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

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It looks like a good idea for holders like me!

Hello, I would like to ask, on my channel ~7000, do you want me to make a video about your project?

I felt that the favourable answer for futc is to claim regularly and recycle the value thru different contracts.

May I know that the development of the chain has been completed or not? If completed, what is the community still working hard for please?

It's a great question. Given the novelty of this technology there is really no strategic precedent as yet for how often or how much you'd want to claim. I can think of a few examples where strategy may differ off the top of my head however:

1) Claim the tokens regularly: if you are looking to sell FUTC at some point on exchange, as I imagine most people will be, claiming the tokens regularly will be important as you don't want to sell "full" FUTC for the same cost as "empty" FUTC alongside such tokens on the exchange. Also, the exchange if it is centralised may choose to mine your tokens out of FUTC if you leave it for a long time there (and in the event you take the FUTC off the exchange unsold, will almost certainly not give you back the exact same FUTC that you put on the exchange initially as they tend to "pool" assets while they are being traded in a single holding wallet), so be mindful of this as it fundamentally differs from the approach to trading conventionally-built ERC tokens. Another consideration here is that you may be more interested in "recycling" the value you receive from the claim into the FUTR FUTX or the FUTB or the FUTM contracts, and this would I imagine be the dominant reason for claiming often.

2) Never claim the tokens (or don't claim the tokens for very long periods of time): assuming this innovation takes off  - and that is by no means a certainty at all, but if it does - then you will receive a lot of tokens into the FUTC smart contract. In such an instance, it is possible to imagine various Bitcointalk and other forum boards of buyers looking for OTC deals for "full" FUTC. In this event, you will want to keep a few of your FUTC full of tokens so that you can achieve a one-time higher price point for the sale of your FUTC OTC. It is also entirely possible that if many developers begin designing similar contracts that exchanges will set up different markets where "75% full" or "50% full" etc. smart contracts are traded in different markets to each other despite being of the same contract code. In this event too you would probably want to not mine all the tokens since inception, as ">90% full" tokens, one would logically assume, would fetch a far higher price point than say, "50% full" tokens.

This is the best I can do to answer your question as completely as possible for now. Time will of course tell how the market plays this one out. Nice observation though  

Sure, thank you!
Keep up the good work!

You are welcome to join our Discord Server for more info.
The Support Team will be sure to try answer any questions you may have.

https://discord.gg/JWv9eQp

I have tried to claim the value by using FUTC and now received different tokens, please guide me what is the next step for me to make a payment.

If I am the FUTC holder, what is my strategy to claim the coins in the smart contract please? Say regularly? Monthly, Quarterly or Mining situation?

Here is the simple version: none of these tokens are just "tokens". All of them are tokens which can at some point be used to send back to the smart contract they come from (or to call the smart contract without being sent anywhere in the case of FUTC) and at that point, they give you a share of what is being stored in the smart contract, which is a whole ton of other cryptocurrencies. In this way, the tokens are "backed" by value constantly, not just tokens without any form of value utility and guesswork valuations. Think of it like this: all these Futereum tokens are the same exact thing as USD was when it was backed by gold: you can take it into the bank (contract) and get back your gold (crypto), except the amount of gold (crypto) continually rises over time!

Alright erm, first of all thanks for getting back. Your statement is certainly challenging, but I think I see what you are saying. I really need go through this again and spend some time thinking about it. I'll get back to you with a comment, but I also first need to get some more insight on your project and the topic.

Technically, you can create any synthetic coin you like using similar decentralised software code that we have used where a "swap-back/refund" is issued on the contract. For those coins mining in, you can use ETH or any ERC20 tokens to mine the synthetic currencies. For instance, in Futereum Bitcoin, it is now possible to use FUTR, FUTX, BNB, OMG, BNT, AE, MKR, BAT, ZRX, BYT and PRX to mine for FUTB - any of those tokens will qualify. We set mining rations and rates according to net utility without respect to market price (Total Supply of ERC token/Total Supply of FUTB) so sometimes one will be more profitable or cheap to mine than another. We can and do easily add more ERC20 tokens for mining to the FUTB contract so recommendations always welcome. But yes, to answer your question, you can make your own synthetic assets easily by reading the WPs, understanding the mining and code logic, maybe reading through the code employed and trying for yourself. If any engineers are interested to do this we can connect them to the existing decentralised network of engineers working on Futereum to join in. This is a community project for global engineering talent first and foremost!

We are beginning by listing Futereum Centurian (e.g. https://github.com/forkdelta/tokenbase/issues/2357) and will then progress to list Futereum and Futereum X, Futereum Bitcoin and Futereum Markets. Markets is quite interesting as it mines by using FUTB and sells according to the CoinMarketCap Index price via streaming a live api from the CMC pro feed, so arguably is a great way to play the indexes. That could be popular on exchanges certainly. For now if you wish to buy Futereum Centurian you can do so with one of 8 different decentralised cryptos via OTC in the Discord. We did not want to sell FUTC against BTC and ETH on OTC basis since it's so tacky that everyone uses these two cryptos when there are some wonderful decentralised blockchains out there such as Snode, for example, who's currency we are delighted to receive. The idea is to expand the crypto Universe as widely and as far as possible, not to concentrate it around 2 cryptos. this is very important and forgotten nowdays. In this respect we are trying to find exchanges to list these Futereum cryptos against other decentralised coins as base pairs so we can give those decentralised cryptos from POW and POS chains a chance to trade against something other than BTC or ETH.

The idea of the project is very unusual and interesting , I have never seen such mining . Do I understand correctly that with the help of synthetic mining you can mine any coins or only 5 coins that you create ?

This looks quite interesting, perhaps because it is a total new concept to me. I am yet to fully understand it, which is why I am trying to study it more.
Then I want to ask.
Will all the different tokens mined, get listed on exchange, since not just one type of token is being mined?

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!