Project Specification

Algorithm: Proof 0f Work (ASIC only) – Blake(2b)
Total Supply: Unlimited with declining inflation + coin burn (Guide on Total Supply)
Block Reward: 300 declining by .001 coin per block with a 10 SCP floor
Block Timing: 10 minutes
API Port: 4280
RPC Port: 4281
Hosting Port: 4282

Genesis Block Details

There was a premine to reward the developers of the original blockchain and their community members with additional funds built in to cover mining pools and basic expenses

3,100,000 – distributed on a 1:5 basis to existing holders from the original blockchain (~650,000 addresses)
4,523,377 – top 35 exchange addresses (still in cold wallet as of 4/1/2021)
All of the exchanges were contacted and asked to distribute the coins. None responded affirmatively

51,000  – Mining pool maturity cushion: 5 mining pools
200,000  – Project/dev expenses
300,000 – Nebulous Inc Original blockchain development
We were informed the original developers lost their keys to this wallet
1,750,000 – Storage Host Incentives (still in cold wallet as of 4/1/2021)
628,000 – Exchange listing fees (spent as of 12/31/2020)

Project Fee

20% thru month 6, declining to 10% over 2 years
After block 105,000, the 10% project fee was sent to an unspendable address (burn) to reduce inflation/supply for the duration of the project

Supply Precision
The base unit of the ScPrime coin supply is 24 decimal places or 10^24. As a utility coin powering state channel contracts and the potential for global adoption, there is a need for deep coin division. The protocol calculates storage prices using this precision per Byte per block which allows for micro-payments. On 2/7/2020, we changed notional precision such that the base unit is now displayed to the public as 10^27 even though the protocol continues to work in the old precision. This moves the decimal 3 places in contracts, wallets and transactions. The purpose is to lower the nominal supply figures for Maximum, Total and Circulating supply, ie it takes 1000x more to make 1 SCP. Exchanges, mining pools, lite wallets and anyone else representing the coin value must be aware and can use a custom API pointer to this precision. Supply Change Guide

ScPrimeFunds
10,000 ScPrimeFunds (SPF) were created and distributed to holders of record at the open source software block 179,000.  This spreadsheet includes a breakdown – siaprimefunds.csv

At block 59550, a hard fork created an additional 20,000 SPF

At block 109,000, a hard fork changed total emission to 200,000,000 and set the tax rate across the entire population at 10%.
A significant number of units have been given away to various entities including the angel investors in SCP, Corp. The result is that there can be no further negligible change to the supply without significant consensus from a number of parties. 200m is considered the final emission.

Project Cold Wallets
The following are budgeted toward the storage network.

Development 350,000
Network Incentive 1 1,750,000
Network Incentive 2 4,525,377


Total Cold Wallet Coins 6,625,377

% of total supply controlled by Team* ~16%

*Percentage began as a majority of supply and tapered with declining emission. Once the emission is completed and coins are paid out to the network, it is assumed the percentage will be close to zero