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ProtoShares To Be Released Tomorrow

protosharesProtoShares is an altcoin that will also be used to own BitShares before they are launched. This is set to be a CPU only coin that is GPU and ASIC resistant. Every ProtoShare held will be awarded one BitShare upon launch. For more information about BitShares, you can view the whitepaper HERE or view the video below:

ProtoShares uses a new Momentum Proof of Work (POW) algorithm that is designed to be GPU and ASIC resistant.
http://invictus-innovations.com/s/MomentumProofOfWork.pdf

There’s a $5000 bounty for anyone who can prove it is vulnerable to GPUs or ASICs.
http://bitsharestalk.org/index.php?topic=22.0

Backing
As well as being an altcoin, ProtoShares is a way to own BitShares before they are launched. When BitShares is launched, its genesis block will award one BitShare for every ProtoShare held.

Web page
http://invictus-innovations.com/protoshares
Forums: http://bitsharestalk.org/index.php?board=1.0

Specifications
POW Hash: Momentum (2^26 / 2^50) with SHA512 Generation
Block target: 5 minutes
Difficulty Retargeting: 1 Week
Port: 3888
Codebase: Bitcoin 0.8.5
No premine.
Block reward: 50 PTS, 5% reduction every week
Total coins: Around 2 million, with 1% inflation after 2 years

Start time:
5th November 2013 08:08:08 GMT

Github source (Genesis Block Not Included Yet)
https://github.com/InvictusInnovations/ProtoShares

Download links
TBA

Windows installation
Extract the contents of the zip file
Double click protoshares-qt.exe

Mining

In the Settings menu, you can choose to mine 1, 2, or 3 processes.

You can also use the debug console to start mining.

setgenerate true 1
setgenerate true 2
setgenerate true 3

Note there is a 3 process maximum because of memory limitations on the win32 client. You can run a second or third instance of the program if you want to try running more processes.

More information and client downloads can be found here upon launch: https://bitcointalk.org/index.php?topic=324694.0

Posted in Announcement, Information, ProtoShares
3 comments on “ProtoShares To Be Released Tomorrow
  1. BuyPTS says:

    Distributed Autonomous Corporations (DACs) – When crypto-currencies and unmanned businesses reunited-http://buypts.com/

  2. Joe Average says:

    Attention! This “Protoshare” smells like a big scam! The client says “No block source available…”, so I cannot mine anything. I tries on two platforms. Port 3888 is free. It seems only expert users who know how to fix this can do the mining.
    So this ends up being a perfectly pre-mined coin. Pretending anybody can participate, but in fact it does not work for the normal user.

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