Yes, GadgetCoin and GadgetToken basically act as token. There are many very good currencies at the exchanges supported by great communities and we don't see the point in rolling out a new one. That's why we have not cloned BTC or other existing coins. We rather try to make money by taking 5% cut from existing, established businesses such as top webcam models and distribute it transparently to the GadgetCoin community via the blockchain and smart contracts.

Having said that, the GDC currency represents a value. Currently it is at US$ 0.33, but the models and game broadcasters will be able to buy it for no less than US$1, this will be a clause in any models' broadcasting smart contract. Due to the limited supply of GDC, which limited supply is caused by the fact that the GDC purchased by the models at cash out will be burned. We think, for these reasons GadgetCoin will reach the US$5 quickly, but again, this price and economic dynamics are not really comparable to Bitcoin or other alt coins as the demand/supply in our business model is determined by very different factors than the market. Please note GadgetToken is a different entity, it is pedged to 1 US$ to manage the volatility aspect of the operation.

As for the centralization, from certain viewpoint you can say this is very much centralized, because for instance you report a child pornography and the trusted node can terminate the video broadcasting which can seen as an excessive centralization. On the other hand everything is governed by transparent smart contracts which are recorded in the blockchain, and therefore the system only executes contracts that are based on community consensus.

Edit:
Correctly: The price will increase due to the limited supply of GDC, which limited supply is caused by the fact that the GDC purchased by the models at cash out will be burned.

Yes, we have implemented the instant transaction and it is operational. As we speak, users are already pushing transactions and the transaction processing and confirmation time is well under 1 second. Majority of the time (around 450ms) is actually spent due to the limitation of the HTML5 light web wallet and its underlying web infrastructure. On the low level hardware which is really our domain such as CCTV IoT camera devices the transaction time average is around 700 ms, but obviously the low level C and assembly implementations give us more room for optimization.

I am sure John's technology is absolutely great at Vanillacoin and I have no doubt it will be a very successful project. We are not trying to compete with John nor with any POW/POS coins - we do not even have mining. What we try to achieve is to bring Bitcoin to a specific user base, empower Internet connected devices with the blockchain and the digital currency payments and bring the concept to real world businesses. For those reasons we have
a) private/public blockchain to protect the privacy of businesses, models and broadcasters
b) the token which bought by the end user pedged to US$1 to handle the volatility issue
b) some centralization to comply with regulation and avoid child pornography and terrorist content on the network

Please let me know if you need more info.

I can assure you our video is HD quality, but you will be able to verify this by checking out our service that will start soon. Also, I suggest once the source is fully released in Github, please download our peer to peer video streaming application, compile it and you will be able to verify the performance that way as well.

This is a 4 billion dollar market and I think new players like our GadgetNet/GadgetCoin application and our www.jizzmo.net barnd can co-exist with established providers, like your web site. We need only 50 models to start the service, there are 40,000 models worldwide, at least 500 of them are top earners with monthly +20k revenue and some of them already in contact with us because our 95% pay-out means at least a 40% extra revenue for the model. The response from the Bitcoin community is tremendous, we received US 2,100 support from the community today as well as community members already allocated 17 servers with a combined of 50K TB per month data transfer to us. This decentralized autonomous business venture will be a true community effort and please imagine, if several hundred BCT members team up with us then we will have the server power to even take on twitch.tv and Amazon. After all, live video streaming is nothing else but server power and this community can put together a larger server power than Amazon has. Please note, and I am sure you know this, many-many twitch.tv game broadcasters are very unhappy with Amazon's huge cut from their hard earned revenue just like many Livejasmin models are unhappy with the terms and large cut of the service provider. I believe we have the business case by bringing Bitcoin more aggressively to the broadcasters to provide the broadcasters with increased revenue - 95%  versus the existing 50% from Amazon and Livejasmin. What we try to accomplish is good for Bitcoin, good for the models and will be beneficial for our supporters by paying 5% to our supporters from our video stream revenue.

I think we could work not against each other, but supporting each other. I understand you are an expert in this field and your expertise would be highly appreciated by the GadgetNet community. Please work with us if you think our effort and what we are trying to achieve worthy your support.

Please email us your contact details at developers@gadgetcoin.org and one of our team members will be contacting you with the technical details of studio set up. We will require a few details to make sure there is no under age model employed by the studio, and we will be assisting you via Skype and phone to make sure everything is in place.

Thank you so much for you support it is much appreciated. We will proceed according to the terms of the contract, in first step as you have been noted the ore have been deposited to your account.

I can confirm, the studios and models will be buying the GDC from the contract owners like yourself for the minimum price of 1 USD per GDC. The smart contract of the models will include this minimum price clause, and therefore the system will perform the contract according to this condition. You will be able to sell your GDCs when the models start broadcasting on the platform.

Please check out this blog at http://blog.gadgetcoin.org/2015/06/gamechanger-for-adult-streaming/

We try to explain there how the adult gaming industry could benefit from our GadgetNet technology.

Thank you for your support, it is much appreciated and please feel free to email us any time, we will be glad to answer any questions.

I am not sure why do you think decentralized streaming produces a poor quality. What can be poor in pushing data via UDP peer to peer instead of channelling the data through a centralized RTMP server? The 3600 kbps or even 8000 kbps HD stream primarily depends on bandwidth and not architecture. If the model or studio internet connection supports the HD upload speed which normally does, then the end user receives the HD quality video - the broadcasting peers forwards the very same stream after all. In fact, it is easier to achieve a good quality video push directly from the broadcaster to the end user without an intermediary RTMP server.  

Regarding to the operational cost, what I have been hearing from the porn industry is that the marketing cost is large at the beginning, so yes, you are quite right about that, but later the main cost is the server infrastructure and broadcasting. Livejasmin has 30 million daily visitors, a live MyFreecam session often broadcasts to 2000 users and such massive user base requires a very serious infrastructure. That's the very reason LiveJasmin pays out only 40% to new models who don't generate paid traffic. As you said, only the paid live session brings revenue, the rest is only cost at least it is the case in the Livejasmin model.

To minimize the marketing cost our plan is that the models will bring their existing customers to a GadgetNet where the pay out is 95% vs 40-50-60%.

The whole idea is around Bitcoin, GadgetCoin built and the www.jizzmo.net brand is integrated around Bitcoin. The customers buy tokens in Bitcoin and our web-cam models and studios cash out in Bitcoin if they choose to do so. GadgetCoin is just a token to manage settlements, transactions and balances internally.

Since the models get a quicker and higher cash out, the models will push their clients to get tokens in Bitcoin instead of in FIAT. We hope this will bring many new users to Bitcoin. Some of the top web-cam models have 100k Twitter followers and the models can get many new users into Bitcoin. There is an incentive for the models to push their clients to use Bitcoin - they can get cash out 95% on jizzmo.net vs the 40-50% start rate of other sites.

You are absolutely right that the Volatility is an issue. That was the biggest issue when we started to work with jizzmo.net. Our solution is that the Gadget tokens pegged to 1 US$. Again, this is an internal token so the pegging is just an internal process.

There is no per-mine nor mining, but you can forge GadgetCoin. You can read about it here blog.gadgetcoin.org

Also, if you buy a VICR contract then you will receive 900 ores which you can forge into 900 GDC.

It seems the porn industry is warming up to Bitcoin. GadgetCoin actually started to work with the porn industry  http://bit.ly/1LDeFdL

Using Bitcoin, the blockchain and smart contracts GadgetCoin offers 95% cash out for the web-cam models  http://bit.ly/1GUAH7v

Long story short, we have been working hard on the Internet-of-Things technology, all kind of fancy hardware control stuff have been developed. We have been talking to IBM, Samsung and other large players, but the first prospective client who is actually interested in our application came from the porn industry. It seems the porn industry is interested in using our software to control the camera devices and to use GadgetNet smart contracts for handling transactions.

Thanks for stopping by and still being interested in our work. Your and all other users' interest and support is very much appreciated. The first phase of the work is pretty much done and we are planning to release the platform by end of next week when a detailed update, FAQ and technical info will be published.

Our idea was to link the Gadget Network with real world products and services to make GadgetCoin indispensable to the product and service. We will start with a concrete, real world business use case from day one by brining we believe a disruptive technology and business model to a US$ 6 billion per year market. Users and businesses will be able increase their revenue by as much as 90% by cutting out the middle man and using the decentralized Gadget engine. That means GadgetCoin owners can make money from the platform instead of day trading the coin.

For now, here is the summary of what is coming

- The first version of a purpose built, written from scratch smart contract engine for the IoT use cases is done. All services are facilitated via smart contracts. The service providers that use the Gadget Network will be paying network fee that is similar to the GAS of the Ethereum network. The transaction fee will be paid in GadgetCoin which creates a continues demand for the coin (once the network fee is paid by the service provider the coin will be burned which allows continues forging).

- Blockchain design is done. It is written from scratch to allow maximum 1 second transaction time that is required for our use cases.

- Forging related development is done. Just like other part of the system the forging module is written from scratch. As it was explained several times here, we think mining is not the most suitable coin generation method for our particular IoT use cases. The coin generation will be via forging on the Gadget Network. Anyone will be able to forge GadgetCoin who contribute to the platform and work with us to make the  Gadget Network a success. Forging will be require ores which are deposited to the users' wallet via public smart contract. The rules are built in the system and once the users hit a target the ore deposit smart contract is simply executed. Everything is recorded in the blockchain - there is zero pre-mine and the genesis block has 0 coin balance, the process is auditable and transparent. Stakeholders can earn ore and then forge GDC by
  a) Marketing, promoting and spreading the word about the Gadget Network
  b) Running a trusted node that processes and audits transactions and assists in network stability
  c) Developing the coin by coding, designing hardware modules
  d) Referring new businesses to the network
  e) Help us with investment to bring our idea to the masses

- Bitcoin integration is done. Users can pay  for the services with Bitcoin on the Gadget Network. Once we announce our first business partner and use case the significance of Bitcoin acceptance will be obvious. We believe Bitcoin acceptance in our platform brings new users not only to the Gadget but to the Bitcoin network too.

- We have revisited our development board and it is modified to provide our very first users and business partners with a specific hardware tool. The announcement next week will make clear what this device is all about and the rational regarding to this development.

 

Thanks for following up and yes, we are releasing the project. The scope of the project has increased and apart from the security company pilot we have been busy with completing a few very excited pilot projects, writing NodeJs and C++ client side libraries that needs to be done to bring large hardware and business players into the project. We will have an announcement very soon about the launch.

No news in the last few days, as I said in my last post we have been working features like the pegging, privacy and auditing. We will try to speed up the process and thanks for your interest.

There won't be an IPO in the form of taking money from investors prior to the release of software, but we will put in place a system in which our supporters can make money in various ways, mainly from the forging and pegging process, and selling the forged coins on the free market. You will be able to support the project in many ways, for example help with the infrastructure, some of our use cases need serious hardware and infrastructure and you could help with that. We will keep you updated and thanks for your interest in GDC.

The focus has been on the following three areas in the last few weeks

1. There will be three business use cases and working projects from day one that manage devices and complex business processes with our block-chain based solution. We have been wiring up the projects and integrating them into the GadgetCoin network. The progress is good, but the work takes time. We are working on really exciting projects to release a digital currency that isn't only a trading asset, not only the subject of day trading but used as a payment token to generate revenue for real businesses.   

2) It is clear from the feedback from potential users that the volatility of digital currencies is an issue. GadgetCoin will be used as a token to process payments for IoT related services and a fluctuating revenue that is due to a volatile currency is not an option. For that reason the volatility must be addressed. The coin must be pegged to stabilize the price and we have been wiring up this feature.

3) All real life business use cases require some form of audit and must be enabled to comply with laws and regulations. We have been working on this and making sure that the audit feature is robust and fully operational. The progress is good and now the feature is being tested.
In the meantime, while the currency must provide interfaces for auditing, privacy is also a concern. As you can see this is a paradox, the audit and privacy are requirements must be addressed in the same time. With most of digital currencies every transaction can be tracked and be linked to the public keys involved in the transaction. From privacy viewpoints the main issue with current digital currencies is that every transaction is publicly logged in the block-chain. For example a user who buys parking places, hotel rooms, self-storage facilities, and gym equipment from IoT devices could be profiled and tracked by examining the block-chain. Our work with businesses in the last three months made clear that the lack of privacy is unacceptable for businesses operating Internet-of-Things devices. The business’ trading data would not be safe from the competitors’ eyes and such lack of privacy would make the GadgetCoin an impractical offering. Therefore, we identified untraceability and unlinkability as the two main system requirements to ensure users' privacy, and now the focus is on the implementation details of privacy feature. 

Thank you for your continuing interest and we will keep you updated.

It seems the hardware will be available next month. We have sent already the parts to the device factory to produce the first batch and they are just waiting the go ahead signal from us. 
You will be able to buy it at our web site at www.gadgetcoin.org and from our distributors. There are a few users in this thread who indicated that will be happy to distribute the device in the UK, Ireland and China and we look forward to working with you all to sell this development board.

Fantastic! China will be a very important market for us. Thank you so much for your support!