Avocado (AVD) Continuous Token White Paper
Avocado (AVD) Continuous Token White Paper
Author: Camilo Hernandez Table of Contents Abstract 3 Introduction 3 Proof of Work Mining: 4 GPU Miners 4 ASIC Miners 5 Proof Of Stake Minting 5 Renewable Energy in Data Mining 5 Modular Structures 6 Avocado 6 Avocado Token 6 Roadmap 7 Token Contract 9 Work Cited 17
Abstract Avocado Mining is a cryptographic data processing company focused on the generation of cryptocurrencies using 100% renewable energy. Our goal at Avocado is to grow large scale, self sustaining data centers around the world. We are launching the Avocado ICOs to provide funding for modular renewable energy infrastructure in novel locations which will be used to power the data centers and power its surrounding communities. Avocado Mining is a for profit company that sells token backed percent ownership of mining machines powered by the renewable energy infrastructure, as well as cloud mining and minting contracts, connection to mining and minting pools and the sale of mining and minting hardware and components. Introduction A cryptocurrency is a digital asset that is secured by cryptography and acts as a medium of exchange. Bitcoin, the first decentralized cryptocurrency, was built on top of a new technology called a blockchain. A blockchain is a distributed ledger that keeps track of the exact time and orders of transactions. Servers or computers plugged into the internet and running the mining algorithm are the computers that process all the financial transactions for the network. Mining is the term for a computer's processing information on the network. Any individual can plug in their computer and mine on a public blockchain network without the need of authorization from a third party. As an incentive, the miners get paid with newly minted coins generated by the network. This provides an incentive for individuals to provide their computing power and keep the network running. In the case of bitcoin there is no bitcoin company. Bitcoin is distributed because it is time stamped on a public ledger, the blockchain, and it is decentralised because it resides on multiple computers. The bitcoin network is nearly unhackable due to all the machines running the system having the same data or consensus. Since bitcoin’s release, more cryptocurrencies have emerged and provided a wide range of features and services. Bitcoin and Altcoins together make up the total cryptocurrency market. Coins are generally considered cryptocurrencies that are used as a medium of exchange, while a token is considered a delivery of value to investors. Cryptocurrency coins and tokens have allowed organizations to raise funds through a process called an initial coin offering (ICO). An ICO is a new type of coin that is hosted on a new or on top of an existing blockchain, allowing companies to sell coins or tokens to anyone in the world in a fundraising mechanism. An initial bounty offering (IBO) allows people to complete goals for the company and receive tokens for compensation. Tokens can also give voting rights to members of a decentralized autonomous organization (DAO), which is an organization that runs through its rules programmed in a smart contract. A continuous token sale (CTS) is a non ICO crowdfunding model, where tokens are minted as needed without an ICO, token generation event or token launch. In this model a network/dapp form around the need of the token and dissolve if it is not useful anymore. Proof of Work Mining: A proof-of-work (PoW) is a piece of data that is difficult to generate but is easy to verify by others. Generation of a proof-of-work is generally a random process that requires multiple trial and errors by a machine. In the case of bitcoin, it uses hashcash PoW to generate a new block. Miners process the data of the until they find the PoW a new block is generated. When a new block is generated the miner that found the PoW is rewarded with a bitcoin mining reward. The difficulty of the next PoW is adjusted so that a new block is mined roughly every 10 minutes as more and more miners enter the network. The number of coins generated by each block is decreased by 50% every 250,000 blocks. The current mining reward is 12.5 BTC and the next halving is approximated to be in 2021. For a block to be valid it must contain a hash of the preceding block, detailing all of the work that was done in the previous blocks. Tampering with the system to change a blocks data would require all the work from all the previous blocks to be recreated, making the system secure and protected. There are two main types to mine cryptocurrencies using PoW. These include: GPU miners or ASIC mining machines.
GPU Miners Graphical processing units (GPUs) are computer hardware components designed specifically to render video output therefore taking the load off the central processing unit (CPU). Primarily designed to be used by Gamers and video editors, it has been discovered that GPUs are also more powerful at mining PoW algorithms than just the CPU alone. Since this discovery specialized computer hardware has been developed for GPU mining. These machines have become overpowered computers that are capable of using more than one or two GPUs on the same processor. The motherboards specialized have reached holding 19 GPUs with the ability to split GPU pci slots expanding the capacity to over ~25. It is expected that by 2020 a single motherboard will be able to house 96 GPUs. GPU machines have a longer return of investment of about a year, but due to their wide range of minable coins GPUs can be used to mine coins that will increase multiple times more than the single coins ASIC units will be able to mine. They can also be used to mine the newest coins on the market that usually have the highest growth potential. GPUs have been called artificial intelligence (AI) accelerators because they have been found to increase the computing power of AI technology. With the upcoming expansion of AI into almost every sector of our society, GPUs make a better long term investment when compared to ASICs. How do we accelerate artificially intelligent machines in remote locations around the world? That is one of the main goals of avocado mining. ASIC Miners Application-specific integrated circuits (ASIC) miners have been developed to mine a specific algorithm and coin. ASICS can mine their particular coin’s algorithm better than any GPU could when comparing hardware expense and electric consumption. ASICs have historically had a ROI that is much quicker than that achieved by GPUs with electricity included. Therefore ASIC machines make great short term investments with yearly ROI of ~1000%. The The drawbacks to using ASIC miners is that once they become outdated and replaced by newer models the resale value of ASICS decrease significantly and the components cannot be used resold for spare computer parts since they are built specifically for mining and not to work with existing PC components. ASICs also become obsolete after a couple of years due to increased performance by newer machines that are constantly being released on the market.There are ASIC miners build to mine Bitcoin, Litecoin and Dash.
Proof Of Stake Minting Proof of Stake (PoS) is an alternative to the power hungry consumption by PoW machines. Although there are many types of PoS algorithms the basic definition is that the the coins themselves are used to verify transactions. A machine or server running a node for the blockchain is loaded with coins and those coins verify and sign new transactions as valid. The server is then rewarded with newly created (minted) coins proportional to the number of coins staked. Servers do have to be fast in verifying transactions so a RAM memory becomes one of the most important components, but due to decrease demand to do a PoW the power consumption of a PoS algorithm is only a fraction than that of traditional PoW systems. Renewable Energy in Data Mining As the power demands of cryptocurrency increases, placing a larger burden on our power infrastructure, companies have raced to find a solutions to integrate renewable energy into mining. From the creation of coins that are backed by renewable energy outputs, to partnering with renewable energy sources to create onsite mining farms such as specialized cargo containers full of miners, it is evident that 2018 will be the year of a green crypto revolution. Still, these coins have yet to increase the demand for renewable energy or to directly power the production of more renewable energy sources around the world or in places around the world that are energy rich but lacking in funding sources. With the increase of renewable technology how do we incentivise people and companies around the world to go green? How do we make renewable energy profitable? This is the problem that we aim to solve around the world.
Modular Structures Avocado Avocado mining is a data processing company focused on funding the construction of renewable energy sources and data centers around the world for the purpose of not only powering communities without access to renewable energy but also expanding data centers to these same impoverished places, increasing the technological infrastructure of the poorest nations in the world. Avocado’s goal is to become the largest self sustaining network of data centers around the world. Avocado Mining will accomplish this by utilizing the crowdsourcing mechanism of an CTS through the Avocado Token a physical machine backed proof of stake token. Avocado focuses on using data mining powered by Graphical Processing Units for the future purpose of powering blockchains running AI networks. Avocado will also focus on AI in the process of designing novel modular structures and efficient temperature and power management of these infrastructures.
Avocado Token Avocado (AVD) is a cryptocurrency voucher issued by the Avocado Mining Company as a redeem of hashing power. The network and community of participants that hold the Avocado tokens in ethereum wallets is called the Core Network(CN). The crowdfunding mechanism used will be a continuous token sale with a Mintable ERC228 token contract that is to be hosted on top of ethereum blockchain. As the avocado company accomplishes goals and milestones the Avocado company will release new goals and milestones to be accomplish. Although users can submit goals and milestones to vote and to guide the community positions, the Avocado Mining president will control the final goals and milestones to be carried out by the company. A cycle of crowdsourcing and task accomplishing be followed to maximize trust within the community. Ethereum raised will be used to crowdsource funds to hire contractors and procure materials for the purpose of building renewable infrastructure and cryptocurrency data centers around the world. The total hashing power generated by the avocado mining company will be equivalent to the number of AVD Tokens in circulation. Payouts to the CN will occur every 0.2 ETH mined during the initial period if hash power is below 300 MH/s. Once the CN increases over 300 MH/s, payouts will occur every 1 ETH. Tokens are minted when bought from the Avocado Company, with 15% of each coin created allocated to the company’s stake wallet. Electrical costs inquired by the mining operation will be paid by taking them out from the raw income of ethereum to the network. The network will have their payout deducted in equal percentage across the network including the Avocado Company, meaning the avocado company will pay 15% of the electrical cost since it receives 15% of the rewards. Tokens will not be subject to burn at any moment not event in the event of machine failure within the CN. Payouts will be automated using a distribution smart contract allocating the exact percent of the total mined cryptocurrency to those holding the token. Every data center and renewable energy plant constructed will be associated with another project milestone, and every increase in hashing power will cause the release of newly created AVD into circulation. The Avocado Mining Company will be paid with 15% of the tokens in distribution to manage and maintain the operation. Roadmap
The following is a token sales roadmap. Due to the nature of continuous token sales, the Avocado White Paper Roadmap will always continue to be a work in progress. This will include updates on proposed projects and voting results. The Pre-ICO event will start on January 8th with the sale of 0 tokens. The goals will be proposed below and will follow a timeline based on the amount of USD raised. All dates given will be approximated:
Key: If a goal or milestone is highlighted in light green 3 It has been accomplished. Goals are highlighted in light yellow 3. Milestones pending will not be highlighted.
Milestone Date(~ mean approx) Description $0.00 Raised 01/08/2018 January 8 Pre-ICO crowdfunding begins. Initial USD kickstarter will begin at $0.01 per token or 100 AVD per $1.00 dollars. The token price will increase by 10% until the next milestone. Proceeds will contribute to finalizing white paper, initial legal counseling and initial the token contract.
$205.85 01/15/2018 19,500 tokens sold, price increased by 10%. (1 AVD = $0.011 USD) $800.00 ~02/05/2018 Avocado Token Contract will be broadcasted on ethereum network using funds raised and will set initial ethereum price of the token. $1,200.00 ~02/12/2018 Distribution of initial tokens supply will be minted and distributed to initial participants offering the discounted rate. The Avocado Mining Company will connect the first Z270 Gaming Pro motherboard, EVGA 850BQ PSU, and all other components needed to run the avocado CN’s first GTX 1070 Founders Edition. As a guarantee the Avocado Mining Company has already secured the items at the prices specified. ~$5,200 Raised ~03/05/2018 First mining Rig will be fully operational with 6 GTX 1070 Founder editions. Voting to commence on the next set of cards to acquire for the CN. ~$12,000 ~04/02/2018 Second mining rig will be fully operational based on community votes. Pricing is subject to change due to market value. ~$60,000 ~06/04/2018 Ten Mining Rigs will be fully operational based on community votes. Pricing is subject to change due to market value. ~$100,000 07/02/2018 First renewable energy project will be launched to decrease the electricity cost of the CN’s mining operation. Based on votes from CN members. (Projected to cut electricity costs by at least 50%) ~$600,000 Raised ~09/03/2018 One hundred rigs will be fully operational based on community votes. Pricing is subject to change due to market value. ~$1,000,000 ~11005/2018 AI integration to first facility to increase energy and temperature efficiency.