[SKY] Skycoin Launch Announcement

[kripto]

Development Update:

The Skycoin meshnet white paper is done, Skywire

https://docs.google.com/document/d/1_rPNMTokwmBPFel1pZfLbTtTkooSWtGKrTLB3RbXIrI

We thought the new developers could learn golang in two days and its taking a bit longer, especially with getting up to date on the code base and what needs to be done and why its structured the way it is. Working on better system for coordinating the work.

Well done!
Just take your time and keep up the good work.

[iruu]

A decentralized distributed consensus currency, so to speak. At least aiming to be decentralized.  
I don't really get the why. Why not some variation of proof of stake? For example a version where one stake equals one virtual node. No need for trust when there's financial interest.  

Yes. We actually have two layers of proof-of-stake. There is the blockchain consensus, then within the blockchain we have coinhours, which are burned as fees. That is a form of proof-of-stake.  A forked blockchain with transactions reverted will have a lower total coinhour burn.

Why will it have? What happens when attacker has an older and bigger stake and transacts it in a fork?
It only adds age as a security parameter.

Open issues, with this are whether to have the votes on the blockchain or off-blockchain and whether quorum decisions should be on blockchain.

If they aren't, how does new node, with old blockchain, decide which blocks to accept? It doesn't have the necessary information.   

You can combine, web-of-trust with the proof of stake/voting mechanism. You could require that changes to the Skycoin source code (for the blockchain module) require a majority of coin holders to vote to ratify the changes. You hash the files in some way and get a root hash and people vote on the hash. Then if someone gives you source files, you can hash them and get a hash and compare it to what it should be.

What happens when majority of stake tells something other than majority (direct or by some algorithm) of trusted nodes/accounts? The way I see it, if trust wins, you may as well remove PoS, and the opposite if PoS wins.  

We think we can go beyond proof-of-stake. We believe it is possible to be 51% attack proof, even if the attacker controls the majority of the coins and the majority of hashing power. We want an absolute, mathematical guarantee and that is what we are working towards.

How? A node with genesis only connects. Two blockchains exist. True - the one that was the first - blockchain has 49% of stake behind it, false (constructed with fake time to force a doublespend from true) 51%. Now what?  

[jabo38]

What we will probably do, is have a pre-IPO "order commitment". Users will Bitcoin account histories and/or Github accounts and project contributors will be allowed to commit to IPO, up to percentage of the IPO. Participation will be capped at 5 BTC and the cap will go down as the pool gets depleted.

Then the people who have been following project for a while, will get a guaranteed commitment to IPO, without worrying about timing. Then rest of IPO pool will be released after launch.


For the record, I have been following Skycoin since the beginning.

Same here

me too  (following, since feb or early april )

me too but usually lurking

[bri912678]

I have also been following this thread for a long time and I feel the title is misleading. Each time I read "Skycoin Launch Announcement" I think it means the coin is really launching, only to find it's still nowhere near launch.

It would be clearer if the thread's title was something like "Skycoin development updates".

[allwelder]

watching.

[ripplebtc]

When will the IPO start?

[blackhatzw]

keep an eye on sky coin.

[Djinou94]

What we will probably do, is have a pre-IPO "order commitment". Users will Bitcoin account histories and/or Github accounts and project contributors will be allowed to commit to IPO, up to percentage of the IPO. Participation will be capped at 5 BTC and the cap will go down as the pool gets depleted.

Then the people who have been following project for a while, will get a guaranteed commitment to IPO, without worrying about timing. Then rest of IPO pool will be released after launch.


For the record, I have been following Skycoin since the beginning.  My Bitcointalk account was opened last year.  Thanks.

Since the 28 january boss sky 

https://bitcointalk.org/index.php?topic=380441.msg4797110#msg4797110

[provenceday]

I have more than 10 posts on this thread , I am in!!!

[drm]

expressed my interest a while ago already, and that "launch announcement" in the thread title gets me a lot of the time as well lol.

[SuperKing]

This is a good project.
I love new code!

[Lordoftherigs]

What we will probably do, is have a pre-IPO "order commitment". Users will Bitcoin account histories and/or Github accounts and project contributors will be allowed to commit to IPO, up to percentage of the IPO. Participation will be capped at 5 BTC and the cap will go down as the pool gets depleted.

Then the people who have been following project for a while, will get a guaranteed commitment to IPO, without worrying about timing. Then rest of IPO pool will be released after launch.


For the record, I have been following Skycoin since the beginning.  My Bitcointalk account was opened last year.  Thanks.

Since the 28 january boss sky 

https://bitcointalk.org/index.php?topic=380441.msg4797110#msg4797110

Since February

https://bitcointalk.org/index.php?topic=380441.msg5073446#msg5073446

[instacalm]

What we will probably do, is have a pre-IPO "order commitment". Users will Bitcoin account histories and/or Github accounts and project contributors will be allowed to commit to IPO, up to percentage of the IPO. Participation will be capped at 5 BTC and the cap will go down as the pool gets depleted.

Then the people who have been following project for a while, will get a guaranteed commitment to IPO, without worrying about timing. Then rest of IPO pool will be released after launch.


For the record, I have been following Skycoin since the beginning.  My Bitcointalk account was opened last year.  Thanks.

Since the 28 january boss sky 

https://bitcointalk.org/index.php?topic=380441.msg4797110#msg4797110

Since February

https://bitcointalk.org/index.php?topic=380441.msg5073446#msg5073446

December 28 2013
https://bitcointalk.org/index.php?topic=380441.msg4189011#msg4189011

[22naru]

watching.

[hill]

IPO:

Policy Implications:

- the rate that Skycoins are released on to the market should be constant and predictable
- the number of coins on the market should not increase faster than user base growth
- the rate that coins are released on to the market should taper and decrease over time
- if a shock (news event, massive influx of new users) occurs that drives up price, more coins should be released onto market for the duration of the shock, to smooth out volatility
- if a price decrease occurs, the rate of coins going onto the market should be decreased
- if a major price decrease out of line with long term fundamentals occur, a pool of coins should be reserved to begin buying back coins and stabilize exchange rates
- tracking and publishing data better enables market makers to calculate the "fundamental value" and may reduce price volatility
- increased price stability increases the demand for Skycoin. Currency traders, merchants and speculators prefer to hold reserves in the coin with the lowest foreign exchange risk.

I trust market rather than manipulation.

[Secondleo]

IPO:

Policy Implications:

- the rate that Skycoins are released on to the market should be constant and predictable
- the number of coins on the market should not increase faster than user base growth
- the rate that coins are released on to the market should taper and decrease over time
- if a shock (news event, massive influx of new users) occurs that drives up price, more coins should be released onto market for the duration of the shock, to smooth out volatility
- if a price decrease occurs, the rate of coins going onto the market should be decreased
- if a major price decrease out of line with long term fundamentals occur, a pool of coins should be reserved to begin buying back coins and stabilize exchange rates
- tracking and publishing data better enables market makers to calculate the "fundamental value" and may reduce price volatility
- increased price stability increases the demand for Skycoin. Currency traders, merchants and speculators prefer to hold reserves in the coin with the lowest foreign exchange risk.

I trust market rather than manipulation.

A fully premined and distributed coin should be your choice in that case.
Please don't go for Bitcoin in this argument. Bitcoin is "manipulating" the market. New coins are released on a regular basis. And while the rate of release is not adjusted, the difficulty is.

What will be interesting is to see, how the release of new coins is managed. Will it be done by hand or does the system have a way to predict how many coins are needed?
Emunie is going to try a systemized coin release into the wild. I still don't have a clue how they are going to manage that.

[hamiltino]

Very interested in this coin and the IPO.

This coin seems to be the underlying currency of the upcoming meshnet global network.

What i see is that meshnets are the ultimate goal, mass adoption can only be attainable with the deployment of satellites that which connect countries together to create a global mesh network. Can't see it any other way, we can't have these local mesh networks, its just not going to be enough to get people thinking about using meshent over the existing internet.  

How are you guys going to afford and deploy sattelites?

Also what makes skywire better than cjdns/hyperboria network?

[mladen00]

looks interesting
+1

keep watching everyday

[lucky88888]

interesting

[timecoin]

interesting