Topic: [ANN] SuperNET NXT asset 12071612744977229797, SUPERNET KMD assetchain in summer - page 218. (Read 736808 times)
September 09, 2014, 07:25:03 PM
When the ICO will be finished?
September 09, 2014, 07:11:49 PM
Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Volunteered.
Outstanding career move, Jon. This will look great on your resume.
Not sure if serious...
September 09, 2014, 06:55:42 PM
how do I volunteer? just msg me if you need help. PR?
PR is always good, any PR you can get is much appreciated. James
September 09, 2014, 06:49:24 PM
how do I volunteer? just msg me if you need help. PR? Techie? Helpdesk? Customer Service?
September 09, 2014, 06:47:31 PM
Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Volunteered.
Outstanding career move, Jon. This will look great on your resume.
September 09, 2014, 06:43:08 PM
Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Volunteered.
September 09, 2014, 06:42:22 PM
I posted my active opposition to pump and dump clones:
###
On the small chance this is not a scam, I would be happy to review whatever tech they have and report that it is not a scam if they actually have anything original.
So unless you see me post here about this, it means they have no tech or is just a clone. They probably plan to just copy my code, but I have put some hard to find flaws in it, so make sure you dont put any amount you dont want to lose into such things. It will look like it is working fine at first, then, well I take no responsibility where all your coins are ending up.
I am fully supporting of coin devs that are making new useful tech and I am opposed to pump and dump clones and I am taking active measures against them. Crypto must become a clonefree environment, they just clutter things up and dilute the resources available for real devs.
###
These useless coins are even worse than trolls and just takes money away from the real coin devs, not to mention encouraging short term speculation, which is NOT the way to make money in crypto.
Find a good dev on a good project with a good community. Buy and HODL. Contribute however you can and in some months it is a good chance you are making the money. Do not focus on the price, this is chaos. Concentrate on adding value. More tech, better websites, nice usable features, etc. It doesnt matter if they are part of SuperNET, good tech + community + HODL.
Think of how the BTC whales are now having a lot of money by NOT trading.
Those that try to get rich fast, get poor quickly.
With the available crypto capital diverted away from useless copycoins, we are boosting the overall power of crypto.
James
###
On the small chance this is not a scam, I would be happy to review whatever tech they have and report that it is not a scam if they actually have anything original.
So unless you see me post here about this, it means they have no tech or is just a clone. They probably plan to just copy my code, but I have put some hard to find flaws in it, so make sure you dont put any amount you dont want to lose into such things. It will look like it is working fine at first, then, well I take no responsibility where all your coins are ending up.
I am fully supporting of coin devs that are making new useful tech and I am opposed to pump and dump clones and I am taking active measures against them. Crypto must become a clonefree environment, they just clutter things up and dilute the resources available for real devs.
###
These useless coins are even worse than trolls and just takes money away from the real coin devs, not to mention encouraging short term speculation, which is NOT the way to make money in crypto.
Find a good dev on a good project with a good community. Buy and HODL. Contribute however you can and in some months it is a good chance you are making the money. Do not focus on the price, this is chaos. Concentrate on adding value. More tech, better websites, nice usable features, etc. It doesnt matter if they are part of SuperNET, good tech + community + HODL.
Think of how the BTC whales are now having a lot of money by NOT trading.
Those that try to get rich fast, get poor quickly.
With the available crypto capital diverted away from useless copycoins, we are boosting the overall power of crypto.
James
September 09, 2014, 06:29:43 PM
hi jl777,
just to let you know: somebody is just trying to steal the name "unity" from you!
see https://bitcointalksearch.org/topic/unity-crypto-currency-coming-soon-775631
and of course, the first persons get confused about it:
Thanks for the heads up!just to let you know: somebody is just trying to steal the name "unity" from you!
see https://bitcointalksearch.org/topic/unity-crypto-currency-coming-soon-775631
and of course, the first persons get confused about it:
Is this anyhow connected with jl777 project? I'm thinking of investing a little in it.
There have already been so many attempts by scammers to take advantage of what we are building. With the community's help we can prevent anybody from being taken advantage of.
I dont have the time to be seeking out the scammers, but if anybody sees such an attempt and I will take strong and swift action. Feel free to post in their thread that it is a scam. I am not making any new coins! We have quite enough. I will be working with existing coins and doing what I can to help them. Now is the time to consolidate things a bit, instead of make more fragments
Any such scams are hurting the name of SuperNET and UNITY and thus hurting all investors. If you think what I do to trolls is harsh, just wait until you see what I do to guys who are trying to hurt the image of SuperNET and investors funds.
James
P.S. Also, if you are seeing some new ANN for some clone coin with no new functions, just ask them what unique feature do they have that users would actually want to use. If they have no good answer that you believe, then dont invest in it.
September 09, 2014, 06:08:57 PM
hi jl777,
just to let you know: somebody is just trying to steal the name "unity" from you!
see https://bitcointalksearch.org/topic/unity-crypto-currency-coming-soon-775631
and of course, the first persons get confused about it:
just to let you know: somebody is just trying to steal the name "unity" from you!
see https://bitcointalksearch.org/topic/unity-crypto-currency-coming-soon-775631
and of course, the first persons get confused about it:
Is this anyhow connected with jl777 project? I'm thinking of investing a little in it.
September 09, 2014, 05:55:56 PM
Some final details for SuperNET
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
Need to form a 7 member committee for authorizing expenditures as described in: https://bitcointalksearch.org/topic/m.8748412
if you are interested in volunteering, please post in https://nxtforum.org/index.php?topic=5264.0
James
September 09, 2014, 05:06:17 PM
OP updated with summary and links to the Escrow, SuperTraders and NXTventure infos. These are the things that are describing the use of raised funds, so I apologize for not having this more prominent.
To complete the high level understanding of SuperNET, we just need a list of all the upcoming coins
just kidding, that is top secret until announced.
James
To complete the high level understanding of SuperNET, we just need a list of all the upcoming coins
just kidding, that is top secret until announced.
James
September 09, 2014, 04:56:44 PM
The SuperTraders.
I have recruited several top traders with nice track records and while we are still seeking the expert trader from China, the team is almost complete.
The structure will be for a 7x24 trading operation that is allocated half the SuperTrader bankroll. This will be traded using a team approach for making the strategy and trade parameters. The traders that are on the active trade status will be responsible for making sure the team portfolio is aligned to the team strategy.
When you have a collection of top traders, this is impossible to make 100% agreement between them, each will have a unique style and approach. For each SuperTrader, they will get allocated some portion of the bankroll to manage without regard to the team's strategy. In this way they can demonstrate their skills and the supertraders that are most successful will get the larger share of the bankroll to manage.
So this is I think a nice way to get a diversified overall performance from the funds allocated to the SuperTraders. I should have specified that 1000 BTC would be the starting bankroll, but again I am making the mistake and put it at 10%. Happily, I knew that I would have some mistakes to correct and made the voting process, so unless the fundraising is growing from the current levels I think it would make sense to have a voting the month after the funding is closed to raise the allocation of funds for the SuperTraders. The amount sought would depend on how well they are doing and I will definitely want to open it to community discussion. I think if this works as well as I am expecting, it could end up being quite a good money maker while we are waiting for the codings from me to be completed.
I was reminded about the Tradebots and also my SVM tech, which will be of course integrated into SuperTraders to allow for automated day trading. This is some months away, but it is always best to be planning ahead.
A lot of the supertraders, they are shy, so I will not post their details here, but I believe that they will post about themselves at some point. The important thing is that it will be a team approach combined with individual subsets.
I feel that the different parts of SuperNET are crystallizing into forms that are even better than I had initially hoped for and I hope you all feel the same. I know I should have written all this up ahead of time, but I am not smart enough to see all the answers in the beginning. Much easier for me to take one step, make the best improvement, take another step, until it is a thing of beauty.
I do use my intuition to "know" if a solution is possible and so far it seems I have been quite "lucky"
James
I have recruited several top traders with nice track records and while we are still seeking the expert trader from China, the team is almost complete.
The structure will be for a 7x24 trading operation that is allocated half the SuperTrader bankroll. This will be traded using a team approach for making the strategy and trade parameters. The traders that are on the active trade status will be responsible for making sure the team portfolio is aligned to the team strategy.
When you have a collection of top traders, this is impossible to make 100% agreement between them, each will have a unique style and approach. For each SuperTrader, they will get allocated some portion of the bankroll to manage without regard to the team's strategy. In this way they can demonstrate their skills and the supertraders that are most successful will get the larger share of the bankroll to manage.
So this is I think a nice way to get a diversified overall performance from the funds allocated to the SuperTraders. I should have specified that 1000 BTC would be the starting bankroll, but again I am making the mistake and put it at 10%. Happily, I knew that I would have some mistakes to correct and made the voting process, so unless the fundraising is growing from the current levels I think it would make sense to have a voting the month after the funding is closed to raise the allocation of funds for the SuperTraders. The amount sought would depend on how well they are doing and I will definitely want to open it to community discussion. I think if this works as well as I am expecting, it could end up being quite a good money maker while we are waiting for the codings from me to be completed.
I was reminded about the Tradebots and also my SVM tech, which will be of course integrated into SuperTraders to allow for automated day trading. This is some months away, but it is always best to be planning ahead.
A lot of the supertraders, they are shy, so I will not post their details here, but I believe that they will post about themselves at some point. The important thing is that it will be a team approach combined with individual subsets.
I feel that the different parts of SuperNET are crystallizing into forms that are even better than I had initially hoped for and I hope you all feel the same. I know I should have written all this up ahead of time, but I am not smart enough to see all the answers in the beginning. Much easier for me to take one step, make the best improvement, take another step, until it is a thing of beauty.
I do use my intuition to "know" if a solution is possible and so far it seems I have been quite "lucky"
James
September 09, 2014, 04:41:14 PM
[Escrow Solution]
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
Hi all,
I am beginning communications with some high level, community trusted developers, of some of the top coins. My hope is they will join us as trustees and the funds can be multisig protected and controlled, as this is absolutely required. I think James' vision of unity and network collaboration is a winning vision, and will likely be instrumental in bringing digital currency and decentralization to those who don't know it exists, while greatly enhancing key social systems such as money, to those who do.
Doug
With the escrow process in good hands to solve the various details, I am able to resume the coding that has been suspended for these last days. When it is taking 16 hours to catch up on the 300+ messages, it is hard to find energy for coding. Yesterday, it was only 8 hours to catch up and today just 4 hours, so this is a nice almost back to normal level.
I welcome Doug to the SuperTeam!
Thank you for your help! It is making the SuperNET stronger with each person that is helping and soon my role is smaller and smaller percentage, even though I am working as hard as ever.
James
September 09, 2014, 04:31:16 PM
[Escrow Solution]
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
Hi all,
I am beginning communications with some high level, community trusted developers, of some of the top coins. My hope is they will join us as trustees and the funds can be multisig protected and controlled, as this is absolutely required. I think James' vision of unity and network collaboration is a winning vision, and will likely be instrumental in bringing digital currency and decentralization to those who don't know it exists, while greatly enhancing key social systems such as money, to those who do.
Doug
September 09, 2014, 04:08:38 PM
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
GPG signed messages, or perhaps dogfood and use bitcoin signed messages. Communications of this nature should not be easily spoofed or open to mitm.
Thank you for your assistance. effectsToCause should be posting here his progress on this front and I feel that the less I am involved in the specifics, the better. The escrow details should be arms length from me, there is too much centralization flowing through me and the more we can reduce this, the better.
At first, there is no alternative, but for well defined things like this, it is perfect for immediate partitioning.
Welcome to the SuperTeam!
James
September 09, 2014, 03:56:55 PM
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
GPG signed messages, or perhaps dogfood and use bitcoin signed messages. Communications of this nature should not be easily spoofed or open to mitm.
September 09, 2014, 03:27:16 PM
[Escrow Solution]
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
Reading this from scratch sounds reasonable, but what you are saying is that ANYONE can put in a request to withdraw funds? Wouldn't it make more sense to restrict this to shareholders at least? Or say shareholders of 10%+ minimum?
I am the official Requestor and I will be the only one allowed to do the requests, until somebody else replaces this function.
this is an important function, but there is no reason for me to be doing this, so if anybody is wanting to apply for the position, then I am saying to apply. Then there would be a vote for the approving of this person, probably 2/3rds should be required for anything like this
James
September 09, 2014, 03:10:08 PM
[Escrow Solution]
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.
effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.
I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.
There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.
When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.
At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.
With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor
The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.
In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate
There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.
The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0
This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!
James
####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -
Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...
Reading this from scratch sounds reasonable, but what you are saying is that ANYONE can put in a request to withdraw funds? Wouldn't it make more sense to restrict this to shareholders at least? Or say shareholders of 10%+ minimum?
September 09, 2014, 02:35:20 PM
cobaltskky, who was instrumental in resolving the bter incident, has accepted to be the Approver
anon136, the "official" NXT escrow guy who has also escrowed the IPO for exocoin, has agreed to be a Trustee.
James
anon136, the "official" NXT escrow guy who has also escrowed the IPO for exocoin, has agreed to be a Trustee.
James
A cute chick and a guy with guns... I approve!!!
James
'long as yer not premature with the chick all is good : -)
September 09, 2014, 02:30:23 PM
cobaltskky, who was instrumental in resolving the bter incident, has accepted to be the Approver
James
James
I approve the approval of the approver
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