Block target: 6 minutes
Codebase: ProtoShares 0.8.6 (Bitcoin 0.8.5)
Block reward: 280 MMC, 5% reduction every 1680 blocks
Total Coins: 10 Million coins in the first 2 years, 2% inflation thereafter
Difficulty Retargeting: Every block with the Kimoto ‘Gravity Well’
POW Hash: Momentum (64K XOR AES-CBC x 50) with SHA512 Generation
Every two hours there is a special block which contain community grants. These are made to the addresses that lead the MemoryCoin vote. Grant awards make up 6% of all the MemoryCoin minted.
Proof of Work
MemoryCoin uses a custom Proof-of-Work designed to be most efficient on ordinary PC’s. It relies on a minimum of 1GB system memory and custom CPU instructions. Each hash requires 1GB of Memory to perform and encrypts 50GB of data. By contrast, the verification only requires 128K and less than one 10th of a second.
~6.2% - Balances from the MemoryCoin Beta as at block 8820 were transferred into the new blockchain at Block 1. You can import your MemoryCoin Beta balance by copying your wallet into place after installing the new MemoryCoin QT client.
~1.12% - ProtoShares Holders
ProtoShares owners as at Block 32000 received a distribution at a rate of 1 MMC for each 10PTS. With around 1 Million PTS issued, about 112,000MMC were distributed in this way and PTS owners will cumulatively have a 1% stake in MemoryCoin at launch. You can import your balance by using your ProtoShares wallet with MemoryCoin. It is recommend that you transfer your balance to a fresh MemoryCoin wallet after import.