1. The New Incoming WalletThe first big news is of the new wallet. Because of what is about to be revealed in this post, and how important it is for the future of AIRcoin, we are going to hold off the new wallet for at least a few more hours, and release it in the morning. The last thing we want is for any bugfixing or issues to arise, because we expect a rush of new downloads after this news gets out.
But, the wallet we have to release currently has the following:
Dark Gravity Wave: Our team actually had a test version that implemented
Digishield too, but we decided that Dark Gravity Wave was the better choice for difficulty adjustment after doing some testing. This makes AIRcoin
only one of a few wallets that has this cutting-edge adjustment software. With this and our own tweaks, we should be completely safe from the timewarp exploit as well as changing hashrates.
The block reward will be reduced, as well as diminishing at 1% every day. This will continue until the new adjustable exchange-rate based blockreward is implemented. This is simply a manual attempt at adjusting the block reward according to the exchange rate.
We have a significant number of checkpoints and added security to the blockchain.
In development for the future:
X-11 hashing: Yes, that is correct. We are attempting to add additional algorithms, eventually working up to full X-11. This is no easy task, and would make AIRcoin one of a very exclusive group of coins to utilize it, but our team is finding a way to make it possible.
Exchange Rate Controlled Block Reward – the counterpart to the investment pool, this is the last key to economic sustainability. However, as we’ve explained, for the system we’ve worked on to be secure it requires large exchange volume and multiple redundant exchanges. But if our plans to expand to MintPal are successful, then this is the next innovation we will bring to AIRcoin.
New GUI, including installation instructions, easy adjustment of the config file, tutorials, and possibly a peer-to-peer news feed built into the wallet. There are so many more innovations we have yet to even begin implementing that we have experimented with. While inflation control, ASIC protection and secure hashing is higher on our priority list, we intend to make it the absolute easiest wallet to download and use for those who are not used to Cryptocurrency.
2. AIRcoin Identity, Legal Status, and Real-World ConnectionsNow, the following announcement is going to change the face of AIRcoin forever. This is, much anticipated, accountability from our team:
AIRcoin is a
corporation within the United States, closely associated with the
University of Chicago and
Booth Business School. We are not a group of amateur programmers. We are not hobbyists. We are growing a business to be both our lifeblood and to take the first step to legitimizing cryptocurrency as a technology, with full corporate status. From a legal perspective, that is our identity and it is just as accountable as a human being under all aspects of the law, and we see this as the only way to properly develop a cryptocoin for financial use.
We are incorporated in the USA, as well as licensed to operate in Illinois, and based out of Chicago. In terms of accountability, it doesn’t get much clearer than that. AIRcoin is a legal entity that falls under US law, operating as a corporation, with the full intention to operate legally and adapt and influence all laws and regulations that come out. We are doing this as seriously as is possible.
This makes AIRcoin the only Cryptocurrency with the full legal accountability of a development team acting under a corporation. We are not a not-for-profit, we are a business developing a service and a technology to the best of our abilities.
Our team members and backers are very closely associated with University of Chicago and the Booth School of Business, and AIRcoin started as an experiment.
The University of Chicago is the #1 Economics school in the United States, possibly the world, and a consistent top-5 college, known for being a thinktank of economic innovation and the origin of the
“Chicago School” of economics. The Booth Business School (formerly the University Of Chicago Graduate School Of Business) is one of the
top 5 business schools in the nation as well. We are very well connected both academically and financially. Where we expand from here was never a question of making small improvements, but testing our concepts before making headlines.
In other words, Team AIRcoin is much, much larger and better connected than we originally made ourselves appear. It was
always our intent to reveal our location, business, and connections
eventually. However, we kept anonymity because it was of the utmost importance that the coin could be tested in a
FREE MARKET without HYPE. We need to see if the investment pool would work, and it does, before we could expand. The point is: our system can generate a revenue and, with enough volume, have a self-sustaining cryptocurrency backed by a legitimate corporation.
We do not want the coin to succeed or fail based on the reputation of our backers, but on our own innovations. And, from our perspective, as a trial period the first week of testing, AIRcoin taught us significant things that will allow us to
completely change the face of Altcoins from here on out. This is why we were so careful about the hype behind the coin, why we kept a minor social media presence, and why we have tried to see how far the coin can go on just its own merits, not the name of its creators, before revealing ourselves.
Many, many other coin developers remain completely anonymous, so we assumed for at least the first few weeks, we could do so as well to get as much data as possible. We believe we know enough about these markets now to make the necessary changes and innovations in order to begin our campaign in earnest.
We have chosen to explain our position now because we’ve come to realize that the community has serious concerns of the anonymity of the developers of this coin, and their accountability. We are a company. We are legally accountable, and we would prefer if we are held accountable, that protects ourselves and our users. We are in this for the long term, which means we intend to comply with and influence any US regulation and law regarding crypto currencies. We know regulation is happening soon, it is our intent to be not one of the better coins, but the best coin that can survive it. This is only possible because of our knowledge and connections, but it was important that we tested the market on an even playing field, where we didn’t have any advantages (and several disadvantages) over other coin developers. We have so far delivered a very capable product and exceeded almost all of our projections. I want to reiterate, this is only the beginning of a major movement that is starting, and we want AIRcoin at the front of it. It’s a long term game, and AIRcoin is the first coin that arose from these incredible backgrounds.
To prove our claims, here is a picture taken today. On March 21st, 2014, the University of Chicago had their Convocation for the Winter Quarter Class of 2014. Alexander was on campus during this event and took these photos after it was over. The first shows Rockefeller Chapel, along with the leaving group of graduates. The second photo shows the Booth School of Business. We will add further verification from the future to match our claims.
http://i59.tinypic.com/330664i.jpg
http://i57.tinypic.com/dnbjsy.jpgNow, I want to expand on our background and claims: we have past experience and connections with:
1. Multiple financial institutions, including Investment Banks, Capital Management, and Venture Capital.
2. Angel Investors and Alumni support.
3. University of Chicago Economics Department and Booth School of Business
When we say we have the power to change how Altcoins are accepted in the United States, we are not exaggerating.
3. How AIRcoin will work in the Financial WorldSo now comes the real question: What does that really make AIRcoin, then? Put simply, it’s the first Cryptocoin that can be accepted, completely, under full legal tolerance of the law of the United States of America, with clear accountability and a legitimate hope of seeing large scale adoption.
AIRcoin is backed by a trading algorithm that works, and works very well. It’s the most successful aspect of our coin. We are the ONLY coin that has an algorithmic trading system to support the price. This is proprietary software and the key to our success. This is why our oversight about the inflation rates caused such a dramatic effect (by comparison) to the market: it caused the algorithms to operate inefficiently.
But more importantly, AIRcoin is the solution to the problems that the Financial World sees in Bitcoin, but go overlooked by Bitcoin’s own developers.
The number one problem with cryptocoins is a lack of sustainability. Forks, inflation, heavy mining, instability, and similar problems all make it impossible to be used as a legitimate financial instrument. However, its decentralization, ability for quick and secure transactions, and numerous other advantages means it is too precious of a technology to go to waste. AIRcoin is the first step to shake off the pretensions and aim for the impossible: a Cryptocurrency that will not be rebuked by the mainstream world. We may be only a few weeks into its development, but we’ve already demonstrated some cutting edge understanding of the market.
But we aren’t looking at time scale of 1-2 weeks, we are looking at currencies LONG term,
months or years, and there is no problem, including government regulation, our team cannot solve if we are given adequate time and energy toward solving it. Considering how far we’ve come in just a few weeks, in 3 months, it is not unreasonable to believe we will be one of the largest cryptocoins in the market. We want to take Our Cryptocurrency to the doorstep of Investment Banks. AIRcoin’s future is not with individual who would use worthless coins for making jokes, but instead aim toward
major multinational businesses. Building a system that is stable and inspires the faith of a coin beyond just ours. For this first week, it’s been a game of playing fair and quiet with other cryptocoins, learning within the community, months living and breathing the life of the universe you have created here online, so that we can understand exactly what cryptocurrency is, and can become.
4. An Altcoin AllianceThis allows us to get into clarifation by the term “
Collaborate”. AIRcoin is not moving on to another project, and we are not asking developers for help. We have been drafting the start of an
Altcoin Alliance. The Collaboration between AIRcoin and other developers is another method to bring accountability to the Altcoin community. Namely, through two mechanisms:
1. An inclusion in an
Altcoin Index Investment, an index investment system which includes the most sustainable, effective, innovative, and aspiring coins, as way to attract low-risk investment. It’s honestly fascinating how there hasn’t been a successful index fund of Altcoins already.
2. At the core of this is a
Cryptocurrency Code of Conduct, which outlines how coin developers should pursue real innovation, real world needs, and real sustainability, legal recourse and outlines what sort of economic problems, such as inflation, cause coins to die completely, so that developers can work to combat those forces.
We intend to move
VERY QUICKLY on this endeavor, as its progress will ultimately be the deciding factor for the survivability of Altcoins in the future. This Alliance, brought to power over the next
3-6 months, will give a strong, organized, powerful voice to the coins that have real innovation and needs, and allow us to shut out those that are scams and failures. Coins that show no innovation, no plans for sustainability, or do not see the very important need to fight for the survival of Cryptocurrency will not be a part of this. We believe that Bitcoin is, in its current state, economically unsustainable, and it has been said many times that its code is significantly further behind than some Altcoins, however, it’s massive size and early-comer basis has made it the de-facto standard. If it remains the standard in this very diverse market, then regulation about this technology will be
hard, swift, and blanketing. But if there is a strong, vocal, organized force that can provide a real good through a consortium of development and innovation, we not only stand a fighting chance at preventing outright banning, but rising to the challenge of ubiquitous usage. The power is here, there are so many innovative altcoins, but so few of them understand the importance of economic stability, or even attempt to achieve it.
Our greatest fears, as both businessmen and academics, is that world progress in financial markets will be set behind by decades simply because the masses did not have the foresight to look beyond innovation and see the ultimate potential, because of their need for a quick dollar. AIRcoin, and the associated AIRcoin Investment System, was a fresh, new, and untested concept. But more importantly, it is one that
ultimately does fulfill what it was required to do. It was never a problem with the theory. Looking back and removing all emotion from the moment, our coin has been
relatively stable. Pumps and dumps have been responded to very quickly. This is still just the beginning, and with the reveal of our position, the power we have, we can now begin innovating in earnest. The system has been made, it was tested, with some hiccups and susinstability problems, but unlike other developers who would dump and leave this coin until it hit .00000001 BTC/AIR, we are going to fight and do
EVERYTHING possible to make the system work. That means adjusting parameters manually (such as the diminishing block reward) and improving our systems. We have a lot of big plans, and they are too good and too important for us to give up simply because of a few days of heightened inflation. I repeat,
this is just the beginning of AIRcoin, it has just learned how to walk, and now it’s time to teach it to fight.5. Other ConcernsNow, to address some more specific concerns:
A question that has been asked many times before is
“Why didn’t we just pump tons of BTC into the market?” If you understand Chicago economics, you understand why: The entire point of this coin is to be a
SELF SUSTAINING free market, not to be a liability on its supporters. We know that supporting the market, beyond the sustainability systems, with our own capital, would be a short term fix and a waste our resources that could go toward better infrastructure. If we directly manipulate the market to keep the price up, rather than relying on the system we created or adjusting it, it would be both unethical and unsustainable. The users of our coin are under much more liability if they have to rely on us to put funds that should go to company infrastructure into the market directly to combat inflation.
That being said, we were successful with our proprietary trading program behind the investment pool. We pumped .5 BTC per day into the market and generated ~30% more volume than otherwise. Consider that for a second. 20 BTC of volume per day, and our system created .5 BTC of buying support alone through high frequency trading. If we get the volume of this coin up, as long as it stays high it could not only keep the price stable, but give it consistent rises according to the growth of that pool.
We have created the first system of generating funds that doesn't require absolute sale of the premine. For coins with philanthropic goals or ones that have costs they need to cover on a daily basis, this is the secret to all of their problems, and the licensing and adoption of this system, as it improves,
can change things forever. The only thing preventing that, and is currently preventing that in a large way, is the extreme inflation that caused a dip in volume, rather than a rise in volume, that prevented us from keeping the price up. However, it fell slowly and stably, allowing users to continue trading in and out without significant loss: consider that our system still made money even in the downturn market. Our main goal outlined in the whitepaper. In terms of what we set out to do: Start at .00115, maintain a tight spread, be easy to invest and sell, and generate support. We actually far exceeded our initial exchange rate, maintained a high exchange rate for a long time, closed the spread, and generated good support. It wasn’t until the snowball effect began to overtake the investment pool that our equilibrium failed. But this is why we did not allow significant hype: we wanted to know how the market would react to the ideas we presented and how we can best benefit the community through our systems.
Our next point of improvement is in our Social media presence. Our energy was focused on a
theory, innovation, and development of the trading system, but our developments outgrew the social media presence we had before expanding it. It was never our intent for this coin to go viral or to be a sensation. We wanted to keep it quiet and closed-tested. We wanted to see if we could let it fly with stability on its own.
Now, we’ve got enough data and enough support to make it big, as big as possible. We hope that the release of exactly who and what we are, and what we are capable of, will be enough to start a wildfire of support.
Even if you don’t buy AIRcoin, even if you hate Chicago Economics, even if you detest corporations, if you have even a shred of hope that cryptocurrency can be adopted in the real world, if you have any hope that the innovations in Altcoins are for something more than pump and dump schemes, then you can at least support our sentiment and ideas. We make the future. Every one of our decisions creates the future ahead of us, how we treat our coins decides how the government will treat them. How we treat each other now determines how we will support one another in the future. How quickly we adapt and innovate determines how powerful we can be. Making short-term money in a week is nothing toward building a business that can change how finance is done, by people who have the power to make it a reality.
These ideas and dreams that most altcoins talk about, freedom, prosperity, and sustainability: these are just ideas. They need to organize, they need to collaborate, and they need to improve in a way that turns those ideas into reality. That’s what we’re trying to do. A few bad days cannot, and will not, stop us from doing that.
The best thing that anyone can do for AIRcoin right now is to relay what we have just said. It is big enough, it is important enough. Twitter, Facebook, Reddit, anywhere on the internet where you can explain just how this big news impact Cryptocurrency, do it. We have a voting campaing for Mintpal here: and our twitter is here:
This is just the beginning of something very, very big.
Please, if you have any questions, either post them here, and we will try to address them promptly and plainly.
