Social Media & Communication
A decentralized social network, that assigns value to data and offers a mechanism for fairly user`s rewards
- Autonomous: a non-proprietary platform where users control their data - Embedded economy: a system that justly prices the consumer while fairly rewarding content creators & curators - Censorship resistant: globally replicated decentralized bittorrent based content-storage (only the supporters of a content bear the burden for hosting it)
Respectonomy will be an open-source, browser based implementation, that utilizes the Bittorrent protocol for content sharing and a proof of work blockchain to determine the value of the RESPECT token that runs the system. Algorithm: Proof of Work To avoid an identity conflict, a Proof of Work (PoW) based algorithm is used. The miner solves a computationally hard problem which is decided by the difficulty level to mine a block. The solution to the problem shows proof of the miner's work in obtaining the block and hence there is no conflict in the identity. Block Specification The initial block reward is 16 RES per block. A block is generated every 2 minutes. This block reward reduces over time (see Halving Rewards) to give an incentive to early users of the platform. Eventually each block will have the same reward. The block rewards are halved every 525800 blocks, which is approximately 2 years at an average time of 2 minutes per block. The block reward is halved till it is 1 RES and stays constant henceforth. Difficulty Re-Target The difficulty level of a block determines how hard it is for a miner to get the hash value of the block. Initially the difficulty will start at 1, which is the lowest possible value, and will increase with subsequent blocks. The difficulty level is calculated as a moving average of the past 2016 blocks. The difficulty may increase or decrease to ensure that the average block time is approximately 2 minutes.
|ICO start date||04 Feb 2017|
|ICO end date||02 Mar 2017|
|Additional Token Emission||No|
RES will be created through two processes: - A pre-mining, at the instant the system becomes operational, that will create and place a sum of Five-million (5,000,000) RES in the initial block of the blockchain used for the Respectonomy Platform, - Mining process which secures the Respect blockchain. The mining process will create Sixteen (16) RES per block with the amount halving every 525800 blocks which is approximately 2 years. The initial sale is directly related only to the first process. Crowdsale will end automatically when fund collection amounts to 2000 btc. Should ICO does not reach the target of 2000 BTC, only that many tokens will be mined as per the amount of Bitcoins raised. One Million tokens are reserved for bounuses, bounty giveaways and early adopters of RES tokens in ICO. Any remaining tokens will be distributed amongst developers, seed investors, marketers and further additions into development and marketing.
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