Digital Credits (DGCS) is a brand new digital cryptocurrency that will have a fair distribution. Credits can be earned three different ways! Proof of Work (PoW), Proof of Stake (PoS), and Proof of Burn (PoB). Below is more information on how these three methods will work:
Proof of Work (PoW) : You will be able to mine new credits at a set rate until the end of time. No worries about block halving at all. With the blocks never halving the inflation rate would drop each day to just 1% a year in line with PoS. It would remove uncertainty caused by block halving and I think make this currency more stable.
– SHA-256 Algorithm
– Difficulty Retargeting every block
– 5 credit block reward FOREVER
– New block every 60 seconds
– 7,200 credits a day, or 2,628,000 credits a year FOREVER
– Halving = Never
– Total Supply = Unlimited
Proof of Stake (PoS) : This starts at block 60k. When you keep credits in your wallet you can stake them and earn 1% annually. Credits are first eligible to stake 1 day after they have been received into your wallet, and after 30 days, their chance of success is maximized. If you stake more often, your earnings will compound! Staking is energy-efficient, because it is based on the credits you hold, rather than on your processing power. Staking can be done directly from your wallet software and is automatic.
Proof of Burn (PoB) : There are many Altcoins out there right now and many of them have failed. The developer disappeared, trading has ground to a halt, and everyone has stopped mining it. You end up sitting on a large supply of these worthless coins with nobody willing to buy them. Each month we will find a new dead coin and attempt to buy up the entire supply of said coin. You will be paid in Digital Credits the fair value of the coin. You will have 30 days to do this. All the coins we buy up will then be burned, never to be spent again. We will continue this process until we run out of funds.
Coin Selection : Each month new dead altcoins will be selected. The coins will have to meet all of the following specifications in order to be eligible:
1. Missing Developer/No Development/Abandoned (Translation: A coin with no updates, no clear path, no one working on it, no Network Effect)
2. Little to no trade volume (under 0.2 BTC weekly Average)
3. Little to no Hashrate (PoW)/Little to no staking (PoS)
4. Our Exchange Partner is allready in the process of delisting the coin, or the coin is not listed with them.
PoB will be handled by our exchange partner, the developers of Digital Credits will have no control over the fund or which coins are burned. The process of PoB could take months or years to complete depending on the value of our credits on the open market. The more valuable they become the more dead coins that can be targeted and burned. The net effect of this would be allowing all the other alt coins that have dedicated communities and developers to rise above the rest. This would never be used as a weapon to attack weak coins. Again, all 4 requirements above must be met. Coins will be burned on a single exchange, we are in discussion with a few exchanges.
I just wanted to point out that when we launch you will have several methods to mine these credits. For those with ASIC you will be able to mine the credits directly through the SHA256 algorithm. If you prefer CPU or GPU mining you can just mine one of our burn coins and exchange them for Digital Credits. This option is indirect mining but will still give the same result with our 30 day burn cycle which is a guaranteed price. We will be launching within the next two weeks. Burns will start the first of December and last 30 days.
Check our Proof of Burn page to see which coin is currently being burned and see which coins are being considered for future burns. If your want to get involved please download the wallet and be sure to interact in our chat rooms and on our forums.