[ANN] [SPTC] Spoutcoin | Native Currency of Spout - The Anonymous App

[Spout]

NOTICE: CROWDSALE 1 (PRE-SALE) BEGINS JANUARY 27th, 2017 AT 12:00 AM (PST). LINK: https://www.spout-app.com/sptc-crowdsale.html

Spoutcoin (SPTC) - Native Currency of Spout (IOS)

App Download (IOS): https://itunes.apple.com/us/app/spout-express-yourself-freely/id1144767617    
Coming to Android

Total supply: 100,000,000 coins
Protocol: Issued on top of Counterparty (XCP)
Wallet: Because Spoutcoin will be implemented on Counterparty, a compatible wallet is required such as IndieSquare or CounterWallet.
Allocation: All 100 MILLION coins have been created in advance. Up to of 30 million coins will be sold via two crowdsales (“Crowdsale 1” and “Crowdsale 2”).
Block Explorer: https://blockscan.com/assetInfo/SPTC
Exchanges: TBA
Updates: Updates regarding Spoutcoin will be posted here on Bitcointalk.
Whitepaper: https://docs.google.com/document/d/1Fh1DMAZC4ZwFqsrIkcYZoVtTXAzvtiTwJbS59RZ4TmM/edit?usp=sharing

About

Spout is a free mobile IOS app that functions as an anonymous location-aware chat feed. Spout’s official launch will occur with the release of the Android version in February, 2017.

Spoutcoin (SPTC), the native currency of Spout, is a new cryptocurrency powered by Counterparty, a platform built on top of Bitcoin. For more information about the Counterparty protocol, go to http://counterparty.io/.

Spoutcoin will be earned within Spout by creating popular content, voting on content, and inviting others to download the app. Spout will be integrated with a digital wallet that gives users the power to send and receive XCP, Bitcoin, Spoutcoin, and other Counterparty tokens (assets).

Background

An easy way for regular consumers to become engaged with Bitcoin still hasn’t been popularized. Spout wants to help change this by depositing Spoutcoin (and Bitcoin) automatically into an easy to use online wallet just for downloading and using the free app - no username, email, or phone number required. We hope that Spout’s easy-to-understand user interface and wallet will introduce millions of users to Bitcoin and Spoutcoin (and other Counterparty assets).

While we wants to make it easy for people to use cryptocurrencies, Spout is not primarily a cryptocurrency app. It is intended to stand on its own as a compelling product that allows you to participate anonymously in a location-aware chat feed where you can share what's on your mind with those around you and interact on an authentic level - without the reputational risk associated with platforms like Facebook. For more about Spout, go to spout-app.com.

User Rewards

70 million Spoutcoins* will be distributed by Spout to users of the app to reward them for contributing content, voting on content, referring new users, and participating in the interactive daily giveaway. The following is the current formula, subject to change, for automatically allocating Spoutcoin to app users:

Spout: +.03
Reply: +.03
Receive upvote: +.01
Receive downvote: -.01
Vote on Spout:+.01

*The notional “Spoutcoin” that appears on the app currently is off-chain and only exists as an unenforceable and informal courtesy obligation of Spout. Once a Counterparty-compatible wallet is integrated with the app, users will be able to convert their off-chain “Spoutcoin” (in minimum amounts of 100 Spoutcoin) into Spoutcoin (SPTC) held in their in-app wallet.

Spoutcoin Value

We expect Spoutcoin’s value to derive from several sources.

Discounted Merchandise

By July of 2017, users will be able to purchase Spout-branded merchandise and other items - using Spoutcoin, Bitcoin, or their credit card - within the app itself and in the online SpoutStore.  

Pricing will be in 3-tiers, with credit card purchasers paying full retail, Bitcoin purchasers paying wholesale, and Spoutcoin purchasers paying cost or below-cost, with any loss subsidized from the company’s marketing budget in order to reward users, promote the app, and add value to Spoutcoin.

In addition to branded merchandise, the SpoutStore will sell popular items - donated by Spout users and “stakeholders” - at steeply discounted prices. Donors will be motivated by a collective desire to contribute to the success of Spout, the Spout community, and Spoutcoin.

Advertiser Demand

Apps like Facebook provide “free” services but you’re actually paying with your valuable attention and information, which they turn into advertising revenue. By sharing some of each user's contributed value with them in the form of Spoutcoin, we hope to grow our user base and increase demand for Spoutcoin.  

Spout will be in a position to incorporate effectively user opt-in advertising that leverages the location-aware nature of the app. Ads on Spout will be entirely voluntary. Users will be rewarded for their attention with Spoutcoin. In addition, advertisers will pay for ads using Spoutcoin, thus generating added demand for Spoutcoin in the marketplace.

As Spout acquires more users, the value of ads will increase, increasing the demand for Spoutcoin and its value, ideally generating a virtuous circle effect.

Crowdsales

Spout will distribute up to 30 million Spoutcoins (30% of the total 100 million coin supply) in the following 2 crowdsales.

Crowdsale 1

Crowdsale 1 will take place over 5 full days, between January 27th, 2017 at 12:00 AM PST and February 1st, 2017 at 12:00 AM PST. Up to 5 million Spoutcoins will be sold for 200,000 SPOUTCOIN per BTC (.000005 BTC per Spoutcoin).

Important: Any Bitcoin sent to the Crowdsale 1 address must be send from Counterwallet. If you send Bitcoin from a non-Counterwallet address, you will not receive Spoutcoin.

Unsold coins: In order to reach the most market-efficient pricing/distribution outcome, any coins unsold in Crowdsale 1 will be allocated to Crowdsale 1 participants following the conclusion of the crowdsale in proportion to the percentage of offered Spoutcoin they purchased. As a result, the effective price paid by Crowdsale 1 participants may be lower than the originally stated price above.

Use of Proceeds: 100% of the proceeds of the sale (up to 25 BTC) will be allocated to Spout’s general corporate checking account and co-mingled with its other funds for general tax deductible corporate expenses, including app development expenses and expenses related to Crowdsale 2 but not including compensation for Spout principals, employees or related parties.

Crowdsale 1 will take place prior to the February release of Spout’s Android version, official app launch, and integration of Counterparty-compatible wallet. As a result, participants are expected to consist primarily of existing Spout stakeholders and others in the community familiar with the app and our plans.

Crowdsale 2  

Crowdsale 2 will take place over 30 full days between March 1st, 2017 at 12:00 AM PST and March 31st, 2017 at 12:00 AM PST. Up to 25 million Spoutcoins will be sold for 100,000 Spoutcoin per BTC (.00001 BTC per Spoutcoin).

Important: Any Bitcoin sent to the Crowdsale 2 address must be send from Counterwallet. If you send Bitcoin from a non-Counterwallet address, you will not receive Spoutcoin.

Unsold coins: Any coins unsold in Crowdsale 2 will be sent to a verifiably unspendable address at the conclusion of Crowdsale 2, thus effectively reducing the total supply of Spoutcoin.

Use of Proceeds. Proceeds of Crowdsale 2 (up to 250 BTC) will be held in a multi-signature Bitcoin/Spoutcoin (Counterparty) address requiring ⅔ of signatures to release funds. Signature holders will include 1 Spout representative and 2 independent individuals trusted and respected by the cryptocurrency community, to be selected in consultation with the community and announced (along with Terms and Conditions of Crowdsale 2) at least 14 days prior to the start of Crowdsale 2.

Bitcoin sent to the multi-sig address will be conditionally released in 4 tranches to Spout’s BTC address at Coinbase, conditioned on completion of 4 listed milestones and sold, with the cash proceeds deposited in Spout’s corporate checking account designated for pre-determined expense categories. (The guiding principal of escrow is to release Bitcoin only after Spout has demonstrated that it has spent the previously released Bitcoin as agreed.)

Milestone 1: Completion of crowdsale. 15%

Milestone 2: Proof of expenditure of 2/3 of the previous 15% for designated expenses: 21%

Milestone 3: Proof of expenditure of 2/3 of the previous 21% for designated expenses: 33%

Milestone 4: Proof of expenditure of 2/3 of previous 33%: Remaining 32% of funds released

In the event that Milestone 2 is not triggered by July 1st, 2017, all remaining BTC will be promptly returned to Crowdsale participants in proportion to their purchase.

Any Bitcoin not released to Spout by March 31, 2018 will be returned to Crowdsale purchasers.

Approved Expense Categories

Upwork. Spout directs several teams of freelance programmers around the world, which allows us to effectively manage freelancers, and track payments and development progress. Statements from both our bank and Upwork, along with itemized billing details from Upwork (including billing broken down by specific individual freelancer citing hours worked, etc.) will be provided to escrow signatories as a condition of Milestones 2, 3, and 4. Neither Spout nor its principals, employees, or related parties have any ownership interest in or receive any compensation or commission from Upwork or any Upwork affiliated freelancer.  

Amazon Web Services. Spout uses AWS for its server infrastructure. Statements from both our bank and AWS, will be provided to escrow signatories as a condition of Milestones 2, 3, and 4. Neither Spout nor its principals, employees, or related parties have any ownership interest in or receive any compensation or commission from AWS.  

Sendbird (or successor platform provider). Spout uses Sendbird as chat platform provider for its in-app chat feature. Statements from both our bank and AWS, will be provided to escrow signatories as a condition of Milestones 2, 3, and 4. Neither Spout nor its principals, employees, or related parties have any ownership interest in or receive any compensation or commission from Sendbird.  

By using escrow to release funds conditionally and incrementally, allocating 100% of the proceeds to a separate bank account, earmarking 100% of the balance to payments through pre-designated vendors, and providing ongoing transparency, we hope to give assurances that all crowdsourced funds are being used to further the app, digital wallet integration, and ultimately Spoutcoin itself. As the popularity of the app and the value of Spoutcoin are inexorably tied, we hope to align the interests of Spout and Spoutcoin holders as closely as possible.


Website: www.Spout-App.com
Email: spout@spout-app.com
Twitter: https://twitter.com/spout_app

[BlockchainOS]

no whitepaper yet?

[Spout]

no whitepaper yet?

We'll have a whitepaper online prior to actual announcement next week.

[ignitiondefect]

[gorokill]

Total supply: 10,000,000,000 coins WOW 

[Spout]

Total supply: 10,000,000,000 coins WOW 

This is thought necessary because even 100,000 app users multiplied by 1000 Spoutcoin is already 100 million Spoutcoin. The formula for automatically allocating Spoutcoin demands a high coin supply.

[Spout]

Total supply: 10,000,000,000 coins WOW 

On the other hand, Spoutcoin is divisible, so if we ended up with a huge number of users, we could change the formula for allocation within the app to reward users with smaller chunks.

[memequiserle]

youre create coin use counterparty asset
and total supply coin 10 billion coin, youre not calculation how much sending fee in counterwallet or counterparty wallet
if use exchanger internal counterwallet you not calclulation every exchange minimum fee 50k satoshi
if total suply is very big and so coin price is very low, all people not interest youre coin because sending fee is very big

[Spout]

youre create coin use counterparty asset
and total supply coin 10 billion coin, youre not calculation how much sending fee in counterwallet or counterparty wallet
if use exchanger internal counterwallet you not calclulation every exchange minimum fee 50k satoshi
if total suply is very big and so coin price is very low, all people not interest youre coin because sending fee is very big

Its a good issue you raise. The solution may involve picopayments (https://github.com/F483/picopayments-hub) like Storj has developed or if that is not practical then we can look into a reduced coin supply. I'll have a more detailed answer for you on this in the next few days.

[CjMapope]

Total supply: 10,000,000,000 coins WOW 

This is thought necessary because even 100,000 app users multiplied by 1000 Spoutcoin is already 100 million Spoutcoin. The formula for automatically allocating Spoutcoin demands a high coin supply.

ya but having them, premade, presold, on the PREmise you will have even 100k users? (you wont, not until you have something to offer) theres not that many on this forum active! haha

mixed with the brand new anon account with no escrow, the chance of abuse is outrageously high, or do we just "trust" some dude named "Spout" to not dump on the market with his 10 BILLION coins.?

This crap could keep you in the money for ever if you could make it fly.. too bad i cant see it in its current state...

also keep in mind it hard to take a coin seriously that says it will be accepted globally but dosent follow a BASE rule of ANY crypto to be accepted, let alone LISTED on alot of the major exchanges...    (ISO_4217)

[Spout]

Total supply: 10,000,000,000 coins WOW 

This is thought necessary because even 100,000 app users multiplied by 1000 Spoutcoin is already 100 million Spoutcoin. The formula for automatically allocating Spoutcoin demands a high coin supply.

ya but having them, premade, presold, on the PREmise you will have even 100k users? (you wont, not until you have something to offer) theres not that many on this forum active! haha

mixed with the brand new anon account with no escrow, the chance of abuse is outrageously high, or do we just "trust" some dude named "Spout" to not dump on the market with his 10 BILLION coins.?

This crap could keep you in the money for ever if you could make it fly.. too bad i cant see it in its current state...

also keep in mind it hard to take a coin seriously that says it will be accepted globally but dosent follow a BASE rule of ANY crypto to be accepted, let alone LISTED on alot of the major exchanges...    (ISO_4217)

70% of coins will be allocated to users of the app. The remaining coins will be either sold or burned. Spout won't own any coins for its own account, so there's nothing to "dump"

Crowdsale 2 (by far the larger of the crowdsales) will include escrow. Crowdsale 1 doesn't require escrow because purchasers will consist of Spout "stakeholders", people involved with and familiar with the app and the company, its principals, etc. We don't have a problem with the idea of escrow, there's just no point to it for Crowdsale 1 purchasers.

The ICO 4217 issue is interesting. Thank you for pointing this out. I know that this has been an issue with Bitcoin; fortunately it's trivial to modify.

[mekar sari]

you would be amazing if it could be like doge coin, although the doge coin  supply so much, btw no premine dev?

[Alastair air]

no whitepaper yet?

We'll have a whitepaper online prior to actual announcement next week.

we shall have to wait for patiently and then see whats happend with us

[Spout]

you would be amazing if it could be like doge coin, although the doge coin  supply so much, btw no premine dev?

All 10 billion coins already exist, although the supply can still be changed. I've noticed that GetGems forinstance originally started with a 10 billion coin supply and then reduced it to 100 million at some point before their crowdsale. Perhaps the tx issue was a factor in this decision.

No coins will be owned by Spout, devs, etc. for their own account unless they acquire them like everybody else.

[Spout]

Btw, if you have an iphone, you can always download Spout in the App Store and start earning Spoutcoin right away: https://itunes.apple.com/us/app/spout-anonymous-local-chat/id1144767617?mt=8

[Spout]

Spout will be released for Android next month concurrently with the official public launch of the app. Probably mid to late February.

[fantoos]

I also have concerns about total supply like many people already have raised the question and others issues which will appear in case of trading and fee for sending. In spite of all these issue will keep watching how things evolves in coming days. May be it will be worth to participate in the crowdsale.

[Spout]

I also have concerns about total supply like many people already have raised the question and others issues which will appear in case of trading and fee for sending. In spite of all these issue will keep watching how things evolves in coming days. May be it will be worth to participate in the crowdsale.

We are looking into the tx issue with regard to coin supply. At this point, the ratio between fees and coin price is our main concern. Getting feedback from other Counterparty asset holders today.

[logictense]

Total supply: 10,000,000,000 coins WOW 

This is thought necessary because even 100,000 app users multiplied by 1000 Spoutcoin is already 100 million Spoutcoin. The formula for automatically allocating Spoutcoin demands a high coin supply.

U didint really explain why its deemed necessary to issue 10 billion of shits, did u? One unit of sprout should be pegged to capre diem to keep the prices at a meaningful level of acceptability, otherwise u would need to move decimal point 5 places to the right to allow sptc to be tradable against usd.

[Spout]

Total supply: 10,000,000,000 coins WOW 

This is thought necessary because even 100,000 app users multiplied by 1000 Spoutcoin is already 100 million Spoutcoin. The formula for automatically allocating Spoutcoin demands a high coin supply.

U didint really explain why its deemed necessary to issue 10 billion of shits, did u? One unit of sprout should be pegged to capre diem to keep the prices at a meaningful level of acceptability, otherwise u would need to move decimal point 5 places to the right to allow sptc to be tradable against usd.

Well, 10 billion isn't set in stone yet as the token supply has not been locked. Reducing the supply would mean that we would need to adjust the formula for allocating Spoutcoin to app users to fractional amounts of Spoutcoin, which isn't really a problem. Perhaps a supply of 1 billion, or even 100 million like GetGems did?