Respectonomy (RES)

Respectonomy (RES) widget

ICO date: 04.02.2017 - 02.03.2017
Industry: Social Media & Communication
Description:

A decentralized social network, that assigns value to data and offers a mechanism for fairly user`s rewards

Features:

- 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)

Founded: Thailand
Technical details:

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.

Website: respectonomy.com
Whitepaper: Whitepaper

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See also