Topic: [ANN] [GDGC] GadgetCoin | IoT | M2M |Smart Contracts on Hardware - page 33. (Read 88551 times)

That sounds fucking genius to me :-))) The models and game broadcasters will flow to this service to get the 95% cut. We just need to make sure the the video streaming is smooth, but that is not rocket science. Let me know if you need help, I have experience with Wowza, nginx rtmp and the likes. I assume the model recruit will be a gradual process, but one by one the models will move here from LiveJasmin and the gamers from switch.tv. I am sure they prefer the fucking 95% here vs. their current 50% share.
I will throw a few more BTC into this once I am front of my wallet :-)))

The smart contract for broadcasters includes a clause stating that the model must pay a minimum of US$ 1.00 per GadgetCoin and the system executes this contract automatically when the broadcaster cashes out.

The purchase of GadgetCoins will be executed the following order:

1) First the coins belonging to VICR contract will be sold to the models. This takes precedence, which means if you have invested in VICR contracts, your coins will be purchased first. We don't sell a lot of VICR and therefore there is a very limited supply of this kind.
2) Once the VICR coins are purchased and burned the coins of the streaming nodes will be purchased. There is an ongoing coin supply to streaming nodes as they are vital to the network.
3) Finally, the remaining forged coins will be purchased from the marketing team members, community members and developers. http://blog.gadgetcoin.org/2015/06/gadgetnetwork-forging-economy-explained/
This will be a limited supply and only limited amount of coins will be issued to our contributors to make sure there is not an excessively long wait to sell the coins.

Category 1 is a one off supply, category 2 and 3 are ongoing supply as anyone can run a streaming node, contribute to the project and therefore earn GadgetCoin.

How can we be sure the models and studios will buy the coin for USD 1.00 upon cash out. Is it a smart contract or manual process or what kind of rules makes them buying for that price as currently we got the coin for USD 0.33?

Thanks for your kind words and stopping by.

Thank you for the detailed explanation, everything seems clear now. I wish you the best for the project, the idea seems well thought out!

Not yet, only the HTML5 wallet. As we explained it earlier, we wrote this whole system from scratch and once the blockchain, transactions and mainly the smart contract processing are stable then we will roll out the source code and local wallet.

Our first real world users the models and game broadcasters are not overly concerned about the blockchain, POS/POW, smart contracts and forging, more precisely they couldn't care less what the technology is, but the collaboration with them help us to make sure the system is robust enough and performs as intended. So once the system reaches the digital currency enthusiast audience and expert users which quite understandably want to compile the wallet from source then we will be quite certain that a robust and secure system is released.

In the meantime please try the HTML5 wallet and please let us know if you can if there any changes or features are required in your opinion.


 

Yes, GadgetCoin and GadgetToken basically act as token. There are many very good currencies at the exchanges supported by great communities and we don't see the point in rolling out a new one. That's why we have not cloned BTC or other existing coins. We rather try to make money by taking 5% cut from existing, established businesses such as top webcam models and distribute it transparently to the GadgetCoin community via the blockchain and smart contracts.

Having said that, the GDC currency represents a value. Currently it is at US$ 0.33, but the models and game broadcasters will be able to buy it for no less than US$1, this will be a clause in any models' broadcasting smart contract. Due to the limited supply of GDC, which limited supply is caused by the fact that the GDC purchased by the models at cash out will be burned. We think, for these reasons GadgetCoin will reach the US$5 quickly, but again, this price and economic dynamics are not really comparable to Bitcoin or other alt coins as the demand/supply in our business model is determined by very different factors than the market. Please note GadgetToken is a different entity, it is pedged to 1 US$ to manage the volatility aspect of the operation.

As for the centralization, from certain viewpoint you can say this is very much centralized, because for instance you report a child pornography and the trusted node can terminate the video broadcasting which can seen as an excessive centralization. On the other hand everything is governed by transparent smart contracts which are recorded in the blockchain, and therefore the system only executes contracts that are based on community consensus.

Edit:
Correctly: The price will increase due to the limited supply of GDC, which limited supply is caused by the fact that the GDC purchased by the models at cash out will be burned.

Is there a local version of Gadgetcoin wallet, like bitcoin-qt etc...

Thank you for the fast and detailed explanation. So to make it clear, this project doesn't really aim to compete with other virtual currencies, but rather wants to acquire a segment of the market. I sadly checked your distribution methods a bit late, thought it's a POW/POS currency.

So you plan to use it only as a token to move things and not as a traditional currency? Since it will be pedged and also is lightly centralized.

Yes, we have implemented the instant transaction and it is operational. As we speak, users are already pushing transactions and the transaction processing and confirmation time is well under 1 second. Majority of the time (around 450ms) is actually spent due to the limitation of the HTML5 light web wallet and its underlying web infrastructure. On the low level hardware which is really our domain such as CCTV IoT camera devices the transaction time average is around 700 ms, but obviously the low level C and assembly implementations give us more room for optimization.

I am sure John's technology is absolutely great at Vanillacoin and I have no doubt it will be a very successful project. We are not trying to compete with John nor with any POW/POS coins - we do not even have mining. What we try to achieve is to bring Bitcoin to a specific user base, empower Internet connected devices with the blockchain and the digital currency payments and bring the concept to real world businesses. For those reasons we have
a) private/public blockchain to protect the privacy of businesses, models and broadcasters
b) the token which bought by the end user pedged to US$1 to handle the volatility issue
b) some centralization to comply with regulation and avoid child pornography and terrorist content on the network

Please let me know if you need more info.

Did you code the technology to make instant transactions possible or is it just a theory that you have written down in the whitepaper? Is it ready at launch?

ZeroTime from Vanillacoin is being implemented as we speak, the network is a hybrid TCP/UDP one and transactions will confirm in under 8 seconds.

Edit: I also read that this isn't POW. John (the developer) is implementing instant transaction (the mentioned max. 8 sec) on a POW/POS hybrid currency.

Yes, the contracts are registered in the blockchain. You can explore the blockchain from the wallet at wallet.gadgetcoin.org by clicking on Blockchain under the Money menu item. You can review the transactions under the Transaction menu item by listing the transactions there or just putting the block hash or the transaction uid into the corresponding search boxes.

I am considering to invest in a VICR contract. Are the contracts in the blockchan? Is there a blockchain explorer?

Thank you for willing to be part of the marketing team!

We are organizing a marketing team from community members and you are welcomed to join us. We need help with Twitter, Facebook and all types of digital media.
A smart contract will govern the financial return for your marketing input, that means once we reach a milestone or platform development target then the smart contract will be performed by the system automatically and you will receive ores which can be forged into GadgetCoin.

I will PM you the details.

How can I earn gadgetcoin by contributing to marketing? I read in your blog that working with marketing could earn users gadgetcoin.  I don't have any skills but I could help with marketing 

Please email us your contact details at [email protected] and one of our team members will be contacting you with the technical details of studio set up. We will require a few details to make sure there is no under age model employed by the studio, and we will be assisting you via Skype and phone to make sure everything is in place.

Thank you so much for you support it is much appreciated. We will proceed according to the terms of the contract, in first step as you have been noted the ore have been deposited to your account.

I can confirm, the studios and models will be buying the GDC from the contract owners like yourself for the minimum price of 1 USD per GDC. The smart contract of the models will include this minimum price clause, and therefore the system will perform the contract according to this condition. You will be able to sell your GDCs when the models start broadcasting on the platform.

Sweet, it's worked. It is quite impressive that the smart contract actually worked. I received 900 ores, I forged the ores and received 900 gadgetcoins for the US$ 300. I am happy to see that finally a smart contract system works in practice.

Now, how can I sell the Gadgetcoins? You said studios will be buying the coins from the contract owners. Will be the price US$ 1.00 as you said? How is the studio and model sign-up progressing?

I am inn. How can we set up a studio on www.jizzmo.net?

Please check out this blog at http://blog.gadgetcoin.org/2015/06/gamechanger-for-adult-streaming/

We try to explain there how the adult gaming industry could benefit from our GadgetNet technology.