I'm not entirely sure how it will operate. It claims to change the POW to POS to avoid centralization.
Buyer beware, there is alot of talk about this coin, not all good.
Good link. I've been looking around and can't figure out how it operates. It may just be a scam. I heard about it from cointelegraph.
Founder's Reward is bad, mmmkay? So we'll do a 100% premine... But it's ethical - honest!
Ebitz ICO will commence on November 28, 2016 (1 PM UTC) and end on December 26, 2016 (1 PM UTC), or when we reach the goal of 800 BTC
The total EBZ supply stands at 21 milllion and will be distributed in the following proportions:
95% of the coins will be distributed to early supporters in ICO
procedure to participating users based on their contribution in the
total amount of the raised funds. The sale procedure will be taking
place at https://www.ebitz.org/invest/. In our site we are offering a
SSL encryption and a two-factor authentication security. Due to the
nature of our group and project, an escrow willl not be used for our
5% as premine for development/bounties.
I don't mind the founders rewards. I thought the POS was interesting, because POW in it's current state encourages centralization. I had high hopes for ZCASH because I thought it was going to allow anyone to mine without specialized hardware. And although ZCASH is ASIC resistant, I'd say getting a motherboard with 4 dedicated high end graphics cards that does nothing but run at 100% for mining is specialized.
POS is interesting... but from what I can tell from EBITZ, mining is based on how much you pre-invest. And then you get 3% a year. Mining is based on owning the currency for proof of stake. Doesn't seem like a good solution to me because it's based on how much of the currency you own. The rich get richer in a POS system. EBITZ will be releasing 95% of the 21 million from the beginning. Still trying to wrap my head around that one.
POW is a great idea because it secures the network by means of competition... unless one mining node is able to control 51% of the mining. Then the system breaks. POW is an arms race. As a competitor increases their hash power to grab more of the mining, the difficulty increases and other miners will get less. So they increase their hash power which increases the difficulty, then the 1st miner increases their hash power. The only thing that slows down the difficulty is the value of the currency. A miner won't increase their hash power if they will lose money by increasing the hash power.
Would be ingenious to develop a mining system that encourages decentralization and motivates people to run the software on their device. Maybe a difficulty cap per node, or increase the difficulty per node based on the average network processing power so that no matter how much hashing thrown at a node, that node has the same chance to mine a coin as other nodes. Or increase a nodes chance of finding a block based on the amount of time connected to the network. Once a node mines a block, their time counter is reset. Some method to motivate people to run a node and miner on their computer regardless of the processing power and maintain a trusted secure system.
Most of the mining power is not going toward creating a block, but to overcome the difficulty. That's a lot of electricity and computing power going to waste.
It is what it is. The big advantage for ZCASH is the privacy. Few corporations will use BitCoin if their transactions are visible to competitors.