Topic: [ANN] FUTEREUM - The Future Of Synthetic Utility - page 2. (Read 792 times)

You are right. Synthetic utility is something that occurs not as a result of proof-of-value or proof-of-work algorithm scrambling, but as a result of Proof-of-Value, a hyper protocol. What this means is that the smart contract stores a unit of value - that can be any coin that is accepted on the network - and issues a "proxy" equivalent, such as a Futereum token. After a while, the proxy holder can use the proxy to make a payment back to the smart contract for a greater or lesser share of coins that are in the smart contract proportionate to his holding (nearly always greater). The reason this is called synthetic utility is that the process of payment-making - in this case, using the proxy to refund the holder with a "profitable purchase" - is not a traditional payment utility function but a synthetic payment utility. It is a payment and yet in another way a receipt of value. We are actively promoting this concept. The trouble is, in crypto there are not many who are interested to learn about things they don't understand. This is ironic, given that this is how so much money was made from Bitcoin and Ethereum, both things people once had no clue about. But I am confident this innovation is going to become widespread and recognised as a result of our efforts, including global education and outreach workshops I am holding. If you would like me to come to your city and speak to a small group of crypto enthusiasts about this please e-mail us at [email protected] with a formal request. Please also see our website and WPs for more at https://futereum.com.

This project is something completely new in coin mining . I did not quite understand the principle of synthetic mining . I think the team needs more explanation than their mining differs from Pos or PoW mining . Please tell me whether the team will somehow promote the project so that more investors know about it ?

Astute observation and question! The quick answer is, yes - as long as whatever value is being stored is ultimately redistributed to everyone according to their own set period of distribution time then that is possible. The long answer is, yes, it can and it is necessarily so, and this is one of the more crazy intuitions about the Futereum Network. In fact, precisely because the storage periods are indefinite (meaning the smart contract mining works in cycles which are continually repeated) the activity is in fact profitable for everyone on the basis of undefined periods of time and multiples of various values applied to those utilities (coins). If you limited the time periods in which the storage could take place and compelled everyone to swap back at some fixed point in the future this would be entirely different. In that case what you are saying would be correct - that is, it certainly would not be profitable for everyone as the limited holding period creates a "time out" effect there in that case (which is how derivatives securitisation works). However, because Futereum contracts mine indefinitely and never end, since they are currencies with synthetic utility and not derivatives contracts with such value-utility equations (this is a very important distinction), they are infinitely and indefinitely value-accumulative in terms of pure utility (number of tokens) received at the end of the holding period, whatever that period may be (that being at the preference of the holder in accordance with the stated rules of the contract synthetic mining equations). It is a great observation to speak about here as this is one of the most amazing aspects of the Futereum Network. In many ways it could be said to be the defining achievement of the engineers of the Futereum Network in creating these contracts. I believe when it catches on that it will be an absolute game-changer for currency utility. It is in fact a marvellous byproduct of smart blockchain engineering that is as yet unexplored, very similar in magnitude to the resolution of the Byzantine General's problem effect that POW mining engineers once observed a decade ago now in how it could afford currency holders the ability to profitably scale their savings. There is much more on this in the White Paper where I have given three extreme hypoteticals about half way through illustrating how this works.

Storage can't be profitable indefinitely and for everyone, can it?

The Futr is here, Finally. I suggest anyone in crypto to watch that short 45Min interview, I would also say it might not be a bad educational course of action to take if you actually read the whitepapers.

I am so proud of the immense talent we have that has brought this project to execution; from engineering talent, to management, sales and marketing talent, to web and logo design talent, to all the sorts of talent in between - the thinkers, sounding boards, media and doers - who make a huge, game-changing innovation possible. From the creator of this truly amazing technical feat, let me say thank you so much for the loyalty, courage, determination and vision that all you who have laboured hours, days and what else to make this possible. We will now make sure the Synthchain is the biggest success around in Blockchain - what people will soon call Blockchain 4.0! Something everyone in this bracket should be rightly proud of!