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"Premined" is not strictly accurate. 1/10 of the mining reward will eventually go toward a wallet controlled by the developers. The rate of the incentive paymen
by zekevermillion 10y ago
"Premined" is not strictly accurate. 1/10 of the mining reward will eventually go toward a wallet controlled by the developers. The rate of the incentive payments starts out high and decreases over time. [1] This is different from a premine or instamine, where the devs begin life with a stash of protocol tokens, which they then have a strong inclination to dump on the market.
Zcash 10% vig is an improvement over instamine or premine. I agree this structure is still not ideal for maximizing zcash value, as it creates an incentive to clone zcash (without the vig). Zcash looks like it will be rather more difficult to clone than, say, Ethereum. But it will certainly be done. I also expect that some of zcash features will be added to other protocols, thus diluting its tech advantage.
No one has figured out how to force everyone to invest in the same version of bitcoin, and perhaps that is as it should be. I still expect the Zcash devs to make out OK.
[1]https://z.cash/blog/funding.html https://z.cash/blog/funding.html
- echelon 10y agoDid anyone fork or clone Ethereum to cut out the developer's premine? I'd be interested in an Ethereum-like, but only without the politics of forking based on protecting assets of the original developers.
- zekevermillion 10y agoYes, there are various clonese, possibly premined by clone devs! I won't mention any b/c I don't want to appear to endorse any. To my knowledge, ETHC maintained chain of title with original ETH up to the fork. However, the DAO exploits may have transferred some of the premine to the team that worked the exploit, to the extent any of the devs invested in the ill-fated DAO.
- SEK3NLM 10y agoThere are several, there's Lisk and Expanse and at least one other that's probably more significant than those two but whose name escapes me for the moment. Note all of them are also doing work to improve on ethereum. While there was an age where people would just fork a codebase and try to hype up a coin (doge is the biggest example) nowadays if you want to capture any value, you have to actually add functionality or differentiating features.
- ptravis 10y agoYes - the forthcoming UBIQ is a fork of eth without premine along with some code improvements. You can read more here: https://bitcointalk.org/index.php?topic=1631210.0 https://bitcointalk.org/index.php?topic=1631210.0
- murbard2 10y agoYou might be interested in Tezos (https://tezos.com https://tezos.com, disclosure: I'm the lead dev), an upcoming distributed ledger and smart-contract platform with a decentralized governance model. It's not a clone of Ethereum, it's a fresh, from scratch implementation of a new protocol in pure OCaml (with the notable exception of a dependency on libsodium). It's two year in the making and we're hoping to launch in March. Governance is necessary for the maintenance of the commons, but we don't think it should be in the hand of a foundation or a core development team.
- zekevermillion 10y agoI heard about your project via Doug Barnes at a lawyer party, of all places. Very interested in the meta protocol or governance model. A worthy experiment!
- murbard2 10y agoGlad to hear, we've been very lucky to have Doug advise us on the project! For those reading this who don't know him, Doug has an impressive pedigree both as a lawyer and as a technologist / cypherpunk. He was, for instance, to president of "Evil geniuses for a better tomorrow" https://en.m.wikipedia.org/wiki/Mnet_(peer-to-peer_network) https://en.m.wikipedia.org/wiki/Mnet_(peer-to-peer_network) He now specializes in advising startups and I cannot recommend him enough. http://barneslegal.net/ http://barneslegal.net/