Summer is almost upon us ladies and gentlemen! While summer might actually be the most exciting time of the year for many of you, it isn’t necessarily a good thing for us crypto currency miners. GPU’s heating up, drawing more electricity to cool, making more noise…Ugh! SummerCoin is looking to change that though!
There are a few mining algorithms that allow you to run your GPU’s a lot cooler than normal. X11 is one of those algorithms, and I have to admit, i’m a big fan of X11 mining. It makes a temperature difference of 15 degrees for my GPU’s, and fans can spin at 40% without issues.
Not too many coins have implemented the X11 algorithm though, but SummerCoin will be one of them. But that’s not all, as SummerCoin is not just a new X11 crypto currency, but it will be the very first X11 PoW/PoS hybrid!
That’s right, you will get all the benefits of running your GPU’s a lot cooler and more silent, plus a switch to a PoS stage later on. This should make for very efficient mining, for 5 days anyway, because that’s how long the PoW phase will last.
During this very brief PoW phase however, you will also earn stake on your mined coins, at the rate of 1% per year. It isn’t much you’ll be getting every day, but the more benefits, the better, right? I’m not complaining anyway.
SummerCoin will generate 500,000,000 coins in total, and the blocks generated during the PoW stage will each contain 15,000 SUM. Block difficulty will re-target after every block, and the time to generate a block is 45 seconds.
For the Proof-of-Stake part , the minimum age of staking is 1 day, and the maximum age is 180 days. During days 7-14 of SummerCoin’s existence, you will earn a stake of 10% daily, which is after the PoW phase, but it does give you an incentive to hold your coins for that little while longer.
Days 15 to 45 will still grant 1% stake daily, which isn’t bad either. After day 45 , the stake will be 10% of your balance at the end of the year. Year two will give you 5% stake, and year three and onwards will see the stake reduced to 2%.
There will be no pre-mine and no IPO for SummerCoin, which I’m very happy about personally. Each mined block on the network, however, will send 200 SUM to the developers for foundation support, but I can live with that.
Currently, there are a few bounties available for development of a Mac OS X wallet, as well as for additional pool operators. Block explorers are also welcomed, up to a maximum of 3 different ones. Announcement thread translations are welcome as well.
SummerCoin will be released on April 27th, at 20:00 GMT.
Check out the SummerCoin thread on BitcoinTalk!