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STARCH ONE

Litepaper

Version 1.4 | Updated: Jan 8, 2024

Abstract

The goal of $STRCH Mining is to maximize and deeply look at 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 UTXO sidechain called STARCH-CHAIN it is a Proof of Work blockchain for mining $STRCH. To participate in the system a user must own a STARCH Miner NFT.

Commitments to our Community

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.

Only Public Mints

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

0% NFT Royalties

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

Strive for Fairness

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

The STARCH-CHAIN is not indifferent to your efforts.

Keep it Fun

Make each interaction with the blockchain 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.

Token Uses

Locking spent tokens

Every $STRCH token spent on the DAPP will be locked and removed from circulation permanently.

Raffles with Mutant Labs

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

(Because these raffles are created using the Mutant Labs app they cannot be locked)

Redeeming Extra Modifications

Tokens will be used to modify V2 miners using CIP-68.

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

The time frame for mining $STRCH is 10+ years giving us the ability to create many more uses within this 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 STARCH-CHAIN 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

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 our DAPP front-end anyone who can access the website can also mine blocks for the owner of that miner.

Claiming your mined $STRCH

Only the NFT owner can claim the $STRCH tokens gained by mining.

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

Developer Support

Public API Endpoints

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

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