Devcoin is the currency that rewards creative individuals for open source and creative commons licensed work.
Devcoin is one of the
original SHA-256 coins that is merge mined with bitcoin, not using any
additional computational power. This ensures that it will always be around as it
requires very little network maintenance and no dedicated miners.
How it works:
Devcoin is similar to bitcoin. With bitcoin, transactions are processed in blocks, approximately one every 10 minutes. There is a reward to the miners (those with computational power) each time a block is solved. With bitcoin this is how currency comes into existence, and the reward stays with the miners. With devcoin, the number of coins generated per block is a lot higher at 50,000 coins. Of that 5,000 remain with the miner, and 45,000 coins go to recipients of devcoin projects. Devcoin is the first cryptocurrency that is expressly made to compensate people for their open source and creative commons work.
This is an innovation in
the world. Never before has anything like Devcoin existed - anyone, anywhere in
the world, can earn money if they have the desire and motivation to put forth
creative effort into the project. This can be in the form of developers
completing open source projects for bounties, writers submitting work to the
Devtome wiki, and marketing efforts.
Devtome has experienced a rapid growth in both word count, article
diversity, and number and background of its authors. All work is rated and the
best writers earn more over the long run, while poor writing quickly becomes
unprofitable. Everybody has something to contribute, some special skill or
knowledge that only they understand, and
Devtome could be the best platform around to ensure that this information is
kept, maintained, and forever free to all interested parties.
Links:Bitcointalk Devcoin thread