Update: www.cryptoreserve.orgUpdate: The details of the IPCO phases have completely been changed. The new offering will be announced on January 20, 2015 at www.cryptoreserve.org.Update: FAQ added. https://bitcointalk.org/index.php?topic=890165.msg9880833#msg9880833Crypto Reserve is the first crypto-platform to eliminate transaction fees in cryptocurrencies. With Crypto Reserve, users will be able to make transactions with user-generated crypto-assets without any fees involved. This feature will allow innumerable blockchain-based applications to be made in the most convenient way, placing Crypto Reserve among the most important novelties in the cryptocurrency world.
OverviewMany cryptocurrencies—or simply coins—have been following the path opened by bitcoin. Some of those coins are just copies of previously created ones, while some others bring extra features and improvements. With the advent of second generation coins, users may issue their own crypto-assets and make transactions with them in the decentralized platform supported by the underlying second generation coin. Consequences of this innovation are countless; users may even start decentralized companies based on such a crypto-platform.
While each day a new alternative to bitcoin comes into existence, genuine ideas that those alternative coins bring are very limited. Creators of those coins generally simply change the custom variables in an established coin and market their coin as a high yield investment program, with all cardinal issues left unsolved. One of the most important of those cardinal issues is that each transaction requires a fee. This fee is so small and even negligible if coins are transferred in order to transfer funds. However, when decentralized applications and other advanced features are concerned, the fee structure constitutes an important handicap.
For example, one may write a decentralized chess game using NXT crypto-platform, but then each move would require the transaction fee to be paid. Just to pick another example from many, if a user willing to trade a crypto-asset in the decentralized exchange of a crypto-platform wants to give a buy order, then a fee is cut. When they want to cancel that order, another fee is cut. This requirement is what brings inconvenience to the cryptocurrency world, and what blocks blockchain-based applications' acceptance. It is this essential issue that Crypto Reserve solves.
Crypto Reserve itself is not a coin; it is a platform to allow creation of new coins, crypto-assets, decentralized applications and anything that may be built with the blockchain technology.
PapillonCrypto Reserve will be a clone of NXT with just one essential change that there is no obligatory transaction fee in Crypto Reserve. So, all the features offered by NXT will be offered by Crypto Reserve as well. NXT crypto-platform has an underlying coin named NXT. In Crypto Reserve, the name of the underlying second generation cryptocurrency is Papillon. There will be 10000 Papillon in existence, with four decimal points. Holders of Papillon will sustain the security of the platform, and keep the system alive.
Crypto Reserve will work with pure Proof of Stake transparent forging algorithm, and the initial distribution of Papillon will be made according to the presale that will be done in the NXT Asset Exchange. The number of the NXT-asset Papillon is 100 million, which corresponds to 10000 Papillon. The asset details will be announced at the IPCO.
The price and strength of Papillon will be determined by the applications built in Crypto Reserve. We believe that Crypto Reserve will make decentralized applications available to be created and used in the most convenient way that has ever achieved. Check “FOR ENTERPRENEURS” part below for an example.
Initial Public Coin Offering
There will be 10 phases of distribution in the first round of IPCO with a total duration of 65 days. About 65% of all Papillon-assets will be distributed in the first round. In each phase, a predetermined number of Papillon-assets will be distributed proportional to the funds sent to an announced bitcoin address during the announced period.
Phase 1: 20 January 2015 – 29 January 2015
Amount offered: 10,000,000
Phase 2: 30 January 2015 – 7 February 2015
Amount offered: 9,000,000
Phase 3: 8 February 2015 – 15 February 2015
Amount offered: 8,100,000
Phase 4: 16 February 2015 – 22 February 2015
Amount offered: 7,290,000
Phase 5: 23 February 2015 – 1 March 2015
Amount offered: 6,561,000
Phase 6: 2 March 2015 – 7 March 2015
Amount offered: 5,904,900
Phase 7: 8 March 2015 – 12 March 2015
Amount offered: 5,314,410
Phase 8: 13 March 2015 – 17 March 2015
Amount offered: 4,782,969
Phase 9: 18 March 2015 – 21 March 2015
Amount offered: 4,304,672
Phase 10: 22 March 2015 – 25 March 2015
Amount offered: 3,874,204
Why Crypto Reserve?FOR INVESTORS: The value of Papillon will initially be determined by the demand since there is a fixed supply to be distributed in the IPCO. You will be able to see the total investment amount, and to calculate how much 1 Papillon-asset costs. We expect that value to be very low in the first place because of the high risk involved. If you think that there will ever be an application in Crypto Reserve (there have already been some initiatives), then it might be a wise decision to buy some Papillon.
Maybe the best thing with Papillon-asset is that we are heavily concerned with the financial stability of it. There are hundreds of coins whose price suffers from a steady decline to the very bottom. Actually, this is a risk that each coin inherently involves because they are deregulated in essence. This is why we take precautions to prevent Papillon's price from having sharp spikes or dips. So, please refer to us if you want to sell your Papillon-asset at a later time. We believe that in this way you will be able to sell them at a better price. We will do our best to keep the price as steady as possible.
FOR ENTERPRENEURS: Crypto Reserve will be the heaven of crypto-enterpreneurship. Do you have a coin idea? Then you may start your coin in Crypto Reserve. You cannot start your own coin in any other crypto-platform because every transaction would require a fee that has to be paid in the underlying coin. But in Crypto Reserve, your coin will be standalone and independent. You may start a PoW coin, too. And maybe the best thing is that the security of your coin will be provided by Crypto Reserve. This is a huge plus when you consider many newly created coins taken down by malicious attempts.
Other than new coins, all crypto-assets, decentralized applications and smart contracts will be much convenient to be created in Crypto Reserve. There have already been attempts to create such applications. For instance, KriptoTR is getting ready to be a Turkish bitcoin exchange and bank based on Crypto Reserve. If they issue a bitcoin asset backed by real bitcoins, it means that they will have already provided free and nearly instant off-chain transactions for bitcoin. So, if you have any such plan, keep in mind that buying Papillon is supporting Crypto Reserve.
FOR CRYPTOCOIN ENTHUSIASTS: While cryptocoin ecosystem is growing larger and larger with full speed nowadays, you may want to support this brilliant idea which will bring a new breath to the world of cryptocoins. Involve in the IPCO, don't miss to be a part of it!
FOR DEVELOPERS: If you find the idea any interesting, be assured that this idea welcomes and appreciates even the smallest help. We need help in creating and maintaining a wiki, a forum, and such stuff. Also, testers will be needed to test the platform. We would be more than happy to share some Papillon with you.
BountyClaim your Papillon-asset by sending me your NXT address if you are interested. This bounty will run until the beginning of the IPCO.
The TeamWe are a dedicated team to realize the idea of a fee-free crypto-platform. I can share my personal information and details with the interested. Contact me via PM.
AcknowledgementWe owe a huge gratefulness to NXT team and community to make Crypto Reserve possible by their invaluable efforts. We share their vision and appreciate their work to the fullest extend.
Notes- In calculations, all roundings are made to bottom.
- All dates and times are in UTC.
- For additional information, you may send a PM to me.
