Example: difficulty for mining Goldz varies with the price of real gold on the London Bullion market (quote provided by finance.yahoo.com). As a miner: you have more stable revenues. If the real gold price is up, it gets harder to get Goldz but what you mine is more valuable. If the underlying price is down, Goldz value is down but it becomes easier to mine, so you receive more shares to compensate.
BitCommoditiz is more than 10 other altcoins, it is a full class of new crypto assets with difficulty volatility correlated to a real commodity price volatility (currently gold, platinum, palladium, silver, crude oil, wheat, corn, cotton, coffee and cocoa). Approx 15K blocks have been mined today. This announcement concerns the first 10 BitCommoditiz, more virtual commodities to come….
More detailed information: http://www.bitcommoditiz.org
Worldwide P2Pool Network (1% fee): – USA – CANADA – EUROPE Full list on http://www.bitcommoditiz.org/
Common characteristics Bitcommoditiz software is a fork of Litecoin using scrypt as a proof-of-work algorithm. each bitcommoditiz – and its unit – ends with ‘z’ to differ from real commodity birth date (genesis block): 2013 Nov. 12 difficulty varies according to underlying price on the market quote provided by http://finance.yahoo.com
- 5 minutes block targets
- 1 coin per block subsidy halves in 420k blocks (~4 years)
- ~42 million total coins
- 1008 blocks to retarget difficulty