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

[gadgetcoin]

so 1 million presale with 5 USD price?

am i right?

We have stated several times on this thread that there won't be a presale for $5 for this coin.  There will however be some form of presale for a VERY discounted price aimed at institutional investors and interested community members. The presale will take place after the software is released but before the coin enters the exchanges. Institutional and angel investors understand that it takes time for hardware integrators to adopt the coin and the development board sales to kick off.

The $5 price will be for hardware integrators and buyers of the development board. At least we hope that investors who hold the coin from presale, and community members who forge the coin, will be able to sell it for $5 down the line.

[altcoinUK]

This proposition sounds better and better. Exciting times ahead for hardware and Internet of Things related coins. I think, apart from cocaine sale on the dark net, hardware and Internet of Things is the area where digital currencies and peer to peer mesh networks could be very useful and make an immediate impact.

[tobeaj2meraa]

 ...  but we intend to keep GadgetCoin's price at $5, we believe that's the price we, you and all coin holders should sell GDC to hardware integrators

How do you justify $5 price per coin for the hardware integrators?

We plan to have our first pilot project with a security company, and during our talks with them we quoted that their infrastructure would require 1000 gadgetcoins per year to run. We asked them if $5000 a year would be a reasonable price to run their yearly infrastructure. They said it was a reasonable estimate because their current software costs are upward of $60,000 (including SQL, hardware controlling etc)

Even a high-end home that would require home automation can fit this price of $5 per gadgetcoin into their budget. 

Therefore we came to the conclusion that pricing $5 per gadgetcoin is reasonable to enterprise users.

What's the total gadgetcoin, man?

The genesis block will be created with at least 1 million GDC. The exact volume will be determined by the demand from early stage supporters, community members, brokers and investors. The feedback from our early stage brokers and investors indicate that at least 1 million GDC is required in the genesis block.

The plan is, that the total supply will grow to 10 million GDC via forging and staking by 2030.

It's also an option to start with a significantly higher coin supply and lower the price of the coin, i.e. to charge 0.5$ per coin for hardware integrators instead of charging $5 per coin.

Please let us know what you think, what is the better, higher volume and lower price or low volume and higher price? 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.

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

[mtomcdev]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

[Momimaus]

I am not sure if it´s a good idea to sell only 10% and put 90% up for forging.

First question, will someone hold the 90% or is it hardcoded?
Hold by devs --> no go

Second. Aren´t their incentives for forgers due to payment fees?
Most other coins use this fees as incentive.

Third. Why do you need brokers? Just for the people who doesn´t want to mess around with cryptos? Cause the usual cryptouser can buy it on exchanges, isn´t it?



Another dangerous point. The companys will be very cautious about the volatily of GDC. So when they want to decide if they will buy a hardware box or not, they want to know if they yearly costs remain at 5$ or not, cause if they pice rises they are forced to buy GDC at a higher price or throw their box in the garbage.

So how can the price remain stable? Not possible for a cryptocoin.

Thank you for your posting your view. It helps a lot and your opinion is very much appreciated.

I can confirm that the developers will have zero GadgetCoins. To keep the coin distribution transparent the software development, hardware engineering, sales & marketing team will not receive GadgetCoin for their work. You will be able to verify in the blockchain and the rich list at the start whether or not the GDC Foundation owns all coins. There won't be any hidden coin distribution.

The 90% remaining coins of course wont be hard coded anywhere. It will be added gradually to the supply via forging and staking to increase the coin supply to 10 million by 2030. Just as with any other topic, we are willing to listen the community about whether or not this is a good idea.

As we said in the description of the Proof of Consensus protocol the network fees will be distributed to the community via their transaction processing wallets. Again, let us know please if you are happy with such a policy.

We have been approached by stock and currency brokers who think their industrial and hardware related clients will be very interested in GadgetCoin and they they want to sell our coin to their clients. Many investors outside crypto are very interested in digital currencies, but because of the Mtgox and Mintpal fiasco they would never buy the coin from exchanges, but they trust their broker. We thought it would be a great opportunity for GDC Foundation to generate revenue and build relationships with angel investors. Such a sale will be transparent and in the blockchain. It would be prior to the release of the software and wont interfere with the coin trade on the exchanges. The buyers aren't P&D groups but institutional investors who are willing to hold the coin for a long period of time.

As for the price, the $5.00 price tag is a rather arbitrary number. The constant number is the $5.00 yearly network fee. We think the network fee fee should be around $5.00 per year per hardware module. If the price of GDC drops to 0.5$, then the hardware operator will have to purchase 10 GDC per year. Consequently if the price is $10.00, then the one year network fee will be 0.5 GDC. We can also adjust the network fee, the $5.00 per year is an initial speculative price. We have described this pricing policy to a few hardware integrators and the reaction was that this would be satisfactory to them.

Please let us know what you think.

Alright thanks.

I think 90:10 is very much from an investor side, but if you say GDC needs it for the network then I am fine with it. Maybe we need something like a curve with increasing forging/staking gains according to the growing network.

But therefore I have another question. What happens in 2030? All Coins are distributed and the incentives for the nodes going down.


All together, I like the approach.

[albert_mt]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

if 5$ is the target price I suggest 0.5$-1$ presale price. or make target $1 and start the pre-sale with 0.1$.  more than 1000%, 10x ROI makes the investment opportunity bubblelike. serious, long term investors are happy with 50% gain.

can I the broker determine the price?

[mtomcdev]

I am not sure if it´s a good idea to sell only 10% and put 90% up for forging.

First question, will someone hold the 90% or is it hardcoded?
Hold by devs --> no go

Second. Aren´t their incentives for forgers due to payment fees?
Most other coins use this fees as incentive.

Third. Why do you need brokers? Just for the people who doesn´t want to mess around with cryptos? Cause the usual cryptouser can buy it on exchanges, isn´t it?



Another dangerous point. The companys will be very cautious about the volatily of GDC. So when they want to decide if they will buy a hardware box or not, they want to know if they yearly costs remain at 5$ or not, cause if they pice rises they are forced to buy GDC at a higher price or throw their box in the garbage.

So how can the price remain stable? Not possible for a cryptocoin.

Thank you for your posting your view. It helps a lot and your opinion is very much appreciated.

I can confirm that the developers will have zero GadgetCoins. To keep the coin distribution transparent the software development, hardware engineering, sales & marketing team will not receive GadgetCoin for their work. You will be able to verify in the blockchain and the rich list at the start whether or not the GDC Foundation owns all coins. There won't be any hidden coin distribution.

The 90% remaining coins of course wont be hard coded anywhere. It will be added gradually to the supply via forging and staking to increase the coin supply to 10 million by 2030. Just as with any other topic, we are willing to listen the community about whether or not this is a good idea.

As we said in the description of the Proof of Consensus protocol the network fees will be distributed to the community via their transaction processing wallets. Again, let us know please if you are happy with such a policy.

We have been approached by stock and currency brokers who think their industrial and hardware related clients will be very interested in GadgetCoin and they they want to sell our coin to their clients. Many investors outside crypto are very interested in digital currencies, but because of the Mtgox and Mintpal fiasco they would never buy the coin from exchanges, but they trust their broker. We thought it would be a great opportunity for GDC Foundation to generate revenue and build relationships with angel investors. Such a sale will be transparent and in the blockchain. It would be prior to the release of the software and wont interfere with the coin trade on the exchanges. The buyers aren't P&D groups but institutional investors who are willing to hold the coin for a long period of time.

As for the price, the $5.00 price tag is a rather arbitrary number. The constant number is the $5.00 yearly network fee. We think the network fee fee should be around $5.00 per year per hardware module. If the price of GDC drops to 0.5$, then the hardware operator will have to purchase 10 GDC per year. Consequently if the price is $10.00, then the one year network fee will be 0.5 GDC. We can also adjust the network fee, the $5.00 per year is an initial speculative price. We have described this pricing policy to a few hardware integrators and the reaction was that this would be satisfactory to them.

Please let us know what you think.

Alright thanks.

I think 90:10 is very much from an investor side, but if you say GDC needs it for the network then I am fine with it. Maybe we need something like a curve with increasing forging/staking gains according to the growing network.

But therefore I have another question. What happens in 2030? All Coins are distributed and the incentives for the nodes going down.


All together, I like the approach.

The GadgetCoin forging process is different from NXT. With Nxt, all the coins already exist at the creation of genesis block. With GadgetCoin, 90% (or the percentage that the community decides) of the coins do not exist at the beginning, it will be made (forged) by the nodes that process transaction to ensure the health of the network. We use the terminology of "forging" in the sense of this dictionary definition: "to form or make, especially by concentrated effort". That means the transaction processing nodes make the coins. 90% of coins will be made by the transaction processing nodes + staking wallets. The ability to make (forge) the coin is the incentive for processing transactions. The forged coins will be available for spending to the node that made (forged) the coin. To answer your question, there won't be anything to distribute in 2030 as the coins have already been made and will be either in a wallet or on an exchange.

Here is the description of forging from the "Proof of Consensus" section of the OP:

"4. Allows fair coin distribution. All honest peer to peer nodes that participate in transaction processing can forge GadgetCoins - apart from the yearly interest, that's how new GadgetCoin supply enters into the market. The Proof of Consensus protocol provides incentives for keeping the network safe and assisting transaction processing."

[mtomcdev]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

if 5$ is the target price I suggest 0.5$-1$ presale price. or make target $1 and start the pre-sale with 0.1$.  more than 1000%, 10x ROI makes the investment opportunity bubblelike. serious, long term investors are happy with 50% gain.

can I the broker determine the price?

Thanks for the price suggestions! The smart contracts are flexible so theoretically the brokers could define all attributes, but we think GDC Foundation should determine the price of pre-sale.

[albert_mt]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

if 5$ is the target price I suggest 0.5$-1$ presale price. or make target $1 and start the pre-sale with 0.1$.  more than 1000%, 10x ROI makes the investment opportunity bubblelike. serious, long term investors are happy with 50% gain.

can I the broker determine the price?

Thanks for the price suggestions! The smart contracts are flexible so theoretically the brokers could define all attributes, but we think GDC Foundation should determine the price of pre-sale.

thanks  i sent a pm with the list of potential buyers. my clients loved your first software demo video, well done  when the payment demo will be ready? can we finalize the broker commission? is the 50% commission acceptable for the presale?

[mtomcdev]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

if 5$ is the target price I suggest 0.5$-1$ presale price. or make target $1 and start the pre-sale with 0.1$.  more than 1000%, 10x ROI makes the investment opportunity bubblelike. serious, long term investors are happy with 50% gain.

can I the broker determine the price?

Thanks for the price suggestions! The smart contracts are flexible so theoretically the brokers could define all attributes, but we think GDC Foundation should determine the price of pre-sale.

thanks   i sent a pm with the list of potential buyers. my clients loved your first software demo video, well done   when the payment demo will be ready? can we finalize the broker commission? is the 50% commission acceptable for the presale?

Thanks! Good to hear your clients loved our software demo. The software is ready for the second demo, we just need to wait our marketing colleague to finalize the video.
As the software has been written from scratch, we have the luxury to add any features that makes the platform more useful, so please let us know if you have any feature suggestions.

As for the commission, the 50% is probably too high. It would send the message that we are are desperate to sell the coin, which is not the case at all. We are working hard on the smart contract technology and of course we aim to make this a very successful coin, but the success doesn't depend on the pre-sale process.

[albert_mt]

1 million * $5 = 5 million, per bitcoin is $340 now, so you want 14000 BTC roughly, as you know bitbay is only 3000 BTC and Tilecoin is only 542 BTC in ICO phase, oh man, good luck!!

We made clear in this thread several times, last time just above your post that the pre-sale price won't be $5.00 / GDC. Brokers indicate us so far a $0.1-$0.5 pre-sale price. Ultimately, the GadgetCoin community and the market will decide the price.

if 5$ is the target price I suggest 0.5$-1$ presale price. or make target $1 and start the pre-sale with 0.1$.  more than 1000%, 10x ROI makes the investment opportunity bubblelike. serious, long term investors are happy with 50% gain.

can I the broker determine the price?

Thanks for the price suggestions! The smart contracts are flexible so theoretically the brokers could define all attributes, but we think GDC Foundation should determine the price of pre-sale.

thanks   i sent a pm with the list of potential buyers. my clients loved your first software demo video, well done   when the payment demo will be ready? can we finalize the broker commission? is the 50% commission acceptable for the presale?

Thanks! Good to hear your clients loved our software demo. The software is ready for the second demo, we just need to wait our marketing colleague to finalize the video.
As the software has been written from scratch, we have the luxury to add any features that makes the platform more useful, so please let us know if you have any feature suggestions.

As for the commission, the 50% is probably too high. It would send the message that we are are desperate to sell the coin, which is not the case at all. We are working hard on the smart contract technology and of course we aim to make this a very successful coin, but the success doesn't depend on the pre-sale process.

no problem, brokers could manage the presale with lower commission. it's really awasome you build the broker smart contract feature into the software. it's goin to be big 

[mtomcdev]

Thank you all for your support and interest. This thread was started 2 weeks ago and the interest in our technology is very encouraging. Our potential institutional investors and brokers indicate there is a market for peer to peer technology in hardware, so we keep pushing hard the software development, in the meantime the hardware module has been scheduled for production in the SMT factory.

We will keep you updated!

[erwin45]

Thank you all for your support and interest. This thread was started 2 weeks ago and the interest in our technology is very encouraging. Our potential institutional investors and brokers indicate there is a market for peer to peer technology in hardware, so we keep pushing hard the software development, in the meantime the hardware module has been scheduled for production in the SMT factory.

We will keep you updated!

ill be waiting for more news  especially about the presale

[altcoinUK]

This coin, just like this

https://bitcointalk.org/index.php?topic=864895.0

are very interesting indeed.

We need new technology in the altcoin market. The +500 BTC/LTC clones have been proven completely useless, no one use them at all, there is no use case for them. At least the AI coin and this has a practical use case. In this case, open a security gate using smart contracts, in the meantime charge fees in digital currency. No wonder IBM entered into this field recently.

But apart from the tech aspect, the main money making opportunity here for us investors probably the broker and MLM smart contracts. If the 10 million strong MLM community pick up the idea of selling digital currency to each other, then that will bring 10 of millions of dollars new money to the altcoin market.

Will the the broker MLM smart contracts support to sell other currencies like VeriCoin or the SuperNET assets via the Gadgetcoin network?

[mtomcdev]

Once we have more development firepower, the Gadget Protocol will implement all kind of digital currencies. It is just matter of time and software development. The technology is there already, it was demonstrated in the demo video that brokers can sell GDC for Bitcoin. The ultimate goal is to provide users with a technology that enables payments between humans and hardware using all kind of digital currencies.

[albert_mt]

guaranteed 10 million $ market cap for the first MLM coin. 10 million $  peanuts for the ML community. if people can sell with MLM they will try everything to do so  i am very excited about the gadgetcoin smart contracts, can't wait to start selling it to the MLM community.

[altcoinUK]

I suggest the Gadgetcoin developers read this thread, especially the first post at

https://bitcointalk.org/index.php?topic=869078.0

where Barabbas as always makes sense and explains why the altcoin market is finished.

If you read Barabbas arguments and reasoning you will understand that as a developer with Gadgetcoin you have a very unique opportunity, as  - in contrast with the another 500 BTC/LTC clone  - you have a real use case. Your coin could be useful to solve a real life business problem (just like the AI coin that I quoted above does), and GadgetCoin could actually attract new money/investment into the digital currency market.

[altcoinUK]

Also, I think in order to succeed you need to explain better your business case and why blockhain and peer to peer enabled Internet of Things apps are good investment opportunity. The fact that IBM has entered into the race indicates a multi billion dollars business opportunity in this field, the question that need to be answered is, how coins like Bitbay, TileCoin, GadgetCoin can make money for investors? I asked this very same question actually from Bitbay and TileCoin in the past as well, and non of you guys, IoT coins provided investors with a clear business plan yet.

[mtomcdev]

Also, I think in order to succeed you need to explain better your business case and why blockhain and peer to peer enabled Internet of Things apps are good investment opportunity. The fact that IBM has entered into the race indicates a multi billion dollars business opportunity in this field, the question that need to be answered is, how coins like Bitbay, TileCoin, GadgetCoin can make money for investors? I asked this very same question actually from Bitbay and TileCoin in the past as well, and non of you guys, IoT coins provided investors with a clear business plan yet.

There is always room for improvement, but we have been putting effort in explaining the business opportunity and strategy in our white paper and this thread. It's not an easy topic to explain, but it seems the ultimate buyers of GadgetCoin, the hardware integrators fully understand the concept. We believe the early users and investors who understand the significance of Internet of Things technologies and buy GDC when it is cheap or forge it for free will be massively rewarded. We started the development of our technology well before IBM announced their development and IBM's involvement was a huge and very encouraging news for us. IBM's announcement speaks for itself and having IBM in the field helps arguing our business case for Internet of Things peer to peer applications. Once IBM announced that this is the future for hardware management and security it's just matter of time until the technology is widely adopted.

[mtomcdev]

We are looking for test users to stress test the forging feature and security of the software. Please let us know if you are willing to run a peer node and we will create an account for you on the GadgetCoin test network. First we will run your node in our test network and later the node will run on your computer. It would be great if you could allow to run the node on a completely empty dedicated Linux virtual box to which we could remote log-in to monitor the node. The participating test nodes will forge coins and all coins will be transferred to the live genesis block to say thank you for your help in testing and finalizing the software.