[ANN] Membercoin - Layer1 For Web3 with 10% Protocol Interest

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istaff1
Posts: 17
Joined: Sat Jul 02, 2022 10:59 am

[ANN] Membercoin - Layer1 For Web3 with 10% Protocol Interest

Post by istaff1 » Tue Aug 09, 2022 4:46 am

Membercoin - Layer1 For Web3

Original: https://member.cash/p/19af0a752e

Summary

Membercoin is the native cryptocurrency coin for the web3 social network, Member. Every action (posting, following, liking etc) requires a small amount of Membercoin. Demand for these actions drive demand for Membercoin.

Coinomics

• Membercoin has an initial issue of 100m coins.
• 2m coins are issued each year to miners.
• 10% interest is paid on all balances.
• 50% of transaction fees are burned.


Total supply is expected to increase to a 156m maximum due to the fixed costs of interest payments and mining subsidies minus the variable revenue of burned transaction fees. After a 42 month period, total supply is expected to begin to decline due to transaction fee burns (estimated at 50% increase per month) outweighing interest and mining costs.

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Other opportunities to burn coins may also become available - for example through registering unique usernames or other services requiring the coin.

Distribution

New crypto projects grow by disproportionately rewarding early adopters. Bitcoin disproportionately rewarded early miners. Ethereum disproportionately rewarded early investors. Member disproportionately rewards early users.

100% of Membercoin's initial issuance will be distributed to users and developers as the userbase grows. This will be distributed in tips automatically awarded by algorithms that analyze the blockchain to identify members that are helping to grow the activity on Member. The founder developer reward is 10%, issued as the supply is distributed. Similar rewards may be made to other developers contributing substantially to the project.

Social Platform - member.cash

member.cash is an open source web3 platform that has been under development for over 5 years. It aggregates content from multiple web3 projects including Memo, Bitclout, Deso, Hive. It also aggregates content from web2 and RSS feeds, allowing members to follow users from platforms such as Twitter, YouTube, Substack etc.

member.cash also includes innovative features like of web-of-trust that allows members to rate each other, and geoposting that allows posts to be tied to map locations. Membercoin is the native coin of member.cash and is required to interact with the content and members on the platform.

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https://youtu.be/SkaaPcjKI2E

Philosophy

Membercoin is the free speech layer of the Member project. As a blockchain with a decentralized miners, no-one has control over the transactions that take place at the blockchain level. Thus any content can be posted and any replies, ratings, follows and other social media actions can be made without fear of censorship. Accounts, content and associations cannot be confiscated, banned or otherwise curtailed.

Membercoin is intended to be a blockchain of record - unlike a newspaper website, it is not possible to alter history with stealth edits to a blockchain.

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Technicals

Membercoin uses Blake3 POW mining. This was chosen for its readily available WASM (fast web browser code) implementation, allowing new members to mine a little in the browser to easily get started posting on member.cash. An upgrade to a modified RandomX POW is currently under consideration.

Membercoin is a fork of the Bitcoin Unlimited codebase. Optimized for massive transaction processing scalability, it is a robust, battle hardened codebase that allows for immediate Membercoin mining decentralization, smart contracts via CashScript and integration with standard UTXO blockchain technology.

• Blocktime: 78 seconds
• Coin Ticker: M3M
• Block Subsidy: 5 M3M in perpetuity
• Port: 8368
• RPC Port: 8682
• Forum: https://member.cash/t/Member
• Mining Pool: https://pool.rplant.xyz/#membercoin
• Discord: https://discord.gg/jUMj7CB
• Github: https://github.com/memberapp/Membercoin
• Binaries: https://github.com/memberapp/Membercoin/releases
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