[ANN] the Internet of Coins

[Dotrego]

Good to see you are still following us George

We are planning on shooting some vids soon for the website. The site itself has been updated with our media mentions (notice the changes on the frontpage). Will keep you posted!

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[crypto4jan]

Hi I was yesterday in Arnhem and there was a awesome presentation of Internet of Coins.
I go follow this topic.

[Dotrego]

Good to see you Jan

Update: currently in talks with an external security guy for additional review. Tomorrow we will be at the Bitcoin Meetup Gent in Belgium!

[agent725]

And we're presenting at the Crypto Money Expo today at 18:20 EST.

Everyone welcome: www.cryptomoneyexpo.com

[Dotrego]

...And that's enough gatherings for a while I blogged about our latest activities;
http://internetofcoins.org/blog/2014-12-16-preparing-for-takeoff-via-arnhem-bitcoin-city-to-gent

We were interviewed by BitPost as well. For now, expect the next update to be focused on the whitepaper

[Alex_crypto]

is there any videos explaining the project?

[Dotrego]

is there any videos explaining the project?

Hi! Welcome to the topic, and thank you for your interest.

You can view a video of our explanation here at the post of the Bitcoinference this summer in Amsterdam. After the release of the whitepaper at our blockchain birthdayparty January 3rd, we will be shooting some extra videomaterial for the website.

[gramen]

What happens when the website counter reaches zero?

[Bit_Happy]

If the system is user-friendly, then I'm very interested in your project.
Watching for more updates...

[Crypty3]

Nice to see what genuinely appears to be actual enthusiasm for this project.

[cbeast]

After reading all the flacknfodder between Counterparty and Ethereum, in came the Bitcoin thumpz.
Bitcoin only!! Bitcoin as dictaturr fer life! Bla, bla, so then suddenly I had a meme..

I hope the whitepaper will be more than memes and bring something new to the table.

[agent725]

What happens when the website counter reaches zero?

We will release the whitepaper when the clock stops. The download button will be on the front page. Definitely let us know if you like it, but also feel free to tell us if you dislike it.

Also, if you're in Amsterdam today, we are having a whitepaper-release party on the occasion of the 6th anniversary of the Bitcoin blockchain.

The party will be held at 13:00 (CET/local time) in the Bitcoin Embassy Amsterdam. You're welcome to attend! -> http://bitcoinembassyamsterdam.nl/

[Dotrego]

We updated the opening post, and the whitepaper is now available on the website. If you have any comments, please let us know.
As also announced on Reddit

Edit: whitepaper thread added in the Altcoin section here.

[Laume]

I think this project sounds very interesting. If I understand correctly, anyone could pay me in any cryptocurrency, and I would not have to rely on the services of a third party to exchange anything? And this would in turn increase the security? How, exactly?

And doesn't this promote centralisation, if everyone uses this asset for their transactions?

I'm sorry if these questions are ignorant...I'm still new to the realm of cryptocurrencies.

[0x01]

Hi, Jelle here. I'm currently helping the IoC organisation with the more mathematical parts and technical bits.

I think this project sounds very interesting. If I understand correctly, anyone could pay me in any cryptocurrency,

Yes, this is true. The system will try to automatically find a way to convert from cryptocurrency X to cryptocurrency Y, using hybrid assets.
But this should be (mostly) hidden for the user. You just see: convert Doge to Flappy.

and I would not have to rely on the services of a third party to exchange anything?

You don't have to rely on the services of a trusted third party. However, the exchange is going to be governed by a decentralised service consisting of many nodes. So this is similar in spirit to how Ethereum works.

And this would in turn increase the security? How, exactly?

I think the bit of the white paper you are referring to here, tries to say that decentralized services are better than centralized.

And doesn't this promote centralisation, if everyone uses this asset for their transactions?

I'm sorry if these questions are ignorant...I'm still new to the realm of cryptocurrencies.

I'll leave this one to the others to answer :-)

Don't worry about asking "ignorant" questions, it's up to us to make the story as clear as possible. Every question is welcome, this way we can learn what need to be explained better. So keep asking :-)

[Laume]

Does 'a decentralized system of many nodes' also mean that the risks of the system failing or somehow losing money because of a lengthy transfer time are minimized?

[cbeast]

OK, I'm reading the white paper. I am intrigued by this project. I envisioned a multicoin system in 2012 that arose out of the PoW vs PoS controversy.

Proof of Allocation seems to compete with Blockstream's Side Chains in resolving multichain synchronization. I do have a fundamental human rights issue with PoS and was wondering if an implementation of IoC can be structured to work purely with PoW coins?

[agent725]

And doesn't this promote centralisation, if everyone uses this asset for their transactions?

The way we are designing this, anyone should be able to issue a hybrid asset on the network. This means users can practically create gateways between currencies, while transactions on those gateways are governed by node-swarms on the network.

Does 'a decentralized system of many nodes' also mean that the risks of the system failing or somehow losing money because of a lengthy transfer time are minimized?

Yes. Like with Bitcoin, Ethereum and other cryptocurrencies, the network has a failover mechanism. This means a transaction can be picked up by other members of a swarm in case of node failure, and incomplete transactions can be canceled (for negligible network fees).

[Laume]

I wonder how much time and money the development of such a project would require. It looks like there's been quite a bit of time and effort invested in this already.

I hope you'll succeed in developing this, it could be a very good thing for people like me who accidentally got into cryptocurrencies through questions from customers but have been hesitant to take many risks - the economy is not such that small businesses can afford to take many risks. I'm glad practical solutions to many of our concerns are under way. I find the idea of cryptocurrencies fascinating and certainly worth looking into. Projects like these could help convince other small, hesitant business owners to be more open to the idea. To be honest, I put off looking into it for quite a while because I didn't know what it was and found it all a little daunting (and making enough money to get by is tricky enough and taking up a lot of time as it is for most of us).  

I think what would greatly help many of us (speaking as a rather ignorant business owner) is user-friendly projects that minimize potential risks and this one looks promising.

[agent725]

OK, I'm reading the white paper. I am intrigued by this project. I envisioned a multicoin system in 2012 that arose out of the PoW vs PoS controversy.

Proof of Allocation seems to compete with Blockstream's Side Chains in resolving multichain synchronization. I do have a fundamental human rights issue with PoS and was wondering if an implementation of IoC can be structured to work purely with PoW coins?

The IoC hybridd should be structurally compatible with a wide variety of value systems. Even non-blockchain ones. However, which coins are 'grouped' will be up to the users in the future. This means you could create a hybrid asset that links only to PoW coins if you want to. You cannot stop others from mixing PoS and PoW on their issued assets. Just like the Internet contains many different kinds of webpages, we want to see the Internet of Coins host many different kinds of asset combinations.