[ANN] [GDGC] GadgetCoin | IoT | M2M |Smart Contracts on Hardware

[mtomcdev]

Dev can you touch on this :

Comes with GadgetCoin firmware

So the wallet will be in the firmware?

There are two wallet options for embedded devices:

- The firmware includes the full wallet. Most of the ARM core devices are capable to run the full wallet. On Raspbery PI and Beaglebone Black, which both are very capable devices, loading the wallet and blockchain is not an issue at all. However, these are mainly hobbyists boards so we are focusing our tests on more industrial devices like the STM Discovery board and I can report that there is no issue as well. If a board has 1024kb flush and 128kb RAM then the application works without any issues.

- The firmware comes with a light wallet. For low power sensors and devices with very low computing power like 256kb flush and 32kb RAM AVR devices we need to be more conservative and run a less resource consuming software.

One of our main targets are the broadband routers, there are more than 500 million broadband routers, they can be secured and managed with our smart contract technology. These router devices mainly runs Linux and there won't be any resource issues.

[1714220572]

1714220572

[1714220572]

1714220572

[1714220572]

1714220572

[1714220572]

1714220572

[1714220572]

1714220572

[gadgetcoin]

Perhaps keeping the GDC Foundation in the distribution loop is fundamentally wrong. The real question is should we first distribute the 10 million coins to the community and investors, and then the hardware operators have to buy GadgetCoin on the open market? After this we can adjust the network fee for hardware functions on a daily basis depending on the price of GadgetCoin but to keep the network fee close to the $5 per year price?

Please let us know what you think?

I think you should first distribute the 10 million coins to the community, but as a bitcointalk communty member my opinion is biased.

Thank you for the suggestion! I'm part of the dev team and organizing the GDC foundation so I thought I'd jump in and let everyone know that we appreciate your input and we will take it on board for the next team meeting tomorrow. We hope to make a final decision about the distribution shortly.

[altcoinUK]

The ML is quite a sensitive area in my opinion. It's one the trickier questions that we face - should we control how the users use the software, or allow the software to be utilized for any possibility? I think it is better if the community would decide by voting whether or not to enable MLM type of trading on the GadgetCoin Network. As far as I know multi level marketing is often associated with pyramid schemes and as a result gained somewhat of a bad reputation, but the real draw of the smart contracts and being open source means that we can support all types of trades. If the community is OK with that or does not care either way, then I see no issue utilizing the power of smart contracts for anything that is not illegal.

Great, in my opinion smart contract technology is the future. I am a very big fun of Bitcoin, but it is not possible to execute complex trades like MLM with Bitcoin. Ethereum also talks about complex trades like your revenue share model. This can be a very big hit if it works. Ehereum will be very jealous if the gadgetcoin wallet will be really released by 15 December.

Dev can you touch on this :

Comes with GadgetCoin firmware

So the wallet will be in the firmware?

One of our main targets are the broadband routers, there are more than 500 million broadband routers, they can be secured and managed with our smart contract technology. These router devices mainly runs Linux and there won't be any resource issues.

500 million is a big number :-))) new coins like to talk about big market opportunities, but how broadband routers will benefit from GadgetCoin?

[mtomcdev]

500 million is a big number :-))) new coins like to talk about big market opportunities, but how broadband routers will benefit from GadgetCoin?

There are security, management and service consuming business opportunities terms of routers.

The latest OpenSSL bug, vulnerability exposed 500 million broadband routers to security threats. Using the PPKI cryptography and security functions of the GadgetCoin software such security threats could be completely counter-attacked.

The configuration and management of routers is often problematic, especially the remote management. Using the GadgetCoin software the management, configuration, provisioning and upgrade of routers is secure, simple and quick.

Service consuming and selling the internet connection can be dramatically simplified with the GadgetCoin software. A well known use case is the guests' internet connection in hotels. Currently users must go through on annoying user interfaces and sing up processes to get internet connection in a hotel. Using our smart contract on the hotel's broadband router users could get internet connection with 2 taps/mouse click for their mobile/laptop. How it works? The router pushes the "Internet Connection Smart Contract" to the user's device like "Would you like to get 24 hours internet connection for 0.001 Bitcoin"? Then the user click on the "Yes" button, following that on the confirm button and the internet connection is available for 24 hours while the hotel get paid instantly.

The possibilities to handle different business scenarios with smart contracts are endless.

[kryptologist]

If there is no ICO and no mining, how are the coins distributed? I can't seem to find where it explains the Proof of Consensus distribution model.

Thanks

[altcoinUK]

I asked this in the BitBay and TileCoin thread as well, could we get clarification about the confirmation (block, transaction) times? Gadgetcoin claims 1 second transaction time which sounds very-very unlikely, how the software achieve this transaction time? When can we see a working software that demonstrate this feature?

[mtomcdev]

If there is no ICO and no mining, how are the coins distributed? I can't seem to find where it explains the Proof of Consensus distribution model.

Thanks

In terms of the distribution, it has not been finalized yet and were are open to any suggestions. The developers, supporters, investors, community members, all want to make money with the project while being transparent and letting the community control the operation of GDC Foundation that holds the 10 million coins.

We are updating the white paper with the Proof of Consensus section, it will be published very soon. Thanks for your interest in our coin!

[mtomcdev]

I asked this in the BitBay and TileCoin thread as well, could we get clarification about the confirmation (block, transaction) times? Gadgetcoin claims 1 second transaction time which sounds very-very unlikely, how the software achieve this transaction time? When can we see a working software that demonstrate this feature?

We are testing the wallet, we will compile a video this week that demonstrates the 1 second transaction time and before the end of this month we will give access to a working wallet to test the software on our test network.

The tech behind the 1 second transaction time required a radical new concept and implementation. That's why we have been writing our software completely from scratch. This project is only feasible if the transaction is instant. To address this fundamental requirement and to speed up transaction confirmation time we needed to eliminate mining completely from the process. If miners confirm the transaction then the 1 second transaction time would not be achievable. The GadgetCoin protocol implements instant transaction processing using account balances and participating nodes confirm the transactions instead of miners or staking nodes. The peer nodes create the block using a method called Proof-of-Consensus, PoC. In the Proof-of-Consensus method the participating nodes form an agreement about the block. The other major difference is, unlike in Bitcoin where payments are related to addresses, the GadgetCoin payments are linked to GadgetCoin accounts and payments are reconciled against account balances. Similarly to bank transactions, the smart contracts calculate the new balance by performing a simple add/deduct operation. This concept was presented by Ethereum and we think this is the most sensible transaction processing implementation for our targeted industry and user base.

[altcoinUK]

I asked this in the BitBay and TileCoin thread as well, could we get clarification about the confirmation (block, transaction) times? Gadgetcoin claims 1 second transaction time which sounds very-very unlikely, how the software achieve this transaction time? When can we see a working software that demonstrate this feature?

We are testing the wallet, we will compile a video this week that demonstrates the 1 second transaction time and before the end of this month we will give access to a working wallet to test the software on our test network.

The tech behind the 1 second transaction time required a radical new concept and implementation. That's why we have been writing our software completely from scratch. This project is only feasible if the transaction is instant. To address this fundamental requirement and to speed up transaction confirmation time we needed to eliminate mining completely from the process. If miners confirm the transaction then the 1 second transaction time would not be achievable. The GadgetCoin protocol implements instant transaction processing using account balances and participating nodes confirm the transactions instead of miners or staking nodes. The peer nodes create the block using a method called Proof-of-Consensus, PoC. In the Proof-of-Consensus method the participating nodes form an agreement about the block. The other major difference is, unlike in Bitcoin where payments are related to addresses, the GadgetCoin payments are linked to GadgetCoin accounts and payments are reconciled against account balances. Similarly to bank transactions, the smart contracts calculate the new balance by performing a simple add/deduct operation. This concept was presented by Ethereum and we think this is the most sensible transaction processing implementation for our targeted industry and user base.

Thanks, I am still very-very sceptical about instant transaction time :-))) but I look forward to testing the software, I will check the progress.

[mtomcdev]

I asked this in the BitBay and TileCoin thread as well, could we get clarification about the confirmation (block, transaction) times? Gadgetcoin claims 1 second transaction time which sounds very-very unlikely, how the software achieve this transaction time? When can we see a working software that demonstrate this feature?

We are testing the wallet, we will compile a video this week that demonstrates the 1 second transaction time and before the end of this month we will give access to a working wallet to test the software on our test network.

The tech behind the 1 second transaction time required a radical new concept and implementation. That's why we have been writing our software completely from scratch. This project is only feasible if the transaction is instant. To address this fundamental requirement and to speed up transaction confirmation time we needed to eliminate mining completely from the process. If miners confirm the transaction then the 1 second transaction time would not be achievable. The GadgetCoin protocol implements instant transaction processing using account balances and participating nodes confirm the transactions instead of miners or staking nodes. The peer nodes create the block using a method called Proof-of-Consensus, PoC. In the Proof-of-Consensus method the participating nodes form an agreement about the block. The other major difference is, unlike in Bitcoin where payments are related to addresses, the GadgetCoin payments are linked to GadgetCoin accounts and payments are reconciled against account balances. Similarly to bank transactions, the smart contracts calculate the new balance by performing a simple add/deduct operation. This concept was presented by Ethereum and we think this is the most sensible transaction processing implementation for our targeted industry and user base.

Thanks, I am still very-very sceptical about instant transaction time :-))) but I look forward to testing the software, I will check the progress.

No problem, and your scepticism is fully understandable and as I said users will be able to test the software soon. Using the ingenious concept of balance modification from Ethereum the instant transaction is not as hard as it seems. It's mainly a political decision as the power must be shifted from slow miners to quick transaction processing peer nodes. The main challenge is security related, to keep malicious nodes away from the Proof of Consensus process and guaranty the transaction processor nodes execute a valid software.

[zrunfeng]

i think this is the best coin near time

[mtomcdev]

i think this is the best coin near time

Thank you for your kind words! Please stay with us and be part of the community and this coin! We strive towards making this coin a success and come up with a system in which all supporters of the coin will be rewarded.

[fox19891989]

It has a 28-page whitepaper and proof of consensus algo, it must be a great project

[fox19891989]

https://bitcointalk.org/index.php?topic=855325

Chinese OP has been published!

[mtomcdev]

https://bitcointalk.org/index.php?topic=855325

Chinese OP has been published!

Thanks for your support and great work!

[mtomcdev]

It has a 28-page whitepaper and proof of consensus algo, it must be a great project

As you can see from the white paper we try to focus on the tech first and ensure the system is working.
As for the Proof of Consensus algorithm, others asked about this too and it is important mainly to perform quick transaction processing. In order to achieve the 1 second transaction time we couldn't come up with a better solution than the Proof of Consensus algorithm. Unlike the green addresses with the Bitcoin protocol the PoC algo don't use third party entities and it is still decentralized. Internet of Things + blockchain is an exciting technology and we hope the community will like our solution.

[siliconchip]

merely another shitcoin

[gadgetcoin]

merely another shitcoin

We are sorry you don't like the coin, hopefully we can win you over in the future - especially when we present our working software.

[altcoinUK]

As I said, I am very interested in smart contracts technology and all IoT related coins (I am bombarding with smart contract ideas the VeriCoin devs for months :-))).

I did my research about BitBay, TileCoin (XTC) and GadgetCoin, the underlying tech and asked the same questions about transaction time and real time hardware control in all threads.

The TileCoin team didn't even bother to answer, it seems either they don't have the answer or don't understand the significance of transaction time in real time hardware control.

At BitBay Dave, a very knowledgeable, well known developer answered, but he skipped the question about IoT and real time hardware control. I am sure they will have the smart contract software, decentralized exchange, marketplace, etc but it seems to me their focus is certainly not on the Internet of Things (IoT) element of the solution.

The GadgetCoin dev hasn't ignored my question. GDC claims 1 second transaction time and explains clearly the technology behind the software, namely Ethereum's account balance concept and transaction processor nodes instead of miners. (I like the fact that the GDC dev understands the significance of the Ethereum's tech and willing to learn from other solutions)

If GadgetCoin works then I am very interested in this venture. Here in the United Kingdom we have a massive market for an IoT management and payment platform like GadgetCoin is, not mention the +20 billion worldwide market which is ready for a working solution. Please let me know when we can test the software and most importantly, how can we make money from this coin?

[gadgetcoin]

As I said, I am very interested in smart contracts technology and all IoT related coins (I am bombarding with smart contract ideas the VeriCoin devs for months :-))).

I did my research about BitBay, TileCoin (XTC) and GadgetCoin, the underlying tech and asked the same questions about transaction time and real time hardware control in all threads.

The TileCoin team didn't even bother to answer, it seems either they don't have the answer or don't understand the significance of transaction time in real time hardware control.

At BitBay Dave, a very knowledgeable, well known developer answered, but he skipped the question about IoT and real time hardware control. I am sure they will have the smart contract software, decentralized exchange, marketplace, etc but it seems to me their focus is certainly not on the Internet of Things (IoT) element of the solution.

The GadgetCoin dev hasn't ignored my question. GDC claims 1 second transaction time and explains clearly the technology behind the software, namely Ethereum's account balance concept and transaction processor nodes instead of miners. (I like the fact that the GDC dev understands the significance of the Ethereum's tech and willing to learn from other solutions)

If GadgetCoin works then I am very interested in this venture. Here in the United Kingdom we have a massive market for an IoT management and payment platform like GadgetCoin is, not mention the +20 billion worldwide market which is ready for a working solution. Please let me know when we can test the software and most importantly, how can we make money from this coin?

Hi AltcoinUK,

We agree with your assessment that the UK market could be potentially huge for this venture, and indeed the market is crying out for a working solution. That's why it's important for us to focus 100% on getting this software ready for the community to test now. The sooner we can get feedback the sooner we can start approaching some big players in the market for integration and pilot project opportunities.

Thank you for your continued interest, and it's nice to see some early support already, we will try to continue being as transparent and open to communication as possible. This is a community venture after all.

With regards to how we are going to make money, we will make clear the monetization strategy in the coming days, so stay tuned to this thread. We will also PM you the credentials to use our test network and software.