[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released

[McDoxy]

So if I understand correctly, VRC is not in the superNET core, but it will simply integrate superNET into it's wallet, am I right?

[1714145460]

1714145460

[souljah1h]

So if I understand correctly, VRC is not in the superNET core, but it will simply integrate superNET into it's wallet, am I right?

It is in testing now, it will be in the core afaik.

[effectsToCause]

So if I understand correctly, VRC is not in the superNET core, but it will simply integrate superNET into it's wallet, am I right?

A vote which has not occured yet will decide which coins are in the core.  Though I think we have a very strong position going forward.  James asked me to head up a trustee committee to setup a multisig escrow of the SuperNET ICO BTC earnings.  Multisig would require maybe 4 to 6 trusted individuals to simultaneously sign for release of funds after voting.  We will be contacting some trusted developers of some of the top coins to join us.  See link: https://bitcointalk.org/index.php?topic=762346.msg8751306#msg8751306  

[McDoxy]

So if I understand correctly, VRC is not in the superNET core, but it will simply integrate superNET into it's wallet, am I right?

It is in testing now, it will be in the core afaik.

Pnosker confirmed that Vericoin will be a Core Coin!

The current core coins are Bitcoin, Litecoin, Darkcoin, BitcoinDark and now Vericoin

What? Those are not superNET core coins ... you guys are probably talking about the MGW.

MGW !== superNET

the superNET core coins are Nxt, BTCD and BBR, afaik. And only James can make the superNET core announcement, otherwise that would result in disqualification.

[effectsToCause]

So if I understand correctly, VRC is not in the superNET core, but it will simply integrate superNET into it's wallet, am I right?

It is in testing now, it will be in the core afaik.

Pnosker confirmed that Vericoin will be a Core Coin!

The current core coins are Bitcoin, Litecoin, Darkcoin, BitcoinDark and now Vericoin

What? Those are not superNET core coins ... you guys are probably talking about the MGW.

MGW !== superNET

the superNET core coins are Nxt, BTCD and BBR, afaik. And only James can make the superNET core announcement, otherwise that would result in disqualification.

I think there is some confusion about this.  We are not at this point core.

[KryptoKings]

Of topic but www.leetservers.com rents game servers and voip servers with bitcoin now. Used veribit to rent a month and see how they go. My wife, daughter, bro in law and other friends love playing L4D2 custom campaigns but hard to find a server. Hoping to put a big vericoin logo when you log into the server .

Is anyone interested in using teamspeak 3 server? I get a 10 person server with the service free. Our community already has a teamspeak 3 server. I could set it up for the community if you guys want?

[MAD945]

Ok Doug can you lay it out because there seems to be some confusion here

I retract my previous statement until further clarification!

[effectsToCause]

Ok Doug can you lay it out because there seems to be some confusion here

We are integrating with SuperNET, working with James on a special project specifically for VeriCoin, I am a trustee of the SuperNET escrow, but the core coin final vote has not occured yet.  However this doesn't change our special positioning in SuperNET it reflects that some things are not yet complete and we are in a very good position.

[syclone]

Man how do the Devs get any real work done when having to answer every little question on here?  lol   Keep up the good work though!

[MAD945]

Ok Doug can you lay it out because there seems to be some confusion here

We are integrating with SuperNET, working with James on a special project specifically for VeriCoin, I am a trustee of the SuperNET escrow, but the core coin final vote has not occured yet.  However this doesn't change our special positioning in SuperNET it reflects that some things are not yet complete and we are in a very good position.

Thank you for clarifying Doug...can you also clarify what Vericoin's special position is in the SuperNET.

Thanks again

[effectsToCause]

Ok Doug can you lay it out because there seems to be some confusion here

We are integrating with SuperNET, working with James on a special project specifically for VeriCoin, I am a trustee of the SuperNET escrow, but the core coin final vote has not occured yet.  However this doesn't change our special positioning in SuperNET it reflects that some things are not yet complete and we are in a very good position.

Thank you for clarifying Doug...can you also clarify what Vericoin's special position is in the SuperNET.

Thanks again

James' envisioned role for VeriCoin is mostly the entry point from the fiat world into crypto and the SuperNET.  Our role will be accessing new users from the non crypto market in addition to the crypto market.  This is a unique position and compatible with our vision for VeriCoin originally.  Now it would be with a more substantial infrastructure under which this may flourish to unseen levels, while also enabling access to some of the best cutting edge blockchain tech.

[MAD945]

Ok Doug can you lay it out because there seems to be some confusion here

We are integrating with SuperNET, working with James on a special project specifically for VeriCoin, I am a trustee of the SuperNET escrow, but the core coin final vote has not occured yet.  However this doesn't change our special positioning in SuperNET it reflects that some things are not yet complete and we are in a very good position.

Thank you for clarifying Doug...can you also clarify what Vericoin's special position is in the SuperNET.

Thanks again

James' envisioned role for VeriCoin is mostly the entry point from the fiat world into crypto and the SuperNET.  Our role will be accessing new users from the non crypto market in addition to the crypto market.  This is a unique position and compatible with our vision for VeriCoin originally.  Now with a more substantial infrastructure under which this may flourish to unseen levels, while also enabling access to some of the best cutting edge blockchain tech.

Great...Thanks again!

[EvilDave]

Let's all just get along and quit the insults among us.  Like I posted a while back.  Group hug.  Come on all together now.   

Welcome to the SuperNET, VRC boyz/girlz/thingz !
Group hugs will, i'm afraid, be compulsory from now on 

[MAD945]

Let's all just get along and quit the insults among us.  Like I posted a while back.  Group hug.  Come on all together now.   

Welcome to the SuperNET, VRC boyz/girlz/thingz !
Group hugs will, i'm afraid, be compulsory from now on 

Thanks EvilDave...Welcome to the Vericoin Community!

[jl777]

Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalk.org/index.php?topic=762346.msg8748412#msg8748412

if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0

The SuperNET has at least 4 standard levels of integration and a couple non standard ones. So there is no in/out binary switch, think of it more like a quantum wave function, even with different orbital energy states. I hope this makes it easier to understand.

http://abyss.uoregon.edu/~js/cosmo/lectures/lec08.html is decent explanation.

James

[ereborltc]

@nosker and @pike:

You guys made conflicting statements yesterday about the escrowed vericoin "donated" by the community.

No need, nosker, to add confusion: no need for even mentioning % since James will not be taking anything from the amount donated REGARDLESS if the initial thesholds are reached or not.

The clarifications needed are:

1 - will the coins be returned to the "donors" since there's no longer a requirement for the reserve to exist ir not.
2 - assuming they will not be returned, the only questions are: pike's "management" of those funds include staking them? Trading?or none of the above?

I believe "donors" and potential "donors" will be interested in the clarifications and, above all, that you both, along with the community, are on the same page. As of the last posts on the matter, you are not.

The reserve is going to still serve the initial purpose that James requested, however, we will be managing it according to the community demands instead of James. The escrow will still ensure that 10k satoshi will be sent for each VRC as per the initial terms once the VRC price breaks 50k satoshi. The rest of the stash is to be used for projects that the community will vote on, as per the initial fundraising criteria. We are still aiming for 10% of VRC to be in this fund and hope donations continue to come in.

The coins will not be staked, for now, as donations in are difficult to track once coins are re-aged. They will not be used for anything until the community decides on a fate for them.

Yes we are in full agreement about this.

That being the case the being on the same page is achieved and everyone is quite clear now.

But if you allow me I believe it is a hasty and not very well thought out decision. For instance, you can, right now, sell those 500k+ vrc return 10k sat to each donor and retain the profit (40%) for future projects with no obligations or strings attached. There are many other options that will be much more beneficial to the community that just doing nothing with it. Staking in such amounts is significant and not benefitting at all from it is quite an unnecessary waste... among those many options i would suggest to create a stabilization fund (a la naut) thst would be instrumental in achieving what should be a target gosl for vrc: reduce volatility to dupport "mass" adoption. There are othrrs... like i said, many and all much more beneficial than just putting those funds undrr the mattress. Give it an additional thought or two if you can.

One other thing: getting to above 50k sat, the noskrr presents as a foregone conclusion, is a very tall order. It may not get thrre -let alone to 100k- and much lesd in the more or less agreen upon (clarification on this is also needed) term of thr next 6 months or first week of March 2015...

Patrick.  I too think we should stake the coins because not staking them is like throwing them in the trash.  Just keep track of what the original donation amount was BEFORE the staking takes place.
  If the coins stake for 1 year it could be as simple as simply adding a flat 2.3% rate (or avg interest rate for the year) of the initial donation amount to the .0001 amount that the coins sell for.  

For example, if you donated 50,000, then after crossing the .0005 threshold, the originating address would receive 5000 VRC back plus 1150 in interest after 1 year.  Then if the 2nd threshold was crossed at .001 during the 2nd year, the address would receive another 2500 VRC back plus another 1150 in interest at the end of the 2nd year.  This method is not 100% exact as it misses some compounding interest but it is pretty close and not hard at all to distribute as a once per year dividend to all the donators who came together to support our coin.

In fact I think it would be pretty fun as a community if we all could celebrate "SuperNET Day" once a year around this time to commemorate this bright new path we have embarked upon this week.  And we would all be excited to receive our once per year dividend payouts IF the best case scenario unfolds and we can make it to .0005 before 1 year ends and .001 before year 2 ends.
I don't mind doing the busy work and making an excel spreadsheet detailing each addresses payouts once per year for let's say all donations 1000 and higher.  

thanx buddy! really appreciate your work and drive for a successful future in crypto!

[pnosker]

@nosker and @pike:

You guys made conflicting statements yesterday about the escrowed vericoin "donated" by the community.

No need, nosker, to add confusion: no need for even mentioning % since James will not be taking anything from the amount donated REGARDLESS if the initial thesholds are reached or not.

The clarifications needed are:

1 - will the coins be returned to the "donors" since there's no longer a requirement for the reserve to exist ir not.
2 - assuming they will not be returned, the only questions are: pike's "management" of those funds include staking them? Trading?or none of the above?

I believe "donors" and potential "donors" will be interested in the clarifications and, above all, that you both, along with the community, are on the same page. As of the last posts on the matter, you are not.

The reserve is going to still serve the initial purpose that James requested, however, we will be managing it according to the community demands instead of James. The escrow will still ensure that 10k satoshi will be sent for each VRC as per the initial terms once the VRC price breaks 50k satoshi. The rest of the stash is to be used for projects that the community will vote on, as per the initial fundraising criteria. We are still aiming for 10% of VRC to be in this fund and hope donations continue to come in.

The coins will not be staked, for now, as donations in are difficult to track once coins are re-aged. They will not be used for anything until the community decides on a fate for them.

Yes we are in full agreement about this.

That being the case the being on the same page is achieved and everyone is quite clear now.

But if you allow me I believe it is a hasty and not very well thought out decision. For instance, you can, right now, sell those 500k+ vrc return 10k sat to each donor and retain the profit (40%) for future projects with no obligations or strings attached. There are many other options that will be much more beneficial to the community that just doing nothing with it. Staking in such amounts is significant and not benefitting at all from it is quite an unnecessary waste... among those many options i would suggest to create a stabilization fund (a la naut) thst would be instrumental in achieving what should be a target gosl for vrc: reduce volatility to dupport "mass" adoption. There are othrrs... like i said, many and all much more beneficial than just putting those funds undrr the mattress. Give it an additional thought or two if you can.

One other thing: getting to above 50k sat, the noskrr presents as a foregone conclusion, is a very tall order. It may not get thrre -let alone to 100k- and much lesd in the more or less agreen upon (clarification on this is also needed) term of thr next 6 months or first week of March 2015...

Patrick.  I too think we should stake the coins because not staking them is like throwing them in the trash.  Just keep track of what the original donation amount was BEFORE the staking takes place.
  If the coins stake for 1 year it could be as simple as simply adding a flat 2.3% rate (or avg interest rate for the year) of the initial donation amount to the .0001 amount that the coins sell for.  

For example, if you donated 50,000, then after crossing the .0005 threshold, the originating address would receive 5000 VRC back plus 1150 in interest after 1 year.  Then if the 2nd threshold was crossed at .001 during the 2nd year, the address would receive another 2500 VRC back plus another 1150 in interest at the end of the 2nd year.  This method is not 100% exact as it misses some compounding interest but it is pretty close and not hard at all to distribute as a once per year dividend to all the donators who came together to support our coin.

In fact I think it would be pretty fun as a community if we all could celebrate "SuperNET Day" once a year around this time to commemorate this bright new path we have embarked upon this week.  And we would all be excited to receive our once per year dividend payouts IF the best case scenario unfolds and we can make it to .0005 before 1 year ends and .001 before year 2 ends.
I don't mind doing the busy work and making an excel spreadsheet detailing each addresses payouts once per year for let's say all donations 1000 and higher.  

I think we should not stake until we've raised what James considers to be a suitable amount. As this was originally intended to be a fundraising activity until we reach 2.7 million VRC, I think he can call the shots as to when we have enough in the escrow. When that happens, we will audit the donations and get both corresponding VRC and BTC addresses for each donor. That way we can split the share evenly, with precision, and know how to refund the coins. Right now, we just have a VRC address. Ultimately we will need a BTC address to pay the 10k satoshi/VRC payment. But if we start staking, the blockchain gets confusing and we really need it to be as simple as possible to track.

[ereborltc]

Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalk.org/index.php?topic=762346.msg8748412#msg8748412

if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0

The SuperNET has at least 4 standard levels of integration and a couple non standard ones. So there is no in/out binary switch, think of it more like a quantum wave function, even with different orbital energy states. I hope this makes it easier to understand.

http://abyss.uoregon.edu/~js/cosmo/lectures/lec08.html is decent explanation.

James

+1

thanx!

[ereborltc]

@nosker and @pike:

You guys made conflicting statements yesterday about the escrowed vericoin "donated" by the community.

No need, nosker, to add confusion: no need for even mentioning % since James will not be taking anything from the amount donated REGARDLESS if the initial thesholds are reached or not.

The clarifications needed are:

1 - will the coins be returned to the "donors" since there's no longer a requirement for the reserve to exist ir not.
2 - assuming they will not be returned, the only questions are: pike's "management" of those funds include staking them? Trading?or none of the above?

I believe "donors" and potential "donors" will be interested in the clarifications and, above all, that you both, along with the community, are on the same page. As of the last posts on the matter, you are not.

The reserve is going to still serve the initial purpose that James requested, however, we will be managing it according to the community demands instead of James. The escrow will still ensure that 10k satoshi will be sent for each VRC as per the initial terms once the VRC price breaks 50k satoshi. The rest of the stash is to be used for projects that the community will vote on, as per the initial fundraising criteria. We are still aiming for 10% of VRC to be in this fund and hope donations continue to come in.

The coins will not be staked, for now, as donations in are difficult to track once coins are re-aged. They will not be used for anything until the community decides on a fate for them.

Yes we are in full agreement about this.

That being the case the being on the same page is achieved and everyone is quite clear now.

But if you allow me I believe it is a hasty and not very well thought out decision. For instance, you can, right now, sell those 500k+ vrc return 10k sat to each donor and retain the profit (40%) for future projects with no obligations or strings attached. There are many other options that will be much more beneficial to the community that just doing nothing with it. Staking in such amounts is significant and not benefitting at all from it is quite an unnecessary waste... among those many options i would suggest to create a stabilization fund (a la naut) thst would be instrumental in achieving what should be a target gosl for vrc: reduce volatility to dupport "mass" adoption. There are othrrs... like i said, many and all much more beneficial than just putting those funds undrr the mattress. Give it an additional thought or two if you can.

One other thing: getting to above 50k sat, the noskrr presents as a foregone conclusion, is a very tall order. It may not get thrre -let alone to 100k- and much lesd in the more or less agreen upon (clarification on this is also needed) term of thr next 6 months or first week of March 2015...

Patrick.  I too think we should stake the coins because not staking them is like throwing them in the trash.  Just keep track of what the original donation amount was BEFORE the staking takes place.
  If the coins stake for 1 year it could be as simple as simply adding a flat 2.3% rate (or avg interest rate for the year) of the initial donation amount to the .0001 amount that the coins sell for.  

For example, if you donated 50,000, then after crossing the .0005 threshold, the originating address would receive 5000 VRC back plus 1150 in interest after 1 year.  Then if the 2nd threshold was crossed at .001 during the 2nd year, the address would receive another 2500 VRC back plus another 1150 in interest at the end of the 2nd year.  This method is not 100% exact as it misses some compounding interest but it is pretty close and not hard at all to distribute as a once per year dividend to all the donators who came together to support our coin.

In fact I think it would be pretty fun as a community if we all could celebrate "SuperNET Day" once a year around this time to commemorate this bright new path we have embarked upon this week.  And we would all be excited to receive our once per year dividend payouts IF the best case scenario unfolds and we can make it to .0005 before 1 year ends and .001 before year 2 ends.
I don't mind doing the busy work and making an excel spreadsheet detailing each addresses payouts once per year for let's say all donations 1000 and higher.  

I think we should not stake until we've raised what James considers to be a suitable amount. As this was originally intended to be a fundraising activity until we reach 2.7 million VRC, I think he can call the shots as to when we have enough in the escrow. When that happens, we will audit the donations and get both corresponding VRC and BTC addresses for each donor. That way we can split the share evenly, with precision, and know how to refund the coins. Right now, we just have a VRC address. Ultimately we will need a BTC address to pay the 10k satoshi/VRC payment. But if we start staking, the blockchain gets confusing and we really need it to be as simple as possible to track.

veri true

[effectsToCause]

I think we should not stake until we've raised what James considers to be a suitable amount. As this was originally intended to be a fundraising activity until we reach 2.7 million VRC, I think he can call the shots as to when we have enough in the escrow. When that happens, we will audit the donations and get both corresponding VRC and BTC addresses for each donor. That way we can split the share evenly, with precision, and know how to refund the coins. Right now, we just have a VRC address. Ultimately we will need a BTC address to pay the 10k satoshi/VRC payment. But if we start staking, the blockchain gets confusing and we really need it to be as simple as possible to track.

If my calculations are correct, there is no need to actually convert to BTC to pay people.  You can pay them in VRC just returned to them.  (Ex.  50,000*.5*.0001=2.5BTC, 2.5BTC buys 5000 VRC @ .0005.).  Thus just return 5000 VRC to the originator and no need to sell VRC and pay in BTC.  Or, actually an even better method is just use whatever the VRC price is AT THE TIME of the end of year distribution.  If after 1 year the price is .0006, then your 2.5BTC of value would represent 4166 VRC plus the 1150 of interest.  The key being it's not too difficult to add in the interest portion to each address once we are done with all donating for this project.

Yeah I agree we don't need a BTC address, that was the original intent for simplicity.  Also drkman if you would be willing to build up the spreadsheet (which would help tremendously) then I would be happy to bring the coins online periodically to earn the interest accrued via coinage.  This is also another incentive to make the pot bigger as the community would be getting some significant interest payments over time.