pool owners?

Great! Go LSD....!

Request sent!

AI Coin cannot sell the coins created without requiring a MSB license. We were in the process of obtaining a FinCEN license, which is a US Federal License that specifies what sort of reporting is required to FinCEN. That agency routine accepts registrations. Our would-have-been partner exchange Bittrex is already registered with FinCEN, but not licensed in the 48 US States as an MSB.

Our attorneys said that all US cryptocurrency exchanges are categorized as MSBs as they interpret the FinCEN guidance issued last year. Although that requirement is not being enforced currently, AI Coin would have no available means of exchange in the USA should it have launched without the licenses, and a crackdown by the States shut down all the altcoin exchanges in the USA.

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

I was watching too, but joined very near the end. Otherwise you would have seen "Stephen Reed" on the list.

It was interesting to see Matt Eden - the smoker, who I chatted with at the recent Texas Bitcoin Conference.

I read this thread almost every day. As an altcoin developer who is launching a company promoting its cryptocurrency, this thread is oh-so-valuable commentary on what execution mistakes not to make, and especially that the moral character of a company flows from the top down.

I will create the launch announcement thread next week, and retire this one.

The software license fee will be large, and furthermore the dollar share provided to the fixed number of super peer miners will be capped so that they earn a maximum of $1500 per month. From the viewpoint of the 20 or so super peers that may seem unfair, but it is a really good deal compared to operating a modest bitcoin or scrypt mining operation. Firstly, the equipment is rented from a datacenter at less than $500 per month, and the operator is not responsible for what the datacenter provides: site security, provisioning, DDoS protection, electricity and bandwidth. AI Coin software uses its intelligent agents to be relatively self-administering. We do not need to attract any more super peer operators beyond those already expressing interest and operating super peers on our demo network. We will have super peers in the USA, Iceland, Belgium, Italy, India, and Australia. At launch, AI Coin will create its new blocks in more places than Bitcoin's top six mining pools.

Our business plan entails the spending of the new aicoins, 7,200 each day, to optimally benefit the current and future users. A goal is to grow the aicoin price along the trajectory followed by Bitcoin over its six year history. We are not novel as Bitcoin was at the time of introduction, but we can spend aicoins for marketing, advertising, promotion, education, customer service, etc. in ways that the Bitcoin Foundation simply cannot. Metrics to measure the results of our plan execution include aicoin price relative to bitcoin and litecoin, number of ai-cointalk.org members, social media mentions, number of transactions, value of transactions, number of unspent transaction outputs, and so forth. Discovering customers and optimising the advertising expenditures is a solved problem. We will simply follow best practices.

In order to have funds to pay for the promotion and other means to bring AI Coin to the mainstream, it is necessary not to overspend for network infrastructure as does Bitcoin, nor overspend to make the rich richer, as does the typical proof-of-stake altcoin.

The best way to acquire aicoins will be to either buy them at Bittrex, or to earn them as a part-time contractor by performing tasks that benefit our system or our community. Note that US residents contractors will have to give the company bookkeeper (herself a part-time contractor) their name, address and SSN for our 1099-MISC federal tax reporting.

1. The whitepaper theme was to convince Bitcoin to adopt this technology, therefore it will be as close to Satoshi's specifications as possible. We start at 50 aicoins created every 10 minutes, the rate halving every four years for a total of 21 million aicoins.

2. We want to take AI Coin mainstream and that means whatever privacy is built into the latest Bitcoin Core version we will have too. In addition, AI Coin encrypts all message traffic between its peers, and has gateways for client access, so a service like blockchain.info for aicoin would not be able to assign IP addresses to transaction endpoints.

3. Regarding sidechains, when Bitcoin Core supports them, AI Coin will also because we stay current with Bitcoin Core. We are launching on version 0.9.3, and after the network is proven stable we will migrate to Bitcoin Core version 0.10.0 or 0.10.1 if that gets released in time. Part of the motivation for sidechains is the notion that Bitcoin is not suitable for all the world's transactions. Gavin famously said, "why would I want my coffee purchase on the blockchain". But AI Coin actually wants to handle all the world's transactions. AI Coin has a rationally designed network - a super peer well connected ring, and spokes out to ordinary peers. We will not overbuild the infrastructure. Where Bitcoin replicates its blockchain on 10000 plus full nodes, AI Coin needs only about 50 blockchain archiving peers with suitable geographical and jurisdictional diversity. Given such redundancy in peers, AI Coin peers can each use inexpensive disk drives in non-redundant configurations. The cost per stored byte is such that AI Coin can store transactions indefinitely for 100x lower transaction fees relative to Bitcoin. The AI Coin dust level is correspondingly lower relative to Bitcoin - i.e. if an aicoin had the same price as a bitcoin, then the aicoin transaction fee would be 100x lower in fiat value. Furthermore, because the AI Coin network is so much less expensive to run, the transaction fees should cover the expense when the mining reward diminishes in the fullness of time.

Interesting that you should say that. I would guess that you are a proof of work miner.

AI Coin super peers will be limited in number to avoid over investing in network infrastructure. If we limit the super peers to 20, I see no problem achieving that given the number already on our demo system. Ordinary, non-mining peers will split a pool of aicoins contributed to by the mining super peers. There will be no limit on the number of ordinary peers, but they must have high availability in order to share from the pool. The software license will need to cap the dollar equivalent amount of aicoins shared by all peers. It does not make sense to overpay for network infrastructure when promotion, features and partnerships would do more to attract new users.

AI Coin has intelligent software agents that will automate software distribution and network restarts, thus making it rather easy to keep a super peer running. We use Docker containers to assure an immutable deployed application. The persistent data volume is mapped to the host.

Well, what is worse from your point of view is that the intelligent agent software has a provisional patent application pending. Most of the source code will be available for inspection, and could be copied and used in jurisdictions that do not permit nor honor software patents. Each of our peers wraps a branded recent version of Bitcoin Core, which will always be open source.

AI Coin's technology allows for instant spending of received aicoins. This is zero confirmations. No Finney attacks, no undoing transactions, nor double spend fraud. The network has a rationally designed topology. In only two hops, a transaction from a wallet reaches the super peer whose turn it is to create the next new block. That gives worldwide subsecond response time.

AI Coin Inc, the company behind its cryptocurrency, optimally spends its majority share of issued aicoins for promotion and development. There is no substantial expense for electricity nor specialized mining equipment. Proof-of-Stake, although mentioned in our May 2014 whitepaper, is actually not necessary for the current implementation, which does not routinely have disagreement. Instead we will have a human-in-the-loop to oversee the distributed intelligent software agents that operate the network. Super peer operators on several continents will take turns monitoring the network and each other.

What will make this coin take off, if indeed it does, is simply that a single company, engaging its enthusiastic community, spending most of the issued aicoins with the single goal of optimising the benefits for current and future users, succeeds in executing its mission.

It turns out that if the company owns all the coins, even for just the day they are created, it would be an "administrator" of a central repository from which tokens are issued and redeemed according to FinCEN guidance published last October. We knew this and assumed that we could obtain the money services business licences in the 48 US States where they are required as we progressed after launch. Our legal advice now is that we cannot launch under the previous business plan as that entails a legal risk in the USA.

Reaper mentions the new plan, which is to have a conventional altcoin minting method whereby independent operators create the new aicoins each day and pay a software licence fee to the company, which in turn promotes and develops AI Coin for the benefit of operators, current and future holders. Even this business plan is subject to tweaking, as the software license may create an situation in which the deal between the company and its independent operators creates what the US SEC views as a security, which is subject to onerous regulation. As a lay person, my reading of the regulation and court decisions is that because the company is not the *sole* provider of effort which makes the deal valuable, then the deal is not a security. Instead I believe it is similar to retail store franchise agreements in the USA in which a share of store revenues is sent back to the franchisor. The analogy is that aicoin mining operators, its super peers, must perform effort too in order for the deal to be valuable. AI Coin Inc is seeking the advice of attorneys who know this sort of law. Fortunately, our president works in New York City, and networks conveniently with such law firms. If the software license becomes a poor choice due to SEC regulations, then another method to try for the desired revenue split would be to have a distinguished super peer owned by the company that gets more turns to create aicoins than the other super peers.

Thanks a lot for your constructive feedback!

Our team agree today to remove the animated robot graphic and make the ai-coin.org website better with respect to an audience beyond gamers. Plus we will do a better job for mobile.

Our inspiration sites that look great on large screen and on mobile too ...

Monero - https://getmonero.org/home (one page without vertical scrolling)

Ripple - https://ripple.com/ (aimed at financial institutions, good use of customer recommendations which highlight Ripple benefits, my favorite but obviously expensive)

Dash - https://www.dashpay.io/ (scrolling with menu tabs, significant rebranding of privacy-centric Darkcoin)

Thanks for your awesome contribution! It is emotionally difficult this close to launch to go back over work we thought was accomplished, but as our advisors tell us - branding is very important. I am taking this up with my co-founder before mentioning it on our dedicated forum.

AI Coin's forum has our old blue logo. Do you like that one better?  I plan to post your constructive comments on our forum where they can be discussed by our most enthusiastic supporters, one of whom is a web designer and branded our website. AI Coin Inc has a rather transparent management style and I thank you for helping us to be better.

We have a modest budget for advertising before launch. Do readers have an opinion of where to advertise? CoinDesk has a relatively large number of visitors for example.

In my May 2014 whitepaper, I proposed a dramatic change to the way that the Bitcoin blockchain is secured. I changed my approach due to the prevailing wisdom among core developers that radical innovation should take place in altcoins first. AI Coin would have to be very successful in order to grow to the point of diluting Bitcoin's market cap.

Sorry to lose your vocal support, but happy that our community has reached out to you already.

We are attending the Texas Bitcoin Conference, and will launch at Inside Bitcoins New York, April 27-29. I would be glad to meetup and discuss cryptocurrency.

http://ai-coin.org

The company is the sole miner of AI Coin. The 7,200 aicoins created each day will be sold on an exchange or otherwise directly paid for expenses.

AI Coin, the company, will initially own the aicoins minted each day, and will transparently pay expenses with them, or with fiat obtained from daily sold aicoins. Our expenses are planned to optimally promote the value of aicoin, and to benefit our community. We will hold a substantial reserve in fiat to cover customer losses that are our fault. We will pursue both a Bit License for New York State operation, and Money Services Business licenses in the 50 US States, as well as similar licensing in other jurisdictions that are important to our customers.

We are seeking integration with at least one payment processor before launch, and that depends on obtaining an exchange before launch.

Hi everyone.

Drew Hingorani, myself, and our active community plan to launch AI Coin at the Inside Bitcoins Conference New York, April 27-29. I have been silent the past few months here as we worked on the first provisional patent covering our solution to what we characterize as certain Bitcoin problems.

We now have a dedicated modern forum where you can see technical information, as well as our pre-launch activities. The super peer demonstration network has been minting 50 test aicoins every 10 minutes for over 60 days. We have branded a MultiBit wallet for AI Coin, which you can download for Windows. We have a branded QT wallet for the Mac. You can see our minting and transaction activity on our branded Insight Blockchain explorer.

Our chief innovation vs Bitcoin for customers is that AI Coin has immediate settlement - sub second response time. The QT and MultiBit wallets have been modified to permit immediate spending of received transactions. Our chief innovation for the business is that our cooperative mining secures the blockchain with network-wide algorithmic trustworthiness, and without conventional mining expense.

AI Coin, the company, will initially own the aicoins minted each day, and will transparently pay expenses with them, or with fiat obtained from daily sold aicoins. Our expenses are planned to optimally promote the value of aicoin, and to benefit our community. We will hold a substantial reserve in fiat to cover customer losses that are our fault. We will pursue both a Bit License for New York State operation, and Money Services Business licenses in the 50 US States, as well as similar licensing in other jurisdictions that are important to our customers.

Customers can buy aicoins from an exchange after launch, or can perform specified tasks as contractors for us and be paid in aicoins. The company will subsidize certain customer, payment processor and merchant activities to give aicoin a comparative advantage over other crytptocurrencies with regard to transaction friction. Our transaction fees will be 100x lower relative to Bitcoin and we will likewise accommodate microtransactions.

Important among our contractors are the operators of our network. We plan to pay $1000 per month to super peer operators which host their servers in DDoS-protected secure datacenters. We anticipate having enough of these in the network backbone to claim that AI Coin is more decentralized than Bitcoin with regard to the geographical locations in which new blocks are added to the blockchain. Likewise we plan to pay $50 per month to operators of ordinary computers that dedicate home or office computers 24/7 for the purpose of archiving the AI Coin blockchain. We need between 50 - 100 of the archiving peers to assure redundancy, and to have plenty of network gateways for customer wallets.

We have a growing, active community who contribute ideas, artwork, programming, social networking and so on. They enthusiastically want to bring AI Coin to the mainstream.

Our forum:  ai-cointalk.org .
Website: ai-coin.org
Demonstration blockchain explorer: texai.dyndns.org:3000

Join Us

-Stephen Reed

I modified Insight to work with the altcoin that I am developing.

Your problem communicating with your altcoin's version of bitcoind. Most likely it is not configured to accept RPC connections from Insight.

Here is the configuration file that I used OK.



PM me for more help as I am not watching this forum daily.
-Steve

Right. the altcoin A.I. Coin is currently alpha testing its Linux core derived from Bitcoin Core, its MultiBit-derived wallet for Windows, and its Insight-derived block explorer. Notable changes to Bitcoin source code involved removing the annoyance of waiting for confirmations before spending recently received funds. A.I. Coin uses a single nomadic mint with a non-forking blockchain. The network parameters are otherwise identical to Bitcoin, 21 million aicoins total, 50 aicoins generated exactly every 10 minutes with a four-year block reward halving. No block rewards are spent on mining equipment nor on electricity for hashing. The network is secured by software agents inspecting each other's tamper-evident data structures and signed activity logs.

A.I. Coin is to be launched in March 2015.

Stephen Reed

A.I. Coin will launch with a minimum of five super peers, located in geographically dispersed datacenters.  The founding super peer operators will vet candidates that become new super peers when needed due to growing transaction volume.

A joining node cannot become a super peer otherwise.