A proof of work/stake/reclamation hybrid virtual crypto token.
So the initial release of our virtual coin is almost at hand.
It is based on HoboNickels. With the addition of Proof of Reclamation/reposession.
With a 120 million total coin limit combined with POR, NanoCheeZe will be the first coin with NEMS (Never Ending Mining/Staking) but still have a hard cap on the number of coins!
Due to 2 circumstances, there are 2 reasons for the need to have a proof of reclamation system.
1 - People lose wallets and passwords to a number of circumstances.
2 - People unfortunately die. Which cycles us back to reason 1. And inside the VR universes of the MEQUAVIS, entire simulations will get erased sometimes, leading to floatibg sub currencies. But the second scenario only involves the later to be implemented side chaining coins through the nanotherium network and rootstock type systems. So that doesnt apply here quite yet.
Think of the NanoCheeZe virtual crypto token as if it were the coin that represents this Earth in a multiverse where every other universe has their own coin that can be traded via the nanotherium network. It would essentially be as if you imagined our universe was also a simulation in the MEQUAVIS, which is what this coin is for, as it will be used in the VR simulation that represents our real world with in the MEQUAVIS. But this coin is strictly for our world as if it is firewalled from the rest of the digital multiverse.
But essentially it is simply HoboNickels with the addition of Proof of Reclamation and a cosmetic make over.
How does POR work?
Easy! 2 rules.
NanoCheeZe's network will only accept a transaction between 2 addresses if they meet one of the following.
1 - age of receiving addresses last proof of stake deposit must be less than 5 years ago or have no birth date yet.
2 - receiving address must be less than 5 years in age where the addresses birth date is it's first recorded transaction.
Sending address must not be invalid due to POR. Which can't happen to any addresses for the first 5 years of course.
This also means you actually need to run a NanoCheeZe node to receive a staking reward at least once every 5 years in order for your wallet's addresses to not be flagged as invalid in the block chain through proof of reclamation.
This also means we can decrement the coin counter using proof of reclamation to enable mining and staking rewards at dynamic levels so that staking and mining rewards won't drop to zero once we get to the full 120 million coin count.
I hope to add private addressing and zero work proofs from Zcash if possible at a future date!
I also plan to change staking/mining rewards to a dynamic level instead of 5 coins per block and 100% staking. Staking rewards will definetly be reduced drastically over time while mining rewards may increase depending on POR returns.
I will also be using transaction fees to this end partially as well and along with a dispersal to founders and contributors. yet to be determined.
Some pre release testing is available on github for Linux only atm if you check back on prior posts!
I'm going to offer all my steemit followers a chance at getting some free NCZ once we release the windows exe. I am capping it to the first 9000 followers just in case we get that high... and if we do get over 9000 followers before launching the beta node, then I will think of something extra special for rewards... lol