Hello everyone
So I have just skimmed through this forum and got the just of what's going on recently here. Now obviously I did not read every comment nor every page, but I got the 1000 foot view and also had a very pleasant call with framalife.
So I would like to start with sharing a great interview myself and the lead developer james had on a radio show. Its 3.5 hours, but if you do not understand counterparty or Foldingcoin, it is worth it as you will learn it much better than just reading the forums. Break it up into sections if you would like, but its highly recommended
http://foldingcoin.net/the-coin/ or
https://www.mixcloud.com/dogedradio/foldingcoin-interviewed-on-the-doged/?utm_source=widget&utm_medium=web&utm_campaign=base_links&utm_term=resource_linkIf you dont want to listen, please visit
http://foldingcoin.net/ for information regarding our coin or you can visit our ANN page
https://bitcointalk.org/index.php?topic=781352.0 as I do not want to bog this forum down with an explanation of what we are doing, as we have the resources already out there. But I will still answer any questions left here that anyone asks regarding foldingcoin
Last thing to explain before I get started is how we allow other tokens (coins) to be distributed on our platform is via our “Merged Folding” plan. You can raed this article that the team wrote to get a better understanding of how and why we are getting involved with other tokens
https://letstalkbitcoin.com/blog/post/merged-foldingReal quick disclaimer: FoldignCoin will help in any way we can to make this work. To my knowledge, no coin that has been abandoned has ever been revived and it would be beneficial to all parties involved (Octo, FLDC, CP, BTC, Altcoins) to prove that coins can be revived with the dedication and support of their communities. However, the control of the tokens must be handled by representatives of your community and not the FoldingCoin team. We can provide all the technology we have to offer, but when it comes to holding 888 or OCTOPARTY private keys, we do not want to have that liability. I will train the chosen devs of OCTO to the fullest of my abilities and make them knowledgeable and comfortable using the Counterparty and FoldingCoin distribution platform.
So here is what needs to be done:
“Proof of Burn”We can assist in the “proof of burn” process. Now we still do want a dev from the Octocoin community taking charge and helping us help them, and it seems as framealife is the candidate looking to take this role on. However we need a provably unspendable 888 address that everyone will send their funds to. @SquidsIn here in these forums says he has the ability to create an 888 address that is something like: “8888888888888888888888888888888888888888” this address would be perfect. It is mathematically impossible for anyone to have this private key generated (assuming that the 888 blockchain is not corrupt since the beginning, which I am going to assume it is not). But the address could also look something like this “OCTOBURN8888888888888888888888888888888” to show some addition information as to what the address represents. If @Squidsln could provide this, then we (foldingcoin) can work with framealife on how the burn will work. I would recommend doing this manually for added human verification. How this would be done manually, is you the “888” holder would send an email to framealife stating BEFORE you send your 888 to the burn address with the following information:
- Your counterwallet address (setup instructions can be found here http://foldingcoin.net/counterparty-guides/#wallet )
- Your EXACT 888 address which your funds are coming from (so if you have multiple 888 wallets with funds in them, please move these all to one address)
- The EXACT amount of 888 you will be sending (down to the satoshi)
- Once framealife responds to you saying you are good to send the funds, then simply send them to the burn address.
Then to receive the funds, this community will have one of two options, both will work just fine:
- Framealife will send the new OCTOPARTY token to the counterwallet address once the old 888 funds have been confirmed received by the burn address. This will cost 0.000578 BTC each time for each person receiving the new token. So if you have lets say 1,000 people partaking in the burn, keep in mind this will cost 0.578 BTC. This method you would receive your new OCTOPARTY once you burn and framealife sends them to you.
- The second method is much cheaper. Framealife will hold a database of all the burn participants and send the funds all at once after the burn deadline. Since you can send CP tokens in batches at the same time, this would only cost 0.0001 BTC + 0.00006 BTC per address. So if 1,000 people partake and receive OCTOPARTY, then it would cost only 0.0601 BTC. This method you would not receive your new OCTOPARTY until after the burn. (This is the method I would recommend, and it is the method in which FoldingCoin could create the distribution batch address that will send all the participants tokens out)
Just to clarify, the cost associated are not service fees, FoldingCoin does not charge for any of our services providing to the Merged Folding Platform. Since CP is built on BTC, everytime you send CP transactions, a small amount of BTC is sent as well to actually get it on the BTC blockchain. I would have no problem (and encourage) everyone to CC me in these emails for an additional unbiased third party verification and await both myself and framealife to respond to your email with confirmation. Then framealife can keep a data log and I can keep a datalog for added verification. I will not hold, nor be in charge of OCTOPARTY, for this to work, the OCTO community must have their own representatives to be in control of OCTOPARTY, but I can act as a mediator.
“Block Explorer”For the Proof of Burn to work, a block explorer will need to be intact for the verification of 888 funds being sent. How this could work is by getting the explorer up enough to work for the duration of the burn time, and then snapshot the entire blockchain right as soon as the burn is complete. This would allow anyone who has 888 before the deadline of the burn to receive the new OCTOPARTY and anyone still mining 888 after the deadline to not be entitled to any. There are two methods I can think of that will allow this to work:
The first is to keep the deadline as a deadline. If you do not burn your 888 by the deadline, then you will forever lose the opportunity to switch your 888 into OCTOPARTY. This is the method that Scotcoin took. Giving a generous deadline of lets say 2 months should be sufficient for anyone still interested in 888. Then any unclaimed OCTOPARTY could be sent to the Counterparty burn address so they will forever be unspendable.
The second is to keep the explorer and mining running for 888 and give anyone who sends you 888 after the deadline (but they were 888 coins created before the deadline) to be able to exchange them for new OCTOPARTY. You could not however give new OCTOPARTY tokens to those that mined after the deadline as this would not be fair to the new OCTOPARTY token. Also the exact amount of 888 in cirrculation before the burn deadline would need to be kept in escrow separate from the rest of the OCTOPARTY funds as someone who would like to change 2 years from now would still need a way to get them. This method would require a lot of continued maintenance of the existing 888 blockchain that might not be favorable for this community to do.
I would recommend doing a 1:1 ratio of 888 to OCTOPARTY, but this choice lies within your community. For example: if there is currently 40 million 888 coins in circulation and 30 million are claimed, then the remaining 10 million OCTOPARTY tokens are to be burned leaving 48 million undistributed OCTOPARTY tokens for whatever distribution your community decides.
“Mining”During the burn, mining will need to continue to verify blocks and transactions. You could still use the mining pool that allows you to mine 888, but i would recommend doing a private mining pool in which the new OCTOPARTY devs have control of and only let in trusted miners. This could help prevent an attack, but nothing is bullet proof here as the code is fully released. You will need to find a way to gain enough Mhash to keep it going and constantly check for 51% attacks during the burn time.
“Future Distribution”FoldingCoin offers other counterparty tokens to distribute coins to participants based on the calculations done via Folding@home. We already have an established community of over 300 folders (or miners) that receive tokens from us everyday, and this would be a good way to distribute OCTOPARTY tokens to an already established mining community expanding the use of your token. you would set your own distribution methodology. For example:
you could distribute 20 million OCTOPARTY tokens over 2 years with us coming to 27397.26027397 OCTOPARTY per day until they are gone
you could distribute 40 million OCTOPARTY over the course of a half life distributing lets say 50,000 per day so:
- Once 20,000,000 OCTO are distributed, change the daily distribution to 25,000 OCTO
- Once 30,000,000 OCTO are distributed, change the daily distribution to 12,500 OCTO
- Once 35,000,000 OCTO are distributed, change the daily distribution to 6,250 OCTO
- Once 37,500,000 OCTO are distributed, change the daily distribution to 3,125 OCTO
- And so on…
Or you could do a scenario where lets say you have 48 million OCTOPARTY are undistributed after the burn, you could use 20 million for Folding, 10 million for fantasy gaming, 10 million for a crowdsale, and 8 million for promotional giveaways.
The possibilities are endless and its up to your community to decide how to distribute these funds. I will continue to be involved in this forum to answer any questions and or give my ideas to the things that I read here. I will be ready to start making plans with framealife right away. I am full time FLDC so I am here all the time and am extremely responsive.
Cheers
