Ohmcoin [OLD]

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Ohmcoin

For Things That Matter

Fast. Efficient. Donation Platform.

Ohmcoin is a fast, secure, energy efficient cryptocurrency and soon to be a donation platform, where new supply is minted by people holding Ohmcoin in their wallet or in a Karmanode. In the near future, Karmanode holders will be able to vote on donation campaigns similar to gofundme or givealittle but on the blockchain. Once a campaign or cause has been voted on, the ohm network may donate to the approved cause.

Project’s Whitepaper is in the development stage.

The project is a decentralized crowdfunding donation platform that removes the social, religious and political bias inherent in centralized systems via a voting structure through an established network of karmanodes (masternodes).

The main objective of Ohm is to create positive change in the world by seeking out and rewarding real-world acts of kindness using the technological platform of a versatile cryptocurrency as the foundation.

Although similar to governance and proposal voting systems, this platform has some distinct differences. When a campaign (proposal), by vote, is approved as valid by a majority of karmanode holders, other addresses (people) will be able to donate to a specified address.

The idea of the process of a campaign

All proposals will have their birthplace on the ohmcoin.org forums section, where someone who is looking to begin a crowdfunding campaign can engage the community. This engagement will allow the community to assist campaigns. This can include but is not limited to, verification of the legitimacy of campaign proposal, receive help in writing up a proposal, gaining pointers on where a campaign proposal needs improvements or just to see if a proposal would get any backing.

Once a campaign has gained community support, the campaign submitter sends a small predetermined fee (helps prevent spam) to a specified burn address which activates the voting process for the type of campaign they would like voted on.

Once the voting process concludes and if the campaign submitted is accepted by majority vote, the campaign goes into the funding phase.

During the funding phase, people will be able to donate to a campaign, those who are sending donations from staking and /or karmanode address will receive a small increase in the reward for a certain period of blocks at the completion of the campaign (Incentivized Acts of Kindness). Those that donate to a passthrough campaign will immediately receive increased rewards. In the event that a campaign does not achieve it’s goals or is terminated mid-flight, all funds shall be returned to the donation addresses.

Mid-flight cancellation of a campaign can only occur from a majority vote. Causes for consideration of cancellation of a campaign mid-flight include, a discovery of funds are being used for something other than what the campaign intended, money laundering, terrorism, illicit drug activity or any other illicit activity.

Types of Campaigns

Passthrough campaign – reserved for established Non-profits, verified entities or for emergency funds for natural disasters or similar events. Passthrough campaigns neither have a time or max funds limit.
Time Limited no Funding Goal
Funding goal no Time Limit
Time Limited with Funding Goal

Ohm and The AoK (Act of Kindness) Platform

The Ohm Platform and Organization is premised on showing the value of acts of kindness and how even the smallest acts can be more valuable than any sum of money. Using cryptocurrency project intends to build a technology platform that is capable of self-sustaining for a community of users and followers that want to earn rewards, similar to existing point-based reward systems today. Instead of points, the project will reward with cryptocurrency with a goal of having 100% of Ohmcoins circulated and owned through verified acts of kindness.

The platform will be composed of several applications, which are segmented as follows:

1. A node / daemon.
2. A wallet or set of wallets for different operating systems.
3. A REST API to communicate with a daemon.
4. A website for promotion of the wallets and platform.
5. A website community for submitting, upvoting and monetizing (with Ohmcoin) acts of kindness and subscribing to topics of interest.
6. Mobile applications to participate in the community and submit evidence of acts of kindness.
7. A REST API to allow game companies and other entities to reward positive acts with Ohm.

Coin specification

Algorithm: Quark
PoS: Hybrid
Block Time: 30 Seconds
Difficulty Retargeting: Every Block
Karmanodes: 3000 OHM Required
Wallet Staking: Yes – 1 to infinite OHMC
Premine for coin swap: 30Mil OHM
OHM Created Per block 1 OHM
Amount Designated for Rewards: 100% of OHM produced goes to Staking Rewards
Rewards Algorithm: SeeSaw Based Targeting System
Amount of Rewards: Per Block 2 Rewards, 1 for Karmanodes, 1 for Wallet Staking
Coin Maturity to Stake: 150 Blocks

Project roadmap

2018 – completed

Karmanodes
New Exchanges
Rebrand ANN
Begin Targeted Marketing
Add CTLV and CSV
New Web Address
Update Website
Expand Team
Alpha AoK

2018 – in process

Segwit
Whitepaper
Atomic Swap