[ANN] ICONOMI - Fund Management Platform - page 811.

MrPresident

hero member

Activity: 644

Merit: 500

Think or swim.

Quote from: ICONOMI on October 12, 2016, 11:41:05 AM

Quote from: pedrosoft on October 12, 2016, 11:35:38 AM

Quote from: ICONOMI on October 12, 2016, 11:34:10 AM

Quote from: Conurtrol on October 12, 2016, 11:26:51 AM

So we are delaying distribution because it might be difficult for some people to send tokens to an exchange as fast as possible?

It is a problem. But as I said before "least of a problem, but to consider".

So. You release smart contract tomorrow ?

Most likely today. With dummy distribution in order for anyone who entered their own address can check if he can access it. I can't think of any better way right now to do that.

Oh wow that's a cool idea!

Stormspirit

sr. member

Activity: 642

Merit: 250

Quote from: BitBanksy on October 12, 2016, 02:55:12 PM

Quote from: Stormspirit on October 12, 2016, 02:51:04 PM

Quote from: revelacaogr on October 12, 2016, 02:46:54 PM

I think its time for the plan B....
MOVE TO ANOTHER PLATFORM.....(( lisk,NXT, e.t.c ))

shift coin swap to lisk sidechain 2 days ago

Time to buy LSK then... before the price takes off Grin

haha sure

BitBanksy

sr. member

Activity: 350

Merit: 250

Quote from: Stormspirit on October 12, 2016, 02:51:04 PM

Quote from: revelacaogr on October 12, 2016, 02:46:54 PM

I think its time for the plan B....
MOVE TO ANOTHER PLATFORM.....(( lisk,NXT, e.t.c ))

shift coin swap to lisk sidechain 2 days ago

Time to buy LSK then... before the price takes off Grin

Stormspirit

sr. member

Activity: 642

Merit: 250

Quote from: revelacaogr on October 12, 2016, 02:46:54 PM

I think its time for the plan B....
MOVE TO ANOTHER PLATFORM.....(( lisk,NXT, e.t.c ))

shift coin swap to lisk sidechain 2 days ago

imbest

hero member

Activity: 616

Merit: 500

Quote from: szachta on October 12, 2016, 02:44:01 PM

When this 1 dividends payout in my ico acount.

With first funds and first profits as describe before.ICONOMI need to make the best use of fund and make profit to share dividend among the share holders.so first let them use the fund and generate some profits for you and also for us.

revelacaogr

legendary

Activity: 1316

Merit: 1021

2009 Alea iacta est

I think its time for the plan B....
MOVE TO ANOTHER PLATFORM.....(( lisk,NXT, e.t.c ))

szachta

hero member

Activity: 518

Merit: 500

When this 1 dividends payout in my ico acount.

fraijer

newbie

Activity: 11

Merit: 0

That's great, thank you!

So i don't need to to nothing just sit and wait for dividends to come to my wallet.

XbladeX

legendary

Activity: 1302

Merit: 1002

Quote from: fraijer on October 12, 2016, 02:24:20 PM

Hey guys, a really stupid questions, forgive me.

I am an amater and i'll not go to trade with ICN tokens i'll leave them at ICN no wallet and nothing.
Where should i recieve dividens in that case, directly to ICN profile?

Thanks!

They will create for you ETH wallet on website before 1st dividend no problems for you.

Quote from: CryptoCruiser on October 12, 2016, 02:15:48 PM

I have confidence in the ICONOMI team and that is reinforced when I see what a great job they do communicating!

Could someone explain what dummy distribution is?

dummy distribution = fake test distribution they can name that token not ICN but testToken, but will be made for testing purpose
if all goes OK you will be able to move real ICN to your wallet
Such operation rise costs 2x Cheesy

because you distribute 2x
If i know crypto someday you will be able to trade fake ICN with profits

ETH and ETC Cheesy

...

fraijer

newbie

Activity: 11

Merit: 0

Hey guys, a really stupid questions, forgive me.

I am an amater and i'll not go to trade with ICN tokens i'll leave them at ICN no wallet and nothing.
Where should i recieve dividens in that case, directly to ICN profile?

Thanks!

XbladeX

legendary

Activity: 1302

Merit: 1002

Quote from: axrhuls on October 12, 2016, 02:10:03 PM

....
The distribution costs a lot of time, I even thought it can be doen in one transaction, but i am too naive, lol.
...

Man same me I was thinking that ETH is so superb than others that they will do that by writing some kind initial block to network and go... Cheesy

They will pay some ETH to write block into blockchain and that is all. That Etherum marketing has done great job while development part stayed behind its like people says 90%marketing 10% of development.

MalReynolds

legendary

Activity: 938

Merit: 1000

Quote from: ?? on ??

Speaking as someone who invested a generous sum, I urge you: don't be allowed to feel rushed. I'd rather wait some time if it means the launch goes smoothly.

THIS ^^^^.

Quote from: ICONOMI on October 12, 2016, 12:18:01 PM

First plan. Contract with dummy distribution for us to deploy and for you to check if you can access with your private keys first.

THIS ^^^^.

Quote from: ?? on ??

Very good news! myetherwallet has just implemented offline generation of token sending transactions, per the request of ICN investors. It took them 1 week to implement this feature after Malreynolds messaged them about it. Huge props to myetherwallet for getting this feature ready in time for ICN launch.

THIS ^^^^.

Quote from: ICONOMI on October 12, 2016, 12:25:26 PM

...we'll put step by step instructions with screenshots for myetherwallet.
U'll follow those instructions and use contract with fictional values to check if all is working OK for you that way.

THIS ^^^^.

Jani, you and your team are A-OK. Hang in there, you guys and gals are doing great things.

CryptoCruiser

newbie

Activity: 20

Merit: 0

I have confidence in the ICONOMI team and that is reinforced when I see what a great job they do communicating!

Could someone explain what dummy distribution is?

axrhuls

sr. member

Activity: 245

Merit: 250

Quote from: MoveCrypto on October 12, 2016, 01:53:37 PM

Quote from: XbladeX on October 12, 2016, 02:44:48 AM

Quote from: MoveCrypto on October 12, 2016, 01:42:21 AM

https://ethstats.net/

It looks like roughly 16MM gas worth of transactions has been getting through on the ethereum network per 10 minutes, because many 0 transaction blocks are getting mined

less than 3000 transactions to distribute all the ICN (assuming 500+ investors didn't provide a ETH withdrawal address)

Token-sending transactions use about ~3.5x the gas of a normal ETH sending transaction, so around ~75000 gas per transaction.

(75000 gas per transaction)×(3000 transactions) = 225MM gas

(225MM gas) ÷ (96MM gas per hour) = 2h 20m

It would take iconomi a minimum of 2h 20m to send out all the ICN withdrawals.

If they increase the gas price of their transactions to 20x the normal rate of 0.00000002 ETH per gas:

(225MM gas)×(0.00000040 ETH per gas) = 90 ETH

If they wanted to distribute all the ICN with the network in its' current state, I estimate they could do it in less than 4 hours for less than 90 ETH

LOL this change will be huge for ETH if they rise costs like 20x... From 1-side it will secure network but that makes using ETH network it will be HIGH cost.
And that was not planned by anyone who is using ETH for its system.
Imagine that cost of your rent goes up 20x... you will be pissed off hard.
I don't like when someone is changing business rules.
Imagine you planned business on ETH network your business plan got reck becouse your will have to pay 20x more now - brilliant solution

I used 20x the gas price as an overkill estimate of what they could pay if they wanted to be sure to outbid everyone on the network to get the ~150 full blocks of transactions sent out as fast as possible.

It would probably work the same with paying 5x or 10x the gas price too.

Might be necessary to do this, unless they want to wait an unknown amount of time for a hard-fork fix on the ethereum network. Given how the last hard-fork played out, the ethereum devs will probably test for weeks before they release a fix and the gas limit + transactions per second goes back to normal.

A dummy distribution sounds like a good idea. But brace yourselves for a bunch of people who have no idea what's going on getting confused about the difference between the dummy ICN and the real ICN.

I don't really think it's that important to make sure everyone can get their ICN to an exchange at exactly the same time. Even with a healthy network with gas limit of 4.5MM per block, it's not possible on ethereum network. Could just distribute ICN in the order in which people verified their address, in the order in which people first invested, or in some random order. Then people get their ICN when they get it. This is a cold storage, long hold for the dividends project anyways.

The distribution costs a lot of time, I even thought it can be doen in one transaction, but i am too naive, lol.

Warkop

sr. member

Activity: 1302

Merit: 270

I see from yesterday's issues ICN, that would delay the launch, but I hope there will be no postponement in the launch of the ICN later ..

XbladeX

legendary

Activity: 1302

Merit: 1002

Quote from: MoveCrypto on October 12, 2016, 01:53:37 PM

.... the ethereum devs will probably test for weeks before they release a fix and the gas limit + transactions per second goes back to normal.

Welcome to Microsoft support level please stand in line for a while now.

MoveCrypto

sr. member

Activity: 364

Merit: 250

move that crypto

Quote from: XbladeX on October 12, 2016, 02:44:48 AM

Quote from: MoveCrypto on October 12, 2016, 01:42:21 AM

https://ethstats.net/

It looks like roughly 16MM gas worth of transactions has been getting through on the ethereum network per 10 minutes, because many 0 transaction blocks are getting mined

less than 3000 transactions to distribute all the ICN (assuming 500+ investors didn't provide a ETH withdrawal address)

Token-sending transactions use about ~3.5x the gas of a normal ETH sending transaction, so around ~75000 gas per transaction.

(75000 gas per transaction)×(3000 transactions) = 225MM gas

(225MM gas) ÷ (96MM gas per hour) = 2h 20m

It would take iconomi a minimum of 2h 20m to send out all the ICN withdrawals.

If they increase the gas price of their transactions to 20x the normal rate of 0.00000002 ETH per gas:

(225MM gas)×(0.00000040 ETH per gas) = 90 ETH

If they wanted to distribute all the ICN with the network in its' current state, I estimate they could do it in less than 4 hours for less than 90 ETH

LOL this change will be huge for ETH if they rise costs like 20x... From 1-side it will secure network but that makes using ETH network it will be HIGH cost.
And that was not planned by anyone who is using ETH for its system.
Imagine that cost of your rent goes up 20x... you will be pissed off hard.
I don't like when someone is changing business rules.
Imagine you planned business on ETH network your business plan got reck becouse your will have to pay 20x more now - brilliant solution

I used 20x the gas price as an overkill estimate of what they could pay if they wanted to be sure to outbid everyone on the network to get the ~150 full blocks of transactions sent out as fast as possible.

It would probably work the same with paying 5x or 10x the gas price too.

Might be necessary to do this, unless they want to wait an unknown amount of time for a hard-fork fix on the ethereum network. Given how the last hard-fork played out, the ethereum devs will probably test for weeks before they release a fix and the gas limit + transactions per second goes back to normal.

btcforchild

member

Activity: 122

Merit: 10

just wait for at least the certainty of a clear distribution on ICONOMI

supercops

hero member

Activity: 589

Merit: 502

Quote from: trilingualme on October 12, 2016, 01:48:19 PM

I winder if we store ICN in exchanges, will we receive dividends? I think no.

The answer is "NO" and you're 100% right.Dividend will not be paid if you move your coin to any exchange or anywhere.Your coin must be in your wallet until the dividend payout.
thanx

trilingualme

newbie

Activity: 20

Merit: 0

I winder if we store ICN in exchanges, will we receive dividends? I think no.

Topic: [ANN] ICONOMI - Fund Management Platform - page 811. (Read 1253953 times)