So this isn't open source? Is that their long-term plan?
Hi sdersdf3,
A closed beta does not have anything to do whether the software will be open source or not, it just means they will test the software mostly 'in-house'.
What you ask is if it will be released as open source when it's fully developed. I can refer to the below quotes of Maurice from Bitsend.
As you can read Bitsend has a pending patent so it is very unlikely that they will release it as open source anytime soon.
I like the idea a lot. The big questionmark for me is, how is it quaranteed that the technology which is built with the ipo-money will be used with Checkcoin only? Is there anything that would prevent say bitcoin being implemented to this very system? Also should the company BitSend be willing to sell their Geo Software patent out one day, is there any protection for bagholders of Checkcoin?
This is just thinking aloud. First and foremost props for BitSend guys for cool idea!
First of all, thanks for your feedback and questions and asking them here so others who might have the same questions, can read along or find the answer here.
The funds that will be received through the IPO will be used for the Checkcoin project. As the projected cost of the technology and patent is in the 100,000's it is fair to say there will not be much left after the project is completed. The sourcecode of the technology will not be open-source and it would therefore be highly unlikely that another coin would make use of this technology as developers of legitimate coins mostly act out of their own name now and will not want to risk a patent lawsuit. Even if the technology is copied by an anonymous developer it will have far less chance of succes due to the factors of timing (they're not the first to implement it) and the fact that legitimate companies will not go into business with them because of the patent on this technology.
About selling the patent one day, this hasn't even crossed our mind untill now. My first thought goes out to somehow compensating the people who have participated in the IPO as without them, it would have been increasingly more difficult to have realised the project. However, I would like to ask you to please allow us to discuss the matter internally and come back to you with an answer we fully support.