What is Spaincoin?
Spaincoin is a decentralised peer-to-peer cryptocoin. It is not controlled by banks or governments. Coins will be given away to Spaniards that prove their identity with their national ID chip-card so that they can start using their cryptocurrency for their purchases and financial freedom.
50% to be distributed among Spanish citizens.
It will be done in 5 stages, starting one month after launch (exact date TBD):
Stage Coins/person Coins: People:
1 100 SPA 5M 50k
2 50 SPA 2.5M 50k
3 25 SPA 2.5M 100k
4 10 SPA 8M 800k
5 1 SPA 7M 7M
Total: 25M coins for max 8M people. We assume not every Spaniard will claim their coins. Each stage will last 2 moths, any coins remaining will be either rolled over to the following stage or destroyed. We will watch the coin supply and try not to flood the market giving away coins (we’ll probably place daily quotas in the first few days of giving out coins, so that at least no more coins are being given away than being mined).Release date: March 4th, 2014
- Proof of Work algorithm: Scrypt
- Total coins: 50,000,000 SPA
- Coins per block: 100 SPA
- Block target: 2 minutes
- Difficulty adjustment: every block (KGW)
- Block reward halving every 8 months (non-linear, recalculated every block to avoid big jumps in block reward)
- All coins will have been mined after 4.8 years
- Mined coins mature in 120 blocks