ZIFTRCOIN

ZIFTRCOIN SPECIFICATIONS

Last Updated: December 30, 2014
Volume

10 billion ziftrCOINs over 20 years
Distribution

Distribution is set to match standard distribution curves for adoption of common technologies
Pre-Mine

4.5% of ziftrCOINs
Proof

Proof of Work
Mining Algorithm

Sign to Mine™
Block Generation

1 block per minute
Difficulty Retargeting

Every block
Tiebreaker

Mature coins spent
Volume

10 billion ziftrCOINs will be mined over a period of 20 years. This distribution was chosen to match our best predictions for cryptocurrency adoption. We modeled the adoption of cryptocurrency on the adoption of the internet, which took 20 years to gain ~81% penetration into the American market. ziftrCOINs will be distributed over 20 years as well, as shown in the graph below.
Distribution

Distribution is done in four phases. The block reward goes linearly upward in the first phase (5 years), stays constant in the second phase (5 years), goes linearly downward in the third phase (10 years), and then stays at a constant minimum block reward for the permanent fourth phase. This minimum block reward is meant to offset the coins lost by users and to continually provide a long-term incentive for miners to continue mining.
Pre-Mine

We are pre-mining 4.5% of the total ziftrCOINs, 66.7% of which we will give away to consumers. In doing this, we hope that more consumers start to become familiar with cryptocurrency. To further achieve this goal, we are developing a mobile wallet that will hold all major types of cryptocurrency, including Bitcoin, Litecoin and ziftrCOIN.

In addition to helping us seed the marketplace with consumers who have coins to spend, our ziftrCOIN pre-mine will give us the opportunity to raise some capital to curate the currency and will provide us with the necessary funding to create tools that are equipped to support a new coin. In order to maintain complete transparency with the community, we have created a reference on the ziftrCOIN pre-mine, as well as the purpose of all pre-mined coins, in the table below.
Amount
(ziftrCOINs) Purpose Available % Total coins
300 Million To be given away to users via promotions
100 coins to first 1 million users
50 coins to next 2 million users
20 coins to last 5 million users At coin launch 3%
50 Million To be sold in a presale At coin launch 0.5%
25 Million Saved for employees and advisors 1 year from coin launch 0.25%
25 Million Saved for employees and advisors 2 years from coin launch 0.25%
25 Million Saved for employees and advisors 3 years from coin launch 0.25%
25 Million Saved for employees and advisors 4 years from coin launch 0.25%

Coins reserved for employees and advisors will be used as incentives to promote the use of ziftrCOIN, ziftrPAY, ziftrSHOP and ziftrWALLET over the course of the next four years.

When consumers conduct transactions within Ziftr’s retailer network, we will redeem each ziftrCOIN for at least $1/coin, for up to 5% of the purchase. If ziftrCOINs are currently trading on the open market for more than $1/coin, then we will use the market price and the 5% limit is removed. We can afford to do this because, when users spend ziftrCOINs using the Ziftr® shopping cart, retailers pay us a small percentage of the transaction as a reward for bringing them new customers.

We’re spreading out the distribution of our employees’ and advisors’ coins over a period of 1-4 years to incentivize the growth of ziftrCOIN and the tools that support it. To demonstrate our commitment to what we’re doing, we’re locking these coins in the blockchain, where the first 25% won’t be available to use until one year has passed and the remaining 75% will be distributed evenly over the course of the three years that follow. This also serves to show that we intend to be here four years from now, and not to mine and sell our coins quickly in a “pump and dump” scheme, as has become all too common in the cryptocurrency world.
Proof

The ziftrCOIN network will be secured using Proof of Work.
Mining Algorithm

ziftrCOINs will be mined using our custom Sign to Mine(TM) mining algorithm. Essentially, the block headers contain a signature of everything within block header except for the signature itself, and that signature is verified when blocks are distributed. This ensures that the one who solves the block also has the capability to spend the block, which limits large pools. With Sign to Mine, miners should make sure they trust those with whom they are mining, as anyone in the pool has the ability to spend the reward for the blocks they solve.
Block Generation

Blocks will be generated, on average, at a rate of 1 block per minute.
Difficulty Retargeting

Difficulty retargeting will be done every block, using a custom difficulty retargeting algorithm.
Tiebreaker

ziftrCOIN uses a custom chain tie-breaking algorithm to choose locally correct chains in the event that a new block is solved while another is propagating. When nodes hear of a new solved block, they essentially start a 13-second timer. If before the timer ends, the node hears about a new block and the new block spends more mature coins than the alternate block did, then the node will choose it as the tip of the new correct chain. This will allow the network to quickly come to a consensus as to the correct chain in the event of multiple blocks simultaneously being solved.
WHITE PAPER

ziftrCOIN: A Cryptocurrency to Enable Ecommerce