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About Ferrite Core

koh-gt edited this page Apr 12, 2023 · 17 revisions

From pages 3 and 4 of Ferrite Core Whitepaper - under review

What is Ferrite coin?

Ferrite is a new proposal to optimize the transaction speed of Bitcoin and Litecoin, which are electronic cash systems that operates on a peer-to-peer network and eliminates the need for a trusted third party. These systems aim to solve the problem of double-spending through the use of digital signatures and a proof-of-work mechanism using hashing algorithms such as SHA-256 and Scrypt that creates an ongoing chain of timestamped transactions that cannot be altered. The longest chain is seen as evidence of the sequence of events and is generated by the nodes with the largest pool of mining hashrate. As long as the majority of this computing power is controlled by nodes that are not working to attack the network, the system is secure. The network requires minimal structure, with messages being broadcast on a best-effort basis and nodes being able to join and leave the network at will.

Design Of Ferrite

Utilitarian
Common metal intended to be used as "bad money" under Gresham's Law.

Low value allows for cheap entry
Ferrite is to Litecoin's silver and Bitcoin's gold.

Plentiful yet rare supply
Total supply is 60.22m which is ~3x larger than Bitcoin's 21m but smaller than Litecoin's 84m.

Practical
Block time of 60 seconds where block latency is negligible yet transactions are confirmed fast.
A large block size of up to 4MB allows for processing larger amounts of transactions each block.

Why create another altcoin?

Most coins have overly inflated prices and therefore a high barrier to entry.
A desire to create a faster, better coin which addresses the challenges brought about by low confirmation times.
To learn and experiment with cryptocurrency without worrying about the finances.
To create another coin with a fair start and zero premine.

How is funding raised without a premine/instamine? What is in it for you?
A premine/instamine is not necessary to obtain a large holding. As the first person to start this coin, I have the benefit of being the earliest to collect coins while the cost is low at an early stage.
A 1% stake in circulating supply could be obtained for $20 since Nov 2022 as of now (17 Mar 2023). When a coin is newly listed, most users will sell their coins to obtain revenue, reducing the price. A large stash can then be obtained without resorting to premining.

Scalability

Ferrite is a decentralized digital currency that aims to provide faster, more efficient and secure transactions compared to existing cryptocurrencies. With a block size of 4MB, Ferrite is capable of processing larger amounts of transactions in less time, with an average block time of just 1 minute. Additionally, Ferrite has implemented Segregated Witness (SegWit) and Taproot technology from upstream Bitcoin development, which help to increase the efficiency and privacy of transactions. Segwit transactions that have only Segwit transaction output spending are no longer vulnerable to malleability in which OpenSSL has not enforced the exact integrity of transaction signatures. With its combination of fast transactions, large block sizes, and high levels of security and decentralization, Ferrite Coin aims to provide a valuable improvement to traditional cryptocurrencies.

Difficulty algorithm hardfork

References:

Gresham's law – economics. Encyclopædia Britannica.
Litecoin Whitepaper. Litecoin Foundation.
"Gresham's Law". Investopedia, Robert C. Kelly.
"Premining". Investopedia, Adam Hayes.

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It has often struck our notice that the course our city runs
Is the same towards men and money. She has true and worthy sons:
She has good and ancient silver, she has good and recent gold.
These are coins untouched with alloys; everywhere their fame is told;
Not all Hellas holds their equal, not all Barbary far and near.
Gold or silver, each well minted, tested each and ringing clear.
Yet, we never use them! Others always pass from hand to hand.
Sorry brass just struck last week and branded with a wretched brand.
So with men we know for upright, blameless lives and noble names.
Trained in music and palaestra, freemen's choirs and freemen's games,
These we spurn for men of brass...

The Frogs
by Aristophanes (405 B.C.E.)

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