WeyCoin - A Decentralized Meme Platform

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2 WeyCoin - A Decentralized Meme Platform WeyCoin (WAE) is a revolutionary way of introducing decentralization to the meme community. Through its robust and swift framework, it provides instantaneous transactions from one peer to another without superfluous fees. Prior to explanation of the plan behind subsidy division, it is important to note WeyCoin has undergone a complete blockchain relaunch during its early days. The first version of the blockchain used the scrypt algorithm, and as such was extremely vulnerable to ASIC influence. As the damage was done over the course of a week, the coin itself moved to a complete fresh launch using the Lyra2REv2 algorithm.

3 WeyCoin Roadmap January - March 2018 Our main goal is to reach compatibility on as many wallets as possible, this includes all major platforms (ios, OSX, Windows, Android) and if time permits, create an online wallet. During this time we will also be contacting numerous exchanges, out of which, three have so far accepted us (CoinHouse, AllTrade, and TradeOgre). July-September Expansion We will continue with the expansion, at this point WeyCoin is expected to reach a higher value and exponentially larger volume on all its exchanges. The plan is to get WAE on much larger exchanges such as Cryptopia, Coinexchange, BTC-Alpha, etc.. January - March 2019 Proof of Meme V2 Proof of Meme V2 offers our very own platform on all the platforms where users can like (cluck), dislike (spit), share and post content and will be rewarded accordingly. The general idea for how this will be implemented is outlined later in this whitepaper. April - June 2018 Proof of Meme The first implementation of the proof of meme will begin during this time. This is a primitive version of the actual product. Here the users will be able to tip other creators of content for their contribution through a QR code mechanism. October - December Development Team The development team will have to be expanded a lot for the upcoming project and necessary up grades for the technology and beyond, the complete world domination

4 Miner Subsidy Explained There will be multiple stages to subsidy handout over the course of WeyCoin s lifespan. The first is the pre-mine, a statutory early period where the early contributors are given a much higher block reward as opposed to the actual block reward in the present day. During this period, a total of 56,000,000 WAE has been mined by the early adapters the developers held 27% of this early pre-mine. Those were funds with the sole purpose of giving back to early investors whom have lost huge chunks of their currency during the transition from the old blockchain. The block reward is set to start at 120 WAE after the pre-mine, and undergo a halving period every 200,000 blocks (circa every 50 days). However, at the current rate, the block reward halving results in the following geometric sequence: ( 2 ) (n-1) where n is how many 200,000 block intervals have passed. Ultimately, there is no need for fancy equations to determine the total summation of block halving will never account to 256,000,000 WAE. This also gives reasoning behind the pre-mine, where a much larger supply of coins was available to be freely mined than most other coins. As the block subsidy will continue to decrease, the scarcity of the coin will grow. In addition to this, we will be committing hardforks every 5 or 6 halving intervals where the reward will be slightly boosted up. The amount of boost to the subsidy depends largely on the profitability of the coin. Too much of a boost will simply flood the market, but just the right amount will raise its profitability. Reasoning behind this is that as the overall amount of WAE per block suddenly increases, it will create an incentive for more miners and masternode operators to join in on the project.

5 Masternode Subsidy Explained Now it is also important to consider the masternodes, which serve a crucial purpose to WeyCoin. That is, the aiding of transactions during busy moments. In comparison to other cryptocurrencies, the collateral required to create a masternode is several magnitudes lower when compared to the maximum supply. The purpose behind this is to yet again, create an incentive for more users to join WeyCoin, create more masternodes, and in turn, speed up the network s processing speed. The current masternode subsidy per block is 43% of the block. This will slowly be adjusted with future hardforks if necessary. Though at this point, having a dynamic masternode reward causes nothing but more issues in the long run. Masternode reward will always be a stable 43% of the overall block reward (i.e. 54WAE out of 120WAE block subsidy)

6 Proof of Meme Explained By far the most crucial element of WeyCoin relies in the Proof-of-Meme (PoM) technology. Development will begin during the first quarter of This ultimately connects peers through a decentralized network, essentially rewarding them for their activity: liking (cluck), disliking (spitting), sharing, and posting. In order to fully implement this, it will be used in tandem with the masternode and miner payouts. As WeyCoin has the suitable means of providing three-way payments (treasury, masternodes and miners), the PoM will be managed in a similar fashion to the treasuries. A separated engine will handle the funds by storing them in a local wallet (similar to how treasury payments function). A verification similar to that of the masternodes will have to be provided for pools on the WeyCoin network. The equivalent of the Masternode Payment Assurance will be moved towards PoM Payment Assurance (PPA). As every block is mined, the weight of PoM s reward remains a constant 3%. This reward is to be taken out of the overall block subsidy. This will push the block reward for the miners and masternodes to be: pomreward = originalblocksubsidy 0.03 newblocksubsidy = originalblocksubsidy - pomreward

7 The engine will then process the distribution of the PoM. This will take in consideration a couple variables, the exact nature of how the algorithm will determine who is most suitable to receive the most has not yet been established. A couple issues to consider are: The use of bots and/or botnets to abuse the platform Illegitimate use of the platform (spamming) There are a couple issues to take into account when doing so: firstly, is this a bot who is using the meme platform? How do we counteract spams? 1) Spamming and/or mass-sharing In order to combat this, each user will have certain variables assigned to their account, these will determine the legitimacy of their posts, shares and likes. The use of the platform has to be genuine. In the case of a spammer, the rewards will progressively decrease. Next, the other approach may be to temporarily time out a user who is improperly using the platform (i.e. more than 25 activities in under 2 minutes). 2) Bots Bots will present themselves as a major issue of the platform, hence why it will mainly be aimed towards mobile users. In order to combat this, the desktop platform has to have an implementation of ReCaptcha after a specific number of activities.

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