Big Oil Comes To Crypto
This coin has been designed to have a 1:1000 relationship to barrels of oil still existing in the ground.
p$1 = 1,000 barrels
Oil consumption increases at an average rate of 1.429% per year for the last decade http://www.indexmundi.com/energy.aspx
1,221,074,628,164 barrels remaining "World Proved Reserves of Oil and Natural Gas, Most Recent Estimates - Energy Information Administration (EIA) - Data from BP Statistical Review, Oil & Gas Journal, World Oil, BP Statistical Review, CEDIGAZ, and Oil & Gas Journal." http://www.eia.gov/c...=5&pid=57&aid=6
89,343,600 pumped per day in 2012 http://www.eia.gov/c...=5&pid=53&aid=1
Avg yearly rate of increase in output over past 4 years: 1.082%.
Average consumption/output disparity: 0.347%
Days until oil ends: 13667.17513245492682
Coin Maximum: p$1,221,074,628 (1,000 barrels per coin) 5 minute transaction time 288 blocks per day Blocks 105,120 per year SHA-256D Kimoto's Gravity Well
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
After block 43200: Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293) Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646) Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323) Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661) Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830) Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)
Until block 43200, fees are 1.429% of TX, destroyed Year 1-5 (blocks 43201-568800): 1.429% Year 5-10 (blocks 568801-1094400): 2.858% Year 10-15 (blocks 1094401-1620000): 5.716% Year 15-20 (blocks 1620001-2145600): 11.432% Year 25-30 (blocks 2145601-2671200): 12.864% Year 35- (blocks 2671201- ): 15.728%
All fees are destructive, forever.