[ANN][RLC] iEx.ec blockchain-based distributed cloud announces its Crowdsale

[samuel748]

I seriously think that this id gonna be huge
Not only because I was DecCon2 and had the chance to see the presentation of iEx, but also because there's definitely a need behing it with a concrete use case
I'm tired of seing ICOs where people have no use case in their mind but just a "we're going to break Uber!" this is insane
I'll definitely invest in iEx, don't wanna miss this one for sure

[SEOcrypto]

I went through the whitepaper, here is my main concern -

Minimum allocated towards founders/team/early investors is 15M RLC, max 18M RLC.

Minimum raised through crowdsale is 15M, max 72M.

Ideal situation for devs would be to secure minimal amount of funding.  This would give them ~50% of the supply of coin + 3,000 BTC - LOL.

That's outrageous IMO

--------------

The idea *looks* good and the dev team *looks* solid.  My issue is the fundraising structure seems too advantageous to the devs and is taking advantage of 'late investor (ICO)' money.  At a minimum they are trying to raise $2.5M+ for a coin (remember this investment is the coin, not the company) - of which they will also own ~50% of said coin.

oh boy.  wild wild west

[thepo1m]

So Chinese market will dictate everything that happens in Crypto now, I received newsletter from iEx team that the ICO will be postponed till Feb/March. I'm not expecting this because this is the second time the ICO will be postponed and this is a concern also the level of marketing is low. They need to understand that there is no similar ICO and thinking that people will invest with little maketing is a wrong assumption. The team need to make this project more visible

[gf_iexec]

Minimum cap: 3.000BTC

That's $2.7 million at current btc prices.

Insane

Thanks for your remark. It's part of the FAQ. As we said we based our budget at the moment well before the BTC spike.
Before the crowdsale starts, we'll adjust the budget according to the perspective.

If you read the white paper, you will see that we give a clear roadmap and each version is clearly explained with milestones, features and a clear go-to-market explanation.

I honestly thing that everyone with an experience in project management will see that the the budget we ask for is in line with the development effort.

[SEOcrypto]

Minimum cap: 3.000BTC

That's $2.7 million at current btc prices.

Insane

Thanks for your remark. It's part of the FAQ. As we said we based our budget at the moment well before the BTC spike.
Before the crowdsale starts, we'll adjust the budget according to the perspective.

If you read the white paper, you will see that we give a clear roadmap and each version is clearly explained with milestones, features and a clear go-to-market explanation.

I honestly thing that everyone with an experience in project management will see that the the budget we ask for is in line with the development effort.

How do you guys see the overall token % distributed in ICO changing now based on BTC's surge?

BTC surge = lower amount of BTC to be raised through ICO = more likely ICO is minimally funded.

A situation where 3000 BTC is raised and less than 50% of the coins are distributed would be a disaster, no?

[gf_iexec]

I went through the whitepaper, here is my main concern -

Minimum allocated towards founders/team/early investors is 15M RLC, max 18M RLC.

Minimum raised through crowdsale is 15M, max 72M.

Ideal situation for devs would be to secure minimal amount of funding.  This would give them ~50% of the supply of coin + 3,000 BTC - LOL.

Let me explain this point.

It's  true that in the case of minimum funding 50% of the supply is sold. But it's not correct to say that 50% of the coin is for the devs.

Project like iEx.ec has the goal of building a network. Without the network, the coin has little value for the token holders. Right ?

We took the decision of having a fixed supply of coins, and this is an advantage for the token holders.

On the other hand, there must have some incentives to grow the network. With iEx.ec there's no mechanism such as mining reward, such as with Bitcoin and Ethereum.

And this is a very important point. In the case of minimum funding, a part of the coins that are not sold during the crowdsale can be used to grow the network (developper bounties, grants to support access to servers, iEx.ec summer of code etc..).

In the case of maximum funding, this is less necessary, because we provide more advanced features that will help bring more actors in the network. Like enterprises for instance.

There is a balance to find between token holders, the iEx.ec team, the iEx.ec resource providers so that the network grows and while the token keeps its value.

iEx.ec is definitely not a "paper project". We're a team with a true experience in building distributed infrastructures. And we know what we want to achieve and how we can do this.

[SEOcrypto]

I went through the whitepaper, here is my main concern -

Minimum allocated towards founders/team/early investors is 15M RLC, max 18M RLC.

Minimum raised through crowdsale is 15M, max 72M.

Ideal situation for devs would be to secure minimal amount of funding.  This would give them ~50% of the supply of coin + 3,000 BTC - LOL.

Let me explain this point.

It's  true that in the case of minimum funding 50% of the supply is sold. But it's not correct to say that 50% of the coin is for the devs.

Project like iEx.ec has the goal of building a network. Without the network, the coin has little value for the token holders. Right ?

We took the decision of having a fixed supply of coins, and this is an advantage for the token holders.

On the other hand, there must have some incentives to grow the network. With iEx.ec there's no mechanism such as mining reward, such as with Bitcoin and Ethereum.

And this is a very important point. In the case of minimum funding, a part of the coins that are not sold during the crowdsale can be used to grow the network (developper bounties, grants to support access to servers, iEx.ec summer of code etc..).

In the case of maximum funding, this is less necessary, because we provide more advanced features that will help bring more actors in the network. Like enterprises for instance.

There is a balance to find between token holders, the iEx.ec team, the iEx.ec resource providers so that the network grows and while the token keeps its value.

iEx.ec is definitely not a "paper project". We're a team with a true experience in building distributed infrastructures. And we know what we want to achieve and how we can do this.

Thank you for the background info above, it does help.

I agree that developer bounties are key.  My concern is how you described the token allocation in your white paper:

● Founders, team and early investors: 18,000,000 RLC (Max), 15,000,000 RLC (Min)
● R&D, developer bounties and marketing: 5,000,000 RLC (Max), 1,260,000 RLC (Min)


Please don't take this as an attack on your vision/idea.  Just playing devil's advocate.

Also, the BTC raised during ICO should support marketing initiatives.  The BTC is also funding the team's salaries.

Then why is 15M allocated to 'Founders, team and early investors'

[jbrg]

Threshold 3000 btc? Right?

Hello. This value still can be modified before the crowdsale start due to bitcoin price change.

You can get an idea of the budget checking the roadmap: http://iex.ec/?page_id=483 and the white paper : http://iex.ec/whitepaper

[Heutenamos]

regardless of the most senseless and confusing coin distribution strategy u guys have come up with , what is the use of these TOKENS ? r they some form of equity ? or u r going to pump it in future just like billions of other shitcoins ?

please talk about the investors incentives  

[gf_iexec]

● Founders, team and early investors: 18,000,000 RLC (Max), 15,000,000 RLC (Min)
● R&D, developer bounties and marketing: 5,000,000 RLC (Max), 1,260,000 RLC (Min)

Agree, naming things is always tricky. The first fund is managed internally by the team, so we can choose to spend it partly to reward ourself for having made the world better, and partly to develop the network.
The second fund will just never be used to reward the team, only for external expenditure.

Also, note that for this kind of project the technology developed can have a huge valorization. Imagine the situation in 4/5 years if we're the main tech for blockchain-based access to Cloud resources. In this case, you certainly want the founders to have an interest in valuing the coin, and not only in selling the company, I guess 
 

[gf_iexec]

regardless of the most senseless and confusing coin distribution strategy u guys have come up with , what is the use of these TOKENS ? r they some form of equity ? or u r going to pump it in future just like billions of other shitcoins ?

please talk about the investors incentives  

RLC tokens are going to be the only way to access the iEx.ec network. It means that in the future, any blockchain-based distributed applications which want to access the distributed cloud will have to spend RLC.

Because iEx.ec build a market network. RLC tokens will flow between all the actors in this network : server providers, application providers, data-set providers and Dapps.

[maccaspacca]

Hi thanks for the announcement, it is interesting reading.

Just one question:

Are you going to provide a recognized Escrow service for the Crowdsale (ICO)?

If so please can you update the announcement with more information.

[moroseneng]

Hi thanks for the announcement, it is interesting reading.

Just one question:

Are you going to provide a recognized Escrow service for the Crowdsale (ICO)?

If so please can you update the announcement with more information.

Maybe the crowdsale will use an exchanges for the escrow

[pierredelille]

Yes. Compared to GOLEM, the project "Global Supercomputer". This project is ambitious as well. But the idea of "Distributed cloud" is quite interesting.  It seems like "SIA", but iEx.ec could
use distributed CPU resource in Internet.
Cool. I would like to participate. 

[gf_iexec]

To everyone. I received many messages for translation and diverse bounty.
Due to my status, I cannot answer immediately to everyone in the forum.
I have two wait 6 minutes between messages.

So, if you're interested in doing translations, it's better to join the slack.
Don't forget to give examples of your previous works.

Thanks

G. 

[gf_iexec]

Yes. Compared to GOLEM, the project "Global Supercomputer". This project is ambitious as well. But the idea of "Distributed cloud" is quite interesting.  It seems like "SIA", but iEx.ec could
use distributed CPU resource in Internet.
Cool. I would like to participate. 

Don't forget to visit the web site crowdsale.iex.ec and sign up to receive news.

Later, just before the ICO starts, you will receive all the details:

• Final token distribution, supply, min/max market cap
• Terms and conditions, including legal terms
• Technical details
• How to participate -- instructions

[CjMapope]

oooo HERE'S one to watch! finally omg lol. so many shit projects, finally something with some meat on it ;p

from the whitepaper my question lies in 7.2: ok, so it will use PoC like gridcoin, i can dig that, but mentions PoS? and will users and/or investors be able to run nodes? or will they be private secured nodes or? sorry if i didn't quite get that ;p

and roadmap part "v4" : Ok so a system for a distributed GPU market, for perspective something say like what nicehash offers but for more than JUST mining with the GPUs? (rendering, etc.)

all in all i await watching this evolve, i have joined the Slack! Good Luck!

 

[mummybtc]

I think these developers need to start offering more than the Tokens, that has nothing to do with the actual company, can they please go to VC and tell them what we are offering is just a token. The fund they receive form ICO sometimes is much more than the actual valuation of the entire company and what they give to investors is just a common tokens, it doesn't make any investment sense at all. People need to wake up and think right and look for a way to restructure the ICO scheme before the whole thing crash. Bitcoin is an exceptional case because it is a currency.

[gf_iexec]

oooo HERE'S one to watch! finally omg lol. so many shit projects, finally something with some meat on it ;p

from the whitepaper my question lies in 7.2: ok, so it will use PoC like gridcoin, i can dig that, but mentions PoS? and will users and/or investors be able to run nodes? or will they be private secured nodes or? sorry if i didn't quite get that ;p

and roadmap part "v4" : Ok so a system for a distributed GPU market, for perspective something say like what nicehash offers but for more than JUST mining with the GPUs? (rendering, etc.)

all in all i await watching this evolve, i have joined the Slack! Good Luck!

Hi @CjMapope

Thanks for registering in the slack !

you're right with the comparison with Gridcoin. I really like Gridcoin. It's a very inspiring project. It's too bad this project is mainly known in the crypto world. It would deserve to have a much broader audience in Grid, Cloud, HPC communities.

Nevertheless, there are differences.

Gridcoin monitors the activity that happened on a Boinc server. It's called Proof-of-Research, if IIRC. So, somehow the consensus for an off-chain computation is realized when the task executed by a volunteer has been validated by Boinc.

With PoCo (Proof-of-Contribution), we want go one step further, and generalize this to a broader range of applications. Not only the one provided by BOINC servers.

The goal is to allow blockchain developers  to put their own applications to the iEx.ec distributed cloud. Think it as a sort of oraclize meets Golem somehow.

PS: Next answer in 6 minutes  

[gf_iexec]

and will users and/or investors be able to run nodes? or will they be private secured nodes or? sorry if i didn't quite get that ;p

The goal is to have an open network where everyone can monetize their servers. However we'll proceed gradually. As you can understand, there are quite some challenges to address before being able to allow any applications to run on any node.

For the first version, we'll only allow specific Cloud providers to execute the applications. We already have some partnership going on (like Stimergy), and we also have miners who would like to experimentally join the network.

Later, as the development goes on, we'll include more and more providers, until the point where every one will be able to provide its own resources.