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

[mxxxxxx]

I know it was explained already, but my stupid technologically unsavvy brain doesn't quite comprehend it yet. I went on coingateway to try and get a feel for how to use it for Wednesday, but when it asks for recipient Bitcoin address, what would I use? The address I use to deposit BTC to Bittrex or will I be given a specific one somehow for Blocknet? Thanks in advance!

Go to Fiat (Cash) tab you are choosing your coin on the left and BlockNet on the right

[synechist]

Are there rewards for early investors? Or is it the same invest the first day or the last day?

The rewards are the same. After all, the ITO is only a few days long. :-)

[dan7777777]

Less than 48 hours to go and no wallets available. Can you give us a time of when we can get them apart from "before the IPO".
I need to set all this up from home ASAP as I will be at work.

I will pm you as soon as it is available for public

You will be able to create BLOCK address on exchanges too

Many thanks! Much appreciated!

[GCab]

A few more questions:

1. The Blocknet Foundation issues the tokens and puts up all for sale? Why does the foundation not keep some of the tokens for itself? I think that would show more commitment for the success of the project.

2. Who will be working on the implementation of the Blocknet? Dan from XC, I guess. But anybody else? As I understand the developers of the participating coins will mostly work on the services of their coins, right?

Synechist, could you please address these questions?

[synechist]

A few more questions:

1. The Blocknet Foundation issues the tokens and puts up all for sale? Why does the foundation not keep some of the tokens for itself? I think that would show more commitment for the success of the project.

2. Who will be working on the implementation of the Blocknet? Dan from XC, I guess. But anybody else? As I understand the developers of the participating coins will mostly work on the services of their coins, right?

Synechist, could you please address these questions?

The Blocknet Foundation does not exist yet and so it's not straightforward to create a Foundation-specific multisig address without a single person controlling it initially.

However the teams of participating coins are all particularly excited about the Blocknet and will be investing accordingly.

The people involved will have a stake in the Blocknet's success. Also, participating coins stand to benefit hugely from its success, so there's a non-monetary incentive too.

As for who will be working on the code, the Blocknet Foundation will allocate funds to developers best suited to deliver specific code. These developers may be from participating coins, but not necessarily so.

[mr_random]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

[Come-In-Behind]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

Think of how many coins will be added to the Blocknet. Basically I see it as the more coins added to blocknet(which is what blocknet is about?), the easier it will be to get that 500k btc worth of volume in a year, along with the probable widely fluctuating prices of blocknet shares, you might get 100% return in a week(similar to how btcd's ipo did)

[racer2012]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

Think of how many coins will be added to the Blocknet. Basically I see it as the more coins added to blocknet(which is what blocknet is about?), the easier it will be to get that 500k btc worth of volume in a year, along with the probable widely fluctuating prices of blocknet shares, you might get 100% return in a week(similar to how btcd's ipo did)

So let's say I have 10000 Ito of blocknet how much I can expect return value

[synechist]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

Think of how many coins will be added to the Blocknet. Basically I see it as the more coins added to blocknet(which is what blocknet is about?), the easier it will be to get that 500k btc worth of volume in a year.

Thanks Mr_Random.

I don't have much to add, but here's a point or two:

Blocknet tokens will still be tradable and speculators and investors can gain or lose based on their market value.

Short-term gains (i.e. before the Blocknet launches or grows large) will be purely on the basis of tokens' value.

As the Blocknet grows, fees will become an increasingly lucrative revenue source.

Fees: service providers are free to set any fee they want for a service, and nodes that provide the service keep the fee.
In addition, service providers pay Blocknet fees, and it is this that is paid to shareholders.
This will be a microfee, but its value has not yet been set, due to the fact that we're not yet sure how many instances of Blocknet-fee-charging are likely to occur across a broad range of services. The idea is that a fee will be charged for a given function that the XBridge performs; certain services might require very small or very large numbers of functions, and we will first need to be able to model this before we can create fee structures that track both the cost to the Blocknet of delivering the service and the value of the service to clients.

[Zugzwang02]

I know it was explained already, but my stupid technologically unsavvy brain doesn't quite comprehend it yet. I went on coingateway to try and get a feel for how to use it for Wednesday, but when it asks for recipient Bitcoin address, what would I use? The address I use to deposit BTC to Bittrex or will I be given a specific one somehow for Blocknet? Thanks in advance!

Go to Fiat (Cash) tab you are choosing your coin on the left and BlockNet on the right

That makes it very simple. That helps a lot, thank you! Can't wait for Wednesday.

[Poly#Crypto]

I'm very excited.
And I have a good feeling for Blocknet.

https://twitter.com/Polycrypto/status/526844441576112128

[synechist]

I'm very excited.
And I have a good feeling for Blocknet.

https://twitter.com/Polycrypto/status/526844441576112128

Retweeted.

[mr_random]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

Think of how many coins will be added to the Blocknet. Basically I see it as the more coins added to blocknet(which is what blocknet is about?), the easier it will be to get that 500k btc worth of volume in a year.

Thanks Mr_Random.

I don't have much to add, but here's a point or two:

Blocknet tokens will still be tradable and speculators and investors can gain or lose based on their market value.

Short-term gains (i.e. before the Blocknet launches or grows large) will be purely on the basis of tokens' value.

As the Blocknet grows, fees will become an increasingly lucrative revenue source.

Fees: service providers are free to set any fee they want for a service, and nodes that provide the service keep the fee.
In addition, service providers pay Blocknet fees, and it is this that is paid to shareholders.
This will be a microfee, but its value has not yet been set, due to the fact that we're not yet sure how many instances of Blocknet-fee-charging are likely to occur across a broad range of services. The idea is that a fee will be charged for a given function that the XBridge performs; certain services might require very small or very large numbers of functions, and we will first need to be able to model this before we can create fee structures that track both the cost to the Blocknet of delivering the service and the value of the service to clients.

Interesting comments; they've been noted. Will the ultimate goal be to make the fee structure decentralised? For example if someone makes a change to the Bitcoin code, miners can choose which fork to be on. How would that work with Blocknet if there are two competing sets of fee structures proposed to the nodes. I guess I'm trying to establish if the fee structure can ultimately be built into the system or will the decision of the fees be centralised.

I'm also wondering whether going open source is a good idea or not. If a clone platform comes out where fees are half the price, won't ordinary everyday users who want things like cloud storage just go with the cheapest option? This isn't like Bitcoin, since the value of this platform is derived from the services not from a currency... I therefore anticipate clones to be more damaging than ordinary coin clones.

If I can probe further, what timeline is the Blocknet development projected to follow? At what stage in the next 12 months can investors expect to see the technology working? What is the projected estimate for completion of the decentralised exchange?

[mr_random]

Forgot to add, thanks in advance 

[adhitthana]

gr8.this faq predicts 900% gains.cant take that seriously.sorry but that was Too Bolt.

Huh? No it does not predict 900% gains. What FAQ are you looking at?

This is the FAQ: https://bitcointalk.org/index.php?topic=829576.msg9269808#msg9269808

You should at least be honest - the fact that You removed this prediction does not mean it was not there before. Anyway, I can´t see any benefit in blocknet, as there already are few other players, including sidechains, which probably win.

Sidechains are interesting but IIUC they will have to prevent a 51% attack on any coin they use. So that means that any coin they use will also have to have some real value.
Which will mean IIUC that Bitcoin will never be the only coin.

Or have I misunderstood?

[mr_random]

gr8.this faq predicts 900% gains.cant take that seriously.sorry but that was Too Bolt.

Huh? No it does not predict 900% gains. What FAQ are you looking at?

This is the FAQ: https://bitcointalk.org/index.php?topic=829576.msg9269808#msg9269808

You should at least be honest - the fact that You removed this prediction does not mean it was not there before. Anyway, I can´t see any benefit in blocknet, as there already are few other players, including sidechains, which probably win.

Not sure if serious.

There were loads of social networks before Facebook launched. Being first to market helps but most important is execution.

It's like people keep saying (supernet supporters mostly) what's the point in blocknet when supernet does it already... forget the above about first to market, supernet isn't even freaking out yet.

[synechist]

I've been analysing the investment potential of this project and detail my methodology below. Essentially these tokens derive their value from the micro fees they receive. As the OP explains these aren't coins -  "is not a coin but a token of value the blocknet adds to every service it enables."

Let's assume you have 1 BTC worth of these tokens out of the 2500 BTC worth of tokens out there. Typically for an ordinary investment, 10% return would be amazing for a year. In crypto where things are very high risk and volatile, people would expect more like a 100% return in a year.

So 1 BTC should give 1 BTC in terms of "paid feeds" over the course of a year. Which means 2500 BTC worth of paid fees across the network. I don't believe the fee structure has been made public or is even known? The term micro fee suggests it will be small. I'm speculating a complete guess at 0.5%. But fees don't just go to the token holders they also go to the node which renders the service, so if that is split 50-50, the amount going to the token holders would be half that. But let's assume it's 0.5%.

For 2500 BTC worth of fees to have been paid, that means 2500 BTC represents 0.5% of all the transactions that have occurred - giving a total figure of 500,000 BTC.

That is right. According to my rough calculations, the network needs to be handling 500,000 BTC worth of volume per year for 1 BTC worth of these tokens to generate 100% return in terms of fees paid. That to me seems unlikely to be happening early on in the life of the Blocknet.

Any thoughts/discussion on my post?

Think of how many coins will be added to the Blocknet. Basically I see it as the more coins added to blocknet(which is what blocknet is about?), the easier it will be to get that 500k btc worth of volume in a year.

Thanks Mr_Random.

I don't have much to add, but here's a point or two:

Blocknet tokens will still be tradable and speculators and investors can gain or lose based on their market value.

Short-term gains (i.e. before the Blocknet launches or grows large) will be purely on the basis of tokens' value.

As the Blocknet grows, fees will become an increasingly lucrative revenue source.

Fees: service providers are free to set any fee they want for a service, and nodes that provide the service keep the fee.
In addition, service providers pay Blocknet fees, and it is this that is paid to shareholders.
This will be a microfee, but its value has not yet been set, due to the fact that we're not yet sure how many instances of Blocknet-fee-charging are likely to occur across a broad range of services. The idea is that a fee will be charged for a given function that the XBridge performs; certain services might require very small or very large numbers of functions, and we will first need to be able to model this before we can create fee structures that track both the cost to the Blocknet of delivering the service and the value of the service to clients.

Interesting comments; they've been noted. Will the ultimate goal be to make the fee structure decentralised? For example if someone makes a change to the Bitcoin code, miners can choose which fork to be on. How would that work with Blocknet if there are two competing sets of fee structures proposed to the nodes. I guess I'm trying to establish if the fee structure can ultimately be built into the system or will the decision of the fees be centralised.

I'm also wondering whether going open source is a good idea or not. If a clone platform comes out where fees are half the price, won't ordinary everyday users who want things like cloud storage just go with the cheapest option? This isn't like Bitcoin, since the value of this platform is derived from the services not from a currency... I therefore anticipate clones to be more damaging than ordinary coin clones.

If I can probe further, what timeline is the Blocknet development projected to follow? At what stage in the next 12 months can investors expect to see the technology working? What is the projected estimate for completion of the decentralised exchange?

Hmm... forks for lower fees? Interesting scenario!

This would happen if participating coins saw greater value in implementing an alternative version of the XBridge into their wallets.
Or if non-participating coins wanted their own Blocknet, didn't like the fees, and colluded to create a fork.

Against the possibility of participating coins doing this, they could instead just use their seats on the Foundation's board to discuss and propose changes. Also, what if their community protested at losing service X due to changing forks? The coin itself could fork.

As for non-participating coins creating their own forks, there are of course additional reasons to do so, like being excluded from the Blocknet. This might happen, but it would be at the expense not having access to whatever valuable services are in the Blocknet. I suppose that the major force in operation here is market centralisation (Hotelling's law); being in the Blocknet is a whole lot better than being out of it, and so, like having a shop in a shopping mall vs. having one outside of it, service providers will flock to the Blocknet.


P.S. We'll be releasing a timeline very soon.

[WhiteNotWright]

For those that continue to post in such a negative light on Blocknet, Listen up.

The Blocknet is here to stay. Pandora's box has been opened and there is nothing you or anyone else is going to do about it. Regardless of your continued attempts to defile, it will develop, slowly but surely. Your input will most likely be ignored unless there are valid points and less ripping and tearing at the core nature of what is being structured . It really doesn't matter how it compares to other systems being fashioned, there will be many depending on the camp, and that's the nature of competition. You are basically going to need to deal with it and partake in this particular historical movement or move along with your "side" projects or other great adventures. It's that simple. There is nothing keeping you here and there is nobody saying you need to get involved. If you don't wish to purchase within the ITO and take a little risks, move along skippy. We don't wish to listen to your bantering on and on with your narcissistic personality disorder and how you want to protect us from ourselves. Boo-hoo. It's unhealthy and frankly a little unprofessional and annoying.

[synechist]

Hi all

Just to let you know that the Blocknet interim wallet will be released tomorrow!

These will serve to store your Blocknet tokens until they can begin earning fees, at which point they'll be redeemable for NHZ assets.

[ndrog]

Awesome  Looking forward to the whole project.