0xLTC 0xLITECOIN TOKEN
Branch: master
Clone or download
Fetching latest commit…
Cannot retrieve the latest commit at this time.
Permalink
Type Name Latest commit message Commit time
Failed to load latest commit information.
0xLiteCoin.Sol
How To Mine
LICENSE
README.md
logo.png

README.md

0xLTC

0xLiteCoin

Deployed on Ethereum

0xLitecoin_small

An ERC20 token that is mined using PoW through a SmartContract

  • Before the BTC Talk [ANN] ~ 0.0357143% of supply was mined publicly over the period of just under about 1 day.
  • No ICO
  • 84,000,000 tokens total
  • Difficulty target auto-adjusts with PoW hashrate
  • Rewards decrease as more tokens are minted
  • Compatible with all services that support ERC20 tokens

How does it work?

Typically, ERC20 tokens will grant all tokens to the owner or will have an ICO and demand that large amounts of Ether be sent to the owner. Instead of granting tokens to the 'contract owner', all 0xLitecoin tokens are locked within the smart contract initially. These tokens are dispensed, 50 at a time, by calling the function 'mint' and using Proof of Work, just like mining Litecoin or Bitcoin. Here is what that looks like:

 function mint(uint256 nonce, bytes32 challenge_digest) public returns (bool success) {

   
    uint reward_amount = getMiningReward();

    
    bytes32 digest =  keccak256(challengeNumber, msg.sender, nonce );

     
    if (digest != challenge_digest) revert();

    //the digest must be smaller than the target
    if(uint256(digest) > miningTarget) revert();
 

     uint hashFound = rewardHashesFound[digest];
     rewardHashesFound[digest] = epochCount;
     if(hashFound != 0) revert();  //prevent the same answer from awarding twice

    balances[msg.sender] = balances[msg.sender].add(reward_amount);

    tokensMinted = tokensMinted.add(reward_amount);

    //set readonly diagnostics data
    lastRewardTo = msg.sender;
    lastRewardAmount = reward_amount;
    lastRewardEthBlockNumber = block.number;
    
    //start a new round of mining with a new 'challengeNumber'
     _startNewMiningEpoch();

      Mint(msg.sender, reward_amount, epochCount, challengeNumber );

   return true;

}

As you can see, a special number called a 'nonce' has to be passed into this function in order for tokens to be dispensed. This number has to fit a special 'puzzle' similar to a sudoku puzzle, and this is called Proof of Work. To find this special number, it is necessary to run a mining program.

A cpu miner exists for mining 0x tokens and it can be downloaded here:

https://github.com/0xbitcoin/0xbitcoin-miner