.1 ETH bounty for anyone who can come up with a solid reason this won't work

[semaforo]

 Ok, I keep trying to engage people about Ummati platform project, and no one seems to be engaging the actual ideas.


   Come on, has this forum degenerated to the point where you can't even discuss ideas here? All people care about is getting rich, yet don't they get that coming up with real, innovative ideas or at least finding them and supporting them is still one of the bewt ways to get rich? But yeah, it takes 3 to 5 years and no one has that kind of patience, and everyone who rather just stick to their day job.

   Nothing ventured nothing gained.

  So here's some money right here, right now. If anyone can look at the white paper of Ummati and prove that it is not an amazing idea or show some fatal flaw with the system, I am standing by to send .1 ETH to your address. If there is a dispute we can put it to a vote.

   There may be tips for honorable mentions that lead to updating the white paper.

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[Deltaforcing]

Hi semaforo

I have read through the White Paper. Looks like the reputation system is one of the core foundations of the platform.

Quick question:

Will the reputation scoring algorithms and all the variables and inputs considered be entirely transparent? If this information is partially withheld then selected insiders in the know can game the system to their advantage to the detriment of other users.

[semaforo]

Hi semaforo

I have read through the White Paper. Looks like the reputation system is one of the core foundations of the platform.

Quick question:

Will the reputation scoring algorithms and all the variables and inputs considered be entirely transparent? If this information is partially withheld then selected insiders in the know can game the system to their advantage to the detriment of other users.

It's an open source project. There are means of gaming the system which can be stopped via security algorithms, the problem with these algorithms is that they penalize a small number of innocent users. This is why users can boost their reputation further by meeting in person with other users and allowing their contracts to be personally documented. This is called decentralized auditing, where the reputation value change is inversely proportional to the degree of network connectivity between the two users.

[Deathwing]

Because it is a "religious blockchain" that won't have an impact on global market?

[auliahr]

I am a Muslim and I support this islamic banking, I know the majority of people of malaysia country embraced Islam and this is very interesting if developed. But what often matters is the difficulty of educating the public about the world of crypto or blockchain. I think the market of this project is only in Muslim countries, if globally this will be a serious challenge.

[semaforo]

Because it is a "religious blockchain" that won't have an impact on global market?

  An estimated $1.5 trillion in assets are currently managed by the "Islamic banking" sector.

  That exceeds the entire market cap of all cryptocurrencies. But surely you wouldn't argue that cryptocurrencies don't have an effect on global markets?

  The blockchain itself is not religious, it can be used by anyone. The argument is that it is preferable to have a blockchain used by a community with similar values, because otherwise we reward the activities of others on the chain. For example, huge amounts of gambling take place on the bitcoin blockchain or pointless wars are fuelled by the dollar economy- by moving to a currency that has a clear moral vision, our buying and hodling supports the value of the currency used by a community with similar values.

[semaforo]

I am a Muslim and I support this islamic banking, I know the majority of people of malaysia country embraced Islam and this is very interesting if developed. But what often matters is the difficulty of educating the public about the world of crypto or blockchain. I think the market of this project is only in Muslim countries, if globally this will be a serious challenge.

   Yeah in the white paper it explains the main user base is intially targeted in Indonesia, Pakistan, and Nigeria, 3 countries, 600 million Muslims. The rest of the focus is on Muslims in Europe, USA, and other countries with higher income.

  At the same time we don't want to exclude anyone. Also the framework for ethical concerns can also be used for other issues like environment, child labor, etc.

[Leodalat]

Investors are mostly concerned about " how much of coin ? " their investment projects, when that coin live on exchange ? And they reject projects that are practical and lasting

[Lm2e4]

Because it is a "religious blockchain" that won't have an impact on global market?

Yup, maybe he's right. Nowadays people loves to earn money rather than going to church/chapel, mosque, or whatever they called it in their country, that is why your project is not that so important for them. And it is an Islamic project! and for sure only Islams would support that. And I think there are only few Muslims here so that is why?

But I find it good. Hope it succeeds, for sure many users will read the whitepaper because they are all thirsty to win the 0.1 ETH price.  

[semaforo]

Investors are mostly concerned about " how much of coin ? " their investment projects, when that coin live on exchange ? And they reject projects that are practical and lasting

    Not sure I understand this, you mean investors are looking more for hype than actual good ideas that build blockchain infrastructure as an alternative to the fiat fractional reserve banking system?

  Hmm that may be a reason that an ICO might fail, but it's not a criticism of the system itself. Besides, there's always venture capital and there's probably at least one sincerely religious oil sheikh in Kuwait or somewhere that would support it.

[Tipstar]

Cryptocurrencies are meant to be decentralized and for everyone. A slight localization flavor may leave a large group of people out of the community.
It's better to go with universally accepted concepts on cryptos.

[semaforo]

Because it is a "religious blockchain" that won't have an impact on global market?

Yup, maybe he's right. Nowadays people loves to earn money rather than going to church/chapel, mosque, or whatever they called it in their country, that is why your project is not that so important for them. And it is an Islamic project! and for sure only Islams would support that. And I think there are only few Muslims here so that is why?

But I find it good. Hope it succeeds, for sure many users will read the whitepaper because they are all thirsty to win the 0.1 ETH price.  

  Yeah true, but many investors invest in Islamic banking because they know there are believing Muslims out there that will only use banking services approved by some religious scholars and they want to diversify their portfolios.

  

[semaforo]

Cryptocurrencies are meant to be decentralized and for everyone. A slight localization flavor may leave a large group of people out of the community.
It's better to go with universally accepted concepts on cryptos.

  Ummati consists of two parts- a semi decentralized exchange platform with social trading and crowd microfinance capacity, and the blockchain itself.

   The blockchain is open to anyone, and the only reason that platform that is built on the blockchain is semi rather than fully decentralized is to prevent trading of assets dealing in interest, gambling, etc.

    But you made me realize an important point that I have not addressed- which is how can a consensus protocol function on values determined by a centralized platform?

  The answer is that anyone can mine, but by having a provable presence in a semi-decentralized platform built on the blockchain, your mining reward will be much higher.

  This means anyone can build a similar system, but it would be necessary for the blockchain developers to accept any changes. Really though, the community is open to anyone since it is open source- just like bitcoin, it is just a choice between consensus or fork.

   This brought up an interesting enough point that I think it is worth .01 to your address.