ScamCoin — Technical White Paper
By Alex Young (@spread.control) and Shankara Srikantan (@sksrikantan)
Contents
- Introduction
- Concept
- ScamCoin Token
- Token Sale
- Team
- Contributors and Acknowledgements
Introduction
The cryptocurrency world is ripe with fraud. Initial Coin Offerings, meme-coins, and even publicly traded tokens have been subject to highly publicized scams and scandals. While in most spaces, scam decreases as the industry standards improve and evolve, one of the hallmarks of cryptocurrencies is their anonymity and thus sophisticated fraudulent endeavors are highly likely to only continue.
We recognize that the crypto space will always be saturated with such conduct, but we are hopeful about the role crypto will have in both instigating and insuring against its own demise. We thus have created ScamCoin as an attempt to break the troublesome trends of high profile SCOs (scam coin offerings) and shitcoin bull runs.
ScamCoin offers to revolutionize the crypto space, encouraging profitable and necessary fraudulent behaviour to blossom into a healthy industry. Our team is proud to announce our token sale with this White Paper.
Concept
The ScamCoin concept is one of crowdsourcing, in a sense. We recognize that in the crypto space, a significant amount of time, effort, mental energy, and resources are required for a scam to be truly successful.
We understand that these expended resources endow these scams with additional inherent value, beyond the more obvious profits from the scam itself.
The ScamCoin dApp will center around a regulated market for fraudulent behavior itself. We provide a platform for investors to invest (or “bet on”) crypto fraud, and retain profits from the efficacy of the scam in question. The scammers themselves use the crowd sourcing model as a means of raising capital to prepare for the scam. In a sense, investors are participating in an ICO with the goal of funding a fraudulent ICO. In essence, we are democratizing the billions of dollars of financial fraud committed each year through revolutionary blockchain technology.
The scams offered by scammers will be completely anonymous and subject to momentary changes. This gives them no reason to not trust our impartial smart contract, establishing a healthy market where consumer scam demand is met by profit seeking scammers across the world.
We fully expect to be operational by the end of 2018 Q3, and optimistically look to raise 21 million BTC by the end of our secondary coin offering in December 2018.
ScamCoin Token
The ScamCoin dApp will run our state of the art, ultra v5 blockchain complete with glasZ Sharding and the new fractional Reimann sidechain fork process. This makes our system infinitely scalable and highly compatible for growth. We have a team of 37 people (including 35 unpaid ethnically homogenous high school interns) working daily to constantly improve our prototype. Our team was recently awarded a prestigious certificate of participation at the Cupertino Library hackathon by leading blockchain developers.
The ScamCoin Token (SCT) is a double-fork of the ZCL and Bitcoin blockchains. Taking inspiration from our mentor Rhett at Bitcoin Private, proofing of the SCT is based on even-fibonacci numbers only. The SCT will function as the transactional coin upon which the open exchange operates. Investors and scammers will both be paid in SCT, which we plan to list on exchanges as soon as our friends at CoinLoan list as well. We reasonably expect that SCT will then be traded and paired with various coins on Bittrex and perhaps Coinbase within the year.
The SCT will be based on a new Young-Satoshi “delegated proof of intent” sidechain. DPOI allows incredible freedom for blockchain forking, exponential transaction rates, and Turing complete programming language design functionalities. Our team took inspiration from the team at PaiRocketCoin (PRC) and their approach to tackling asteroid mining decentralization. Details on the DPOI concept as it applies to our token can be found in the yellow paper, and the technical specifications in our black paper.
An initial 500 million SCT will be minted following our smart contract. A single SCT will be known as an SCT, .1 SCT a ponzi, .001 SCT an apai, and .0001 SCT an archie. We plan to hold 499 million SCT as our developers stake. We may conduct an airdrop, so please join our Telegram group @confidolovers.
Token Sale
The SCT token presale will begin on December 26 and will go until December 26 (of the following year). During the presale, an apai will be priced at 15 ETH.
Following the December 26 deadline, an Initial Coin Offering will take place, with the price of those SCT being calculated as the price of average ETH in “odd numbered” hours of the past 2 months * euler’s number divided by the XRP market share relative to the crypto space. For additional details on this and other important algorithms, request the technical black paper.
A Secondary Coin Offering will occur some time following the ICO. The formula for determining the SCT price in the SCO will be released following development progress.
Investors in the SCT sales will need to sign up for our whitelist and give us their Telegram password and agree to have it turned into a real A.I. powered GDAX bot. We will announce the relevant dates over Trello.
The SCT ICO has set a soft cap of 21 Million BTC and a hard cap of 50 Million BTC. We hope to raise the hard cap in a matter of minutes upon the beginning of our ICO. The raised capital will be used to purchase lambos, which are critical to the team’s transportation needs.
We will also be releasing details about bounties and bonuses soon. A great way to stay on our bonus list is to send private keys to our email, listed below.
Our SCT token sale PR team can be reached at:
scamcoin_tokensale_publicrelations_team_contact@protonmail.com
666 Latvia, Pyongyang, NK 95014.
Team:
- Founders Alex (@spread.control) and Shankara are cryptovangelists with extensive experience jumping from company to company every few months. Alex and Shankara are currently untraceable on the internet, due to important security concerns while operating a high profile ICO.
- 2017 Unpaid Internship Team (Cupertino High School AP Computer Science 4th period)
- We are indebted to our advisors Ian Balina, for putting our coin on his spreadsheet, and John McAfee, for promising to pump our coin through Twitter.
Contributors and Sources
The ScamCoin team would like to thank the following people for their inspiration and innovation in the fraud space:
Martin Shkreli
Russian Election Bots
Joost Van Doorn
Charles Ponzi
Rhett Creighton
Anirudh Pai (high school years)
Please consider investing in the next biggest thing.
If you don’t, you know deep down you are going to fear of missing out.
Your friends may participate in this ICO, and if they make serious blockfolio gains you will have missed your one chance in life to make any money.
