Agetron is a multi faceted project which aims to provide:
Agetron will be kept as stable as possible, but at the same time we encourage natural growth and wider adoption.
Balanced and Reasonable. Longer block times can lead to user frustration, shorter block times can lead to wasted mining effort and network bloat by the increased occurrence of orphaned blocks.
This also mitigates advantages miners may gain over one another when network latency is taken in to account. If we consider that a miner may immediately start mining the subsequent block locally, whilst other miners must wait for the block to be received, processed, and accepted, before they can look for the next; then a network latency of 1 or 2 seconds can be a significant % advantage when block times are 60 seconds or less.
Finally, this has a notable effect on Network Health, Supply, and Distribution
A relatively slow block maturity ensures that anybody mining Agetron adheres to a contract that they will not spend (or “dump”) the reward within 24 hours. This should encourage a more stable coin, and give the advantage to miners who wish to the support the network and reap fair profit.
We match the difficulty to the block maturity to assure that no miner can access generated block rewards until after the difficulty has changed, this removes much of the incentive from multipools and high powered mining factories to hop on to and then leave the network. Additionally, an unhealthy network tends to negatively affect price, further removing the incentive.
countblock < 25001 = 50 AGET
countblock < 75001 = 25 AGET
countblock < 100001 = 12.5 AGET
countblock < 150001 = 5 AGET
countblock < 250001 = 2.5 AGET
countblock < 450001 = 1 AGET
countblock > 900001 = 0.5 AGET
Total Supply: 284 000 000.
Halving Rationale: Rapid block halving creates early bird incentives, the quicker the reward halves the more unstable the coin and unfair the distribution, and the more likely it will be considered and act like a project/currency with no longevity.
Slow block halving reduces urgency to mine and allows more natural growth and adoption. There is no unfair benefit to mining on day 1 as opposed to day 400.
Interim half steps have been introduced to limit the impact of the block reward reduction events, whilst still ensuring there is an event which occurs.
Block Reward Rationale: For a currency to be viable, a single unit must be able to be perceived as having value, as such a large amount of currency entering the network daily can only be detrimental over time. Bitcoin achieved a steady flow of new coins on a daily basis, and that is a model we hope to improve on. We suggest that humans tend to prefer whole numbers, and feel more comfortable working with smaller integers on a daily basis.
Scrypt. A well balanced proof of work algorithm which is widely supported and for which hardware support is maturing. Large investment has been made by the mining community, and continues to be made. Whilst there are benefits to both Proof of Stake and multiple algorithm approaches, we feel that Scrypt PoW and the balanced coin release schedule which can be achieved with long term block rewards is the most suitable for this long term project. With an abundance of mining hardware available already it should also ensure a healthy network from the start.