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Author Topic: [ANN] [GDGC] GadgetCoin | IoT | M2M |Smart Contracts on Hardware  (Read 83702 times)
altcoinUK
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June 30, 2015, 06:01:51 PM
 #261

How can we be sure the models and studios will buy the coin for USD 1.00 upon cash out. Is it a smart contract or manual process or what kind of rules makes them buying for that price as currently we got the coin for USD 0.33?





The smart contract for broadcasters includes a clause stating that the model must pay a minimum of US$ 1.00 per GadgetCoin and the system executes this contract automatically when the broadcaster cashes out.

The purchase of GadgetCoins will be executed the following order:

1) First the coins belonging to VICR contract will be sold to the models. This takes precedence, which means if you have invested in VICR contracts, your coins will be purchased first. We don't sell a lot of VICR and therefore there is a very limited supply of this kind.
2) Once the VICR coins are purchased and burned the coins of the streaming nodes will be purchased. There is an ongoing coin supply to streaming nodes as they are vital to the network.
3) Finally, the remaining forged coins will be purchased from the marketing team members, community members and developers. http://blog.gadgetcoin.org/2015/06/gadgetnetwork-forging-economy-explained/
This will be a limited supply and only limited amount of coins will be issued to our contributors to make sure there is not an excessively long wait to sell the coins.

Category 1 is a one off supply, category 2 and 3 are ongoing supply as anyone can run a streaming node, contribute to the project and therefore earn GadgetCoin.

That sounds fucking genius to me :-))) The models and game broadcasters will flow to this service to get the 95% cut. We just need to make sure the the video streaming is smooth, but that is not rocket science. Let me know if you need help, I have experience with Wowza, nginx rtmp and the likes. I assume the model recruit will be a gradual process, but one by one the models will move here from LiveJasmin and the gamers from switch.tv. I am sure they prefer the fucking 95% here vs. their current 50% share.
I will throw a few more BTC into this once I am front of my wallet :-)))

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albert_mt
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June 30, 2015, 11:34:29 PM
 #262

How can we be sure the models and studios will buy the coin for USD 1.00 upon cash out. Is it a smart contract or manual process or what kind of rules makes them buying for that price as currently we got the coin for USD 0.33?





The smart contract for broadcasters includes a clause stating that the model must pay a minimum of US$ 1.00 per GadgetCoin and the system executes this contract automatically when the broadcaster cashes out.

The purchase of GadgetCoins will be executed the following order:

1) First the coins belonging to VICR contract will be sold to the models. This takes precedence, which means if you have invested in VICR contracts, your coins will be purchased first. We don't sell a lot of VICR and therefore there is a very limited supply of this kind.
2) Once the VICR coins are purchased and burned the coins of the streaming nodes will be purchased. There is an ongoing coin supply to streaming nodes as they are vital to the network.
3) Finally, the remaining forged coins will be purchased from the marketing team members, community members and developers. http://blog.gadgetcoin.org/2015/06/gadgetnetwork-forging-economy-explained/
This will be a limited supply and only limited amount of coins will be issued to our contributors to make sure there is not an excessively long wait to sell the coins.

Category 1 is a one off supply, category 2 and 3 are ongoing supply as anyone can run a streaming node, contribute to the project and therefore earn GadgetCoin.

That sounds fucking genius to me :-))) The models and game broadcasters will flow to this service to get the 95% cut. We just need to make sure the the video streaming is smooth, but that is not rocket science. Let me know if you need help, I have experience with Wowza, nginx rtmp and the likes. I assume the model recruit will be a gradual process, but one by one the models will move here from LiveJasmin and the gamers from switch.tv. I am sure they prefer the fucking 95% here vs. their current 50% share.
I will throw a few more BTC into this once I am front of my wallet :-)))



i am buying too. do you know what the contract pause means? what's the advantage to pause the contract?
gadgetcoin
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July 01, 2015, 12:35:04 AM
 #263

What does "pausing the contract" mean?

Once a VICR contract is purchased and registered in the blockchain it becomes active. From the moment there are active broadcasters on the platform the system automatically executes the VICR contract. The system purchases your GadgetCoins for a minimum of US$ 1.00 behalf of the models during the cash out process. Then once a day, every morning at 1:00 AM GMT time the system allocates  to the contract owners 5% commission from previous day's cash outs. The smart contract engine does this automatically, that's why it is smart contract. That's what happens when the contract isn't paused.

However, if you don't want to sell your coins for the price of US$ 1.00 then you can pause the contract. This means the smart contract engine won't execute the contract whilst in a paused state. Why would you pause the contract? Well, if you expect a higher than US$ 1.00 price then you would not want to sell the coins for one dollar. We said from the beginning that our target is US$ 5.00 and we believe this price is achievable by the end of this year. After all from the models' viewpoint it is irrelevant what the price of the coin is, i.e. if the model's 5% network fee is US$ 50.00 and the GDC price is US$ 1.00 then the model must buy 50 GDC, but if GDC price is US$ 5.00 then the model will have to buy only 10 GDC. Again, for the model doesn't really matter what the price is, however the coin owner could speculate for a higher price by pausing the contract and stopping the sale of GDC.

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July 01, 2015, 10:01:41 AM
 #264

What does "pausing the contract" mean?

Once a VICR contract is purchased and registered in the blockchain it becomes active. From the moment there are active broadcasters on the platform the system automatically executes the VICR contract. The system purchases your GadgetCoins for a minimum of US$ 1.00 behalf of the models during the cash out process. Then once a day, every morning at 1:00 AM GMT time the system allocates  to the contract owners 5% commission from previous day's cash outs. The smart contract engine does this automatically, that's why it is smart contract. That's what happens when the contract isn't paused.

However, if you don't want to sell your coins for the price of US$ 1.00 then you can pause the contract. This means the smart contract engine won't execute the contract whilst in a paused state. Why would you pause the contract? Well, if you expect a higher than US$ 1.00 price then you would not want to sell the coins for one dollar. We said from the beginning that our target is US$ 5.00 and we believe this price is achievable by the end of this year. After all from the models' viewpoint it is irrelevant what the price of the coin is, i.e. if the model's 5% network fee is US$ 50.00 and the GDC price is US$ 1.00 then the model must buy 50 GDC, but if GDC price is US$ 5.00 then the model will have to buy only 10 GDC. Again, for the model doesn't really matter what the price is, however the coin owner could speculate for a higher price by pausing the contract and stopping the sale of GDC.



thanks for explaining the contract pause. that make sense. I hope you don't add this coin to the exchanges. if the coin is on the exchange then the models will buy it from the exchange for a cheaper price. that will push the price down. we could have eventually enough demand from the adult models and gamers for the coin there is no need to be one of the many hundred coins on the exchanges. other coins can do the day trading on the exchange, i will be happy selling internally to the models with the smart contract for the 1 usd price. what is your position on this?
mtomcdev
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July 01, 2015, 11:06:36 AM
 #265

What does "pausing the contract" mean?

Once a VICR contract is purchased and registered in the blockchain it becomes active. From the moment there are active broadcasters on the platform the system automatically executes the VICR contract. The system purchases your GadgetCoins for a minimum of US$ 1.00 behalf of the models during the cash out process. Then once a day, every morning at 1:00 AM GMT time the system allocates  to the contract owners 5% commission from previous day's cash outs. The smart contract engine does this automatically, that's why it is smart contract. That's what happens when the contract isn't paused.

However, if you don't want to sell your coins for the price of US$ 1.00 then you can pause the contract. This means the smart contract engine won't execute the contract whilst in a paused state. Why would you pause the contract? Well, if you expect a higher than US$ 1.00 price then you would not want to sell the coins for one dollar. We said from the beginning that our target is US$ 5.00 and we believe this price is achievable by the end of this year. After all from the models' viewpoint it is irrelevant what the price of the coin is, i.e. if the model's 5% network fee is US$ 50.00 and the GDC price is US$ 1.00 then the model must buy 50 GDC, but if GDC price is US$ 5.00 then the model will have to buy only 10 GDC. Again, for the model doesn't really matter what the price is, however the coin owner could speculate for a higher price by pausing the contract and stopping the sale of GDC.



thanks for explaining the contract pause. that make sense. I hope you don't add this coin to the exchanges. if the coin is on the exchange then the models will buy it from the exchange for a cheaper price. that will push the price down. we could have eventually enough demand from the adult models and gamers for the coin there is no need to be one of the many hundred coins on the exchanges. other coins can do the day trading on the exchange, i will be happy selling internally to the models with the smart contract for the 1 usd price. what is your position on this?

We have been receiving quite a few PMs and emails regarding to the exchange issue. Many users contacted us and suggested to add the coin to various exchanges and said that not being a listed coin is an issue. Others think the coin should not be on the exchange.

Personally, I can't see the point to be one of the 300 coins on the crowded altcoin exchanges. I think we should execute the original plan and serve real world businesses rather than be worried what the current pumping or dumping price is on the exchanges.
In order to do that, to provide businesses and connected IoT devices with blockchain based micropayments we don't have to be on the exchange. To sell the coin for US$ 1.00 or more to the models and gamers who can't cash out without buying the coin, to bring a disruptive technology to the US$ 100 billion porn market, to manage payments for security CCTV cameras we don't have to be on the exchanges. To collect the network fee from the models and gamers we also don't have to be on the exchanges.

This business model is rather simple: we provide the tools and platform so for instance an adult broadcaster can cash out 95% revenue by using our platform as well as the broadcasters pay 5% network fee by buying GDC from the coin owners. To implement and operate such business model we don't have to be on the exchange.

If I understand correctly, the ultimate question from coin owners' viewpoint is that can I sell my coin for US$ 1.00? I think the business model pretty much determines that the answer is yes.
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July 01, 2015, 02:27:03 PM
 #266

If the currency isn't listed on the exchanges then it's not a currency.

mtomcdev
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July 01, 2015, 02:58:23 PM
 #267

If the currency isn't listed on the exchanges then it's not a currency.




Well, the ancient Greeks and Romans used currencies and their currencies were functioning as a medium of exchange without being listed on a digital currency exchange. The currency primarily is a medium of exchange and I think an entity can still function as such without being pumped and dumped on a digital exchange. If our users will buy video stream services using GadgetCoin/GadgetToken on the GadgetNet platform then the digital entity will be a medium of exchange, a true currency.

Having said that, if the community think the currency must be listed on exchanges lets talk about it, we can vote on the issue and decide together the way forward. We would like to make this a true community project and we should go forward the way the majority of users are comfortable with, especially that this exchange issue is not what primarily determine the success of the currency. When the models start using this platform the currency will be on the way to be a success, regardless it is on the exchange or not, I just think the exchange introduces some complications, but this is just my personal opinion and I will have one vote like others have in the decision making process.

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July 01, 2015, 04:05:27 PM
 #268

How to check VICR contract in Blockchain, I don't see any search button.
mtomcdev
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July 01, 2015, 05:55:39 PM
 #269

How to check VICR contract in Blockchain, I don't see any search button.

It is under the Money menu, there is a "Blockchain" menu item. Also you can get blockhain info from the "Transactions" menu item by putting the block's hash into the search box or if it is your transaction then just by clicking on the transaction. Also you can review this way any transactions  that happened on the network by putting the block hash  into the search input control at the Transactions page.
Tomorrow we will roll out a new version which will have a more accessible link and search for the blockchain.

Please note, we discovered today there is a bug in one of the nodejs libs that queries the BTC transactions and it causes delay in moving the VICR contracts to the blockchain. We will fix that by tomorrow as well.
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July 01, 2015, 06:06:13 PM
 #270

As I posted above we discovered today there is a bug in one of the nodejs libs that queries the BTC transactions and it causes delay in moving the VICR contracts to the blockchain. We will fix this issue by tomorrow. This bug does not effect your ownership regarding to the contratc, but causes an error message, VICR owners receive a message that the transaction is pending and please pay for the contract. If you paid already for the contract please ignore this message. I can confirm that we received the transactions, lately the following transactions came through:
 
1FSbfMAQnJxEBWpyX42pbYYwnGCnCxz5xV    1.1662 BTC
1BcxEMN3R3rs7cyy93vNu4zVJQepPnd7vP      1.1664 BTC
1ECycsve9JVJKQX9467EckUBBAYyw2TTJs      1.2321 BTC

Sorry again for this bug, and your contract is being processing and it will be in the blockchain soon.

tobeaj2mer01
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July 01, 2015, 10:09:14 PM
 #271

Could you reveal some information of development team, like Linkin etc.

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July 02, 2015, 12:16:47 AM
 #272

1BcxEMN3R3rs7cyy93vNu4zVJQepPnd7vP      1.1664 BTC
is me Wink

Quote
Payment Services
The system supports three types of payment integrations
I am bitshares fans
I want to know,does the system supports bitusd or bitcny?
The bitusd=usd
About bitshares:
https://bitsharestalk.org/index.php/topic,16447.0.html

XBC:B7jR5zX8pBpyjyrcMMiYCQyLVLC6YZjFYh
altcoinUK
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July 02, 2015, 09:30:23 AM
 #273

1BcxEMN3R3rs7cyy93vNu4zVJQepPnd7vP      1.1664 BTC
is me Wink

Quote
Payment Services
The system supports three types of payment integrations
I am bitshares fans
I want to know,does the system supports bitusd or bitcny?
The bitusd=usd
About bitshares:
https://bitsharestalk.org/index.php/topic,16447.0.html


I am a big fan of Bitshare too. I think Dan Larimer an honest young man with lots of integrity and obviously he is an extra clever guy. As far as I know GadgetCoin uses the Bitshare methodology to pedge the token to 1US$ though I am not entirely sure if that is really the case.
I hope they will work with Bitshare, both projects could gain a lot from a partnership.

I also suggested already to these guys to try working with Supernet as well. I always have a mixed feelings about James (jl777) but one thing is sure he knows what he is doing and he is an extra talented guy, again both projects could gain from the partnership.
mtomcdev
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July 02, 2015, 10:15:49 AM
 #274

Could you reveal some information of development team, like Linkin etc.

Yes, we will do that. We are working on a news release which will include info about the led devs and contractors.
Please note, some of the developers wish to keep their anonymity and contribute anonymously to the project and that's fine, we accept that and we are grateful for their anonymous contribution.

mtomcdev
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July 02, 2015, 10:37:58 AM
 #275

1BcxEMN3R3rs7cyy93vNu4zVJQepPnd7vP      1.1664 BTC
is me Wink

Quote
Payment Services
The system supports three types of payment integrations
I am bitshares fans
I want to know,does the system supports bitusd or bitcny?
The bitusd=usd
About bitshares:
https://bitsharestalk.org/index.php/topic,16447.0.html


Thank you for your cooperation. We are updating the system with hot fixes and your VICR contract will be active later today.

Regarding to Bitshares, the plan is to enable payments to main digital currencies and BitUSD is certainly one of them. We will contact the devs of all main currencies to make this happen. It's worth mentioning that GadgetToken is pedged to one US dollar and the implementation is based on the Bitshares philosophy and concept.
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July 02, 2015, 12:18:58 PM
 #276

We have been receiving questions regarding to the number of coins, the number of VICR contracts and generally how many GDC coins will be issued on the system.

There are 1,000 ores have been deposited (2x500) to two long time supporters. Their accounts and user names were used during the test. One user will supply streaming node servers and the other user does marketing work on a very important market and we felt their long time support must be acknowledged with this symbolic deposit which by the way was the live test of the forging method.

Following these one-off deposits the consensus criteria, which we have been talking about for a while was activated on the system, and since that it is not possible to deposit any ores without having an associated smart contract. As a system rule, currently only VICR smart contracts can be associated with ore deposits and nothing else can trigger ore deposit. Since new type smart contracts can be initiated only with community consensus and this rule which we proposed long time ago built into the system, unauthorized smart contracts can't exists on the system. If you see any other ore deposit in the blockchain then the VICR related ones then that is a fraudulent transaction and as such it will be cancelled. 

That means until the live, paid broadcasting start only the VICR related coins will be issued on the system, and therefore only a VICR smart contract can be associated with an ore deposit. Once the live video streaming start then the streaming nodes will receive coins as well for providing processing power and bandwidth, but their contract class is "B". The "A" priority class VICR contracts are the first in the queue when the models cash out and buy GDC for a minimum of US$ 1.00 - the video streaming server nodes must wait with selling their GDC until the VICR contracts has been paid off. By enforcing this built in business rule the system ensures that the VICR angel investors are paid first.

How many VICR contracts will be issued? We are talking to two angel investors outside of the crypto world, but I can't see we sell more than 200 contracts all together, which result in less than 200,000 GDC.

mtomcdev
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July 02, 2015, 02:25:52 PM
 #277

Another question was "What is the difference between GDC and GDT?"

GDC is GadgetCoin and GDT is GadgetToken. We have already explained the role of GDC - the broadcasters must pay the network fee in GDC. GDC is a purpose built digital currency to collect fees (like Ethereum does with the gas).

GadgetToken (GDT) is like Bitshare's BitUSD, and it is our centralized solution for the volatility problem. When we started to talk to businesses about Internet of Things device micropayments, the main issue was the volatility of digital currencies. Adult camera services and other more mainstream businesses such as security providers and CCTV system integrators are unable to run a business using a volatile digital currency. From a business viewpoint the volatility of digital currencies are simply unacceptable, therefore we must peg something to 1 US$. This pegged entity is GDT on the GadgetNet network. End users such as viewers of the adult live shows know nothing about GDC (most of them have hardly heard about Bitcoin), and when they want to watch a live show then they will have to buy GDT for a 1 US$ per token price by paying with Bitcoin or US dollar, Euro GBP, etc. When the models cash out the system buys the GDT from the model for a US$ 1.00 per token price and burns the token (if there is no new buy request from viewers).
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July 02, 2015, 08:35:14 PM
 #278

It seems to me all VICR contracts gone through, but please let us know if you have any issues.
mtomcdev
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July 02, 2015, 10:14:49 PM
 #279

It was a question how to view items in the blockchain. This picture hopefully explains it.



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July 02, 2015, 11:17:24 PM
 #280

I am setting up a studio and hiring adult web camera models. If you refer a model I pay
5 BTC
referral fee. I asked the devs and according to them we can set up a smart contract to pay out the referral fee from my studio's earnings.
My studio is in Budapest, Hungary and primarily we are interested in East European models, preferably from Hungary, Romania, Ukraine and Slovakia. We provide apartment, laptop, high quality HD camera, working visa for the Ukrainians and up to 70% share from their gross earnings.

Please send me message if you know someone and are interested working with my studio.
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