Besides longer blocktimes (2.5 minutes v.s. 1 minute), a higher inflation rate (7% v.s. ~4.5%), and a different hashing algorithm (SHA-256 v.s. Scrypt), how does Bitflate compare with Dogecoin? What aspects of Dogecoin made you decide to start your own project instead of working with an existing community that revolves around an inflationary cryprocurrency? I don't hold any Dogecoins, nor have I ever been a part of that community, they just seem like the primary example of an inflationary cryptocurrency to me and I'm trying to understand what makes your project different than the incumbent in that space, or if there's enough distinction that you don't see yourself as even being in competition with Dogecoin.
Thanks. Dogecoin has a constant tail emission. As supply grows, the rate of new coin inflation shrinks. Dogecoin community rejects the idea that they have a compound (percentage) inflation.
Dogecoin is a good example of how hard it is to depart from its own narrative, basically, commit a heresy.
Bitflate has a percentage point of 7% inflation. We're going to stick with it for the sake of this experiment. Given what I read, I think it'd be hard to convince Dogecoin to really do percentage point inflation. I'm nobody. Dogecoin community won't bother listening to me. In addition, my project starts out with inflation in the plan. It has reward halving until inflation stops at 7%. The reward schedule looks like this:
0: 50 (supply: 10 million)
1: 25 (supply: 15 million)
2: 12.5
3: 6.25 (end of halving)
4: 6.56 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85 (supply: 31 million)
Dogecoin narrative is fun/meme/tip coin. Bitflate narrative is inflation coin. I think narrative is important. Once set, it'll be hard to change. It's possible other communities will switch to inflation. I would consider it a success for our effort. :)
Thank you for your explanation. I'd seen your supply chart, but I somehow never caught that Dogecoin is only trying to inflate in terms of absolute number of coins. I guess I assumed they had a system that was roughly equivalent to some percentage inflation. Given this difference your experiment does seem interesting to me, and I wish you the best of luck!
As a side note, I dunno what to think about inflation v.s. deflation. My best guess is that those are different assets, we want both, and long blocktimes are more tolerable in deflationary stores of value than they are in inflationary currencies.
Thanks! I think Bitflate can become a coin for transaction use case. It departs from the Store of Value narrative. Follow us on Twitter for updates. :)
