[SKY] Skycoin Launch Announcement

[ebite]

Is this the official thread of Skycoin? Still in development?

Yes it is. IPO coming up.

Not sure what kind of distribution will be used.

The coins will be distributed in a fair, open process

[1714115185]

1714115185

[tonny.jr]

I have waited Skycoin for a long time.Now it's time to join ICO!

[ebite]

I have waited Skycoin for a long time.Now it's time to join ICO!

I think I am lucky not miss this big opportunity. Reading some part of the whitepaper, complicated for me - a non-tech person, but I like the team's good work. They would like deliver things when they are confident, very good.

[yxxyun]

hope your site online soon. and hope the wallet UI is changed a lot.

[zccoin]

@skycoin
I have translated the skycoin whitepaper draft into Chinese as below:
https://github.com/zccoin/skycoinwhitepapers
By the way, we are the zccoin dev team and are very interested in skycoin's promotion in China.
Thanks.

[ebite]

@skycoin
I have translated the skycoin whitepaper draft into Chinese as below:
https://github.com/zccoin/skycoinwhitepapers
By the way, we are the zccoin dev team and are very interested in skycoin's promotion in China.
Thanks.

Fantastic, ZCC team come here to hug another altcoin.

[zccoin]

@skycoin
I have translated the skycoin whitepaper draft into Chinese as below:
https://github.com/zccoin/skycoinwhitepapers
By the way, we are the zccoin dev team and are very interested in skycoin's promotion in China.
Thanks.

Fantastic, ZCC team come here to hug another altcoin.

ZCC is traditional 1st generation cryptocurrency and we are actively evaluating new 2nd generation techs to further improve it.
Meanwhile, darknet and skywire are very promising techs, so we are keeping an eye on it.
By the way, we are not giving ZCC up, instead, we are working on XCP-like solution based on ZCC blockchain now.
To sum up, this is just an official welcome message from ZCC team and we will use more personal account for the other details.
Thanks.

[devphp]

interesting

[SDHarley]

Watching this one...see what happens.

[drawingthesun]

Skycoin transactions offer increased privacy. Skycoin is designed for advanced CoinJoin support.

....

CoinJoin RFC:

- Skycoin naively supports a simplified CoinJoin protocol
- CoinJoin mixes transactions from multiple wallets to increase transaction privacy
- Skycoin is designed so that it is impossible to determine which transactions are CoinJoin transactions

Skycoin Coin Join Protocol:
- three people send their inputs and outputs to a remote server
- server creates a transaction containing the inputs/outputs from all three people
- the server sends each person the transaction.
- Each person verifies the transactions and sends the signatures for their inputs
- The server publishes the transactions.

This protocol is much simpler than zero coin while dramatically improving transaction privacy.

My advice: drop the coinjoin turd and implement ring signatures right into the core code, and if that isn't possible make some way to connect to Monero to achieve anonymity.

[shadowduck]

Skycoin transactions offer increased privacy. Skycoin is designed for advanced CoinJoin support.

....

CoinJoin RFC:

- Skycoin naively supports a simplified CoinJoin protocol
- CoinJoin mixes transactions from multiple wallets to increase transaction privacy
- Skycoin is designed so that it is impossible to determine which transactions are CoinJoin transactions

Skycoin Coin Join Protocol:
- three people send their inputs and outputs to a remote server
- server creates a transaction containing the inputs/outputs from all three people
- the server sends each person the transaction.
- Each person verifies the transactions and sends the signatures for their inputs
- The server publishes the transactions.

This protocol is much simpler than zero coin while dramatically improving transaction privacy.

My advice: drop the coinjoin turd and implement ring signatures right into the core code, and if that isn't possible make some way to connect to Monero to achieve anonymity.

Can't agree with you any more. Coin join is definitely not a serious solution for privacy,
instead, cryptography based solution is the ultimate choice.
Either stealth address or ring signature approach like cryptonote(https://cryptonote.org/) is in a much higher class than coin join.

[siko]

thanks , waiting....

UPDATE:

The registration app is compiling but not working on 64 bit OSX with golang 1.3.  We are getting a segfault in one of the dependency libraries. OSX might have a cache we are not clearing out.

The build engineer for OSX is on vacation until the 2nd. So IPO pre-registration will begin on the 4th and last two weeks.

Thank you.

In the meantime, can you describe what pre-registration means?

What is the IPO details? Max cap? Limit of registration? Number of coins released?

Would the people that have contributed in the past be preferred?

Does the order of registration matter? How quick we register?

Yes. Preregistration generates a public key for you and then sends it to us through Bitmessage. You have to write down your private key, because you will need it later.

You also send
- your Github account name
- Bitcoin talks name
- Approximate number of Bitcoin you want to put into the IPO

Pre-registration is to gauge IPO demand and control IPO so its fair. There are 100 million Skycoin. Between 2% and 10% of the total Skycoin will be sold in the IPO. The valuation will be 10 million in the first round IPO.

Pre-registered users will be able to use their private key to participate in the IPO. The IPO is designed to be over subscribed. If you send 10 coins, only 2 of them may end up participating in the IPO and you will receive 8 coins back. This is to ensure coin scarcity and to deter speculators.

After the IPO, a spreadsheet may be published with bitcoin addresses in/out, balances and Skycoin awarded, so that fairness of the coin distribution can be publicly verified. Some information will be omitted to protect privacy.

The IPO may have tranches. The first tranche is equitable and designed to make sure everyone gets coins at the IPO valuation. Developers will get a bonus in this tranche. Then there is the whale tranche and is a free for all.

The IPO may be split into a series of smaller IPO, but it is not decided yet.

The Skycoin IPO is not a first come first serve IPO. There is no bonus for sending Bitcoin early at the beginning of the IPO period. All participants within the IPO window are treated equally. The IPO is not uncapped with unlimited amount going into the IPO.

After the IPO, there will be rolling distributions, where people can buy newly issued coins. Instead of issuing coins in a big-bang IPO, which only enriches the people involved in the IPO and deters new users (Mastercoin style IPO), Skycoin will be issuing the coins over time in a continuous process, with supply of new coins tapering and decreasing over time. The magnitude of the distributions will be chosen to support price stability. Distributions will increase if price increases too rapidly and will decrease if price declines.

We are trying to keep coin bounties, project awards and distributions as public as possible. However, everyone is very busy and no one has had time to keep the ledger updated. We want to get the majority of the coins in users hands within five years. We do not want to end up in a situation like Ripple where the developers control 98% of the coins and are threat to price stability.

[jackchan]

When did the IPO start

[Jungian]

When did the IPO start

It hasn't started yet.

[cryptoman12]

Is this the official thread of Skycoin? Still in development?

Yes it is. IPO coming up.

I hate IPO coins, too many SCAMs...

[Jungian]

Is this the official thread of Skycoin? Still in development?

Yes it is. IPO coming up.

I hate IPO coins, too many SCAMs...

My feelings are the same. No word about escrow either.

[bitwhizz]

quite a high IPO valuation - 10 million dollars

thats more than maidsafe

[lovely89]

quite a high IPO valuation - 10 million dollars

thats more than maidsafe

Where did the '10 million dollars' come from? I haven't seen a single price yet. Nor have I seen a mention of the exact amount being sold.

[esuncloud]

quite a high IPO valuation - 10 million dollars

thats more than maidsafe

Where did the '10 million dollars' come from? I haven't seen a single price yet. Nor have I seen a mention of the exact amount being sold.

It is said that:
Pre-registration is to gauge IPO demand and control IPO so its fair. There are 100 million Skycoin. Between 2% and 10% of the total Skycoin will be sold in the IPO. The valuation will be 10 million in the first round IPO.
This means, from the perspective of devs, the target price is between 1 dollar to 5 dollars in the IPO, which means total cap of skycoin will be much higher than BTSX.
Therefore, please consider the risk before investing your money in the IPO. However, the dev might change their target price after pre-registration.

[lovely89]

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

So from an investors point of view, we'd need to believe in a $5m valuation at launch. That's almost top ten territory, market cap wise.

What's the plan for distributing the remaining 99%?

Maidsafe is raising 6 million dollars at 120 million dollar valuation.

Ethereum is raising 30 million at over a 100 million dollar valuation.

Ripple IPOed  at over a 100 million dollar valuation.

Skycoin is IPOing at 5 million dollars and only raising 50k. The IPO is oversubscribed. We are doing the IPO at such a low price so that more people can get coins early.

Reasons for the Structure of the IPO:

The reason a 50k IPO was chosen was because we have experience with previous coins. We know investors who buy up allotments of coin in the IPO, wait until the price goes up 30x and then DUMP the coin, completely destroying the equity of the other coin holders.  A coin going from a 1 million to 50 million dollar market cap, with 30% of the IPO investors dumping, needs between 5 and 15 million dollars capital inflow just to maintain the price. Skycoin is not a pump and dump and a smaller IPO reduces the impact of speculator dumping and improve price stability.

quite a high IPO valuation - 10 million dollars

thats more than maidsafe

Where did the '10 million dollars' come from? I haven't seen a single price yet. Nor have I seen a mention of the exact amount being sold.

It is said that:
Pre-registration is to gauge IPO demand and control IPO so its fair. There are 100 million Skycoin. Between 2% and 10% of the total Skycoin will be sold in the IPO. The valuation will be 10 million in the first round IPO.
This means, from the perspective of devs, the target price is between 1 dollar to 5 dollars in the IPO, which means total cap of skycoin will be much higher than BTSX.
Therefore, please consider the risk before investing your money in the IPO. However, the dev might change their target price after pre-registration.

Did this first qote change somewhere? Could you link me the page where this changed?

50k raised and a 5 million dollar market price seems very reasonable to me. Although, at 10% they would be raising 5 million dollars which is approximately 10 000 bitcoins. Nothing compared to ethereum.