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

[Netzer]

Devs! would you confirm can we set-up contract in the software to pay the referral fee? When the model start working pay somehow the referral.

I also don't know what if I am a VICR owner? I bought a VICR contract. If I have a studio, can I still buy a ViCR contract and pay the network fee in GDC from my own VICR contract?

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[mtomcdev]

Devs! would you confirm can we set-up contract in the software to pay the referral fee? When the model start working pay somehow the referral.

I also don't know what if I am a VICR owner? I bought a VICR contract. If I have a studio, can I still buy a ViCR contract and pay the network fee in GDC from my own VICR contract?

Absolutely, we can define and activate a referral smart contract. I suggest to define a minimum revenue requirement which the model must generate in order to pay out the 5 BTC referral fee. You will have to sign the contract with your private key and then the system execute the contract when the target is reached.

You can buy VICR contract, but you are unable to pay your studio's network fee directly from your contract, fulfilling the contract is an automated process.

[jiefangqian]

perfect network

[altcoinUK]

I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.

I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00  price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.

Can VICR owners vote on this issue?

[chocobo]

Hey!

Two Questions.

Is there an offline wallet?

And why when I press "Create Wallet" does it say "Register your JIZZMO Account"? Is the VICR contract exclusive to JIZZMO?

Thanks!

[delulo]

Lots to read here

First of all, thank you for what seems like a serious project with a long term perspective! IoT is a big one! I just read this report yesterday: http://www.finextra.com/finextra-downloads/newsdocs/The%20Fintech%202%200%20Paper.PDF

A few questions:
1. Do you plan to make your names public (sometimes in the future (when a company has been built))?
2. How are the plans to monetize the project? Through a consultancy model? Through forging and owning GDC?
3. What gives value to the gadgetcoins? Only that they are burned when the gadget blockchain is used?
4. What is the supply curve for forging GDC? Is it linear?
5. Since the big guys (IBM etc.) are working on this too. What would you say is your competitive advantage? What use cases are you targeting that suit your competitive advantage and that IBM etc. are maybe not targeting?

Lots of questions I know. You don't have to answer all of them, especially if you are not comfortable answering them! But I am very interested in what you do!

[mtomcdev]

Hey!

Two Questions.

Is there an offline wallet?

And why when I press "Create Wallet" does it say "Register your JIZZMO Account"? Is the VICR contract exclusive to JIZZMO?

Thanks!

No, it is a generic GadgetNet account, the "JIZZMO Account" is an error. Thanks for pointing this out and we fixed the problem, the update will be rolled out later today.

As for the offline wallet, there is no offline wallet in this moment of time.
We explained earlier that the system has been written from scratch, there is zero code from Bitcoin nor Litecoin nor others (though we have inspired by all great techs like Bitcoin, Bitshares and Ethereum just to mention a few). As this is a completely new smart contract system we must make sure this is a stable system before the open sourced P2P app is released in the public domain. The main purpose of this system is to work with real world businesses and real world use cases, and therefore the system must be bullet proof when it handles businesses' money just like Bitcoin is stable enough to handle transactions. Once it is clear that everything works as it is intended then we will roll out the open source P2P app.
Please note the main apps like www.jizzmo.net and streemo.net will be never a P2P, those must be a centralized web app as the customers of those site know nothing about P2P apps - they just want to watch the models and gamers.

Other issue and I take this opportunity to explain it, that a feature must be finalized before we roll out the open sourced P2P wallet. The most urgent is to enable the consensus control module. I made the immense mistake of issuing 2 x 500 GDC for two community members by pushing through ore deposits without a proper consensus using the foundation account. I sincerely apologize for this, but this error highlights the issue about the inactive consensus control module. One of the main attributes of the system is that coins never ever issued without a proper consensus. Prior to releasing the P2P application the community must take over the consensus process in some form such as via delegates or the GDC foundation, and once it is sorted then the P2P app should work.

[mtomcdev]

Lots to read here

First of all, thank you for what seems like a serious project with a long term perspective! IoT is a big one! I just read this report yesterday: http://www.finextra.com/finextra-downloads/newsdocs/The%20Fintech%202%200%20Paper.PDF

A few questions:
1. Do you plan to make your names public (sometimes in the future (when a company has been built))?
2. How are the plans to monetize the project? Through a consultancy model? Through forging and owning GDC?
3. What gives value to the gadgetcoins? Only that they are burned when the gadget blockchain is used?
4. What is the supply curve for forging GDC? Is it linear?
5. Since the big guys (IBM etc.) are working on this too. What would you say is your competitive advantage? What use cases are you targeting that suit your competitive advantage and that IBM etc. are maybe not targeting?

Lots of questions I know. You don't have to answer all of them, especially if you are not comfortable answering them! But I am very interested in what you do!

Thanks for your questions and great to see you in this thread!

Thanks for pointing out the Fintech document. We sent just recently a brochure to Santander to offer our consultancy service in distributed ledgers, device micropayments and assist the banks to implement blockchain based ledgers. This leads to the answer of your question 2. The plan is to monetize
a) by providing consultancy services for financial institutions and mainly to IoT system integrators who wish to build services on the GadgetNet blockchain. The adult and gamers themes are important for the project, but in long term we would like to be a generic IoT blockchain to enable the implementation of all type of professional and industrial services on the GadgetNet blockchain. Then, we will be there to assist bussinesses with our consultancy service.
b) From advertisements. Amazon's 1 billion dollar investment in twitch.tv indicates that there is money in live video streaming advertisements. We can do a few things better than twitch.tv does and we believe we can generate advertisement revenue on the platform, in both with the adult service jizzmo.net and the gamers service streemo.net.

As for other questions
1) Once the live streaming and FIAT processing start at the end of July, a legal and properly formed business must involve with the project, and then the participants will be known, though some of the developers wish to keep contributing anonymously.

3) I think what gives value to GDC are that the coins will be burned upon purchasing them from the coin holders as well as the real use case triggered ongoing demand will presumably establish a trust, and the public trust probably will increase the price

4) I am not sure if I understand correctly the economics of this, but I believe it is not linear, with increasing number of broadcasters it will be an increasing forging process

5) It is always a slippery slope for noname, start-up software developers to explain how we will take on IBM, Oracle and Microsoft - regardless of this we can't wait for the opportunity of the demonstrating of our over ambitious plan, so the answer is, of course we will be able to compete with IBM   On the serious note, we believe IBM has overlooked two very important aspects of the system design, and it seems IoT system integrators agree with us on this.

a) the system must be able to comply with laws and regulations such as money laundering regulations, and must be accessible to law enforcement if and when it is required. Without this no IoT system integrator nor real world business will touch the IoT blockchain. Of course one can run GadgetNet without enabling those modules and serve the darknet, but we designed the system that the default configuration is to comply with regulations and law enforcement. IBM's ADEPT system simply doesn't do that. Of course one can build services on the IBM system to satisfy regulatory requirements but GadgetNet does this by default (that's why we have centralized trusted nodes by default)

b) The bigger issue with IBM's sytem is, they overlooked the requirement for privacy. IoT system integrators won't touch the system when financial data is traceable in the block chain and an observer can figure out e.g. a CCTV camera activities and performed how much transactions and when. Gadgetnet address this issue by introducing the private/public blockchain concept. We explained this in our white paper and in our blog at http://bit.ly/1FXIihV.

We shared our view on regulatory and privacy requirements with Paul Brody, chief scientist of IBM and I think they are thinking about how to progress (though Brody is already gone to EY).

I am sorry for the long winded reply, but these are important questions.

[mtomcdev]

I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.

I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00  price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.

Can VICR owners vote on this issue?

There are quite a few user requests about the exchanges. It seems there are more pros than cons for listing the coin on the exchanges.

[altcoinUK]

I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.

I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00  price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.

Can VICR owners vote on this issue?

There are quite a few user requests about the exchanges. It seems there are more pros than cons for listing the coin on the exchanges.

OK, sounds good, lets do this then.

Have you seen this? http://bit.ly/1Uh35YF

Should the GadgetCoin development board use a Trusted Zone chip?

[mtomcdev]

I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.

I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00  price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.

Can VICR owners vote on this issue?

There are quite a few user requests about the exchanges. It seems there are more pros than cons for listing the coin on the exchanges.

OK, sounds good, lets do this then.

Have you seen this? http://bit.ly/1Uh35YF

Should the GadgetCoin development board use a Trusted Zone chip?

It should and we have been working on it. We tested this one http://www.atmel.com/products/microcontrollers/ARM/sama5.aspx?tab=overview and it seems this is a good choice.

The only reason we have not using it on the current board is that Trust Zone mcus were not available last year when we designed the development board. The new version will be with Trust Zone ARM.

[tzpardi]

Hey!

Two Questions.

Is there an offline wallet?

And why when I press "Create Wallet" does it say "Register your JIZZMO Account"? Is the VICR contract exclusive to JIZZMO?

Thanks!

No, it is a generic GadgetNet account, the "JIZZMO Account" is an error. Thanks for pointing this out and we fixed the problem, the update will be rolled out later today.

As for the offline wallet, there is no offline wallet in this moment of time.
We explained earlier that the system has been written from scratch, there is zero code from Bitcoin nor Litecoin nor others (though we have inspired by all great techs like Bitcoin, Bitshares and Ethereum just to mention a few). As this is a completely new smart contract system we must make sure this is a stable system before the open sourced P2P app is released in the public domain. The main purpose of this system is to work with real world businesses and real world use cases, and therefore the system must be bullet proof when it handles businesses' money just like Bitcoin is stable enough to handle transactions. Once it is clear that everything works as it is intended then we will roll out the open source P2P app.
Please note the main apps like www.jizzmo.net and streemo.net will be never a P2P, those must be a centralized web app as the customers of those site know nothing about P2P apps - they just want to watch the models and gamers.

Other issue and I take this opportunity to explain it, that a feature must be finalized before we roll out the open sourced P2P wallet. The most urgent is to enable the consensus control module. I made the immense mistake of issuing 2 x 500 GDC for two community members by pushing through ore deposits without a proper consensus using the foundation account. I sincerely apologize for this, but this error highlights the issue about the inactive consensus control module. One of the main attributes of the system is that coins never ever issued without a proper consensus. Prior to releasing the P2P application the community must take over the consensus process in some form such as via delegates or the GDC foundation, and once it is sorted then the P2P app should work.

Activating the consensus control should be one of the priorities from now.

[albert_mt]

i spoke to a Livejasmin model. she will get the money end of the month from jasmin, after she can join to Gadgetnet and www.Jizzmo.net!!!!!!
it was very easy, she said jasmin is taking to much money from the models. she will tell other models to come. This can be huge!!!!!!   

[Bitcoinman777]

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.

So basically you want to abuse young woman by selling their body and earn some money and offcourse get some goodies. WOW big up!

[Netzer]

Wow, strange view. currently the models work for other studios like one of East-Europe richest men Gyorgy Gattyan studios in Romania and Hungary. Gattyan is the owner of LiveJasmin and his studios pay USD 10-15 per hour for the models. do you research first. if you do your research you will see Romanian studios exploiting girls and pay only 5 USD per hour in Bucharest studios. I offer for the models 70% of their earnings. why is abusing to pay 70% from their earning when other studios hardly pay 20%?

[albert_mt]

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.

So basically you want to abuse young woman by selling their body and earn some money and offcourse get some goodies. WOW big up!

i think what he wants is to get models from existing studios and pay lot more for the models what the existing studios pay.

[mtomcdev]

i spoke to a Livejasmin model. she will get the money end of the month from jasmin, after she can join to Gadgetnet and www.Jizzmo.net!!!!!!
it was very easy, she said jasmin is taking to much money from the models. she will tell other models to come. This can be huge!!!!!!   

Thank you for your support.

[meandme]

In the VIDC100HOURS Terms and Conditions ,i have somethings not clear.
1, when i buy VIDC100HOURS ,i get 900 ores, and this 900 ores could forge into GadgetCoin.
After I forge into GDC, I still have the VIDC100HOURS contracts? Am i still the Contract owner?
And still get the GadgetTokens? As below says:
    vi. Allocating the daily commission pool (DCP) to the VIDC100HOURS contracts equally.  For example, if daily commission pool (DCP) is 1,000 GadgetTokens and there are 100 existing VIDC100HOURS contracts on the Network, then each VIDC100HOURS contract balance will be increased by 10 GadgetToken.
    vii. Paying out the commission to the Contract Owner. For example, if each VIDC100HOURS contract receives 10 GadgetToken and the Contract Owner owns 5 VIDC100HOURS contracts then the  Contract Owner receives 50 GadgetToken.
2, Buying VIDC100HOURS get profits from the GDC price rise, or the daily GadgetToken back ?
3,  as it says
  ix. Calculating the total number of daily base of the commission per each VIDC100HOURS contract.  Once the total number of daily base for the commission reaches 100 hours then the contract is marked as completed and will be terminated by the Network.
As times goes by, all the VIDC100HOURS will be marked completed . And there will be no VIDC100HOURS holder.  what is your plan after that time.?

waiting for you·

[mtomcdev]

In the VIDC100HOURS Terms and Conditions ,i have somethings not clear.
1, when i buy VIDC100HOURS ,i get 900 ores, and this 900 ores could forge into GadgetCoin.
After I forge into GDC, I still have the VIDC100HOURS contracts? Am i still the Contract owner?
And still get the GadgetTokens? As below says:
   vi. Allocating the daily commission pool (DCP) to the VIDC100HOURS contracts equally.  For example, if daily commission pool (DCP) is 1,000 GadgetTokens and there are 100 existing VIDC100HOURS contracts on the Network, then each VIDC100HOURS contract balance will be increased by 10 GadgetToken.
    vii. Paying out the commission to the Contract Owner. For example, if each VIDC100HOURS contract receives 10 GadgetToken and the Contract Owner owns 5 VIDC100HOURS contracts then the  Contract Owner receives 50 GadgetToken.
2, Buying VIDC100HOURS get profits from the GDC price rise, or the daily GadgetToken back ?
3,  as it says
 ix. Calculating the total number of daily base of the commission per each VIDC100HOURS contract.  Once the total number of daily base for the commission reaches 100 hours then the contract is marked as completed and will be terminated by the Network.
As times goes by, all the VIDC100HOURS will be marked completed . And there will be no VIDC100HOURS holder.  what is your plan after that time.?

waiting for you·

Yes, of course you have the contract until the 5% commission of 100 Hours streaming for a minimum of US$ 900.00 is completed. The system pays off the 5% based on the Contract ID, and therefore you must have the contract. The 900 GDC is only the medium of exchange to facilitate a transaction between the models' smart contracts and VICR smart contracts. I know it sounds complicated, but implementation wise it is a relatively simple smart contract.  

The reason the contract was complicated with the forging is because this way every steps of the process are traceable, auditable and verifiable. The models/broadcasters must buy GDC in order to cash out - otherwise they simply unable to get their cash and since only VICR contracts have GDC (or even if others would have GDC the VICR contracts are the first in the queue of selling GDC to the broadcasters) with this mechanism we can address traceability and audit requirements.

Also, combining the contract with forging allows speculative manoeuvres with the contract. For example, as we have explained already, if you expect a higher price than US$ 1.00 then you can pause the execution of the contract, wait until the GDC price reaches our 6 months target which is US$ 5.00 and then start selling the GDC to the models. In this case, let say if the price is US$ 5.00 you will get the US$ 900.00 for the contract by selling only 180 GDC, and the remaining 720 GDC you can sell for the price of US$ 3,600 permit the price is US$ 5.00.

Please let us know if you have any questions.

[meandme]

In the VIDC100HOURS Terms and Conditions ,i have somethings not clear.
1, when i buy VIDC100HOURS ,i get 900 ores, and this 900 ores could forge into GadgetCoin.
After I forge into GDC, I still have the VIDC100HOURS contracts? Am i still the Contract owner?
And still get the GadgetTokens? As below says:
   vi. Allocating the daily commission pool (DCP) to the VIDC100HOURS contracts equally.  For example, if daily commission pool (DCP) is 1,000 GadgetTokens and there are 100 existing VIDC100HOURS contracts on the Network, then each VIDC100HOURS contract balance will be increased by 10 GadgetToken.
    vii. Paying out the commission to the Contract Owner. For example, if each VIDC100HOURS contract receives 10 GadgetToken and the Contract Owner owns 5 VIDC100HOURS contracts then the  Contract Owner receives 50 GadgetToken.
2, Buying VIDC100HOURS get profits from the GDC price rise, or the daily GadgetToken back ?
3,  as it says
 ix. Calculating the total number of daily base of the commission per each VIDC100HOURS contract.  Once the total number of daily base for the commission reaches 100 hours then the contract is marked as completed and will be terminated by the Network.
As times goes by, all the VIDC100HOURS will be marked completed . And there will be no VIDC100HOURS holder.  what is your plan after that time.?

waiting for you·

Yes, of course you have the contract until the 5% commission of 100 Hours streaming for a minimum of US$ 900.00 is completed. The system pays off the 5% based on the Contract ID, and therefore you must have the contract. The 900 GDC is only the medium of exchange to facilitate a transaction between the models' smart contracts and VICR smart contracts. I know it sounds complicated, but implementation wise it is a relatively simple smart contract.  

The reason the contract was complicated with the forging is because this way every steps of the process are traceable, auditable and verifiable. The models/broadcasters must buy GDC in order to cash out - otherwise they simply unable to get their cash and since only VICR contracts have GDC (or even if others would have GDC the VICR contracts are the first in the queue of selling GDC to the broadcasters) with this mechanism we can address traceability and audit requirements.

Also, combining the contract with forging allows speculative manoeuvres with the contract. For example, as we have explained already, if you expect a higher price than US$ 1.00 then you can pause the execution of the contract, wait until the GDC price reaches our 6 months target which is US$ 5.00 and then start selling the GDC to the models. In this case, let say if the price is US$ 5.00 you will get the US$ 900.00 for the contract by selling only 180 GDC, and the remaining 720 GDC you can sell for the price of US$ 3,600 permit the price is US$ 5.00.

Please let us know if you have any questions.

So if I don't pause the execution of VIDC100HOURS, my GDCs will be automatic sold out partly everyday ?
GadgetToken could be got every day?  this is no GadgetToken either I pause the contracts or not ?