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Author Topic: [ANN] [GDGC] GadgetCoin | IoT | M2M |Smart Contracts on Hardware  (Read 83795 times)
albert_mt
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November 18, 2014, 07:33:15 PM
 #101

Devs!

you said the broker smart contract is doable? when can I test the software?  Wink

It seems the broker smart contract solves a real world business problem and sure, we will try to give you the broker smart contract function. Could you specify the main parameters for the contract please?

here you go, here are the parameters  Smiley

i want to sell company stock or digital currency to my clients behalf of the owner of the stock or digital currency. as i am a broker both the sellers and buyers are my clients. all this would be done with smart contracts. the owner of the company stock or currency want to receive Bitcoin.

The company that gives me the authority to sell the securities pays me 50% commission for selling the stock or currency. gadgetcoin can pay me 50% and i will sell gadgetcoin  Grin

can it be a multi layer contract? i noticed a discussion in this thread about the multi layer contracts. that's a cool structure, can it be included?

the contract must be digitally signed by me and the buyers

thats' all  Wink

 

Thanks for sending this feature request. We are not endorsing such multi-layer broker contract, but this is a very interesting use case and we are happy to stress test our smart contract engine using this scenario.

In this theoretical, experimental business relation the constraints are the following
- Both your seller and buyer clients must have a GadgetCoin wallet. You are absolutely correct about the requirement for digital signature, but both your seller and buyer clients must sign the contract. In your description only you, the broker and your buyer client signs the contract. I think to model a correct relation via the smart contract all parties must sign the contract.

- If the contract for a theoretical GadgetCoin sale in which you the broker sells GadgetCoin on behalf of the GadgetCoin Foundation, the recipient of the Bitcoin will be the Foundation that redistributes the commissions to you and your multi layer parties. Is that acceptable in your particular use case?




wow, thanks for acting upon my feature request.

the wallet for for both my seller and buyer clients shouldn't be a problem, they will create the wallet.

Regards,
Albert
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mtomcdev
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November 18, 2014, 10:55:56 PM
 #102

Devs!

you said the broker smart contract is doable? when can I test the software?  Wink

It seems the broker smart contract solves a real world business problem and sure, we will try to give you the broker smart contract function. Could you specify the main parameters for the contract please?

here you go, here are the parameters  Smiley

i want to sell company stock or digital currency to my clients behalf of the owner of the stock or digital currency. as i am a broker both the sellers and buyers are my clients. all this would be done with smart contracts. the owner of the company stock or currency want to receive Bitcoin.

The company that gives me the authority to sell the securities pays me 50% commission for selling the stock or currency. gadgetcoin can pay me 50% and i will sell gadgetcoin  Grin

can it be a multi layer contract? i noticed a discussion in this thread about the multi layer contracts. that's a cool structure, can it be included?

the contract must be digitally signed by me and the buyers

thats' all  Wink

 

Thanks for sending this feature request. We are not endorsing such multi-layer broker contract, but this is a very interesting use case and we are happy to stress test our smart contract engine using this scenario.

In this theoretical, experimental business relation the constraints are the following
- Both your seller and buyer clients must have a GadgetCoin wallet. You are absolutely correct about the requirement for digital signature, but both your seller and buyer clients must sign the contract. In your description only you, the broker and your buyer client signs the contract. I think to model a correct relation via the smart contract all parties must sign the contract.

- If the contract for a theoretical GadgetCoin sale in which you the broker sells GadgetCoin on behalf of the GadgetCoin Foundation, the recipient of the Bitcoin will be the Foundation that redistributes the commissions to you and your multi layer parties. Is that acceptable in your particular use case?




wow, thanks for acting upon my feature request.

the wallet for for both my seller and buyer clients shouldn't be a problem, they will create the wallet.

Regards,
Albert

Here you go, we have compiled a video to demonstrate the very first implementation of Broker Smart Contract. Please note this is work in progress and the software will be fine tuned according to the upcoming business requirements.




Or if the image file disappear

Watch here

altcoinUK
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November 18, 2014, 11:14:27 PM
 #103


Here you go, we have compiled a video to demonstrate the very first implementation of Broker Smart Contract. Please note this is work in progress and the software will be fine tuned according to the upcoming business requirements.




Or if the image file disappear

Watch here




The first working this kind of broker smart contract I have ever seen and I have been following all smart contract software including Counterparty and Ethereum from the very beginning.

These gadgetcoin boys will be contacted very soon by Ethereum's Vitalik Buterin and Gavin Wood. If Ethereum want to buy you up, don't accept anything less than 1 million $ for your software from Ethereum, Ethereum still has 20 million $!


albert_mt
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November 19, 2014, 12:08:54 AM
 #104

Devs!

you said the broker smart contract is doable? when can I test the software?  Wink

It seems the broker smart contract solves a real world business problem and sure, we will try to give you the broker smart contract function. Could you specify the main parameters for the contract please?

here you go, here are the parameters  Smiley

i want to sell company stock or digital currency to my clients behalf of the owner of the stock or digital currency. as i am a broker both the sellers and buyers are my clients. all this would be done with smart contracts. the owner of the company stock or currency want to receive Bitcoin.

The company that gives me the authority to sell the securities pays me 50% commission for selling the stock or currency. gadgetcoin can pay me 50% and i will sell gadgetcoin  Grin

can it be a multi layer contract? i noticed a discussion in this thread about the multi layer contracts. that's a cool structure, can it be included?

the contract must be digitally signed by me and the buyers

thats' all  Wink

 

Thanks for sending this feature request. We are not endorsing such multi-layer broker contract, but this is a very interesting use case and we are happy to stress test our smart contract engine using this scenario.

In this theoretical, experimental business relation the constraints are the following
- Both your seller and buyer clients must have a GadgetCoin wallet. You are absolutely correct about the requirement for digital signature, but both your seller and buyer clients must sign the contract. In your description only you, the broker and your buyer client signs the contract. I think to model a correct relation via the smart contract all parties must sign the contract.

- If the contract for a theoretical GadgetCoin sale in which you the broker sells GadgetCoin on behalf of the GadgetCoin Foundation, the recipient of the Bitcoin will be the Foundation that redistributes the commissions to you and your multi layer parties. Is that acceptable in your particular use case?




wow, thanks for acting upon my feature request.

the wallet for for both my seller and buyer clients shouldn't be a problem, they will create the wallet.

Regards,
Albert

Here you go, we have compiled a video to demonstrate the very first implementation of Broker Smart Contract. Please note this is work in progress and the software will be fine tuned according to the upcoming business requirements.




Or if the image file disappear

Watch here



wow!!! you created an albertmt account  Grin Grin Grin    i will be famous    Grin Grin Grin

Seriously, this is awesome. this is a huge business opportunity for everyone who want to involve with decentralized trade. this is a serious stuff. sorry for spamming this thread, from here i take this conversation off line, I will send PM to the developers with my suggestions.


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November 19, 2014, 12:48:22 AM
 #105

Devs!

you said the broker smart contract is doable? when can I test the software?  Wink

It seems the broker smart contract solves a real world business problem and sure, we will try to give you the broker smart contract function. Could you specify the main parameters for the contract please?

here you go, here are the parameters  Smiley

i want to sell company stock or digital currency to my clients behalf of the owner of the stock or digital currency. as i am a broker both the sellers and buyers are my clients. all this would be done with smart contracts. the owner of the company stock or currency want to receive Bitcoin.

The company that gives me the authority to sell the securities pays me 50% commission for selling the stock or currency. gadgetcoin can pay me 50% and i will sell gadgetcoin  Grin

can it be a multi layer contract? i noticed a discussion in this thread about the multi layer contracts. that's a cool structure, can it be included?

the contract must be digitally signed by me and the buyers

thats' all  Wink

 

Thanks for sending this feature request. We are not endorsing such multi-layer broker contract, but this is a very interesting use case and we are happy to stress test our smart contract engine using this scenario.

In this theoretical, experimental business relation the constraints are the following
- Both your seller and buyer clients must have a GadgetCoin wallet. You are absolutely correct about the requirement for digital signature, but both your seller and buyer clients must sign the contract. In your description only you, the broker and your buyer client signs the contract. I think to model a correct relation via the smart contract all parties must sign the contract.

- If the contract for a theoretical GadgetCoin sale in which you the broker sells GadgetCoin on behalf of the GadgetCoin Foundation, the recipient of the Bitcoin will be the Foundation that redistributes the commissions to you and your multi layer parties. Is that acceptable in your particular use case?




wow, thanks for acting upon my feature request.

the wallet for for both my seller and buyer clients shouldn't be a problem, they will create the wallet.

Regards,
Albert

Here you go, we have compiled a video to demonstrate the very first implementation of Broker Smart Contract. Please note this is work in progress and the software will be fine tuned according to the upcoming business requirements.




Or if the image file disappear

Watch here




This can really work.

mtomcdev
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November 19, 2014, 01:59:03 AM
 #106

Thank you all for your input and support.
mtomcdev
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November 19, 2014, 10:50:12 AM
 #107

GadgetCoin is in the news!

http://bit.ly/14KgYJy

http://bit.ly/1voGIqv

If you like our project please help us to spread to word about GadgetCoin in Twitter and Facebook.
mtomcdev
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November 19, 2014, 12:24:19 PM
 #108

Development Update

We have put more work into the Proof of Consensus protocol to address security related issues. The main issue with consensus based systems is security - there will be constant fight between honest and malicious nodes. The Proof of Consensus protocol implements security functions to detect malicious nodes that put forward fraudulent transactions (i.e. sending money when the balance is not available).  

The Proof of Consensus protocol

1. Manages transaction processing by performing transaction audit and approval.

2. Orchestrates a network wide counter-attack against malicious nodes.

3. Governs the distribution of the network fees. The GadgetCoin network charges hardware and Internet of Things devices a network fee for using the system. The collected network fees are fully shared with the peer nodes that validate and process the transactions. Only the transaction processing nodes will be eligible for network fees.

4. Allows fair coin distribution. All honest peer to peer nodes that participate in transaction processing can forge GadgetCoins - apart from the yearly interest, that's how new GadgetCoin supply enters into the market. The Proof of Consensus protocol provides incentives for keeping the network safe and assisting transaction processing.

Community members and digital currency enthusiasts who don't wish to buy GadgetCoin on the open market can still get free the coins utilizing the Proof of Consensus protocol, even make profit by selling he forged coin on the market. In the meantime, hardware integrators that adopt the GadgetCoin network will have this fresh coin supply on the market.


altcoinUK
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November 19, 2014, 01:32:00 PM
 #109

Any news from Ehereum's Vitalik Buterin and Gavin Wood? A friend of mine who is very close to them promised to me that he will let them now about GadgetCoin. I know Ethereum is looking for infrastructure projects, perhaps GadgetCoin and Ethereum could work together?
mtomcdev
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November 19, 2014, 02:18:34 PM
 #110

Any news from Ehereum's Vitalik Buterin and Gavin Wood? A friend of mine who is very close to them promised to me that he will let them now about GadgetCoin. I know Ethereum is looking for infrastructure projects, perhaps GadgetCoin and Ethereum could work together?

No, Vitalik Buterin hasn't contacted GadgetCoin  Smiley

Ethereum and other coins like BitBay or TileCoin will be able to use the GadgetCoin network via our API. GadgetCoin intends to provide a high level fully fledged Turing-complete method library that includes loops, events and callbacks. Using our API all type of smart contract systems could interoperate to communicate with hardware.

It probably sounds arrogant that I suggest these more established projects collaborate with GadgetCoin, and I understand terms of finance and market presence we are not in the league of Ethereum that has almost unlimited sources of money. In fact we are not even in the league of Bitbay or TileCoin that have both already established their presence and large user/fan bases via an ICO, but we hope to cooperate with all smart contract systems by providing them with an IoT engine. 
zsp
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November 19, 2014, 02:50:05 PM
 #111

Any news from Ehereum's Vitalik Buterin and Gavin Wood? A friend of mine who is very close to them promised to me that he will let them now about GadgetCoin. I know Ethereum is looking for infrastructure projects, perhaps GadgetCoin and Ethereum could work together?

No, Vitalik Buterin hasn't contacted GadgetCoin  Smiley

Ethereum and other coins like BitBay or TileCoin will be able to use the GadgetCoin network via our API. GadgetCoin intends to provide a high level fully fledged Turing-complete method library that includes loops, events and callbacks. Using our API all type of smart contract systems could interoperate to communicate with hardware.

It probably sounds arrogant that I suggest these more established projects collaborate with GadgetCoin, and I understand terms of finance and market presence we are not in the league of Ethereum that has almost unlimited sources of money. In fact we are not even in the league of Bitbay or TileCoin that have both already established their presence and large user/fan bases via an ICO, but we hope to cooperate with all smart contract systems by providing them with an IoT engine.  

Don't be discouraged by the more advanced market presence of other coins! You demonstrated in the above video that at least you have something, while Ethereum, BitBay and TileCoin have not demonstrated a smart contract software yet.

For full disclosure, I have invested in BitBay, I know what BlackHalo is, but BitBay hasn't demonstrated yet a working smart contract software. You're not far behind the competitors!
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November 19, 2014, 03:07:35 PM
 #112

Here are the BitBay videos

http://youtu.be/SfrPRQVSR6Q
http://youtu.be/hGocWhXsOGE
http://youtu.be/EhE_K5qmbQc

As you can see the BitBay solution exists only on a white board, while you have demonstrated already at least something that looks like a working software. The race for smart contract dominance is exciting!  Grin and don't worry, there will be multiple winners.

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November 19, 2014, 03:16:03 PM
 #113

I want this "coin" how do we earn it?

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November 19, 2014, 03:32:28 PM
 #114

Here are the BitBay videos

http://youtu.be/SfrPRQVSR6Q
http://youtu.be/hGocWhXsOGE
http://youtu.be/EhE_K5qmbQc

As you can see the BitBay solution exists only on a white board, while you have demonstrated already at least something that looks like a working software. The race for smart contract dominance is exciting!  Grin and don't worry, there will be multiple winners.



Don't underestimate the earning power of white boards!

White boards combined with waporvare raised billions of dollars venture capital and angel investment, just like the white board helped the Bitbay scam raise 1.2 million $. Go to this thread at https://bitcointalk.org/index.php?topic=857457.0 if you want to know more about the BitBay scam.

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November 19, 2014, 04:14:06 PM
 #115

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.

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November 19, 2014, 04:43:30 PM
 #116

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.



Thank you, both sound good but when will distribution start? I have many contacts in crypto and if the project is right I always help adoption in numerous ways I just need to know how these coins will be handed out, is this an ICO?

mtomcdev
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November 19, 2014, 06:46:12 PM
 #117

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.



Thank you, both sound good but when will distribution start? I have many contacts in crypto and if the project is right I always help adoption in numerous ways I just need to know how these coins will be handed out, is this an ICO?

Wow, thank you so much for offering to help us! At this stage I think the most important thing is if people like yourself, who have contacts and understand the market, help us get off the ground. In return for such help we are happy to invite the helpful community members and investors to the GDC Foundation where the major decisions about coin price, selling condition of the coin, hardware sales, distribution of the profit from hardware sales will be made.

There won't be an ICO if initial coin offering is defined as the process when the coin is sold prior to the release the software.
As the OP describes, hardware integrators will be able to buy the coin from the GDC Foundation in the open market. We need to decide prior to that how best to distribute the coin to the investors who are willing to put money into this venture. Over the last few days, especially today after GadgetCoin appeared in the news we received inquiries from investors about how to acquire GadgetCoin. It seems there are serious interest revolving around whether or not to allow brokers to sell the coin. Since quite a few investors are interested in working with us on this venture we have put forward this question to the GDC foundation: should we sell GadgetCoin for a very limited price to those who are willing to help move the project forward?  It would probably be a good idea, as we don't mind having investors onboard who believe in this coin and help them realize a 500% profit. As we said in the OP on the 15th of December we want to start the network, and we would imagine prior to that we need to sort out the pre-sale conditions (if there will be a pre-sale at all). Please let us know what you think.


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November 19, 2014, 07:10:21 PM
 #118

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.



Thank you, both sound good but when will distribution start? I have many contacts in crypto and if the project is right I always help adoption in numerous ways I just need to know how these coins will be handed out, is this an ICO?

Wow, thank you so much for offering to help us! At this stage I think the most important thing is if people like yourself, who have contacts and understand the market, help us get off the ground. In return for such help we are happy to invite the helpful community members and investors to the GDC Foundation where the major decisions about coin price, selling condition of the coin, hardware sales, distribution of the profit from hardware sales will be made.

There won't be an ICO if initial coin offering is defined as the process when the coin is sold prior to the release the software.
As the OP describes, hardware integrators will be able to buy the coin from the GDC Foundation in the open market. We need to decide prior to that how best to distribute the coin to the investors who are willing to put money into this venture. Over the last few days, especially today after GadgetCoin appeared in the news we received inquiries from investors about how to acquire GadgetCoin. It seems there are serious interest revolving around whether or not to allow brokers to sell the coin. Since quite a few investors are interested in working with us on this venture we have put forward this question to the GDC foundation: should we sell GadgetCoin for a very limited price to those who are willing to help move the project forward?  It would probably be a good idea, as we don't mind having investors onboard who believe in this coin and help them realize a 500% profit. As we said in the OP on the 15th of December we want to start the network, and we would imagine prior to that we need to sort out the pre-sale conditions (if there will be a pre-sale at all). Please let us know what you think.




I like the idea that people who don't want to buy the coin still can get it by forging and staking.

I strongly suggest, no ICO and no pre-sale please! If albert_mt want to sell it as a broker or Altcoin4life want to sell it in his investor circle prior to release that's none of our business, just like you could sell the project for your friends and family members prior to start to get angel investment, but once the coin is released it must be very-very clear
- the number of coins in the genesis block
- the number of coins sold for early stage investors, family members or friends (to angel investors) prior to the start
- the number of coins GDC Foundation has at the day of start lets say 15/12/2014

These three information are absolutely necessary to make a decision whether this coin worth any investment.

How the community can control the GDC Foundation exactly? I read somewhere there is a voting process, is it voting via smart contracts?
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November 19, 2014, 10:36:32 PM
 #119

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.



Thank you, both sound good but when will distribution start? I have many contacts in crypto and if the project is right I always help adoption in numerous ways I just need to know how these coins will be handed out, is this an ICO?

Wow, thank you so much for offering to help us! At this stage I think the most important thing is if people like yourself, who have contacts and understand the market, help us get off the ground. In return for such help we are happy to invite the helpful community members and investors to the GDC Foundation where the major decisions about coin price, selling condition of the coin, hardware sales, distribution of the profit from hardware sales will be made.

There won't be an ICO if initial coin offering is defined as the process when the coin is sold prior to the release the software.
As the OP describes, hardware integrators will be able to buy the coin from the GDC Foundation in the open market. We need to decide prior to that how best to distribute the coin to the investors who are willing to put money into this venture. Over the last few days, especially today after GadgetCoin appeared in the news we received inquiries from investors about how to acquire GadgetCoin. It seems there are serious interest revolving around whether or not to allow brokers to sell the coin. Since quite a few investors are interested in working with us on this venture we have put forward this question to the GDC foundation: should we sell GadgetCoin for a very limited price to those who are willing to help move the project forward?  It would probably be a good idea, as we don't mind having investors onboard who believe in this coin and help them realize a 500% profit. As we said in the OP on the 15th of December we want to start the network, and we would imagine prior to that we need to sort out the pre-sale conditions (if there will be a pre-sale at all). Please let us know what you think.




I like the idea that people who don't want to buy the coin still can get it by forging and staking.

I strongly suggest, no ICO and no pre-sale please! If albert_mt want to sell it as a broker or Altcoin4life want to sell it in his investor circle prior to release that's none of our business, just like you could sell the project for your friends and family members prior to start to get angel investment, but once the coin is released it must be very-very clear
- the number of coins in the genesis block
- the number of coins sold for early stage investors, family members or friends (to angel investors) prior to the start
- the number of coins GDC Foundation has at the day of start lets say 15/12/2014

These three information are absolutely necessary to make a decision whether this coin worth any investment.

How the community can control the GDC Foundation exactly? I read somewhere there is a voting process, is it voting via smart contracts?


no ICO no preale? So what´s left? Mining or free distribution.

There is no mining in POS and that´s good.
Free distribution is difficult because of loads of sockpuppets.

Hard one I think.

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mtomcdev
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November 19, 2014, 10:58:11 PM
 #120

I want this "coin" how do we earn it?

Thank you for your interest and question.

There are two ways to earn GadgetCoin:

1) By participating in the Proof of Consensus process by running your fully enabled peer node to process transactions and maintain the health of network. We estimate a fully enabled peer node that runs on a very cheap Linux/Windows virtual machine and allows the network enforce security measures against its process could earn at least 1000 GadgetCoin per year. There is an incomplete mathematical model that suggests that number and as we speak we are validating this calculation. Eventually the market will determine the coin price, but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators, which results in a reasonable earning for those users who run an honest peer node. A DigitalOcean box costs $5/month, and there will be a good ROI for participating in the GDC network.

2) You can earn GadgetCoin by receiving an interest rate for staking the coin.

Since the instant transaction processing is the main requirement for IoT and to achieve this there's no mining, these two above listed methods the way for users who do not wish to buy GDC on the free market to still earn coins.



Thank you, both sound good but when will distribution start? I have many contacts in crypto and if the project is right I always help adoption in numerous ways I just need to know how these coins will be handed out, is this an ICO?

Wow, thank you so much for offering to help us! At this stage I think the most important thing is if people like yourself, who have contacts and understand the market, help us get off the ground. In return for such help we are happy to invite the helpful community members and investors to the GDC Foundation where the major decisions about coin price, selling condition of the coin, hardware sales, distribution of the profit from hardware sales will be made.

There won't be an ICO if initial coin offering is defined as the process when the coin is sold prior to the release the software.
As the OP describes, hardware integrators will be able to buy the coin from the GDC Foundation in the open market. We need to decide prior to that how best to distribute the coin to the investors who are willing to put money into this venture. Over the last few days, especially today after GadgetCoin appeared in the news we received inquiries from investors about how to acquire GadgetCoin. It seems there are serious interest revolving around whether or not to allow brokers to sell the coin. Since quite a few investors are interested in working with us on this venture we have put forward this question to the GDC foundation: should we sell GadgetCoin for a very limited price to those who are willing to help move the project forward?  It would probably be a good idea, as we don't mind having investors onboard who believe in this coin and help them realize a 500% profit. As we said in the OP on the 15th of December we want to start the network, and we would imagine prior to that we need to sort out the pre-sale conditions (if there will be a pre-sale at all). Please let us know what you think.




I like the idea that people who don't want to buy the coin still can get it by forging and staking.

I strongly suggest, no ICO and no pre-sale please! If albert_mt want to sell it as a broker or Altcoin4life want to sell it in his investor circle prior to release that's none of our business, just like you could sell the project for your friends and family members prior to start to get angel investment, but once the coin is released it must be very-very clear
- the number of coins in the genesis block
- the number of coins sold for early stage investors, family members or friends (to angel investors) prior to the start
- the number of coins GDC Foundation has at the day of start lets say 15/12/2014

These three information are absolutely necessary to make a decision whether this coin worth any investment.

How the community can control the GDC Foundation exactly? I read somewhere there is a voting process, is it voting via smart contracts?


GDC Foundation will operate as an autonomous, decentralized organization. There is a special user account in the system which is called "gdcfoundation". There will be rules enforced against this account. Initially the "gdcfoundation" account owns all coins that were generated in the genesis block, but unable to spend any GDC without the approval of the stakeholders. This account is restricted to execute only functions that were approved by the community via a voting process using vote smart contracts. The result of such voting process will  be in the blockchain and the "gdcfoundation" account must include the hash of the vote in any if its transactions. If the transaction of "gdcfoundation" isn't associated with a valid vote hash, the network refuses to execute the transaction. This way GDC Foundation won't be able to spend any GadgetCoin or Bitcoin without the approval of the community. Every wallet in the network will be able to vote. Every vote will be in the blockchain and public. This way every steps of GDC Foundation will be transparent to investors and hardware integrators. Hardware integrators could put money into GDC Foundation to implement a new feature and will be able to control the expenditures from the fund.

It might be a bit idealistic, but we aim to create the world's first autonomous, decentralized company utilizing the power of smart contracts.
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