[PRE-ANN] Munich Project - Reinventing Bitcoin - Alt-coin / Wallet / Exchange

[Munich]

I like your answers, alot of what you saying makes sense.
I like your systematic proceeding and you being professionals.
(That is better is better then 270 or more coins, running by amateur clowns.)

It's still very hard to find support in me for yet another coin.
Gonna watch from now.

Maybe good ideas:

1) analyze what went wrong in other coin IPO projects and big failed coin projects
2) deliver SOMETHING (like requirement specification for your new coin) more before IPO or split IPO small one now, to start project, bigger/final one end of the year/or in 3 months, when progress is visible


But good luck.

Hi, is there any news? IPO is supposed to start next Wednesday that this has been inactive for a week and no new work posted.

Hello,

Sorry for the little lack of news on our side, this week has been full of work for all of us. I have been myself away for 3 days for a big appointment -- I just came back home. Let me tell you what happen :

Julian has launched a beta 3 for the core / client. Nothing crazy to tell, all is working as it should. No new bugs has been discovered for now, we are all very happy with that right now.

Mark is working hard on the wallet UI right now. We all hope we can share with you some visuals during the first IPO the next week. Most of the work has been done, but it's still not presentable right now. I'll keep you informed very soon about that.

And on my side, I had a big appointment this last days with the CEO of a big international bank. This has come sooner than I expected, thanks to our relationships. In few words, the goal is to run a EUR, GBP and USD market on our exchange in few months. Discussions are going in the right direction for now, but I don't want to tease too much what we have in mind. All I can say is we believe we can arrange a strong cooperation between this bank and our business to facilitate the buy of crypto currencies (using visa/mastercard cards ? but in a better way in terms of security of what we seen for now. just a little hint of what we have in mind).

The main goal with this appointment is to avoid running a fiat market without a very good relationship with our bank, to avoid any kinds of problems. More details will come in the next months, it's now a little bit too early to talk more about it.

Now answering the few questions :

1) analyze what went wrong in other coin IPO projects and big failed coin projects

>>>> What is wrong is all the scams that has been done, this is harmful for serious projects, and we can't do anything more than sharing you visuals later (plus the original paper).

However, we had a great discussion the last week-end about what to do in case the IPO is not successful. Here are some new information : in case our initial IPO not going good, we will ajust the free period for our exchange between 1 and 6 months (instead of fixed 6 months). Also, in case we need more money later, we will sell some shares of our exchanges at this moment to fund our working time. The numbers are still in discussion, but we are thinking about something between 20-30% of the fees generated by the exchange in total -- and probably distributed in multiples sells. Numbers are still in discussion.

2) deliver SOMETHING (like requirement specification for your new coin) more before IPO or split IPO small one now, to start project, bigger/final one end of the year/or in 3 months, when progress is visible

>>>> No specific requirement for mining, the client and miners will just looks like that you already know. The only difference comes with the UI, but it will be compatible with OS X and Windows. Linux will come a bit later.

We will not change our calendar for the IPO, because the way we are distributing the coins require hard-coding in the core. Remember the IPO coins are not pre-mined. Once the coin will be launched, the rules for the distribution of the coin will be put definitively for the best transparency.

Donn

[Munich]

agree with you , i don't think you guys could beat bitcoin devs.

This text has already been answered, we don't want to "beat" anything, we want to improve, where Bitcoin devs can't do anything. Read our paper for the improvements we are bringing.

Also, contrary to Bitcoin devs who are only developing the core, one of our main goal is to develop an eco-system of services around our coin.

Donn

[Munich]

-- Important : Name and logo --

I would like to highlight an important topic : the coin name, and the logo associated to it.

If you have good ideas about the name we can choose for the coin, we would like to hear your ideas.

In case nobody feels concerned about the coin name, or no good name is found, we will choose a coin name we have in mind before the 15th April.

But we will strongly prefer if you suggest us some names.

Also, we wanted to add some rewards for the coin name picking, and also for a logo creation. We really want the community to be involved into the project, instead than doing all by ourselves.

So let's make this :

- Monday 31th March, we will open a new thread for the coin name contest. Link will be in first page. If we choose the name you suggested us for the coin, you will get free 0,5 BTC worth into the first IPO.

- Once the name will be picked, we will open a constest for the logo as well in a new thread, and if we choose your logo, you'll get 1,0 BTC worth into the second IPO.

We feel this a fair way to make a contest for the name and a logo -- but if you have a better idea for the reward, we are open to any suggestions (before we starting the constests).

If you think this way of rewarding is unfair, we also can reserve a number of coins in the developing funds to avoid touching the IPO funds.

Please let us know what do you think about it,

Donn

[TanteStefana]

I stopped reading all the clueless replies from trolls and just wanted to tell you I just came across this thread and it's exactly what I was hoping to see in a coin for some time.

The trolls are correct, you won't make  ton of money off this one,  and that makes them think it's worthless.  But what you could make, if the coin can generate enough interest to hang on, is a decent long term investment.... maybe ... and more importantly, a real currency that can serve the population at large.

In my opinion, this is the holy grail of crypto currency.  I instantly know I'm going to support you.

Just one question, the decentralized exchange is an awesome idea that we often talk about on our Darkcoin forum.  I'm wondering if you plan on limiting this feature to the Munich project, btc and ltc, or if you'd be interested in including other coins?  I realize that could become confusing, but it would be cool if we didn't need exchanges anymore or if we could at least have a choice.  

BTW, I totally agree with dewdeded about analyzing what went wrong with other coins, as I think you have been.  Aroura coin is a great example, as you can see, the "air drop" was off to a great start, but the hashing network was far to small to be secure (hence the many forks) and they didn't expect everyone to dump their coins at the exchanges right away (an obvious flaw in hindsight).  So at this juncture, with so many failures, you have the advantage of hindsight.  Hopefully you will gather a good following of thoughtful people here who will help you analyze and process what's gone right and what's gone wrong.

[mcjavar]

any news on the ipo?

[Munich]

I stopped reading all the clueless replies from trolls and just wanted to tell you I just came across this thread and it's exactly what I was hoping to see in a coin for some time.

The trolls are correct, you won't make  ton of money off this one,  and that makes them think it's worthless.  But what you could make, if the coin can generate enough interest to hang on, is a decent long term investment.... maybe ... and more importantly, a real currency that can serve the population at large.

In my opinion, this is the holy grail of crypto currency.  I instantly know I'm going to support you.

Just one question, the decentralized exchange is an awesome idea that we often talk about on our Darkcoin forum.  I'm wondering if you plan on limiting this feature to the Munich project, btc and ltc, or if you'd be interested in including other coins?  I realize that could become confusing, but it would be cool if we didn't need exchanges anymore or if we could at least have a choice.  

BTW, I totally agree with dewdeded about analyzing what went wrong with other coins, as I think you have been.  Aroura coin is a great example, as you can see, the "air drop" was off to a great start, but the hashing network was far to small to be secure (hence the many forks) and they didn't expect everyone to dump their coins at the exchanges right away (an obvious flaw in hindsight).  So at this juncture, with so many failures, you have the advantage of hindsight.  Hopefully you will gather a good following of thoughtful people here who will help you analyze and process what's gone right and what's gone wrong.

Thanks you very much for you kind message,

The goal of this project is not to make "tons of money" anyways, unless the project works well and our mining abilities permits us to mine lots of coins. The goal of the IPO on our side is just about buying us some more time.

About the exchange, at the moment we don't plan to add any other crypto-currency, but I'll say this subject really depends of the success of our project. For now we are focusing on our coin by itself. The day the coins and the services will not request a lot of time, and if the exchange concept is a success, we'll look about the other alt-coins.

Donn

[Munich]

any news on the ipo?

Hello,

What kind of additional information do you need ?

The first IPO will start in a new thread the 2nd April, as stated in the original paper

Donn

[YYmeans]

any news on the ipo?

Hello,

What kind of additional information do you need ?

The first IPO will start in a new thread the 2nd April, as stated in the original paper

Donn

i like german project, but another IPO. i will think out it for days .then decide to be in or not.

[precrime3]

This coin actually looks fantastic! Having an exchange already at launch will help. Ill admit all the stuff did confuse me a bit, and the KISS principle seems to be favored. Keep me posted, will be mining!

[LTEX]

Three pages, still no name suggestion?

How about Shell Coin? They are known as magic coins and even the Flintstones used them 

[Munich]

Hello,

We just made a dedicaced thread for the coin name contest : https://bitcointalk.org/index.php?topic=553248.0

We are really impatient to see your ideas !

Three pages, still no name suggestion?

How about Shell Coin? They are known as magic coins and even the Flintstones used them 

Can you please re-post your idea into this thread ?

Thanks you,

Donn

[Munich]

Hello,

The first IPO has been launched in a new dedicaced thread :

https://bitcointalk.org/index.php?topic=553312.0

Please use this thread for any IPO related content.

Thanks,

Donn

[Benezivas]

Hi, may I mention that KGW for difficulty readjustment might not be the best choice, regarding the timewarp exploit?

[sudukkk]

Wow, good job.

To make this quick : we don't like Bitcoin-Qt at all. It is slow, not user friendly, not secure for the average Joe by our standards, and not ready for the masses.
So, we made our very own wallet to hold our coin. And Bitcoins. And Litecoins.

I don't like Bitcoin-Qt wallet too.
All the coins has same wallet.
NOT friendly
Your project looks good.
I will continue follow this.
Good luck, to you and your team.

[SolidStateSurvivor]

/ The Coin /

- Scrypt-jane w/ evolutive n-factor depending of the power of the network
- Kimoto gravity well algorithm for difficult adjust
- 256 billions coins, 96% mined in 100 years. Only 6,25% the first year.
- More coins, less divisible units. 0,01 is the less you can send / receive, just like fiat
- Target block 30 seconds, PoS every 10 minutes for best security
- 15220 base reward per block for the first year. Reward * 0,935 every year (no halfing). Good distribution and inflation controlled better.
- Fees mandatory for transactions : 1 coin at least (for now), 0.01% after 1000 coins sent
- Miners forced to accept a certain amount of transactions into mined blocks
- "Summary" blocks generated by a form of PoS every 2880 blocks (24 hours) to avoid downloading the complete blockchain for "light" nodes

The least you can send. Or the least amount, the smallest amount.

Just a little help.

[Munich]

The least you can send. Or the least amount, the smallest amount.

Just a little help.

Fixed, thanks for your help !

Donn

[Munich]

Hi, may I mention that KGW for difficulty readjustment might not be the best choice, regarding the timewarp exploit?

Hello,

Thanks for your comment -- you are right, KGW is succeptible to the TW exploit in it's initial implementation. However, Julian has checked this part of the code the last 2 days, and our own implementation seems just fine. More checks will follow to make sure there is no exploit in our code.

Donn

[Munich]

OP has been updated :

- First IPO has been cancelled due to the lack of interest , probably cause of the low reward associated to it

- Poll has been launched to let you choose what's the best way for the next Munich Project IPO : https://bitcointalk.org/index.php?topic=569468.0

- Coin name contest has been finished : we will choose the final name very soon

- Website is coming soon

- Screenshots of the wallet coming soon too. We have worked a lot on it these last days

Calendar remains unchanged for now, but will change probably soon

Donn.

[Munich]

Hello,

Here is a quick update,

We took a bit of time to resolve some new bugs we found in the core, and to discuss between us on the better way to launch our project.

We don't want to rush the start of our project, so we'll take the appropriate time to do the things well.

Website and some other little things are also under construction right now.

More informations will come the next week.

Thanks,

Donn

[Bansheroom]

Coin looks nice, i just have some reservations regarding the mining, hard to tell in englich, instead i will pm them to you in german now  .