Finance:Devcoin

From HandWiki
Devcoin
Code(numeric: )
Unit
SymbolĐ, DVC‎
Demographics
Date of introduction5 August 2011
User(s)International
Issuance
LedgerTransactions are verified and secured by decentralized peer-to-peer network. The Devcoin project regulates and distributes through consensus in protocol.[1]
Valuation
Issuance50,000DVC with every block (approximately every ten minutes).
 SourceTotal DVC in Circulation

Devcoin (DVC) is a cryptocurrency created in 2011 to fund open source work[2] by programmers, hardware developers, writers, musicians, graphic artists and filmmakers.[3] [4]

The Devcoin code is open source[5] and based around Bitcoin. Devcoin can be merge mined with Bitcoin, earned by developing, writing or traded on exchanges.[6]

An auction site for Devcoin users went online in May 2014. Users can pay with BTC, LTC, DVC and PayPal. All profits from Devcoin Auctions will go toward the Devcoin project itself.[7]

Transactions

Devcoin is an alternate Bitcoin block chain.[8][9][10][2] The Devcoin daemon is a fork of the Bitcoin daemon and the client is a fork of the Bitcoin wxWindows version.[1]

Purpose

The stated purpose of Devcoin is to give money to open source developers for their work in as fair a manner as possible.[11][8]

Open Source

Open source is one model of open access and redistribution of time, work and information through collaboration. Devcoin was implemented to enable universal funding in line with this concept.[12]

Categories

Licenses for programming and hardware which qualify for Devcoins are the AGPL, Apache, BSD, GPL, LGPL, MIT, public domain, and unlicense.[13] Web code must be licensed under the AGPL, to close the web services loop hole, it could also be dual licensed. Licenses for writers, musicians, painters and graphic artists, and filmmakers which qualify for devcoins are the Creative Commons Share Alike (wikipedia license), Creative Commons Attribution, public domain, and unlicense.

Programmers and hardware developers includes, but is not limited to, people who develop open source software, websites, machinery, circuits, vehicles, housing, games, medicine, transportation, energy and resource extraction systems.

Writers includes people who write books, articles, fiction, poetry, and documentation. Fan fiction only qualifies if the source license also qualifies for Devcoins.

The musicians category includes people who perform music and people who create or record unique sounds. Currently musicians may only earn Devcoins for lyrics by the word, in future they may receive Devcoins for music videos.

The painters and graphic artists category does not currently include photographers because photography can be done mechanically with little or no creative work.

The filmmakers category includes people who make movies, shorts, and animation. Fan films only qualify if the source license also qualifies for Devcoins. Currently filmmakers only earn Devcoins for their scripts by the word, in future they may also receive Devcoins for the film itself.

Distinguishing Features

Specifications

SHA-256 Algorithm

Merged mined with Bitcoin

50,000 coins per block, 90% goes to funding developers.[2]

Coin supply is constant.[1]

Earnings and Payouts

Receiver files are used to load the addresses for payment into the mining operation.[14][15] This is the first use of receiver files in cryptocurrency and allows the distribution of funds to Devcoin recipients.[11] Devcoin is expressly made to compensate individuals for their open source and Creative Commons work, and payments are distributed throughout a round of 4,000 blocks.

Mining

Devcoin is merged mined with Bitcoin.[16][17] This enables the currency to be created as a secondary effect of mining Bitcoins, and Devcoin does not rely upon maintaining its own network power and related energy consumption.[18] 50,000 Devcoins are mined per block; of which 5,000 Devcoins remain with the miners>[8] and 45,000 Devcoins are sent to the eligible recipients.

Money Supply

The generation rate technicals were developed to pay for ongoing development and to address having to deal in milliDevcoins. Devcoin’s generation is constant at 50,000 coins per block, 1,000 times higher than the Bitcoin starting rate. The rate of growth falls as a percentage of the total each period. The generation is unlimited with no block halving. Devcoin has a marketcap of $348,056 USD as of Nov 11th, 2017.[19]

See also

  • Alternative currency
  • Open Source
  • Creative Commons
  • Electronic money
  • Peer-to-peer computing


References

  1. ↑ 1.0 1.1 1.2 "Technical - Devcoin Wiki". Devtome.com. http://devtome.com/doku.php?id=devcoin#technical. Retrieved 01-09-2013. 
  2. ↑ 2.0 2.1 2.2 Brezo, Felix and Bringas, Pablo G. Issues and Risks Associated with Cryptocurrencies such as Bitcoin, SOTICS 2012, The Second International Conference on Social Eco-Informatics, 10-21-2012 (pdf), p. 25
  3. ↑ "Devcoin.org". Devcoin.org, January 2014. Devcoin.org. http://devcoin.org/. Retrieved 9 January 2014. 
  4. ↑ "Cryptsy.com have begun to trade Devcoin for Bitcoin". Cointelegraph. 13 February 2014. https://cointelegraph.com/news/cryptsy_com_have_begun_to_trade_devcoin_for_bitcoin. 
  5. ↑ "Devcoin Source Code". gitorious.com. https://gitorious.org/devcoin/devcoin/source/4e23c180945785c49bbab682b7f6c6e1eda29b05:. Retrieved 01-09-2014. 
  6. ↑ "Devcoins". Devcoin project. http://devcoin.org/get-devcoin.html. Retrieved 01-09-2014. 
  7. ↑ "Devcoin Auctions goes live". Cointelegraph. 23 May 2014. https://cointelegraph.com/news/devcoin_auctions_goes_live. 
  8. ↑ 8.0 8.1 8.2 "What other digital currencies are there?". CoinDesk.com. 05-09-2013. http://www.coindesk.com/what-other-digital-currencies-are-there/. Retrieved 01-09-2014. 
  9. ↑ "Bitcoin's successors: from Litecoin to Freicoin and onwards". The Guardian. 2013-06-25. https://www.theguardian.com/technology/2013/jun/25/bitcoin-successors-litecoin-freicoin. Retrieved 01-10-2014. 
  10. ↑ "WhereToMine highlights rich altcoin deposits". CoinDesk.com. 06-05-2013. http://www.coindesk.com/wheretomine-highlights-rich-deposits/. Retrieved 01-09-2014. 
  11. ↑ 11.0 11.1 "Bootstrapping a Decentralized Autonomous Corporation, Part 3: Identity Corp". Bitcoin Magazine. 2013-09-24. http://bitcoinmagazine.com/7235/bootstrapping-a-decentralized-autonomous-corporation-part-3-identity-corp/. Retrieved 01-10-2014. 
  12. ↑ Djere, Rex (2013-07-30). "Funding Open Source Projects With Devcoin". linuxtoday.com, beginlinux.com. http://www.linuxtoday.com/upload/funding-open-source-projects-with-devcoin-130727095007.html/. Retrieved 01-09-2014. 
  13. ↑ "Unlicense.org". http://unlicense.org. Retrieved 9 January 2014. 
  14. ↑ "Github - Devcoin files". github.com. https://github.com/Unthinkingbit/charity. Retrieved 01-09-2014. 
  15. ↑ "Index of/charity". http://d.evco.in/charity/. Retrieved 01-09-2014. 
  16. ↑ "Merged Mining". dot-bit project. 2013-04-13. http://dot-bit.org/Merged_Mining. Retrieved 01-11-2014. 
  17. ↑ "Pooled Mining". http://cryptocur.com/pooled-mining/. Retrieved 01-11-2014. 
  18. ↑ "The cost of a bitcoin". techcrunch.com. 2013-04-13. https://techcrunch.com/2013/04/13/the-cost-of-a-bitcoin/. Retrieved 01-11-2014. 
  19. ↑ Crypto-Currency Market Capitalizations, 11-11-2017

External links




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