{ANN} KibiCoin (KIC)

  • What is KibiCoin?

    KibiCoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. KibiCoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. KibiCoin Core is the name of open source software which enables the use of this currency.

    For more information, as well as an immediately useable, binary version of the KibiCoin Core software, see http://www.kibicoin.org


    KibiCoin Core is released under the terms of the MIT license. See COPYING for more information or see http://opensource.org/licenses/MIT.

    Development process

    Developers work in their own trees, then submit pull requests when they think their feature or bug fix is ready.

    If it is a simple/trivial/non-controversial change, then one of the Litecoin development team members simply pulls it.

    If it is a more complicated or potentially controversial change, then the patch submitter will be asked to start a discussion (if they haven't already) on the mailing list.

    The patch will be accepted if there is broad consensus that it is a good thing. Developers should expect to rework and resubmit patches if the code doesn't match the project's coding conventions (see doc/coding.md) or are controversial.

    The master branch is regularly built and tested, but is not guaranteed to be completely stable. Tags are created regularly to indicate new official, stable release versions of KibiCoin.


    Testing and code review is the bottleneck for development; we get more pull requests than we can review and test on short notice. Please be patient and help out by testing other people's pull requests, and remember this is a security-critical project where any mistake might cost people lots of money.

    Manual Quality Assurance (QA) Testing

    Large changes should have a test plan, and should be tested by somebody other than the developer who wrote the code. Creating a thread in the KibiCoin discussion forum will allow the KibiCoin development team members to review your proposal and to provide assistance with creating a test plan.


    Important: We do not accept translation changes as GitHub pull requests because the next pull from Transifex would automatically overwrite them again.

    We only accept translation fixes that are submitted through Bitcoin Core's Transifex page. Translations are converted to Litecoin periodically.


    Name: KibiCoin
    Symbol: KIC
    Based on: Litecoin 0.10
    Algorithm: SCRYPT
    Initial reward: 150 KIC/block
    Halving: every 4 years
    Block time: 2.5 minutes
    Diff retarget: 3.5 days









    Social media:


    I will write more updates later today, but I wanted to adress some questions regarding premine right away.

    How much has been premined?
    Planned premine: 4000000 KibiCoin (1.56% as seen in increased block reward for block #2)
    Actual premine: 6419200 KibiCoin (2.5%, see explanation below)

    Why do you have premining?
    The premining will solely be used for a coin swap. We are taking down two other altcoins that has no active developers.

    What other altcoins can be swapped?
    This information will be published once the swap functionality is tested and released. The swap function will be offered only at NovaExchange.

    Why was there more premine than expected?
    Initial mining difficulty was set to the same value as for litecoin and that is far to low to start with today. To correct this we mined 16128 bocks.

    Why 16128 blocks and how much more premine did this cause?
    Difficulty retarget happens every 2016 blocks (3.5 days/retarget times 24 hours/day times 60 minutes/hour divided by 2.5 minutes/block).
    Every retarget can increase diff with not more than a factor 4. Therefore we had to mine 16128 blocks for 8 retargets to happen to bring difficulty to 16.
    We had already calculated for a premine of 4 million KibiCoin, all mined in the second block as you can see in the source code.
    Because of this unplanned additional premining to get a reasonable diff we instead have 4000000 + 2419200 = 6419200 KibiCoin premined.

    What happens with the additional 2.4 million KibiCoin?
    It will also be used for the coinswap.

    Nodes (if needed)
    We have used two methods of including seednodes in the code, but if you still get problem with no connections then you can try adding the ones below.

    How many KibiCoin will ever be created?
    Litecoin was first built based on bitcoin source code. They decided to make total max supply 84 million, 4 times more than bitcoin that has a max supply of 21 million. We are trying to make KibiCoin a "third level" of value corresponding to bronze if bitcoin would have been gold and litecoin silver. KibiCoin max supply is 256 million about three times the max supply of litecoin. So the max supply numbers in order are 21 million bitcoin, 84 million litecoin and 256 million KibiCoin.

    Where are the wallets?
    We are working on the compiled versions of KibiCoin Core wallet software. Hopefully we will have more updates before weekend. At the moment we have only released the source code

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