Topic: [ANN] "Ten Times" (TENT) token sale - page 2. (Read 254 times)

BTW, for an exact calculation you can use the contract functions:

https://etherscan.io/token/0xefd57b75cad5ac36ba102a88e34374a7bb68acf3?a=0x144e9bbf3dbc6ec9d3a84844d54416e80ac6fb7c#readContract

and click Query on the "facExp" function. The parameters:

k=TENT*10000000000, so e.g. 1000000000000 for this example
q=867598 (always the same value, this is the exponent, expressed as an inverse value)
n=number of blocks, so 500000 for this example
p=8 (always the same value, this is the calculation precision)

The result is 1779448097771. This is just the interest, in smallest TENT units. So it is 177.94. Add this to 100 and you get 277.94, even more than calculated. Try it with 2 million blocks, and you get 1000 for the interest, to which 100 will be added. So I guess I should have named it "Eleven Times"

It even works for very small values. For example if you have just 10 TENT units, that's 0.000000001 TENT, you still get 0.0000000107 TENT at the end of the year, because the calculation is done with the number of blocks as an exponent parameter, not individually by adding the individual interests. And of course it works for 10k TENT or more, too.

And this is good, because if not many people buy it and I burn most of the 90% of the supply as I will do as promised, I can still use my 10% and try to list it at bigger and more classical exchanges.

Nice, thanks!

I think exchanges like etherdelta are the future, because it is all smart contract based on the Ethereum network, so in theory more safe than conventional exchanges. But I will ask other exchanges as well.


Each block on the Ethereum network (so about each 16 seconds), 0.000115 % will get added. See this wallet, to which I transferred 10 TENT yesterday:

https://etherscan.io/token/0xefd57b75cad5ac36ba102a88e34374a7bb68acf3?a=0x144e9bbf3dbc6ec9d3a84844d54416e80ac6fb7c

Do a reload each 16 seconds, and you will see that it increases. Until the end of the year it has increased 2 million times, which is 10x (=1.00000115 ^ 2,000,000). But you can always sell and transfer it to another wallet earlier, with all the compound interest that it has so far. Compared to classical bank account, think of it as an interest period of 16 seconds instead of 1 year.

For your example, if you buy 100 tokens today, you will have about 1.00000115 ^ 500,000 * 100 TENTs = 2.117 * 100 TENTs = 211.7 TENT after 3 months in your balance. If you then sell 50 TENTs, the recipient will have 50 TENTs and you will have 161.7 TENTs.

https://twitter.com/Bill_Djons/status/958892717236523008
your tweet, if there is a desire to thank the addresses you will always find on my page on Twitter ... by the way ... Facebook and Instagram have banned advertising crypto and ICO ...

Thanks for your detailed explanation. Do you think people will buy the tokens from etherdelta?  Why can't you sell directly as an ICO? So all the unsold tokens will be burned after 7 days? If yes, even the 10 percent you hold will be burnt or it will be intact?  What exchanges you have on mind to list the tokens apart from etherdelta? I don't know how CLAM and WAVES are listed. May be they implemented this policy recently. 

I have another question.  Assume i have 100 tokens on my wallet and i am getting interest for 100 tokens.  After few days or months, if i sell 50 tokens, my balance will be only 50. On such case, i get the interest for 50 tokens or the initial 100 tokens?  If i sell the tokens, the recipient also gets the interest?

How long the interest will be paid?  Is there any cap for that? Is it life time?

You say that it gets multiplied by 10x. So if some one holds one token, after 12 months, he will have 10 tokens in his wallet?

Currently I own nearly all tokens. 90% are offered for sale on EtherDelta (you can buy a fraction of the offered tokens as well)

https://etherdelta.com/#0xefd57b75cad5ac36ba102a88e34374a7bb68acf3-ETH

The sale order expires in 7 days. I will then burn all unsold tokens of these 90%.


Well, that's strange, because technically CLAM and WAVES are then security, and both are listed at Bittrex. Maybe there is a limit? The stake profit is not very high, compared to the 10x increase per year of my token.

So far I didn't contact any exchange, but would be nice if it gets listed on a bigger exchange than EtherDelta. But I guess they wouldn't be interested, if nearly nobody except me has the token.

Thanks for your reply. On what case the tokens are burnt? Please give more details about the burning of tokens. I had plans to start an own coin and i contact many exchanges including poloniex. Every one replied with the template saying "coins/tokens that are considered as security will not be listed". Any coin that assures interest to hold is considered as security. Even though this is the concept of proof of stake, these kind of coins/tokens are not accepted by many exchanges. 

On what idea you launched this token?  You have plans to list on which exchanges?

No, the interest is paid automatically by the contract code. Tokens are generated virtually each block, so total available supply after one year is about 10 million tokens, minus the burnt tokens, distributed over all balances.


That's always the chicken-and-egg problem: If nobody buys the token initially, then it has no value. But if people think it might be useful to have a token with built-in interest, then it might get some value.


Thanks, that's interesting, I didn't know the difference between utility and security. But why do exchanges then list coins like CLAM, which is listed on Poloniex and Bittrex? It has a built-in staking mechanism, similar to interest: The more CLAMs you have, the more CLAMs you can get by staking them (proof-of-stake instead of proof-of-work). E.g. WAVES has the same PoS concept, so kind of interest, and it is listed at Bittrex.

Yes, the total value will decrease, but if you hold the token, you will get as much interest as the value decreases, assuming equal supply and demand. But I hope demand will get higher with time, because people might see that price drops and that it is a good time to buy some tokens. It works for other tokens like CLAM with staking, but with less inflation. It is a bit of an experiment, if this high inflation is good for a coin, but your personal balance will always increase as much as the coin inflates.

And right, I couldn't be bothered to implement the burning in the contract code, I will burn it manually. You can trust me, see my trust ratings. It would be bad for the token and bad for me anyway if I wouldn't fulfill the promise. I will post the burn transaction at the end, sending it to some a burn address like 0x000000000000000000000000000000000000dEaD.

So you pay the interest from the balance 10 percent? If yes, once that 10 percent is exhausted, the token holder will not get any interest? Am i right? What is the benefit for this token buyers. If the token is listed on a good exchange the if the price increases, they can sell the token and en cash it. But if the token doesn't have any value, who will be bothered to hold your tokens even if you pay compounded interest.

If your token is providing interest it would be considered as security and not as utility. Most of the exchanges will not list a token/coin which is a security.

Please clarify

Hi marilyn,
will the total value not decrease over time, with every automated issuance? (inflation)...

Second question: there is no burning implemented in the source code - you plan to do it manually via the transfer function?

Best!
SmaCo

PS: I need a 28 x 28 pixel PNG icon for the token. If someone can draw this for me, and if it looks nice, I'll send you 200 TENT (worth $20).

"Ten Times" (symbol TENT) is a new standard ERC20 token on the Ethereum network, with a special feature: each block your balance gets increased by about 0.000115 %. This means in one year, after about 2 millions blocks (about 16 seconds block time at the moment), because of compound interest, your balance gets increased 10 times! (1.00000115 ^ 2,000,000 = 10) In half a year it is still about 3 times. This is the perfect coin to park some of your money. You can watch an example address how it grows about each 16 seconds for each new block, to which I just sent 10 TENT:

https://etherscan.io/token/0xefd57b75cad5ac36ba102a88e34374a7bb68acf3?a=0x144e9bbf3dbc6ec9d3a84844d54416e80ac6fb7c

I sell 90% of the 1 million supply of the token for the next 40,000 blocks (about 7 days) at EtherDelta, see here:

https://etherdelta.com/#0xefd57b75cad5ac36ba102a88e34374a7bb68acf3-ETH

And it costs only 0.0001 ETH per TENT!

You can use EtherDelta e.g. in combination with MetaMask. Just deploy some Ethers, buy your TENTs, and then withdraw the TENTs to your MetaMask wallet. Note: you need some patience with EtherDelta, deploying etc. can need some minutes depending on the network speed.

10% will be used, if you can't buy with EtherDelta and want to buy it from me direct, or want to buy it from me with Bitcoin. When the sell order expires, I will burn all remaining coins of the 90%. The 10% is for me to make some TENT coins for myself.

To use the coin, you need a Ethereum wallet that supports ERC20 coins. For example for https://www.myetherwallet.com , you have to add the token first. It doesn't recognize automatically the symbol and number of decimals, so you have to enter it manually. These are the parameters:

Token Contract Address: 0xefd57b75cad5ac36ba102a88e34374a7bb68acf3
Token Symbol: TENT
Decimals: 10

It looks like this:



MyEtherWallet works good in combination with MetaMask as well. For MetaMask you have to specify just the contract address with "Add Token", it figures out the name and decimals on its own. For other wallets, see e.g. the manual for the Crypterium token:

https://medium.com/@crypterium_io/crypterium-manual-how-to-use-use-tokens-in-wallet-42d7f5c1d9f3

Just replace the CRPT contract address with the TENT contract address, use "TENT" as the Token Symbol, and 10 for the number of decimals. Don't worry that tokens get lost if you do something wrong, as long as you own your Ethereum address, the tokens are associated to your address, independently if you add the token address first to your wallet or not. You can always verify it on Etherscan and if your wallet doesn't support ERC20 tokens, you can import your private keys to another wallet and then enable the token for it.

Important: Don't use an Ethereum address of an exchange like Poloniex or Bittrex to send your ERC20 tokens to, the tokens are lost then!

Unlike an ICO, this coin already works and you can use it to get more money, in case the exchange rate stays the same or doesn't drop too much. Might even get listed later on a bigger exchange as well, if there is some interest in it, but it will be always possible to trade it at EtherDelta and other peer-to-peer exchanges.

Disclaimer: I've tested the token extensively on the test net and on the main net, but I can't be sure that it is bug free. And unlike the DAO decable, it is unlikely that the Ethereum blockchain will be hard forked if an error is found in the contract. The source code is the ultimate description of what the token does. It is verified, you can read it here:

https://etherscan.io/address/0xefd57b75cad5ac36ba102a88e34374a7bb68acf3#code

But the contract is much simpler than DAO, so it might work as promised and without any major bugs


Technical details how it works

Whenever some tokens are transferred to or from an address, the current block time is recorded and the interest rate is added, which is calculated by the difference between the last block time and the current block time, and then using an optimized function, which approximates the exponentiation required to calculate the compound interest rate. The runtime, and thus the gas cost, is independent of the exponent (number of blocks), see the source code for the details. The interest rate is also added to the totalSupply value, so that this gives a good approximation of the current totalSupply, without expensive calculations over all balances, and without major rounding problems, which might be the case if I would have used a fixed starting block number and block count just for the totalSupply.

The balanceOf function uses the compound interest calculation as well, so that you get always the current balance, but without the need for an expensive gas operation to actually update the
amount each block (lazy evaluation).

Using only 10 decimals and the uint256 numbers guarantees, that it doesn't overflow in a few years. I think it should last for at least 67 years (2^256 = 1.1579*10^77, so 77 digits altogether, which means for 10 decimals there are 67 digits left, which is 10^67 after 67 years).