Topic: [ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets - page 111. (Read 144625 times)

In the marketplace you can primarily buy and sell ColoredCoins. ColoredCoins can represent any asset on a blockchain. The key is understanding we are not building a blockchain at all, but using existing ones and to enable trading of all financial assets. See screenshot for how it looks like in the real application.

Why Lykke coins? To let the public participate in the success, incentivize contributors and build the movement. This has been done from the very beginning. Key members are open contributors during the first public competition in October 2015. In a normal company profits would go exclusively to founders and investors, and work with command and order. Lykke is not a hierarchical corporation. The Lykke coins are how interests are aligned.

They created lykke coin for making money investors, so obviously, like every public companies, since they raise money in crypto, they can avoid some legal issues. In other word, it is greedy driven. 

i don't want to read the white paper.

what i understand now is this:
there will be a semi decentralized marketplace. you can buy or sell BTC or something else.
but why do you need lykke coins? do you need them for transaction fees?

please explain the the marketplace in plain english.

POS, POW or what? POS i think.

Just found something interesting:

Above can be seen that Richard Olsen was on the IATA-conference. What is IATA?

It's the International Air Transport Association
https://en.wikipedia.org/wiki/International_Air_Transport_Association


And there is an interesting tweet:

IATA shared an inspirational idea at #WFS2016 - IATA digital coin. Lykke is proud to have had a chance to contribute
https://twitter.com/LykkeCity/status/779223316452167680

Including this video:

IATA Digital Coin
https://www.youtube.com/watch?v=Kip-uUa6h6o

Who published that video? Lykke.


What will this Digital Coin be about? In short: To make money-transfer easier, more secure, faster etc.

There is also a PDF about the IATA-conference:

World Financial Symposium - Supporting Sustained Airline Financial Health
https://www.iata.org/events/Documents/wfs16-program.pdf



Just two quotes:


17:10 – 17:20
Industry cryptocurrency
See the proof of concept comparing international wire transfers and blockchain payments around the world. Could this technology enable the creation of an industrial currency such as the “IATA Coin”? What would be the advantages and what would be the limits? Can this be the payment of the future?


Right after:

17:20 – 17:45
Panel discussion:
FinTech - Impact on the CFO and the finance team
What is the finance department looking like in the future? what is their role, or they still needed, what skills are needed in the new Fintech organization. With the help of Fintech, can we turn the finance department into a profit center focusing on decision support and strategic partnership.
Moderator:
∗ Tim Grosser, Head of Digital Transformation, IATA Panelists:
∗ Gautam Jain, Global Head, Digitisation & Client Access, Transaction Banking, Standard Chartered Bank
∗ Marcel Koppes, VP Airlines & Travel, Adyen
∗ Natasha Lala, Managing Director Solutions for
Business, Oanda
∗ Richard Olsen, Professor, Zurich University and founder of Lykke



************
With other words: Connections are already obvious. That's not a guess anymore. Will this IATA-Coin come? Most likely it's already in development or even finished. I doubt that there would be a first PR-video if it's just about an idea. Will that Coin launch on Poloniex or any other crypto-exchange we know? They obviously call it "Industry cryptocurrency". It's safe to say "no". Will it be on Lykke - I believe the chance is high.


And that shows a lot of the potential of this project. Crypto won't stay in the Poloniex-world. And Lykke, as a platform that is easy to use, secure and like a bridge between both-worlds could very well be one of a few platforms that already have a foot in the door. All of the above is much more than just a little hint.

per token price is 2k satoshi? how about? 500 satoshi?

Yes: Q3-Q4 2016, work is ongoing. We are calling this ColorEx:

https://github.com/LykkeCity/ColorEx

when will there be a wallet for non mobile devices?

if this questions has already been answered then please tell me.

thank you.

Preserving the first post post for any future references.

Yes, we're considering public slack additionally. We have internal slack with 100 members, but its focused on the heavy work for now. For the question about funding and coins, please see FAQ and upthread, because that question should have been answered already - thanks.

Prefer slack. But the total supply of your coin is a bit high, did you sell them to previous investors(seed funding or private funding) or they bought your shares, not the coins?

If you're missing any unanswered question please feel free to contribute to this google doc: https://docs.google.com/document/d/1Ja4uT9QSpDOGE8M04-20PYeCM2unM-LgKDfu2BpFes8/edit?usp=sharing

We are working on our communications platform.

We've started Lykke telegram chat. Everyone is invited to participate. https://t.co/TmjMYnQD7T

Openassets works via OP_RETURN, yes. We differ form counterparty, because we have separated matching. Matching should not happen on-chain. Not sure if T0 would be a partner for us, but we're certainly following the industry news. As far as I know T0 or medici was never public with anything. Lykke is an opensource based and distributed movement. Checkout the code here: https://github.com/LykkeCity

Ok so you just track trade certificates for provability of ownership of those trades...otherwise if your doing the trades on chain now your talking about price pegs to pull in fiat prices and oracles to update thise prices or prediction markets...
Since you use bitcoin you must be doing the counterparty thing which uses opreturn to embed colored transactions... i remember byrne of overstock tried to do just that but decided against it to use his own chain.. maybe you should get in contact with him to see what he learned?

Various talks are ongoing. Banks will be issuers, not necessarily market-makers (although banks certainly make markets in FX, but also e.g. hedgefunds). The attractive proposition is the better settlement process on top of a blockchain. No other company or bank is doing this. clearmatics.com is working with UBS on a somewhat related concept. But other than that, all banks are going for private blockchain solutions, which from Lykke's point of view is not interesting at all. One might also compare to Waves which has its own blockchain. Lykke is not building its own blockchain, but using blockchains to settle assets with a focus on the market price.

Is this similar to oanda where its r2r and not between banks? Any talks with banks wanting to participate as liquidity providers? Id imagine the biggest disruption would be if clearing exchanges were to be converted which would force banks to switch

Just found a very interesting interview with Richard Olsen:

Blockchain Will Absorb the World of Finance: Richard Olsen
OANDA co-founder and Lykke founder talks about the role for margin FX brokers in a blockchain ecosystem and more.
http://www.financemagnates.com/cryptocurrency/interview/blockchain-will-absorb-the-world-of-finance-richard-olsen-lykke-interview/


The whole interview gives a lot of insights, but especially this parts shows a lot about what this project is and will be about:


****************

Why did you make the move between online forex trading and the blockchain world?

I have always wanted to transform foreign exchange markets into a level playing field, where everyone has equal access and can trade with ultra-thin spreads. I have been looking for a technical solution that could turn the dream into reality. In 2011, I discovered that blockchain technology was ‘the’ answer – so it was only a matter of time to find the right opportunity to launch the initiative.

(...)

So what role will be left for margin FX brokers in this new blockchain world?

The number of instruments and volume traded will explode; there will be three exciting business opportunities: retail traders will look to fx brokers as community and event organizers to gamify trading and to socialize with other traders. FX brokers will increasingly become community builders. This will provide them the opportunity to market third-party investment products and launch their own investment products.




And, about the wallet:


How has the market reception for the Lykke wallet on iOS been so far?

We have received a lot of praise for the user-friendliness of our wallet – we know that we are on the right track; I love the thrill of developing a product that has the potential to go viral.



****************


What I find so interesting is: My impression is, that there is not just the wish to start a dynamic to get this known but a thought-out concept. Like I've said before, one of my concerns was, that I believed to see a lack of attention and that may be still the case. But since I know that they don't focus on selling out the ICO and obviously did not make big marketing for this like we know it from much other and in fact smaller projects (Lisk did a very good job regarding marketing their ICO - others as well), this ICO really seems to be more like a little first step, while it can be expected that they're able to increase intensity on all fronts.

And, what is also different: The usual Roadmap if a project does an ICO is:

1. Announcement - marketing
2. ICO - marketing
3. waiting - sometimes many months
4. Launch - exciting, but still not much to show
5. Development (if a good team) - price and volume very often go down
6. Releases (if a good team) - first time an Investor gets real and fundamental feedback if he bought quality


Lykke: They've nearly upturned that process. An already released first Product - now they go into the public and do an ICO. Plus: No waiting after the ICO. Market will take over immediately and it won't be a Crypto-exchange but another proof for their own product, because this will be on their own marketplace.

And if we have that in mind and focus again on their roadmap....

 
 Margin trading (Q4 2016)
 Regulated retail FX (Q4 2016)
 Offchain settlement scalable to 100’000+ transactions per second (Q4 2016)
 Ethereum support: multisig wallets, interblockchain atomic swaps (Q1 2017)
 Payment system provider (Q2 2017)
 Regulated institutional FX (Q3 2017)
 Fixed income products, commodities (Q3 2017)
 1 billion USD average daily volume (Q4 2017)


....and add, that this won't be just about Crypto but about all assets, including what Richard Olsen already did with Oanda (foreign exchange company), add the possibility that they will do bigger marketing..


That could be a good concept to get user for their exchange. This seems to be just a little first test while they have much bigger goals. They just start in Crypto.

No, but have a look at the twitter bounty: https://lykke.com/city/blog/2016-09-13/twitter_contest

any signature bounty?

1.28 billion LKK. A new round is planned in January. Price will be determined by demand and supply, so not known in advance. We are currently working on the matching algorithm for LKK matching, which differs from fiat matching.

What's the total supply of Lykke? Will you have more rounds of ico? If yes, I guess next round the price will be more expensive than 0.05 CHF, right?