[SKY] Skycoin Launch Announcement

[leshkam53]

Skycoin: IPO 1% of coins and distribute the majority of the coins to the userbase over time (within five years)

Skycoin is trying a new model.

Your new model is to sell 1% and hold 99% now to build a market with high price then sell(distribute) 99% later with a better price. What you are trying to say is that you devs want most of profit, not for the investors.

Fix this and put these coins in the hands of the investors. You are killing the coin with the distribution

hope developers are reading the posts and come up with a new distribution plan. Otherwise this coin will be dead before it gets launched

[1714017862]

1714017862

[1714017862]

1714017862

[crimealone]

This is not IPO. It should be called get-rich-fast scheme....
AND don't compare yourself with ripple, maidsafe....

[damei]

IPO Security Measures:

We made the final changes to the deterministic wallet generation. Final security preparations for the IPO are beginning.

Recently, hackers have been targeting coin IPOs for attack. We are generating the private keys for the IPO addresses offline, from a computer that has not been connected to the internet and then moving the addresses via USB drive in 1 million coin batches.

We are taking measures to proxy the server authorizing the IPO transactions to prevent identification of the server. The server will have all incoming ports firewalled and will only allow outgoing connections to specific IP addresses on specific ports. The Bitcoin received will be immediately distributed to the project teams and the rest will be placed into cold storage in paper wallet addresses generated by a computer not attached to the internet.

How the IPO Will Work:

1 million coins (1%) will be sold for 50k in Bitcoin.

The objective of the initial  IPO is to get coins in the hands of as many people as possible.

The IPO will work as following.
- A person will generate a Skycoin address (to receive coins to), they will input the address into a form.
-  They will receive a Bitcoin address (address to send coins to). They will send coins to the address.
- If the IPO is over subscribed, coins which could not participate in the IPO will be sent back to the address.

People have suggested that Coinbase does not work well with receiving coins back to one of the addresses they were sent from. Therefore we may also need a return address if this is the case.

The number of Bitcoin per person that may participate in the IPO may be capped.

We have a special firm doing bot detection, browser fingerprinting based upon IP address, ad network tracking and browser metadata. If a user is suspected of being a bot or multiple participation, we reserve the right to ban their participation from the IPO. We highly recommend using an unproxied internet connection, on a residential network on a computer with a web history.

After the IPO, the balances received by Skycoin addresses during the IPO will be published, so that  people have information on the distribution of coins in the IPO. The Bitcoin addresses will not be published, to protect user privacy.

After the IPO, all logs on the server will be nuked by overwriting the disc multiple times with random data.

We have had several people who want to buy out the whole IPO allotment, so the IPO will probably be over subscribed. An alternative to a fixed valuation IPO is an auction, but the downside is that early investors will benefit less from appreciation and the coin will be more concentrated in the hands of a small number of wealthy people.

Conditions for the IPO:

The IPO will not begin until the wallet is working for the majority of people. We will not start the IPO if people on OSX cannot run the wallet.

The IPO will not begin until there are wallet binaries for each platform. We are giving a few coins to developers to help test the network on different operating system and help fix any bugs.

Post-IPO

After the IPO, you will be able to check balances, send and receive coins on the main blockchain. Exchanges will be able to begin trading Skycoin.

However, there is still work to be done. We need a blockchain history library that parses the blockchain and gets account histories (for the block explorer) and we need to work on Obelisk and the wallet is still under heavy development.

We are saving each address and all account balances hourly. In the event of an attack, major security breach or major changes to the blockchain, we are taking measures to ensure that we have the data required to restore account balances and minimize disruption.

Finishing the remaining components of the mesh network before July is likely to push Obelisk and security related improvements back by a few months, but will greatly improve coin adaption.

look like fair ...
but ,are you ready?

[yinggelan]

Skycoin Philosophy:
- complex systems cannot be secure
- simplicity over complexity
- decentralized but pragmatic
- emphasis on usability

－－－－－－
oh ,I do not how to say.


l like it.I think may you better than ETH.

[nightengale]

I'd been planning in investing on Skycoin, but now not so much. I could see spreading the distribution out over as much as six months, but five years is a bit ridiculous. In five years, I'd wager 98% of the altcoins in existence today are going to be long forgotten. Just because Skycoins would still be in distribution at that point does not guarantee it will still be around. Some early adopters making a bit of money isn't necessarily bad for a coin, it generates buzz and gets people interested. What will keep Skycoin in the game are a smart design and innovative features -- unless the distribution is totally botched and unfair, it's only a small part of the equation. I'd argue the Bitshares AGS is probably the best distribution concept I've seen as of yet. Those things said, the dev seems to make decisions by ideological decree instead of logic and consensus, so I don't know why I'm wasting my breath. Goodbye Skycoin, best of luck to you all.

[dongjingtq]

I'd been planning in investing on Skycoin, but now not so much. I could see spreading the distribution out over as much as six months, but five years is a bit ridiculous. In five years, I'd wager 98% of the altcoins in existence today are going to be long forgotten. Just because Skycoins would still be in distribution at that point does not guarantee it will still be around. Some early adopters making a bit of money isn't necessarily bad for a coin, it generates buzz and gets people interested. What will keep Skycoin in the game are a smart design and innovative features -- unless the distribution is totally botched and unfair, it's only a small part of the equation. I'd argue the Bitshares AGS is probably the best distribution concept I've seen as of yet. Those things said, the dev seems to make decisions by ideological decree instead of logic and consensus, so I don't know why I'm wasting my breath. Goodbye Skycoin, best of luck to you all.

I agree what you say something,other thing is not.

[meiguo]

Please tell me about Darknet and Obelisk. I don't understand, what is it.

What is Obelisk?

Obelisk is what makes Skycoin, Bitcoin 2.0. Obelisk is a sustainable alternative to proof-of-work. Obelisk is a system that replaces proof of work for blockchain consensus and eliminates the possibility of a 51% attack.

Obelisk was inspired by academic research into adversarial distributed time-stamping and algorithms such as Ben-Or's, Paxos, and the Castro-Liskov PBFT algorithm. Obelisk is a new solution to the Byzantine Generals problem which offers strong mathematical security guarantees, even when the majority of nodes are hostile.

What is the Skycoin Darknet Project?

The Darknet project is the first major Skycoin application.

https://github.com/skycoin/darknet

How does Obelisk Improve on Bitcoin:

Obelisk and specific design decisions may allow Skycoin to achieve transaction confirmation times as low as four seconds, without compromising security.

Skycoin does not waste electricity or consume exponentially growing, unsustainable amounts of electricity unlike Bitcoin.

Skycoin cannot be 51% attacked. No matter how much money or hashing power an adversary has, they cannot reverse transactions.

Obelisk Technical Aspects:

Obelisk allows consensus on multiple concurrent branches simultaneously so the network does not stop for consensus. For instance, if there are two outstanding candidate branches in the possible consensus set and both branches have executed your transaction, your transaction is effectively executed and the outputs available for spending regardless of the future consensus decisions. The output hashs only depend on the input and the transaction hash, not upon the block the transaction was executed in.

The chance of a blockchain fork at block X in Skycoin approaches zero exponentially quickly in the number of blocks minted on top of X. Therefore increasing block rate improves Skycoin security (up to a point) where as increasing block rate decreases Bitcoin security (increases orphan rate). In Bitcoin, the effort required to fork at a particular block is the network hash rate times the time since the block. Decreasing the time between blocks leaves this number constant. Forking a chain with 10 blocks one minute apart requires the same level of effort as forking a chain with one block 10 minutes apart.

In Skycoin each Obelisk node has a "public broadcast channel" which timestamps block announces and counter timestamps the arrival of messages from other Obelisk nodes (construction of public broadcast channel is in Obelisk paper). If a node attempts to revert network consensus and fork the chain at a earlier block, the other nodes can prove mathematically that with high probability the block did not exist (was not announced to network) at the time the node claims to have made its local consensus decision in favor of the block.

Its possible to construct an unforgable mathematical "proof of fail" using the signed timestamps. The proof can be verified by third parties, showing the node is retroactively claiming consensus for a block that was not announced to the network at time it claims consensus. Any node receiving the proof would sever its trust (public broadcast channel subscription) relationships with the cheating node and furthermore you can safely sever trust relationships with any node that fails to sever trust relationships with the cheating node.

Ripple assumes that the nodes running the network can be trusted. Skycoin assumes they are cheating, detects the cheating and bans them.  Skycoin uses a "relational consensus" model, similar to Ripple but Skycoin should not be compared to Ripple because Ripple does not meet the Bitcoin criteria for decentralization.

mark mark

The Obelisk is good .

let it lauch!

[ariesjia]

how to get skycoin. you are already on the sky , go to moon .

[JohnWayne02]

This is a very long shot. You need to wait for 3 to 5 years with high expectation and high uncertainty. At the end of the 3 or 5 years, the clones will just come out to take your market. There is a night risk if time. This is a different risk.

[ljp7839008]

so,i think developers deserve to have some percentage for their work. but keeping 99% in their hands is too much

[GodfatherX]

Maybe the devs should start a real company like Ripple to be open and centralized.

[zjz_lgd]

Is this new algo?
how can we get the coins fairly?
is there free coins provide?
keep eyes on it and see what's going on!

[signingoff]

Maybe the devs should start a real company like Ripple to be open and centralized.

Yes, this is what I thought.
Now the devs are anonymous, and why they need so much money?

[haowang]

IPO Security Measures:

We made the final changes to the deterministic wallet generation. Final security preparations for the IPO are beginning.

Recently, hackers have been targeting coin IPOs for attack. We are generating the private keys for the IPO addresses offline, from a computer that has not been connected to the internet and then moving the addresses via USB drive in 1 million coin batches.

We are taking measures to proxy the server authorizing the IPO transactions to prevent identification of the server. The server will have all incoming ports firewalled and will only allow outgoing connections to specific IP addresses on specific ports. The Bitcoin received will be immediately distributed to the project teams and the rest will be placed into cold storage in paper wallet addresses generated by a computer not attached to the internet.

How the IPO Will Work:

1 million coins (1%) will be sold for 50k in Bitcoin.

The objective of the initial  IPO is to get coins in the hands of as many people as possible.

The IPO will work as following.
- A person will generate a Skycoin address (to receive coins to), they will input the address into a form.
-  They will receive a Bitcoin address (address to send coins to). They will send coins to the address.
- If the IPO is over subscribed, coins which could not participate in the IPO will be sent back to the address.

People have suggested that Coinbase does not work well with receiving coins back to one of the addresses they were sent from. Therefore we may also need a return address if this is the case.

The number of Bitcoin per person that may participate in the IPO may be capped.

We have a special firm doing bot detection, browser fingerprinting based upon IP address, ad network tracking and browser metadata. If a user is suspected of being a bot or multiple participation, we reserve the right to ban their participation from the IPO. We highly recommend using an unproxied internet connection, on a residential network on a computer with a web history.

After the IPO, the balances received by Skycoin addresses during the IPO will be published, so that  people have information on the distribution of coins in the IPO. The Bitcoin addresses will not be published, to protect user privacy.

After the IPO, all logs on the server will be nuked by overwriting the disc multiple times with random data.

We have had several people who want to buy out the whole IPO allotment, so the IPO will probably be over subscribed. An alternative to a fixed valuation IPO is an auction, but the downside is that early investors will benefit less from appreciation and the coin will be more concentrated in the hands of a small number of wealthy people.

Conditions for the IPO:

The IPO will not begin until the wallet is working for the majority of people. We will not start the IPO if people on OSX cannot run the wallet.

The IPO will not begin until there are wallet binaries for each platform. We are giving a few coins to developers to help test the network on different operating system and help fix any bugs.

Post-IPO

After the IPO, you will be able to check balances, send and receive coins on the main blockchain. Exchanges will be able to begin trading Skycoin.

However, there is still work to be done. We need a blockchain history library that parses the blockchain and gets account histories (for the block explorer) and we need to work on Obelisk and the wallet is still under heavy development.

We are saving each address and all account balances hourly. In the event of an attack, major security breach or major changes to the blockchain, we are taking measures to ensure that we have the data required to restore account balances and minimize disruption.

Finishing the remaining components of the mesh network before July is likely to push Obelisk and security related improvements back by a few months, but will greatly improve coin adaption.

look like fair ...
but ,are you ready?

WAIT FOR THAT

[JFK01]

Lots of anxiety from all different parties.

[crimealone]

I think you guys have two choices, if you want to make this coin successful.
1. Come out of shadow, look for famous investors or partners to establish a company or foundation. We don't have confidence in anonymous developers. It's too risky.
2. Find out a more fairer and reasonable distribution plan. I think you can learn something from NEM guys. Set the investing upper limit (for example, 1.5 BTC) and prevent multiple accounts which may take a long time to check all investors info.

 I think there are many intelligent guys in your team. Why don't you take time to think twice and make a better plan?
What you guys have done is amazing. But pure innovative technique alone can't make this coin successful. You need more.

[pineapples]

i'm keen and waiting

[baxi]

I think you guys have two choices, if you want to make this coin successful.
1. Come out of shadow, look for famous investors or partners to establish a company or foundation. We don't have confidence in anonymous developers. It's too risky.
2. Find out a more fairer and reasonable distribution plan. I think you can learn something from NEM guys. Set the investing upper limit (for example, 1.5 BTC) and prevent multiple accounts which may take a long time to check all investors info.

 I think there are many intelligent guys in your team. Why don't you take time to think twice and make a better plan?
What you guys have done is amazing. But pure innovative technique alone can't make this coin successful. You need more.

I do not think so.

[shenhua]

i'm keen and waiting

When will the Alpha be released?

[Eagle_Silver]

Good luck to everyone! Be peaceful and don't expect to be rick quickly in any circumstance. If you do you will lose badly.