Announcing ProzCoin : Proof of Action (PoA)

[amacar]

I finally found a coin that has something fresh but when I try to claim free coins I get notice "Sorry, this promotion is not available in your region". Can I ask you why do you exclude some counties?

Can you tell me which country you are located in?  We have tried to close it to certain regions due to SPAM postings.  I have now lifted it to include every region.

There is a lot of SPAM that has picked up on PoA.  We are on top of it and will disqualify them from earning Proz.

I am from Slovenia. Yes now I see what actions are available so I can participate.  Thank you for disabling restriction for my country!

[ProzCoin]

Article about Prozcoin up on The Coin Front!

http://thecoinfront.com/want-to-get-paid-to-learn-about-bitcoin-theres-an-alt-for-that/

nice story
i like this quote  its selling like ganja at a Bob Marley concert.
 

Yes, Juan has a way with words


Chris

[JTB800]

Well, I see from the OP that not only will investors not be receiving any of the extra coins that may (or may not) be available if the ICO does not sell out, but they won't even be destroyed to shrink the float. I moved some BTC to C-Cex to purchase, but will now just wait to see how it goes on the open market. It was already a little pricey, in my opinion, but that really seals it.

I sometimes wonder what developers are thinking. The whole idea of raising money is to make it as attractive as possible for early investors. This not only makes it a fairer deal, on a risk/reward basis, for the potential investor, but it can also drive demand. This demand in turn gives the new issue (a coin in this case) a sense of high demand and momentum heading into its launch. This is not some revelation that I have made up or some griping out of thin air from someone who invests, it is the time honored way that money is raised. There is a reason that investment bankers purposely try to price a new stock below what they think it should trade at. And obviously, it sure ain't because they want to make less money.

[uki]

The Proof of Action has gone much faster than we anticipated.  We will end the contest in 5 minutes because we have went way over the 100,000 that we slotted for the giveaway. 

nice to hear that there are many people on board!

[ProzCoin]

Well, I see from the OP that not only will investors not be receiving any of the extra coins that may (or may not) be available if the ICO does not sell out, but they won't even be destroyed to shrink the float. I moved some BTC to C-Cex to purchase, but will now just wait to see how it goes on the open market. It was already a little pricey, in my opinion, but that really seals it.

I sometimes wonder what developers are thinking. The whole idea of raising money is to make it as attractive as possible for early investors. This not only makes it a fairer deal, on a risk/reward basis, for the potential investor, but it can also drive demand. This demand in turn gives the new issue (a coin in this case) a sense of high demand and momentum heading into its launch. This is not some revelation that I have made up or some griping out of thin air from someone who invests, it is the time honored way that money is raised. There is a reason that investment bankers purposely try to price a new stock below what they think it should trade at. And obviously, it sure ain't because they want to make less money.

For the record, promising returns from an ICO is technically illegal if you are not registered with FinCEN, so anyone who does an ICO and promises returns could be breaking the law.  That is why when we issue shares in Coin Proz, we will accept ProzCoin for shares.  That way early investors get the incentive of being able to trade for actual assets which DO promise returns, but as I said doing that with an ICO could potentially be highly illegal.  We had covered it earlier in the thread, but I had written an article that address the Oculus Rift debacle:

http://thecoinfront.com/iculture-marketing-the-individual-to-the-masses/

"A recent example that has spurned crowd-funding enthusiasts is the acquisition of “Oculus Rift” by Facebook for $2 billion USD after the project was created from crowd funding. After over 10,000 people invested in the project, the large acquisition yielded them nothing but “sincere thank yous” and “t-shirts”. While it can be debated whether the original investors are legally owed any dividends from the sale to Facebook, it seems clear that Facebook will receive most of the credit for the project’s success. It seems there is a paradox within counter-cultural movements to try and move away from old paradigms, but simultaneously needing the validation of the culture from which they are trying to move away.

Within the crypto-currency community, one example of this would be the largely held desire to move away from the central banking system, and the simultaneous desire to attract “Wall Street” investors to give digital currency legitimacy. On the one hand, the technological innovators want to create new systems to replace the old ones, but conversely they need start-up capital which often resides with the entities whom the innovators are looking to replace. "


Also, if there are a few coins left at the end of the ICO, we have considered the burn as an option. 

Chris

[uki]

Please re-tweet to help let Coin Market Cap to list PROZ.

https://twitter.com/coinproz/status/507843291300130817

done.

[JTB800]

Well, I see from the OP that not only will investors not be receiving any of the extra coins that may (or may not) be available if the ICO does not sell out, but they won't even be destroyed to shrink the float. I moved some BTC to C-Cex to purchase, but will now just wait to see how it goes on the open market. It was already a little pricey, in my opinion, but that really seals it.

I sometimes wonder what developers are thinking. The whole idea of raising money is to make it as attractive as possible for early investors. This not only makes it a fairer deal, on a risk/reward basis, for the potential investor, but it can also drive demand. This demand in turn gives the new issue (a coin in this case) a sense of high demand and momentum heading into its launch. This is not some revelation that I have made up or some griping out of thin air from someone who invests, it is the time honored way that money is raised. There is a reason that investment bankers purposely try to price a new stock below what they think it should trade at. And obviously, it sure ain't because they want to make less money.

For the record, promising returns from an ICO is technically illegal if you are not registered with FinCEN, so anyone who does an ICO and promises returns could be breaking the law.  That is why when we issue shares in Coin Proz, we will accept ProzCoin for shares.  That way early investors get the incentive of being able to trade for actual assets which DO promise returns, but as I said doing that with an ICO could potentially be highly illegal.  We had covered it earlier in the thread, but I had written an article that address the Oculus Rift debacle:

http://thecoinfront.com/iculture-marketing-the-individual-to-the-masses/

"A recent example that has spurned crowd-funding enthusiasts is the acquisition of “Oculus Rift” by Facebook for $2 billion USD after the project was created from crowd funding. After over 10,000 people invested in the project, the large acquisition yielded them nothing but “sincere thank yous” and “t-shirts”. While it can be debated whether the original investors are legally owed any dividends from the sale to Facebook, it seems clear that Facebook will receive most of the credit for the project’s success. It seems there is a paradox within counter-cultural movements to try and move away from old paradigms, but simultaneously needing the validation of the culture from which they are trying to move away.

Within the crypto-currency community, one example of this would be the largely held desire to move away from the central banking system, and the simultaneous desire to attract “Wall Street” investors to give digital currency legitimacy. On the one hand, the technological innovators want to create new systems to replace the old ones, but conversely they need start-up capital which often resides with the entities whom the innovators are looking to replace. "


Also, if there are a few coins left at the end of the ICO, we have considered the burn as an option. 

Chris

What in the world are you quoting me for? I never said anything about "promising returns". Furthermore, I even mentioned a risk/reward basis -- please look up what that means.

I am unsure how you are, on the one hand, seemingly implying that I am concerned with "old paradigms" and yet, on the other hand assuring me that something would be "highly illegal". It seems to me that it is you comparing this to "old paradigms". How could something such as your project which "resides with the entities whom the innovators are looking to replace" simultaneously be just another investment in which it would be "highly illegal" to do something?

If this is just a crowd-funding operation than that should really be in the op. Right now, the op really does make quite a few "promises". One of which is that early investors will receive an asset (your coin) in exchange for money. Crowd-funding makes no such promises.

Finally, just stop with the new age vibe. You want money for a project. That "paradigm" has been around for thousands of years. You wanting money for another crypto coin doesn't make it some new, extra important idea that transcends all men who have trod before you. 

[bitdraw]

The Coin Proz team has decided that if there are any unsold coins from the ICO that ends Sunday September 7th at 12:00 Eastern the coins will be burned.  This is at request from the community.  We feel this will be the correct decision as well.

good choice

[ProzCoin]

What in the world are you quoting me for? I never said anything about "promising returns". Furthermore, I even mentioned a risk/reward basis -- please look up what that means.

I am unsure how you are, on the one hand, seemingly implying that I am concerned with "old paradigms" and yet, on the other hand assuring me that something would be "highly illegal". It seems to me that it is you comparing this to "old paradigms". How could something such as your project which "resides with the entities whom the innovators are looking to replace" simultaneously be just another investment in which it would be "highly illegal" to do something?

If this is just a crowd-funding operation than that should really be in the op. Right now, the op really does make quite a few "promises". One of which is that early investors will receive an asset (your coin) in exchange for money. Crowd-funding makes no such promises.

Finally, just stop with the new age vibe. You want money for a project. That "paradigm" has been around for thousands of years. You wanting money for another crypto coin doesn't make it some new, extra important idea that transcends all men who have trod before you.  

I was linking an article that I wrote addressing crossing the mass adoption threshold, and highlighted a paragraph that concerns addressing how to repay investors without breaking the law.

Early investors are promised an OPTION of trading the coin for an asset once actual assets are issued.  

We are developing hardware that doesn't yet exist, and if you read through the literature, you will see that the "coin" is just a small part of the overall project.

I don't know what you mean about a "new age" vibe.  I have Master's degree in Telecommunications, a Bachelor's in Psychology, and have full on worked in an fMRI lab.  I have been a literal "lab coat scientist".  Here is a paper that I co-authored when I was working in the lab:

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2577936/



If you read the full article about mass adoption that I previously posted and the Proof of Action white paper, you will see that we were able to generate over 6,000 entries into our campaign in less than 3 days.  Proof of action is not only unique, but we have demonstrable "proof" that it works.

https://gleam.io/Y2FI3/prozcoin-proof-of-action

6521 entries and counting!


Chris

[JTB800]

Early investors are promised an OPTION of trading the coin for an asset once actual assets are issued.  

Chris

Oh, cute.

Well, why don't you take all of that knowledge that you seemed impelled to inform me of, and look up an attorney. It's easy to do online or even the good old Yellow Pages. See if they think that you putting the word "option" in capital letters exonerates you the way you think it does.

 

[ProzCoin]

Early investors are promised an OPTION of trading the coin for an asset once actual assets are issued.  

Chris

Oh, cute.

Well, why don't you take all of that knowledge that you seemed impelled to inform me of, and look up an attorney. It's easy to do online or even the good old Yellow Pages. See if they think that you putting the word "option" in capital letters exonerates you the way you think it does.

 

We already have consulted an attorney brother.  I was simply explaining that we are aware of the laws concerning securities fraud, and we don't believe that many people in crypto are actually following the rules.  I am not trying to explain to "you" because I don't think you understand, I am explaining why we did what we did.


So when the SEC does an audit of 2014 for the entire crypto community, which they most likely will do, we will have complied with all the US laws, so our community/company will be protected from persecution OR prosecution by the US government.

Chris

[ProzCoin]

ALL PROZCOIN HAS BEEN PURCHASED!!!

ICO HAS SOLD OUT!!!


 

Chris

[burritoboy9984]

Bummer, I found this coin last night but didn't have a CCEX account, was going to make one this AM and purchase some, but now it's gone. Good luck to all those who invested.

[uki]

ALL PROZCOIN HAS BEEN PURCHASED!!!

ICO HAS SOLD OUT!!!


 

Chris

Well, that is quite a feat to finish all 2 days ahead of schedule. Looking forward to start the trading to see where we are and if market buys the coin.

[genecyber]

Bummer, I found this coin last night but didn't have a CCEX account, was going to make one this AM and purchase some, but now it's gone. Good luck to all those who invested.

The great thing about how our model works if you can earn PROZ easily by participating in the community. Don't fret anyone, there will be plenty of ways to accumulate PROZ in the future.

It's funny that many people were complaining about the ICO and raising concerns like "Developers get 80%, ICO only 20%"  But it's more like everyone in the community gets 70% either bought or earned, and us Developers have to wait 3 years to get our coin....

Just so we are clear, the only PROZ held by developers / owners was purchased out of their personal funds. the % set aside for owners needs to VEST, which will be handled manually, or when I get a chance I'll make a DApp that will handle distribution.

[provenceday]

this coin is very innovative, just brought somecoin.

also dev,

1 will we have a wallet for prozcoin?

2 when will launch this?

3 how about list this on bittrex?

thanks

[originalchilli]

looks like the last 10btc worth got bought in a single trade. someone has faith in proz for sure.

[GreatOrchid]

Well, I see from the OP that not only will investors not be receiving any of the extra coins that may (or may not) be available if the ICO does not sell out, but they won't even be destroyed to shrink the float. I moved some BTC to C-Cex to purchase, but will now just wait to see how it goes on the open market. It was already a little pricey, in my opinion, but that really seals it.

I sometimes wonder what developers are thinking. The whole idea of raising money is to make it as attractive as possible for early investors. This not only makes it a fairer deal, on a risk/reward basis, for the potential investor, but it can also drive demand. This demand in turn gives the new issue (a coin in this case) a sense of high demand and momentum heading into its launch. This is not some revelation that I have made up or some griping out of thin air from someone who invests, it is the time honored way that money is raised. There is a reason that investment bankers purposely try to price a new stock below what they think it should trade at. And obviously, it sure ain't because they want to make less money.

For the record, promising returns from an ICO is technically illegal if you are not registered with FinCEN, so anyone who does an ICO and promises returns could be breaking the law.  That is why when we issue shares in Coin Proz, we will accept ProzCoin for shares.  That way early investors get the incentive of being able to trade for actual assets which DO promise returns, but as I said doing that with an ICO could potentially be highly illegal.  We had covered it earlier in the thread, but I had written an article that address the Oculus Rift debacle:

http://thecoinfront.com/iculture-marketing-the-individual-to-the-masses/

"A recent example that has spurned crowd-funding enthusiasts is the acquisition of “Oculus Rift” by Facebook for $2 billion USD after the project was created from crowd funding. After over 10,000 people invested in the project, the large acquisition yielded them nothing but “sincere thank yous” and “t-shirts”. While it can be debated whether the original investors are legally owed any dividends from the sale to Facebook, it seems clear that Facebook will receive most of the credit for the project’s success. It seems there is a paradox within counter-cultural movements to try and move away from old paradigms, but simultaneously needing the validation of the culture from which they are trying to move away.

Within the crypto-currency community, one example of this would be the largely held desire to move away from the central banking system, and the simultaneous desire to attract “Wall Street” investors to give digital currency legitimacy. On the one hand, the technological innovators want to create new systems to replace the old ones, but conversely they need start-up capital which often resides with the entities whom the innovators are looking to replace. "


Also, if there are a few coins left at the end of the ICO, we have considered the burn as an option. 

Chris

this is a big +1 with me 

[provenceday]

source: http://thecoinfront.com/want-to-get-paid-to-learn-about-bitcoin-theres-an-alt-for-that/


Want To Get Paid To Learn About Bitcoin? There’s An Alt For That!



News about Mastercoin has been slow lately, but a new second generation crypto asset built on top of the Mastercoin protocol might be about to change that.

Mastercoin, alongside NXT, counterparty, and Ethereum, seeks to expand the possibilities of Bitcoin beyond just a non reversible payment system.

For example, decentralized stock markets could emerge, which would be verifiable by the blockchain and ruled by cryptography, not NASDAQ or the NY Stock Exchange.

Patrick Byrne -CEO of overstock - believes this could eliminate some serious flaws in the world of high-stakes trading.

Decentralized stock markets however are just one of many possibilities opened up to us by second generation crypto currencies, or "Bitcoin 2.0".

Another , perhaps more tangible example is Prozcoin, a second generation asset that wants to pay you for learning on Khan Academy or Coursera!

Its first agenda however is to pay people to learn about blockchain tech. Or anything else related to the Bitcoin technology.

Meet The Team
Chris Bates, with an M.S. in Telecommunication from IU, is a developer and entrepreneur extraordinaire. If you recognize that name, it's because Chris is also an occasional contributor to The CoinFront, beginning last March.

Along with Chris is Shannon Null Code -no joke- Security expert and specialist for Mastercoin, are two of the core devs of CoinProz. And these two have some big plans for the project!

So How Does It Work?
Prozcoin is an asset on top of Mastercoin. As such it does not have the security problems of new altcoins, since all Mastercoin assets are secured by the Bitcoin blockchain.

Where they stand out though, is in their development of a new algorithm that will measure social media engagement on any platform on which it's integrated.

It is called Proof of Action or PoA for short, and their forum coinproz.com will be the first of such smart social media sites. This is where users will have the opportunity to earn prozcoin rewards based on their participation as both students and educators of blockchain tech.

Yup, the opposite of any school you've likely been to, this guys will actually pay YOU to learn!

Proof of Action may in the future be adopted by other social media platforms that seek to implement its innovative reward structure, and this is without a doubt what the team is aiming for. Users would be rewarded based on educational content they submitted, the views it got, the comments it inspired, and the quality of each.

This would be a largely decentralized operation with one particular exception.

Quality as of now would be double checked by admins, to prevent what is called a sybil attack. This sort of attack is common on Twitter, where you can get a thousand fake followers for $11. Robots retweeting hash tags are common place, which would dilute the quality of its reputation system.

To further protect from sybil, identity verifications systems may be placed such as Onename.io linking you to your social media profiles etc.

Onename.io is a a kind of domain provider hosted on the namecoin blockchain. Users can link one name and bitcoin address per email and link it to their social media for free - go get your name before its gone!

Coinproz will be accepted by 5 businesses from the start, including Cryptoshoppers and Elblaus Design.

The initial Coin Offering
In the relentless spirit of innovation, Coinproz has no traditional ICO phase. Since it lives on the already very secure Bitcoin blockchain, it is not concerned with incentivizing mining with block rewards, nor any other kind of security scheme. As such, development can utilize a much larger percentage of the whole currency... if you know where this is going, breath deeply.

Out of the 100 million Prozcoins that can ever be, 20 million have been on sale for the past few days. The current ICO sale is on C-cex and its selling like ganja at a Bob Marley concert.

Another 20% will be used to give a "likely unnecessary but extra reward to miners" as well as fund the PoA users. Both of these rewards are scheduled to last over 3 years.

The remaining 60% will be held in escrow by either C-cex or Bittrex. 10% of it will be distributed to founders of Coinproz over 3 years, and the rest will be held for further development of Coinproz technologies. Some of these including smart hardware, details of which have not been revealed yet.

Further details over the terms of this escrow agreement will be released over the next few days. So keep an eye out!

For now, check out their website, read their white paper or follow them on twitter @Prozcoin to stay posted!

Chris Bates will have virtual office hours on skype from 12pm to 3pm est, Mondays, Fridays and Sundays. Add him on skype at larry.christopher.bates.

[HunterMinerCrafter]

The best part about Proof of Action is that we can demonstrably PROVE that we have had 2100 entries of real people willing to advertise for us for Prozcoin.

I have touched on this before, but I feel this is a most appropriate time to revisit the notion:

"Proof" has a very specific meaning when it comes to crypto.  When we say "proof" we refer to a formally verifiable construct which derives some indisputable claim from some axiom in a readily reproducible way.

How exactly is anything being proven at all, here?  First, you say we have now over 3000 "actions" upon which coin distribution will be based. (over 7000 now?)  How can I verify these actions really occurred?  I see you are using some third party service to track actions, does verifying your proof really rely on an axiom of trust of this third party CA?  How does one even go about querying this CA for some certification of these actions?  How do we, from the result of this query, prove that 5000 of the 7000 actions were not actually done by you?

Then you go on to say that many of these >3000 actions are just spam, and will be invalidated.  How can we independently verify the spam-ness of any individual contribution?  How can we validate your invalidation process and be sure you aren't just denying coins to people you don't like, or similar?

The truly novel thing about Bitcoin is that one can prove (independently, quickly, easily, and without any axiom of assumed trust in any CA) that distribution and transaction have both always been done fairly.  When I say prove I mean in the formal sense.  I can run an automated verification over the chain and see conclusively that nothing is amiss, and that no "decider" had any opportunity to make some decisions that might be "unfair."

Please explain to me how I might load your "proofs of action" into my SMT solver and prove constraints can be satisfied.  I'd prefer if this reduction was "pure" and did not require some assumption of validity of some web-service retrieved data, but I'll allow you the caveat that it may, in this case. (As much as it pains me.  Why you would not preserve each action into an authenticated Merkle structure is beyond me.  We have this science for a reason, use it!)  Even if it does, please explain to me how the proof is to be structured at all.

If you can't represent it in Coq, SMTLIB, or similar formal language and type-check it it simply isn't a proof of something.  If you can't show, as evidence, the math to re-work to draw the same conclusions and arrive at the same numbers, it is not a proven thing.  You repeatedly refer to proof-of-action as an algorithm, but I see no way to fully codify it, putting it outside of the realm of that which is algorithmic.

You call this proof-of-action, please demonstrate your provability.

Full disclosure: I do own some ProzCoins.