[XC][XCurrency] Decentralised Trustless Privacy Platform / Encrypted XChat / Pos

[Dungor]

First crypto-currency to create it's own company!
Challenge accepted!

I have a new quest for the team:
What if XC was the first currency to create it's own country, not physically but virtual. A logical/abstract country of which laws of trade and governance could be enabled by cryptology.
A person in this abstract country would be an escrow of currency. This escrow could be fined if trades was not honored. This would give a person identity but without revealing their real identity.
By pre-paying the escrow while perhaps also having a rating system people could build strong integrity anonymous personas.

Ok forget the country part, but please consider the virtual persona escrow system

Actually I would like the idea of a country to accept XC as it's national currency.

i would rather like the idea of abandoning the thought of national currencys and allowing a free market for currency. 

Virtual persona escrow would be an enabler of this. It would diminish the need of ruling state as disputes could be solved by logic rather than force. Think about what role a country really plays if you remove all the socialist redistribution of wealth, it enforces rule of law.

By creating a platform with rule of law we could see different escrow systems compete along side different currencies. But what this crypto-curency universe needs more than anything is accountability.
Imagine if in the future someone wants to create a new alt-coin to support their great idea. They know that with no accountability they will be exploited by pump and dumpers. If there was an advanced escrow system perhaps run on XCplatform backed by XCurrency they could prove their intent of sincerity and maybe do lock-ins of buys for a period to control the initial pump and dump.

This sort of thinking is absolutely necessary to the future of crypto. And if cryptocurrencies start replacing fiat ones, it'll be absolutely necessary for societies to function.

After all, who'll fix the roads when the government has no more authority over its people, who now all transact privately and virtually?

Dungor are you familiar with trustless escrow? Distributed prediction markets enable this.

It could be a whole lot more elegant than the reputation-based ideas that generally are proposed.

I think we need both. They have different applications with overlap. Where I see the need for a digital persona is empowering the innocent people in 3rd world countries taken hostage by trade embargo, tax walls and banking. If you have nothing but a pc and internet how can you be employed for digital work?
You need a digital persona that is more than a linkedin profile and a BTC wallet, XC could create such a tool.
It would empower those that want and can regardless of where they were born.
The great inequality in this world is that lazy people in rich countries have more than hardworking smart people in poor countries.

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[richibichi]

Big news :

http://www.cryptoarticles.com/crypto-news/xcurrency-prepares-to-launch-with-an-ito-and-bullet-proofing-measures

Share share

"After months of intensive development, XCurrency is in preparation to “bulletproof” its code, which will be through consultation with other security experts, specialist reviews, and public bounties for anyone who can provably break XC’s privacy. XCurrency is additionally preparing to launch publicly, which will enable it to commence commercial operations for its web 3.0 distributed content server, support in-app XC purchases, and a host of other blockchain 2.0 features. XCurrency’s launch will include an ITO (initial token offering), giving the public an opportunity to own shares in XC."

Excellent news

[synechist]

First crypto-currency to create it's own company!
Challenge accepted!

I have a new quest for the team:
What if XC was the first currency to create it's own country, not physically but virtual. A logical/abstract country of which laws of trade and governance could be enabled by cryptology.
A person in this abstract country would be an escrow of currency. This escrow could be fined if trades was not honored. This would give a person identity but without revealing their real identity.
By pre-paying the escrow while perhaps also having a rating system people could build strong integrity anonymous personas.

Ok forget the country part, but please consider the virtual persona escrow system

Actually I would like the idea of a country to accept XC as it's national currency.

i would rather like the idea of abandoning the thought of national currencys and allowing a free market for currency.  

Virtual persona escrow would be an enabler of this. It would diminish the need of ruling state as disputes could be solved by logic rather than force. Think about what role a country really plays if you remove all the socialist redistribution of wealth, it enforces rule of law.

By creating a platform with rule of law we could see different escrow systems compete along side different currencies. But what this crypto-curency universe needs more than anything is accountability.
Imagine if in the future someone wants to create a new alt-coin to support their great idea. They know that with no accountability they will be exploited by pump and dumpers. If there was an advanced escrow system perhaps run on XCplatform backed by XCurrency they could prove their intent of sincerity and maybe do lock-ins of buys for a period to control the initial pump and dump.

This sort of thinking is absolutely necessary to the future of crypto. And if cryptocurrencies start replacing fiat ones, it'll be absolutely necessary for societies to function.

After all, who'll fix the roads when the government has no more authority over its people, who now all transact privately and virtually?

Dungor are you familiar with trustless escrow? Distributed prediction markets enable this.

It could be a whole lot more elegant than the reputation-based ideas that generally are proposed.

I think we need both. They have different applications with overlap. Where I see the need for a digital persona is empowering the innocent people in 3rd world countries taken hostage by trade embargo, tax walls and banking. If you have nothing but a pc and internet how can you be employed for digital work?
You need a digital persona that is more than a linkedin profile and a BTC wallet, XC could create such a tool.
It would empower those that want and can regardless of where they were born.
The great inequality in this world is that lazy people in rich countries have more than hardworking smart people in poor countries.

Indeed. There's definitely a place for this.

I'd love to chat further about how you'd design a system like this, especially concerning the following:

- would reputation be a one-attribute score? (good for simplicity and comparability)
- or would reputation have open-ended attributes (good for distinguishing between, say, a person with a good reputation for fixing your toilet and a person good for lending you money)
- how do you prevent Sybil attacks? (i.e. one person setting up multiple digital personas)
- how do you prevent lobby groups / vested interests from gaming the system by dominating ill-publicised issues?

[synechist]

Hey everyone, check out the news page on the official website.

It's starting to read like a feature list from some fantasy crypto-future. Except it's real.




http://xc-official.com/xc-news/

[Dungor]

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Indeed. There's definitely a place for this.

I'd love to chat further about how you'd design a system like this, especially concerning the following:

- would reputation be a one-attribute score? (good for simplicity and comparability)
- or would reputation have open-ended attributes (good for distinguishing between, say, a person with a good reputation for fixing your toilet and a person good for lending you money)
- how do you prevent Sybil attacks? (i.e. one person setting up multiple digital personas)
- how do you prevent lobby groups / vested interests from gaming the system by dominating ill-publicised issues?

People can setup several personas. The identity is not tied to the physical flesh but to a debit account that can be fined at contract breach. The fine could be 10% of the contract or could be affected by milestone to lower risks. This debit account could be a fixed address with crypto and to that address you could tie reputation. Reputation could be measured in satisfied customers.

If several personas are required to complete a task they can be bundled together by allocation rules, Lorenz - Shapley - t- - Aumann - Friedman/Moulin... and more.

This platform could be called XContract.

http://books.google.dk/books?id=a98CSGNwya8C&pg=PA108&lpg=PA108&dq=friedman+moulin&source=bl&ots=r-9nXiusVh&sig=5ITq1ibK9_Obw82cz-NVFAEARJs&hl=en&sa=X&ei=8bEiVMWsM6fiywOv84GgBQ&ved=0CCkQ6AEwAQ#v=onepage&q=friedman%20moulin&f=false Link to Allocation Rules

[synechist]

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Indeed. There's definitely a place for this.

I'd love to chat further about how you'd design a system like this, especially concerning the following:

- would reputation be a one-attribute score? (good for simplicity and comparability)
- or would reputation have open-ended attributes (good for distinguishing between, say, a person with a good reputation for fixing your toilet and a person good for lending you money)
- how do you prevent Sybil attacks? (i.e. one person setting up multiple digital personas)
- how do you prevent lobby groups / vested interests from gaming the system by dominating ill-publicised issues?

People can setup several personas. The identity is not tied to the physical flesh but to a debit account that can be fined at contract breach. The fine could be 10% of the contract or could be affected by milestone to lower risks. This debit account could be a fixed address with crypto and to that address you could tie reputation. Reputation could be measured in satisfied customers.

If several personas are required to complete a task they can be bundled together by allocation rules, Lorenz - Shapley - t- - Aumann - Friedman/Moulin... and more.

This platform could be called XContract.

So your idea is to commodify relationships in general.

This is the brilliant, inevitable, capitalism-revolutionising sort of innovation that will fundamentally change the implications of the word "commodify".


P.S. My sig hints at this point. ;-)

[Dungor]

Our digital relationships breaking down boarders

[synechist]

Our digital relationships breaking down boarders

So after XC's tech matures, how about we replace governments with this?

It'll scale from grassroots, anywhere, run on phones, and due to its privacy there'll be no way of stopping it.

[Dungor]

Our digital relationships breaking down boarders

So after XC's tech matures, how about we replace governments with this?

It'll scale from grassroots, anywhere, run on phones, and due to its privacy there'll be no way of stopping it.

It could help for the fight against state violence targeting victimless crime.

[cryptico]

The level of discussion in this thread since the last announcement is blowing up my mind and I can barely follow...ahahahahha

One question that I have is how XC inc will be threated legally. I mean if it is an official company where other companies needs to go trough to develop services on top of the Xc network it will need to have a legal status hence VAT etc...

[synechist]

Our digital relationships breaking down boarders

So after XC's tech matures, how about we replace governments with this?

It'll scale from grassroots, anywhere, run on phones, and due to its privacy there'll be no way of stopping it.

It could help for the fight against state violence targeting victimless crime.

That'll be profound.

Also anything that replaces bureaucracies is pretty much heaven-sent in my opinion.

What could be a worse design for promoting human flourishing than a centralised, impersonal, alienated set of arbitrarily dominating rules that generally serve to obstruct?

[synechist]

The level of discussion in this thread since the last announcement is blowing up my mind and I can barely follow...ahahahahha

One question that I have is how XC inc will be threated legally. I mean if it is an official company where other companies needs to go trough to develop services on top of the Xc network it will need to have a legal status hence VAT etc...

Yes XC Inc. will have legal status in several regions.

However since the currency will be open source, there will be no need for other third parties to go through XC Inc. in order to harness it. (XC Inc. will be a third party among others that use and extend the power of the currency.)

XC Inc will, of course, have a very, very powerful collection of tools that'll make obvious sense for other companies to use.

[Dungor]

The level of discussion in this thread since the last announcement is blowing up my mind and I can barely follow...ahahahahha

One question that I have is how XC inc will be threated legally. I mean if it is an official company where other companies needs to go trough to develop services on top of the Xc network it will need to have a legal status hence VAT etc...

Yes XC Inc. will have legal status in several regions.

However since the currency will be open source, there will be no need for other third parties to go through XC Inc. in order to harness it. (XC Inc. will be a third party among others that use and extend the power of the currency.)

XC Inc will, of course, have a very, very powerful collection of tools that'll make obvious sense for other companies to use.

How will shares be stored? What are the implications for non-us citizens? Will I need to provide my bank stock deposit address? I would assume you store it on the blockchain tech. but will this cause legal/tax implications?

[cryptico]

The level of discussion in this thread since the last announcement is blowing up my mind and I can barely follow...ahahahahha

One question that I have is how XC inc will be threated legally. I mean if it is an official company where other companies needs to go trough to develop services on top of the Xc network it will need to have a legal status hence VAT etc...

Yes XC Inc. will have legal status in several regions.

However since the currency will be open source, there will be no need for other third parties to go through XC Inc. in order to harness it. (XC Inc. will be a third party among others that use and extend the power of the currency.)

XC Inc will, of course, have a very, very powerful collection of tools that'll make obvious sense for other companies to use.

How will shares be stored? What are the implications for non-us citizens? Will I need to provide my bank stock deposit address? I would assume you store it on the blockchain tech. but will this cause legal/tax implications?

And as well how the Stock Distribution will have legal status?

[synechist]

The level of discussion in this thread since the last announcement is blowing up my mind and I can barely follow...ahahahahha

One question that I have is how XC inc will be threated legally. I mean if it is an official company where other companies needs to go trough to develop services on top of the Xc network it will need to have a legal status hence VAT etc...

Yes XC Inc. will have legal status in several regions.

However since the currency will be open source, there will be no need for other third parties to go through XC Inc. in order to harness it. (XC Inc. will be a third party among others that use and extend the power of the currency.)

XC Inc will, of course, have a very, very powerful collection of tools that'll make obvious sense for other companies to use.

How will shares be stored? What are the implications for non-us citizens? Will I need to provide my bank stock deposit address? I would assume you store it on the blockchain tech. but will this cause legal/tax implications?

Well, since the shares are "tokens" and not heavily legally-implicated "securities", there should be a cryptographic/blockchain-related way of dealing with this.

But we're at an early stage in working this out. I don't know how it'll go yet.

I'm not in the US either, BTW, so it's a concern of mine too.

And as well how the Stock Distribution will have legal status?

We'll be able to clarify this at a later stage.

[cryptico]

Thank you..from the Goat as well

[atcsecure]

Let me see if i understand this correctly, there will be some day in the future that every XC holder can get (not buy) shares in XC inc.
In the period before everybody has a choice to buy XC inc shares directly or by buying XC before that moment & receive them for free

What i want to know is whats happens after that day? Am i free to spend/trade that 10 XC but can i keep my XC inc share?
If so, isn't there a big risk many outsiders will choice option b, drive the price up, only to dump a day later?

My current thinking is that if you spend/trade your XC, then you loose your share's.


Dan
 

[cryptico]

Let me see if i understand this correctly, there will be some day in the future that every XC holder can get (not buy) shares in XC inc.
In the period before everybody has a choice to buy XC inc shares directly or by buying XC before that moment & receive them for free

What i want to know is whats happens after that day? Am i free to spend/trade that 10 XC but can i keep my XC inc share?
If so, isn't there a big risk many outsiders will choice option b, drive the price up, only to dump a day later?

My current thinking is that ff you spend/trade your XC, then you loose your share's.


Dan
 

This is correct for the XC that will be associated with the shares so people can decide wich amount they want to invest in shares and which to trade. associating XC that you own share with to a 1to1 relation, hence if you sell your xc you sell your stock/share makes sense. Otherwise there will be huge speculation and then dump.

Please go in this direction this will be perfect and makes sense.

Have no Idea how this can be done though

[KimmyF]

Let me see if i understand this correctly, there will be some day in the future that every XC holder can get (not buy) shares in XC inc.
In the period before everybody has a choice to buy XC inc shares directly or by buying XC before that moment & receive them for free

What i want to know is whats happens after that day? Am i free to spend/trade that 10 XC but can i keep my XC inc share?
If so, isn't there a big risk many outsiders will choice option b, drive the price up, only to dump a day later?

My current thinking is that if you spend/trade your XC, then you loose your share's.


Dan
 

Thats makes a lot of sense & will prevent all kinds of possible problems.
But how you can keep XC inc completely seperate from XCurrency (in a legal sense) & at the same time use some tech to realise that link will probably require a 3th party.
Collaberation with other coins/contract suppliers makes more sense now, thanks

Or .. on second though ... no link between them.
As i understand it now, XCurrency will remain open source but all the knowledge (eg: the people that build it) will form some sort of ICT Crypto Company, specialising on tech based on (or around)  XCurrency.

At the same time those XC inc shares mean something, a vote, some gain in the future or whatever from that company. There will be moments in time people need to prove they got those shares. Why not forget the link, whenever this situation arises use the same procedure you are thinking about for the end of the current planned ICO/ITO (still not sure)

Whoever has the coins at that time get the benevits from that isolated tech company.

At the same time you can combine that with a completely seperate ICO, so people can get a share of a startup tech company & you get the funds needed.

[Dungor]

Let me see if i understand this correctly, there will be some day in the future that every XC holder can get (not buy) shares in XC inc.
In the period before everybody has a choice to buy XC inc shares directly or by buying XC before that moment & receive them for free

What i want to know is whats happens after that day? Am i free to spend/trade that 10 XC but can i keep my XC inc share?
If so, isn't there a big risk many outsiders will choice option b, drive the price up, only to dump a day later?

My current thinking is that if you spend/trade your XC, then you loose your share's.


Dan
 

Good, else it could be seen as a dilution of capital. XC Share's are important to protect investors against one of the big guys just buying the team but not the coin. However on-the-chain stock quickly just becomes an interchain additional coin. Keeping the shares tied to the coins, perhaps through colored coins would be better.