Nautlius Coin is a Scrypt coin with...
Nautlius Coin is a Scrypt coin with some unusual features such as its 1% weekly block reward reduction.
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Nautlius Coin is a Scrypt coin with some unusual features such as its 1% weekly block reward reduction. Transaction confirmations are fast due to the 60 second block time and the difficulty retargetting is every block based on DigiShield. The one percent premine is used in the Nautlius stabilisation fund to ensure liquidity in the market.
As pointed out by the Bank of England in its Quarterly Bulletin 2014 Q3 “The Economics of Digital Currencies”, Bitcoin faces three challenges: 1) Volatility 2) Sustainability of Low Transaction Fees 3) Limitations of a Fixed Money Supply. Nautiluscoin was designed to address and eliminate the challenges faced by Bitcoin.
he Nautiluscoin Stability Fund seeks to reduce volatility, while the Proof of Stake algorithm does away with the need for expensive mining equipment. Additionally, at the heart of the Proof of Stake reward calculation is an algorithmic monetary policy that adjusts money supply with demand.
The Nautiluscoin economy is built on the foundation of a strong currency policy and the view that a strong economy requires a currency which preserves purchasing power. Creating a fertile environment for an economy to develop requires the continuous pursuit of stability. But the pursuit of stability is not just about reducing daily price fluctuations.
For Nautiluscoin to be truly successful it must preserve and increase purchasing power. Daily price stability is important for consumers and merchants to transact, but the long run success of any currency is a function of purchasing power. If users of a currency believe that their ability to purchase goods and services in the future will be diminished then they are less likely to hold and use the currency. Therefore the most important goal for Nautiluscoin will be to maintain a strong currency with a stable and growing purchasing power.
In order to accomplish its strong currency goal, Nautiluscoin will compete with economics. Traditionally central banks with a strong currency policy are charged with providing an anchor for the economy through the use of money supply targets, interest rate targets, and/or exchange rate targets. Economic history has shown that these targets require the central bank to have significant resources in order to credibly accomplish the targets. Most successful targeting policies rely on an unlimited resource which is classically the ability to print or borrow money. In the case of Nautiluscoin, the terminal money supply is fixed by the software code and there are not public debt markets to use as an interest rate targets. However, this does not mean it lacks arrows in the quiver.
Because the terminal money supply is fixed and released over time we have the ability to set the growth rate of the money supply. As well, the Nautiluscoin network will be secured through proof-of-stake method which will pay interest to those who desire to hold Nautiluscoin. Finally, the mining process allows us to support the exchange rate by using mining profits to purchase Nautiluscoin.