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

[mtomcdev]

how you going to compete with ethereum and bitbay? too many coins try to do decentralized markets, exchanges, smart contracts.

No, GadgetCoin doesn't implement a decentralized market place, we are focusing only on one area and trying to do that very well, which is smart contracts on Internet of Things. Ethereum and BitBay are great projects and we don't compete with them, GadgetCoin will be more a complement to existing solutions. Even Ethereum and BitBay will be able to use our API, and we envision a mutually beneficial partnership with all digital currencies.

[1714168319]

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[1714168319]

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[Momimaus]

Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

[mtomcdev]

Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

Thank you for your question.

GadgetCoin has two roles.

1. It is a general digital currency and as such, it can be used to pay for services and to buy things just like with any other currency out there at the moment. It can also be traded on exchanges or directly from the GadgetCoin wallet for BTC/LTC. Most importantly, we hope our users will use it to pay for hardware services like hiring laundromats, self storage units or gym equipment.

2. GadgetCoin will be the currency to pay the network fees on the GadgetCoin network. Our hope is that eventually many millions of devices will use the network. Imagine a business that operates its security gate on the GadgetCoin network (whether as as public or isolated private network) that will have to pay network fees for validating the public keys of the users and performing other authentication functions. That particular gate will pay the network fees in GadgetCoin. It will be a very small fee, but as more and more hardware will use our network the demand for our coin will grow as well. I am mentioning the security gate because it was brought up today in a meeting that our first viable pilot project might be with a security company that is very interested in our technology and is willing to operate their gates on the Gadget network.

We are sorry for the confusion about the hardware-GadgetCoin dynamic.

As for the distribution, yes, initially the GadgetcCoin Foundation will have the coins, and as of now the distribution of the coins hasn't been finalized yet. We want to distribute the coins fairly to our supporters, investors, and people who help us to bring this idea to fruition even with small contributions like promoting it on twitter.

[Momimaus]

Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

Thank you for your question.

GadgetCoin has two roles.

1. It is a general digital currency and as such, it can be used to pay for services and to buy things just like with any other currency out there at the moment. It can also be traded on exchanges or directly from the GadgetCoin wallet for BTC/LTC. Most importantly, we hope our users will use it to pay for hardware services like hiring laundromats, self storage units or gym equipment.

2. GadgetCoin will be the currency to pay the network fees on the GadgetCoin network. Our hope is that eventually many millions of devices will use the network. Imagine a business that operates its security gate on the GadgetCoin network (whether as as public or isolated private network) that will have to pay network fees for validating the public keys of the users and performing other authentication functions. That particular gate will pay the network fees in GadgetCoin. It will be a very small fee, but as more and more hardware will use our network the demand for our coin will grow as well. I am mentioning the security gate because it was brought up today in a meeting that our first viable pilot project might be with a security company that is very interested in our technology and is willing to operate their gates on the Gadget network.

We are sorry for the confusion about the hardware-GadgetCoin dynamic.

As for the distribution, yes, initially the GadgetcCoin Foundation will have the coins, and as of now the distribution of the coins hasn't been finalized yet. We want to distribute the coins fairly to our supporters, investors, and people who help us to bring this idea to fruition even with small contributions like promoting it on twitter.

Alright, understand.

But the hardware will be sold by you?

Ok, I know the distribution is not decided yet, that´s a good thing.
Just to beware you from a huge shitstorm. If you gonna sell the coins by demand and hold the rest (majority), guys will gonna crazy and don´t wanna participate. A kind of similar thing did Ripple and it´s hated therefore.

I think the best solution is to take your time, and discuss this with the community and decide afterwards what is best for you.

Good luck from my side, I will stay close.

[gadgetcoin]

Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

Thank you for your question.

GadgetCoin has two roles.

1. It is a general digital currency and as such, it can be used to pay for services and to buy things just like with any other currency out there at the moment. It can also be traded on exchanges or directly from the GadgetCoin wallet for BTC/LTC. Most importantly, we hope our users will use it to pay for hardware services like hiring laundromats, self storage units or gym equipment.

2. GadgetCoin will be the currency to pay the network fees on the GadgetCoin network. Our hope is that eventually many millions of devices will use the network. Imagine a business that operates its security gate on the GadgetCoin network (whether as as public or isolated private network) that will have to pay network fees for validating the public keys of the users and performing other authentication functions. That particular gate will pay the network fees in GadgetCoin. It will be a very small fee, but as more and more hardware will use our network the demand for our coin will grow as well. I am mentioning the security gate because it was brought up today in a meeting that our first viable pilot project might be with a security company that is very interested in our technology and is willing to operate their gates on the Gadget network.

We are sorry for the confusion about the hardware-GadgetCoin dynamic.

As for the distribution, yes, initially the GadgetcCoin Foundation will have the coins, and as of now the distribution of the coins hasn't been finalized yet. We want to distribute the coins fairly to our supporters, investors, and people who help us to bring this idea to fruition even with small contributions like promoting it on twitter.

Alright, understand.

But the hardware will be sold by you?

Ok, I know the distribution is not decided yet, that´s a good thing.
Just to beware you from a huge shitstorm. If you gonna sell the coins by demand and hold the rest (majority), guys will gonna crazy and don´t wanna participate. A kind of similar thing did Ripple and it´s hated therefore.

I think the best solution is to take your time, and discuss this with the community and decide afterwards what is best for you.

Good luck from my side, I will stay close.

Yes the hardware the will be sold by us. We have no intention of holding the coins, and we will try to work out a fair distribution system. I agree that discussing this with the community and then contemplating all the options on the table before moving forward is the best way. We're still looking for more feedback from the community, it would be a great help to us whenever someone participates and voices their opinion.

Thanks again for dropping by and commenting.

[albert_mt]

Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

Thank you for your question.

GadgetCoin has two roles.

1. It is a general digital currency and as such, it can be used to pay for services and to buy things just like with any other currency out there at the moment. It can also be traded on exchanges or directly from the GadgetCoin wallet for BTC/LTC. Most importantly, we hope our users will use it to pay for hardware services like hiring laundromats, self storage units or gym equipment.

2. GadgetCoin will be the currency to pay the network fees on the GadgetCoin network. Our hope is that eventually many millions of devices will use the network. Imagine a business that operates its security gate on the GadgetCoin network (whether as as public or isolated private network) that will have to pay network fees for validating the public keys of the users and performing other authentication functions. That particular gate will pay the network fees in GadgetCoin. It will be a very small fee, but as more and more hardware will use our network the demand for our coin will grow as well. I am mentioning the security gate because it was brought up today in a meeting that our first viable pilot project might be with a security company that is very interested in our technology and is willing to operate their gates on the Gadget network.

We are sorry for the confusion about the hardware-GadgetCoin dynamic.

As for the distribution, yes, initially the GadgetcCoin Foundation will have the coins, and as of now the distribution of the coins hasn't been finalized yet. We want to distribute the coins fairly to our supporters, investors, and people who help us to bring this idea to fruition even with small contributions like promoting it on twitter.

Alright, understand.

But the hardware will be sold by you?

Ok, I know the distribution is not decided yet, that´s a good thing.
Just to beware you from a huge shitstorm. If you gonna sell the coins by demand and hold the rest (majority), guys will gonna crazy and don´t wanna participate. A kind of similar thing did Ripple and it´s hated therefore.

I think the best solution is to take your time, and discuss this with the community and decide afterwards what is best for you.

Good luck from my side, I will stay close.

Yes the hardware the will be sold by us. We have no intention of holding the coins, and we will try to work out a fair distribution system. I agree that discussing this with the community and then contemplating all the options on the table before moving forward is the best way. We're still looking for more feedback from the community, it would be a great help to us whenever someone participates and voices their opinion.

Thanks again for dropping by and commenting.

my opinion is to distribute the coin in a fair way 50-50 between developers and community 
i am based in Luxembourg, we make living from financial services, this coin is a good idea. it target a massive market. devs lets share the profit with the community 

[altcoinUK]

@albert_mt

here we go ... another very questionable idea ... I was very confused in the BitBay thread from the lack of transparency, and now, I am getting confused here from the distribution of the coins. What kind of 50-50 deal are you talking about? Don't suggest a distribution that is lack of transparency, we had enough shady operations in the last 6 months in the altcoin market.

[albert_mt]

@albert_mt

here we go ... another very questionable idea ... I was very confused in the BitBay thread from the lack of transparency, and now, I am getting confused here from the distribution of the coins. What kind of 50-50 deal are you talking about? Don't suggest a distribution that is lack of transparency, we had enough shady operations in the last 6 months in the altcoin market.

i am a stock broker by trade and i don't know what shady operation is  projects like bitbay and this one sells. the money is in tech stocks. i have 4 clients that is looking for iot companies with a solid tech and team.

[altcoinUK]

@albert_mt

here we go ... another very questionable idea ... I was very confused in the BitBay thread from the lack of transparency, and now, I am getting confused here from the distribution of the coins. What kind of 50-50 deal are you talking about? Don't suggest a distribution that is lack of transparency, we had enough shady operations in the last 6 months in the altcoin market.

i am a stock broker by trade and i don't know what shady operation is  projects like bitbay and this one sells. the money is in tech stocks. i have 4 clients that is looking for iot companies with a solid tech and team.

I hate to break you the news mate, but please allow me to point out that this is not a stock - this is a fucking decentralized digital currency.

[Momimaus]

Keep calm bro. That´s not Bitbay, they haven´t decided anything.
Give them a chance.

Maybe you can propose a fair solution to them.

[altcoinUK]

Keep calm bro. That´s not Bitbay, they haven´t decided anything.
Give them a chance.

Maybe you can propose a fair solution to them.

Since 95% of the coins scam, therefore if I see this on the right way, we have to assume every new coin is scam  :-))) but you are absolutely right Momimaus, I shouldn't jump into conclusions before the devs decide on the distribution model. If the distribution will be fair, then that's a good start. I am a very unhappy VeriCoin supporter, but to be fair, their coin distribution was absolutely fair. On the other hand, fair distribution doesn't mean anything, see VeriCoin's last 4 months performance and current price. But if a coin has a long term plan, like these guys say they do, then in my opinion the fair start is very important. An ICO could be fair as well, if the team follow up and deliver. The problem is, such thing, the delivery never happened so far in crypto - at least I don't know any coins that started with ICO and delivered what was promised.

[albert_mt]

@albert_mt

here we go ... another very questionable idea ... I was very confused in the BitBay thread from the lack of transparency, and now, I am getting confused here from the distribution of the coins. What kind of 50-50 deal are you talking about? Don't suggest a distribution that is lack of transparency, we had enough shady operations in the last 6 months in the altcoin market.

i am a stock broker by trade and i don't know what shady operation is  projects like bitbay and this one sells. the money is in tech stocks. i have 4 clients that is looking for iot companies with a solid tech and team.

I hate to break you the news mate, but please allow me to point out that this is not a stock - this is a fucking decentralized digital currency.

i know it is not a stock    the bottom line is that i sell stocks and i know the demand for tech stocks. iot, m2m, connected apps are hot securities.

as the devs haven't decided yet on the distribution model, i can see a business opportunity in this one. forgive me, i am not interested much the philosophy and how crypto currencies will change the society, i'am interested in making money   

my idea was, as the distribution hasn't finalized yet, one distribution channel could be a broker construction. i can sell any coin that is not in the exchange yet to my clients if the coin has a solid business plan, solid tech, hardware, solid team. investors take into account the risk/reward ratio and some will take the risk for a 100-200-300% roi. when i am selling the coin i am selling the future and the future cost money.

my suggestion about 50-50 was that i sell the coin
50% of the selling price goes to the devs, foundation, community or whatever this gadgetcoin is
50% goes to the broker

the devs said with smart contract anything is possible, a broker deal too

this was my idea and tell me if this is a stupid idea 
 

[altcoinUK]

this was my idea and tell me if this is a stupid idea  
 

I am telling you this is a stupid idea :-)))

However, you are absolutely spot on with this

and the future cost money.
 

My ex-wife said to me, our future my dear will be wonderful. That cost me 300k, therefore I couldn't agree more, the future cost money ...

[albert_mt]

The real beauty behind the smart contracts notion is that basically anything can be implemented with them, even complex business models like a multi level marketing scheme. I've copied a segment of the relevant code explanation from our white paper, and attached it below. As you can see, to implement a multi level structure you would have to define the layers of your MLM group in the "partners" array and extend the "shareRevenue function" to calculate the commission. Both of them are entirely doable using smart contracts.

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.

Is it possible to sell securities like BTC, LTC, DOGE, BAY, company stocks with smart contracts if i don't own the securities, i am the broker in the deal, i sell the securities and derivatives behalf of my customers and get commission for executing the trade? there is a difference in securities and derivatives trading between dealer and broker, and i wouldn't act as a dealer, i act behalf of my customer as a broker. was smart contract invented for something like this? can i execute such broker trade on the gadgetcoin network?

 

[mtomcdev]

The real beauty behind the smart contracts notion is that basically anything can be implemented with them, even complex business models like a multi level marketing scheme. I've copied a segment of the relevant code explanation from our white paper, and attached it below. As you can see, to implement a multi level structure you would have to define the layers of your MLM group in the "partners" array and extend the "shareRevenue function" to calculate the commission. Both of them are entirely doable using smart contracts.

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.

Is it possible to sell securities like BTC, LTC, DOGE, BAY, company stocks with smart contracts if i don't own the securities, i am the broker in the deal, i sell the securities and derivatives behalf of my customers and get commission for executing the trade? there is a difference in securities and derivatives trading between dealer and broker, and i wouldn't act as a dealer, i act behalf of my customer as a broker. was smart contract invented for something like this? can i execute such broker trade on the gadgetcoin network?

 

Technically it is possible to set-up such broker smart contracts. If the community is OK with that or does not care either way, then the GadgetCoin developers see no issue utilizing the power of smart contracts for anything that is not illegal.

[liulby]

wait!!
Just for the distribution. Do I get it right?

You hold all Gadgetcoins and you produce the hardware.
Then you sell both to people for a fixed price and they sell it to costumers?
Or is this just right for the hardware?
Cause the coins will be traded on exchanges, so it makes not that much sense.

Thank you for your question.

GadgetCoin has two roles.

1. It is a general digital currency and as such, it can be used to pay for services and to buy things just like with any other currency out there at the moment. It can also be traded on exchanges or directly from the GadgetCoin wallet for BTC/LTC. Most importantly, we hope our users will use it to pay for hardware services like hiring laundromats, self storage units or gym equipment.

2. GadgetCoin will be the currency to pay the network fees on the GadgetCoin network. Our hope is that eventually many millions of devices will use the network. Imagine a business that operates its security gate on the GadgetCoin network (whether as as public or isolated private network) that will have to pay network fees for validating the public keys of the users and performing other authentication functions. That particular gate will pay the network fees in GadgetCoin. It will be a very small fee, but as more and more hardware will use our network the demand for our coin will grow as well. I am mentioning the security gate because it was brought up today in a meeting that our first viable pilot project might be with a security company that is very interested in our technology and is willing to operate their gates on the Gadget network.

We are sorry for the confusion about the hardware-GadgetCoin dynamic.

As for the distribution, yes, initially the GadgetcCoin Foundation will have the coins, and as of now the distribution of the coins hasn't been finalized yet. We want to distribute the coins fairly to our supporters, investors, and people who help us to bring this idea to fruition even with small contributions like promoting it on twitter.

[mtomcdev]

Please check out the first press release about GadgetCoin at http://shar.es/1X3VkE.

If you like the idea of digital currency on embedded devices and our GadgetCoin project then please follow us on Twitter @GadgetCoin!

[altcoinUK]

Please check out the first press release about GadgetCoin at http://shar.es/1X3VkE.

If you like the idea of digital currency on embedded devices and our GadgetCoin project then please follow us on Twitter @GadgetCoin!

Done, GadgetCoin is followed on Twitter.

[zsp]

The IoT digital currency field is getting busy, the IoT race is on. Many if not all altcoin have been a pump & dump in some form, I hope this will be different.

[Edward_Cryptonit]

Thank you for all the valuable discussion here. Have been following this thread for a while.

Any feedback concerning the distribution model though?

Regards
Edward