COE & ZUR DRAFT
Synthchain WP (11)
We mentioned before that MNY was an ICO which we chose as a starting point to build on in order to provide value to the investors who had committed significant amounts of cryptocurrency during 2017. At the other end of the market, we discovered a failed proof-of-work (PoW) Blockchain that dated from the pre-ICO era, December 2013.
PoW Blockchain builds are notoriously hard work to establish and implement today; where there have been attempts, since 2017 at least, by far the majority have failed.
This is as a result of the expensive and inconvenient process of acquiring mining hardware which is externally stored and operated. Much PoW Blockchain architecture today makes use of hybrid proof-of-stake (PoS) software which run master nodes — effectively virtual mining hardware in software form.
Due to its relative age, ZUR has a large number of wallets; around 50,000 with cryptocurrency inside them, although the top 100 holders comprise more than 90% of the coin’s overall supply owners. Thus, there are huge quantities of dead coins.
COE is a digital note that we designed to parallel to some extent the value properties of MNY with a market-based function. We achieved this by taking the CMC capitalisation 15-minute interval Pro API result and dividing it by one billon, which we then used as the expression for the number of MNY required to purchase the COE at retail price:
CMC/1B * MNY = COE Retail Price
In order to incentivise potential innovations our way, we created a special wholesale price for developers by creating a faster-mining Futereum token, with 3 months — 9 months cycles and 100 times less the number of digital notes issued, and multiplied this by the value of ETH over the value of BTC, multiplied again by the CMC formula above:
(ETH Market Cap/BTC Market Cap) * (CMC/1B) * FUTX
= COE Wholesale Price
Whenever someone purchases COE wholesale, a product-mine is extracted in the same way as for a FUTR feemine; this product-mine we deliver to the ZUR smart contract. Once delivered, individual ZUR owners can claim their COE product-mine share by activating a specific function on the wallet in which their ZUR note resides. ZUR notes were shared out among the participants of the ICO mentioned previously. Subsequently, we intend to offer all current Zurcoin holders 1-for-1 ZUR Cheque digital notes which we will purchase from the market exchanges on which it is traded, thus bringing liquidity to the supply.
ZUR smart contract may be also filled up with any ERC token and can be subsequently mined by the holders. Additionally, each individual ZUR tracks each individual token and mines a proportionate share of whatever is in the smart contract each time, so the same utility can be applied to any ZUR sold to another purchaser on exchange.
The API streaming of the CMC Index values into COE’s smart contract need not be confined to just this one example of cryptocurrencies. In fact, it is possible to imagine a whole range of COE notes representing the values of a whole range of assets, from securities to real estate, even to non-asset API feeds representing things such as the global weather temperature average.
By employing an Oracle we built and named Coeval that accepts the API and redirects it to the COE smart contract, any form of numeric feed can be employed in the pricing structure of similar COE notes. It is possible this may have significant applications for a wide range of speculative and investment purposes of course over time, which we will seek to build.
COE mines for up to 100,000 COE or 100 days, whichever comes first. At that point, 35% of the COE produced in the current cycle shares in a potential re-exchange for 35% of the content of the COE smart contract.
We initiate COE smart contract with a discount sale conducted in ETH. This discount sale takes place over the same 100-day period and sells up to 100,00 COE as per all cycles, but retails COE at a price increase of 0.001 ETH per tier, with a maximum 1,000 COE per tier sold, increasing in value over 100 tiers by 0.001 ETH up to a maximum cost of 0.1 ETH/COE.
This initial discount sale is designed to attract new participants to the value network of digital notes we are hereby constructing.
