Introducing ReturnBit: Proof of Work with ICO

ReturnbitThere are lots of new ICOs at the moment. This usually happens after a few really successful ICOs and then everyone wants to jump on-board (Lisk and Waves in this case). ReturnBit is a bit different from all other ICOs at the moment, firstly by using proof of work (scrypt algorithm, same as Litecoin). Not many new ICOs are using proof of work, instead opting for proof of stake. Also, the number of coins at ReturnBit will inflate, as opposed to many of the other ICO coins that have a fixed supply (mostly because they don’t need to pay block rewards for proof of work).

Secondly, the coin is creating an “rTrust” which will receive 50 coins per block. This is an opportunistic fund that will selectively return these ReturnBits to holders, but does it differently than proof of stake systems. This way, the money is returned to all holders indirectly (as opposed to direct rewards with proof of stake, which many forego because their coins are sitting on an exchange). So you just send some money to the “rTrust”, wait for about a day, and you get more ReturnBit out of this.

The problem with proof of stake’s ‘dividend’ is not so much that the rich get richer, but that many people hold their coins in an exchange and not in their own wallet, thus becoming ineligible for these ‘dividends’.

It is an interesting experiment. We’ll see how the investor returns now and in the future will be for the investors. Should be an interesting experiment to run though. Quite different from the many other ICOs that are ongoing at the moment.

Here are some details for investors:

Bitcointalk forum thread: https://bitcointalk.org/index.php?topic=1596327.0

ICO Website: http://www.returnbit.com/

 

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