Thanks. FYI, the mining reward is tiny now but jumps up to a significant level at block 50,000 which should be reached in about 10 days. We set it up this way to give lots of people a chance to do their due diligence on this project before profitable mining begins, to make it more of a fair start for everyone who might be interested.

There is a LOT of documentation about this project available. Please read, consider, and if you like what we're doing, support us in whatever way you can.

10 billion premine, 50000 empty blocks, pow that is 3% of the premine, 520 blocks to mature. You should kick me in the balls and punch my mama while you're at it.

not without me

We considered that option, but there are some advantages to starting with a PoW phase before switching to PoS.

Here's how we think of both the PoW and PoS rewards. It's like a bounty. Whoever wants to claim that bounty will earn about 0.4% of the total coins for about 5 or 6 months of mining this year. That bounty for maintaining our P2P network could go to a handful of miners, or hundreds of them, or who knows how many. Similarly, when we switch to PoS, there's a 1% per year reward, sort of like a bounty, for staking your wallet and thus helping to maintain the network.

This is one way to look at the role of mining and/or minting in a cryptocurrency. We have nothing against miners, as long as the role of mining in a currency is for a specific limited purpose and is rewarded accordingly, just like any other type of bounty for volunteers who assist the project in other ways.

Please take a look at the documentation we've released about the project, in the links provided in the opening post. After you do that, I don't think you'll think it's either a joke or a scam. Grantcoin is one of the most ethical and transparent projects in the crypto space.

Will Grantcoin be a DCO/DAO?

If not then I highly recommend they take that route. Please don't repeat the mistakes of the Bitcoin foundation.

http://bollier.org/sites/default/files/misc-file-upload/files/DistributedNetworksandtheLaw%20report,%20Swarm-Coin%20Center-Berkman.pdf

This is particularly important for legal security, technical agility, technical and social resilience. These are my suggestions and if you'd like to discuss it more then I'll discuss it in PM.

I like the idea of the project overall and will look deeper into it to see if it makes sense.

okay I have a feeling this is going to be a near immediate pump and dump on may 15th when GRT ripple trade goes live. Count me in. Im putting in a buy order now, how does one know what the value is exactly? am i just going to guess what itll be then? there wasnt any pre-sale it doesnt look like so I dont really have any bench mark.

$17,500 in capital has already been raised from sales of the tokens to founders and a few other investors, before the existence of Grantcoin was announced publicly. The largest pre-market purchase came from a small private investment company owned by 17 shareholders (disclosure: I am one of them). That sale occurred at the price of $0.000075 USD per GRT.

The Grantcoin Foundation will start selling GRT on exchanges at an opening price of $0.0001 USD, or 0.00000050 BTC, or approximate equivalent in other currencies. There will be amounts for sale at ascending prices, so that when the amount available at one price is sold out, then buyers will have to buy at the next higher price unless people choose to dump.

The current draft of the sales plan is available in this spreadsheet. You will notice that much more GRT is available for sale at higher prices than at lower prices. It's designed that way deliberately, for two reasons:

1. Motivate people to buy at the beginning to get a good price while we're still selling it cheap. If this occurs, it will quickly capitalize the Grantcoin Foundation and enable us to run this project with a high level of professionalism, bring in high-caliber developer talent, afford a strong marketing campaign, etc. Please see Appendix B of our business plan for 4 different levels of budgets, explaining what the money will be spent on, based on how much money we raise.

2. As time goes on, more and more people will be discovering Grantcoin and therefore the network effect should support more units of the token being sold at higher prices after those prices are attained.

One caveat: If sales don't go as expected, or the growth rate of the Grantcoin community is slower than expected, the Foundation may hold back some of the GRT currently planned to be sold, so that there wouldn't be too much resistance on the price. One of the great things about having an organization selling a token is that the organization can use good judgment about how much to sell, when, and for what price. Our team will continually monitor market conditions to make sure that planned sales are not overburdening the market at any given time.

Finally, a very important point: Founders are strictly prohibited by the Grantcoin Foundation Ethics Policy from selling large amounts of the currency unless they publicly disclose their planned sale ahead of time. None of the founders have any plans to sell any, that I know of, for at least a year or two (and even then only small amounts if at all). We all believe in this project and don't want to do anything to jeopardize its success.