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Devcoin

Devcoin

Devcoin (DVC) is a cryptocurrency created in 2011 to fund open source work by programmers, hardware developers, writers, musicians, graphic artists and filmmakers. The Devcoin code is open source and based around Bitcoin.

Devcoin can be merge mined with Bitcoin, earned by developing, writing or traded on exchanges. An auction site for Devcoin users went online in May 2014. Users can pay with BTC, LTC, DVC and PayPal. All profits from Devcoin Auctions will go toward the Devcoin project itself.

About Devcoin

Transactions

Devcoin is an alternate Bitcoin blockchain. The Devcoin daemon is a fork of the Bitcoin daemon and the client is a fork of the Bitcoin wxWindows version.

Purpose

The stated purpose of Devcoin is to give money to open source developers for their work in as fair a manner as possible.

Open Source

Open source is one model of open access and redistribution of time, work and information through collaboration. Devcoin was implemented to enable universal funding in line with this concept.

Distinguishing Features

Specifications

  • SHA-256 Algorithm
  • Merged mined with Bitcoin
  • 50,000 coins per block, 90% goes to funding developers. Coin supply is constant.

Earnings and Payouts

Receiver files are used to load the addresses for payment into the mining operation. This is the first use of receiver files in cryptocurrency and allows the distribution of funds to Devcoin recipients. Devcoin is expressly made to compensate individuals for their open source and Creative Commons work, and payments are distributed throughout a round of 4,000 blocks.

Mining

Devcoin is merged mined with Bitcoin. This enables the currency to be created as a secondary effect of mining Bitcoins, and Devcoin does not rely upon maintaining its own network power and related energy consumption. 50,000 Devcoins are mined per block; of which 5,000 Devcoins remain with the miners and 45,000 Devcoins are sent to the eligible recipients.

Money Supply

The generation rate technicals were developed to pay for ongoing development and to address having to deal in milliDevcoins. Devcoin’s generation is constant at 50,000 coins per block, 1,000 times higher than the Bitcoin starting rate. The rate of growth falls as a percentage of the total each period. The generation is unlimited with no block halving. Devcoin has a marketcap of $348,056 USD as of Nov 11th, 2017.

Timeline

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Further reading

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[DVC] DevCoin - Official Thread - Moderated



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