Litepaper

Abstract

The goal of $STRCH Mining is to maximize and deeply explore the uses for Proof of Stake, Proof of Work, NFTs and Tokens.

This project exists on the edge of the unknown and we intend to use it to test the boundaries of blockchain technology.

The Starch Miner is the first native-asset miner on Cardano, utilizing a simple rewards distribution sidechain called StarchChain it is a Proof of Attendance blockchain for mining $STRCH. To participate in the system a user must own either a V1 or V2 STARCH Miner NFT.

The 5 Commitments

I. No Token allocation for Team members

All $STRCH Tokens are Mined, that's first and foremost.

Any tokens we use for giveaways or to promote will be the ones we ourselves mine.

The core team will not be permitted to trade tokens on exchanges.

II. Only Public Mints

All mints are public we don't see the point in making them a secret.

III. 0% NFT Royalties

The secondary market belongs to our community we will never take a cut of that.

IV. Strive for Fairness

The exclusivity here is for those who participate, essentially more participation equals more rewards.

The StarchChain is not indifferent to your efforts or attendance.

V. Keep it Fun

Make each interaction with this technology interesting and fun.

Mining Algorithm

PoW on PoS (Depricated)

To keep users engaged Proof of Work (PoW) was chosen because it is competitive and fun in ways that Proof of Stake (PoS) is not.

Change from PoW to PoA

Proof of work caused issues where miners with an overwhelming amount of hardware resources were making it nearly imposible for newer miners to compete.

Proof of Attendance was added to make mining fair and easier to onboard new miners while maintaining the Proof of Work validation.

With Proof of Attendance, miners will run the same algorithm as the previous PoW consensus mechanism. However, they must prove their attendance and will only be rewarded from one instance of mining at a given time.

This helps to lessen the ability for participants with superior computing power, or running multiple instances of their miner, to gain an advantage in earning $STRCH token.

With PoA, each Starch Miner is treated equally across the network.

The Nonce Value

The $STRCH-CHAIN uses random HEX colors as a nonce value this means each block has a color value attached to it.

The Starch Ledger

Account Based Transactions Ledger

An off-chain public account based ledger. Built with the goal is to provide a simple straight forward way to create off-chain transactions without the limitations of a complete blockchain.

Token Uses

Redistributing tokens

Every $STRCH token used as fees to send transactions using The Starch Ledger will be redistributed back to miners using Inverse Potato Rewards Curve also known as SIP-69420.

Raffles with Mutant Labs

NFT raffles can be created and tickets can be paid in $STRCH HERE.

Redeeming Extra Modifications

Tokens will be used to change V2 Starch Miners using CIP-8 Signatures.

Users will be able to modify team NFTs. (more details coming soon)

The time frame for mining $STRCH is 36+ years without the consideration of SIP-69420. This time span gives us the ability to create more uses over time.

Token Distribution

How to get tokens

$STRCH tokens can only be mined using the Starch Miner NFTs.

There will only ever be 43T $STRCH on The Starch Ledger, StarchChain and on Cardano. All tokens have been minted beforehand to ensure a limited supply.

STARCH Halving Events

A halving event happens every 215,000 blocks or about once a year. There's an internal timer that ensures only ~24.5 blocks are minted every hour.

Token Distribution Schedule

10 year Example:

Halving	Block Rewards	Yearly Distribution
0 - 1	50,000,000	10,731,000,000,000
1 - 2	25,000,000	5,365,500,000,000
2 - 3	125,00,000	2,682,750,000,000
3 - 4	6,250,000	1,341,375,000,000
4 - 5	3,125,000	670,687,500,000
5 - 6	1,562,500	335,343,750,000
6 - 7	781,250	167,671,875,000
7 - 8	390,625	83,835,937,500
8 - 9	195,312	41,917,968,750
9 - 10	97,656	20,958,984,375

How to Participate

Mining $STRCH

Users must own a Starch Miner NFT to benefit from mining. Because of the way we built the mining front-end anyone who can access the website can also mine blocks with a miner id.

Claiming your mined $STRCH

Only the NFT owner can claim the $STRCH tokens in a given miner.

Claiming $STRCH tokens means moving the tokens from the StarchChain and to the owner's Cardano wallet.

Developer Support

Public API Endpoints

API Documentation and code examples will be provided for developers to create their own apps.

(Current API Documentation and code examples are no longer compatible with existing endpoints. Updates to these will come soon.)