Thanks, I was really concerned

The EOS ICO starts tomorrow and boy does it have me feeling like an idiot.  Really, either they are full of crap or I am an idiot. I am not one to claim to understand the technical aspects of the blockchain beyond a beginner level, but I have been following and writing about Initial Coin Offerings and their structures and this one has me scratching my head.
I apologize in advance as I am going to be quoting content from the Whitepaper and terms of coin purchase for the ICO, but feel free to skip to my comments if you like because most of what I quote will be crap.

Read full article here: https://urbancrypto.com/eos-ico-maybe-i-am-just-an-idiot/

P.S. I am laying myself out here.  What did I miss?

In response to our profile of DCorp a Derivatives Exchange, the companies Founder, Frank Bonnet has provided some feedback on some of the information that we provided and the concerns we have shown. We will present his response here. We appreciate Frank taking the time to read and review what we have written. We do not stand here and argue with what he has to say in response and welcome the additional information and his ability to clarify some of our concerns.

Link to the original page: https://urbancrypto.com/dcorp-drp-derivatives-exchange-profile/

Frank Bonnet’s Response

The lines that start with FB are Frank Bonnet’s responses to the lines marked UC which are quotes or indirect quotes from our profile.

FB: The post does not leave any room for us to reply, we’d like to clarify any things that need clarifying. Everyone in the team is as transparent as possible, as are the roles described in the whitepaper.

UC: Who has the real power, is it the Board of Directors or the Shareholder?

FB: The shareholders, it is mentioned multiple times in the whitepaper “ultimately the power lays with the shareholders” and “the B of D has limited powers”. The shareholders decide what happens, the B of D decides on the execution as a safety mechanism to prevent DAO like abuse.

UC: The Founder, as mentioned above, has the voting rights of two board members. In the event that one of the board members is not available to cast their vote in the time necessary, the Founder acquires the weight of that vote.

FB: This is not the case, the voting weight is only forwarded to me when a member of the B of D is in the non-active state, also a safety mechanism.

UC: DCORP lists their team on their site, mentioning how many years of experience they have in the technology industry. It seems a bit vague to me as to what their actual accomplishments are, so I suggest digging deeper if you are interested in this opportunity.

FB: Digging deeper is always good 🙂 All our social profiles are listed and there was some extensive research done by Reddit users. https://www.dcorp.it/

UC: The main question is the people behind the project and the true power that the non-elected FOUNDER has.

FB: Please note that I’ve set up the token and crowdsale in a way that it is autonomous (I don’t have control), there is no unsold amount of DRP, not a single DRP token has been given away for free, no bills are paid in DRP, no hotshot marketing guy was promised DRP for exposure, we funded the whole campaign fair and square.
Besides that, the transfer of token ownership (which also releases 51% of the ETH raised to DCORP and initiates the incentive for the dev team which is distributed over a 4 year period in order to ensure continued development) from the crowdsale to DCORP is subjected to a shareholders vote. This should indicate that my angle is not having true power, the reason for this construction is to be able to have some influence in case something goes wrong, without having absolute power. It’s a trade-off between a fully democratic process and security. This strategy allows the token holders to have a say in the actual deployment, there are not many devs doing that.

Please understand that DCORP is my baby and I intend to take care of it 🙂
Kind regards,
Frank Bonnet

UC: Just as a pointer, Urban Crypto has never meant to be negative about the DCorp ICO, as a matter of fact, I have noted in multiple of our ICO Updates that I feel the corporate set up and governance is one that I think all companies making ICOs should look at as the ideal.

how much was raised in dollar terms?

There are many new ICOs coming up, here is an update of Fund Yourself Now.  Please let us know what other ICOs you would like to see updates about and we will add.

FUND YOURSELF NOW ICO Update – Jun 20 2017

Fund-Yourself-Now, a blockchain based crowdfunding platform launched its ICO on June 17th with a period of 46 days. Their hard-cap is 7.5 million FYN tokens or about 65,000 ETH which at current market prices is approximately 22 million dollars. Contributions have come in at a consistently slow pace, That being said they have seen some nice support at this stage. We find this to be one of the most interesting ICOs and projects as they are set to become one of the first Blockchain-based ICOs that are made to help other ICOs launch through their platform.

Contract Overview | FundYourselfNow
ETH Balance: 3,681.383165223924203256 Ether
USD Value: $1,336,305.28 (@ $362.99/ETH)
No Of Transactions: 434 txns + 5 internalTxns

To read more about the Fund Yourself Project Now click here.https://urbancrypto.com/fund-yourself-now-crowdfunding-platform-profile/

To participate in the ICO click here: http://bit.ly/2spLfuh

To read the full Update click here: https://urbancrypto.com/ico-update-jun-20-2017/

That might be the best message about the whole thing.

Fund Yourself Now is one of the most interesting ICOs that we have seen in a while. They state in their Whitepaper that: “Our main competitors are existing players in the crowdfunding space, with the biggest being Indiegogo and Kickstarter. Growth in the crowdfunding space has been explosive over the last few years and is projected to continue growing at 26% a year till 2020”

I think that their market goes way beyond what Kickstarter and IndieGoGo are offering. The campaign is gaining traction.  To participate click here: http://bit.ly/2spLfuh

To see our full profile click here:

https://urbancrypto.com/fund-yourself-now-crowdfunding-platform-profile/

It is hard to rely on the crowdsale page https://ico.sonm.io/ as the number actually went down as to how much contributed

We had just posted our thread https://bitcointalk.org/index.php?topic=1968364.0 and had to update about the crash.  What the hell is going on?

As the ICo was about to begin, https://sonm.io/ crashes.  Slack channel going crazy.  People contributing to wrong wallets.  Its a mess

As the ICO for SONM is about to begin, we have prepared a Profile of the company.

SONM is a decentralized, open source structure where users can buy and sell computing power while building a market profitable to both.  SONM uses fog computing, which unlike existing cloud-based computational systems (Amazon, Microsoft, Google, and others) which use a centralized system where they utilize their own servers and computational power to achieve the same result.

Fog computing is defined in Wikipedia as:

An architecture that uses one or more collaborative multitude of end-user clients or near-user edge devices to carry out a substantial amount of storage (rather than stored primarily in cloud data centers), communication (rather than routed over the internet backbone), control, configuration, measurement and management (rather than controlled primarily by network gateways such as those in the LTE core network).

The internet backbone can be defined as the use of strategically interconnected computer networks and core routers on the Internet.  While the bigger cloud-based computing companies use their own interconnected networks, SONM uses a different approach.

You can read the full profile here:

https://urbancrypto.com/sonm-supercomputing-using-fog-computing/

Urban Crypto will begin the Ethereum Network 101 series today with Series A - Introduction to the Ethereum Network.

Keep an eye out and register for updates at www.urbancrypto.com

Thank you again, we have made the update

Ethereum Network 101

As I began building Urban Crypto with the goal of collecting as much information in one place for users to learn about Initial Coin Offerings (ICOs), I realized how detailed and confusing the underworkings of the Ethereum Network are.  If you are already knowledgeable and know the ins and outs of blockchain technology, more specifically that which applies to the Ethereum Network, then you probably do not need to continue reading.

What is Ethereum Network 101?

There are many of us who have heard of blockchain technology and this great ‘Ethereum’.  If you are one of us, then a lot of the information provided across the web can be confusing. If you have become interested in Ethereum and its workings because you have heard of all the new ICOs coming out and the money being moved around, you may not understand the basic foundational elements of the network. My intention, through a series of posts that I am working on, which is labeled “Ethereum Network 101”, is to take the journey together with you and see if we can understand exactly what Ethereum is and how it works.

What Ethereum Network 101 Is Not

I am not going to detail the technical parts of the network in mathematical terms but hope to give you a better understanding of how the information flows on the network and what is happening.  Let me give you an example.  One excerpt from the Ethereum Yellowpaper (link below in the Resource Section) is:

“2. The Blockchain Paradigm Ethereum, taken as a whole, can be viewed as a transaction-based state machine: we begin with a genesis state and incrementally execute transactions to morph it into some final state. It is this final state which we accept as the canonical “version” of the world of Ethereum. The state can include such information as account balances, reputations, trust arrangements, data pertaining to information of the physical world; in short, anything that can currently be represented by a computer is admissible. Transactions thus represent a valid arc between two states; the ‘valid’ part is important—there exist far more invalid state changes than valid state changes. Invalid state changes might, e.g., be things such as reducing an account balance without an equal and opposite increase elsewhere. A valid state transition is one which comes about through a transaction. Formally: (1) σt+1 ≡ Υ(σt, T) where Υ is the Ethereum state transition function. In Ethereum, Υ, together with σ are considerably more powerful than any existing comparable system; Υ allows components to carry out arbitrary computation, while σ allows components to store arbitrary state between transactions.”

I am not sure about you but this does not seem to be written for the average person interested in this emerging technology and the new companies building their projects on it.  I don’t claim to understand what “Formally: (1) σt+1 ≡ Υ(σt, T) where Υ is the Ethereum state transition function. In Ethereum, Υ, together with σ are considerably more powerful than any existing comparable system; Υ allows components to carry out arbitrary computation, while σ allows components to store arbitrary state between transactions” means, and if you are still reading this page, I assume you don’t either.

I don’t believe we have to understand the complex mathematics behind the blockchain, the same way I don’t understand how I can write this post, put it on the internet, through my laptop, which connects to something called “wifi” and is based on computer technology that started as only zeros and ones.  I do understand however that some brilliant programmers have figured out how to accomplish this amazing feat and I know enough about the basics to understand what I am doing and how to use it to my benefit.

The Goal of Ethereum Network 101

Hopefully, as we move through this series of posts, Ethereum 101, we can learn together the basic terminologies, concepts, and abilities of the Ethereum Network.  This will give us the ability to understand how to benefit from it properly. If you only use Ether, the Ethereum Cryptocurrency, or are interested in investing in the various projects being built on the network I aim to give you a basic understanding of what is going on.

So if this sounds interesting to you and you are ready to take the ride together, please register on our site www.urbancrypto.com, and you will receive an email when each new post is created.  This will be a journey but I hope to take the express lane and get us there as soon as possible.

Resources
Ethereum Yellowpaper - https://ethereum.github.io/yellowpaper/paper.pdf

I was discussing that exact point with someone just now.  At least they keep ETH as a reserve for coins.  The only issue is if the ETH price is unstable.

Thank you for the info, missed that will change

I would definitely agree with that assessment. 

Bancor Network set their terms for their Initial Coin Offering on June 5, just a week before the ICO was to start.  The structure of the ICO shocked many and their slack channel was going crazy after the announcement.

Full Article (links to Bancor site, announcement and whitepaper included}:

https://urbancrypto.com/bancor-network-ico-controversial-one-hour-uncapped/

we are not launching an ICO, just reporting and listing them.