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Author Topic: New Coin Proposal  (Read 873 times)
Bitseed (OP)
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December 17, 2013, 11:28:52 PM
 #1

Hi,

I'm an established forum user meeting requirements to start posting, so I'll start with posting the planned project info, Bitseed, looking for comment. Actually, it is appropriate to start it off in the Newbies section since it is intended to be inclusive for those who missed out on the previous Cryptocurrency booms.

I'm looking at combining a funding round similar to Mastercoin-Exodus, the concept of Protoshares/Bitshares in Digital Autonomous Corporations (DACs) or decentralized applications (I call them distributed autonomous entities), and proof of stake, decentralized exchange, NXT, into a new system, Bitseed.

The funding would be an equal number of tranches, say 1000 of 1 BTC each, with a linear decrease of  Bitseed shares per tranche, 10,000 Bitseed shares for first tranche down to 10 Bitseed shares final tranche, total cap 1000 BTC for 5005000 shares. 10% additional developer shares, 500500, would also be created for a total of 5505500 initial Bitseed shares. Investors may purchase partial tranches for fractional Bitcoin. When a tranche is filled, any remaining investment is issued Bitseed shares at the exchange rate of the next tranche. I would announce a planned launch date for funding, allow presale of shares for equal distribution of shares out of initial tranches sold during presale.

My goal is to incorporate the best features of MSC, PTS, and NXT into a new system which maximizes funding for development, allows plenty of time for investors to participate at a risk level and price comfortable to them, and avoids the initial speculative bubble by providing a smooth buy-in curve. Proof of Stake mining continues the distribution and encourages participation in the network.

The Bitseed shares are used to fund new start-up DACs, allocated with stakeholders voting to approve new start-ups, start-ups exchanging shares for Bitseed shares from investors, and then Bitseed exchanging assets with the start up for shares in proportion to the amount of Bitseed invested.

The funding round and development shares are used to fund development with bounties and salaries. Governance is by proof of stake voting with proxy by stakeholders and proxy override as an option at anytime on a vote on a particular issue.

Bitseed - dedicated full node hardware
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Bitseed (OP)
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December 18, 2013, 12:23:07 AM
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Bitseed - dedicated full node hardware
zimmah
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December 18, 2013, 01:03:07 AM
 #3

So you're basiclaly making WhineCoin, a coin for whiners who think they missed out on bitcoin.

Good luck with that.

Btw, it's not to late to invest in bitcoins.
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December 18, 2013, 01:08:01 AM
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No, it's really to add new features to create new types of crypto assets while minimizing the overhead of make-work mining by replacing it with mining which accomplishes a useful purpose.

Bitseed - dedicated full node hardware
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