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Author Topic: [ANN] [GDGC] GadgetCoin | IoT | M2M |Smart Contracts on Hardware  (Read 86650 times)
mtomcdev
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November 20, 2014, 12:17:48 AM
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This diagram describes the autonomous decentralized organization


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November 20, 2014, 12:35:06 AM
 #122

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.

I love it! The world's first decentralized company.
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November 20, 2014, 12:39:26 AM
 #123

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.


Don't do free distribution. Free distribution undermines the value of the coin. Pre-sale for a discounted price makes more sense.
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November 20, 2014, 01:30:31 AM
 #124


 ...  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


How do you justify $5 price per coin for the hardware integrators?
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November 20, 2014, 01:46:23 AM
 #125


 ...  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


How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.
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November 20, 2014, 07:10:22 AM
 #126


 ...  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


How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

What's the total gadgetcoin, man?
mtomcdev
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November 20, 2014, 10:38:56 AM
 #127


 ...  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


How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

What's the total gadgetcoin, man?

The genesis block will be created with at least 1 million GDC. The exact volume will be determined by the demand from early stage supporters, community members, brokers and investors. The feedback from our early stage brokers and investors indicate that at least 1 million GDC is required in the genesis block.

The plan is, that the total supply will grow to 10 million GDC via forging and staking by 2030.

It's also an option to start with a significantly higher coin supply and lower the price of the coin, i.e. to charge 0.5$ per coin for hardware integrators instead of charging $5 per coin.

Please let us know what you think, what is the better, higher volume and lower price or low volume and higher price? We're still looking for more feedback from the community, it would be a great help to us whenever someone participates and voices their opinion.
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November 20, 2014, 11:30:38 AM
 #128


 ...  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


How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

Thanks, that make sense, such price would work with enterprise users and even with high-end home. I wouldn't mind to pay $5 per year to control my home automation system, smart meters, garage door opener, Zigbee switches and routers with one system. Currently I have to use 10 remote controls and 15 software to manage all gadgets in in my house. So I think you have a very viable use case and that makes me being interested in this coin.

In my opinion from investors' viewpoint it doesn't matter whether you have a low coin supply and high price or vice versa. The most important is to be clear and transparent about the terms of conditions .

As I said before, if albert_mt want to sell it as a broker or Altcoin4life want to sell it in his investor circle prior to the 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 the following must be very-very clear

- the number of coins in the genesis block
- the number of coins sold by albert_mt, Altcoin4life or by yourself for early stage investors, family members or friends (to angel investors) prior to the start
- the number of coins GDC Foundation still owns at the day of start
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November 20, 2014, 12:46:27 PM
 #129


 ...  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


How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

Thanks, that make sense, such price would work with enterprise users and even with high-end home. I wouldn't mind to pay $5 per year to control my home automation system, smart meters, garage door opener, Zigbee switches and routers with one system. Currently I have to use 10 remote controls and 15 software to manage all gadgets in in my house. So I think you have a very viable use case and that makes me being interested in this coin.

In my opinion from investors' viewpoint it doesn't matter whether you have a low coin supply and high price or vice versa. The most important is to be clear and transparent about the terms of conditions .

As I said before, if albert_mt want to sell it as a broker or Altcoin4life want to sell it in his investor circle prior to the 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 the following must be very-very clear

- the number of coins in the genesis block
- the number of coins sold by albert_mt, Altcoin4life or by yourself for early stage investors, family members or friends (to angel investors) prior to the start
- the number of coins GDC Foundation still owns at the day of start


Thank you for your support and suggestions! We will definitely take them on board.
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November 20, 2014, 02:06:58 PM
 #130

Looks like a joke, really, I cannot read this coin,
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November 20, 2014, 02:12:23 PM
 #131

I'm not very good, I think this is a hoax, hateful  Angry

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November 20, 2014, 02:14:25 PM
 #132

I'm not very good, I think this is a hoax, hateful  Angry
I very much agree with your idea, I think so

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November 20, 2014, 02:19:44 PM
 #133

Get some new ideas to get money? Boring scam, I very hate  Angry  Angry  Angry  Angry

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November 20, 2014, 02:23:54 PM
 #134

Get some new ideas to get money? Boring scam, I very hate  Angry  Angry  Angry  Angry
I know this may be Chinese engage in fraud, I know some insider, simple tricks

mtomcdev
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November 20, 2014, 02:26:31 PM
 #135

@mydearvoice, @accuracy, @Isamar, @Maeve, @Kaleigh


We are sorry you don't like the coin, hopefully we can win you over in the future.
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November 20, 2014, 03:46:27 PM
 #136

wow, what a fud attack, 5 handles in the same time, where did it come from?  Cheesy
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November 20, 2014, 08:14:35 PM
 #137

wow, what a fud attack, 5 handles in the same time, where did it come from?  Cheesy

Don't worry about the FUD. The FUDders frightened about the software development what the white paper from these GadgetCoin boys suggests, so the FUDders spread FUD. This was an orchestrated brigade effort which makes them look even more idiot. I can assure you if GadgetCoin delivers (and there is of course an if), then there will be 10 times more FUD than what this handicap Chinese FUD brigade delivered.
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November 20, 2014, 10:16:42 PM
 #138


I am not sure if it´s a good idea to sell only 10% and put 90% up for forging.

First question, will someone hold the 90% or is it hardcoded?
Hold by devs --> no go

Second. Aren´t their incentives for forgers due to payment fees?
Most other coins use this fees as incentive.

Third. Why do you need brokers? Just for the people who doesn´t want to mess around with cryptos? Cause the usual cryptouser can buy it on exchanges, isn´t it?



Another dangerous point. The companys will be very cautious about the volatily of GDC. So when they want to decide if they will buy a hardware box or not, they want to know if they yearly costs remain at 5$ or not, cause if they pice rises they are forced to buy GDC at a higher price or throw their box in the garbage.

So how can the price remain stable? Not possible for a cryptocoin.


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November 20, 2014, 11:53:30 PM
 #139


I am not sure if it´s a good idea to sell only 10% and put 90% up for forging.

First question, will someone hold the 90% or is it hardcoded?
Hold by devs --> no go

Second. Aren´t their incentives for forgers due to payment fees?
Most other coins use this fees as incentive.

Third. Why do you need brokers? Just for the people who doesn´t want to mess around with cryptos? Cause the usual cryptouser can buy it on exchanges, isn´t it?



Another dangerous point. The companys will be very cautious about the volatily of GDC. So when they want to decide if they will buy a hardware box or not, they want to know if they yearly costs remain at 5$ or not, cause if they pice rises they are forced to buy GDC at a higher price or throw their box in the garbage.

So how can the price remain stable? Not possible for a cryptocoin.




Thank you for your posting your view. It helps a lot and your opinion is very much appreciated.

I can confirm that the developers will have zero GadgetCoins. To keep the coin distribution transparent the software development, hardware engineering, sales & marketing team will not receive GadgetCoin for their work. You will be able to verify in the blockchain and the rich list at the start whether or not the GDC Foundation owns all coins. There won't be any hidden coin distribution.

The 90% remaining coins of course wont be hard coded anywhere. It will be added gradually to the supply via forging and staking to increase the coin supply to 10 million by 2030. Just as with any other topic, we are willing to listen the community about whether or not this is a good idea.

As we said in the description of the Proof of Consensus protocol the network fees will be distributed to the community via their transaction processing wallets. Again, let us know please if you are happy with such a policy.

We have been approached by stock and currency brokers who think their industrial and hardware related clients will be very interested in GadgetCoin and they they want to sell our coin to their clients. Many investors outside crypto are very interested in digital currencies, but because of the Mtgox and Mintpal fiasco they would never buy the coin from exchanges, but they trust their broker. We thought it would be a great opportunity for GDC Foundation to generate revenue and build relationships with angel investors. Such a sale will be transparent and in the blockchain. It would be prior to the release of the software and wont interfere with the coin trade on the exchanges. The buyers aren't P&D groups but institutional investors who are willing to hold the coin for a long period of time.

As for the price, the $5.00 price tag is a rather arbitrary number. The constant number is the $5.00 yearly network fee. We think the network fee fee should be around $5.00 per year per hardware module. If the price of GDC drops to 0.5$, then the hardware operator will have to purchase 10 GDC per year. Consequently if the price is $10.00, then the one year network fee will be 0.5 GDC. We can also adjust the network fee, the $5.00 per year is an initial speculative price. We have described this pricing policy to a few hardware integrators and the reaction was that this would be satisfactory to them.

Please let us know what you think.



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November 21, 2014, 12:15:25 AM
 #140

so 1 million presale with 5 USD price?

am i right?

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