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

[dan7777777]

^^ In how many days after ITO will the trading of Block/BTC begin?

The Block:BTC pairings will begin at the start of the ITO and will never stop.

The ITO is just a sell wall on a pairing.

So, once the ITO is sold out completely, you can start trading blocknet shares for BTC?

Yup.

This will continue at traditional exchanges until the Blocknet's tech is ready to pay fees to holders, at which point Blocknet tokens can be redeemed at the NHZ asset exchange.

What is an NHZ asset exchange please? Link?

[synechist]

^^ In how many days after ITO will the trading of Block/BTC begin?

The Block:BTC pairings will begin at the start of the ITO and will never stop.

The ITO is just a sell wall on a pairing.

So, once the ITO is sold out completely, you can start trading blocknet shares for BTC?

Yup.

This will continue at traditional exchanges until the Blocknet's tech is ready to pay fees to holders, at which point Blocknet tokens can be redeemed at the NHZ asset exchange.

What is an NHZ asset exchange please? Link?

http://nhzcrypto.org/media/nhz-how-to-buy-and-sell-assets-using-the-nhz-asset-exchange-youtube.45/

[crackfoo]

^^ In how many days after ITO will the trading of Block/BTC begin?

The Block:BTC pairings will begin at the start of the ITO and will never stop.

The ITO is just a sell wall on a pairing.

So, once the ITO is sold out completely, you can start trading blocknet shares for BTC?

Yup.

This will continue at traditional exchanges until the Blocknet's tech is ready to pay fees to holders, at which point Blocknet tokens can be redeemed at the NHZ asset exchange.

What is an NHZ asset exchange please? Link?

It's the same as NXT, but a clone of sorts.

[synechist]

When does the ITO end?

It'll probably last a week.

Details will be confirmed as we approach the ITO.

[Alisho]

Question:

1. Where will the coins be stored after ICO?

2. Who is managing the funds after the ICO?

3. Has every Coin the same Voting Rights for Decisions?

Thanks.

4. Moreover it would be cool to have a list of Coin Representatives (Main Dev of the Coins) so everyone could see there is POD!  (I know it but other people don't maybe..)

still there.

This.

After the ITO, Blocknet tokens can initially be stored in a traditional wallet. Once the Blocknet's tech is ready, you'll be able to redeem tokens for NHZ assets instead.

Funds raised during the ITO will be stored in their respective wallets and publicly accounted for. We're also looking into escrow solutions - potentially a structured escrow that only releases funds once we reach milestones, or returns funds to investors if we do not reach a milestone.

The Blocknet Foundation will manage the funds. (The Foundation will consist of a representative from each participating coin.)

Yes I see no reason for any coin to have less rights than another.

I like the Coin Representatives idea. Nice. We should organise that.

yeah the idea with the milestones and escrow is a good idea! It will give the whole project more confidence

[mightname]

Another SuperNet and Atomic!  Shit!

Yes. Another clone of SuperNet and Atomic.

[JakeThePanda]

Another SuperNet and Atomic!  Shit!

Yes. Another clone of SuperNet and Atomic.

How do you clone something that doesn't exist yet?

[TheGer]

No I think $50,000 is well enough to get the project started.  Once progress has been proven more funds can be collected through sale of shares.

I don't see how the logic of throwing up 10,000,000 shares worth $1,000,000 up front will generate more(or even the same) level of confidence in people so they feel safe investing.  If you generate more confidence, you will get more investors.  Maybe even get the full $1,000,000 over time.  Staged share releases up to 10,000,000 shares are the best way to go in my opinion.

In the same vein as lower taxes generate a stronger economy by stirring spending, a smaller initial share offering to fund starting the project will generate confidence that funds are not going to be sitting there with no guarantees of a product.  People will appreciate and be more willing to invest further into it when they see progress happening at each step.  Momentum will build on the project.

The only way you lose is if you're this guy:

The Ger, I think your concerns have been entirely resolved by Driv3n's post below.

Also, $50,000 will get you virtually nothing. That's an unrealistically small amount in my opinion.

Just because some other group took in $2,000,000 doesn't make it fine to "only" ask for $1,000,000 for your own project and think you're giving away a deal.  Your view of reality is skewed brah...

This project will get a lot more support both financially and vocally if they tone down the cash cow and stagger their share offerings to source development funds in smaller allotments as I suggested earlier.

500,000 shares initially @ .00025 = 125 BTC

If they can't or won't kickstart this project with $50,000 worth of BTC then I have to question the legitimacy of the project.  Once we see significant progress for our funding then perhaps another share offering can be done to get to the next level.  

I strongly urge the Blocknet developers though, don't just ask for $1,000,000 because you think you can.  I think you can guess where that's going to lead with this community.  Be realistic.  In all honestly I believe anything more than approx. $500,000 for a working product is cheeky and you are going to have a lot of people looking the other way on this project if you try and pull that amount.

If you are dead set on offering 10,000,000 shares I'd to it in .00015 BTC values.

10,000,000 x .00015 = 1500 BTC x $400 = $600,000

MUCH more reasonable in my opinion.

I see some concern from people asking why the blocknet needs 2500 BTC or why 1 million dollars. Just wanted to clarify that the Blocknet foundation isnt requesting and doesnt need this much it is simply the maximum amount that could be donated during the ITO. I think we all agree that 2500 BTC is an ambitious goal, but its a good idea because if less is donated, the extra shares are destroyed and everyone who donated now has a larger share.

Think about what would happen if the ITO had a max amount of shares that equaled 500 BTC and that total was reached halfway through the ITO, then you'd be left with people upset that they missed the opportunity to buy shares and the Blocknet would lose all that additional funding.  So its good that the bar is set high just in case.

[cloudboy]

Another SuperNet and Atomic!  Shit!

Yes. Another clone of SuperNet and Atomic.

How do you clone something that doesn't exist yet?

https://github.com/jl777/btcd/tree/master/libjl777

[synechist]

Coverage of the Blocknet on Crypto Coins News!

https://www.cryptocoinsnews.com/blocknet-works-initial-token-offering-rules/#comments

[synechist]

Cryptoleak, kindly post constructive, well-substantiated criticism, or leave.

Trolling will get you nowhere.

[CryptoLeak]

Scam is scam ?

WHy Can I just tell the truth ?

Because I ruined your scam ?

[synechist]

Scam is scam ?

WHy Can I just tell the truth ?

Because I ruined your scam ?

You ruined nothing.

You're giving your opinion, not the truth.

And you're not substantiating your opinion at all.

Therefore you're trolling. Please stop.

[burner2014]

https://twitter.com/ChristBKK/status/524951426909208576

[synechist]

There's been a very useful discussion in the XC thread on differences between the Blocknet and SuperNET.

I thought I'd copy it here:


//
Thanks very much for the sustained clarification here. This is quality discussion.

To address your points in order:

I've been reading about the blockNET and I feel like superNET is being misrepresented in your marketing copy. I didn't want to bring this up in your blockNET topic or make a new post out of it but I'd like to hear your opinion on why you chose these three particular points:

1. The way you've represented it makes it sound like BTCD is somehow above all the other coins in superNET. BTCD is to superNET as XC is to blockNET. In superNET BTCD provides the Teleport technology and jl777 as developer. In blockNET XC provides the Xbridge technology and atcsecure as developer. Nothing other than BTCD providing an essential part of the anonymity tech of superNET makes BTCD special.

The XBridge protocol is not part of XC and does not run inside XC.
It's open source and will be integrated into all coins on the Blocknet.
It's required for every Blocknet transaction, not just those involving XC.
In contrast, BTCD and NXT are core technologies in the Supernet, and pretty much nothing can be done without them. Check out the following quotation from the SuperNET newsletter:

"Imagine a new country, spread out in front of you. Scattered around the landscape is everything you might want or need. Stores, selling anything you could ever hope to buy. Exchanges, financial services and trading posts. Casinos and other entertainment centres. News and information outlets. These are like the services offered by SuperNET. Incredibly, although the cryptocurrency world offers so many remarkable businesses, no one has thought to link them before. They are just a set of isolated organisations, operating in their own niches, or competing with each other.

BTCD is like the highway that connects everything. The infrastructure it provides will enable communication between you and all of the different services, through what it shaping up to be one of the most secure comms links ever developed. It’s like a network of roads, tunnels and bridges that enables you to go anywhere and do anything – and do so in complete privacy.

To complete the analogy, Nxt is the sophisticated engine that gets you around this network of roads and to the services you can find there. It’s a 2.0 car that’s designed to do far more than drive from A to B. NXT doesn’t just allow you to transact; it houses the Asset Exchange and many of the other services that will allow you to interact meaningfully with others on your way around in SuperNET – the whole Super Network of integrated coins and innovative services."

2. I'm also curious about the p2p claims that are written. Maybe I'm missing something here and if you could enlighten me I would appreciate it. But SuperNET is using an implementation of Kademlia for p2p nodes, which is the same technology that Bittorrent is built on and as far as I know using such a protocol would quality as 'true p2p'.

Kademlia... that's distributed hash tables, aka DHT. DHT uses servers to lookup and locate nodes. Therefore it's not truly distributed, thus not P2P.
In contrast, the Xnode protocol, upon which the XBridge is based, is completely serverless in operation and truly distributed.

3. The intention of superNET isn't to have a single centralised enity holding 10% of each coins money supply. SuperNET is intended to be a decentralised organization controlled by shareholders, not one single person. And those coins are meant to be held indefinitely via multiple people using multisig technology. It should function in a similar way as I'm understanding your blockNET foundation to hold.

The idea of holding 10% of the money supply of any participating coin is, in my opinion (though I admit a debatable point), risky and centrist.
Even if the controlling organisation is somewhat decentralised and the funds held in multisig addresses, it's still the case that it acts with its own mandate and is directed to its own ends
And if it owns enough of the money supply to control the price of a currency, that's a problem.
Given that it's not necessary for this arrangement to be in place, I don't see why the benefit of pumping a coin's price is worth the centralisation risk.
Better to have Xmixers or something, which also reduce the amount of coins in circulation, but do so in a decentralised manner.

[cloudboy]

SuperNET will be implemented into other coins, not just BitcoinDark.
Also, today I learned that Bittorrent (Kademlia)is not p2p.

LOL
http://en.wikipedia.org/wiki/Kademlia

Kademlia is a distributed hash table for decentralized peer-to-peer computer networks designed by Petar Maymounkov and David Mazières in 2002.

[mujecurejo]

http://0bin.net/paste/PpyKcrm5Y1wb5AUJ#kwDsCN6TwWDn61j8QKCn7ifRzSlqwmBJxHUyvsUiHRJ

http://www.blockstream.com/sidechains.pdf

Sounds allot better than this crap...

[Cassius]

I think those points need nuancing a little better.
1) NXT and BTCD provide key functionality, clearly. But doesn't NHZ provide an AE like NXT? Additionally, many services are built on top of NXT (MGW, distributed crypto exchange, Atomic, InstantDEX...). Then you have BBR, VRC etc. Each coin and service brings something distinctive to the table. I also think one of the things that has caused confusion here is that Teleport is a whole ecosystem for private communication, used by BTCD for anon transfers.
2) Kademlia is DHT, used by BitTorrent. Nodes communicate P2P. Incidentally, it's worth mentioning that Kademlia enables some really very impressive anon tech: you will be able to communicate without sender or receiver, or anyone else, knowing IP addresses. Imagine an attacker with enough resources to monitor the entire network: they wouldn't be able to tell who was sending and receiving packets, let alone what was in them.
3) 10% is the ideal. I suppose you could argue that represents centralisation and risk of manipulation, though it will be held long-term and not used for trading. Its purpose is to underpin the SuperNET NAV and give it a floor value, as well as to align interests between holders. Just about everything in SuperNET is designed to reward productive engagement between the relevant coin communities and services. 10% isn't non-negotiable, but it's the ideal. In some cases I guess it might not be possible; no matter, if a coin offers something worthwhile they can be included. Ultimately I suppose this is a matter of risk/reward, and your outlook on such things. Also bear in mind that ANY coin can use SuperNET via the API.
Anyway, just some thoughts on your points. Hope they're useful.

[cloudboy]

Kademlia... that's distributed hash tables, aka DHT. DHT uses servers to lookup and locate nodes. Therefore it's not truly distributed, thus not P2P.
In contrast, the Xnode protocol, upon which the XBridge is based, is completely serverless in operation and truly distributed.

So what exactly will XBridge use?

[StarFire]

Kademlia... that's distributed hash tables, aka DHT. DHT uses servers to lookup and locate nodes. Therefore it's not truly distributed, thus not P2P.
In contrast, the Xnode protocol, upon which the XBridge is based, is completely serverless in operation and truly distributed.

So what exactly will XBridge use?

IDK maybe Starboltz!