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DarkhorseofNxt
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December 13, 2014, 01:29:35 PM |
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BTW: The documentation got updated: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenationLet´s discuss the ORA currency properties. I´m thinking of the following: EXCHANGEABLE = 1
CONTROLLABLE = 0
RESERVABLE = 0
CLAIMABLE = 0
MINTABLE= 1
NON_SHUFFLEABLE = 0 To be able to exchange the currency to NXT and maybe even other currencies later is a must have. Controllable, Reservable, Claimable aren´t any features for ORA, as all stakes are distributed initially. Shuffling will be one of the big features in my eyes. For the Mining feature there must be minimal and maximal difficulty values. There will be little to no miners at the beginning, so the diff shouldn´t be too low?? How many units should be allocated to mining, if any? What´s your opinion on all this? Of course the final setup should be tested completely on NXT testnet once 1.4e is ready, as it isn´t possible to change something after issuing ORA. The same properties but not sure about the mintable. |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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DarkhorseofNxt
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December 13, 2014, 01:54:10 PM |
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Maybe smart contracts can solve this issue in future, but I think for now it's better to reduce the time having a high amount in a treasury account.
Notice there is a "Minting" section under MS, coins could be added as required. The effect on the economy is identical, the only difference is that whilst price stays the same, market capitalization instantly jumps (as you see with ripple) when a new chunk is minted. Yes, I did already noticed the mining feature. This will be the only way to create new ORA units. With this feature people recognizing ORA later will still have a chance to get their stake. I´ve never mined a single coin, but I´m a supporter of having some PoW integration into ORA, as there are so many miners with specialised equipment. @th4o, I agree that it's a community goal to draw down the treasury funds asap, but in saying that I think we still have to take sufficient time to 'execute' the distributions without making too many mistakes, and there are ways to mitigate the obvious downside of having large amounts of funds centralised. NXT will have multi-sig implemented soon (I think), and once that's in place we can use a similar process to the SuperNET with multiple treasurers needing to sign off on any distributions from the community funds.
It obviously wont sit well with everyone, and that concern 'in principle' (i.e. centralisation is dangerous) is well founded IMO, and that helps to keep everyone on their game. I would like to say that our two community treasurers (Darkhorse & fragORA) are doing a magnificant job, and both have my full support. Darkhorse in particular has established himself as a trusted and respected member of the NXT community, and as he is currently in control of the majority of ORA's community funds, that should give us ALL a good measure of confidence, but yes, it'll be a good day when the bulk of the coins are mostly distributed with the remainder held in mult-sig accounts controlled by multiple people.
According to the development roadmap multisig won´t be implemented soon, I don´t even think it will be released inside the first half of the next year. I would recommend to distribute at least ~90% as soon as possible. It´s analog to altcoins with a high premine, most people hearing of them the first time aren´t interested because of this issue.With the new model, premine should no longer be a question, as in, the original Ora stakeholder will only be entitled to a certain percentage from the total coin including the 4 of us. It is like Staking, you stake a new project and give them equivalent coins to the number of coins they have. The question is the issuer account will be holding the majority of the coins, which we can't help it at the moment. Multisig would help that and i support the multisig as well. |
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Kora (OP)
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December 16, 2014, 05:21:21 AM |
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BTW: The documentation got updated: https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenationLet´s discuss the ORA currency properties. I´m thinking of the following: EXCHANGEABLE = 1
CONTROLLABLE = 0
RESERVABLE = 0
CLAIMABLE = 0
MINTABLE= 1
NON_SHUFFLEABLE = 0 To be able to exchange the currency to NXT and maybe even other currencies later is a must have. Controllable, Reservable, Claimable aren´t any features for ORA, as all stakes are distributed initially. Shuffling will be one of the big features in my eyes. For the Mining feature there must be minimal and maximal difficulty values. There will be little to no miners at the beginning, so the diff shouldn´t be too low?? How many units should be allocated to mining, if any? What´s your opinion on all this? Of course the final setup should be tested completely on NXT testnet once 1.4e is ready, as it isn´t possible to change something after issuing ORA. @th4o, thanks for the ideas and input!! At this point in time it's really appreciated, more than I can say  We're working on a final set of 'numbers' for this idea that coinsolidation suggested, but the main thing we need at the moment IMO is people joining the discussion, and all who do have my sincere gratitude Then the task is finding the first couple of coins to join ORA - any ideas? Also, lead dev ... Road is long, but we'll get to somewhere 'interesting' eventually |
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DarkhorseofNxt
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December 16, 2014, 01:06:16 PM |
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i am talking to a few already.. It might be a long way to go / wants to see the MS first before deciding on anything. So yeah.
Regarding Mark's suggestion, i think we are there 90%, we will decide that asap and let everyone know what will be the new config. for ORA new distribution.
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th4o
Member
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Activity: 588
Merit: 10
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December 17, 2014, 06:08:32 AM |
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Kora (OP)
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December 17, 2014, 11:10:03 PM |
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Yes, it's great news & very exciting This is a great opportunity to grow our community, as most NXT'ers will want to see the first batch of MS currencies do well. If we stay committed to our common sense approach that puts community & 'fairness' (whatever that means) front & centre, then even in a crowded market place during difficult times with the bear market, we can still cut through and be seen for what we are trying to do. Slow & steady, with 'values' |
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DarkhorseofNxt
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December 18, 2014, 12:02:33 PM |
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Will be testing this soon, i am also thinking opening a chat in Nxtty for Ora, what do you think?
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Agestorzrxx
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December 18, 2014, 12:41:24 PM |
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What the difference between ora and kora, it's makes people think about qora.
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DarkhorseofNxt
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December 18, 2014, 02:57:49 PM |
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What the difference between ora and kora, it's makes people think about qora.
Ora is the project, Kora is the founder. Initially the project was called Kora then we dropped the name and choose Ora. |
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Kora (OP)
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December 20, 2014, 04:06:35 AM
Last edit: December 20, 2014, 04:23:46 AM by Kora |
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Hey everyone, now that we're officially part of the NXT ecosystem I think it's good to consolidate our presence over on the NXT forum. We'll obviously still need to keep this thread going (but I have closed the other ORA threads now to keep everyone focused on this one), but I'm going to try and get more discussion going within the NXT community now also. With that in mind I've made an update post on nxtforum.org. Feel free to post here, or on nxtforum.org with any ideas, criticism, suggestions etc Random questions,
1.) How does the locked nxt will affect a MS currency? What would be an ideal amount?
2.) What if i lock a MS currency with 1 nxt? What will happen?
I think in the case of ORA some of the value will come from the 'burnt' alt coins, and some will come from the combined expectations that ORA will continue to exist into the future, so the actual amount we have to 'lock' into the ORA MS *could* be quite small, maybe even a peppercoin amount like 1 NXT.
I'm interested to hear opinions on this fundamental aspect of MS currencies also. I think 'trust' in the fundamentals underpinning the ORA community and ecosystem will be critical, but will that 'trust' be enough to act as a substitute for 'value' created through 'locking' away real NXT when the ORA MS currency is made? I'm still undecided, but I believe people's expectations will play a big part, so generating a viable 'community' based on trust and cohesion building processes will be critical for success no matter what.
Speaking of 'trust', I do want to thank Darkhorse for ALL the great work he has done as ORA's main community treasurer, and generally for his support and enthusiasm for this project. I definitely could NOT have gotten this far with the ORA 'experiment' without his help, and his character and reputation in the NXT community DOES add real 'value' to ORA! I don't control any community funds myself, and that separation has been very important to ORA 'appearing' more credible in the eyes of the average crypto person jaded after so many scams. Thank you Darkhorse
Well, as (hopefully) many NXT'ers know already, project ORA has finally finished our extended period of existential naval gazing, and we have come up with a (partial) answer to the big question; "what is ORA, why does it exist, what is its purpose?"
ORA is an MS currency, and we will continue our ethically and (hopefully) well thought out distribution by inviting holders of various dead & dying alt coins to 'burn' coins in exchange for ORA MS currency tokens. ORA is a value 'lifeboat' for alt coin holders who've been burnt by some of the crazy happenings in the alt coin scene over 2014.
ORA will be a medium term consolidation of the alt coin 'Zoo' that has developed over the last year or so!
ORA is a stepping stone on the evolutionary path of blockchain technology - a link between alt coins & the NXT MS!
ORA is an alt coin 'noah's ark', and while we probably can't save EVERY alt coin bag holder from value extinction, we can save some, or at least compensate for some of their losses, and hopefully demonstrate that there is a better, more sustainable way forward. These people will then have a stake in NXT via the ORA MS currency, and that helps consolidate NXT's position as the pre-eminent 2.0 platform, and the only crypto with potential that's still based on the original idea of decentralisation.
I'm very grateful to Bitmark dev, coinsolidation, who suggested this path, and I for one am super pumped about this new direction for ORA. As many here might be aware, project ORA started back in May with a general goal to start a new PoS coin in a way that 'learnt' from both the successes and mistakes of past coins. By design the goal was to try and concentrate on non-tech aspects first (like community building, distribution, and funding) with the idea that as the community came together, it would attract people with ideas and talents, and from that pool of human resources something useful could be 'created', but in a wholly decentralised fashion, and without a traditonal leader and heirarchy. ORA is a "starfish"! Coinsolidation's alt coin burn proposal is a great example of the Starfish processes in action!
We've made some mistakes on this journey (mostly by me!), and suffered a few setbacks along the way too, (especially our original developer going MIA and the extended 'limbo' period that that caused), but six months into the ORA journey, I think the strength of the 'plan' we have ended up with shows that the ORA starfish is 'working', and ORA can make a positive contribution to the crypto movement.
We do need help though, especially in designing and executing the alt coin 'burn' process, and in designing the optimum version of MS settings for our purposes. Then we'll move onto app development, and marketing, real world uses etc etc so there's plenty of 'space' in the ORA project for those looking to get involved in a NXT related crypto project with potential.
ORA is always open to suggestions, and everyone is FREE to participate. You don't have to join 'team ORA' (which at this stage is really just four guys & some friendly interested observers), and contributing an idea, or a useful perspective, or some constructive criticism can be REALLY helpful - and so are seriously wicked dev skills if you have them!!
There's no such thing as a 'bad' comment IMO, as long as its sincere, so feel free to let us know what you think of ORA's new direction
https://nxtforum.org/alternate-cryptocurrencies/korasibling-of-qorafree-fair-distributionregistration-countdown!!/msg142061/#msg142061 |
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altcoin hitler
Member
Offline
Activity: 84
Merit: 10
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January 02, 2015, 05:58:05 AM |
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tl, dr
I still own a stake. Can i have a very brief update? Will Ora be launched? When?
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DarkhorseofNxt
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January 02, 2015, 08:01:34 AM |
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tl, dr
I still own a stake. Can i have a very brief update? Will Ora be launched? When?
We are in the process of testing multiple configs on Nxt MS. Once we have tested all the configs and agreed on the configs we will issue the coin on MS. Issuing a coin on MS is only a click away. But we will be a little careful on choosing the configs. My best estimation in 30 days. The team is having a week off especially me needed a break from real and here. I will be back in action next week. Regards. |
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Kora (OP)
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January 07, 2015, 10:46:18 PM |
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Happy New Year! I hope everyone had a good break over the holidays Things are moving along well now! Later today I will transfer the 25K NXT over to Darkhorse in preparation for him creating the ORA MS currency. It's important to do this asap to secure our name, and for a 40 NXT fee we can edit the paramter settings later if need be, so we can alter the design of the MS if we need to after more community discussion, but it's important to create the MS as soon as we can. Our immediate task (after the initial MS creation to secure our name) is deciding the MS parameters. Input now from the ORA community is really important, even if you're undecided (as I am), as any discussion we have will stimulate both ideas, and hopefully attract more engaged people. Also, Darkhorse is in discussion with MIC founder , Ludom, regarding an ORA/MIC merger! The very popular MIC is based on 'memes', and has many active 'meme miners' in the NXT community. The more the merrier I say - ORA needs people more than anything else now. The tech and network side of things is taken care of by the NXT platform & the MS etc. What we need most of all now is active users of the ORA MS currency, and having MIC join us is really exciting IMO! Just to refresh your memories on the MS parameters etc here is the NXT communities press release on the MS system!  The Press Release:
Create a new currency in 2 minutes with the Nxt Monetary System
Nxt’s long-awaited Monetary System – an innovative platform that allows the fast and straightforward creation of completely new cryptocurrencies on top of Nxt – will go live on 10 January 2015.
The Monetary System (MS) allows users to launch new currencies, securing them with the Nxt blockchain using the second-generation cryptocurrency’s established network, rather than requiring that developers create a coin from scratch and bootstrap it with its own network. The ultimate value of the coin is determined by the market, depending on adoption and demand, and by the parameters set by the issuer. However, coins may also be created by ‘locking’ a certain amount of NXT, thereby giving a floor value to the issued currency. The idea is similar to the sidechains development taking place in Bitcoin – with the difference that the additional functionality is all contained within the Nxt platform, without the need for an external two-way peg.
Real-world application
MS brings a high degree of speed and convenience to a process that can otherwise be lengthy and complex – and inaccessible to most users. MS is tailored to real-world application as well as the cryptocurrency community, and aims to make it as simple as possible for individuals and businesses to launch a new coin. The range of potential use cases includes loyalty points, crowdfunding efforts and fiat- or commodity-backed tokens, as well as new altcoins.
Highly customizable
The Monetary System allows the creation and launch of coins and tokens in as little as two minutes. Coin features are selected from a list to give the currency the required properties, making the process not only extremely fast but remarkably flexible.
The full list of parameters (with potential use cases) includes:
• Exchangeable: Currencies can be exchanged all within the Nxt platform or on traditional exchanges, each identified by unique name and ticker symbols (e.g. BTC, USD).
• Controllable: Currencies may optionally only be traded with the issuing account (e.g. backed tokens such as gift vouchers).
• Reserveable: Currency units are released and distributed if funding requirements are met within the given timescale, if not funds are automatically returned (e.g. crowdfunding).
• Claimable: Reserveable units can later be exchanged at an agreed rate.
• Mintable: Currencies can be mined by proof-of-work algorithms (SHA-256, SHA-3, Scrypt and keccak), whilst still being secured by Nxt's proof-of-stake algorithm.
• Shuffleable: Coins can be shuffled when this feature is implemented (anonymity).
Macro implications
The Monetary System improves the distribution of wealth across the Nxt ecosystem, each currency unit possessing its own financial value.
MS also allows for the further decentralization of cyptocurrency and the wider economic landscape, achieved by:
• Importing: First generation cryptocurrencies can transition into an MS currency, allowing them to take advantage of the many powerful features of the Nxt platform and ecosystem – including the Asset Exchange, Marketplace, encrypted messaging and Alias registration, as well as a fast-growing list of third-party applications and services.
• Exporting: In the future a whole economy based on a MS currency could be transferred out of the Nxt system to another platform should the necessity arise.
For more information and to try for yourself please visit www.nxt.org.
***********
This press release is going to be circulated by BitcoinPRBuzz to all major outlets just before MS goes live. |
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Kora (OP)
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January 11, 2015, 09:18:48 AM |
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ORA MS has been created by Darkhorse today!I'm pleased to announce that ORA lives! Our three letter code is the ISO compatible, 'XOR', so ORA is setup for future growth and international recognition! The three letter listing fee cost was 25,000 NXT, so while the number of new MS currencies created today was very high (in the hundreds!), the number prepared to pay the fee for a three letter code was quite small (about 12 or so). ORA has its own sub-forum on the nxtforum now too, please come and join the discussion there if you can!! https://nxtforum.org/ora/
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freigeist
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January 11, 2015, 09:52:51 AM |
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Hello.
@Kora
Thats great news!
Congratulations!
What is the procedure for ORA stakeholders now ?!
Do we need to convert the ORA asset to XOR or can we still hold the ORA asset?
Is there are time limit to do that?
What is the procedure to do that just send ORA asset to the issuer
account or there are any other steps to be done?
Could you post here details or a link to this info.
Thanks.
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DarkhorseofNxt
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January 11, 2015, 09:59:33 AM |
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Hello.
@Kora
Thats great news!
Congratulations!
What is the procedure for ORA stakeholders now ?!
Do we need to convert the ORA asset to XOR or can we still hold the ORA asset?
Is there are time limit to do that?
What is the procedure to do that just send ORA asset to the issuer
account or there are any other steps to be done?
Could you post here details or a link to this info.
Thanks.
There will be a timeline. but have a little patience. |
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freigeist
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January 11, 2015, 10:02:01 AM |
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There will be a timeline. but have a little patience.
No problem! I have patience!  Will wait. Thanks. |
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Este Nuno
Legendary
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Activity: 826
Merit: 1000
amarha
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January 11, 2015, 08:07:03 PM |
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Awesome news. Great to see ORA the currency come in to existence. |
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