[ANNOUNCING] XAP coin - Open-Source the Internet - API Marketplace

[SamYilmaz]

I've been involved as an investor in Engine and an advisor to API Network's team and they have shown great skill in building out the codebase for API connectivity, indexing, and intelligent search and query functions. I've confidence that they will be able to deliver on the network as well.

I'm looking at the fundamentals: If every app can gain additional revenue by offering their APIs I suspect we will see a slew of them become available in the network. Then the network's marketplace will be offering a whole bunch of APIs that are standardized, easy to mix and match for any use case. Heck first it will be fun to play with and we will unleash the opportunities hidden in the internet of things and connected apps.(use cases are endless: smart spending engine that creates budgets for certain apps and engages them intelligently based on your needs, maintains them if you use them, eliminates them automatically if you don't or smart living apps that are not bound to any app or vertical where all apps are connectable)

Going forward, any of these linkages will contribute to the overall transaction volume. Since every transaction will require API coin, greater the transaction volume will equate to greater demand for the token.

There has been concern on the legal aspects: this is a pre-sale of software and these coins do not represent ownership of an legal entity. I hope pre-selling software and keeping account of that via tokens will not become illegal in the US.

Team:I have been impressed with their work ethic and focus on delivering great code and ux design.

Traction:Sure the network will grow over time and it is not complete with the 100s of APIs and their respective sets of hosts, however the opensource code is here and because the fundamentals are in place. I'd be inclined to think that once the network is seeded and the demonstration is done, people will flock to monetize offering an API and an ability to easily build your own app of apps.

[fordlincoln]

Hello Jake - it seems that you are viewing this as a securities issuance, and although it is kind of you to reference the sec website - it is not an accurate reflection of the XAP coin.

If we are comparing apples to apples, then this would be more applicable: http://msdn.microsoft.com/en-ca/subscriptions/cc137104.aspx

Jake,

Thanks for the post. You are welcome to your opinion. I'll be working hard to make the API Network delivers lots of features that provide value to developers.

Then we disagree that this is a "raise".

The project is selling access to software. That's part of why there is a notice on the site to try and make that clear.

From the API Network Website:
"1. Participation in the API Network / XAP crowdsale will not provide you with a "security" or "equity" stake in this project. The digital token known as XAP is only useful for accessing the API Network software when its development is complete."

I appreciate your concern and I'll redouble my efforts to be transparent with the community in every project I decide to invest in and take part in.

I honestly believe this model of crowdsales can be really positive for the community and building new technology.

David A. Johnston

You're simply wrapping another fraudulent raise in clean sheets.

Time and the SEC will tell.  I suspect that within 2 years you will see major jail-time for this, and by that time the crypto community will have caught on to the scam.

[blackhatzw]

A question, if the coins are not sold out in the end of crowd sale, what will deal with the left ones?

@DEV, and comments on this question?

[djohnston]

"If the full 3,000,000 APICoins (XAP) are not generated during the crowdsale event, the remaining portion will be generated and distributed to the participants of the crowdsale on a proportional basis. Meaning that if for example a purchaser brought 1 APICoin (XAP) for 1.6 mBTC during the first segment of the crowdsale, and the crowdsale sold 1,000,000 APICoins (XAP) (out of the possible 3,000,000) then all holders of 1 APIcoin (XAP) would gain 2 additional APIcoins (XAP) and in this example the purchaser would end up with 3 APIcoins (XAP)."

From whitepaper XAP Generation Section:

https://github.com/APINetwork/ProtocolSpec/blob/master/README.md#the-crowdsale-apicoin-xap-generation

[blackhatzw]

"If the full 3,000,000 APICoins (XAP) are not generated during the crowdsale event, the remaining portion will be generated and distributed to the participants of the crowdsale on a proportional basis. Meaning that if for example a purchaser brought 1 APICoin (XAP) for 1.6 mBTC during the first segment of the crowdsale, and the crowdsale sold 1,000,000 APICoins (XAP) (out of the possible 3,000,000) then all holders of 1 APIcoin (XAP) would gain 2 additional APIcoins (XAP) and in this example the purchaser would end up with 3 APIcoins (XAP)."

From whitepaper XAP Generation Section:

https://github.com/APINetwork/ProtocolSpec/blob/master/README.md#the-crowdsale-apicoin-xap-generation

Thanks for the update, I think if you share more information of your progress of this coin, more guys will join in this pre-sale.

[blackhatzw]

"If the full 3,000,000 APICoins (XAP) are not generated during the crowdsale event, the remaining portion will be generated and distributed to the participants of the crowdsale on a proportional basis. Meaning that if for example a purchaser brought 1 APICoin (XAP) for 1.6 mBTC during the first segment of the crowdsale, and the crowdsale sold 1,000,000 APICoins (XAP) (out of the possible 3,000,000) then all holders of 1 APIcoin (XAP) would gain 2 additional APIcoins (XAP) and in this example the purchaser would end up with 3 APIcoins (XAP)."

From whitepaper XAP Generation Section:

https://github.com/APINetwork/ProtocolSpec/blob/master/README.md#the-crowdsale-apicoin-xap-generation

Another thing, I sent BTC to your pre-sale address twice from the same BTC address, when XAP is distributed to us, I will get first part XAP plust second part XAP in my BTC address, correct?

[crimealone]

What's the ending date?

[jake_collatz]

Is anyone still buying in to this scam?

[blackhatzw]

Is anyone still buying in to this scam?

Why do you say this is a scam?

[djohnston]

blackhatzw,

Thanks for the questions.

"Thanks for the update, I think if you share more information of your progress of this coin, more guys will join in this pre-sale."

Agreed. I know the team is gearing up to make more information available tomorrow about the list of APIs that are going to be available on the API Network. If you want to dig in more here is the link to the demo that will be announced soon docs.apinetwork.co let me know what you think. You can connect one of the four APIs and then select data you want to produce and test the output with the "Try It Button"

"Another thing, I sent BTC to your pre-sale address twice from the same BTC address, when XAP is distributed to us, I will get first part XAP plus second part XAP in my BTC address, correct?"

Yes, I believe that is correct.

Crimealone,

"What's the ending date?"

The ending date is July 18th at 11 a.m. U.S. central time. See http://buyxap.com/#the-run-down and in the whitepaper.


 

[Geenstijl]

XBT (BTC) Crowdsale 3,000,000 XAPs (30%)

Third Party Developers 2,000,000 XAPs (20%)

Core Developers 2,000,000 XAPs (20%)

Open Sourcing 2,000,000 XAPs (20%)

Node Incentive 1,000,000 XAPs (10%)

---

So, let me get this straight.

If the whole thing sells out...

The crowd pays up to 8000BTC for the 3 million XAPs
Who are the Third Party Devs? they get an equal of 5666BTC in XAPs
Core developers received also 5666BTC in XAPs
Who is Open Sourcing? They also receive 5666BTC worth of XAPs
Who is Node Incentive? they receive 2,333BTC worth of XAPs

But besides the people participating in the crowdsale... none of the other parties actually pay to receive the XAPs?

Who's ruling over these 7 million non-publicly owned XAPs?

I do not understand... The crowdsale goes to the development of XAP?

But the 2 million XAPs going for free to the actual developers are also spend on development?

And the other 5 million are spend on specific development projects?...

Theres a lot of money coming in from the crowdsale and a lot of XAPs that are just handed over to a small group of developers before doing anything??

I remember Ripple got screwed cuz McCaleb was (and is still) threatning to dump his share of 9 billion XRP's.... There are significant shares of XAPs in the hands of single developers with this set-up? What if conflict emerges, a developer could crash the whole market with such amount of coins...

I bet this coin is serious and not a scam... but it's a little bit unfair right? Why need 7 Million XAPs for urself while already receiving the Crowdsale as a budget?

[loveyouforever]

XBT (BTC) Crowdsale 3,000,000 XAPs (30%)

Third Party Developers 2,000,000 XAPs (20%)

Core Developers 2,000,000 XAPs (20%)

Open Sourcing 2,000,000 XAPs (20%)

Node Incentive 1,000,000 XAPs (10%)

---

So, let me get this straight.

If the whole thing sells out...

The crowd pays up to 8000BTC for the 3 million XAPs
Who are the Third Party Devs? they get an equal of 5666BTC in XAPs
Core developers received also 5666BTC in XAPs
Who is Open Sourcing? They also receive 5666BTC worth of XAPs
Who is Node Incentive? they receive 2,333BTC worth of XAPs

But besides the people participating in the crowdsale... none of the other parties actually pay to receive the XAPs?

Who's ruling over these 7 million non-publicly owned XAPs?

I do not understand... The crowdsale goes to the development of XAP?

But the 2 million XAPs going for free to the actual developers are also spend on development?

And the other 5 million are spend on specific development projects?...

Theres a lot of money coming in from the crowdsale and a lot of XAPs that are just handed over to a small group of developers before doing anything??

I remember Ripple got screwed cuz McCaleb was (and is still) threatning to dump his share of 9 billion XRP's.... There are significant shares of XAPs in the hands of single developers with this set-up? What if conflict emerges, a developer could crash the whole market with such amount of coins...

I bet this coin is serious and not a scam... but it's a little bit unfair right? Why need 7 Million XAPs for urself while already receiving the Crowdsale as a budget?

I agree with this guy, crowd sale part is too small, according to your received amount of BTC(just 36 BTC) during these day, I think many other guys have the same idea.

[flis1986]

The ending date is July 18th at 11 a.m. U.S. central time. See http://buyxap.com/#the-run-down and in the whitepaper.
 

If the IPO is closed, then why won't you mention it in your web-site and delete the Bitcoin address?

[xx63245613]

I can not understand this realy,what is the price of xap for ipo?

[mishax1]

The ending date is July 18th at 11 a.m. U.S. central time. See http://buyxap.com/#the-run-down and in the whitepaper.
 

If the IPO is closed, then why won't you mention it in your web-site and delete the Bitcoin address?

Because the IPO is not closed/over.

I can not understand this realy,what is the price of xap for ipo?

0.0016BTC

[axsdf]

can you share the client before crowd sale?

[djohnston]

Thanks everyone for the questions and feedback. My replies below in bold.

Axsdf,

"can you share the client before crowd sale?"

Yes. The API team has updated their website with a link to the beta which shows how the application works.

https://docs.apinetwork.co/

Go to the link. Connect one of the four demo APIs, select one of the data types you want, then click "Try It" in order to generate the data.

mishax1,
"Because the IPO is not closed/over."

Correct. The crowdsale goes until the 18th of July at 11:00 a.m. U.S. central time

blackhatzw,

As promised here is the list of APIs that the API team is currently integrating that have been listed on the API Network wiki so far.

https://apinetwork.atlassian.net/wiki/display/ANW/List+of+APIs

loveyouforever,

"I agree with this guy, crowd sale part is too small, according to your received amount of BTC(just 36 BTC) during these day, I think many other guys have the same idea."

Hard to say. The MaidSafe crowdsale was 10% of the tokens in their system, but that was a much bigger project so its most likely Apples and Oranges. I think its mostly a question of everyone getting a chance to wrap their mind around the API Network technology and value proposition, where as the value of MaidSafe was more obvious.

For sure the API team could use a snappy video : ) that explains it all in a couple of minutes. Anyone wants to volunteer I'm sure they would welcome it.

Geenstijl,
If the whole thing sells out...

The crowd pays up to 8000BTC for the 3 million XAPs
Who are the Third Party Devs? they get an equal of 5666BTC in XAPs
Core developers received also 5666BTC in XAPs
Who is Open Sourcing? They also receive 5666BTC worth of XAPs
Who is Node Incentive? they receive 2,333BTC worth of XAPs

The crowdsale is not intended to sell out. See the analysis I did before this crowdsale started at: https://github.com/DavidJohnstonCEO/CrowdsaleBestPractices#future-models-for-crowdsales.

Specifically, "It is worth noting that the API Network team does NOT expect to collect the maximum number of bitcoins by selling out all of their tokens (though it is possible if demand has been radically underestimated). Instead, both project have set a range of price points and are leaving it up to the market to decide the proper price of API Coins (XAP). If the market decides these projects are highly valued, than the price of the coins will reach a higher level during the crowdsale. Conversely, if the market decides that these projects are not as highly valued, than the price of the coins will not rise as high during the crowdsale. Either way the pricing of these tokens is for the market to determine."

Thus the numbers will be radically lower than your projection above. Not to mention the price will be set over time by the market, so these numbers will change day by day. Also its worth noting the rest of the pools are earned over a period of many years similar to the bitcoin mining algorithm, see details here https://github.com/APINetwork/ProtocolSpec#algorithms-and-logic-apicoin-xap-generation

But besides the people participating in the crowdsale... none of the other parties actually pay to receive the XAPs?

Everyone getting XAP pays for it by trading value. Crowdsale participants generate XAP for BTC. Third party developers add the actual APIs that will make the Network successful (building network effect is critical). Core devs earn their tokens over many years of coding contributions. Any code that is purchased and open sourced will be done so at a market rate and not for less than it cost to develop. And as the system decentralizes people will need an incentive to host the different elements of the API Network. There is no pre-mine, and no hand outs. Everyone provides value for what they get.

Who's ruling over these 7 million non-publicly owned XAPs?
I do not understand... The crowdsale goes to the development of XAP?
But the 2 million XAPs going for free to the actual developers are also spend on development?
And the other 5 million are spend on specific development projects?...
Theres a lot of money coming in from the crowdsale and a lot of XAPs that are just handed over to a small group of developers before doing anything??
I remember Ripple got screwed cuz McCaleb was (and is still) threatning to dump his share of 9 billion XRP's.... There are significant shares of XAPs in the hands of single developers with this set-up? What if conflict emerges, a developer could crash the whole market with such amount of coins...
I bet this coin is serious and not a scam... but it's a little bit unfair right? Why need 7 Million XAPs for urself while already receiving the Crowdsale as a budget?

As much as is technically possible the distribution of all XAP will be set my algorithms and formulas. For that which is not technically possible to decentralized (yet) those distributions will be handled by the non profit API Network Foundation. No XAP will be given out for free. All XAP is traded for value that is needed for the operation of the API Network and its successful growth.

At the end of the crowdsale 5,000,000 XAP will exist. 3,000,000 XAP will have been generated automatically by the crowdsale participants and 2,000,000 XAP that will be generated for buying proprietary code and open sourcing it. The protocol also sets aside other reward pools for third party developers (2,000,000 XAP), core developers (2,000,000 XAP) and node providers (1,000,000 XAP) all of which is defined in the protocol and will be automated as much as possible. Ultimately, no more than 10,000,000 XAP will ever exist.

Though it will take many years for the protocol's algorithms to distribute the different pools of tokens. See details in the whitepaper: https://github.com/APINetwork/ProtocolSpec#total-distribution-of-apicoins-xap

__________________

Lastly on the price of the XAP tokens, I seem to be one of the few that has done the full calculation, so let me share it here.

The final price per XAP is not correctly calculated simply by saying if you buy during the first 500 BTC worth then its 1.6 mBTC per XAP. This forgets to include the additional XAP that is distributed should the crowdsale not sell out. See: https://github.com/APINetwork/ProtocolSpec#the-crowdsale-apicoin-xap-generation notes section, last note.

Specifically: "If the full 3,000,000 APICoins (XAP) are not generated during the crowdsale event, the remaining portion will be generated and distributed to the participants of the crowdsale on a proportional basis. Meaning that if for example a purchaser brought 1 APICoin (XAP) for 1.6 mBTC during the first segment of the crowdsale, and the crowdsale sold 1,000,000 APICoins (XAP) (out of the possible 3,000,000) then all holders of 1 APIcoin (XAP) would gain 2 additional APIcoins (XAP) and in this example the purchaser would end up with 3 APIcoins (XAP)."

So for example if only 50 BTC is collected, then what is the price per XAP at the end of the crowdsale?

50,000 mBTC divided by 1.6 mBTC is 31,250 XAP generated. At the end of the crowdsale the remaining 2,968,750 XAP would then be distributed to the buyers on a proportional basis, at a ratio of 95 to each 1 XAP they purchased (because there are 95 tokens remaining unsold compared to each token sold).

Making the effective price: 1.6 mBTC divided by the 96 XAP generated equals 0.016 mBTC per XAP (or around $0.016 USD) Yep thats 1.6 cents each.

Clearly I'll need to develop a graph that makes this calculation clear for everyone looking at the math. But anyone bothering to read this thread will know first.

[MsCollec]

when does the presale ends?

[hmmmstrange]

when does the presale ends?

The ending date is July 18th at 11 a.m. U.S. central time. See http://buyxap.com/#the-run-down and in the whitepaper.
 

[TheMightyX]

####### Newsflash for those that didn't catch it #######

It seems this is not a scam, just a sneaky, shady, unethical and manipulative business deal to extract profit from others. Oh wait, that IS a scam! It's all so clear now:

Use of the XBT (BTC) from the Crowdsale Event:

-Buy the intellectual property and codebase of the API Network from Engine Inc. and then open source that code to the API community. Cost 900 XBT (BTC) and 2,000,000 API Coins (XAP) to be generated at the end of the crowdsale event.

ok

Curtis Lacy, the API Network’s lead architect-

right

Curtis has served the past two years as Engine Inc.’s Chief Technology Officer

Engine, Inc. (http://engine.co) is one of the first web services to plug in with the API Network’s marketplace.

What a coincidence!


You want $540,000USD + 2,000,000 XAP to buy software from yourself, that you've already created and already own?



A much clearer picture is coming to light here.
Did your company spend a lot of money building a product which it can't or is having a lot of trouble monetizing?
What better way to monetize it than to buy out its proprietary software and restructure the company into a more profitable business?

Don't even try to give me any bullshit along the lines of "I don't own engine.co!" yea, you don't but you are the CTO and Johnston is the CEO. I would say you fucking own it wouldn't you?

So you ALREADY OWN Engine.co and now you want $540,000USD to buy what you've already made from yourselves.

Doesn't sound so nice of a deal now does it? You are like a carpenter who shows up to a job with a box full of tools and says "ok to start work I need you to buy me tools", and the client says "but you already have tools, they are right there, I can see them", and you say "those are my tools! not yours!! I'm not gonna build this thing unless you buy the tools I already own! and you still have to pay my salary as well!"

Am I Paraphrasing correctly?

What now? You want a ridiculous amount of money which you can hardly justify. The 900 BTC is just the tip of the iceberg. You then want thousands more BTC to create something that you will keep a large % control of. It also comes to light that your partner is one of the BitAngels creators, so he should have access to large amounts of investment capital. Why are you trying to rip off the community for money when you've got Mr. Moneybags on your team?



This project actually has/had a lot of promise, why did you have to sleaze it up with your greed?