Introduced 2014
Symbol SLM
Hash function DCRYPT
Block time 90 seconds
Block reward up to 250 SLM (PoB), up to 50 SLM (PoW)
Coin cap 250.000.000
Diff. retarget Every block
Halvening Variable on network hashrate
mintxfee 0.01
Premine None

Slimcoin, also known as SLM, is the first cryptocurrency that implements the Proof of Burn algorithm as part of its currency generation system.

It is a tri-hybrid currency. Blocks are generated by Proof of Work mining (the ASIC-hostile Dcrypt algorithm, being the first cryptocurrency to use this algorith), Proof of Stake minting and Proof of Burn minting.

The code is based on Bitcoin and Peercoin.

Actual development is around implementation a decentralized web, thorugh Web2Web, and one-click solution to view and host it.

Proof of Burn Edit

Proof of Burn is a block generation method where the probability to find a block is determined by the amounts of coins destroyed by a participant.

The "destruction" or "burning" of a coin means to spend it to an unspendable address.

Proof of Burn is technically relatively similar to Proof of Stake, but has some unique economical features. It rewards long term investments - because burnt coins are lost and can only be recovered by periodical "Proof of Burn minting" - and perhaps even is inherently price-stabilizing (in a mature market).

See alsoEdit