So a lot of people have been asking me to do an article about CraigsCoin once the trading markets opened up. As the trading markets actually opened up yesterday evening on BitTrex, and were shortly thereafter closed again, we should find out what is going on.
CraigsCoin brings a new idea to the table in the world of cryptocurrency and altcoins in the form of classified advertisements on the blockchain. No one will be able to edit or delete these classified ads, so the concept in itself sounds pretty interesting.
In order to do so, CRAIG uses a modified blockchain and a “special” wallet. This special wallet will accept ADTX (AdvertisingTransactions), which come at a fixed cost called “Listing Fee”. In order to provide the details about the ad itself, the user can add a user-created message which can be up to 10,000 bytes in size. The ads themselves will appear on a custom block explorer.
In order to submit your ad to the blockchain, there is a flat fee of 5 CRAIG. Once the ADTX receives five confirmations, your text will be visible on the blockchain. The custom blockchain, where all ads appear, can be viewed from the CraigsCoin client by clicking on “Listing”. More features are coming to the modified block explorer, including a search engine in 2015.
Another feature to be included in the custom blockchain viewer is an ad filter. By using such a filter, only ads relevant to the user will be shown. By using tags, users can filter out older entries , use geographical filtering and more. Ad filtering should be available in November 2014.
You may have noticed I mentioned people can add tags to their ads, which is a new feature scheduled for release in October 2014. CraigsCoin ads can be customized by using a tag-based language similar to BBCode. Interesting idea!
In order to gain some credibility in our Crypto world, the CraigsCoin developer has gone through CryptoAsian’s Proof of Developer process. A 5+ POD rating has been awarded, and you can read all about it by clicking here.
As with nearly all new altcoins these days, CraigsCoin had an ICO on BitTrex. All 30,000,000 CRAIG in existence have been sold during this ICO, and the final price per CRAIG was 1444 Satoshi. Quick maths teach us a total of 433 Bitcoin was invested during CraigsCoin ICO.
As a result of the ICO ending, and the coins being distributed, BitTrex had opened up CraigsCoin trading late last night. At this point in time however, trading has been halted again because there is a major issue with CraigsCoin going on. Even though the coin is fully Proof-of-Stake, Proof-of-Stake doesn’t work properly as ardly blocks are being accepted by the network. More on that in a moment.
CraigsCoin Technical Specifications
Name: CraigsCoin (CRAIG)
Presale coins: 30’000’000 CRAIG
POS annual interest: 2%
Block time: 30 sec
PoS Issues as of 25/09/2014
I did mentioned CraigsCoin users are experiencing difficulties when generating PoS blocks, as roughly only 1 in 40 blocks is accepted by the network. This has to do with the coin maturity timer, which is relatively short. On the other hand, you have a ton of people staking coins with small amounts, thus PoS blocks are “colliding” in the race to validity.
The developer has assured us he will change the coin maturity time in an upcoming mandatory client update. (Source)
Both BitTrex and Cryptsy have opened up CRAIG/BTC trading markets.
Find out more!
Website : http://craigscoin.info/
BitcoinTalk : https://bitcointalk.org/index.php?topic=780334.0
Twitter : https://twitter.com/CraigsCoin