AI Coin Development Diary

[ethought]

... pay a software licence fee to the company...

This coin will not take off under that model.
What will happen, is that all of your technology will be copied and used in a clone that will take off.

Of course, you can get around this by making the coin closed source, in which case I doubt you'll ever sell one license fee.

I have to agree with drawingthesun. Mining is hard enough as it is without having to pay the devs / parent company / whoever for the privilege. That might make it a hard sell.

[SlipperySlope]

... pay a software licence fee to the company...

This coin will not take off under that model.
What will happen, is that all of your technology will be copied and used in a clone that will take off.

Of course, you can get around this by making the coin closed source, in which case I doubt you'll ever sell one license fee.

I have to agree with drawingthesun. Mining is hard enough as it is without having to pay the devs / parent company / whoever for the privilege. That might make it a hard sell.

Interesting that you should say that. I would guess that you are a proof of work miner.

AI Coin super peers will be limited in number to avoid over investing in network infrastructure. If we limit the super peers to 20, I see no problem achieving that given the number already on our demo system. Ordinary, non-mining peers will split a pool of aicoins contributed to by the mining super peers. There will be no limit on the number of ordinary peers, but they must have high availability in order to share from the pool. The software license will need to cap the dollar equivalent amount of aicoins shared by all peers. It does not make sense to overpay for network infrastructure when promotion, features and partnerships would do more to attract new users.

AI Coin has intelligent software agents that will automate software distribution and network restarts, thus making it rather easy to keep a super peer running. We use Docker containers to assure an immutable deployed application. The persistent data volume is mapped to the host.

[SlipperySlope]

Sorry if this has already been answered.

Three questions:

1) Was there any consideration to create the coin with eternal inflation of <1%? To keep future generations in hundreds of years interested?

2) Are there any anonymous capabilities built into this coin?

3) Will this coin have side chains enabled? (I feel this is important to compete with Bitcoin, if Bitcoin does one day gain side chains)

1. The whitepaper theme was to convince Bitcoin to adopt this technology, therefore it will be as close to Satoshi's specifications as possible. We start at 50 aicoins created every 10 minutes, the rate halving every four years for a total of 21 million aicoins.

2. We want to take AI Coin mainstream and that means whatever privacy is built into the latest Bitcoin Core version we will have too. In addition, AI Coin encrypts all message traffic between its peers, and has gateways for client access, so a service like blockchain.info for aicoin would not be able to assign IP addresses to transaction endpoints.

3. Regarding sidechains, when Bitcoin Core supports them, AI Coin will also because we stay current with Bitcoin Core. We are launching on version 0.9.3, and after the network is proven stable we will migrate to Bitcoin Core version 0.10.0 or 0.10.1 if that gets released in time. Part of the motivation for sidechains is the notion that Bitcoin is not suitable for all the world's transactions. Gavin famously said, "why would I want my coffee purchase on the blockchain". But AI Coin actually wants to handle all the world's transactions. AI Coin has a rationally designed network - a super peer well connected ring, and spokes out to ordinary peers. We will not overbuild the infrastructure. Where Bitcoin replicates its blockchain on 10000 plus full nodes, AI Coin needs only about 50 blockchain archiving peers with suitable geographical and jurisdictional diversity. Given such redundancy in peers, AI Coin peers can each use inexpensive disk drives in non-redundant configurations. The cost per stored byte is such that AI Coin can store transactions indefinitely for 100x lower transaction fees relative to Bitcoin. The AI Coin dust level is correspondingly lower relative to Bitcoin - i.e. if an aicoin had the same price as a bitcoin, then the aicoin transaction fee would be 100x lower in fiat value. Furthermore, because the AI Coin network is so much less expensive to run, the transaction fees should cover the expense when the mining reward diminishes in the fullness of time.

[bybitcoin]

No cap, the total coins created each day will be owned and then distributed or sold by a company that plans to get bitlicence and follow its upcoming regulation rules as soon as it becomes available.
By this plan, even Ripple would look more decentralized and user-driven than this one!

Sorry, but that is wrong:

there is a cap of 21 millions coin
50 coins created every 10 minutes
www.ai-coin.org
minting peers are not owned by company and are spread out globally over many continents.
a percentage of coins are sent back to company and the rest kept by peer nodes not owned by ai coin inc.
basically, a new type of mining.

It turns out that if the company owns all the coins, even for just the day they are created, it would be an "administrator" of a central repository from which tokens are issued and redeemed according to FinCEN guidance published last October. We knew this and assumed that we could obtain the money services business licences in the 48 US States where they are required as we progressed after launch. Our legal advice now is that we cannot launch under the previous business plan as that entails a legal risk in the USA.

Reaper mentions the new plan, which is to have a conventional altcoin minting method whereby independent operators create the new aicoins each day and pay a software licence fee to the company, which in turn promotes and develops AI Coin for the benefit of operators, current and future holders. Even this business plan is subject to tweaking, as the software license may create an situation in which the deal between the company and its independent operators creates what the US SEC views as a security, which is subject to onerous regulation. As a lay person, my reading of the regulation and court decisions is that because the company is not the *sole* provider of effort which makes the deal valuable, then the deal is not a security. Instead I believe it is similar to retail store franchise agreements in the USA in which a share of store revenues is sent back to the franchisor. The analogy is that aicoin mining operators, its super peers, must perform effort too in order for the deal to be valuable. AI Coin Inc is seeking the advice of attorneys who know this sort of law. Fortunately, our president works in New York City, and networks conveniently with such law firms. If the software license becomes a poor choice due to SEC regulations, then another method to try for the desired revenue split would be to have a distinguished super peer owned by the company that gets more turns to create aicoins than the other super peers.

I was referring to the plan mentioned in a previous page, before this new one being informed here (I just follow this btctalk thread).

Your new plan looks much better, and unless you put a harsh percentage to be paid for the software fee (>%5), paying the fee won't be a huge minus for this POS model.

[SlipperySlope]

I was referring to the plan mentioned in a previous page, before this new one being informed here (I just follow this btctalk thread).

Your new plan looks much better, and unless you put a harsh percentage to be paid for the software fee (>%5), paying the fee won't be a huge minus for this POS model.

I will create the launch announcement thread next week, and retire this one.

The software license fee will be large, and furthermore the dollar share provided to the fixed number of super peer miners will be capped so that they earn a maximum of $1500 per month. From the viewpoint of the 20 or so super peers that may seem unfair, but it is a really good deal compared to operating a modest bitcoin or scrypt mining operation. Firstly, the equipment is rented from a datacenter at less than $500 per month, and the operator is not responsible for what the datacenter provides: site security, provisioning, DDoS protection, electricity and bandwidth. AI Coin software uses its intelligent agents to be relatively self-administering. We do not need to attract any more super peer operators beyond those already expressing interest and operating super peers on our demo network. We will have super peers in the USA, Iceland, Belgium, Italy, India, and Australia. At launch, AI Coin will create its new blocks in more places than Bitcoin's top six mining pools.

Our business plan entails the spending of the new aicoins, 7,200 each day, to optimally benefit the current and future users. A goal is to grow the aicoin price along the trajectory followed by Bitcoin over its six year history. We are not novel as Bitcoin was at the time of introduction, but we can spend aicoins for marketing, advertising, promotion, education, customer service, etc. in ways that the Bitcoin Foundation simply cannot. Metrics to measure the results of our plan execution include aicoin price relative to bitcoin and litecoin, number of ai-cointalk.org members, social media mentions, number of transactions, value of transactions, number of unspent transaction outputs, and so forth. Discovering customers and optimising the advertising expenditures is a solved problem. We will simply follow best practices.

In order to have funds to pay for the promotion and other means to bring AI Coin to the mainstream, it is necessary not to overspend for network infrastructure as does Bitcoin, nor overspend to make the rich richer, as does the typical proof-of-stake altcoin.

The best way to acquire aicoins will be to either buy them at Bittrex, or to earn them as a part-time contractor by performing tasks that benefit our system or our community. Note that US residents contractors will have to give the company bookkeeper (herself a part-time contractor) their name, address and SSN for our 1099-MISC federal tax reporting.

[coine_smithe]

Thanks a lot for your constructive feedback!

Our team agree today to remove the animated robot graphic and make the ai-coin.org website better with respect to an audience beyond gamers. Plus we will do a better job for mobile.

Our inspiration sites that look great on large screen and on mobile too ...

Monero - https://getmonero.org/home (one page without vertical scrolling)

Ripple - https://ripple.com/ (aimed at financial institutions, good use of customer recommendations which highlight Ripple benefits, my favorite but obviously expensive)

Dash - https://www.dashpay.io/ (scrolling with menu tabs, significant rebranding of privacy-centric Darkcoin)

I just saw the new site which looks a lot better. The toolbar up top is great and I assume you'll be adding more to it. I didn't see a Twitter or forum link on the site however. The new logo on the site looks good as well. The new one on the Twitter account looks kinda goofy though, you should match the banner and logo from the site to the Twitter account for continuity. Looking forward to launch!

[Bitcoinmeister]

Hello

I can't download the wallet on http://www.ai-coin.org/

when is the pre-sale planed?

[SlipperySlope]

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

[Hazard]

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

Good call.

[bybitcoin]

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

And you got back again to the previous temptatation?!
Everyone interested in buying into this should ask himself once and only once:
Why should a decentralized consensus ledger need to be fully licenced before it getting any traction at all?
Whose benefit could be legally at risk?
Not hard to see..!
Good luck.

[coinmaster222]

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

And you got back again to the previous temptatation?!
Everyone interested in buying into this should ask himself once and only once: why should a decentralized consensus ledger need to be fully licenced before it getting any traction at all?
Whose benefit could be legally at risk?
Not hard to see..!
Good luck.

My thoughts exactly

[wowwow1]

Launch Postponed

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

Development continues.

And you got back again to the previous temptatation?!
Everyone interested in buying into this should ask himself once and only once: why should a decentralized consensus ledger need to be fully licenced before it getting any traction at all?
Whose benefit could be legally at risk?
Not hard to see..!
Good luck.

My thoughts exactly

Its because they are selling the coins.
 There not giving them to everybody for free
Money Service Businesses
The term Money Service Business has a special meaning under the Money Laundering Regulations 2007. Your business is a Money Service Business under these regulations if it:

acts as a bureau de change - even if this is on a ship that isn’t always in UK territorial waters
transmits money, or any representation of money, in any way (just collecting and delivering money as a ‘cash courier’ isn’t transmitting money)
cashes cheques that are payable to your customers
Even if your business only does one of these things, it is still classed as a Money Service Business.

HMRC is the supervisory body for most Money Service Businesses under the Money Laundering Regulations. If you run a Money Service Business it’s your responsibility to register with HMRC unless you’re already supervised by the Financial Conduct Authority (FCA) for the purposes of the Money Laundering Regulations. You mustn’t act as a Money Service Business until you’re either registered with HMRC or supervised by the FCA.

Pawnbrokers who act as Money Service Businesses must register with HMRC, who will supervise both the pawnbroking and the money service aspects of their business.


When you don’t need to register as a Money Service Business
Occasional money service activities
If you exchange currency or cash cheques only occasionally, or only on a limited basis, then you don’t have to register as a Money Service Business if:

your total turnover from these money service activities is no more than £64,000 a year
turnover from money service activities is no more than 5 per cent of your total annual turnover
currency exchange or cheque cashing transactions worth more than €1,000 must be limited to one per customer - this could be one single transaction or a series of smaller transactions that seem to be linked
the money service activities must be secondary to your main business activity and directly related to it
the currency exchange or cheque cashing service must only be available to customers of the main business - it mustn’t be available to the public
your business isn’t operating as a Trust or Company Service Provider or an Accountancy Service Provider
You’ll need to meet all of these conditions, otherwise you have to have  licence.

I could imagine its almost the same for the U.S.A
UK and U.S.A are partners when it comes to money and war

Plus can you tell me if someone sends coins to my wallet will they get to my wallet in a second
you say it does

And how much do you plan on selling your first batch of coins for

[freigeist]

So to avoid this legal shit there could be several solutions maybe

1) if you still want deal with FIAT then register a company in Panama, Belize or any similar state
2) organize a lottery sell lottery tickets and the winners will get pries in your crypto coin
3) best option would not have anything to do with FIAT money just
distribute the crypto coin to the people

[wowwow1]

So to avoid this legal shit there could be several solutions maybe

1) if you still want deal with FIAT then register a company in Panama, Belize or any similar state
2) organize a lottery sell lottery tickets and the winners will get pries in your crypto coin
3) best option would not have anything to do with FIAT money just
distribute the crypto coin to the people

YES deal with every fiat on the planet earth.
 And deal fiat on every planet in the universe.

If you want success in AIcoin government need to approve
best to do it by the book like they are doing

so be keeping my eye on this 1

plus well done DEVS looking good

[SlipperySlope]

AI Coin cannot sell the coins created without requiring a MSB license. We were in the process of obtaining a FinCEN license, which is a US Federal License that specifies what sort of reporting is required to FinCEN. That agency routine accepts registrations. Our would-have-been partner exchange Bittrex is already registered with FinCEN, but not licensed in the 48 US States as an MSB.

Our attorneys said that all US cryptocurrency exchanges are categorized as MSBs as they interpret the FinCEN guidance issued last year. Although that requirement is not being enforced currently, AI Coin would have no available means of exchange in the USA should it have launched without the licenses, and a crackdown by the States shut down all the altcoin exchanges in the USA.

[coinmaster222]

Just stay clear of the US dollar,if you want to use Fiat use UK Pound or Euro

[pa]

AI Coin cannot sell the coins created without requiring a MSB license. We were in the process of obtaining a FinCEN license, which is a US Federal License that specifies what sort of reporting is required to FinCEN. That agency routine accepts registrations. Our would-have-been partner exchange Bittrex is already registered with FinCEN, but not licensed in the 48 US States as an MSB.

Our attorneys said that all US cryptocurrency exchanges are categorized as MSBs as they interpret the FinCEN guidance issued last year. Although that requirement is not being enforced currently, AI Coin would have no available means of exchange in the USA should it have launched without the licenses, and a crackdown by the States shut down all the altcoin exchanges in the USA.

I'm sorry if this has already been asked and answered. I haven't been following your project closely. Why not distribute AI Coin as a "spin off" of Bitcoin's blockchain, so that everyone who owns btc can claim a corresponding amount of AI Coin?

[wowwow1]

AI Coin cannot sell the coins created without requiring a MSB license. We were in the process of obtaining a FinCEN license, which is a US Federal License that specifies what sort of reporting is required to FinCEN. That agency routine accepts registrations. Our would-have-been partner exchange Bittrex is already registered with FinCEN, but not licensed in the 48 US States as an MSB.

Our attorneys said that all US cryptocurrency exchanges are categorized as MSBs as they interpret the FinCEN guidance issued last year. Although that requirement is not being enforced currently, AI Coin would have no available means of exchange in the USA should it have launched without the licenses, and a crackdown by the States shut down all the altcoin exchanges in the USA.

I'm sorry if this has already been asked and answered. I haven't been following your project closely. Why not distribute AI Coin as a "spin off" of Bitcoin's blockchain, so that everyone who owns btc can claim a corresponding amount of AI Coin?

So how do aicoin make any money.
there not going to do all that work for nothing come on would you they need to make a living..

Plus there trying to get a patent it will never happen NO CHANCE ..
J.P MORGAN could not get 1 and they tried over 100 times always rejected ..

[4x13]

OK, so when is the tentative release??

[coine_smithe]