Author Topic: FIMK info sheet  (Read 1182 times)

Eliphaz Fimk on: June 18, 2014, 10:32:48 PM

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Ripped from fimk.fi

Blockchain & general info
 
• 1000 million (1 billion) FIMK eventual total currency supply
• eventual supply is achieved as follows:

 
- GENESIS BLOCK FIMK 666280000
  (STAKEHOLDER DISTRIBUTION 333140000 + ORGANIZATION FUNDS 333140000)
- EXTRA BLOCK REWARDS EVERY 30 SECS AVG. TOTAL 333720000

• 333,14 million FIMK distributed to stakeholders (you can be one) by Jul 1st 2014

• 333,72 million FIMK distributed as block rewards during ~4 years after launch
• 313 million FIMK paid as basic income for every opt-in Finnish citizen >15 yrs of age

• 17 million FIMK reserved for bonus block rewards, promotion, marketing, bounties
• 3,14 million FIMK for organizational costs
• average block objective 30 secs
• block finder is rewarded automatically the transaction fees included in the block, plus extra reward according to the following table:
 
FORGER_FEE_STAGE 1: 200 (DAY 0 to DAY 308)
FORGER_FEE_STAGE 2: 100 (DAY 309 to DAY 618)
FORGER_FEE_STAGE 3: 50 (DAY 619 to DAY 928)
FORGER_FEE_STAGE 4: 25 (DAY 929 to DAY 1238)

TOTAL FEE STAGE 1 177984000
TOTAL FEE STAGE 2 88992000
TOTAL FEE STAGE 3 44496000
TOTAL FEE STAGE 4 22248000
 
SECONDS_BETWEEN_BLOCK 30
FORGER_FEE_STAGE_CHANGE_IN_DAYS 309
FORGER_FEE_STAGE_CHANGE_IN_BLOCKS 889920

- first 10 months (309 days) 2880 blocks / day= 576000 FIMK rewards / day
- maximum transactions per block: 512
- minimum transaction fee 1 FIMK
- block reward halves every 889920 blocks

Krypto Fin ry disburses about 3 million FIMK as bonus (lottery) rewards on round number blocks (10000, 50000, 100000, 200000, 300000, 500000, 1M)


Additional functionality

- alias creation for wallet, fee 1 FIMK
- encrypted messaging with nominal fee to prevent spam
- possibility to create sub-currencies and assets into the FIMK blockchain, fee for asset issuing 1000 FIMK
- built-in decentralized chat


FIMK project schedule

- 31.5.- 27.6.2014 stakeholder donation period (donators are given FIMK pro rata)
- 31.5.2014 testnet and faucet disbursing free FIMK
- 1.7.2014 genesis block distribution, opening
- 15.7.2014 open source release
- 1.10.2014 -> basic income for Finnish citizens 100 FIMK / month / opt-in person (id'd)
ORGANIZATION'S ROLE:

– designs, implements, tests, launches platform
– distributes genesis block stakes, extra rewards, bonus rewards
– arranges citizen stake distribution, authentication, basic income
– coordinates community efforts, development and organization
– allocates bounty projects and pays project rewards
– develops side projects and promotes FIMK adoption for secure messaging & retail payments
– performs minor market stabilization through support purchases / sales when necessary

MEMBERSHIP IN ORGANIZATION

– anyone can apply for membersihip
– members are eligible to join yearly events and meetings
– members enjoy privileges in community decision making process
– members receive small one time stake of FIMK in exchange for the membership fee
– yearly membership fee (EUR) and corresponding FIMK stake to be decided by the board