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Introduction
I0coin (I "zero" coin) is a decentralized, peer to peer, digital currency that enables instant payments to anyone, anywhere in the world. I0coin operates with no central authority. Managing transactions and issuing money are carried out collectively by the network.
The original i0coin software was released in August 2011 with public mining commencing on August 16, 2011. It was based on the open source Bitcoin software with several specification changes. The "zero" in the name means zero coins were pre-mined before the public was allowed to start mining.
Specifications
I0coin's specifications are as follows.
SHA-256 Algorithm
90 second block times
21 million total coins
Difficulty re-target every 120 blocks (3 hours)
I0coin uses the same SHA-256 encryption algorithm as Bitcoin. Blocks are created 90 seconds apart, which is 6.7 times faster than Bitcoins 10 minute blocks. The maximum number of i0coins which will ever be created is 21 million, the same as Bitcoin. The difficulty re-target is once every three hours for i0coin compared to two weeks for Bitcoin.
Merged Mining
Merged mining is an energy efficient innovation used by i0coin which allows it to be mined along with Bitcoin by sharing computer hashing resources. This essentially allows both coins to be mined simultaneously, without additional energy. I0coin benefits from merged mining because the total number of miners supporting it is higher than it would be on its own. Plus it doesn't compete with Bitcoin and other merged mined coins for resources. Overall, merged mining saves energy because multiple crypto-currencies can be mined for lower total energy expended than solo mining each on its own.
Genesis Block
The first i0coin block ever created is called the genesis block. I0coin's genesis block was created on 2011-08-16 and generated 48 I0C. The following shows more information about the genesis block.
Hash: 00000000de13b7f748fb214e3f9c284fe6a57e1559fee545bfe473f72599c0d1
Height: 0
Version: 1
Tx Merkle Root: 764fc5f8e5c2ef66fd00f815348d965b80a852800379e20e9336ecaa68864034
Time: 2011-08-16 01:20:20
Difficulty: 1.000
Nonce: 2831549010
Transactions: 1
Value Out: 48.00000000
I0coin Generation and Inflation Schedule
The following table shows the estimated rate at which i0coins are produced. Actual values may vary depending on network difficulty, which changes according to total network mining power. Each row marks the approximate "Date" at which the block reward changes, which occurs every 218,750 blocks. The "Block Reward" specifies the amount of i0coins mined per block. The "Total No. of Coins" shows the running total number of i0coins mined up to that row's block number. "% Mined" shows the percent of coins generated out of the maximum 21 million which will ever be created. "Annualized Inflation" shows the annualized monetary inflation rate produced by the coins mined since the previous row.
| I0coin Generation and Inflation Schedule | |||||
|---|---|---|---|---|---|
| Date | Block No. | Block Reward | Total No. of Coins | % Mined | Annualized Inflation |
| 8/16/2011 | 0 | 48.00000000 | 48.00 | 0.0002% | |
| 2/19/2012 | 218750 | 24.00000000 | 10,500,024.00 | 50.0001% | 11287790.0473% |
| 8/25/2012 | 437500 | 12.00000000 | 15,750,012.00 | 75.0001% | 25.8007% |
| 3/2/2013 | 656250 | 6.00000000 | 18,375,006.00 | 87.5000% | 8.6003% |
| 9/6/2013 | 875000 | 3.00000000 | 19,687,503.00 | 93.7500% | 3.6858% |
| 3/14/2014 | 1093750 | 1.50000000 | 20,343,751.50 | 96.8750% | 1.7201% |
| 9/18/2014 | 1312500 | 0.75000000 | 20,671,875.75 | 98.4375% | 0.8323% |
| 3/26/2015 | 1531250 | 0.37500000 | 20,835,937.88 | 99.2188% | 0.4095% |
| 9/30/2015 | 1750000 | 0.18750000 | 20,917,968.94 | 99.6094% | 0.2032% |
| 4/6/2016 | 1968750 | 0.09375000 | 20,958,984.47 | 99.8047% | 0.1012% |
| 10/11/2016 | 2187500 | 0.04687500 | 20,979,492.23 | 99.9023% | 0.0505% |
| 4/18/2017 | 2406250 | 0.02343750 | 20,989,746.12 | 99.9512% | 0.0252% |
| 10/23/2017 | 2625000 | 0.01171875 | 20,994,873.06 | 99.9756% | 0.0126% |
| 4/30/2018 | 2843750 | 0.00585938 | 20,997,436.53 | 99.9878% | 0.0063% |
| 11/4/2018 | 3062500 | 0.00292969 | 20,998,718.26 | 99.9939% | 0.0031% |
| 5/12/2019 | 3281250 | 0.00146484 | 20,999,359.13 | 99.9969% | 0.0016% |
| 11/16/2019 | 3500000 | 0.00073242 | 20,999,679.57 | 99.9985% | 0.0008% |
| 5/23/2020 | 3718750 | 0.00036621 | 20,999,839.78 | 99.9992% | 0.0004% |
| 11/27/2020 | 3937500 | 0.00018311 | 20,999,919.89 | 99.9996% | 0.0002% |
| 6/4/2021 | 4156250 | 0.00009155 | 20,999,959.95 | 99.9998% | 0.0001% |
| 12/9/2021 | 4375000 | 0.00004578 | 20,999,979.97 | 99.9999% | 0.0000% |
| 6/15/2022 | 4593750 | 0.00002289 | 20,999,989.99 | 100.0000% | 0.0000% |
| 12/21/2022 | 4812500 | 0.00001144 | 20,999,994.99 | 100.0000% | 0.0000% |
| 6/27/2023 | 5031250 | 0.00000572 | 20,999,997.50 | 100.0000% | 0.0000% |
| 1/2/2024 | 5250000 | 0.00000286 | 20,999,998.75 | 100.0000% | 0.0000% |
| 7/8/2024 | 5468750 | 0.00000143 | 20,999,999.37 | 100.0000% | 0.0000% |
| 1/13/2025 | 5687500 | 0.00000072 | 20,999,999.69 | 100.0000% | 0.0000% |
| 7/20/2025 | 5906250 | 0.00000036 | 20,999,999.84 | 100.0000% | 0.0000% |
| 1/25/2026 | 6125000 | 0.00000018 | 20,999,999.92 | 100.0000% | 0.0000% |
| 8/1/2026 | 6343750 | 0.00000009 | 20,999,999.96 | 100.0000% | 0.0000% |
| 2/6/2027 | 6562500 | 0.00000004 | 20,999,999.98 | 100.0000% | 0.0000% |
| 8/13/2027 | 6781250 | 0.00000002 | 20,999,999.99 | 100.0000% | 0.0000% |
| 2/18/2028 | 7000000 | 0.00000001 | 21,000,000.00 | 100.0000% | 0.0000% |
| 8/24/2028 | 7218750 | 0.00000001 | 21,000,000.00 | 100.0000% | 0.0000% |
| 3/1/2029 | 7437500 | 0.00000000 | 21,000,000.00 | 100.0000% | 0.0000% |
Below are some observations about the table above.
1. The block reward is cut in half approx. every 188.5 days, or every 6 months.
2. 99% of all coins will be mined by 2015.
3. The rate of monetary inflation will reach zero out to two decimal places by 2018.
4. The last block reward will occur in approximately 2028, which will produce a truely zero inflation rate. After this year no more coins will be mined.
Chronology of Early Altcoins
The table below shows the chronology of the early Satoshi crypto-currencies leading up to the start of i0coin. It is not all inclusive. There were other altcoins, Bitcoin alternatives, not shown which either died, were just experiments, or were of minor importance. The first column shows the name of the crypto-currency. The second shows the date the "Genesis Block" was generated. When a new crypto-currency is created, the genesis block, block 0, is generated first. Its hash is stored in the client program and block chain to ensure that all subsequent blocks are valid and part of the correct block chain. There is generally a delay longer than the normal block time between block 0 and block 1. The delay occurs while the development team announces the new coin, compiles the new client for release after adding the genesis block hash, and for other preparations. All blocks after block 1, the "Start of Mining", will generally be have a delay much closer to the targeted block time since many miners are involved from that point forward. The "Initial Block Reward" is the payout which goes to the miners who generate the early blocks. This block reward may or may not decline over time depending on the coin. "Max Coin Cap" is the maximum number of coins which will ever be created for that crypto-currency. "Block Time" is the targeted time delay between blocks.
| Chronology of Early Altcoins | |||||
|---|---|---|---|---|---|
| Name | Genesis Block Block 0 |
Start of Mining Block 1 |
Initial Block Reward |
Max Coin Cap | Block Time |
| Bitcoin | 1/3/2009 | 1/9/2009 | 50 BTC | 21,000,000 | 10 mins |
| Namecoin | 4/17/2011 | 4/19/2011 | 50 NMC | 21,000,000 | 10 mins |
| Ixcoin | 4/29/2011 | 5/6/2011 | 96 IXC | 21,000,000 | 10 mins |
| Devcoin | 7/22/2011 | 7/22/2011 | 50,000 DVC | no cap | 10 mins |
| I0coin | 8/16/2011 | 8/16/2011 | 48 I0C | 21,000,000 | 1.5 mins |
