Hey guys my name is Banks the founder of BanksCoin. The contract was launched 6/1/20 and the whitepaper is listed below from bitcointalk:
This is super interesting. I am not sure how I fell about it being a GPU miner but I guess it could help us out by pulling the FPGA’s away from the coins we are targeting with GPU’s. I really appreciate the new way of thinking and I am really curious to see how this will play out.
Hey MeatyMouse thanks for the kind words! Ya the bottom line is everyone has a GPU and if everyone is able to get something, how can it retain value? I have been hashing 24/7 with one FPGA and its cranking challenge digests of a max target at 2^204 at around 30 Gh/s in around one day. This creates a proof-of-work based commodity with a super low float, at the end of the day protecting long term holders. I wanted to create a coin that would be good for the long term. I have already mined 2 BKC in three days. I expect the cost of electricity with ETH gas to be over $4 a BKC. If more people mine, difficulty adjusts, it can be worth a lot more just based on costs of production. Small FPGAs are a waste of time the bigger ones with 30 million logic cells work best
what if Bitmain decides to start making an ASIC that blows away current fpga’s on your algo?
That’s a great question I welcome them to make an ASIC for 0xToken bitstream. BanksCoin adjusts difficulty every 1000 blocks, so if ASICS come and mine 1000, it will get two times harder the next 1000. BanksCoin starts at essentially 1.05 million BTC difficulty (2^20). BanksCoin at 2 difficulty is 2.1 million BTC difficulty, as this trend continues at doubling at 20,000 mined it would be 1.05 million difficulty. This is equivalent to 1 trillion BTC difficulty. Currently I am running a 3 board FPGA to mine with and it’s doing great. An ASIC would have to beat this performance and to be honest this is pretty good. Soon I will launch a detailed tutorial on how to mine with a FPGA by setting up an Ubuntu 18.04 server.