Intermodalcoin is built off of the C11 algorithm. It is very similar to X11 as it uses 11 hashes, but in a different order. PoS hashing is made through SHA256d algorithm.
Both of these algorithms, used in conjunction with one another, allow for increased security and stability throughout the Intermodal Coin network.
An ASIC is another way of running a program or calculation or what have you (in our case mining) using a PCB/Hardware instead of software running on a general purpose computer. In normal words this means that small miners with their own GPU make as much chance as big miners with professional equipment (for example BitmainASIC miners). This will result in fair mining for everyone, this was an import key part of the IMC Concept.
For every block the difficulty gets retargeted in order to protect it from multi-pools and over-inflation.
Intermodal coin will have a max supply of 40 000 000 coins in total. Of these 40 million coins we premined 10% (4 000 000 IMC Coins) from which we will sell the most part during ICO phase (1 000 000 coins softcap and 3 000 000 hardcap). We believe this is the right amount to launch at first and finish the roadmap for the future, for more information see the graphic below to see how we allocated the funds. It's important that we are capable to reach all our goals listed in the roadmap but especially have enough funds to expand the team and having the possibility to attract real Intermodal businesses.
The Proof of Work (PoW) system, in regards to crypto currency, was first designed and built by Satoshi Nakamoto, the creator of Bitcoin. The idea inherently refers to a piece of data which is difficult to produce but yet simple for others to look at and verify, allowing for a network or individual to easily prove validity. In IMC, the PoW system helps to ensure the security of the network through block mining. Each node currently deciding to participate in mining is required to go and solve a computationally difficult problem to ensure the new block's validity. The first successful node is allocated a reward. The PoW system, as a whole, is fair throughout in the sense that a miner with p fraction of the total computational power can win the reward and create a block with the probability p. An individual contributing more computational power will earn the reward more often than an individual contributing less, in spite of the fact that luck plays a factor. Even so, there are some glaring flaws throughout. For one, 51% attacks are a real possibility.
*See the Reward section for more info about the PoW Rewards.
The Proof of Stake (PoS) system, on the other hand, was first designed and implemented by Peercoin. The idea is simple-instead of mining power, the probability to create a block and receive the associated reward is proportional to the user's ownership stake. An individual stakeholder who has p fraction of the total number of coins in circulation creates a new block with p probability. The reasoning behind the protocol is that the users with the highest stake in the system would have the most interest overall to maintain a secure network. If the network is attacked, it stands to reason that they would have the most to lose. Also, the only way to mount a successful 51% attack on the network in a PoS system would be to acquire a 51% stake of the currency, which would be almost impossible or incredibly expensive for an up-and-coming currency. In spite of all this, a PoS network does come with some vulnerabilities. Because of the fact that the network is not aware of anything except for the blockchain, there is nothing physical anchoring the blockchain in reality. As a result, there are many methods that can influence and harm the network. One specifically is called a "bribe" attack, in which the attacker performs a spending transaction he wants to reverse later, builds up a false chain after the transaction and publishes it once it's longer than the valid chain, reversing the original transaction. Although this is possible on a PoW network, it's much cheaper and easier on one built solely from PoS. Because of this, Intermodalcoin employs a hybrid network that includes both PoW and PoS components. This allows for it to enjoy both the benefits from each as well as the increased security that such a compound model possesses.
*See the Reward section for more info about the PoS Rewards.
A Masternode is simply a node that keeps a full copy of the blockchain in-real time and helps the network, it gets rewarded for doing this work. It is active 24/7, and is always interacting with other nodes to make a fully stable and performing decentralized network. Some examples of how it helps the network would be the increasement of the transaction privacy and facilitate the possibility to instantly send Intermodal Coins. As said it will receive rewards for the work done and stability brought to the Intermodal Coin network.
IMC coin holders with more than 6000 Intermodal Coins are able to setup a Masternode and start earning Masternode rewards beside the standard POW and POS Rewards.
*You can check the Intermodal Coin website under the section Masternodes in order to find detailed instructions on how to setup your own masternode with 6000 IMC.