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Here's an update on IntraCoin and eGoods:
I've been busy the last 3 weeks. Had a family emergency which took me to Alabama and then went to Maryland for 2 weeks. While gone I was working though. I've cleaned up the egoods.co site a bit and have been building a marketplace as well. Check it out and let me know what you think. It's in a testmode right now so feel free to "buy" something using fake crypto.
My only issue is making IntraCoin a built-in form of payment will be difficult using Stellar... but I like their platform. It's too young, too new and doesn't have a lot of users. So now I'm back to considering keeping it an ERC-20 token for a little while. This is where I get confused on exactly what to do.
Also while I was gone I met with a CPA, a Real Estate Attorney, a Realtor, and another Financial Planner to discuss ways to bring inherent value to IntraCoin BEFORE being listed by way of assets such as Real Estate and motor vehicles using Promissory Notes or contracts. The meetings went well and no one could see any problem with doing so, but there is a bit more I need to structure to make sure the Notes don't become securities before issuing them. But once a Note/Contract is created, it automatically gives IntraCoin value based on the dollar associated with the Note/Contract for the future sale of the asset in IntraCoin. (Hopefully that was clear enough to make sense).
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This crowdsale is officially over. Thanks to everyone who participated! Here's what will happen next and how coins will be distributed.
First, I have almost certainly decided to use StellarX for the first exchange to be listed on. Or marketplace I should say as it is truly decentralized, has no fees, and offers users the ability to shift in between fiat, crypto, eggs, bacon, stocks, you name it! I like that model and feel it is the future of trading.
The ERC20 token, Intracoin will be destroyed and a new Intracoin will be created on the StellarX platform. The reason for this is, if I anchor the ERC20 token to Stellar, we'll all have to pay multiple fees. One to Ethereum and one to Stellar. By rebuilding the coin on Stellar, there will only be 1 fee involved making it easier for all. Creating my own blockchain is still on the table, but it will happen only when/if eGoods becomes widely used as well as Intracoin itself, so that is up to you, the users!
Changes in the coin once moved to Stellar
Since this will be a new blockchain, coding is more restricted. There won't be many changes to the functionality, but here are the few.
- The coin will NOT be mintable or burnable. While I haven't made a definite decision on this, I'm leaning more toward this because it does not appear that coins built on the Stellar platform can be burned/destroyed. This is bad because we can't control the supply of coins. If too many are made, it just decreases demand, thereby devaluing the asset, which is not something we want to do. So until they offer that functionality, it will be a set amount made. Thankfully, coins made on this platform can be modified later unlike Ethereum so there is scalability!
- The coin will still be freezable. I can still help prevent or handle any theft or shady business by freezing infringing wallets. Unfortunately in order to implement this on Stellar's platform, I'll have to also require everyone get permission/authorization to use the coin. This shouldn't be a problem as it SHOULD be able to be done automatically without the use of manual approval.
- It won't be pausible, which was never a HUGE deal in the first place. In case of severe theft it was an emergency feature that allowed me to disable ALL trading of Intracoin so I could do research into finding the perpetrators. As long as I still have the ability to freeze wallets we'll be good.
That's pretty much it for the changes. Nothing too major but I wanted to keep everyone informed.
How the coins will be distributed
Those that bought in during the ICO and those that managed threads already have their coins. If you use eGoods you too should also have coins already.
Those that posted to social media will get your coins 2 weeks AFTER getting listed on the exchange.
Those who simply joined Telegram (and are still in there) will receive your coins 4 weeks AFTER getting listed on the exchange.
This is done to prevent any major sell-offs and give the coin a fighting chance at price stability.
That's about it. Any questions please ask! From here on out, unless I do another crowdsale, I'll be posting exclusively in the ANN thread for Intracoin. Thanks for watching!
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This crowdsale is officially over. Thanks to everyone who participated! Here's what will happen next and how coins will be distributed.
First, I have almost certainly decided to use StellarX for the first exchange to be listed on. Or marketplace I should say as it is truly decentralized, has no fees, and offers users the ability to shift in between fiat, crypto, eggs, bacon, stocks, you name it! I like that model and feel it is the future of trading.
The ERC20 token, Intracoin will be destroyed and a new Intracoin will be created on the StellarX platform. The reason for this is, if I anchor the ERC20 token to Stellar, we'll all have to pay multiple fees. One to Ethereum and one to Stellar. By rebuilding the coin on Stellar, there will only be 1 fee involved making it easier for all. Creating my own blockchain is still on the table, but it will happen only when/if eGoods becomes widely used as well as Intracoin itself, so that is up to you, the users!
Changes in the coin once moved to Stellar
Since this will be a new blockchain, coding is more restricted. There won't be many changes to the functionality, but here are the few.
- The coin will NOT be mintable or burnable. While I haven't made a definite decision on this, I'm leaning more toward this because it does not appear that coins built on the Stellar platform can be burned/destroyed. This is bad because we can't control the supply of coins. If too many are made, it just decreases demand, thereby devaluing the asset, which is not something we want to do. So until they offer that functionality, it will be a set amount made. Thankfully, coins made on this platform can be modified later unlike Ethereum so there is scalability!
- The coin will still be freezable. I can still help prevent or handle any theft or shady business by freezing infringing wallets. Unfortunately in order to implement this on Stellar's platform, I'll have to also require everyone get permission/authorization to use the coin. This shouldn't be a problem as it SHOULD be able to be done automatically without the use of manual approval.
- It won't be pausible, which was never a HUGE deal in the first place. In case of severe theft it was an emergency feature that allowed me to disable ALL trading of Intracoin so I could do research into finding the perpetrators. As long as I still have the ability to freeze wallets we'll be good.
That's pretty much it for the changes. Nothing too major but I wanted to keep everyone informed.
How the coins will be distributed
Those that bought in during the ICO and those that managed threads already have their coins. If you use eGoods you too should also have coins already.
Those that posted to social media will get your coins 2 weeks AFTER getting listed on the exchange.
Those who simply joined Telegram (and are still in there) will receive your coins 4 weeks AFTER getting listed on the exchange.
This is done to prevent any major sell-offs and give the coin a fighting chance at price stability.
That's about it. Any questions please ask! From here on out, unless I do another crowdsale, I'll be posting exclusively in the ANN thread for Intracoin. Thanks for watching!
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Updating spreadsheets now. Time has been flying! I posted an update video in the Telegram group. Thought it was posted here as well but apparently I didn't post it here. Check it out when you can. https://youtu.be/oT7RBUxhEOw |
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The eStore now has 187 items for sale! Check them out. Until IntraCoin gets listed, Ethereum will be accepted as payment in addition to regular debit or credit cards.
https://egoods.co/retailers really? It was very nice, this is a project that implements the crypto into the real world and it's very overwhelming, currently you have to do is to organize the marketing strategy to be developed, and has a lot of partners for the continuity of the project. I removed the store for now as it was confusing to people. I'm considering moving it to a different website altogether, but then I'd have to market two separate things. As you said, I have to better develop the marketing strategy. I'll be working on that this week as I'm meeting with a team about merging who are excellent with brand presence and marketing. |
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Payouts and credits have been made. Thanks again! Oh, and here's a little update on things. Had a meetings with a big cell phone manufacturer last week. I'm also planning on going to an event in San Francisco in October. Lastly, I have a meeting in the next week to discuss bringing aboard some prominent crypto and tech activists. Stay tuned! https://youtu.be/bJm-ts5U9lc |
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No worries. I've just started waiting until the end of the week to issue credit now. |
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Nice , this video explained your project clearly Thanks! There will be changes coming soon. I'll be going to an event in San Francisco in October to market as well as having meetings next week to bring new members aboard. |
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As a quick update. A friend of a friend works as a VC for a large electronics manufacturer that everyone in the world knows. We had a meeting 2 days ago and he likes eGoods and the entire concept, but he told me I'm missing 1 thing in order to get acquired or funding and that's something proprietary OR a large following. I don't have the money to promote to get a large following so, I'm going the proprietary route. I've always planned for Intracoin to have its own blockchain, but it looks like I'm going to have to move that timetable up.
Intracoin, once the blockchain is done will have these features to start:
Scalability - Will have transaction times that rival Visa (over 24,000 per second)
Security - Will be secure against the loss of funds (NOT HACKS as no one can know all of the exploits of such new tech, but I will maintain the ability to reimburse anyone for losses)
Insurance - Items purchased using IntraCoin will be insured against theft, dissatisfaction of services, etc. I won't have the manpower initially to handle all of the claims quickly, but I will do my best. The more people using the coin, the quicker I can get the help.
Mining rewards - It will be a POS blockchain so it will be environmentally efficient and responsible, it will also offer a competitive interest rate monthly for holders of the coin. Likely 1% compounded monthly with a 2% Intro rate for the first 6-12 months.
Low Fees - Fees will be around .2% for transfers. So that's $2 on a $1,000 transaction.
Since it's just me this will take some time. But I will keep interested parties updated. Thanks again for your support!
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Everything is updated and payouts have been made. As a quick update. A friend of a friend works as a VC for a large electronics manufacturer that everyone in the world knows. We had a meeting 2 days ago and he likes eGoods and the entire concept, but he told me I'm missing 1 thing in order to get acquired or funding and that's something proprietary OR a large following. I don't have the money to promote to get a large following so, I'm going the proprietary route. I've always planned for Intracoin to have its own blockchain, but it looks like I'm going to have to move that timetable up.
Intracoin, once the blockchain is done will have these features to start:
Scalability - Will have transaction times that rival Visa (over 24,000 per second)
Security - Will be secure against the loss of funds (NOT HACKS as no one can know all of the exploits of such new tech, but I will maintain the ability to reimburse anyone for losses)
Insurance - Items purchased using IntraCoin will be insured against theft, dissatisfaction of services, etc. I won't have the manpower initially to handle all of the claims quickly, but I will do my best. The more people using the coin, the quicker I can get the help.
Mining rewards - It will be a POS blockchain so it will be environmentally efficient and responsible, it will also offer a competitive interest rate monthly for holders of the coin. Likely 1% compounded monthly with a 2% Intro rate for the first 6-12 months.
Low Fees - Fees will be around .2% for transfers. So that's $2 on a $1,000 transaction.
Since it's just me this will take some time. But I will keep interested parties updated. Thanks again for your support!
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Thanks for this! I have a little update. Spoke with a large company yesterday about eGoods. They like the idea, but I have to do some things for them to partner. |
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hello dear IntraCoin
A newbie can participate in the bounty?
Didn't see your question there! But yes. You can still join. |
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Got it! Updating the spreadsheets and payments today!
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Payments made to those who maintain a thread. Spreadsheets will be updated now.
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