[ANN] [FUTEREUM (FUTR)] [Ethereum Blockchain Derivatives Contract]

[futereum]

If this is what you call mining then i prefer to mine other ethereum token.  
I don't know why you call this mining. this is ICO, you send ether you get token.

If you are a traditional POW miner it's completely understandable that you feel this way about our use of the term mining I guess.

The reason we refer to this as "mining" is because there is not really a better term for it; what is happening here is certainly not an ICO for a few key reasons:

1. The ECONOMIC effect the algo has on the issuance of tokens and the pricing of those tokens etc. over time as they are issued is identical to what POW mining impact is on coins. It has nothing in common with ICOs really at all where the distribution is all done at once and takes place upfront and there is usually some massive premine for the devs (there is no premine here)

2. ICOs collect all your money and use it for some purpose; we do not take your money except for a small mining fee when you send Ether to the contract. We CANNOT touch your Ether - it belongs to the holders of the FUTR.

3. On the issue of Point 2, because this is a secure, trustless application, the tokens can exist forever without our intervention to give them any utility whatsoever. This is not the case with most ICOs where the management team is running about doing things in order to generate utility for their tokens. In this case, the tokens have as much utility as their parent, Ether (ETH). Hence: utility derivative.

We hope that you to give it a try with a small amount - the economic course of what we are doing here is really worthwhile and will lead to beneficial impacts on crypto, such as fee-based issuance (no premine) for devs, and more construction of crypto around coins with real utility (versus just issuing tokens for more projects that have their own aims/goals/agendas). Meanwhile, what you get here in return for FUTR IS Ether (ETH) - in other words it is EXACTLY THE SAME THING you get when you POW mine ETH! Except ultimately, you get ETH at a massive discount to where it is today versus POW mining and/or buying it on an exchange. We find that these peculiarities justify the use of the term "mining" here, for in fact it is quite unlike anything that has been seen yet in crypto. Hence the term "Proof of Ether" (PoE) mining.

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[gabo77]

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

[futereum]

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

Thanks for this. It's a very valid question. We have to ask the PR firm that drew this up to see what their thoughts are on it. We will follow up on it. But not really sure whether a claim like this can ever be substantiated or not really (which is a major problem with PR! But that is a different discussion ... ) In their defense, it IS a bit of a coincidence as there was no other news that day to make this critical push in the ETH price.

[gabo77]

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

Thanks for this. It's a very valid question. We have to ask the PR firm that drew this up to see what their thoughts are on it. We will follow up on it. But not really sure whether a claim like this can ever be substantiated or not really (which is a major problem with PR! But that is a different discussion ... ) In their defense, it IS a bit of a coincidence as there was no other news that day to make this critical push in the ETH price.

Well, it is my understanding that those PR are actually published at the request of the company itself, i.e. the Futereum Foundation. I also see James Hurst as the main contact for this PR.

[futereum]

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

Thanks for this. It's a very valid question. We have to ask the PR firm that drew this up to see what their thoughts are on it. We will follow up on it. But not really sure whether a claim like this can ever be substantiated or not really (which is a major problem with PR! But that is a different discussion ... ) In their defense, it IS a bit of a coincidence as there was no other news that day to make this critical push in the ETH price.

Well, it is my understanding that those PR are actually published at the request of the company itself, i.e. the Futereum Foundation. I also see James Hurst as the main contact for this PR.

OK. Fair enough, and we will look into it then. Thanks for flagging it up!

[futereum]

Why can't we chat in the Telegram group? Would be great! Thanks for considering.

Now you can: https://t.me/FutereumCommunity

Thanks for the suggestion! Good to see you want to take part in the project more! Thank you!

[futereum]

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

agree, pretty big claim without prove... 8.86 ETH in your smart contract.
@TE please explain how this should be related to your launch...

Hi there - we looked into this. It appears what the PR meant was that with ETH going up so much and now well in excess of $1,000 that this could not be a better time for the release of an ETH derivative. Sorry for any confusion in this respect.

To give you a better understanding of how ETH affects the FUTR price though, if you look at the WP you will notice that it was written at the time ETH was $750. With the price where it is now, the price of FUTR has doubled by Level 2 compared with the former Level 1 price. So in other words, ETH may have gone up just 30% or so, but the FUTR is already well beyond that increase and in Level 2 all things being equal it is double that.

The $1,000+ ETH price is really a big deal for FUTR either way.

[futereum]

It is worth noting here that this increase in the ETH price gives good example of how FUTR works.

When FUTR was first mining 2 days ago at $1000 it was mining at $8.27/FUTR. So we can say this is the market price of FUTR. Now however, since the increase of $227 in ETH to $1227, the cost of FUTR mining is at $10.76. For Level 2 miners, after the current Level, the cost is again increased at to $13.79 and to $21 for Level 3 (assuming a ETH price of $1227; more if ETH keeps going up). This shows how when ETH rises hard in this way the early FUTR miners are making many times the rise of the ETH price. Just now for example, the FUTR miners who have participated are up 30% vs. 22.7% but will very soon be up 70% and even 155% if we are counting Level 3 mining as well. In this way FUTR functions like POW with the cost setting a minimum sell price on the exchange that is always over the longer term increasing.

So FUTR is like a derivative in this way of the ETH price. If you see ETH price increasing, then simply, you are seeing many times that increase in the FUTR price, since FUTR swaps back for ETH at the end of the 10 mining levels!

Thank you to all the FUTR miners who have so far mined - and we can say, good decision!!

[futereum]

Another illustration of how the current $1250 price is working in favor of current-level miners (purchasers) right now: http://thecurrencyjournal.com/how-futereum-futr-buyers-are-getting-the-best-of-ether-eth-price-rise-to-1250/414/

[Crypto_n00b]

Hey futereum, I think I got how this works, but what will happen if people will stop buying\"mining" let's say at level 8 and will not finish 10 levels in 12\36\whatsoever ? Do you have any math of why it is still profitable to buy on higher levels? Thanks

[futereum]

Hey futereum, I think I got how this works, but what will happen if people will stop buying\"mining" let's say at level 8 and will not finish 10 levels in 12\36\whatsoever ? Do you have any math of why it is still profitable to buy on higher levels? Thanks

It is impossible that would ever be the case. If the smart contract has ETH in it then the mining will always make economic sense to someone given the volume of tokens mined and the price at which they were mined. For instance, let's say L6-L10 is fully mined by some parties. Those parties could then mine L1-L10 of the next round and if they did not swap they would own about 90% of supply. Now they wait until Ether moons, and they own 90% of supply just as mining difficulty of FUTR is increasing. This would enable them to sell FUTR at a huge mark-up to the purchase price. The fact that the contract rolls on forever is what gives it a unique permanence as long as ETH is always carrying value. The contract is purely ETH.

[futereum]

One of our writers has now answered the question re: later stage mining levels and why one might mine FUTR in L8-L10 (with math):

http://thecurrencyjournal.com/price-analysis-the-500-million-futereum-futr-trade-with-a-new-1400-ethereum-eth-benchmark/427/

[richardxl]

The biggest risk here is bugs to the contract. Do you have an a proof of audit for the code?

[futereum]

The biggest risk here is bugs to the contract. Do you have an a proof of audit for the code?

Good question. Actually, anyone can audit the code as we have listed the source code address in the main post. This code is pretty straightforward  as you can see from the reference in the link on the main post. Although complex by design in terms of how the value functions within the swap period, the technology comprises a relatively straightforward set of functions and tasks that have been detailed in full in the WP. Therefore considering the ample internal resources of the team an external audit was not considered necessary given the relative simplicity of the product as is the case here. For forthcoming product releases however an independent external audit of the code will have to be undertaken as the products are significantly more complex so they will be independently audited prior to being launched.

[futereum]

Latest news: http://thecurrencyjournal.com/futereum-prepares-to-list-its-first-crypto-on-exchange-as-hedge-funds-eye-futr-for-eth-gains/443/

[rauderce]

took a stake in FUTR, huge potential in the financial markets. It could bridge the niche gap between USDT/DAI & ETH

[ijuststarted]

[/i]LEVEL 1 / 114 FUTR/ETH / 1m FUTR
LEVEL 2 / 89 FUTR/ETH / 900k FUTR
LEVEL 3 / 55 FUTR/ETH / 800k FUTR
LEVEL 4 / 34 FUTR/ETH / 700k  FUTR
LEVEL 5 / 21 FUTR/ETH / 600k FUTR
LEVEL 6 / 13 FUTR/ETH / 500k FUTR
LEVEL 7 / 8 FUTR/ETH / 400k FUTR
LEVEL 8 / 5 FUTR/ETH / 300k FUTR
LEVEL 9 / 3 FUTR/ETH / 200k FUTR
LEVEL 10 / 2 FUTR/ETH / 100k FUTR[/center]

If all levels are completed by GMT: Saturday, January 5, 2019 9:12:07 PM then all FUTR will be eligible to swap back with the ETH held in the smart contract on GMT: Saturday, February 9, 2019 9:12:07 PM. If any levels remain unmined after the completion date then the swap date will be moved back by 24 months.

Wow, so basically, you are saying: If people don't invest over 500000 ETH (600 Million USD) in FUTR, the swap date will be moved back by 24 months?
Oh, and i think you forgot to mention the fees that you take:

    // Addresses for fees.
    address public foundation = 0x950ec4ef693d90f8519c4213821e462426d30905;
    address public owner = 0x78BFCA5E20B0D710EbEF98249f68d9320eE423be;
    address public dev = 0x5d2b9f5345e69e2390ce4c26ccc9c2910a097520;
   
    // Pays fees to the foundation, the owner, and the dev.
    // It also updates the state.  Anyone can call this.
    function payFees() public {
         // Check state to see if swap needs to happen.
         _updateState();
         
        uint256 fees = penalty + (_submitted - submittedFeesPaid) * 1530 / 10000;  // fees are 15.3 % total.
        submittedFeesPaid = _submitted;
       

.

[futereum]

[/i]LEVEL 1 / 114 FUTR/ETH / 1m FUTR
LEVEL 2 / 89 FUTR/ETH / 900k FUTR
LEVEL 3 / 55 FUTR/ETH / 800k FUTR
LEVEL 4 / 34 FUTR/ETH / 700k  FUTR
LEVEL 5 / 21 FUTR/ETH / 600k FUTR
LEVEL 6 / 13 FUTR/ETH / 500k FUTR
LEVEL 7 / 8 FUTR/ETH / 400k FUTR
LEVEL 8 / 5 FUTR/ETH / 300k FUTR
LEVEL 9 / 3 FUTR/ETH / 200k FUTR
LEVEL 10 / 2 FUTR/ETH / 100k FUTR[/center]

If all levels are completed by GMT: Saturday, January 5, 2019 9:12:07 PM then all FUTR will be eligible to swap back with the ETH held in the smart contract on GMT: Saturday, February 9, 2019 9:12:07 PM. If any levels remain unmined after the completion date then the swap date will be moved back by 24 months.

Wow, so basically, you are saying: If people don't invest over 500000 ETH (600 Million USD) in FUTR, the swap date will be moved back by 24 months?
Oh, and i think you forgot to mention the fees that you take:

   // Addresses for fees.
    address public foundation = 0x950ec4ef693d90f8519c4213821e462426d30905;
    address public owner = 0x78BFCA5E20B0D710EbEF98249f68d9320eE423be;
    address public dev = 0x5d2b9f5345e69e2390ce4c26ccc9c2910a097520;
    
    // Pays fees to the foundation, the owner, and the dev.
    // It also updates the state.  Anyone can call this.
    function payFees() public {
         // Check state to see if swap needs to happen.
         _updateState();
        
        uint256 fees = penalty + (_submitted - submittedFeesPaid) * 1530 / 10000;  // fees are 15.3 % total.
        submittedFeesPaid = _submitted;
        

.

From the White Paper:

12 - 36 MONTHS DEADLINE PROVISIONS (References & Explanations)
4.4   Checking   the   Deadline Each time a token is transferred, the time Is checked against the end time. If 12 months passes and the tiers are not filled, the deadline is extended to 36 months (Page 16); endTime Function Returns time of the next deadline (in Epoch time). This is updated for each different state. The length of each period (from contract creation time) is: Dispensing Tokens 12 months Dispensing Extended 36 months Wait 1 month Swap Tokens for Ether 5 days extended Function Returns a Boolean value indicating whether the token dispensing period has been extended because all tiers were not filled in 12 months (Page 19)

FEES (References & Explanations)
See: 1.3 NON-PREMINED APPROACH: FEE-ENABLED MINING SOLUTION (Page 7); Therefore, instead of premining the FUTR smart contract, we developed a fee
schedule based on achievement of actual mining levels being achieved over time. Assuming 10 Levels of mining difficulty being achieved over 12 months, with an additional one-off charge for product development, the fee schedules we developed is as follows:• Monthly Charge: 0.4% for Month 1-12 (there is no fee for additional months) • Level Cost: 0.6% per Level 1-10 • Administrative Fee: 5% (page 7); These fees, which comprise a total of 15%, are removed at source upon mining of the FUTR in ETH tokens (Page ; 3.2 How Futereum Tokens Work (Page 13); For example, if there are 6.73 million FUTR in circulation, and the holder exchanges 673,000 FUTR, then given a total of 197,908 ETH (not including the 15.3% fees as per Section 1.3) (Page 13); 4.3 Storing Ether (page 16); The Ether remains in the Smart Contract and the fees are deducted (Page 16); payFees Function Pays any outstanding fees to the foundation and other addresses. Anyone can call this function (Page 20); Insofar as the fourth point is concerned, The Futereum Foundation does not receive any portion of any profit. It receives a flat fee paid in ETH at the point at which the FUTR is mined 9page 22); For every ETH received, the Foundation holds a multi-signature for the purpose of effecting any urgently in demand any technical issues. At the point when FUTR is mined, a one-off fee of 15.3% is subtracted from the smart contract pool of ETH employed in the mining process (Page 23); NB also big diagram on Page 23 (Part detailing how fees are used

We are sorry if you missed these refs in the White Paper, but we are quite certain we did not forget to point them out. Thank you for doing so here at bitcointalk however for those that didn't read the whole White Paper through this is certainly beneficial (NB the note on website under MINING FUTR which reads: Please be advised: We suggest that miners read the White Paper before mining FUTR in order to better understand it’s multi-utility characteristics.)

[futereum]

Here is a video to help illustrate the potential and functionality of FUTR: https://youtu.be/PbLLN7HMka0

NB - the comparatively huge returns illustrates versus ETH for the same risk (if not less risk; because you are diversified) are what make the product so potentially attractive to such a huge market share. Mining has picked up a lot as social media sites and news sites such as Crypto Ninjas have been picking up on Futereum in recent days, too!

CryptoNinjas Headline story: https://www.cryptoninjas.net/2018/01/12/futereum-foundation-launches-eth-blockchain-futures-futr/

[join2]

Here is a video to help illustrate the potential and functionality of FUTR: https://youtu.be/PbLLN7HMka0

NB - the comparatively huge returns illustrates versus ETH for the same risk (if not less risk; because you are diversified) are what make the product so potentially attractive to such a huge market share. Mining has picked up a lot as social media sites and news sites such as Crypto Ninjas have been picking up on Futereum in recent days, too!

CryptoNinjas Headline story: https://www.cryptoninjas.net/2018/01/12/futereum-foundation-launches-eth-blockchain-futures-futr/

good video, I hope the future of this project is much in demand many orang.kita know this project has a good concept and interesting