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Author Topic: [ANN] || [FDRY] || BitFoundry -X13 Mining into Pure POS (Economic Decay Model)  (Read 2701 times)
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aleckloss
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February 16, 2015, 01:44:15 AM
 #1


[ANN] || [FDRY] || BitFoundry -X13 Mining into Pure POS (Economic Decay Model)






BitFoundry




I'm going to be 100% honest here, you can come to expect that when you get involved in our project. I have been burned many times. I have also made money but the burns hurt the most. You as a early adopter become invested in a cause. The developer leads you in any direction and you as the community watch, expect, and hope that this is all real. Unfortunately I have only adopted one project that wasn't an elaborate pump and dump. That project was Bitcoin. Every other currency ended in a blaze of fire where the developer screwed the community. As sad as that is, it happens more than you think. Our case is extreme, but certainly not unrealistic.

We will be developing the currency, that will both comply with government regulations and contribute real world features with an emphasis on usability and convenience.

Expect Transparency. Expect Honesty. Expect Community. That is the BitFoundry Way.

New Expected Launch Day: February 22nd



BITFOUNDRY INFORMATION:

WEBSITE
http://www.thebitfoundry.org/

BLOCK EXPLORER
Built into the wallet. We will also be adding a third party site after launch.


CONTACT
http://www.thebitfoundry.org/#!contact/c21nl



SPECIFICATIONS AND FEATURES


X13 Algorithm/POS
21 Million total coins


PREMINE
There is a pre-mine of 2 million coins. We are going to be up front and honest about that. With no confusion from the start. A part of this will donated to charity upon launch week. In order to create a good distribution upon launch day we are going to list coins at the value of 1000 Satoshis and with those proceeds fund the initial bump in development and donate a 250,000 coins worth of BTC to Habitat for Humanity. This will be the first charity based IPO that I have heard of. I believe strongly in supporting the community that we all live in.

After all is said and done the founders will be taking away about a 3.5% pre-mine.


Bounty Budget:
A Million Coins. More to Come.
These funds will be held in a publicly verifiable wallet. Not to be moved until a bounty has been paid. Complete transparency with this one.


WALLETS
Windows:
Link To Be added
Mac:
Link to be added
Linux: (in progress)


SOURCE CODE:

Posted on Launch Day Feb 22nd


CURRENT POOLS (in progress)


EXCHANGES (in progress)


SOCIAL

https://twitter.com/Bit_Foundry
IRC #bitfoundry



We are behind schedule. I am a human and school caught up with me. Currently the website is behind its target launch date. We will be updating this page and our website as we know more. We are also accepting resumes for developers on our website.

BitFoundry - The Future is Transparent
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aleckloss
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February 16, 2015, 01:46:51 AM
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Reserved

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February 16, 2015, 01:49:24 AM
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when is launch?

aleckloss
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February 16, 2015, 01:51:35 AM
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when is launch?

As of now we are shooting for a Sunday Launch. February 22nd.

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February 16, 2015, 02:02:17 AM
 #5

Liked seems like a good project.
I'll be watching.

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February 16, 2015, 02:04:24 AM
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Liked seems like a good project.
I'll be watching.

I appreciate it. We are coming into this with good hearts and good intentions.

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February 16, 2015, 02:27:27 PM
 #7

What does it do that makes it special?

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February 16, 2015, 07:07:41 PM
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What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community
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February 16, 2015, 07:22:49 PM
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I´m wathing. Premine is 10%? What for?  Roll Eyes
Fair distribution is the key.....
aleckloss
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February 16, 2015, 11:23:35 PM
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I´m wathing. Premine is 10%? What for?  Roll Eyes
Fair distribution is the key.....

Yes absolutely, We will be helping the initial mining push with the X13.

Exact Block information will be released on the mining phase. Should last around a week or so.

As far as the 10% Pre Allocated Funds
2.5% of the allocated funds will be converted via exchange into United States Dollars and donated with proof to Habitat for Humanity.
  • This will help a fair distribution to those who can't mine and can only buy to invest
5% of the allocated funds will be held in a publicly verifiable ledger with multiple signers. We will leave the community to elect a official to help us verify and distribute the funds for the bounties.
2.5% of the Allocated funds will be use to pay for launch fees. We want to be honest.
I paid for nodes, web design software, It took my countless hours to learn coding, design the graphics for the wallet, and build the website.
I have been working on BitFoundry since June of 2014. This has not been an overnight project. 

My statement of the 3.4% above pertains to the fact that I foresee myself completing some of the bounties as time progresses.

This has been the brainchild of multiple economics students, technology students, and finance students who are sick of getting burned by anonymous developers who can code, but refuse to "Brand" and give a face to the currency.

We are unique because of that fact. I am more than willing to negotiate and abide by international laws to push a viable and future forward currency. In our opinion the key to the future is not anonymous technology. It is a public face to work towards the common goal of building a truly publicly acceptable currency. Regulation has to come if there is to be large scale adoption, if you can't accept that this probably isn't your cup of tea.

Not to mention an economically sound Proof of Stake Decay model that is responsive to inflation and based on the economic models we have created combats the communities tendencies to trade by the minute and kill off coins by the week.

We also have a wallet tech theory that is in fruition that will make public adoption way easier. (Hint* Is your cash wallet the same as your friends? I bet not, Your Forge Wallet will hopefully have that ability to be different and function as you want it, as well.)

We are here to create a community who thinks like us and is willing to take the honest ride with us. As we see more support; we can put more in, and you will get more out. We as developers look to work with the community as a team.

Not to mention I have the fire in my heart to change this world for the better, and I will sure try my hardest.

If you have that fire and want to make a difference shoot us your resume. We may just bring you on board.

Thanks,

-Alec Kloss

BitFoundry - The Future is Transparent
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February 17, 2015, 12:52:13 AM
 #11

Is half stop this topic.
Dev some new information?

aleckloss
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February 17, 2015, 02:53:34 AM
 #12

Is half stop this topic.
Dev some new information?

I don't understand what you are saying here?

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February 17, 2015, 03:13:24 AM
 #13

I can't wait to smith some FDRY Tongue

I just came up with a funny of the name, that chick is so F*$kin! Dry [FDRY] lol
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February 17, 2015, 03:24:59 AM
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Will be watching. This decay model of PoS has me interested.

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February 17, 2015, 03:29:03 AM
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10% premine, thats ballsy
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February 17, 2015, 08:07:27 PM
 #16

Straight up, how am I supposed to invest in this when you are pre-mining to  "donate to charity".  It makes no sense.  In your mind it is probably attractive to people and they will think that you are a good guy for wanting to help others.  That is fine and being charitable is a good thing but this is such an inefficient way to be charitable it comes off as a ploy rather than an actual initiative. 

Drop the premine and I will consider participating.

Good luck with your project.
aleckloss
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February 17, 2015, 09:42:05 PM
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Straight up, how am I supposed to invest in this when you are pre-mining to  "donate to charity".  It makes no sense.  In your mind it is probably attractive to people and they will think that you are a good guy for wanting to help others.  That is fine and being charitable is a good thing but this is such an inefficient way to be charitable it comes off as a ploy rather than an actual initiative. 

Drop the premine and I will consider participating.

Good luck with your project.


We understand your position. While I know that it may be hard to get involved and I understand that, our position comes from the fundamental ecomonic theory of income distribution.
Having a large amount of allocated funds that aren't going to our pocket books allows all of the users who do not mine the currency to buy into it and be able to use the innovative Proof of Stake algorithm as of day one. The timing on the introduction percentage and beginning distribution curve will work much like a difficulty rate loosely based on how many wallets will come online based on our projections.

Distributing a large amount of funds via giveaways and charity IPO will give us a sound launch in terms to regulation. We side step securities trading if we distribute currency at little or no profit or retainment.
 
Premines are crucial to a developing currency. We aim to gain trust to make users feel comforatble that this is not legitimate.

Also it helps the world through Charity. Which is always a goal here.

If you don't agree we are sorry but we feel that this is the best way to launch and give oppoortunity to those who don't have the knowledge or hardware to mine in the initial phases.

Thanks!

BitFoundry - The Future is Transparent
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February 17, 2015, 10:27:40 PM
 #18

What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

I can't see much on this PoS decay model in this ANN or on their website other than them just mentioning it once in the title. Would anyone like to explain what this is or why it's exciting? If it's a selling point then not explaining it really isn't a good start in my opinion.

Also, the kiwiirc link on the website goes to facebook by the way.

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aleckloss
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February 17, 2015, 11:12:33 PM
 #19

What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

I can't see much on this PoS decay model in this ANN or on their website other than them just mentioning it once in the title. Would anyone like to explain what this is or why it's exciting? If it's a selling point then not explaining it really isn't a good start in my opinion.

Also, the kiwiirc link on the website goes to facebook by the way.

Fixed the link thanks!

Also we will be releasing a press announcement on POS decay later this week.

Stay Tuned.

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February 17, 2015, 11:59:35 PM
 #20

What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

I can't see much on this PoS decay model in this ANN or on their website other than them just mentioning it once in the title. Would anyone like to explain what this is or why it's exciting? If it's a selling point then not explaining it really isn't a good start in my opinion.

Also, the kiwiirc link on the website goes to facebook by the way.

Fixed the link thanks!

Also we will be releasing a press announcement on POS decay later this week.

Stay Tuned.

Thanks for the response, press announcement sounds like a good idea to me, will be watching.

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