’re trying to do with our coin is introduce a currency we would
use in our online game and one exchangeable on the crypto-market at the same
time.
Fair distribution
The concept of “fair distribution” is just another step on our journey of trying to do
things rationally and not just differently from the other coins. Since we’re making
the Element a currency mainly meant for use in our game, some kind of fair
distribution of coins really should be in place. We have spent a lot of time trying to
find a solution for this and we did figure it out in the end; Element coins are going to
be premined, but (and that’s a huge BUT!) they are not going to be spendable at
once, but gradually over the next 27 years.
So how is this different from all the other premined coins?
Well, actually, it is very different. Regular premined coins can be dumped on the
market by developers while Element coins cannot, since they are limited by the
proof of maturity.
What that actually means, is that we have introduced a system of time-aligned
premined blocks. All the blocks are already solved, but 24 hours has to pass for each
block to mature. That way the last block will only mature in ~27 years. As the block
matures, the block reward of 8000 coins is sent to our wallet where it becomes
spendable. At the end of the day, the pool will divide those coins among the miners
wallets according to how much their hashing power contributed to our mining pool.
But how do you get to own Element coins, then?
We are organizing an Initial Crowd-funding Offering where we make 18 million
Element coins available to all the potential investors. 500,000 Elements will be
additionally placed in the Development fund for the game launch. Coins will have no
predetermined initial price. The price will only be determined upon the end of the
ICO by dividing Bitcoin value between the initial batch of coins offered for sale.
After the ICO ends, you would have to buy Element coins on the market, or you could earn them by joining our mining pool and renting us your hashing power.
Why would someone invest early?
There will be a Bonus fund with 1.5 million Element coins which will be divided
among early buyers. Starting on November 4th and including November 5
th a bonus of 20 % is going to be added to every investment on those two days. After that a
bonus will decrease by 1 % every day until the end of the ICO. Bonus will be
calculated until there are no Elements in the Bonus fund left. If there should be any
coins left after the ICO, we will destroy them.
And how does fair distribution fit into that?
We are going to ensure fair distribution of our coins by limiting the hashing power to
a combined power of the two most powerful GPUs on the market with a 20%
overhead. By doing that, we effectively limit large-scale mining in our mining pool
and prevent someone from getting paid an unfairly large amount of Element coins.
That also motivates miners, since they know that in our pool nobody can mine much
more than they do and every block of coins gets evenly divided between all the
miners according to their submitted share of hashing power.
The mining pool
Usually if you mine with only one or two graphic processor units, it is almost
impossible to make any profit. On the other hand, if you combine the hashing power
of hundreds or even thousands of GPUs in a pool, that changes everything.
We are going to use that combined hashing power in our pool to mine other chosen
coins and pay you back in Element coins. What other coins those are depends on
the market. One day one coin could be mined and tomorrow the next one, but
profits will always be paid out in Bitcoins.
The pool will be built from servers designated to mine different coins. When chosen
coin that was mined gains some value, we will consider selling it. Dumping is not our
priority as we seek to earn in the long run. All the coins chosen will be kept in our
portfolio and all the mining data in our database will be available for review to all
the members of the “Element group”.Profit that we make from selling mined coins would be held in portfolio, divided
monthly and paid out in Bitcoins:
5% goes to Stability fund
20% goes to miners (additionally to already paid amount in Element coins
for renting us hashing power).
25% goes to Element group members.
50% goes to Development fund.
Element group
It was mentioned before that even just holding on to the Elements can make you
profit, and the possible rise of market value of the coin is not what we meant.
All the ICO investors who invest at least 1 Bitcoin will become “Element group”
members and will have access to the stats of mined coins and shop business.
Element group will have three levels, depending on the investment:
I. Class members with 5 BTC minimum investment will be entitled to:
Their share of 25% portfolio profits, made from selling other mined
currencies in our mining pool.
Their share of 20% game profits.
50% of all online shop profit.
They will also have voting rights to suggest which new coins should be
considered for mining in our mining pool.
II. Class members with 3 BTC minimum investment will be entitled to:
Their share of 25% portfolio profits, made from selling other mined
currencies in our mining pool.
Their share of 20% game profits.
III. Class members with 1 BTC minimum investment will be entitled to:
Their share of 25% portfolio profits, made from selling other mined
currencies in our mining pool.You can become a member of the Element group even after the ICO, but that could
prove to be difficult. When ICO ends, the price of the Element Coin will be
determined and we will know exactly, what percentage of the initial ICO was bought
with Bitcoin. If we multiply that percentage with the number of Bitcoins needed to
be in one of the classes, we would determine the required percentage to be a
member of one. So, to become an Element group member, you would have to own
twice that percentage of Element coins, but calculated in current market cap.
All the calculations are done monthly. You get your share of the benefits depending
on the number of the days that you were at or above the required minimum market
share. All the statistics will be available monthly on
http://group.elementcoin.io.
The crucial point is that Element group members will benefit greatly from their
membership. According to the class of the membership they are in, they will get
their share from the income our ecosystem earns every step of the way. If you
happen to be an “Element group” member and miner also, you effectively get your
share of the 45% of the profit made in Portfolio, paid out in Bitcoins!
Making money in SUPREMACY ONLINE
SUPREMACY ONLINE will not be just another futuristic online game, but one where
you’ll be able to use the Element as a game currency, and also contribute to the
supremacy of the game (pun intended).
We are not expecting gamers to only spend in a game, but also to make money.
Individuals or groups will be able to contribute to the game by creating worlds
(complete with flora, animals, alien creatures...), characters, weapons, vehicles,
machinery, clothes and a number of other goods or items people need, want or like
in a game. After we review and approve certain addition to the game, that addition
will be offered for purchase within the game so people could make money from
sales of their contributions.
Even if you don’t have the skills to do that yourself, you could always pay someone
to design a weapon or anything else for you or your corporation and then offer that
for sale in game. You’ll also be able to invest in different corporations by purchasing their shares and then get percentages from the sales of their items. You’ll be able to do this either as a player within the game, or even if you don’t play and just want to
be an investor. Using in game market/exchange, you’ll get to see the shares available
from corporations or different groups within the game and their respectable
transactions. If you like what you see, you’ll be able to purchase the shares and
become an investor.
There will be many parallel worlds in game, where you might be allowed to steal,
cheat, extort money, own slaves, sell weapons or do any number of the things the
designers of the parallel worlds could think of. Gradually, we’ll add more and more
complexity to the game and people will have even more opportunities to earn
money with additions like races, tournaments, gladiator fights, casinos, betting and
so on, all depending on the imagination of the contributing players and designers.
That means it will also be possible to earn something just by playing the game.
People will be able to use Elements to purchase various things in the game and to
pay for anything that has something to do with the game. They could purchase a
laser gun, buy a property, house, vehicle, clone themselves or just get one of the
million things available in the game.
It will also be possible to use coins for market trading, exchange them for other
currencies or just hold on to them, as the whole project is designed in a way that
even just owning the currency can make you some profit too.
Online shop
As a gamer, you play all sorts of games on your computer and also online. That’s why
in addition to a game, we are also going to introduce an online shop, where you’ll be
able to use Element coins for various goods and services. Nothing big, really; you
could buy a game, pay for online game codes, rent game servers, etc., or maybe get
some limited edition items with Supremacy Online or Element coin insignia. Just
another way of making sure people really find the coin useful.
When you make a purchase at our shop and pay with Element coins, we will buy
those Elements back and then use them in our Supremacy Online game, where they
would be available for players to purchase and use in the game.Stability fund
Stability fund is, like its name implies, used for stabilization of the currency.
5% of the ICO goes straight to Stability fund and after that, it is additionally funded
with 5% income from the portfolio profits.
Element coin mining
We use desktop application called ElementMiner for coin mining, which is a
GPU/CPU miner GUI. It is programmed to connect to our Work distribution server
and to switch mining algorithm on the fly. It also displays data about CPU/GPU
temperature, fan speed, submitted shares, etc.
It has controls to change mining settings and can work in full screen as a screen
saver when your computer is idle and you are not using it.
The application receives a command from the server (ip:port:algo), selects the
correct algorithm, connects to designated ip:port and starts mining the coin. Your
accepted shares get written into the database. We calculate your share once per day,
convert that to Elements and send coins to your wallet.
When your computer goes idle, the application starts mining and when you start
using your computer, mining stops. Everything is done automatically and you need
never intervene.
Work Distribution Server
Server that constantly monitors how our mining poll works.
Examples:
When server detects that pool hash power is closing to Coin A at a 51% of
network hash rate, it redirects some of the connected ElementMiners to other
coins and/or pools.
When Coin A is on the market and is not profitable at that time, the server
switches to Coin B or redirects the miner to another pool.
If we have been mining some coin that was recently released to the market
and the total of the coins we have mined reaches a targeted amount, the
server switches to other coin and/or pool.
Specifications:
Total coins: 100,000,000 ELM + POS
Initial supply: 20,000,000 ELM (ICO)
Daily inflation: 8000 ELM
Block reward: 8000 ELM
POS: 1% per year
100% premine with blocks that mature gradually
1 block matures every 86400 sec. and only then becomes spendable
last block matures in ~27 years
Every day 1 block matures; 8000 ELM become spendable
All 8000 ELM are distributed among miners at our mining pool
Element coins cannot be mined but they can be earned in our mining pool by
renting us your hashing power. Be aware: Max hash rate we accept is 2x top GPU on
the market + 20%.
Total Members: 14197
Topic: ICO Analysis Supremacy Online Game: Unreal 4 engine and build-in #Element crypto (Read 8518 times)
