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mtomcdev (OP)
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September 11, 2015, 01:22:17 AM
Last edit: September 11, 2015, 01:33:23 AM by mtomcdev |
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UPDATE
The software development is progressing and the new features (trade integration to sell coins from the wallet, company share management, etc) will be released early next week. There are many very exciting developments in the software front and we hope the community will be happy with the progress which was very slow in the summer but we will try to speed everything up from now.
With regards to business matters, the legal structure of the decentralized company has been finalized. This was a very slow process but finally the bank account of our US company was opened yesterday and it is ready to process transactions for the sites (jizzmo,, streemo). Due to the fact that we are not US citizens the dealing with IRS as well as the bank account and company set up process was very slow. Why in the US? We thought being a presence in the United States is very important. We have already contacts in the Silicon Valley and once the platform is operational we believe that will be an interest from US based Venture Capitalists and US angel investors. These investors are normally reluctant to invest in a foreign company.
As it was posted in this thread before, the VICR owners will be having shares in the decentralized autonomous company. Please note, as we stated it many time this is not a public offering of securities, that's why we have never said anything specific about this except that we would be glad to form partnership with our supporters. The VICR investors took a gamble in buying VICR contracts, we recognize and appreciate that and we intend to create a business structure that rewards the early stage investors with a well deserved ROI.
We propose the structure will be the following:
a) The current shareholders of the company are the developers and VICR owners. At the start of the process only developers and VICR owners will be having shares, but later when the VICR GDGC gone, the shareholders can sell their shares without any restrictions.
b)There will be a decentralized autonomous company (DAC) which is a virtual entity. The DAC will be the main platform for making decisions with regards to company matters. The company handling from investor viewpoint such as voting can be done in the wallet.
The ownership, voting and messages are verified by the digital signature of the GDC account holder. All decisions of the DAC will be enforced by the physical company. For instance, if the shareholders decide via the DAC to pay US$ 0.001 per share dividend for the fiscal year then the physical company will enforce this decision by paying out the money.
c) The shares in the decentralized autonomous company will be directly correlated with the shares of the physical company. That means if the wallet indicates you have e.g. 1,000,000 shares then the same amount of shares will be registered for you - directly under your name or via delegates in case of anonymous holding- in the share register of the physical company.
d) There are two physical companies, which are already legally registered in he US, lets call them here company A and B.
Company A is doing the actual business with jizzmo, streemo and all IoT technology projects. Company B holds 100% ownership in company A. The reason of that so we can put forward company A to bring in further VC or angel investments. (VCs and angels wouldn't deal with many individual owners). Therefore, the VICR owners will be allocated with shares in company B, but company B will own 100% of the shares of company A.
e) All intellectual property rights and income rights with regards to GadgetNet, GadgetCoin, jizzmo, streemo, etc. will be solely assigned to company A, but again effectively company B and its shareholders will own everything.
f) The ownership in company B could be anonymous or associated with the personal details of the shareholder. If the VICR owner provide name, address, phone, email, etc details in the wallet then company B will keep the personal details associated with the shares in the share register. If the VICR owner wish to be remain anonymous then that's fine - that's one of the main purposes of having a DAC. In case of anonymous holding the ownership will be managed and guaranteed via a delegate account. The representatives of the delegate account will be elected by the community and developers. At the beginning the developers will handle this task, but the objective is to elect the representatives as soon as it is possible.
There is no need to be making a decision right now whether the shareholding is anonymous or not. The VICR owners can provide the personal details at any time in the future to ensure the shareholding is recorded in the company's share register if they wish to do so. We let the VICR owners decide whether they will be holding the shares anonymously or not. One of the main advantage of a virtual decentralized autonomous company that it allows anonymous shareholding via the cryptographically verified ownership, on the other hand many rights and actions in the real world could be enforced with personal details only (e.g. to inherit the shares). We think the delegate system will provide sufficient security terms of ownership and presumably the system will be tweaked as we will be taking your suggestions on board.
g) Company A has 100 shares which owned 100% by company B.
Company B is having 1,000,000,000 (one billion) shares. Currently 50.1% of the shares is owned by the developers.
30% of the shares is owned by nobody at this stage and it is allocated to bring in further investment.
20% of the shares will be distributed to the VICR owners. That means each GadgetCoin is entitled the owner for 2,000 shares. For example, if you have received 1,000 GDGC with the VICR contract then there will be 2,000,000 shares allocated in relation to the VICR contract. Since there is circa 97,000 GDGC exists, all owned by the VICR holders, there will be almost 200 million shares allocated to the VICR owners which represents roughly 20% ownership in company B. The number of shares is directly associated with the coins received via the VICR contracts.
f) Since the forging will be disabled until the VICR GDGC was gone if you sell the GDGC then the shares will be transferred to the new owner of the coin. Once all VICR GDGC gone then the share sell/purchase function will be enabled in the wallet so the shares can be sold at any time and price.
Please let us know if you have any questions as well as your opinion, we can discuss it in PM, at Slack or here in the public thread and your suggestions will be taken on board to come up with the final structure.
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chocobo
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September 11, 2015, 06:26:42 AM |
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UPDATE
The software development is progressing and the new features (trade integration to sell coins from the wallet, company share management, etc) will be released early next week. There are many very exciting developments in the software front and we hope the community will be happy with the progress which was very slow in the summer but we will try to speed everything up from now.
With regards to business matters, the legal structure of the decentralized company has been finalized. This was a very slow process but finally the bank account of our US company was opened yesterday and it is ready to process transactions for the sites (jizzmo,, streemo). Due to the fact that we are not US citizens the dealing with IRS as well as the bank account and company set up process was very slow. Why in the US? We thought being a presence in the United States is very important. We have already contacts in the Silicon Valley and once the platform is operational we believe that will be an interest from US based Venture Capitalists and US angel investors. These investors are normally reluctant to invest in a foreign company.
As it was posted in this thread before, the VICR owners will be having shares in the decentralized autonomous company. Please note, as we stated it many time this is not a public offering of securities, that's why we have never said anything specific about this except that we would be glad to form partnership with our supporters. The VICR investors took a gamble in buying VICR contracts, we recognize and appreciate that and we intend to create a business structure that rewards the early stage investors with a well deserved ROI.
We propose the structure will be the following:
a) The current shareholders of the company are the developers and VICR owners. At the start of the process only developers and VICR owners will be having shares, but later when the VICR GDGC gone, the shareholders can sell their shares without any restrictions.
b)There will be a decentralized autonomous company (DAC) which is a virtual entity. The DAC will be the main platform for making decisions with regards to company matters. The company handling from investor viewpoint such as voting can be done in the wallet.
The ownership, voting and messages are verified by the digital signature of the GDC account holder. All decisions of the DAC will be enforced by the physical company. For instance, if the shareholders decide via the DAC to pay US$ 0.001 per share dividend for the fiscal year then the physical company will enforce this decision by paying out the money.
c) The shares in the decentralized autonomous company will be directly correlated with the shares of the physical company. That means if the wallet indicates you have e.g. 1,000,000 shares then the same amount of shares will be registered for you - directly under your name or via delegates in case of anonymous holding- in the share register of the physical company.
d) There are two physical companies, which are already legally registered in he US, lets call them here company A and B.
Company A is doing the actual business with jizzmo, streemo and all IoT technology projects. Company B holds 100% ownership in company A. The reason of that so we can put forward company A to bring in further VC or angel investments. (VCs and angels wouldn't deal with many individual owners). Therefore, the VICR owners will be allocated with shares in company B, but company B will own 100% of the shares of company A.
e) All intellectual property rights and income rights with regards to GadgetNet, GadgetCoin, jizzmo, streemo, etc. will be solely assigned to company A, but again effectively company B and its shareholders will own everything.
f) The ownership in company B could be anonymous or associated with the personal details of the shareholder. If the VICR owner provide name, address, phone, email, etc details in the wallet then company B will keep the personal details associated with the shares in the share register. If the VICR owner wish to be remain anonymous then that's fine - that's one of the main purposes of having a DAC. In case of anonymous holding the ownership will be managed and guaranteed via a delegate account. The representatives of the delegate account will be elected by the community and developers. At the beginning the developers will handle this task, but the objective is to elect the representatives as soon as it is possible.
There is no need to be making a decision right now whether the shareholding is anonymous or not. The VICR owners can provide the personal details at any time in the future to ensure the shareholding is recorded in the company's share register if they wish to do so. We let the VICR owners decide whether they will be holding the shares anonymously or not. One of the main advantage of a virtual decentralized autonomous company that it allows anonymous shareholding via the cryptographically verified ownership, on the other hand many rights and actions in the real world could be enforced with personal details only (e.g. to inherit the shares). We think the delegate system will provide sufficient security terms of ownership and presumably the system will be tweaked as we will be taking your suggestions on board.
g) Company A has 100 shares which owned 100% by company B.
Company B is having 1,000,000,000 (one billion) shares. Currently 50.1% of the shares is owned by the developers.
30% of the shares is owned by nobody at this stage and it is allocated to bring in further investment.
20% of the shares will be distributed to the VICR owners. That means each GadgetCoin is entitled the owner for 2,000 shares. For example, if you have received 1,000 GDGC with the VICR contract then there will be 2,000,000 shares allocated in relation to the VICR contract. Since there is circa 97,000 GDGC exists, all owned by the VICR holders, there will be almost 200 million shares allocated to the VICR owners which represents roughly 20% ownership in company B. The number of shares is directly associated with the coins received via the VICR contracts.
f) Since the forging will be disabled until the VICR GDGC was gone if you sell the GDGC then the shares will be transferred to the new owner of the coin. Once all VICR GDGC gone then the share sell/purchase function will be enabled in the wallet so the shares can be sold at any time and price.
Please let us know if you have any questions as well as your opinion, we can discuss it in PM, at Slack or here in the public thread and your suggestions will be taken on board to come up with the final structure.
Sounds great! I will let you know if I have any questions. |
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albert_mt
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September 11, 2015, 09:42:25 AM |
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Thanks devs for organizing the DAC  |
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altcoinUK
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September 11, 2015, 10:20:17 AM |
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@mtomcdev
I think essentially the structure does make sense and thanks for organising it, except my concern is that wouldn't be this an illegal securities offering in the United States? I am not sure just asking. I have contacted our lawyer in the US but he has no idea what the implication of attaching shares to a digital currency trade. Generally speaking perhaps it is not illegal to sell for example a house and assign some company shares as well to the buyers as a bonus to incentivize the purchase, but perhaps it is a slippery slope. I am concerned because if this project will be successful - we all hope it will be - then there will be always somebody who try to destroy it and could request an investigation from the US financial authorities. I am not saying it is illegal securities offering, just asking.
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zsp
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September 11, 2015, 10:33:53 AM |
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UPDATE
Thank you for the update! |
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zsp
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September 11, 2015, 10:51:48 AM |
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@mtomcdev
I think essentially the structure does make sense and thanks for organising it, except my concern is that wouldn't be this an illegal securities offering in the United States? I am not sure just asking. I have contacted our lawyer in the US but he has no idea what the implication of attaching shares to a digital currency trade. Generally speaking perhaps it is not illegal to sell for example a house and assign some company shares as well to the buyers as a bonus to incentivize the purchase, but perhaps it is a slippery slope. I am concerned because if this project will be successful - we all hope it will be - then there will be always somebody who try to destroy it and could request an investigation from the US financial authorities. I am not saying it is illegal securities offering, just asking.
I am positive that it isn't an illegal securities offering. The shareholders sell the share not the company. The sell of the share on the open market by the shareholder doesn't constitute a breach of securities law. You are free to sell your property any time. We have discussed that many times in different threads. The law is applicable only to the company that raise capital by selling unregistered shares to unregistered investors. |
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Netzer
Member
 Offline
Activity: 81
Merit: 10
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September 11, 2015, 12:19:16 PM |
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wow, I didn't expect to have shares when i bought the vicr contract, but that's cool  thanks! |
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tobeaj2mer01
Legendary
Offline
Activity: 1098
Merit: 1000
Angel investor.
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September 12, 2015, 01:53:59 AM |
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wow, I didn't expect to have shares when i bought the vicr contract, but that's cool thanks! I followed this project from the very beginning, it's a very promising project with good team members, you will get more than you expect later. |
Sirx: SQyHJdSRPk5WyvQ5rJpwDUHrLVSvK2ffFa
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Wicked Sick
Member
Offline
Activity: 293
Merit: 10
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October 06, 2015, 07:46:33 PM |
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no post in 24day dead?
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mtomcdev (OP)
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October 07, 2015, 10:02:36 AM |
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no post in 24day dead?
Sorry for the lack of updates in the last few weeks. Many investors and users communicate with us in email and PMs, and we answer all messages promptly, but we should be active in this thread as well. We will provide at least weekly updates from now and as always, we will try answer any questions as soon as it is possible. Of course the project isn't dead. In fact we have too many work on our plate. All these work items and modules are interconnected and if one is having an issue then it delays the progress in all area. For instance, as it was posted we started to integrate all major open protocols. The integration was completed, but the performance was less than optimal. We fixed the issue but it was a 2 weeks work. Also, a major upgrade has been completed for our RTMP module. There was a security bug in one of the third party libraries and fixing the issue took 1 week. In the meantime we received a very good news about the CCTV camera integration from the client we mentioned in this thread before. It seems the company requires even more CCTV installation and to support this use case required some modifications on the user interface. The very slow progress is annoying, but hopefully soon, once the revenue is starting to inflow, we can work full time on GadgetCoin/GadgetNet, which will speed up everything. The DAC is ready to go and as it was indicated the investors will be getting shares. Nothing has changed regarding the DAC except that everything is in place terms of the software and legal structure. |
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altcoinUK
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October 07, 2015, 10:40:39 AM |
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The very slow progress is annoying
Thanks for the update! It's good to see the project is moving forward, but yes, the slow progress is annoying. I really don't want to harass you about the progress, but trying to push and deliver sooner than later is critical. I understand this team and project has been very methodical, not rushing and trying to bring completely new things to the market from the beginning, still delivery in timely manner is important. So far you are lucky because the progress of other IoT and crypto projects, never mind IBM is even slower, so you are still in a primary position. It would be great if we could utilize on the failures of others. I think, the very bad shape of crypto currencies provide this project with a unique opportunity to succeed, but it could only happen if the platform start processing IoT transactions. I know you are working and the technology is close to the breakthrough, but as with any technology projects this final phase is critical, and keep pushing is very important. |
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chocobo
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October 07, 2015, 09:45:31 PM |
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The very slow progress is annoying
Thanks for the update! It's good to see the project is moving forward, but yes, the slow progress is annoying. I really don't want to harass you about the progress, but trying to push and deliver sooner than later is critical. I understand this team and project has been very methodical, not rushing and trying to bring completely new things to the market from the beginning, still delivery in timely manner is important. So far you are lucky because the progress of other IoT and crypto projects, never mind IBM is even slower, so you are still in a primary position. It would be great if we could utilize on the failures of others. I think, the very bad shape of crypto currencies provide this project with a unique opportunity to succeed, but it could only happen if the platform start processing IoT transactions. I know you are working and the technology is close to the breakthrough, but as with any technology projects this final phase is critical, and keep pushing is very important. There isn't a need to rush. Have you ever developed something? When you get in a rush it isn't sustainable, and eventually your work will suffer. I get that you are impatient, but tell me how many other IoT hopefuls are working with W3C? Who is tailing Gadgetnet right now? You are wanting 'crypto scam dev' speed in the real world. I will happily buy your coins if you can't wait. |
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altcoinUK
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October 08, 2015, 12:13:25 PM |
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The very slow progress is annoying
Thanks for the update! It's good to see the project is moving forward, but yes, the slow progress is annoying. I really don't want to harass you about the progress, but trying to push and deliver sooner than later is critical. I understand this team and project has been very methodical, not rushing and trying to bring completely new things to the market from the beginning, still delivery in timely manner is important. So far you are lucky because the progress of other IoT and crypto projects, never mind IBM is even slower, so you are still in a primary position. It would be great if we could utilize on the failures of others. I think, the very bad shape of crypto currencies provide this project with a unique opportunity to succeed, but it could only happen if the platform start processing IoT transactions. I know you are working and the technology is close to the breakthrough, but as with any technology projects this final phase is critical, and keep pushing is very important. There isn't a need to rush. Have you ever developed something? When you get in a rush it isn't sustainable, and eventually your work will suffer. I get that you are impatient, but tell me how many other IoT hopefuls are working with W3C? Who is tailing Gadgetnet right now? You are wanting 'crypto scam dev' speed in the real world. I will happily buy your coins if you can't wait. It's quite unfortunate that my post indicated that I am having any doubts about this project. It's really not the case - quite the opposite. I understand the developers how good software engineers are, they are honest guys with integrity and vision to provide solution for the booming IoT field, and I have no doubt something really promising is being developing here. Since I fully subscribed to the plan of charging the users $10/GadgetCoin as well as I believe the business plan is clearly doable, I can see the potential of W3C, I am looking for a 3,000% ROI with GadgetCooin/GadgetNet as the minimum target, and therefore I am certainly not selling GadgetCoin at this stage. You are absolutely right terms of the scam devs vs. this project. These guys - with the skills they have - could easily roll out a BTC or LTC fork, make an IPO and then collect the money, rinse and repeat several times like many other devs have been doing that process for a while. Instead of the GDC devs have been spending their own money, free time at nights and weekends to create a solution from scratch by taking the risk which involve with such a new software development. When all those many hundreds BTC & LTC clone coins will be gone, then GadgetCoin/GadgetNet will be one of the few that remain to be exist. (In order to make that happen, the team needs to be consistent in delivery, which I am sure they will be, I just was reminding them about the importance of timely delivery). As for have I developed something, actually yes, quite a few software in the last 20-25 years, you can imagine how many software a person could develop during such time frame. I could be wrong, but the most important what I have learned is that we always need to push as hard as we can in order to succeed in this industry. And yes, you are absolutely correct that we need to be patient and understand that the devs work part time at this stage. I am very happy to be one of the supporters of this project. Very small community, but very good people like yourself, zsp, tobeaj2mer0, albert_mt, Netzer and all other supporters, it's a great community and as we are just at the beginning it will be even better. All together, I am really positive about the Devs and GadgetCoin. |
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albert_mt
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October 09, 2015, 01:19:58 AM |
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thanks for the update devs really appreciated!
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chocobo
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October 09, 2015, 10:31:54 AM |
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The very slow progress is annoying
Thanks for the update! It's good to see the project is moving forward, but yes, the slow progress is annoying. I really don't want to harass you about the progress, but trying to push and deliver sooner than later is critical. I understand this team and project has been very methodical, not rushing and trying to bring completely new things to the market from the beginning, still delivery in timely manner is important. So far you are lucky because the progress of other IoT and crypto projects, never mind IBM is even slower, so you are still in a primary position. It would be great if we could utilize on the failures of others. I think, the very bad shape of crypto currencies provide this project with a unique opportunity to succeed, but it could only happen if the platform start processing IoT transactions. I know you are working and the technology is close to the breakthrough, but as with any technology projects this final phase is critical, and keep pushing is very important. There isn't a need to rush. Have you ever developed something? When you get in a rush it isn't sustainable, and eventually your work will suffer. I get that you are impatient, but tell me how many other IoT hopefuls are working with W3C? Who is tailing Gadgetnet right now? You are wanting 'crypto scam dev' speed in the real world. I will happily buy your coins if you can't wait. It's quite unfortunate that my post indicated that I am having any doubts about this project. It's really not the case - quite the opposite. I understand the developers how good software engineers are, they are honest guys with integrity and vision to provide solution for the booming IoT field, and I have no doubt something really promising is being developing here. Since I fully subscribed to the plan of charging the users $10/GadgetCoin as well as I believe the business plan is clearly doable, I can see the potential of W3C, I am looking for a 3,000% ROI with GadgetCooin/GadgetNet as the minimum target, and therefore I am certainly not selling GadgetCoin at this stage. You are absolutely right terms of the scam devs vs. this project. These guys - with the skills they have - could easily roll out a BTC or LTC fork, make an IPO and then collect the money, rinse and repeat several times like many other devs have been doing that process for a while. Instead of the GDC devs have been spending their own money, free time at nights and weekends to create a solution from scratch by taking the risk which involve with such a new software development. When all those many hundreds BTC & LTC clone coins will be gone, then GadgetCoin/GadgetNet will be one of the few that remain to be exist. (In order to make that happen, the team needs to be consistent in delivery, which I am sure they will be, I just was reminding them about the importance of timely delivery). As for have I developed something, actually yes, quite a few software in the last 20-25 years, you can imagine how many software a person could develop during such time frame. I could be wrong, but the most important what I have learned is that we always need to push as hard as we can in order to succeed in this industry. And yes, you are absolutely correct that we need to be patient and understand that the devs work part time at this stage. I am very happy to be one of the supporters of this project. Very small community, but very good people like yourself, zsp, tobeaj2mer0, albert_mt, Netzer and all other supporters, it's a great community and as we are just at the beginning it will be even better. All together, I am really positive about the Devs and GadgetCoin. Glad to know we see it the same way |
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tobeaj2mer01
Legendary
Offline
Activity: 1098
Merit: 1000
Angel investor.
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October 10, 2015, 12:41:52 PM |
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no post in 24day dead?
Sorry for the lack of updates in the last few weeks. Many investors and users communicate with us in email and PMs, and we answer all messages promptly, but we should be active in this thread as well. We will provide at least weekly updates from now and as always, we will try answer any questions as soon as it is possible. Of course the project isn't dead. In fact we have too many work on our plate. All these work items and modules are interconnected and if one is having an issue then it delays the progress in all area. For instance, as it was posted we started to integrate all major open protocols. The integration was completed, but the performance was less than optimal. We fixed the issue but it was a 2 weeks work. Also, a major upgrade has been completed for our RTMP module. There was a security bug in one of the third party libraries and fixing the issue took 1 week. In the meantime we received a very good news about the CCTV camera integration from the client we mentioned in this thread before. It seems the company requires even more CCTV installation and to support this use case required some modifications on the user interface. The very slow progress is annoying, but hopefully soon, once the revenue is starting to inflow, we can work full time on GadgetCoin/GadgetNet, which will speed up everything. The DAC is ready to go and as it was indicated the investors will be getting shares. Nothing has changed regarding the DAC except that everything is in place terms of the software and legal structure. Glad to hear these new |
Sirx: SQyHJdSRPk5WyvQ5rJpwDUHrLVSvK2ffFa
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altcoinUK
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October 13, 2015, 04:45:21 PM
Last edit: October 13, 2015, 09:00:00 PM by altcoinUK |
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Sorry for the previous post about Armstrong. It was intended to the economy section Armstrong thread.
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mtomcdev (OP)
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October 20, 2015, 09:44:26 AM |
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Due to upgrading the server nodes and applying patches the wallet and web sites will be off line for very shortly.
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