Doge-on-Doge (DOD) is a new experimental POW blockchain built on top of ICP. It aims to build a decentralized shared mining protocol that allows everyone to share the hash rate and earn block rewards.
DOD is fully implemented in the smart contract and open-sourced to permit 100% fairness and decentralization.
dod.cool
How does shared mining work?
Unlike traditional POW blockchains where only miners with powerful hardware can mine blocks and earn rewards, DOD creates a shared mining marketplace to allow users to earn mining rewards without mining equipment by paying miners.
Two major roles in shared mining:
Minters: minters pay cycles as mining cost and receive the block rewards proportionally
Miners: miners submit the proof of work and earn cycles paid by minters
Initial parameters
Block Rewards: 10000 DOD per block
Block Time: 1 minute
Initial difficulty: 6
Difficulty adjustment: every 1440 blocks (every day)
Max Total Supply: 400 M
Halving: Every 20000 blocks, around 14 days
Allocation: 100% fair launch, 0% dev fund, 0% pre-mined
Minting details
Minters top-up their cycles wallet and configure the mining cost per block. Once a block is mined, the minters share the block rewards proportionally to the mining cost contribution.
Mining details
Miners solve certain mathematical problems and submit the correct proof of work. Miners who proposed the proof work with the lowest mining cost will receive the cycles paid by minters as the mining rewards.
Burning
The residual mining cost (total mining cost - miner cost) gets collected by the treasury to burn cycles and DOD.
50% of the mining cost is permanently burned as cycles
50% of the mining cost is consumed as mining cost to mint DOD in the next block and the minted DOD is permanently burned.
Getting started
Minters:
Transfer ICP to the principal in the dashboard
Top up the cycles by converting ICP and configure the burn rate per block.
Wait for blocks to be mined and claim the DOD rewards!
Miners:
Use the web miner to submit the proof of work
The miner with the lowest mining cost receives cycles paid by minters as mining rewards
I don’t understand the web miner. Do I have to manually sign with the Wizz wallet for each block?
And to get a reward is it correct that I only get a reward if both are satisfied:
a) I find a PoW solution within 1 minute,
b) I have the lowest mining cost configured of all miners.
Remember that it is a uniform-price call auction exchange. Orders settle every 2 minutes. But there is no slippage. For instructions on how to make deposits of DOD or USDT see this blog post. The withdrawal method on dod.cool allows sending to arbitrary ICRC-1 accounts (with non-default subaccount in them). Hence you can withdraw from dod.cool directly into your deposit account on alpha.daily-bid.com. For USDT, if your wallet does not allow sending to subaccounts then you can go through the wallet on https://wallet.ic0.info/ as an intermediate step.
Great achievement. It’s quite some money at the moment. Any one can mine now with JS script or webminer as the mining difficulty is quite low at the moment
The unexpected thing with mining is if you set your mining cost just a little bit too high then your mining reward is 0. It’s not reduced or less frequent, it can actually be 0 all the time if there is just one other miner that undercuts you on the cost setting. So it’s not the probabilistic game that we are used to from PoW.
It’s due to the low starting mining difficulty. Currently the mining difficulty is 6.5. Imagine some real world economics, it’s currently buyers market (minter). When it’s buyer’s market, the seller(miner) will have to try everything to lower their price.
Let’s say all minters each run one miner and set it to 0.001 TC mining cost. They don’t care about mining profits, only about minting. Then as long as at least 1 minter also mines a block each minute then all other miners are screwed. Do the minters profit like that?
I see, the game theory says that it doesn’t really help the minters. Because if the difference between mining cost paid by the minters and the mining cost taken by the miners is large then the difference goes to the treasury and in the next block will take a lot of DOD away from the minters. So the minters don’t actually profit from a low mining cost set by the miners.
But on a different note, I was thinking if it might help to make the mining cost that miners can set discrete instead of continuous. For example say there can be miners at a cost of 1,2,4,8, … TC (or some other progression). That way, as a miner, you cannot be undercut by another miner by a marginal amount. You can only be undercut by someone who is in an entirely different cost category.
