[ANN] [POW] Promethium Chain PCM | NO ICO NO PREMINE PEOPLES MONEY

[PromethiumDev 25]

Promethium Coin - Peoples Money 2019 
Ticker: PCM

 

Please join our discord or our keybase group for more info.

 

Website: www.promethiumchain.com (comming soon)
Github: https://github.com/promethiumchain
Discord: https://discord.gg/mebynhG
Telegram: https://t.me/joinchat/EjRwyxci4hcyQOVrxg2DxQ
Block Explorer : https://promethium.network/home
Twitter: https://twitter.com/ChainPromethium
Keybase: https://keybase.io/promethiumdev
Bitcointalk:https://bitcointalk.org/index.php?topic=5170276.0
LightWallet: https://github.com/promethiumchain/lightwallet (beta)
Full Wallet: comming soon

In nature, Promethium is a chemical element with the symbol Pm and atomic number 61. All of its isotopes are radioactive; it is extremely rare, with only about 500–600 grams naturally occurring in Earth's crust at any given time. 

On-chain, the Promethium coin represents the people's money(PM) as it is based on fair distribution and steady inflation. Without a single coin pre-mined, no ICO or any other fundraising.

Promethium coin aims to be a global currency representing also as a store of value by unifying APIs, from virtual goods such as artwork, music, game items to 3rd party applications.

Mining:
We have chosen to implement a new proof of work algorithm called Promethium-Loaded-Hash (PLHash).
PLHash is very similar to a brand new approach to proof of mining algorithms by Jeffrey Emanuel * but with some differences.

We use only the 512 outputs and add reverse replication in two of the passes that are needed, the passes are  SHA256+rev, SHA512, SHA512, BLAKE2S+rev, BLAKE2B.
We also chose to do simple arithmetic on the final hash A+B-C*D/E instead of a multiplication of all the resulting hashes.
Forks may update the pool of math functions used(we will start the network with 100) that will make the production of ASIC machines impossible and will keep the network as decentralized as possible. More info on that on the medium article.
Our goal is to keep the mining in a decentralized manner and as much as possible more GPU friendly.

This mining algorithm along with the 51% protection (inspired by Horizen) and the node maturity engine, will ensure that the network stays attractive for our main target group which is the average user with a GPU that would like to create some value with his machine or interact with other users and trade value and stay safe from the known attacks.



Wallet:
Via the wallet that represents the core application of the chain, the user will be able to connect with other peers and transact or trade goods with safety via the provided APIs.
The user will be able to post offers or receive offers from other peers and interact on those via a secure escrow system handled by the smart contracts.
On top of that, an alias system unique for each user will be applied so that reviewing and rating can be applied to users(vendors).

In the first release of the wallet application trades will be only available for the APIs that the smart contract support and can evaluate.

With the addition of the sidechains, nodes will eventually be rated and have a maturity time on the network to ensure a healthy decentralized community. Honest nodes that will stay active over a threshold of time will have the ability to share the blockchain while newcomers will have to depend on the boot nodes and the honest nodes to get the chain data.
This will ensure that Sybil attacks are not possible and there will be no need to add master nodes to secure the chain later on.

Finally, a stable coin pair will be introduced in the second quarter of 2020 based on side chains, with the ability for every wallet to mint directly Promethium-Coin to Promethium-USD and Promethium-EUR (more pairs are planned) so that users can more convenient manage they're incomes and savings. 



 

Some key points of the Promethium chain.

Chain :
ASIC resistant with a new mining algorithm PLHash.
Based on the proven Ethereum codebase that enables the use of smart contracts.
51% attack protection.
No initial coin offering (ICO).
No pre-mine.
Developers reward 15%(phase 1) dropping to 10%(phase 2)  to 5%(phase 3) and finally to 3%(phase 4).
Side-chain system for use of aliases and rating system for nodes.
Stable coins.


Wallet:

API integration via the wallet for all majors platforms for virtual goods(Bandcamp, Steam and so on).
On-chain games via the wallet.


APIs for the first release of the wallet:
Bandcamp(music, artworks)
Steam(virtual items)

Specs :
Algo: PLHash
Block Time: 14s
ICO: No
Pre-mine: No
Master nodes: No
Dev Reward: Yes (phased)
Ticker: PCM


Roadmap:

Q3 2019 
Mainnet launch.
Linux/Osx.
Wallets via node or metamask,myetherwallet.

Q4 2019 
Wallet release with support for aliases and p2p offers, trades, and escrow.

Q1 2020
Mobile wallets.
Complete tor integration.
BLS signatures.

Q2 2020 
Promethium USD EUR stable coins.
On-chain games.

Distribution:

Phase 01
Block Reward: 3 PCI Coins per Block
Miners Reward: 85%
Developers Reward: 15%
Duration: 3.000.000 blocks
Total Coins generated: 9.000.000 PCM
Coins awarded to miners: 7.650.000 PCM
Coins awarded to the team: 1.350.000 PCM
Total coins in existence: 9.000.000 PCM

Phase 02
Block Reward: 2 PCI Coins per Block
Miners Reward: 90%
Developers Reward: 10%
Duration: 1.500.000 blocks
Total Coins generated: 3.000.000 PCM
Coins awarded to miners: 2.700.000 PCM
Coins awarded to the team: 300.000 PCM
Total coins in existence: 12.000.000 PCM

Phase 03
Block Reward: 1 PCI Coins per Block
Miners Reward: 95%
Developers Reward: 5%
Duration: 1.500.000 blocks
Total Coins generated: 1.500.000 PCM
Coins awarded to miners: 1.425.000 PCM
Coins awarded to the team: 75.500 PCM
Total coins in existence: 13.500.000 PCM

Phase 04
Block Reward: 1 PCI Coins per Block
Miners Reward: 97%
Developers Reward: 3%
Duration: §blocks







* https://medium.com/@jeffrey.emanuel/loaded-pow-a-new-direction-in-proof-of-work-algorithms-ae15ae2ae66a
(a very similar  idea and python implementation from Jeffrey Emanuel from Anime Coin)

 

Edited October 2, 2019 by PromethiumDev

[PromethiumDev 25]

This week in the promethium world, weekly update n5

1/ The first-ever offer was made on the test net straight from the steam API to the smart contract. The development of the platform and main wallet is going well and we are hoping to release in 2 weeks a beta version of the system so that users can hop on and use. Promethium dev is heavy lifting!

2/ We have started the integration on BlockNet Dex. As you know this project is a p2p experiment, we love decentralization and we would like to go forward with that as our main goal. From the new algorithm to the p2p escrow for digital assets, promethium would like to represent a new wave of ideas where people interact without a central entity.

 

3/ Hex is turning the node pool to a complete platform to ensure that registrations and payments are legit and automated. Authentication / Registration and much more are added.

4/ 0x1337 is testing the new node that will move the network to an isolated network ID, will add math functions to the hashing algorithm and will also include all the latest goodies that the new eth code base is offering.

[hexwin 4931]

@PromethiumDev are you the real developer of this project or not, and when do you plan to complete and post official Promethium website?

 

[PromethiumDev 25]

@hexwin yes I am the main dev along hex and 0x.

we are not that interested at the moment for the page of the project as we are working on our platform and pushing our new chain.

As soon as we handle that web page will be n1 prio.

you can join our discord if you like more info

Edited October 29, 2019 by PromethiumDev

[sidik7 1217]

i pay attention to the promethium project is demand in all community the world about the events i see in more platform all user promotion this project , i reqad some of which in this project do look pretty good both in term of features and strategies in building community .

[Aceventura 208]

Prometheum was founded by a group of seasoned Wall Street securities attorneys. It has developed a platform authorized by the SEC that will enable SEC-qualified free trading of ICO tokens to any type of investor. Its warrants/Ember tokens and smart contract-enabled blockchain form the underpinning for a comprehensive route to a soup-to-nuts securities ecosystem, from issuance to trading through clearing and settling.

[Crypto123 0]

On 10/2/2019 at 9:54 AM, PromethiumDev said:

Website: www.promethiumchain.com (comming soon)

Is this normal, the first time I hear about a coin project that does not have a website and writes "coming soon" !!!! This is suspicious of how this can happen. The first thing to do is to create a website and put all the necessary information about the project.

[Sabba092 115]

On 10/10/2019 at 6:58 PM, PromethiumDev said:

This week in the promethium world, weekly update n5

1/ The first-ever offer was made on the test net straight from the steam API to the smart contract. The development of the platform and main wallet is going well and we are hoping to release in 2 weeks a beta version of the system so that users can hop on and use. Promethium dev is heavy lifting!

2/ We have started the integration on BlockNet Dex. As you know this project is a p2p experiment, we love decentralization and we would like to go forward with that as our main goal. From the new algorithm to the p2p escrow for digital assets, promethium would like to represent a new wave of ideas where people interact without a central entity.

 

3/ Hex is turning the node pool to a complete platform to ensure that registrations and payments are legit and automated. Authentication / Registration and much more are added.

4/ 0x1337 is testing the new node that will move the network to an isolated network ID, will add math functions to the hashing algorithm and will also include all the latest goodies that the new eth code base is offering.

This is the unbelievable project guys and I love this.

[Gizem 11]

Prometheum was founded by a group of seasoned Wall Street securities attorneys. It has developed a platform authorized by the SEC that will enable SEC-qualified free trading of ICO tokens to any type of investor. Its warrants/Ember tokens and smart contract-enabled blockchain form the underpinning for a comprehensive route to a soup-to-nuts securities ecosystem, from issuance to trading through clearing and settling.

[Abdulrahman3 1252]

Because Promethium is a name for a chemical element so rare that there is only 500 grams of it in the earth's crust, they named the new currency that represents people's money in the name of this element, because people's money is a small part if we compare it with the money of the rich in this world.