Ritocoin is a community-driven blockchain software project. Its development is provided by an active community of cypherpunks, hackers and elite individuals. We believe that the best ideas are discovered when many voices are heard. We desire our community to be a vocal group of differing opinions where the best ideas can float to the top and be considered. We will remain open and receptive to differing ideas and be prepared to change even fundamental concepts in this project in response to those ideas and proposals.
A key component of the project is fostering a development-oriented community. By setting aside coins from the block reward during the first year, we can offer bounties to give to community members for work they do. This has already borne fruit with the development of the GPL-licensed ccminer for X21S, as well as improved compilation code, algorithm work, explorer code, an android wallet and website development. We feel that the developer fund will continue to be a valuable tool to motivate the members of the community to invest their time and energy into this project during its early life. The cornerstone feature of our coin at launch is the new X21S algorithm, inspired by X22i and X16S.
The hashing algorithm begins with 16 algorithms shuffled and hashed in the manner prescribed by X16S, followed by 5 additional hashing algorithms: haval256, tiger, lyra2, gost512, and sha256.