BitCommoditiz are a new class of Crypto coins for which difficulty also varies according to the price of an underlying real commodity.
Example: At time of hashing difficulty reevaluation (retarget) the spot price of crude oil (ticker CL) barrel (unit bbl) increased 20% from its value at bitcommodiz ‘Oilz’ (ticker CLz, unit bblz) birth date. The new difficulty target for 1 barrelz of bitcommodiz ‘CLz’ will be: standard difficulty retarget X 1.20
The aim is to provide a full class of crypto commodities, freely tradable, for which volatility reflects the underlying real commodity volatility.
BitCommoditiz has been designed by miners for miners.
◾ The retarging design rule gives miners more stable revenues. If the real crude Oil price is up, it gets harder to get crude Oilz but what you mine is more valuable. If the underlying price is down, crude Oilz value is down but it becomes easier to mine, so you receive more shares to compensate.
◾ Our Mining Value Indicator gives you in real time a classification of the BitCommoditiz to mine ranked from the most «profitable» to the less «profitable».
There are currently 10 BitCommodiz with difficulty retarget varying according to price of: gold, platinium, palladium, silver, crude oil, wheat, corn, cotton, coffee and cocoa.
Bitcommoditiz software is a fork of Litecoin using scrypt as a proof-of-work algorithm.
- each bitcommoditiz – and its unit – ends with ‘z’ to differ from real commodity
- birth date (genesis block): 2013 Nov. 12
- difficulty varies according to underlying price on the market
- quote provided by http://finance.yahoo.com
- 5 minutes block targets
- 1 coin per block
- subsidy halves in 420k blocks (~4 years)
- ~42 million total coins
- 1008 blocks to retarget difficulty
Per BitCommoditiz characteristics
Each BitCommoditiz has its own underlying real commodity, its unit of measure, a distinct ticker, a dedicated blockchain, a specific difficulty, its own address format and a wallet software.
To get more details on all BitCommoditiz: click here !