Hey Crypto Enthusiasts and Future CaptchaCoin Pioneers,
We are thrilled to unveil CaptchaCoin.net, a revolutionary cryptocurrency that pioneers the concept of proof-of-human-work. Designed to democratize mining and distribution, CaptchaCoin ensures that everyone, not just a few, can benefit from the power of cryptocurrency.
What is CaptchaCoin?
CaptchaCoin is built on the foundation of proof-of-human-work, a groundbreaking approach that makes mining and participating in our network accessible to everyone. Unlike traditional proof-of-work or proof-of-stake systems, CaptchaCoin verifies legitimate human users through captchas, making mining straightforward and equitable.
Key Features:
1. Caps and Logs:
• The main unit of currency is the Cap, with a fixed supply of 1 billion. Symbol $CAPS
• Logs are a secondary unit mined alongside Caps, tied permanently to your wallet, and cannot be traded.
2. Proof of Human-Work:
• Captchas ensure that only real humans can mine Caps, promoting fairness and accessibility.
• CaptchaCoin secures the network through human interaction, preventing industrial-scale mining.
3. User-Friendly and Versatile:
• Quick Caps: Enable microtransactions for accessing content, perfect for news sites and content creators.
• Easy Invoicing: Set up stores and accept payments with minimal technical skills.
4. Social Media Verification:
• Use your Logs to verify social media comments, ensuring genuine human interaction and reducing spam.
Tools for Content Creators:
CaptchaCoin makes it easy to send small amounts of Caps online, making it ideal for digital creators to get rewarded for their work.
The Simple Paywall:
• Any digital content can be placed behind a CaptchaCoin Simple Paywall. Users solve a CaptchaCoin captcha before viewing the content, with 100% of the mined Caps going directly to your wallet.
• Since it only takes a matter of seconds to solve a captcha with no direct financial cost to the user, this should result in a high conversion rate. This innovative approach to monetizing content means creators can receive a small reward from the vast majority of their userbase.
• A tipping wallet allows any user to mine Caps for anyone else in a secure manner. A wallet can be created on behalf of a content creator, but to prevent scammers, only the named individual can redeem the Caps.
• Much like the Simple Paywall, the tipping wallet has a very low threshold for the average user to contribute, encouraging a higher level of donations than traditional options.
Small Block Mining:
CaptchaCoin will offer two forms of mining and two types of blocks. Small block mining will be sequential, meaning many miners attempt to solve the same captchas, and only the fastest miner will gain the block rewards.
This means small block miners will need a higher expected return from mining to account for the increased uncertainty. This will be tested by offering a range of different mining success rates and reward multipliers to determine the correct ratio:
• 10% chance to successfully mine, 12.5x reward (expected return: 1.25x)
• 1% chance to successfully mine, 150x reward (expected return: 1.5x)
• 0.1% chance to successfully mine, 2000x reward (expected return: 2x)
Unsuccessful attempts to mine will result in 0 Caps earned, 0 logs, and will not reset your ‘last mined’ timer for daily rewards.
Mining Difficulty Levels:
Increase the number of Captchas shown to mine more Caps per solve:
• 8 Captchas shown
• 16 Captchas shown
• 32 Captchas shown
• 64 Captchas shown
Enter the CaptchaCoin Lottery for the chance to win!
Proof of Human Work
CaptchaCoin is secured through proof of human-work. The Captchas are designed to be impossible for machines to solve, but very simple for humans: users simply identify the image displaying 3 letters which have been distorted, then input these characters. Correctly solving a Captcha directly secures the network by contributing to block validation. In order to control the network, it will be necessary to have a majority of man-hours, which is impossible in a highly distributed network.
Pre-launch
Many cryptocurrencies today use proof-of-work, which gives the vast majority of power to a small number of miners operating on an industrial scale. It is almost impossible for the average user to mine any currency or influence the network. The common alternative, proof-of-stake, ensures existing currency holders control the network and typically receive additional financial benefits. Newcomers to the network are often at a severe disadvantage to the early adopters.
CaptchaCoin’s use of proof of human-work balances the playing field: all users are equal independent of the computational power they have or their existing balance. This will ensure a large network that will continually grow with new users who can easily mine their own Caps.
The Captchas are designed solely for the use of securing the CaptchaCoin network - they are not used anywhere else on the internet. A key feature in their design is scalability. Any given Captcha can be made instantly harder by expanding the range of possible solutions the user has to choose from, meaning the same amount of human-work can be captured using fewer computing resources.
In the future, it will be essential that new Captchas are generated in a way that prevents anyone from knowing their solution. They will be created randomly to ensure no one person can pre-determine them, using an independently verified machine to prove their solution is destroyed after their creation.
Rollout Overview
CaptchaCoin’s mission is to become a global currency used to facilitate day-to-day transactions both online and offline. The vast majority of people do not own a single crypto token as mining is too technologically difficult, or they are not willing to risk their money to acquire any. Proof of human-work mining removes these barriers to entry entirely.
This uniquely accessible, equitable approach to mining will create the perfect environment for a rapidly growing userbase, though this process will take many years. Below we will outline how this will be achieved by expanding CaptchaCoin’s network, features, and usability.
Phase 0: Proof of Concept Initial features will be extremely limited, and the very early adopters mining during this stage will be those genuinely interested in the concept of CaptchaCoin and proof of human-work. Minor parts of the blockchain will be phased in, and prototypes of novel use-cases will be introduced. There will be no marketing or efforts to expand the userbase, though some growth through word-of-mouth is expected.
This phase will last until 5% of the pre-launch Caps have been mined.
Phase 1: Technological Upgrades Throughout this phase, there will be regular rollouts of the underlying blockchain technology with a corresponding increase in functionality. Blocks will be issued every minute and will contain all of the transactions and records from a standard blockchain, though it will not be possible for users to create their own blocks - this will still be centrally controlled. Features and use-cases will be refined and made ready for a wider, non-technical audience. As these are developed, CaptchaCoin will be shared with existing crypto-enthusiasts through existing online channels. CaptchaCoin will begin to have a social media presence.
This phase will continue until 10% of pre-launch Caps have been mined. It is important to note that during the early phases, the price of a Cap can only increase - by design the price is set intentionally low and there are no mechanisms for it to decrease.
Phase 2: Expanding the Userbase The final elements of the blockchain technology will be released, thereby establishing CaptchaCoin as a “true” cryptocurrency, which will allow for initial conversations with exchanges to list Caps. During this phase, it is essential to expand the userbase to those not traditionally involved in crypto. CaptchaCoin will have established use-cases for fee-free low-value transactions, including indirect payment through mining to a non-technical audience, giving it a considerable advantage over all other cryptocurrencies.
Phase 3: Launch CaptchaCoin will be listed on exchanges and during this stage, there will be very high price volatility. Because of the initial mining structure, there is an expectation that the wallets with the highest number of Caps will be held by early adopters that are invested for the long term and will not instantly dump their Caps, but naturally, there will be a lot of unknowns during this time.
Phase 4: Consistent Growth At launch, fewer than 10% of all Caps will have been mined and CaptchaCoin will have reached but a fraction of its potential userbase. CaptchaCoin will continue to achieve growth by delivering practical use-cases that encourage growth both online and offline. We are currently at the first step on a journey of a 1,000 miles and we hope you’ll join us.
Join Us on This Journey:
We are at the dawn of a new era in cryptocurrency with CaptchaCoin, and we want you to be part of it. By mining Caps during our pre-launch phase, you can be among the first to experience and benefit from our unique approach.
• Start mining your first Caps now at Captchacoin.net
• Follow us on our social media channels:
• www.twitter.com/captchacoinnet
Together, we can make CaptchaCoin a global currency that is fair, accessible, and beneficial for all.
CaptchaCoin - Power to the People, One Captcha at a Time
