Proof-of-Meme - WeyCoin (WAE) - decentralization to the meme community is DA WAE

psyapo (30)in #wae • 7 years ago

PoM - Proof-of-Meme

Is da wae?!

Mining

Mining based on Lyra2REv2 algorithm. The block reward is set to start at 120 WAE after the pre-mine, and undergo a halving period every 200,000 blocks (circa every 50 days).

Proof-of-Meme (PoM) technology

Development will begin during the first quarter of 2019. This ultimately connects peers through a decentralized network, essentially rewarding them for their activity: liking (cluck), disliking (spitting), sharing, and posting.

As WeyCoin has the suitable means of providing three-way payments (treasury, masternodes and miners), the PoM will be managed in a similar fashion to the treasuries.

As every block is mined, the weight of PoM’s reward remains a constant 3%. This reward is to be taken out of the overall block subsidy. This will push the block reward for the miners and masternodes to be:

pomReward = originalBlockSubsidy • 0.03
newBlockSubsidy = originalBlockSubsidy - pomReward

The engine will then process the distribution of the PoM. This will take in consideration a couple variables, the exact nature of how the algorithm will determine who is most suitable to receive the most has not yet been established.