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Litepaper
Starch Industries: A New Look At Blockchain Technology On Cardano
Author: Abstract Potato
Version 1.5 | Updated: Nov 30, 2024
Abstract
This project exists on the edge of the unknown and we intend to use it to test the boundaries of Blockchain technology. The goal of Starch Industries is to maximize and deeply explore the uses for Blockchain while prioritizing sustainability.
1. 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.
2. The Blockchains
Starch Industries is made up of 2 Blockchains; StarchChain and PotatoPay each with its own responsability, but both powered by $STRCH.
StarchChain: Application Specific Blockchain
Running Since Feb 17, 2022 18:04:23 (EST)
This blockchain was created as a fun side project and clone of Bitcoin with the sole purpose of fair token distribution.
PotatoPay: Account Based Transactions Ledger (In Development)
A 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.
2a. StarchChain - Mining & Distribution Algorithm
Proof of Attendance Blockchain
StarchChain is a Proof of Attendance (PoA) Blockchain created with the purpose of distributing $STRCH Tokens using a similar deflationary tokenomics as the Bitcoin network.
Block Production
Blocks can only be mined using either a Starch Miner (V1) or Starch Miner (V2), these exist as Cardano NFTs
StarchChain Blocks are simple, each block contains the Previous Block Hash, a Miner ID, and a Hex Color Value. SHA256 is then used to produce each new Block Hash.
A winner is determined by the Proof of Attendance Algorithm which uses a random verifiable raffle in which each miner acts as a single raffle ticket.
A block is produced every 147/seconds - 24.49/hour - 587.76/day - 214,530.61/year, this is so that there is a halving event at least once a year.
Halving events happens every 215,000 blocks or about once a year, in which block rewards are halved.
Only 43T $STRCH tokens exist. All tokens have been minted beforehand as Cardano Native Tokens and exist on a closed policy to ensure a limited supply.
Inverse Potato Reverse Curve (IPRC)
This is an additional block reward for miners held in wallets who are delegating to StarchPools.
The wallet containing the miner must have at least 100 ADA and must be delegating to that pool for 2+ epochs.
Rewards are updated each epoch and can be viewed HERE: IPRC Snapshots
Rewards for each pool are split from a total. 500k $STRCH is added to the total for every Stake Pool that is being supported.
2b. PotatoPay - Transactions (In Development)
Simple Ledger Blockchain
PotatoPay is a simple immutable ledger, this is to keep things easier to understand for both developers and end users.
Fees
Each transaction contains a small network fee in $STRCH.
All network fees are sent back to StarchChain to be mined at a later date.
3. Token Distribution Schedule
10 year example:
| Halving | Block Rewards | Yearly Distribution |
| 0 - 1 | 50,000,000 | 10,750,000,000,000 |
| 1 - 2 | 25,000,000 | 5,375,000,000,000 |
| 2 - 3 | 12,500,000 | 2,687,500,000,000 |
| 3 - 4 | 6,250,000 | 1,343,750,000,000 |
| 4 - 5 | 3,125,000 | 671,875,000,000 |
| 5 - 6 | 1,562,500 | 335,937,500,000 |
| 6 - 7 | 781,250 | 167,968,750,000 |
| 7 - 8 | 390,625 | 83,984,375,000 |
| 8 - 9 | 195,312 | 41,992,187,500 |
| 9 - 10 | 97,656 | 20,996,093,750 |
4. Changes
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 (Current)
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 tokens.
With PoA, each Starch Miner is treated equally across the network.