[XCR] Crypti | Dapps | Sidechains | Dapp Store | OPEN SOURCE | 100% own code | DPoS

[SyRenity]

Would be better to have deadline not only in time but in btc too. For example max amount limited by 200 btc and so if all 200 btc will be collected in first 2 weeks, IPO should be closed. I agree that we need limit in btc for one person. 25 % for devs is so big. Devs will get btc for their previous work and for their future work they will get 15% of coins. After coin will be widely accepted it will be driven by community.

It's actually a bit in reverse, the dev team will get 15% for continuation of the development.
The raised funds will be used by the foundation for additional bounties and activities.

[SyRenity]

pics  seem like PS

It's indeed a UI prototyping in Photoshop, it is being sliced and coded into HTML/CSS these days.

[rtrtcrypto]

You should offer this IPO through the NXT Asset Exchange...

[GreXX]

The 1% Fee Issue

Several people have mentioned that they think the 1% transaction fee is too much.

Let me say that I think I got mixed up in writing this out. We initially intended the 1% fee to undercut paypal and credit card vendors (being the typical payment systems for e-commerce) who on average charge merchants anywhere from 2-8% fees depending on the payment method. In this scenario, we were factoring in the merchant paying the fees, but being rewarded half of it back for validating with the network and allowing the decentralized ratings and review system to apply to them.

I will take the hit on this one and say that I think I just simply wrote it up ass backwards from my head when I was writing everything up.

The transaction fee system was viewed as a means for the merchant to pay to use the Crypti network, which will be lower fees than paypal or credit card vendors, and will reward forgers for building out the network that they are using, and would reward those merchants who allow the community to rate and review them openly.

This fee is less than state taxes, federal taxes, paypal fees, ebay fees, or credit card fees and would have a large and well supported network due to the rewards for those who were running nodes. Not only that, but they could get back half of the fee, in essence only paying a 0.5% transaction fee.

The reason we chose a 1% transaction fee is because we wanted the forged block to feel like they had some weight to them. In many PoS systems, transaction fees are 1 or 2 of the currency. In those cases, whenever you manage to finally forge a block, you only receive 1 or 2 of that currency as a reward. We want the block rewards for Crypti to be more substantial. We want the currency to circulate, to put it back in the hands of the users, and continue to encourage the cycle. We see this as a huge benefit to how Crypti was designed.

Does this help make it easier for anyone? Does this make more sense? I would like to hear the thoughts of those who were commenting on this issue!!

[mightname]

You should offer this IPO through the NXT Asset Exchange...

NXT advertisement. Fool will go to NXT Asset Exchange.

[PilotofBTC]

The 1% Fee Issue
Let me say that I think I got mixed up in writing this out. We initially intended the 1% fee to undercut paypal and credit card vendors (being the typical payment systems for e-commerce) who on average charge merchants anywhere from 2-8% fees depending on the payment method. In this scenario, we were factoring in the merchant paying the fees, but being rewarded half of it back for validating with the network and allowing the decentralized ratings and review system to apply to them.

I will take the hit on this one and say that I think I just simply wrote it up ass backwards from my head when I was writing everything up.

So, I'm still confused. The credit card fees are charged to the merchant not the sender.

Your white paper says 1% fee charged to the sender. Is that still the plan? What was written backwards?

[GreXX]

The 1% Fee Issue
Let me say that I think I got mixed up in writing this out. We initially intended the 1% fee to undercut paypal and credit card vendors (being the typical payment systems for e-commerce) who on average charge merchants anywhere from 2-8% fees depending on the payment method. In this scenario, we were factoring in the merchant paying the fees, but being rewarded half of it back for validating with the network and allowing the decentralized ratings and review system to apply to them.

I will take the hit on this one and say that I think I just simply wrote it up ass backwards from my head when I was writing everything up.

So, I'm still confused. The credit card fees are charged to the merchant not the sender.

Your white paper says 1% fee charged to the sender. Is that still the plan? What was written backwards?

Sorry I should have clarified better. When we dreamed it up in our hundreds of conversations, we meant for the fee to be charged to the merchant.

For whatever reason, when I ended up writing it up, I got it backwards and said the fee would be to the sender.

The fee should be to the merchant, not the sender. I will get let Stas know to fix it in the documentation.

Thanks for sticking around and talking all of this through with us guys, we really appreciate your comments and even criticism. It can only help us make Crypti better!

[SyRenity]

The fee should be to the merchant, not the sender.

Corrected in white-paper.

[SyRenity]

It looks like Anon is restarting up his escrow service.
https://nxtforum.org/job-board/(escrow-service-offered)-anon136-escrow-back-in-business

Awesome news! I will ask him again.

Unfortunately Anon only willing to do future escrows on top of the NXT Assets Exchange which, in our opinion, complicates matters for the casual buyer.
We want to give a simple BTC sending experience to an Escrow address, and have a ledger showing the estimated amount of Crypti that one will receive.

However we are in talks with several other Escrow providers, and looking to have one available towards the pre-sale start.

[MsCollec]

It looks like Anon is restarting up his escrow service.
https://nxtforum.org/job-board/(escrow-service-offered)-anon136-escrow-back-in-business

Awesome news! I will ask him again.

Unfortunately Anon only willing to do future escrows on top of the NXT Assets Exchange which, in our opinion, complicates matters for the casual buyer.
We want to give a simple BTC sending experience to an Escrow address, and have a ledger showing the estimated amount of Crypti one will receive.

However we are in talks with several other Escrow providers, and looking to have one available towards the pre-sale start.

Have you talked to Tomatocage ?

[SyRenity]

Have you talked to Tomatocage ?

See PM.

[mileva]

Has been in the follow up, hope that the author try hard!

[prix]

About Proof-Of-Time.

Can you explain in details how nodes will validate a block from the forger?
How will they check the accuracy of the declared forger up-time?

[ningzhanwavln67]

what is the Proof-Of-Time?

[SyRenity]

We are happy to announce, that a respected community member maxmint has agreed to provide Escrow for this pre-sale!
It's our true belief that a presence of such member will assure the community in our intentions and result in a very successful pre-sale.

Maxmint will confirm this by posting here and in separate thread with the Escrow terms.

[ningzhanwavln67]

Very good, the project will be very successful

[tricass]

Other potential sources of funding could include:

1. Taking a small percentage of the merchant fee. If transaction volumes are large enough then even a small fraction say 1% of the 1% merchant fee could add up. You won't see this in the short term but if the concept is successful it could provide much needed income in the longer term.

2. Look at charging a subscription fee on merchant and even consumer wallets in the future. Continuous improvement does come at a cost and someone needs to bear that cost and it should be its users if they expect the infrastructure to be maintained.

3. Charging for support and maintenance services to merchants. There are always end users after higher levels of support services and are willing to pay to get it.

[crypti]

what is the Proof-Of-Time?

Proof-Of-Time one of type of forging. As weight network uses how long time node support network. You can set up node and provide your account id in configuration, after it your node time in network will be added to common weight (others types of proof) and calculated when you can generate block.

[prix]

@cripty
I asked earlier:

About Proof-Of-Time.

Can you explain in details how nodes will validate a block from the forger?
How will they check the accuracy of the declared forger up-time?

I think there could be manipulation.

[trisher]

NXT clone or written from scratch??