[ANN] [SFR] SaffronCoin | Latest Version - 1.4.2/2.6.2 | Mandatory Wallet Update

[saffroncoin]

I would say we can do 3 type:
Elite Silver: 150k ( 0% trade 0.2% share )
Elite Gold: 200k ( 0% trade 0.35% share )
Elite Platinum: 250k ( 0% trade 0.5% share )

Benefit will depend on grade so lower grade with have less benefit than higher grade.

We can come up with something better  

This seems better. But we need another kick-ass feature to be included for maybe Gold and Platinum users.

[kid_brook]

Wow...So now , I need to accumulate so I can belong...

seriously, i'm thinking the same thing, i have only 44k sfr now

It would be hard to reach that goal since I have to shutdown my 4 S1 antminers due to high utility bills, not profitable anymore.

 

Trading would be the next option.

[Stinky_Pete]

I would say we can do 3 type:
Elite Silver: 150k ( 0% trade 0.2% share )
Elite Gold: 200k ( 0% trade 0.35% share )
Elite Platinum: 250k ( 0% trade 0.5% share )

Benefit will depend on grade so lower grade with have less benefit than higher grade.

We can come up with something better  

So you are proposing a club for people who keep their shares, and one of the benefits is 0% trading fees? 

[Burninj]

We need a super elite rank for 1 Million+ sfr owner.

reward : 1kg of saffron!

[lin0sspice]

I would say we can do 3 type:
Elite Silver: 150k ( 0% trade 0.2% share )
Elite Gold: 200k ( 0% trade 0.35% share )
Elite Platinum: 250k ( 0% trade 0.5% share )

Benefit will depend on grade so lower grade with have less benefit than higher grade.

We can come up with something better  

So you are proposing a club for people who keep their shares, and one of the benefits is 0% trading fees?  

Yes, and 0.2 - 0.5% is profit from exchange of cryptoxindia.
Any other ideas please just put them out , so we chose the best for Elite.

[hughjays77]

2 days away and this is what I miss...........amazing. For now its the same money churning in the cryptocurrency world but when crypto's really make it into the mainstream, SFR will be in the top 3 coins

Hi,
I would probably be leaving to Shanghai for the Bitcoin Expo to give a talk on Saffroncoin. Would be leaving on 17/18 this month. I will be travelling with the Unocoin team. They have been chosen as panel speakers. They would give me a few minutes of their allotted time. Will confirm once we get the Visas which should be in a day or two.

Past couple of days, we have been researching on how to make PeerMarket implementation better. Especially because of OpenBazaar. It has a great UI and has web based content for easier use. Many others are building their markets on OpenBazaar such as Razor's RZRoad.
But we do not want to go the OpenBazaar way. We want to be unique and build PeerMarket as an asset and have great UI just as OpenBazaar but different from it.

We have decided to implement the counterparty protocol for this. Initially we wanted to use this protocol for SFRDirect. But PeerMarket can be built as an asset on top of SFRDirect. This would also not cause bloating of the main blockchain.
SFRDirect will contain a decentralized exchange and PeerMarket. Later we will develop a host of decentralized services built on top of SFRDirect.
The currency which the SFRDirect protocol will be using is Concentrated SFR (cSFR). cSFR will be produced by burning SFR which means you send your saffroncoins to an unspendable address.
SFRDirect is the protocol or a sidechain that would host a bunch of decentralized services hence not bloating the main chain.
We will try to have SFRDirect released by this month and I will give u an update before leaving to China.
We have already started working on this and are setting up the requisites for the counterparty protocol.

Regards

[kid_brook]

Was just discussing on IRC about a feature like Elite Club to be included in the wallet. For eg. only those with more than 100k SFR in the wallet, can access the elite club.
Elite members will get various benefits. This would also give a reason to hold SFR especially essential for a POW coin. This is something like a Gold Membership like you get some benefits being a Gold member on various places.
At present, haven't thought of what facilities we can provide to elite members. Pho suggested that they can trade for 0% fee on cryptoxindia and also get some shares.

Can u all suggest some more?

Is selective staking possible? Right now the coin is pure POW, but what if somebody hold their 100k coin in the wallet for 2 weeks it can start staking?

They will receive % of profit from CryptoxIndia Exchange by time of they hold their coins in wallet.

Also , Holders can trade for 0% fee during holding time.

Just posted this as an idea for the SFR club on IRC, let me know what you guys thing...

SFR Boosters Club: An group of traders/investors directly associated with SaffronCoin and invitations are granted to those who are holding 100K SFR in their wallets. The main purpose of the club is to discuss future developments, fundraising, and general community support. Additionally, there will also be many benefits for those who participate. Members of the SFR Boosters Club will trade with 0 fees, recieve of portion of transaction fees from cryptoxindia?, automatically entered into a monthly raffle with great prizes, as well as direct access to the SFR development team.

Yes we need to come up with some extra ideas for the club apart from 0 fees for the exchange. Some kickass stuff where people would definitely not want to reduce their holdings under 100k just to be a member of the club.

since we need to keep certain amount of SFR  > 100K in our wallets. Why not as an incentive is that  the coins can generate an income or interest like PoS.

[saffroncoin]

We need a super elite rank for 1 Million+ sfr owner.

reward : 1kg of saffron!

Haha are u a SFR Millionaire?

[saffroncoin]

Concentrated SFR (cSFR) daemon for SFRDirect is created. The web wallet will be based on counterparty design. Need to test it and start burn testing.
Gonna hit the sack. Will do this is in the morning.

Those new, cSFR is the currency for SFRDirect which is a decentralized platform for hosting SFR based applications such as an exchange and the PeerMarket like a sidechain.

[Burninj]

We need a super elite rank for 1 Million+ sfr owner.

reward : 1kg of saffron!

Haha are u a SFR Millionaire?

Well no i'd love it...
But you ask for ideas, I try giving some.
Why not peg saffron coin with real saffron.
Saffron is the gold of spice after all.

[PTseller]

I am late to SFR ? or i am at correct time ? time to invest in SFR before it's to late !

+ 1 for SFR dev  he doing very hard work and his hard work always tell me to invest in SFR so here we go  buying coins on trex

 

[saffroncoin]

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.

[Burninj]

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.

Not sure why it would affect volume.

This would drive the price upper and upper, and people who would like to be part of elite club would have to pay more and more, which means... more volume

[saffroncoin]

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.

Not sure why it would affect volume.

This would drive the price upper and upper, and people who would like to be part of elite club would have to pay more and more, which means... more volume

Well buys and sells need to go side by side. Only big buys and not much sells would not drive volume high.

[Burninj]

Well buys and sells need to go side by side. Only big buys and not much sells would not drive volume high.

I think this would only happen with a pure pos coin.
SFR is still a pure pow so there are still coins coming to market everyday.
If elite membership has significant advantages people would try to grab sfr whatever the cost.
Sure sfr volume would be low compared from what it is now, but btc volume would be significantly higher no?
you see my point?

[saffroncoin]

Well buys and sells need to go side by side. Only big buys and not much sells would not drive volume high.

I think this would only happen with a pure pos coin.
SFR is still a pure pow so there are still coins coming to market everyday.
If elite membership has significant advantages people would try to grab sfr whatever the cost.
Sure sfr volume would be low compared from what it is now, but btc volume would be significantly higher no?
you see my point?

Yea I agree. Fixed coins will be coming to market everyday. Once more exchanges add us, volume won't really be a problem.
I am really excited about this Elite Club but we do not want to officially announce it unless we find another kick-ass feature to go along with the 0% cryptoxindia fees. Cryptoxindia is not an immediate implementation. Some other big idea to implement currently , would be great and we can push this club through.

[chickenfried12]

  I would say 100 K for membership. Those that own more than 100k could then still trade the amounts over 100k.

[northranger79510]

Been out of the loop of Saffroncoin for a while. What is happening?

[hughjays77]

Dev,

Its great that we have finally gone with a Counterparty type protocol. I still dont understand a few things.

1) Does it mean ALL the coins from the 28800 blocks [ blk 221500 - 250300 ] will burn to create cSFR ?
2) How do we know that is all we will need to burn ?
3) Will holders of existing SFR be able to burn their SFR for cSFR ?
4) Will cSFR be tradable ?

We are coding the block at which the burn should start for SFRDirect. We are thinking of having it at Sept 30. That is about 17k blocks from now considering 960 blocks/per day. As a whole figure, we are planning to keep it as at block 221500.
Lets have the burn process for 1 month which would end at block 250300. After that the production of concentrated SFR (cSFR) should stop.

[hughjays77]

I personally love the Elite club but as you mentioned before, we need a bigger incentive for the largest long term holders of SFR. This is especially important for a pure POW coin. I remain a firm supporter of POW as this the best method for an alternative type of currency unless there is some backing asset such as Saffron spice [US$110,000/kg] [not a joke] or 24k Gold, etc , etc. When millions of people world wide and in particular Asia are embracing cryptocurrencies, POW will be shown to be vastly superior. i.e we dont create money from thin air but from the energy of technology and even cSFR will be created from destroying SFR.

However for a POW coin we need a core of long term holders who need to be incentivised. 0% trading fees and sub 1% earning on trading are both good but we need more. My suggestion is a system that solves i) the POW incentive to hold long term problem and uses ii) a back stop of backing the daily coins produced that further reinforces i)

Members of the Elite Club [ Elite Investors Club] could be given some ownership potential of cryptoxindia say 10 - 25% of the shares.


1) 5 - 12.5% of cryptoxindia could be set aside for Elite Club members based on a system of how many SFR coins held per set period of time  . This a real investment opportunity that is a easy sell because of the integrity of the SFR development team.  We can lay out the fine details over the next week or so.

2) A further 5 - 12.5% of cryptpxindia could also be set aside for Members of the Elite Investors club members who would also be required to provide monetary investment to the equivalent of the monthly coin creation rate of SFR approx [ 960blks x 32coins x 30days x 0.00002700btc] = 24.88btc/month == <1btc/day.
The support would be used to buy SFR daily using SFRpay. That SFR would be also be stored in escrow for 6 - 12months !

So for example if we have 30 - 100 Investor Club members then the monthly investment amount required in really quite minimal.

Both 1) and 2) could be coded within a couple of weeks so as to work automatically and be operational for the months leading up the launch of cryptoxindia .

a) cSFR reduces SFR supply permanently
b) Suggestion 1 increases demand & reduces supply substantially
c) Suggestion 2) sets a floor in price by substantially reducing supply at a crucial level on the supply curve.  

  

Thoughts ?

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.