Title: [ANN] Overcoin Monetary Systems - Gold Backed Bitcoin [Project Old-Timer] Post by: overcoin on November 21, 2013, 11:41:25 AM Hi everybody,
Yet another price discovery system for digital assets is put on for discussion. Short extract from the white paper (not finished): Quote Overcoin Monetary Systems open enterprise company "As software engineers, we need to present our inventions with the humility of toolmakers for future generations of builders, not as bureaucrats planning the zoning of the digital commerce space." Ian Grigg, "The Ricardian Contract" http://iang.org/papers/ricardian_contract.html Preamble. The core concept is splitting a monetary unit into currency objects representing opposite commercial interests and then merge into singularity point to create a new state of value distribution. Overcoin price discovery system described below will focus on blockchain-based digital assets like Bitcoin but the principles it employs are applicable to all digital assets that have built-in clock and are accounted for in a provably fair way on transparent public ledger. Abstract. Importance of the accounting layer in every monetary system increases as the usage of respective monetary unit increases. In a market that trades around the clock it is very useful to have a commonly agreed point for reference purposes, for instance, in producing overall balance sheets and use it as benchmark reference rates in financial and commercial contracts. Calculating reliable and representative FX and MM rates for distributed P2P currencies is not a trivial task due to distributed nature of the assets. Simplistic methods of compiling a list of Bitcoin exchanges and Bitcoin lending networks to calculate simple or weighted average rates run into shortcomings in their ability to be transparent and truly representative. Herewith, we propose provably fair system for Bitcoin fixing of reference rate against Gold. Fixing exchange rates reflects the real value of equilibrium in the market. It's a method of determining rates by normally finding a rate that balances buyers to sellers at certain point in time. There are many ways this system can be looked at; liquidity provider, insurance/reinsurance pool, hedging service for Bitcoin exchanges and payment processors, settlement facility for Bitcoin exchanges, or simply an exchange for exchanges. Unlike the trading panel of a classical exchange where customers buy, sell, and place profit-take or stop-loss orders, on Overcoin trading panel customers just change the settings of their FX and MM exposure. Bitcoin block creation serves as a singularity point where value is created or destroyed depending on the prevailing open interest and new market equilibrium is calculated as Bitcoin/Gold reference rate. Problems addressed and (hopefully) solved:
Preferred platform is Colored Coins implemented as Open Transaction module. Ripple, BitShares, and Mastercoin are also suitable platforms if new features are added or some conceptual aspects are changed. Technicalities Some diagrams for the asset types and their dependencies: http://www.overcoin.com/images/Diagram1.png http://www.overcoin.com/images/Diagram2.png http://www.overcoin.com/images/Diagram3.png Organization - Open Enterprise Governance Model It will be open enterprise type of organization based on BetterMeans principles for interconnected, decentralized and transparent organizational structures. http://www.bettermeans.com/ http://www.youtube.com/watch?v=MAlnMWlvw9g http://www.overcoin.com/Open_Enterprise_White_Paper.pdf https://github.com/Bettermeans/bettermeans During sunrise period the first 20 core members will be approved by me, depending on volume of their Bitcoin-related business and what is their contribution to this project, then BetterMeans rules kick in. New core members will be accepted with 100% consensus and existing ones excluded if at least 80% vote for exclusion. Users Contributors Members Core Members http://www.youtube.com/watch?v=IdcAxGGRafc Legal Capacity There are many types of business entities defined in the legal systems of various countries. The closest possible match to BetterMeans philosophy and spirit is Limited Partnership with shares (Kommanditaktiengesellschaft, Société en commandite par actions, Sociedad comanditaria por acciones, Società in accomandita per azioni). All core members are shareholders. Members can be shareholders but in contrast to core members they don't have allocated Gold accounts and can't issue or redeem assets. There are two types of core members: general partners (Komplementär) with unlimited liability and limited partners (Kommanditist) with limited liability. Only natural persons (people) can be general partners. Limited partners can be both people and legal entities (persona ficta). Since general partners have unlimited liability they have two rights that limited partners don't have: - only general partners can vote to exclude a general partner - every general partner can veto a decision of stratigic importance for the organization As a founder I have only one privilege; all other general partners must agree on my exclusion. Articles of Incorporation - EU Based Country of incorporation will be Bulgaria. The reason is not only I live there for the majority of my time but because among all EU member countries Bulgaria has the lowest tax rates both on personal and corporate income. It is flat 10% and tax code is very simplified. Country of operation will be Germany (Munich). Country of Gold custody will be Switzerland. Custodian must work in accordance with the Swiss Precious Metals Control Law and strictly follow the directives issued by the Central Office for Precious Metals Control in Bern. Such well established Gold refiners as PAMP, Valcambi SA, and Argor-Heraeus SA will be contacted to offer their competitive terms and conditions for running allocated Gold accounts and serve as legal guardian. === Feel free to join or grab any idea you might find valuable and use it on your own projects. Recommendations, suggestions, general inquiries, thoughts appreciated. Thanks for reading. Title: Re: [ANN] Overcoin Monetary Systems - Gold Backed Bitcoin [Project Old-Timer] Post by: overcoin on November 24, 2013, 12:55:01 PM I'm not sure why is my account sometimes blocked because of "spam"? I've read your rules for first time users and I can't see what I'm doing wrong?
Title: Re: [ANN] Overcoin Monetary Systems - Gold Backed Bitcoin [Project Old-Timer] Post by: overcoin on March 31, 2014, 06:50:54 AM Well, maybe this concept is too complicated?
Title: Re: [ANN] Overcoin Monetary Systems - Gold Backed Bitcoin [Project Old-Timer] Post by: killera124 on October 30, 2014, 11:58:17 AM Why is no one chatting in this post? The idea is more than great! I'm 110% behind it!!
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