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Author Topic: **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade  (Read 171565 times)
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June 10, 2015, 07:12:08 PM
 #341

An update on planned supported cryptoassets on B&C Exchange, taken from a discuss.nubits.com forum post:

Quote
A guiding principle of Peershare, Nu, and now B&C development is that we strive to uphold our public commitments. We want to avoid creating casual suggestions that may be misinterpreted by an external community and lead to disappointment if the suggestion doesn't materialize. With that in mind, here are a list of cryptoassets that we hope to support on B&C Exchange at or soon after release. These cryptoassets are currently planned to be listed on our upcoming BCExchange.org teaser webpage:

1. Bitcoin
2. Litecoin
3. Dogecoin
4. Peercoin
5. Dash
6. NXT
7. BitShares
8. NuBits
9. NuShares
10. BlockCredits
11. BlockShares

It's important to note however that B&C Exchange will be delivered in iterations, not one final product. As the teaser website will also state, support for these cryptoassets will rely on a number of factors outside of developer control, including whether the blockchains are currently secure, whether a sufficient number of signers have been established, and whether BlockShareholders have issued directives regarding offered trading pairs. It is impossible to guarantee with certainty that all these cryptoassets will have functional trading pairs.
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June 11, 2015, 03:21:27 PM
 #342

Total funds committed have reached $166,401 including seed funds. We are now over 83% of the way to our goal of $200,000.
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June 12, 2015, 02:13:47 AM
 #343

Total funds committed have reached $176,901 including seed funds. We are now over 88% of the way to our goal of $200,000.
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June 12, 2015, 02:51:25 PM
 #344

With the Nu 2.0 release now code complete, the team has turned its attention to building B&C Exchange as quickly as possible.

The code and issue tracking is open to all. Feel free to observe the team's progress at any time.

Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.

Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:

● number of confirmations required by blockchain ID
● number of total reputed signers of deposit addresses by blockchain ID
● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID
● maximum trade size permitted by asset ID
● number of reputed signers eligible for reputed signer block rewards
● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.

The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain.


Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN
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June 12, 2015, 07:43:27 PM
 #345

A side discussion has emerged on discuss.nubits.com regarding the use of funds raised above the $200,000 minimum.

Here is the introduction from the B&C Exchange thread on discuss.nubits.com.

Quote from: JordanLee
Just as Nu development was greatly needed after our initial release in September, I'm sure additional development on B&C will also be essential. There are additional features which are very important like using time lock to release deposited funds regardless of what signers do. For instance, funds could be transferred from a deposit address to a withdrawal address one year after deposit. This would occur even if every single signer failed to sign. I have discussed how B&C can be used to guarantee Nu liquidity for a period of time and that is not part of the initial implementation. I suspect the escrow and reversible transaction capabilities are also very much worth pursuing but are unfunded at the 200,000 level. QA is also almost completely unfunded at that level (we are only paying for 8 hours a week at the 200,000 level). There are a lot of good reasons to continue getting additional funding. It will either have to be provided now or in a few months if B&C Exchange is to continue to flower.

We should use the time when B&C Exchange is novel and exciting to members of the community to get full funding.

Quote from: Sentinelrv
@JordanLee, this is makes sense, so thank you for explaining the details. I'm not completely opposed to this. I'm just trying to figure out which is the best way to go about it. Would you happen to have a rough estimate of how much funding over $200k we should be looking at in order to fund these additional initiatives? Putting numbers to these extra features and having a goal to shoot for is very helpful in understanding what we're trying to shoot for.

Quote from: JordanLee
My first priority for additional funds would be QA and marketing. Creating a solution where security and robustness is of paramount importance because exploits could be quite costly with 8 hours of QA per week is, to put it politely, quite novel. It certainly isn't commonly accepted practice. But at $200k, the choice isn't whether to have robust QA or not, the choice is between deciding it simply isn't enough to properly proceed and proceeding in a less thorough fashion with the hope that using low trade size limits when it is first used will be a sufficient method for testing it.

There are multitude of other ways the money could be spent besides what I just mentioned a couple hours ago in my post. For instance, how about a block explorer? Android client? More great ways to spend the money will be thought up as we go, so I am hesitant to commit to spending funds on specific items many months in the future.

We are interested in hearing prospective BlockShareholders' opinions on how those funds might be allocated. Potential uses could include new trading functionality, more extensive QA, or broader marketing campaigns.
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June 12, 2015, 08:59:26 PM
 #346

We are interested in hearing prospective BlockShareholders' opinions on how those funds might be allocated. Potential uses could include new trading functionality, more extensive QA, or broader marketing campaigns.

I am for getting a barebone version out first, even its far from fully tested. There are always new features to add. Once B&C starts to demonstrate profitability, BKS would command much better price when sold for extra (>200k) funding. That is the time to get extra features and thorough testing. QA is incrediblly expensive, especially for anyone short on funding. However bugs are tolerated when you get a highly innovative useful product out. The alpha testers/users can try with testnet coins and find 90% of the bugs for 10%  or no cost.

BTC 1HxvAEC4nj37hyenz9DwsyrMMnkwzpbzno PPC PU6zS8RRBWP2UxhuRFengGsu8n4tEYB5xV XPM AJAgBpPjGQoL38mrtW91dVqhbMHqu25vfG
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June 12, 2015, 10:57:33 PM
 #347

Total funds committed have reached $179,451 including seed funds. We are now over 89% of the way to our goal of $200,000.
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June 13, 2015, 10:44:28 AM
 #348

With the Nu 2.0 release now code complete, the team has turned its attention to building B&C Exchange as quickly as possible.

The code and issue tracking is open to all. Feel free to observe the team's progress at any time.

Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.

Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:

● number of confirmations required by blockchain ID
● number of total reputed signers of deposit addresses by blockchain ID
● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID
● maximum trade size permitted by asset ID
● number of reputed signers eligible for reputed signer block rewards
● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.

The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain.



Sounds great! I believe investing B&C is a smart choice.

I am a F. A. Hayek fan.
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June 15, 2015, 07:10:49 AM
 #349

In my understanding, it seems that second round investors that provided the the first 120k risk dilution if we go beyond 200k.
Why?
Because they will have the same ownership whether the overal second round investors raise 120k or 332k.
Therefore an initial second round investor (that has contributed to the first 120k provided by second round investors) has no interest in giving more funding than the min required 120k.
Comparatively, seed investors need only to contribute 80k (already done) to get 20%.

In othe words, while the ownership of seed investors would stay at 20% no matter what, the secound round investors that provided the first 120k could see their ownership be reduced to 120/332=36% of what they could get in the best case (= the funding stops at 200k total). if the funding reaches the maximum amount  (worst case), which is 332k+80k=412k.

Is my understanding correct?

Tks for clarifying.
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June 15, 2015, 03:05:06 PM
 #350

In my understanding, it seems that second round investors that provided the the first 120k risk dilution if we go beyond 200k.
Why?
Because they will have the same ownership whether the overal second round investors raise 120k or 332k.
Therefore an initial second round investor (that has contributed to the first 120k provided by second round investors) has no interest in giving more funding than the min required 120k.
Comparatively, seed investors need only to contribute 80k (already done) to get 20%.

In othe words, while the ownership of seed investors would stay at 20% no matter what, the secound round investors that provided the first 120k could see their ownership be reduced to 120/332=36% of what they could get in the best case (= the funding stops at 200k total). if the funding reaches the maximum amount  (worst case), which is 332k+80k=412k.

Is my understanding correct?

Tks for clarifying.

This isn't correct. The percentages listed are what would be owned if every single share was sold and distributed for each group.

It's very important to stress that it is impossible for "dilution" to occur as BlockShares are purchased. Purchasers are buying a BlockShare for a set price based on the distribution tables we provided. If shareholders vote to burn undistributed BlockShares, the relative percentages for each group would change, but every group would have a higher percentage of equity of the network. The downside of course is that there would be less development funds to make B&C Exchange competitive, as per the suggestions of Jordan Lee above.

To help illustrate this, let's imagine a future scenario where the BlockShares chain is launched. The seed investors are slated to receive ~42,500 BKS at the date of the fork, NuShareholders will receive ~85,000 BKS and Bitcoin holders will receive ~4,250. Second-round purchasers are given their BlockShares, and let's pretend there are 20,000 BKS remaining unsold for that group.

If shareholders voted to burn those 20,000 BKS, the equity percentages would now be:

Seed investors - ~42,500 BKS - 22.1%
Second-round purchasers - ~60,750 BKS - 31.6%
NuShareholders - ~85,000 BKS - 44.2%
Bitcoin holders - ~4,250 - 2.2%

Each BlockShare would increase in worth from 0.000471% of the network (1/212500) to 0.000519% of the network (1/192500). Every BlockShare held by a user would be worth a greater percentage of the network. The trade-off is a lower development fund.

If you are still unclear on this please send us a PM.
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June 15, 2015, 03:38:32 PM
 #351

If shareholders vote to burn undistributed BlockShares, the relative percentages for each group would change, but every group would have a higher percentage of equity of the network.

I see. Tks for clarifying. It was not really clear since the ~ is difficult to interpret correctly.
So there is a still an incentive for everybody not to go far beyond 200k total at least from a financial perspective since you get more shares for the same money invested but this is to be decided by shareholders ultimately.
Also, what would not change is the price that seed investors got: 2 usd a share whatever the total raised money.
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June 15, 2015, 09:04:34 PM
 #352

Total funds committed have reached $190,247 including seed funds. We are now over 95% of the way to our goal of $200,000. Thank you everyone for your support!
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June 16, 2015, 05:26:42 AM
 #353

It looks good

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June 16, 2015, 05:28:42 AM
 #354

How can I get this coin?just money?

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June 16, 2015, 05:55:58 AM
 #355

How can I get this coin?just money?


Thank you for your interest in B&C Exchange. There are four ways you can get BlockShares:

1) You can purchase BlockShares by emailing bkssale@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested in the main announcement post. The current price is $4.08 per BlockShare.

2) You can purchase NuShares on the open market on any exchange listed at https://nubits.com/exchanges/nushares-exchanges. Holding NuShares at the time of the creation of BlockShares will entitle its holders to a significant amount of BKS.

Edit (Thanks @Irritant): 3) You can purchase Bitcoin on the open market. Holding Bitcoin at the time of the creation of BlockShares will entitle its holders to a small amount of BKS.

4) You can wait until BlockShares are created and publicly traded on exchanges.
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June 16, 2015, 11:34:26 AM
 #356

How can I get this coin?just money?


Thank you for your interest in B&C Exchange. There are three ways you can get BlockShares:

1) You can purchase BlockShares by emailing bkssale@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested in the main announcement post. The current price is $4.08 per BlockShare.

2) You can purchase NuShares on the open market on any exchange listed at https://nubits.com/exchanges/nushares-exchanges. Holding NuShares at the time of the creation of BlockShares will entitle its holders to BKS.

3) You can wait until BlockShares are created and publicly traded on exchanges.

2b) Bitcoin holders too right, (they get total of ~4,250 BKS, 2%)?

four ways
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June 16, 2015, 11:48:29 AM
 #357


2b) Bitcoin holders too right, (they get total of ~4,250 BKS, 2%)?

four ways

giving bitcoin holders some shares is a very good idea. has this been done before? if so then which projects?
also why haven't altcoin creators done that more often? with proof of stake mining it makes perfect sense to have the initial coin distribution in accordance to the current distribution of bitcoins.

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June 16, 2015, 02:05:49 PM
 #358

how many funds exactly to reach your needs?
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June 16, 2015, 03:08:44 PM
 #359

how many funds exactly to reach your needs?

Raising $200,000 will allow us to develop a basic version of B&C Exchange. We have raised 95% of this amount thus far. Completing the total fundraising of ~$412,000 will allow our development team to create additional useful trading features, perform more extensive QA, and engage in marketing campaigns.
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June 17, 2015, 01:53:18 AM
 #360

how close is this project to

http://www.blockstream.com/blog/

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