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Crypti

Crypti is an innovative new crypto currency due for launch on the 10th of August 2014. The Crypti coin introduces three new forms of cryptographic proof, which help to secure the network and distribute new coins. Each of these new proofs is a variation on 'Proof of Stake' or PoS, which rewards all owners of a crypto currency with newly generated coins rather than distributing them to miners.

  • Proof of Time: This refers to the amount of time which a person running a node keeps their node online for. For the average user this simply means the amount of time you keep your wallet open on your computer for. This helps to ensure that the network is robust with plenty of computers available to help process transactions, and also provides a way for any regular user to earn new coins.
  • Proof of Purchase: All purchases made using Crypti will be rewarded when the next block is forged.
  • Proof of Identity: Anyone who goes through a validation process to verify a merchant address will be able to generate additional coins. This will happen through transaction fees, with merchants being eligible to claim a percentage of the transaction fees charged to people shopping in their store.

The Crypti code was written completely from scratch, so this is an original project and not a fork of an existing coin.

The main emphasis of Crypti is to get people spending the coin and using it as they would a regular fiat currency. Both the Proof of Identity process, which is geared towards driving merchant adoption, and the Proof of Purchase algorithm, which is a strange kind of cryptographic cash back system aimed at encouraging people to spend rather than hoard their coins, will contribute towards this goal.

Other features being introduced by Crypti include an app store within the wallet, and the ability for app creators to use Crypti's technology to launch their own custom block chains and set their own rules for things such as calculations and storage. All wallets will be password protected, and this will include the ability to recover your wallet from seed. For other services and businesses wishing to build on top of Crypti, there will be a RESTful API to communicate with nodes.

Although Crypti will be open source, the source code will only be released quarterly, to allow the coin's developers to stay ahead of competition from clones.

Crypti Pre-Sale

In order to raise funds for the development of Crypti a pre-sale was conducted prior to launch. Because Crypti is a Proof of Stake coin and does not involve Proof of Work mining at all, 100% of the coin supply will be generated by the developers at launch in the 'genesis block'; this is sometimes called a 'pre-mine', however that term is somewhat innacurate in this case as there is no mining at all.

During the pre-sale 75% of the coin supply was sold to investors / early adopters at a total price of 750 Bitcoin, giving the coin an initial valuation of 1000 Bitcoins (just over $600,000). All of the coins were successfully sold.

In addition to this 15% of the coin supply was allocated to the creator and lead developer of Crypti and his team, to be released gradually according to a vested schedule. A further 10% was given as an endowment for the creation of a Crypti foundation to guide the continued development of the currency and its technology.

Crypti Specifications

Total Coin Supply: 100 Million Transaction Fees: Dynamic, reducing by 25% each time the total transaction volume doubles Block Time: 1 minute PoS Re-targeting: Every block Algorithm: Combined Proof of Time, Proof of Purchase, and Proof of Identity


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