Phase 1 (Protocol)

Phase Functional Overview

• Generate genesis block
• Minimum coin age required for minting reduced to 3 days from 30 and coin maturity reduced to 100 from 500 to allow quick shift to proof of stake minting after genesis block.
• Constants for total number of IPO shares (set to 1,000,000,000) and block height after which system switches from proof of work to proof of stake (set to 400) added.
• When block height is <= 400, blocks will be proof of work, otherwise use proof of stake.
• The initial target interval for blocks will be 30 minutes to keep the blockchain small.
• Proof of stake distribution equal to 1% annual increase in the coinbase, the same as Peercoin.

Business Use Cases / User Stories

A company has decided to issue 1,000,000,000 of its own Peershares. They download the un-compiled code and start a genesis block. After this the hash of the genesis block must be placed in the source code and then recompiled. The new version is to be run on two nodes both held by the issuer which should result in 1,000,000,000 shares being created from 400 PoW blocks. After these seed PoW blocks, only PoS blocks are found at an average interval of 30 minutes.

Dependencies

TBA

Test Case Summaries

1. Create a new genesis block
2. Build a working Peershares daemon
3. Confirm that the two network nodes are able to communicate and that proof-of-work blocks are being generated at a rate of one every three minutes
4. Generate an initial public offering, totaling 1,000,000,000 shares at block height = 400
5. Ensure that shares generated with proof-of-work stop after block height = 400
6. Starting at block height = 401, generate coins with proof-of-stake, with an average interval of 30 minutes