Announcing Swap from KoreCoin to Kore 1:1, New Wallet Release and Rebranding:
On the 14th of October 2017 we will be perform a blockchain transfer from the old Korecoin blockchain and start a new one,
along with a rebranding and a new development team leading us in a new and exciting direction.
Your existing Kore coins will be mapped 1:1 on the new chain and the transition will be smooth and painless.
KoreCoin Was initially introduced in June 2014 , with the following specifications :-
- Algorithm: X13
- PoW Coins: 1.2 Million
- PoW Block Reward: 450 KORE
- Block 3200 – 4000 = 1000 KORE
- PoW Timefram: 4000 Blocks
- Block Time: 60 Seconds
- PoS Minimum Age: 1 hours
- PoS Max age: 8 Hours
- PoS Interest: 10%
- Total Coins: 12 Million
KORECoin was a coin taken over, the Dev integrated Tor as well as SIP/PBX for in wallet VoIP calling to eventually include Video.
It is a coin central to privacy. The old Dev left the project. MikeMike took KORECoin over, built the KORE Team, renewed that Team,
integrated his ideas and main funder of the KORE Team Projects.
Current coin supply is roughly 2 M coins, these will be moved to the new chain and will be accessible to their owners
within the very first block, more on this below.
Reasoning for the Swap
- The current code base it very old , so much so that attempting to update it would probably cause more problems than it fixes.
- We wish to take advantage of new innovations introduced into the crypto space over the past 3 years
- As we have a new dev team and the chain has had many developers, it is ideal to introduce a new chain providing a clean slate
for the development team to work with. The updated software and new chain would are key steps in the new direction Kore is taking. - Introduction of key features such as CLTV and CSV , as well as adequate scaling plans
- at the bottom of this page.
The New Kore Specifications :-
- Algorithm: sha256d Bitcoin Core v0.12.2.0-gec0afbd (64-bit)
- PoS Algorithm PoSv3 *Modified for Security and Functionality, See “Understanding KORE PoS”
- PoW Coins: ~ 20 000
- PoW Block Reward: 5 KORE
- Block 4000-infinity = 0 KORE
- Block Time: 120 Seconds
- PoS Minimum Age: 8 hours
- PoS Interest: 15% - 30% *To be determined
- Total Coins: 12 Million
The first wallet release is going to introduce Masternodes to the Kore community.
The first release will also include the Bittrex trading window for KORE and eventually most all pairs, the Block Explorer,
KORE to USD conversion in send, Mining CPU Core selector slider, Opacity, BTC/USD and KORE/USD tickers.
The Tor Web Browser, SIP/PBX VoIP will be released in subsequent versions in fairly short order.
To entice developers, other skilled professionals and try to offset costs a maintenance fund has been created
that is allocated 10% *To be determined.
Here is a link to a video showing proof of development:
- Masternode Cost : 400-600 Kore *To be determined
- Masternode subsidy : 40% *To be determined
Pure Tor Masternodes/Servicenodes a World First:
Tor Masternodes are currently in testing and will provide services to users.
Tor was chosen to increase privacy of users as it obscures your IP enabling use of services without fear for privacy.
Obfuscating your coins from being tracked by a unique mixing feature by traditional Masternodes:
Masternodes use this function to automatically break up private transactions into indistinguishable multiple identical transactions,
this adds complexity to the original transaction and obfuscates the proof of any particular amount and hides the IP
of those who mix the coins with you through their Masternodes.
Decentralized Governance by traditional Masternodes:
To guarantee the long term sustainability of the blockchain, the network keeps a portion of the block rewards, network subsidizes
approved proposals, the Masternode operators are tasked to act as stewards and invest in the maintenance and expansion of the network.
This results in faster development and promotion, creating a cycle that benefits all involved.
Most importantly, this gives the blockchain itself a self-preservation mechanism that is beyond the control of any individual.
The system works as a decentralized voting mechanism, where budgets for specific projects are proposed, then the Masternodes
as a whole vote on them. Each project, if approved, is added to the total budget and paid directly from the blockchain to the person(s)
doing the work. With this, we can hire more core developers, marketers and other essential personnel
paying them directly after approval of the work in a decentralized fashion.
The KORE Roadmap:
Will be posted at the time of release of the new wallet on October 14th 2017.
Understanding KORE PoS:
Kore uses customized proof of stake. Using percentages rather than a static amount it ensures all users are treated fairly
for their contribution to the overall health of the network.
- X % stake per transaction X*To be determined
- 100 blocks to confirm
- 8 hour maturity
- 50 Kore minimum stake
Minimum Stake amount Percentages are used as they better reflect and reward users accordingly, this prevents other users from gaming
and devaluing the currency by simply creating dozens of small transactions and creating hyper inflation. The 100 block wait time
ensures adequate confirms pass before coins are mature to ensure a higher degree of certainty. An additional 8 hour wait period is added
as a means of controlling stake rates and supply growth. A minimum stake amount is imposed as part of the measures to prevent micro-staking,
micro stakes quickly bloat blockchains eventually causing problems when chains have millions of blocks but are less than a GB in size.
X% of this is allocated to MN owners as a subsidy for their vital job of assisting in obscuring transactions and facilitating Instant transactions.
With time the role of Masternodes will expand as part of the development roadmap includes assigning them additional duties on the chain.
This post will be updated with any changes.
Thank you for your interest and patience during these exciting times.
MikeMike
It is Official.
Bittrex has approved the Swap of KORECoin to KORE.
See included info and link.
https://support.bittrex.com/hc/en-us/articles/115001898671-Support-for-the-KoreCoin-KORE-blockchain-upgrade
This multiple time zone Timer is a critical asset.
The timer has a real purpose that benefits and aids a smooth transition to the New KORE and helps the Community support this transition to a stable and healthy new KORE Network.