Fantasy Gold Whitepaper v1.0
Fantasy Gold Core Team:
Nicolas Hernandez (Lead DFSCoin and Fantasy Gold Dev) Jason Liberto (Director of Player Acquisition)
Alok Kumar Saxena (CTO and Lead DraftDaily.com Dev) Mark Petrozzella (Director of Business Development)
Steven Spooner (Communications Director)
Craig Williams (Community Director)
Fantasy Gold would not have been possible without the prior works of the respective Bitcoin, Peercoin, Blackcoin, Talkcoin, Dash, PIVX and Bulwark teams. Weâd like to thank these teams for continuing to improve upon open source Blockchain technology which has been a spring board for new innovations and a new digital revolution.
Our most important thanks is to the original DFSCoin community who HODLâed through it all. They supported our project, and believed in us. They say that Blockchain empowers the people but without a community its just bits of data in cyberspace.
âCreativity comes from applying things you learn in other fields to the field you work in.â â Aaron Swartz
THIS INFORMATION CONTAINED IN THIS DOCUMENT IS INFORMATIONAL AND
EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE. FANTASY GOLD IS AN IN GAME DIGITAL CURRENCY. FANTASY GOLD IS NOT A
SECURITY AND SHALL NOT REPRESENT FRACTIONAL OWNERSHIP OF THE OPEN-
SOURCE FANTASY GOLD PROJECT, BUT RATHER AS ACCESS RIGHTS, USE RIGHTS AND
PAYMENT MEANS WITHIN THE PROJECTâS ECOSYSTEM. CERTAIN FUNCTIONS OF THE
FANTASY GOLD BLOCKCHAIN SUCH AS MASTERNODES, STAKING, AND BLOCK
REWARDS ARE IN NO WAY TO BE CONSTRUED AS A DIVIDEND, INTEREST PAYMENT OR
FANTASY GOLD IS A DIGITAL CURRENCY AND AS SUCH READERS SHOULD BE AWARE
THAT THE MARKET FOR DIGITAL CURRENCY IS STILL NEW AND UNCERTAIN. NOÂONE
SHOULD HAVE FUNDS INVESTED IN DIGITAL CURRENCY OR SPECULATE IN DIGITAL
CURRENCY THAT HE OR SHE IS NOT PREPARED TO LOSE ENTIRELY. WHETHER THE
MARKET FOR FANTASY GOLD WILL MOVE UP OR DOWN, OR WHETHER FANTASY GOLD
WILL LOSE ALL OR SUBSTANTIALLY ALL OF ITS VALUE, IS UNKNOWN.
Fantasy Gold built by the developers of DFSCoin to swap its blockchain to use the latest advancements in Masternode services and decentralized community governance.
Fantasy Gold is a peer to peer crypto currency aimed at serving the growing fantasy sports industry in both the B2B and B2C spaces. Fantasy Gold acts as both an in game currency used to enter contests and pay prizes as well as a payment processing network governed by its community. Our coin is more secure for both the end user and fantasy sports sites. Transaction costs are fractions of a penny and our blockchain and open ledger players can be confidant their deposited funds are safe and used only to pay out prize pools.
Fantasy players can secure Fantasy Gold on their personal desktop wallet. Players only need to send Fantasy Gold from their personal wallet to fantasy sports sites to top off their account and enter contests. Fantasy Gold can be encrypted and or backed up and saved offÂline to a USB or other air gapped device. The wallet only needs an Internet connection to sync with the Fantasy Gold blockchain, send transactions or when used as a staking wallet once we enter our proof of stake phase.
The Fantasy Gold blockchain is an encrypted structure of data that represents an open financial ledger and as such FG deposit addresses can be easily and publicly verified. This will allow site owners to publicly display the total amount of deposited funds being held to cover prize pools or the total available FG available to cover guaranteed prize pools and tournament events. Using an open financial ledger players can be assured that deposited player funds are properly segregated from company expense accounts.
Fantasy Gold transactions cannot be reversed which eliminates the increasing risks and fees associated with charge back fraud. Because the Fantasy Gold blockchain and network is decentralized there is no central authority that can freeze your funds unlike traditional centralized payment processors and banks. In effect merchants, players or even casual holders of Fantasy Gold are acting as their own bank and payment processor. When end users make deposits or purchases using Fantasy Gold merchants can store funds on a private and encrypted desktop wallet or be securely stored off line or a paper wallet. Transactions sent to off line and can be monitored and confirmed by simply viewing the Fantasy Gold block explorer.
An open source and free to use Fantasy Gold API will be published on the projects block explorer. The source code for the explorer in the Fantasy Gold public software repository hosted on Github along with the full Fantasy Gold source code for public inspection.
Unlike using traditional centralized payment processing the Fantasy Gold project dose not charge any addition transaction or service fees to use the payment network. Senders pay a
small transaction fee that is awarded to miners who process the transactions and Masternodes who verify the transactions. Anyone with access to standard desktop graphics cards can act as a miner and anyone who holds 10,000 Fantasy Gold coins can run a Masternode on a basic VPS, server or even a raspberry pi with a static IP address.
What is a Blockchain?
A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.
This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. The transactions are collected in blocks, which are found approximately every ninety seconds in a random process called mining.
As transactions transfer ownership of Fantasy Gold coin balances, each of these blocks represents an update of the user's balances on the network. By following the blockchain from the Genesis Block and applying all transactions that were validated in each block in the correct order, you arrive at the current status quo.
These digital ledger entries are distributed among a decentralized network infrastructure of Masternodes. These additional Masternodes and layers in the infrastructure serve the purpose of providing a consensus about the state of a transaction at any given second; they all have copies of the existing authenticated ledger distributed amongst them. Masternodes are authoritative in the since that they check the work provided by miners.
When a new transaction or an edit to an existing transaction comes in, generally a majority of the Masternodes within a blockchain implementation must execute some algorithms and essentially evaluate and verify the history of the individual blockchain block that is proposed, and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger and a new block is added to the chain of transactions.
If a majority of Masternodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. This distributed consensus model is what allows blockchain to run as a distributed ledger without the need for some central, unifying authority saying what transactions are valid and (perhaps more importantly) which ones are not.
What is Mining? (ProofÂofÂWork)
Mining serves as two purposes:
- To verify the legitimacy of a transaction, or avoiding the soÂcalled doubleÂspending.
- To create new Fantasy Gold coin by rewarding miners for performing the previous task. When you want to set a transaction this is what happens behind the scenes:
Transactions are bundled together into what we call a block.
Miners verify that transactions within each block are legitimate.
To do so, miners should solve a mathematical puzzle known as proofÂofÂwork problem. A reward is given to the first miner who solves each blocks problem.
Verified transactions are stored in the public blockchain.
This âmathematical puzzleâ has a key feature: asymmetry. The work, in fact, must be moderately hard on the requester side but easy to check for the network. This idea is also known as a CPU cost function, client puzzle, computational puzzle or CPU pricing function.
All the network miners compete to be the first to find a solution for the mathematical problem that concerns the candidate block, a problem that cannot be solved in other ways than through brute force so that essentially requires a huge number of attempts.
When a miner finally finds the right solution, he/she announces it to the whole network at the same time, receiving a cryptocurrency prize (the reward) in our case FG is provided by the protocol.
From a technical point of view, mining process is an operation of inverse hashing: it determines a number (nonce), so the cryptographic hash algorithm of block data results in less than a given threshold.
This threshold, called difficulty, is what determines the competitive nature of mining: more computing power is added to the network, the higher this parameter increases, increasing also the average number of calculations needed to create a new block. This method also increases the cost of the block creation, pushing miners to improve the efficiency of their mining systems to maintain a positive economic balance.
What are Masternodes?
Masternodes help secure the Fantasy Gold network by making it more decentralized, providing a consensus for every transaction.
Masternodes are nodes (servers) that run the Fantasy Gold wallet software that provide additional services to the network including, instant and private transactions. However the one of the more important features are decentralized community governance and budgeting systems and the ability to publish immutable proposals to the community with the means to vote on proposals.
For providing these important services, Masternode owerns are rewarded a portion of each block.
Block rewards will be split between Miners and Masternodes for the first 12 months favoring Masternodes as follows:
50% Miners / 50% Masternodes
40% Miners / 60% Masternodes
30% Miners / 70% Masternodes
20% Miners / 80% Masternodes
It will take 90 days to reach the 20% / 80%. The ProofÂofÂWork phase will end in 12 months at block 345,600 and after 12 months ProofÂofÂStake will be enabled. Block rewards will be split in PoS phase as follows:
10% Dev Fund
These changes in the block reward split and the switch from ProofÂofÂWork to ProofÂofÂStake happen automatically and are hardÂcoded into the Fantasy Gold blockchain and cannot be changed any one person, central authority or bad actor. We are able to give the times at which changes will occur because these events are programmed to take place when the blockchain reaches a certain hight or number of blocks, the Genesis Block or first block to be created is block zero (0) and a new block is created every 90 seconds. The 90 second block spacing means that 960 blocks will be created every 24 hours.
What is ProofÂofÂStake? (PoS)
Once Fantasy Gold switches to a PoS network wallets holding Fantasy Gold will âMintâ coins by letting them mature. The minting process involves holding coins in a wallet and then unlocking the wallet and staking those coins. Wallets that stake will earn 45% percent of the block reward. This algorithm, know as ProofÂofÂStake allows users to generate more coins without the need of any hardware or high electricity costs.
ProofÂofÂstake is a different way to validate transactions based and achieve the distributed consensus. It is still an algorithm, and the purpose is the same of the proof of work, but the process to reach the goal is quite different.
Unlike the ProofÂofÂWork, where the algorithm rewards miners who solve mathematical problems with the goal of validating transactions and creating new blocks, with the proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth, also defined as stake.
Fantasy Gold Specifications at a Glance
RPC Port: 52541 (TBD)
P2P Port: 52543 (TBD)
Block Spacing: 90 Seconds
Difficulty Algorithm: Dark Gravity Wave v3.0
Block Size: 1MB
Mined/Minted Maturity: 67 Blocks (~100 Minutes)
Confirmation: 6 Blocks (~9 Minutes)
PoW Period: nHeight â¤ 345,600
PoS Period: nHeight â¥ 345,601
Protocol Support: IPV4, IPV6, TOR
PoS: Blackcoin v3.0 PoS, PIVX SeeSaw rewards.3.2
Dark Gravity Wave 3.0
Dark Gravity Wave is employed by Fantasy Gold from the start as a method of retargeting PoW difficulty. It uses a simple moving average that can respond to large nethash increases or dropÂoffs in just a few blocks. This alleviates the âstuck block effectâ often caused by multipools and prevents one person adding a substantial amount of computing power from instantly solving more than a few blocks.
PoW Block Rewards
Subsidy Block PoW MN Circulation
4,000,000 1 100% N/A 4,000,000
~25(avg) 2Â960 50% 50% 4,023,430
50.00 961Â28800 40% 60% 5,463,430
50.00 28801Â57600 30% 70% 6,903,430
50.00 57601Â86400 20% 80% 8,343,430
43.75 86401Â172800 20% 80% 12,123,430
37.50 172801Â259200 20% 80% 15,363,430
31.25 259201Â345600 20% 80% 18,063,430
PoS Block Rewards
Subsidy Block Budget PoS/Masternode Time
25.000 345601Â432000 10% SeeSaw Year 2
21.845 432001Â518400 10% SeeSaw Year 2
18.750 518401Â604800 10% SeeSaw Year 2
15.625 604801Â691200 10% SeeSaw Year 2
10.250 691201Â777600 10% SeeSaw Year 3
10.938 777601Â864000 10% SeeSaw Year 3
9.375 864001Â950400 10% SeeSaw Year 3
7.812 950401Â1036800 10% SeeSaw Year 3
6.250 1036801Â1123200 10% SeeSaw Year 4
5.469 1123201Â1209600 10% SeeSaw Year 4
4.688 1209601Â1296000 10% SeeSaw Year 4
3.906 1296000Â1382400 10% SeeSaw Year 4
3.125 1382401Â1468800 10% SeeSaw Year 5
2.734 1468801Â1555200 10% SeeSaw Year 5
2.344 1555201Â1641600 10% SeeSaw Year 5
1.953 1641601Â1728000 10% SeeSaw Year 5
1.625 1728000+ 10% In
What is NIST5?
The National Institute of Standards and Technology (NIST) opened a public competition on November 2, 2007, to develop a new cryptographic hash algorithm â SHAÂ3, which will augment the hash algorithms specified in the Federal Information Processing Standard (FIPS) 180Â4, Secure Hash Standard (SHS). The competition was NISTâs response to advances in the cryptanalysis of hash algorithms. NIST received sixtyÂfour submissions in October 2008, and selected fiftyÂone firstÂround candidates on December 10, 2008; fourteen secondÂround candidates on July 24, 2009; and five thirdÂround candidates â BLAKE, GrÃ¸stl, JH, Keccak and Skein, on December 9, 2010, to advance to the final round of the competition. Eighteen months were provided for the public review of the finalists, and on October 2, 2012, NIST announced the winning algorithm of the SHAÂ3 competition â Keccak.
NIST5 chains the 5 final round candidates for SHAÂ3 hash competition, which were all selected for their performance & security (BLAKE Â GrÃ¸stl Â JH Â Keccak Â Skein). For more information on the NIST competition see here: http://nvlpubs.nist.gov/nistpubs/ir/2012/NIST.IR.7896.pdf
Masternodes are, a decentralized network of servers that serve the Fantasy Gold blockchain. Masternodes perform important network functions and receive part of the block rewards. Masternodes help the Fantasy Gold ecosystem by stabilizing coin supply, processing transactions, and securing the network. Masternodes require 10,000 FG and modest technical knowledge to operate. Any Fantasy Gold wallet holding 10,000 FG can set up a Masternode.
Obfuscation / Coin Mixing
Fantasy Gold has Obfuscation features, based on CoinJoin, but coin mixing is done in a decentralized fashion through Masternodes allowing for an additional layer of privacy. While not perfectly anonymous, Obfuscation via node mixing has security advantages over normal bitcoin transaction. For example, all Bitcoin transactions are transparent. For Fantasy Gold, if a bad actor gained control over 50% of the operating Masternodes they would still have less than 0.5% chance of deÂanonymizing a single transaction that was mixed with 8 rounds of Obfuscation (Kiraly 2017b). This important feature provides a highÂlevel of anonymity and security for FG users that elect to obfuscate their transactions
Masternodes like simple nodes are authoritative in nature but using SwiftTX provides Mastnernodes with the ability to lock and consensus transactions. When a transaction is submitted to the network, a group of Masternodes will validate the transaction. If those Masternodes reach consensus on the transactionâs validity it will be locked for later introduction into the blockchain, greatly increasing transaction speed compared to conventional systems (like Bitcoinâs 10 minute block times with multiple confirmations). SwiftTX makes it possible for multiple transactions to take place before a block on the network is mined with the same inputs. This system is based on Dashâs InstantSend. (Kiraly 2017a).
The Fantasy Gold network employs the multiÂphased fork mechanism known as âsporkingâ. This will enable the FG network to implement new features while minimizing the chances of an unintended network fork during rollout. Spork changes are deployable via the network and can be turned on and off as necessary without requiring node software updates (strophy
2017). This feature is extremely useful and allows the network to react quickly to security vulnerabilities.
TOR & IPV6 Masternodes
Fantasy Gold user will be able to run their Masternode from either an onion address or an IPV6 address. With TOR Masternode support, Masternodes can be run as a TOR hidden service. This allows users to operate Masternodes out of their home network without revealing their home IP, location or the dangers of potential attacks or compromise.
Community Importance and the Governance System
The Fantasy Gold community is the most important factor behind the longÂterm success of the project, and their ability to meaningfully influence the future of the coin is paramount. As such, at the end of the PoW phase we intend to activate budget superblocks on the network. These superblocks, paid monthly, will enable the community to exert meaningful control over all aspects of Fantasy Gold's development, brand presence, and community affairs. Delaying the activation of this system will give us time to develop the underlying framework necessary for a positive user experience, and maximize block rewards available to miners and Masternodes.
We will utilize a multiÂphase process for creating and submitting proposals. Each step will need to be fully completed. Failure to complete the steps outlined will likely result in a proposal not being activated. A basic outline of these steps are as follows:
â¢Start in our Discord chat, and talk with some of the seasoned users. Gauge interest and if the response is positive, move to the next phase.
â¢Utilize multiple social media platforms to discuss and get feedback. Remember that Fantasy Gold has a a diverse userbase and differing levels of governance participation, reaching a portion of the userbase will often require some footwork. Take note of these discussions and be able to cite them in the formal preÂproposal. The more citations provided, the better.
â¢Be open to suggestions from the community and developers. Be flexible and willing to incorporate external ideas and suggestions in your proposal.
â¢Create a formal preÂproposal on the GovernanceÂ>PreÂProposal section of our website. Provide citations for all discussions that occurred from the previous step. Treat your preÂ proposal as if it is what will be submitted to the blockchain for voting.
â¢Upon completion of these steps, you will submit your proposal to the blockchain. Be prepared for two fees, one at the time of submission and a ballot fee paid to the developer that activates your proposal on the blockchain. The submission fee is nonÂrefundable, and the balloting fee will only be paid upon approval and activation of your proposal.
â¢Everyone is free to adjust their proposal to include the reimbursement cost of these two fees. Please make sure in your formal proposal you state that you are adding reimbursement to the stipend requested.
â¢Be sure to get back in touch with everyone you spoke with so your idea will be voted on. For a proposal to be paid out, 10% of the eligible Masternodes must vote âyesâ on your proposal.
This process of getting a 10% consensus can be much harder than it sounds, so be diligent, informative, and respectful in procuring the votes necessary for your proposal to be paid.
SeeSaw PoS/Masternode Rewards
We have decided to utilize the SeeSaw reward system popularized by PIVX (jakiman 2017). The SeeSaw reward system begins with a 9:1 block reward ratio (favoring Masternodes), and smoothly adjusts the ratio of reward between staking and node operators until around 41.5% of coins in circulation are locked into Masternodes, at which time staking rewards reach a slight advantage over Masternode rewards on a coinÂbyÂcoin basis. The reason we have the SeeSaw slightly favoring staking rewards is because we want to avoid the problems Â like significant price volatility and low liquidity Â that impact coins with veryÂhigh percentages of their circulating supply locked in nodes. This strategy will mitigate user frustration over access to coin supply and maintains the relevance of our robust network. With one of our goals being a wellÂsupported platform for anonymous commerce, transactÂability is of the utmost importance to those accepting Fantasy Gold and those holding Fantasy Gold.
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