Copyright (c) 2013-2014 BitCommoditiz Developers Copyright (c) 2009-2013 Bitcoin Developers Copyright (c) 2011-2013 Litecoin Developers
BitCommoditiz is a new class of Crypto coin for which difficulty also varies according to the price of an underlying real commodity.
Example: At time of difficulty retarget the spot price of crude oil increased 20% from its value at bitcommodiz 'Oilz' birth date. The new difficulty target for bitcommodiz 'Oilz' will be: standard difficulty retarget X 1.20
The aim is to provide a full class of virtual commodities, freely tradable, for which volatility reflects the underlying real commodity volatility.
There is currently 10 BitCommodiz with difficulty retarget varying with price of: gold, platinium, palladium, silver, crude oil, wheat, corn, cotton, coffee, 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 minute block targets
- 1 coin per block
- subsidy halves in 420k blocks (~4 years)
- ~42 million total coins
- 1008 blocks to retarget difficulty
- you are reading readme for Silverz (ticker XAGz)
- coin unit: Ouncez of Silverz
- underlying commodity: Silver price in USD (XAG) spot price
- price on 2013 Nov. 12: USD 21 per Troy ounce
- underlying commodity price: http://finance.yahoo.com/webservice/v1/symbols/XAGUSD=X/quote?format=json
For more information, as well as an immediately useable, binary version of BitCommoditiz client sofware, see http://www.bitcommoditiz.org
BitCommoditiz is released under the terms of the MIT license. See COPYING for more
information or see http://opensource.org/licenses/MIT.