Is Ideal Reserve Open Source?The short answer is no, not now, but maybe later if the accountholders vote that way.
The Ideal Reserve Constitution, which is not yet ready, will dictate the working of Ideal Reserve. Changes to this Constitution will be voted on by the accountholders, 1 MØ = 1 vote. In the long run, there should not be big variances between the account balances of most users, so the voting should be largely democratic.
Accountholders may appoint Ideal Reserve officers such as the custodian of the code, comptroller of bounty funds, lead programmer, etc. and may alter The Ideal Reserve Constitution.
The majority of MØ voting held by Clearinghouse accounts may veto any of the above votes.
Why Isn't the Ideal Reserve Open Source Now?Because REAL MONEY is at stake, and account balances are demand dependent, so the Founding Accountholders do not think it's appropriate to put New Accountholders' balances at risk by degrading the competitive advantage of Ideal Reserve. As mentioned above, if in the future both the Account Holders AND the Clearinghouses agree on it, the code can then be open sourced.
The Ideal Reserve client is semi-closed source because the code can be seen and edited by anyone, but only used for beneficial purposes of the Ideal Reserve.
Potential 10 Trillion USD MarketThe market potential for all currencies is 10 Trillion USD based on internal economic analysis using empirical data as performed by ChicagoSchooler and the Founding Accountholders. The Ideal Reserve will always work to achieve the highest market share possible towards always increasing Accountholder value.
ChicagoSchooler is fully committed to the success of The Ideal Reserve and its market share potential, planing only to exchange for other currencies when absolutely necessary for the benefit of The Ideal Reserve, so ChicagoSchooler is committed to only trading MØ for non-currency value.
High BountiesThe Ideal Reserve currently owns funds set aside for bounties, some already existing. Bounties will always be a high priority with hopefully large rewards.Ideal Reserve: The Greenest Cryptocurrency on the PlanetThe Ideal Reserve’s Clotho-Hydra algorithm is simply smarter, faster, and better than all the rest.
· We’ve eliminated wasteful hashing like in Proof of Work cryptocurrencies such as Bitcoin.
· We’ve eliminated wasteful waiting as with the “voting rounds” cryptocurrencies such as Ripple, SimCoin and Credits.
· We’ve virtually eliminated all wasteful multiple-downloading of data. After The Ideal Reserve Client's database has been implemented, devices will almost never have to download the same data from the same Clearinghouse twice.
· And of course, there is no wasteful human intervention required as is the case of conventional government currencies.
Unparalleled Price Stability:Prices of goods and services in general in MØ are almost always constant as of September 9, 2014 real US Dollars. As the USD inflates, MØ should appreciate against it over time.
MØ was capitalized against the USD at 1410312858 UTC with an initial supply of 100 MØ.
From large demand in private trading, the Argus-Nemesis increased the supply of MØ to approximately 818,000,000 MØ. Supply is inflated and deflated on a pro rata basis, so all accounts increase or decrease by the same proportion.
The USD has deflated since then by a small amount, and the Argus-Nemesis has reacted by further increasing the supply slightly so that the USD has barely appreciated against the MØ to 1 USD : 1.025 MØ. If the Fed maintains its 2% inflation target, MØ should appreciate by 2% per year against the USD.
All spending denominated in MØ should almost always be price stable:
· Goods and services offered are never required to be repriced due to inflation or deflation.
· Workers will never have to play catch-up with their wages & salaries due to inflation.
· Financial results will no longer need to be adjusted for inflation for real analysis
Speed = Mining Profitability (for The Ideal Reserve called "Clearing & Settling")Someone can start Clearing & Settling (aka Mining) within a few hours for next to nothing.
If you already have gear, about $15:
· $5 SSL, $10 Domain, and
· Obsolete 64bit with 500mb ram. Even a smartphone with sufficient resources could theoretically clear & settle.
On the other hand, you have Bitcoin:"The average US retail electricity cost was 10 cents per kilowatt hour (kWh) in 2013,
according to the US Chamber of Commerce Institute for 21st Century Energy. At the current difficulty and bitcoin price, that means it would take
around a year to break even using one of the used 1.6 TH/sec TerraMiner boxes that the firm is selling for $849 from its own mining data centers.
In Massachusetts, where the cost goes up to 14.5 cents/kWh, the break-even theoretically
fails altogether. The exact figures will change over time, but the rise in costs is significant because units with high power consumption amplify even slight increases in electricity pricing.
What about a more state-of-the-art machine? KnCMiner's
Neptune (currently out of stock) offers 3.5 TH/sec at just under 2 kW, for a hardware investment of $5,995. That seems to work out worse than the TerraMiner, at a 1.5 year ROI."
-From "
Can Hobbyist Bitcoin Miners Still Make a Buck?" by
Danny Bradbury (@dannybradbury) at
CoinDeskA bitcoin rig can consume 3x its hardware costs per month for electricity. The minimum investment required to operate an Ideal Reserve Clearinghouse is a $5 SSL from
SSLs, a $3 domain from
GoDaddy, and either an old 64-bit computer or a hosted solution, both with at least 500MB of RAM. VPSes can be rented for a few USD per month. No investment in MØ is necessary to clear & settle.
Financial Structure ReadyWith its speed and price stability, The Ideal Reserve is a perfect fit for financial institutional reserves.
The speed of Clearing & Settlement allows for immediate transfer of funds, minimizing the cost to the consumer. The price stability of The Ideal Reserve allows for safer denomination of consumer accounts, promotes short-term funding for financial institutions, and provides higher average real rates of return for investors in general..
Therefore, depositories can safely and economically take MØ denominated assets, including MØ itself, as liabilities such as checking, savings, credit card accounts, etc.
Local Miners Advantage (Local Clearing Advantage)The clearing house closest to the sender will receive and clear the transfer before the others even know about it.
The Ideal Reserve's Clotho-Hydra algorithm is so efficient that there is a strong geographic bias to a successful clear, a Local Clearing Advantage.
If a Clearinghouse is clear fee competitive, receives a valid transfer for clearing, can maintain the minimum performance level, functions normally, and propagates its book to all other Clearinghouses for settlement, it will almost certainly be the winning clearer and collect the fee since it will have sent a book with cleared transfers before other Clearinghouses have even received the transfer for clearing from the transferor, causing all other non-clear fee competitive Clearinghouses to settle & reconcile the above closest Clearinghouse's book
Even in the case of thousands of Clearinghouses evenly spread across the planet, the reconciliation process should consume no more than approximately 500ms per book in nearly all cases because the Clearinghouses closest to the winning Clearinghouse almost always will have achieved effective global reconciliation before being notified about new books generated by Clearinghouses farthest from the transferor.
Incredibly, when transferors on opposite sides of the planet transfer simultaneously, the Clotho-Hydra algorithm is able to reduce the average per book reconciliation time from 500ms.
500ms makes The Ideal Reserve faster than cash. It takes about 400ms to comprehend something relatively unfamiliar and slightly complex, so The Ideal Reserve is slightly slower than that.
There is a floor on total global reconciliation of approximately 320ms since that's the time consumed by data circumtransmitting the globe.
2 Month 100% Max FeesFor 2 months, The Ideal Reserve bootstrap Clearinghouses will increase their clear fees to 100%, promoting rapid investment in new Clearinghouses, functioning somewhat like a faucet but without the devaluing effect. The Founding Accountholders will most likely bear this cost.
If there are less than 3 non-bootstrap Clearinghouses after this time, the bootstrap Clearinghouses' clear fees will be reset to 1%.
Never Too Late Start Mining This PartyAt the current all-time Bitcoin maximum transactions per day rate of approximately 1.4 transactions per second, a very obsolete computer could easily handle transfer clearing & settling as an Ideal Reserve Clearinghouse at this equivalent rate.
An Ideal Reserve Clearinghouse requires very little processing power to function. If later, the Ideal Reserve becomes effectively ubiquitous, changes can relatively quickly and easily be implemented in the Clearinghouse code to accommodate the increased processing needs to maintain the current sub millisecond application processing speeds.
The Ideal Reserve Clearinghouse code is constantly being optimized to require minimum hardware. If transfer load becomes cumbersome, requirements for RAM, bandwidth, and GPU power will increase.
Public AuctionWhile the usefulness of auctions in creating circulation is apparent, the Founding Accountholders intend to introduce supply into circulation via non-currency trades; in other words through the purchase of real goods and services and/or MØ denominated financial assets.
The auctioning of MØ for global price discovery by the Founding Accountholders will begin at 9:00 AM February 20th, 2015.
Auctioneers will accept payment in BTC, the BTC will be immediately converted to major fiat currencies, and those funds will be used to fund local physical exchanges.
MØ auctions by the Founding Accountholders will cease upon either MØ becoming ubiquitous in the physical location(s) where the Founding Accountholders spend, or when established exchanges begin trading MØ.
