What does "pausing the contract" mean?

Once a VICR contract is purchased and registered in the blockchain it becomes active. From the moment there are active broadcasters on the platform the system automatically executes the VICR contract. The system purchases your GadgetCoins for a minimum of US$ 1.00 behalf of the models during the cash out process. Then once a day, every morning at 1:00 AM GMT time the system allocates  to the contract owners 5% commission from previous day's cash outs. The smart contract engine does this automatically, that's why it is smart contract. That's what happens when the contract isn't paused.

However, if you don't want to sell your coins for the price of US$ 1.00 then you can pause the contract. This means the smart contract engine won't execute the contract whilst in a paused state. Why would you pause the contract? Well, if you expect a higher than US$ 1.00 price then you would not want to sell the coins for one dollar. We said from the beginning that our target is US$ 5.00 and we believe this price is achievable by the end of this year. After all from the models' viewpoint it is irrelevant what the price of the coin is, i.e. if the model's 5% network fee is US$ 50.00 and the GDC price is US$ 1.00 then the model must buy 50 GDC, but if GDC price is US$ 5.00 then the model will have to buy only 10 GDC. Again, for the model doesn't really matter what the price is, however the coin owner could speculate for a higher price by pausing the contract and stopping the sale of GDC.

Yes, the contracts are registered in the blockchain. You can explore the blockchain from the wallet at wallet.gadgetcoin.org by clicking on Blockchain under the Money menu item. You can review the transactions under the Transaction menu item by listing the transactions there or just putting the block hash or the transaction uid into the corresponding search boxes.

Thank you for willing to be part of the marketing team!

We are organizing a marketing team from community members and you are welcomed to join us. We need help with Twitter, Facebook and all types of digital media.
A smart contract will govern the financial return for your marketing input, that means once we reach a milestone or platform development target then the smart contract will be performed by the system automatically and you will receive ores which can be forged into GadgetCoin.

I will PM you the details.

We have stated several times on this thread that there won't be a presale for $5 for this coin.  There will however be some form of presale for a VERY discounted price aimed at institutional investors and interested community members. The presale will take place after the software is released but before the coin enters the exchanges. Institutional and angel investors understand that it takes time for hardware integrators to adopt the coin and the development board sales to kick off.

The $5 price will be for hardware integrators and buyers of the development board. At least we hope that investors who hold the coin from presale, and community members who forge the coin, will be able to sell it for $5 down the line.

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

Our focus is most definitely on the internet of things platforms, but whenever we meet with hardware integrators the first question is always "How can we acquire Gadgetcoin?" Surely we cannot avoid Gadgetcoin being listed on exchanges, but following the MtGox and Mintpal fiasco we can see a lot of resistance from new digital currency users when it comes to putting money in exchanges. Looking at it from a convenience standpoint it would also be better for the users to be able to buy Gadgetcoin in the wallet. This is because it would be the same place that the user is creating, monitoring, and configuring smart contracts so it would streamline the acquisition process of Gadgetcoin. Using a practical example, a hardware integrator for a security system would not need to go to the exchange to buy Gadgetcoin if the wallet has this decentralized exchange feature, instead he can buy 10 GDC to operate their 10 hardware modules from the wallet directly to simplify the process.  How does this work? The hardware integrator creates a smart contract that buys 10 GDC with the exchange rate of 0.005 BTC. Every gadget coin user will be able to see that smart contract in their wallet, and if you wish to sell your coin, then you will enter into the deal and sell 10 GDC for 0.05 BTC for the hardware integrator user. Furthermore, so far our biggest problem when dealing with hardware integrators, we have to educate people how to use exchanges to acquire Gadgetcoins, and we would rather cut this step out. If the Gadgetcoin wallet offers a decentralized exchange feature then it lowers the risk for our users by not having to use potentially risky exchanges.

Please read our white paper for more information about the decentralized exchange feature.

Yes the hardware the will be sold by us. We have no intention of holding the coins, and we will try to work out a fair distribution system. I agree that discussing this with the community and then contemplating all the options on the table before moving forward is the best way. We're still looking for more feedback from the community, it would be a great help to us whenever someone participates and voices their opinion.

Thanks again for dropping by and commenting.

Hi there,

It's not going to be $5 per coin, as we mentioned on the first page, the $5 figure was a reference to the yearly fee for businesses using our network. We do not intend to collect $5/coin from early stage investors. Apologies if it was not clear enough

Hi AltcoinUK,

We agree with your assessment that the UK market could be potentially huge for this venture, and indeed the market is crying out for a working solution. That's why it's important for us to focus 100% on getting this software ready for the community to test now. The sooner we can get feedback the sooner we can start approaching some big players in the market for integration and pilot project opportunities.

Thank you for your continued interest, and it's nice to see some early support already, we will try to continue being as transparent and open to communication as possible. This is a community venture after all.

With regards to how we are going to make money, we will make clear the monetization strategy in the coming days, so stay tuned to this thread. We will also PM you the credentials to use our test network and software.

We are sorry you don't like the coin, hopefully we can win you over in the future - especially when we present our working software.

Thank you for the suggestion! I'm part of the dev team and organizing the GDC foundation so I thought I'd jump in and let everyone know that we appreciate your input and we will take it on board for the next team meeting tomorrow. We hope to make a final decision about the distribution shortly.

Many useful posts, thanks for this.

New here too. First post.