Coinmarketscoin (Symbol | JBS) is focused on continuing the trend-reversal of “scam coins” by releasing a solid coin, fairly, and with long term development in mind. By “fair,” we mean fair distribution; no pre-mine, no ninja launch, etc… The coin was pre-announced on BitcoinTalk roughly 1 week before launching, to allow users to absorb the information presented and decide if they wanted to mine it. Additionally, 2 public pools were available at launch. We believe this is an important way to handle the release of a digital currency, because it helps to alleviate the panic response that happens when something new pops up and you have little time to react, drawing people in on emotions alone.
The developer, Julian Yap, entered the cryptocurrency scene around November of 2013. Sometime around January or February, he began building coins for testing purposes (nothing public), and on September 2nd, 2014 the first block of JBS was mined. We had the opportunity to speak with Julian, who has a solid focus for this altcoin. He stated one of his main goals was, “‘fair launch’ in a coin”. Julian is a Senior Systems Administrator, and his resume on LinkedIn is purely IT related. His blog contains several development projects. He has been a programmer since approximately 1995.
Julian said he had the technical knowledge to release a coin as soon as he started entering the cryptocurrency space, but when we asked why he didn’t, he had the following to say:
“I wanted to not only observe the landscape and experiment with the existing currencies, but to dive in headfirst. I wanted to experience all aspects to figure out what I liked and didn’t like about the crypto scene. With all this experience behind me, I believe it makes the coin stronger as a developer. To me a developer of a coin isn’t just a “programmer”. A coin developer is the driving force and visionary behind a coin. I didn’t launch a coin back in say February, despite having the technical skills, because I felt like I wasn’t “ready” to face or even comprehend all the challenges.”
The proof of work mining period ended at block 31,000, but a multipool was launched by community member and Network Engineer Mica Bush (@IcarusGlider). His pool allows mining with any of SHA256, Scrypt, or X11 algorithms. As with all multipools, payouts are made in JBS. Mica also maintains the Fluttercoin multipool.
As with everything else surrounding the project, the specs are quite fair. An “easing in” block schedule allowed users to set up their miners, preventing a small group of people from insta-mining the first few blocks and getting a substantial share of the coins.
Block time: 60 seconds
Difficulty retarget: every block
Nominal stake interest: 8% annually
Min transaction fee: 0.0001 JBS – Fees are paid to miners
Confirmations: 10, maturity: 500
Min stake age: 8 hours, no max age
P2P port: 51717, RPC port: 51716
Blocks 1-120 will only yield 1 JBS. Allowing for a fair distribution to early miners.
120-31000: 250 JBS, no halving
Max height: 31000 (after this network will not accept PoW)
Max supply after PoW ends: ~7.75 million JBS
Ticker symbol: JBS (1 Jebus. 0.00000001 JBS = 1 Baby Jebus. Plural is Jebii)
Julian has completed his Proof of Developer rating, a measure of how much information is known about the person behind a given coin, and received the highest rating of 5+. Julian doesn’t hide behind an alias or complete anonymity. He has a public blog with several projects on it, and has his own app development company called Buddy Labs.
He announced on September 22nd, 2014 that he has plans to rename the coin in the future, and mentioned a potential name to us which connects with the coin on multiple levels:
I'm a Dev that has and will always respond to feedback. CoinmarketsCoin will have a name change. The ticker will remain. $JBS
— Julian AKA The Truth (@jyap) September 22, 2014
The original name of the coin is dedicated to an IRC chat channel called “coinmarkets.” Typically filled with Bitcoin and Altcoin traders, it has become a gathering place where people discuss many topics, for better or worse. The ticker symbol “JBS” is a dedication to a frequent member of the chat channel Jebus911. We inquired as to why Julian took this route, and he said, “I wanted to create something of a tribute coin. something for the community.”
When discussing the best timing for this article, Julian specifically didn’t want us to release it right when the coin hit Bittrex. Furthermore, he didn’t want Bittrex to add the coin immediately, as they were considering on block 10,000, because often times the coins end up staying on the exchanges in this situation. He showed us multiple examples of coins which had vast majorities of their overall coin-cap on Bittrex alone, and in many cases less than 10% of the coin was actually being staked. This can be a big problem for proof of stake coins, which rely on those staking coins for network security.
“I want to avoid the main use case of being exchange trading. That’s not what I believe cryptocurrencies are about.”
Julian listed several development projects on the main announcement page, given code names to conceal their true features (while still providing subtle hints). The first of these has already been announced, but not yet implemented. It’s called “Hall of Fame”.
Hall of Fame allows users to pay in JBS to have their name forever etched into the wallet, in a scrolling section within the “About” box. Twitter user @Nuseii is managing the funds for this feature, and you should contact him if you’re interested. More information can be found by clicking the “Hall of Fame” link above.
When asked about the other features, he gave us more details about each. We can confirm that he has plans for these other code names, and they’re each unique ideas. At launch, he also integrated two features from Shadowcoin; Stealth Addresses which were designed by Peter Todd, and Encrypted Messaging within the wallet. Stealth addresses allow the user to provide an address, and each time coins are received to this “stealth address”, a different public address is generated automatically. This means an employer could send you funds weekly, but not have visibility on how much funding remains in your account.
Julian discussed with us a sort of “secret project” that he alluded to publicly in the following tweet. It’s an original concept in the cryptocurrency environment, and should prove quite successful. We will have more information on this in the future, as Julian is ready to bring it to the public.
Worked with someone yesterday on a really cool real physical product you can only buy with $JBS. Can't wait to bring it to you all. 🙂
— Julian AKA The Truth (@jyap) September 19, 2014