Project Specification
Algorithm: Proof of 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, likely occurring in 2024
Block Timing: 10 minute average with a difficulty adjustment algorithm that changes no more than .4% per block
Genesis Block
Premine
3,100,000 – distributed on a 1:5 basis to existing holders from the original blockchain (~650,000 addresses)
51,000 – Mining pool maturity cushion: 5 mining pools
200,000 – Project/dev expenses – the only part of the premine taken by the team, it was used for server expenses
300,000 – Nebulous Inc Original blockchain development
This and SPF drop showed us as a supportive/friendly fork. Nebulous provided an address they knew they no longer had keys to. DYOR.
1,750,000 – Storage Host Incentives
628,000 – Exchange listing fees (spent as of 12/31/2020)
4,523,377 – Network Development fund
Project Fee (first 2 years)
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. A precision change was done early on – Supply Change Guide
Emission/Inflation Schedule
ScPrimeFunds
10,000 ScPrimeFunds (SPF) were initially created and distributed to holders of record at the open source software block 179,000.
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
A number of units have been given away to various entities including the angel investors in SCP, Corp. There can be no further negligible change to the supply without significant consensus from a number of parties. 200m is considered the final emission.
SPF are an equity token not publicly available. The entire supply was initially held by the development corporation. Tokens have been granted to accredited angel investors as part of the early pre-seed capital rounds. SPF have never been offered to the general public and it is not clear how and when such a public sale might occur. The project intends to wait for regulatory clarity before committing to such a sale. Tokens are available at random times from the accredited stakeholders on an OTC basis.
SPF earn 10% of the SCP value from each side of a storage contract or a total of 20% of each contract. The funds are pulled automatically and continuously as contracts progress. The pool is divided among the outstanding supply and available in wallets holding the SPF tokens. While the amounts are determined from both sides of a smart contract, the actual fee itself is always drawn from the Renter side of the transaction.
Storage Network Fund
| Network Incentive 1 – Cold Network Incentive 2 – Hot |
These coins originate from the pre-mine and have been used to develop and grow the storage network for actual use.
