What is Graincoin?
Grain is a PoW/PoS coin that is designed to be the unit of cyber-coin. It has a total of 50 billion unit to be released, through a fair p2p mining process. It is fast, secure and have sufficient coins for circulation so it can be used in real daily shopping.
Grain is from the family of PPCoin/Novacoin with latest available algorithms that fixed various problems in the PoW/PoS coins. As compared to the PoW only coins, the proof of stake coins are more resilient to 51% attack. Also it is a long term energy-efficient crypto-currency since not all coins are obtained by mining.
Each grain block provides random 1024 – 2048 grains initially. It also provides rare superblocks. The coin uses hash-based algorithm to determine superblocks based on the number of 9s in the previous block hash. It works as follows:
– the hash contains six 9s or less: regular block
– the hash contains seven or eight 9s: 8 times the regular block (about 5% chances)
– the hash contains nine or more 9s: 64 times the regular block (about 1% chances)
Premined 1% as reserved bounty and reward for developers, giveaway, pool, blockexplorer, etc. Grain also provides 5% annual interest on the grained held. The interest will be paid about every 2 weeks.Release date: December 7th, 2013
- 30 seconds block target
- 1024-2048 grains per block for normal blocks
- 8 times or 64 times the regular payout per block for super blocks depends on the number of 9s in the previous hash
- Difficulty retargets every block
- mining payout will be halved every 90 days (259200 blocks)
- minimum payout per block 1 coin
- Total grains will be 50 billions
- 6 confirmations for transaction
- 50 confirmations for minted blocks
- Ports: 11054 (connection) and 11055 (RPC)