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FUTCOIN Specification

tite1Futcoin specifications
Approval time: Approximately 1 minute
The number of 1 block coin generation: 10 pieces
The half-life period of 1 block generation: every four years
PoW period: 100 years
The number of PoW total mining: 49,600,000 pieces
PoS interest rate: Approximately 3% a year
Hash algorithm: X13

 

Public key
Same as email address which is the only one in the world, a Futcoin address exclusively for your own use is generated at random by pushing a button just one time. If you have the address, you can use it for remittance and receipt of Futcoin. In case of payment at stores, it will be common that they convert 34 digits’ enumeration of alphanumeric characters beginning “F” into QR cord and then customers use it for payment.

 

Private key
It is something like password to use when you remit. There is always one private key paired with one public key. People can’t pull out the coins from your public key but can do from private key without your permission.

 

Blockchain (business account book)
Blockchain has all Futcoin transaction histories which is a list of past transactions approved by mining, preserved and shown on the network. Transactional information in Blockchain are added by unit called “a block” in the order of approval by mining work to the end of Blockchain. As the transaction record is available for anyone to see anytime, it is most likely to be a transparent business.

 

Mining
If there is a PC, Futcoin wallet and mining software for Futcoin, you can perform mining and obtain Futcoin. Futcoin transaction completes only after it passes through approval by a third party. We call the work “mining”. This all is performed on P2P network and ayneone can see the calculation result of mining so it is a method anyone can perform equally and easily. Approval in Bitcoin takes 10 minutes on average but Futcoin’s approval completes in just 1 minute. Thus, you will be able to largely shorten time from a receipt to re-remittance of money. A person who does mining will always get 10 coins by minining 1 block. The final number of generated Futcoin is about 2 times as many as Bitcoin, which is approximately 49,600,000 pieces.

 

Transaction fee
Transaction fees etc. are for the bank mediating it but the one for remittance of Futcoin is paid to a person who does mining. As the mining represents the approval as told earlier, the paid transaction fees will be rewarded to a miner who verified the transaction from sending to receiving. But there is a case that you would be changed, for example, at the Exchange for Futcoin. When you send Futcoin from the Exchange to another Futcoin address, you would be charged some extra money with the general transaction fee by operator side.

 

ASIC (computing equipment)
It is a computing equipment specialized in a certain kind of algorithm. With ASIC, it makes the mining several times as fast as normal mining so that you can hold a large share in mining. A lof of ASICs are being used for mining of Bitcoin at present.

 

Hash algorithm (mathematical caluculation)
It is a calculation method to generate a block by mining. Approval of Bitcoin has been done by only one algorithm called SHA-256, but Futcoin uses 13 kinds of algorithm in order and calculates. In this case, it is hard to develope ASIC so there will be more opportunities to give rewards to miners equally.

 

Proof of Work
Proof of Work(PoW) is a kind of mining that works on necessary approval when you send and recieve coins. As the approval of transactions can represent a work load (calculational load) in PoW, it prevents from hackers to forge unjust transaction records because they need to come over the amount of whole work load of the network. This helps the preservation of coin’s integrity and applies to the mining. So the more minings are done, the better stability of the coin becomes. The task of approval completes in approximately one minute and the miner who finishes the calculation for the transaction approval first and correctly can get a coin.

 

Proof of Stake
Proof of Stake(PoS) is a kind of mining paired with Proof of Work (PoW). As we explain PoW as value by work load of the mining, it seems to be easy to explain that PoS is “value by maintenance of assets”. While PoW secures the stability of coin by work load (amount of caluculation), PoS does the same by a period of possession. The system is something like this. The larger the value of PoS becomes, which represents multiplication of amount and period of coins, the more coins you can mint, which is equivalent to the mining of PoW. In case you possess Futcoin through a year, minting will proceed depending on the number of coins you possess and the average annual rate is about 3 %. (It doesn’t guarantee an annual rate because the minting is done by probability.

 

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