OneCoin was announced February 22nd and launched March 1st 2017 (unix time 1488326400). There was no premine and the block reward for the first 500 blocks was 0, making the first four days of mining with 0 payout to prevent low difficulty instamine. The project was taken over by the community in the first days, developing additional services like block explorers, mining software and social networks. There is no roadmap for this project. Forking the code and developing new features is encouraged.
This cryptocurrency features a unique reward structure. Paying 0 reward for Proof Of Stake rewards, a PoS block is mined only when a transaction paying the network tx fee is present in the memory pool. Therefore the PoS reward is fees only while the PoW reward is the coinbase transaction plus fees.
The idea behind the reward structure:
- PoW miners get paid by the network for spending energy and securing the network
- PoS miners (stakers) get paid by people using the network (paying transactions fees) in the beginning that is practically zero, but the expenses of running a full node while the network is young is also close to zero (incentive to run a full node grows as the network grows or more accurately, when transaction volume grows)
- Long term competition develops in the fee market between the miners and stakers, pushing the price of fees downwards for the users.
For further information please read the original Announcement thread and evolution and rebranding on the Bitcointalk forum: Bitcointalk.org ANN Thread
Block time: 5 minutes
Block reward: 50 OCP with 4 year halving
Maximum supply: 21 million OCP
Proof Of Work algorithm: SHA256T
P2P Port: 8881
RPC Port: 8882
Nvidia GPU Miner Open Source by tpruvot
Nvidia GPU Miner Closed Source by Nicehash
AMD GPU Miner Open Source
Original thread on BitcoinTalk
Rebrand to OC thread on BitcoinTalk
OCP thread on BitcoinTalk