Flicker Network

[ANN] Flicker Network || Currency DAG || Fast. Free. Fully private.
February 14, 2018, 08:12:59 AM
Merited by testz (10)

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Fast. Free. Fully Private. Flicker is the first True Currency, designed to be the monetary foundation of the blockchain-based future.

Abstract
In the vast ecosystem of cryptocurrencies, there does not yet exist one truly sufficient for use as a currency as defined by frictionless transactions and total fungibility, used here to describe a hypothetical "True Currency". Cryptocurrencies with near-instant and feeless transactions lack the traits to obtain complete fungibility, while the privacy-focused cryptocurrencies that offer fungibility are either incomplete in their privacy functionality or are hampered by slow and expensive transactions. Even fiat currencies have significant drawbacks, as transactions in electronic form have substantial friction in the form of fees and transaction times, and funds can be distinguished from each other and are thus not fully fungible.

The Genesis
Newly launched cryptocurrencies face significant barriers to initial adoption for several reasons. Public attention, network activity, and accessibility in the form of wallets and exchanges often lag months or even years behind the initial release, leading to languishing adoption and uncertainty in the community as to the currency's enduring success. The Genesis is a multifaceted day 1 network launch event designed to address the major initial barriers to Flicker's success. The event has three components: a dedicated official exchange, wallets and node ecosystem launch, and The Genesis Prize of 200 ETH for cracking Flicker's privacy and identifying the first transaction made on the network.

Node Staking and Ecosystem Incentives
Flicker addresses node hosting, deflation, and price volatility with the elegant use of node rewards. Inflation is introduced by issuing new FNT as rewards to nodes for activity, ensuring that network participants have individual incentives to support the broader ecosystem and allocating the largest rewards to those who provide the most support. Long-term, node rewards should be based solely on contributions to the network and have no association with locking up currency as is typically required in similar systems. In the near future, however, the volatility problem described previously necessitates a staking component to inflation issuance, as staked currency is effectively removed from circulation. As a result, the staking system will allocate new Flicker to nodes proportionate to the amount of Flicker staked to that node versus that staked in the entire network, given a prerequisite node uptime and staking maturity.

Token Distribution
The driving philosophy behind the Flicker launch is to drive adoption from day 1. To that end, tokens will be distributed at no cost. Further, 99% of the initial total supply will be allocated to the public, and 100% of future issuance will be public. As a public good, Flicker should belong to the people.

When the official exchange comes online along with the Flicker network as part of The Genesis event, it will be used as the initial distribution point for the Flicker Network Token supply. To ensure equitable ownership, a mechanism to guarantee wide distribution of Flicker is planned.

Specifics are being finalized and will be shared prior to the Flicker network launch.