Developer AnalysisI am very pleased with the launch of Bitmark. No bugs have been reported.
Mining has been interesting, the opposite of what normally happens when an alternative coin is launched.
Normally alt coins are hash-raped by people with mining hardware, ready to be dumped on 'investors' at an exchange. Mine a coin to dump for BTC.
Instead with Bitmark we find investors hiring mining rigs, with no exchange planned. Burn BTC to mine and keep Bitmarks.
0.1% of all bitmarks are now distributed fairly between early adopters.
The network has strengthened so that when the difficulty next changes, which we project to be Wednesday, 3 days will have past, 3 days of block rewards will have been mined, and the network will settle at a projected difficulty of 26 and a hash speed of 1GH/s.
The block reward does not half for 3 years, with an interim drop in 18 months. We can conclude that 3 days of coins will be fairly mined by both miners and investors over the first 3 days.
We could not hope for anything fairer.
The wiki article on
the supply and distribution of bitmark reads:
We suppose that this is greatly determined by the number of rewards per day, as such Bitmark's expectation is to achieve a healthier, fairer, and more balanced distribution of rewards and therefore hashpower ...
This should ensure that in the majority of cases (and as Bitmark adoption grows) no single miner can achieve more than 1 Bitmark from a successfully mined block, with the average being measured in Marks, rather than Bitmarks. This should do much to mitigate hoarding, dumping, market manipulation, and all those things entail. Since Bitmark is designed to be a daily use currency, this fair distribution and flow of money is of vital importance.
Our next step for network health is to pursue the distribution of hashing power between more pools. We hope for Bitmark to have 8 major pools at a minimum as it the project earns value.
As quoted we suppose that the number of rewards per day has a strong impact on distribution.
Yesterday with a network speed of ~2GH/s I solo mined 6 blocks out of 1440 with only 0.45% of the network hash power. I received ~0.45% of the block rewards for that period.
I pointed the same amount of hashing power at the miningpool.co pool, I received the same amount of bitmarks as reward.
We can conclude that our block configuration is such that however you point your hashing power, you will receive a fair reward. This will do much to ensure a healthy secure and distributed network.
Hashing power was much higher than anticipated, it proved Bitmark's block chain configuration to be good.
Hashing power has halved, and still the average block time is only 4 minutes, which is reasonable for a working network, this bodes well for our future.
I am therefore also happy with the way the coin has been mined over the first days.
On average it is fair and reasonable. That is our goal.
The network will see to itself, our work on ease of use, ease of integration, ease of adoption will not see to itself. We should return to our discussions and work on bitmark.I will conclude by saying that if I were to be offered a gift of BTC or a gift of BTM, I would choose the BTM. Perhaps many of you reading feel the same.
Thank you all.