FOLDINGCOIN UPDATE
The end of March and beginning of April was an important period for FoldingCoin as we were granted a 100mln undistributed FLDC and have a possible new merged folding token joining us!
FLDCVOTEIII vote on 100 mln FLDCQuite unexpected, we were granted the 100 million of undistributed tokens by the community. Some people are not happy about this as they’re worried that this will dilute the value of FLDC as it could being dumped. We would like to assure you the following things:
- We will not dump the 100 mln on the exchanges
- A budget will be drawn up on how to spend the FLDC that first has to be agreed upon by a new vote.
We would love to continue discussions on this so we encourage everyone to contribute to the conversation over in the thread.
Voting SystemWe have learned some very valuable lessons with this last vote. FoldingCoin right now is one of the first projects pioneering the idea of blockchain-based voting. There has been attempts in the past by projects such as Swarm and Petamine, but these were discontinued. We are proud that FoldingCoin is looking to test the waters with blockchain voting, but growing pains can be expected.
Things to be voted upon first have to be acknowledged and discussed by the community on Let’sTalkBitcoin during PHASE 1. This phase runs for a month and after sufficient discussion, the idea will be voted upon in PHASE 2. With our last vote it seems it was not vetted well as it was submitted at the end of PHASE 1 and with this, went to PHASE 2 after less than a day.
Votes can be suggested at the last minute of the last day of the month. This leaves the issue of others not being able to give opinions on rules that are being suggested. This is a problem because once a vote goes to phase 2, the wording of the rules cannot be changed and if the rule is vague such as the most recent vote, the current system does not allow for this to be fixed.
With the above problems mentioned it is safe to say that the voting system needs some work in order to be more properly used. Please contribute to the forums to discuss this.
Off ChainJames and Chad have been working on the Off Chain distribution system. At the same time we have been in contact with another project that might be able solve the current issues we have with the distribution system altogether. This means that the off chain system might not be needed if we can come to an agreement with them. More details soon.
Counterparty MarketplaceChad took the lead on the Marketplace so far. During the Dogedcoindark Radio show on the 27th, Chris DeRose (Counterparty Community Director) made us aware of the fact that he currently has a fully open sourced marketplace project that he created some years ago written in Ruby on Rails. This project is called CoinPost and is mostly ready for implementation. Counterparty plugins and updates are needed because this project has not been worked on in a few years . Chad is taking ruby classes now and works on a prototype server running CoinPost. We love to release this as a beta version as soon as we can get it to work with Counterparty. All of the features that we wish to have with the marketplace such as arbiter, auction, ext can be added as we go along, but getting a working version is the first step.
Spent Donation FundsWe have spent some of the funds on the following things:
501(c)3 - We use the services of 501c3.org and they recently had electrical issues so they are a bit behind. They will get back to us as soon on the progress, so this is still pending at this moment.
Merchandise - We ordered 24 T-Shirts and 6 Hats for $300. Each member of the team will receive 2 T-Shirts and 1 Hat so we each have FLDC apparel for events. The remaining 12 T-Shirts will be sold for BTC or FLDC on the website. The hope is to sell all of the shirts at $20 each, making $240. This is enough money to buy an additional 24-48 shirts that we can once again sell for $20. As this continues we will continue to create more merchandise and the hope is to turn the profits from these 12 initial shirts into an ongoing stream of income for others to continue to purchase.
Merged Folding: SkullTokensAnother potential Merged Folding partner, SkullTokens, has emerged. This is an in-game currency that is found via a Roblox treasure hunting game. One goes around a map and searches for BTC private keys that have SkullTokens held within the private key. This coin was discontinued, but a Skull community member wants to revive the coin using maps from Roblox and running a Minecraft server introducing an actual use for the token within the game. More is to come from this as we continue working with the Skull community.
Public MeetingWe held the second public meeting on April 5. Please click here for more information and a full recap/link to the meeting. The next public meeting will be held May 3rd, 2015 at 3PM EDT. We hope to see you there!
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