CampusCoin Project Progress Report #17
The CampusCoin team announces the proposed Proof-of-Stake and Masternode Specs for the impending update. CampusCoin CEO Bryan Dube is set to speak at the inaugural Coinvention blockchain seminar. CampusCoin explainer video by Kinetic Cuts released.
Proof-of-Stake and Masternode Specs
The day the CampusCoin community has been waiting for has finally arrived and we are going to cut right to the chase. Below is the proposed Proof-of-Stake and Masternode Specs for the upcoming update to the CampusCoin project. This will be followed by explanations for each of the updates. Enjoy!
General Coin Parameters
Block Reward Structure
- Max Supply will be increased to approximately 4 Billion CMPCO
- The CampusCoin premine will be increased to 400 Million CMPCO
- CampusCoin will be hybridized to include Proof-of-Stake mining
- A Three Tiered Masternode system will be implemented
Key Change Explanations
Max Supply Increase
The first major change that we will discuss is the increasing of CampusCoin’s maximum supply to approximately 4 Billion CMPCO. The simple explanation for the change is that the increase in volume was deemed necessary to ensure that the proposed PoS and MN systems have ample time to run their course.
As of now, CampusCoin has a total supply of 652,880,050 CMPCO with a max supply of 1,010,000,000 CMPCO. With CampusCoin already having over 60% of the max supply in circulation, if our team did not increase the max supply, the proposed PoS and MN system would only be feasible for the next few years.
With the newly proposed max supply, of approximately 4 Billion, CampusCoin will reach its’ max supply by approximately 2028 (potentially longer). This is advantageous as it gives our community at least 10 years to stake tokens and earn passive income without having to use the energy-consuming PoW mining method. This will be key when it comes to incentivizing students to not only purchase, but also hold on to our token.
It is key to note that the increase of the max supply will not immediately add 3 billion tokens to the current supply. Rather, the increase of the max supply increases the total number of tokens that will be mined over time. In other words, the increase in supply allows for the amount of time required to reach max supply to increase, and in terms, allows our users to earn passive income via the staking process for a longer duration.
The next major change we are to discuss is the increasing of the CampusCoin premine fund to 400,000,000 CMPCO from the current value of 200,000,000 CMPCO. This update was deemed necessary to ensure the longevity of the CampusCoin development team and to ensure that developmental support and global marketing efforts can be maintained throughout the existence of the project.
The additional premine that will be added to the project will be utilized for the following tasks:
- Adding additional members to the CampusCoin Development team
- Expanding marketing to allow for CampusCoin to reach a global status
- Securing strategic advisors in the blockchain, financial, and educational spaces
- Increasing the quantity and value given for Airdrops and Giveaways
- Hosting collegiate events at schools across the globe
Prior to release of the update, the CampusCoin team will release an updated premine strategy to allow for those interested to understand where the tokens will be utilized in the expansion of our project. This updated premine strategy will be placed on the official CampusCoin website and announcement pages, as well as be posted on our various social medias. Stay tuned.
Hybridization of CampusCoin to PoW/PoS
The most significant change that is set to occur in the impending update is the addition of Proof-of-Stake mining, officially hybridizing CampusCoin. Proof-of-Stake, also known as PoS, involves users validating transactions with tokens they hold in their wallet. The more tokens a user holds, the more likely they are to find the next block and earn the reward.
The addition of PoS allows for CampusCoin users to have the ability to mine tokens and earn passive income without having to run the energy consuming Proof-of-Work (PoW) algorithm. This is a key development for the future success of CampusCoin within the collegiate demographic as it gives our users a chance to mine without the complexity of PoW algorithms.
As a project that aims to target a demographic that will contain both users who possess high levels of blockchain related knowledge and users that are brand new to the space, it is crucial that we offer abilities for both to earn passive income and work towards financial freedom. The hybridization of CampusCoin allows for this to occur, as the common user can utilize PoS mining to earn passive income simply by holding tokens in their wallet, while the advanced users can run the more complex PoW mining algorithm to earn their tokens. It is the best of both worlds.
The initial block reward rate for PoS mining will be 110 CMPCO for the qualified wallet that is randomly selected. This reward will incur each and every block until block 759,201 is reached (approximately 12 months). When block 759,201 is reached, the PoS block reward will be reduced to 77 CMPCO, a 30% reduction. An additional 15% reduction will occur at block 1,018,401 (approximately 12 months after the previous reduction), reducing the PoS block reward to 64.45 CMPCO. A final reduction of the PoS block reward will occur at block 1,536,800, where the reward will be reduced to 45.85 CMPCO, a 30% reduction. The PoS reward will remain a constant 45.85 CMPCO per block after this point.
Addition of Three Tiered Masternode System
The final change that will be noticed in the proposed update is the addition of our Three Tiered Masternode System. In simple terms, masternodes are servers that process transactions on the blockchain and are rewarded in the token from the block being created. These masternodes add a higher level infrastructure to a blockchain and allow for transactions to happen at a more rapid rate. To acquire a masternode, a large investment is usually required (typically an investment in the 1000’s USD) due to their increased functionality and high earning levels. In essence, users receive high level rewards for providing higher level services to the blockchain.
Uncommon to most projects that utilize masternodes, CampusCoin has deemed the best method would be to run a Three Tiered Masternode System, with each level earning its’ owner different levels of compensation.
Tier One masternodes will be available to users who possess at least 500,000 CMPCO in a wallet. Tier One masternodes will earn a user a block reward of 175 CMPCO when the wallet is randomly selected. Similar to the diminishing returns of the PoS mining system, the Tier One masternode block reward will reduce by 30% at block 759,201 to 122.5 CMPCO. The Tier One block reward will reduce by an additional 15% at block 1,018,401 making the reward 104.15 CMPCO. A third and final 30% reduction will occur at block 1,536,800 making the Tier One reward 72.95 CMPCO. The reward will remain constant after this point.
Tier Two masternodes will be available to users who possess at least 1,000,000 CMPCO in a wallet. Tier Two masternodes will earn a block reward of 400 CMPCO per block initially. The Tier Two masternode block reward will be reduced by 30% at block 759,201 to 280 CMPCO. The Tier Two block reward will reduce to 238 CMPCO, an additional 15%, at block 1,018,401. A final reduction of 30% will occur at block 1,536,800 making the Tier Two reward 166.6 CMPCO. The reward will remain constant after this point.
Tier Three masternodes will be available to users who possess at least 2,000,000 CMPCO in a wallet. Tier Three masternodes will initially earn a user a block reward of 850 CMPCO. The Tier Three block reward will reduce 30% at block 759,201 to 595 CMPCO. The Tier Three block reward will reduce by an additional 15% at block 1,018,401 making the reward 505.75 CMPCO. A third reduction will occur at block 1,536,800 making the Tier Three reward 354 CMPCO, a 30% reduction.
Note: A video describing Proof-of-Stake mining and masternodes will be released in the near future. This video will allow users who are not fluent in blockchain to understand the significance of PoS and MN.
CampusCoin Joins the Coinvention Speakers List
The CampusCoin team is proud to announce that project CEO, Bryan Dube, has been invited to speak at the first annual Coinvention. This inaugural event looks to establish Coinvention as the blockchain seminar that is truly in tune with the authentic cryptocurrency culture and is accessible by the everyday crypto-sphere member.
Coinvention will take place on August 30th and 31st at the historic Loews Philadelphia Hotel in Philadelphia, Pennsylvania. The event will mark CampusCoin’s first step into the professional crypto-convention world.
On day one of the seminar, Coinvention will be hosting their first Hack-A-Thon, where developers and designers alike will be challenged to create immersive projects using the tools that can be found in the blockchain ecosystem. The event is free to enter and the top three projects will have the opportunity to present their project in front of a plethora of influential members in the blockchain space.
Do you think you have what it takes to win Coinventions Hack-A-Thon? If so, register for free today here.
Day two of the event will include presentations from 32 innovative and diverse speakers including presentations from CEO’s, YouTube Personalities, Developers, Venture Capitalists, and other industry leaders. The list of speakers can be located here.
If you ever wanted a chance to be up close and personal with influential members of the crypto-world, this is your chance! The CampusCoin team is giving away two free tickets to attend the event along with a chance to meet members of our core team. Keep an eye on the CampusCoin media accounts for information regarding the upcoming ticket giveaway.
While our development team has been hard at work producing the specs presented above, the remaining members of the team have been in search of strategic partnerships for potential exchange expansion.
Though we have yet to be added to an additional exchange, our team has been actively engaging exchanges from the various crypto-market regions with a major focus on the Asian market. The CampusCoin team can not elaborate on which exchanges, but we can ensure our community that we are honing in on a select few that we believe can address the lack of trade volume our token is currently experiencing while also tapping into market places we currently do not have access to.
As we have stressed on our various media platforms, our team does not comment on the topic of exchange expansion often. Others use false information about potential exchange expansion to promote artificial growth. Artificial growth is not the CampusCoin way. That being said, please note that this section is not guaranteeing that we will be listed on a new exchange. Our team will not know when or where we are being listed until it happens. Rather, this section is to ensure our community that we are actively seeking exchanges that we deem most beneficial to our project.
To recommend an exchange for CampusCoin to pursue, please email firstname.lastname@example.org.
CampusCoin Explainer Video Released
The CampusCoin team is excited to announce that community member Julian Figueroa, founder of Kinetic Cuts, has completed the first official CampusCoin explainer video. Julian did a fantastic job and our team appreciates his efforts helping our project progress. We hope you enjoy the video 🙂
We ask that our community share the CampusCoin explainer video on their various medias and don’t forget to hit the like button on YouTube! A link to share the video can be found here. Thank you to all members of our community who participate.
- PoS and MN specs have been released
- PoS and MN development continues ahead of schedule
- Mobile Application development continues
- Online Wallet development continues
- Desktop Wallet updates for Mac underway
- Message Buba on Discord or Telegram for dev assistance possibilities
- CampusCoin Airdrop brings influx of new users
- CampusCoin CEO Bryan Dube to speak at inaugural Coinvention
- CampusCoin Explainer Video has been released
- MN and PoS Video to be released
- Coinvention Ticket Giveaway coming soon
- Exchange expansion remains at forefront of marketing tasks
Media Expansion Statistics
Time Period: 6/1/2018 to 7/25/2018
- Discord→ 1706 Users +3%
- Facebook → 1024 Followers +2%
- Instagram → 4772 Followers +117%
- Medium → 107 Followers +8%
- Reddit → 351 Readers +3%
- Telegram → 4658 Members +399%
- Twitter → 8042 Followers +44%
- Twitter (Support)→ 859 Followers +33%
- YouTube → 58 Subscribers +5800%
Message from Me:
The CampusCoin team has been hard at work finalizing the specs behind our PoS and MN systems. Now that we have finished this task, expect the team to be more transparent and for progress reports to be released more frequently. Starting with this report, in-depth progress reports will be released bi-weekly, while less in-depth video updates will be released weekly. This release schedule is set to change, but for the time being, this is our intended release structure. If you have any questions regarding this report or the upcoming update, please reach out to a member of our team via our Telegram or Discord channel or wait until Monday where we will host our first ever AMA on Twitter.
Don’t forget to subscribe to our YouTube page where we will be posting the weekly video updates!
CampusCoin Co-Founder and CEO