[ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure

[synechist]

Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.

You would still have to pay transaction fees to miners of each coin. I still don't see the need for a microfee on top of the fee for using the "services". This shareholder "micro-fee" fee seems to exist only so shares can exist so there can be an IPO. Again, what's to prevent a fork of Blocknet without microfees?

Aha, I see where all this hypothesising has been going: some of you hope to show insufficient warrant for Blocknet fees and thereby undermine the rationale for Blocknet tokens and an ITO.

However:

- The Blocknet is the infrastructure that allows a coin to render a service. The Blocknet microfee expresses the value that the Blocknet adds.

- Fees are not just for currency conversion. They're for every time a node provides any service (and there's an indefinite number of potential types of service).

- Blocknet fees are not used to secure the network (and there won't be any mining).

- In a way, Blocknet fees are mildly analogous to tx fees in a proof-of-stake currency, where they don't go to miners, but simply deflate the money supply, thereby expressing the value of usage of a currency to the currency. Fees in the Blocknet express the value of the currency to holders.


Outside of currency design, fees are there for a really simple reason: we need funding to develop a whole lot of next-gen technology. So we're having an ITO and incentivising people to buy and hold shares.

[synechist]

Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.

Hm...
Should I pay twice to use, say, VPN provided by some node then? Once - to the node itself for the service, and second - to the Blocknet for being able to communicate with the node. This way? And those Blocknet shares are distributed to share holders, right? And is the Blocknet protected with kinda PoS?

No you don't pay twice. You pay the service provider, and the service provider pays the Blocknet fee.

Yes, Blocknet fees are distributed to holders.

My guess is that the Blocknet will have a PoS system, though I haven't been informed of the specifics yet.

[Bytas]

What decentralized stock platform will the Blocknet Shares be based on? Nxt, counterparty, BitsharesX, Mastercoin or some new platform?
How will the destruction of the unsold Blocknet shares be proven? proof of burn, or something else?
Will the usage of the gathered funds (2500BTC) be transparant and visible on the blockchain with regular Proof of Reserves?

The project looks amazing and i really hope you guys can pull it off, but the above questions need answering to access and gain the trust of a large market.

kind regards
Bytas

Good questions. Thanks.

Blocknet tokens will initially be sold on Poloniex, Bittrex, and CoinGateway.

Then, once the Blocknet gains the capacity to pay fees to holders, tokens will be redeemable for assets on the NHZ asset exchange.

After the ITO, any unsold tokens will be provably destroyed.

The Blocknet's funds will always be publicly visible. Furthermore the Blocknet Foundation will give public account for expenditures.

You didn't answer the core of the questions.

The tokens, on what blockchain technology will they be issued? The exchange doesn't really matter for me, decentralized consensus about their whereabouts does.
what does "Provably destroyed" mean (method and technicalities please )?  

A public account of expenditures sounds good!
We'll also need the Blocknet Dev's to make themselves known (proof of identity) before the ITO starts, so we can make a reliable decision and a certain measure of due diligence is present.


I'm looking forward to this.

[Queeq]

Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.

Hm...
Should I pay twice to use, say, VPN provided by some node then? Once - to the node itself for the service, and second - to the Blocknet for being able to communicate with the node. This way? And those Blocknet shares are distributed to share holders, right? And is the Blocknet protected with kinda PoS?

No you don't pay twice. You pay the service provider, and the service provider pays the Blocknet fee.

Yes, Blocknet fees are distributed to holders.

My guess is that the Blocknet will have a PoS system, though I haven't been informed of the specifics yet.

Hm again... This way the service provider will have to continuously refill his BS supply driving its price up. With lots of providers it will soon become pretty high. How would you regulate the fee so that it wouldn't cause the price of the service itself to go up (to keep it reasonable for provider to keep on working)?

[mig5000]

If you are going to escrow for large amount of BTC please get a reputable third party to escrow. Don't just use bittrex, use a 3 way BTC address or something

So we don't have a moopal 2.0

[crypto_currency]

hope there is no ipo,no ico and not scrypt algo.

[synechist]

What decentralized stock platform will the Blocknet Shares be based on? Nxt, counterparty, BitsharesX, Mastercoin or some new platform?
How will the destruction of the unsold Blocknet shares be proven? proof of burn, or something else?
Will the usage of the gathered funds (2500BTC) be transparant and visible on the blockchain with regular Proof of Reserves?

The project looks amazing and i really hope you guys can pull it off, but the above questions need answering to access and gain the trust of a large market.

kind regards
Bytas

Good questions. Thanks.

Blocknet tokens will initially be sold on Poloniex, Bittrex, and CoinGateway.

Then, once the Blocknet gains the capacity to pay fees to holders, tokens will be redeemable for assets on the NHZ asset exchange.

After the ITO, any unsold tokens will be provably destroyed.

The Blocknet's funds will always be publicly visible. Furthermore the Blocknet Foundation will give public account for expenditures.

You didn't answer the core of the questions.

The tokens, on what blockchain technology will they be issued? The exchange doesn't really matter for me, decentralized consensus about their whereabouts does.
what does "Provably destroyed" mean (method and technicalities please )?  

A public account of expenditures sounds good!
We'll also need the Blocknet Dev's to make themselves known (proof of identity) before the ITO starts, so we can make a reliable decision and a certain measure of due diligence is present.


I'm looking forward to this.

Oh sorry, I misinterpreted your previous question.

For simplicity the tokens will initially be created on a regular blockchain (its own one - PoS I think).

Once the Blocknet's technology has been created these tokens will be redeemable for assets on the NHZ asset exchange.

"Provably destroyed" pertains to proof-of-burn. I've not been briefed on any further specifics on this though. Sorry :-)

I agree entirely about developers making their identities know before the ITO. It's important to us and to the public that trust is established.

[synechist]

Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.

Hm...
Should I pay twice to use, say, VPN provided by some node then? Once - to the node itself for the service, and second - to the Blocknet for being able to communicate with the node. This way? And those Blocknet shares are distributed to share holders, right? And is the Blocknet protected with kinda PoS?

No you don't pay twice. You pay the service provider, and the service provider pays the Blocknet fee.

Yes, Blocknet fees are distributed to holders.

My guess is that the Blocknet will have a PoS system, though I haven't been informed of the specifics yet.

Hm again... This way the service provider will have to continuously refill his BS supply driving its price up. With lots of providers it will soon become pretty high. How would you regulate the fee so that it wouldn't cause the price of the service itself to go up (to keep it reasonable for provider to keep on working)?

Given that any node on any currency can provide a service, it will not be necessary for that node to somehow store Blocknet tokens in addition to whatever currency it's from.

The node would simply render the service, and a fee in its own currency will be deducted from the tx and automatically exchanged for a small amount of Blocknet tokens by the decentralised exchange.

This has the advantage of the fee levels automatically adjusting even if the price of Blocknet tokens skyrockets. In fact, we could pick a baseline price in the most stable currency (or by a smart index tracking USD, or whatever....) and use it to measure the rest by - or even exchange for this currency initially before converting to Blocknet tokens.

[synechist]

If you are going to escrow for large amount of BTC please get a reputable third party to escrow. Don't just use bittrex, use a 3 way BTC address or something

So we don't have a moopal 2.0

Yes, for sure. Who would you personally recommend?

[Bytas]

Ok, thanks for the answers.

[TheGer]

Personally I see $1,000,000 as a little over the top for development funds(2500 x $400 BTC).  Half that would be stretching it, but would not be as hard a pill to swallow.

I would suggest an share offering capped to 1250 BTC @ .000125 per share.

And to those who are apologists for not having a demonstrable product for 2500 BTC up front by saying "this is crypto man", sorry that's a pathetic point of view.


"Here's a million bucks man...  No no don't worry man it's crypto just tell us when you're done..."

FFS can you imagine living life like that?



I have faith this project can succeed but man...  "this is crypto... here you go!" /hands over bag of money  --> Yoink!

[michaelb87]

Intelligent people do have doubts of course. I agree with this:

So, omitting bizarre revenue calculations in the OP, what would generate dividents for Blocknet share holders? Why are these shares needed in the first place? Where are they used?
Even though I am a long term XC supporter and Blocknet idea itself looks interesting, the way it is put looks like incoherent attempt to exploit greed of those not paying much attention to details or simply new to cryptos.

I am eager to be proven wrong.

https://bitsharestalk.org/index.php?topic=7629.0

No promises, no contracts, no security.

you guys are promising 450% expected return....


i think you guys shot yourself in the foot...horribly worded op, no consideration of laws and legal structure...especially with the impending sec investigation into 4 cryptocurrencies for unregulated securities...what is wrong with you

delete the post now

Are you people that dumb and ignorant? How are they promising anything?

- BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there
- A gain in price CAN be expected after the ITO, again I don't see any promise here. Just like you CAN expect to die from cancer in X Time, that does not mean that you will die for sure.

You people going to fast profits with something, ignoring all the real usable value with a tech, are pathetic, and you always talk about money.

I never seen a post containing an Idea, or a tech question, a vision, etc. Just plain stupid profit questions and issues.

Hear hear.

And for the record, the paragraph in the OP pertaining to profits has been removed.

You can 'hear hear' all you want but also "- BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there" is idiotic.

It's not like you take-over each of the participating coins and their intrinsic value becomes Blocknets value. This is just plain retarded. You're just trying to copy Supernet's idea and try to make some money in between. At least Supernet's assets are backed by a 10% buy in, which DOES give it an intrinsic value.

You are just talking crap about that Blocknet's value is derived by it's so called 'incredible utility'. This is fine and all but you need to prove that first. Stating that mathematically (or practically) the value should be equal to the combined value of the participating coins is just a complete SCAM where you try to screw people over by luring them with a fictional ROI.

And I'm not stating anything about the concept or the technology, I support that, but the way you try to make money is just, well... Shame on you...  

[synechist]

Personally I see $1,000,000 as a little over the top for development funds(2500 x $400 BTC).  Half that would be stretching it, but would not be as hard a pill to swallow.

I would suggest an share offering capped to 1250 BTC @ .000125 per share.

And to those who are apologists for not having a demonstrable product for 2500 BTC up front by saying "this is crypto man", sorry that's a pathetic point of view.


"Here's a million bucks man...  No no don't worry man it's crypto just tell us when you're done..."

FFS can you imagine living life like that?



I have faith this project can succeed but man...  "this is crypto... here you go!" /hands over bag of money  --> Yoink!

Yes I agree completely about making solid investment decisions.

So, in addition to personally hoping for proof-of-developer and some sort of proof of concept, the following facet of this situation is significant:

All participating coins stand to benefit hugely from the Blocknet.

Therefore their devs (and communities) have a strong incentive to get things done.

And since our developer pool is uniquely strong, there's a very high chance that we'll deliver.

[mxxxxxx]

You can 'hear hear' all you want but also "- BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there" is idiotic.

It's not like you take-over each of the participating coins and their intrinsic value becomes Blocknets value. This is just plain retarded. You're just trying to copy Supernet's idea and try to make some money in between. At least Supernet's assets are backed by a 10% buy in, which DOES give it an intrinsic value.

You are just talking crap about that Blocknet's value is derived by it's so called 'incredible utility'. This is fine and all but you need to prove that first. Stating that mathematically (or practically) the value should be equal to the combined value of the participating coins is just a complete SCAM where you try to screw people over by luring them with a fictional ROI.

And I'm not stating anything about the concept or the technology, I support that, but the way you try to make money is just, well... Shame on you...  

There are at least three fundamental differences between the Blocknet and Supernet:

- XBridge is not an RPC call protocol, it's a true P2P protocol
- There's no central or core currency, unlike SuperNET, which uses BTCD for this
- Joining the Blocknet does not involve 10% of a coin's money supply being bought and centrally controlled

Shame on you

I want to clarify, that although without some sort of tangible proof-of-concept I believe this is purely a vehicle for market manipulation, I also fully support this project and will be following it closely. 

Personally I'd love some proof-of-concept code to be released prior to the ITO.

Part of the XBridge code is actually completed so this might be possible.

Regardless of that, the XBridge protocol is based on the Xnode protocol that XC uses. If anyone is worried about development talent or the ability to deliver, take a look at XC's timeline.

Now pool all the developer talent from all the participating coins.

This code will get nailed down good and proper.

[synechist]

You can 'hear hear' all you want but also "- BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there" is idiotic.

Now now, be civil.

It's not like you take-over each of the participating coins and their intrinsic value becomes Blocknets value. This is just plain retarded.

Perhaps, but that's not what was asserted.

You're just trying to copy Supernet's idea and try to make some money in between.

Did you actually read the press release? Out of respect I'll not repeat it here.

At least Supernet's assets are backed by a 10% buy in, which DOES give it an intrinsic value.

No it centralised coins' money supply. With that kind of money you can pump or suppress a coin at will.

And it doesn't give it intrinsic value anyway. At best it's extrinsic value, since the asset is *backed* by something outside of it.

Its intrinsic value is in its utility, nothing else.

You are just talking crap about that Blocknet's value is derived by it's so called 'incredible utility'. This is fine and all but you need to prove that first.

Sure. But a cursory summation of the fundamentals is not advice, and does not require proof. You've very welcome to disagree.

It was removed anyway, so what are you still complaining about?

And I'm not stating anything about the concept or the technology, I support that, but the way you try to make money is just, well... Shame on you...  

Glad you have some positive regard for the Blocknet after all that.

[GBattaglia]

Interested in buying in with a supported currency. How will those currencies have a 10% discount if tokens are just sold on Bittrex?

[TheGer]

I get what you are saying Synechist.  The issue is that in the mean time you've got $1,000,000 up front.

You see where I'm going with this right?

$1,000,000 and no contractual obligations to produce anything, because "this is crypto".

Personally I see $1,000,000 as a little over the top for development funds(2500 x $400 BTC).  Half that would be stretching it, but would not be as hard a pill to swallow.

I would suggest an share offering capped to 1250 BTC @ .000125 per share.

And to those who are apologists for not having a demonstrable product for 2500 BTC up front by saying "this is crypto man", sorry that's a pathetic point of view.


"Here's a million bucks man...  No no don't worry man it's crypto just tell us when you're done..."

FFS can you imagine living life like that?



I have faith this project can succeed but man...  "this is crypto... here you go!" /hands over bag of money  --> Yoink!

Yes I agree completely about making solid investment decisions.

So, in addition to personally hoping for proof-of-developer and some sort of proof of concept, the following facet of this situation is significant:

All participating coins stand to benefit hugely from the Blocknet.

Therefore their devs (and communities) have a strong incentive to get things done.

And since our developer pool is uniquely strong, there's a very high chance that we'll deliver.

[michaelb87]

You can 'hear hear' all you want but also "- BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there" is idiotic.

It's not like you take-over each of the participating coins and their intrinsic value becomes Blocknets value. This is just plain retarded. You're just trying to copy Supernet's idea and try to make some money in between. At least Supernet's assets are backed by a 10% buy in, which DOES give it an intrinsic value.

You are just talking crap about that Blocknet's value is derived by it's so called 'incredible utility'. This is fine and all but you need to prove that first. Stating that mathematically (or practically) the value should be equal to the combined value of the participating coins is just a complete SCAM where you try to screw people over by luring them with a fictional ROI.

And I'm not stating anything about the concept or the technology, I support that, but the way you try to make money is just, well... Shame on you...  

There are at least three fundamental differences between the Blocknet and Supernet:

- XBridge is not an RPC call protocol, it's a true P2P protocol
- There's no central or core currency, unlike SuperNET, which uses BTCD for this
- Joining the Blocknet does not involve 10% of a coin's money supply being bought and centrally controlled

Shame on you

Again, I'm not stating anything about the concept or technological part except for the fact that Supernet is the basis of this concept.
I'm talking about this ICO where they are trying to lure 'investors' based on fraudulent claims. They removed it now from the OP but really, is that the kind of people you want to do business with and just 'give' them 1 million dollar...

If you believe in your idea and business, just start and take some risk, just like the real world. Greedy devs over here all want to make a profit before even starting something, it's ridiculous. Entrepreneurship is about believing in your ideas, taking a risk by setting it up, investing your own time and money and maybe, just maybe, make some money if you're succesfull and people believe in your idea. Not the other way around! I believe in the concept but please stop with these ICO's of millions of dollars...

[mxxxxxx]

Interested in buying in with a supported currency. How will those currencies have a 10% discount if tokens are just sold on Bittrex?

There will be pairs made like participating currency/blocknet on 10% discount

[GBattaglia]

Frankly all supported currencies involved in Blocknet [XCurrency being the biggest] is worth way more than the $1,000,000 in funds.
Is asking for that much upfront crazy? Quite. But with the reputation of these currencies on the line, I have some trust in the legitimacy of BlockNet