Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 95. (Read 1356140 times)

Thanks for the reply warr1979...I'm well aware of how transparent the Devs have been. But for the sake of future investors we need a clear cut set of rules and procedures on using the funds. I know they are working on it but we need that before the ICO begins.

 I like the idea of 50% will be staked and interest used for further development costs, but we will need multi sig and voting by the community as well. I'm sure that this is what will happen but we should have a declaration to the community.

If you search a few pages up, you will see they are still deciding.  One idea which I believe will be approved is that 50% will NOT be touched only the interest will be used, right there it makes all other vericoin more valuable.  The address has already been posted if you donate there the coins will not be touched!! The rest they want to vote on but these developers have been VERY transparent.  I don't think there in it strictly for the money two years in.

Pat, Doug, Steve and David. As many have seen from recent ICO's/IPO's some of them are coming out as total scams Waves currently, 40%(12,000+/- BTC) of the ICO funds where withdrawn with no explanation from the Devs or anyone from the Waves team.

 Can we get a complete breakdown with what will happen to and what the ICO funds will be used for? How will you guarantee what the funds will be used for and how they will be used, protected and secured? Transparency? Will the Vericoin/Verium community vote for how the funds will be used?

 I just want a complete layout of how my investment will be used with as much detail as possible. I trust you guys whole hearted ly but for others who don't know Vericoin or the Dev's please lay it out for them.

Thanks

What's wrong with my VeriCoin Android wallet? I sent vrc to my Android wallet, but my wallet says

Warning Not Connected

How do I get my mobile wallet connected?

What's wrong with my VeriCoin Android wallet? I sent vrc to my Android wallet, but my wallet says

Warning Not Connected

How do I get my mobile wallet connected?

Seriously that address only has 1 VRC?

I'm going to guess you meant "should be a vote on the 50/50."

We have created a stake-only endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx

All funds donated to this will be staked perpetually. Only staked interest will be used to fund any VeriFund project.

Feel free to send any donations in and get this baby going! The donated funds will never be sold/traded/given away/used for projects. Only interest from it will be.

All ICO funds usage will be voted on by the community, details of voting procedure to come later, but we would like to have 50% of the VeriCoin raised in the ICO to be sent to this endowment and staked perpetually.  If you also like this idea be sure to vote for it.

We are considering granting free Verium to VRC holders. Our idea right now, though not set in stone is:

At the end of the ICO, the top 250 VRC addresses in terms of balance at that time and having had staked at least one block in month preceding the ICO end date will receive 1 VRM per 500 VRC with no partial VRM for between 0-500 VRC. For example, if you have 20,000 VRC, you would get 40 VRM. If you had 20,499 VRC you would still only get 40 VRM. Your VRC private key would be able to redeem the VRM by importing it to your wallet. If you keep your money on an exchange you would get nothing.

This will reward VRC stakers who are contributing to the security of VeriCoin. It will also help VRM gain some early adopters. It's a mutually beneficial arrangement, one of many in the Veri ecosystem.

What does everyone think of this idea? We have not made any decisions yet, but this will definitely play into it.

In addition to this, as effectsToCause mentioned earlier, we have proposed taking 50% of the ICO funds and donating it to our VeriFund endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx. This address is only going to be used to stake perpetually. No donated coins will be used for funding anything. Only interest made off staking will ever be used to fund and support VeriCoin. Consider it a staking burn address where you know your donation will never help reduce the price of VRC.

Please comment with your take on our ideas for the VRM introduction and swap.

Basically:
Be in the top 250 list of VRC Addresses: https://chainz.cryptoid.info/vrc/#!rich
Stake your coins regularly
Get free Verium

https://github.com/VeriumReserve/verium/commit/1fb95f80fd92d2ca7c24b7d76fedd89e7ef92296

Showing 51 changed files with 211 additions and 2,304 deletions.

Seriously that address only has 1 VRC?

We have created a stake-only endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx

All funds donated to this will be staked perpetually. Only staked interest will be used to fund any VeriFund project.

Feel free to send any donations in and get this baby going! The donated funds will never be sold/traded/given away/used for projects. Only interest from it will be.

https://www.vericoinforums.com/ is down for this moment. Host is saying DDOS.

Feel like talking? Join https://vericoin.rocket.chat

We are considering granting free Verium to VRC holders. Our idea right now, though not set in stone is:

At the end of the ICO, the top 250 VRC addresses in terms of balance at that time and having had staked at least one block in month preceding the ICO end date will receive 1 VRM per 500 VRC with no partial VRM for between 0-500 VRC. For example, if you have 20,000 VRC, you would get 40 VRM. If you had 20,499 VRC you would still only get 40 VRM. Your VRC private key would be able to redeem the VRM by importing it to your wallet. If you keep your money on an exchange you would get nothing.

This will reward VRC stakers who are contributing to the security of VeriCoin. It will also help VRM gain some early adopters. It's a mutually beneficial arrangement, one of many in the Veri ecosystem.

What does everyone think of this idea? We have not made any decisions yet, but this will definitely play into it.

In addition to this, as effectsToCause mentioned earlier, we have proposed taking 50% of the ICO funds and donating it to our VeriFund endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx. This address is only going to be used to stake perpetually. No donated coins will be used for funding anything. Only interest made off staking will ever be used to fund and support VeriCoin. Consider it a staking burn address where you know your donation will never help reduce the price of VRC.

Please comment with your take on our ideas for the VRM introduction and swap.

Basically:
Be in the top 250 list of VRC Addresses: https://chainz.cryptoid.info/vrc/#!rich
Stake your coins regularly
Get free Verium

Also as pnosker mentioned. The Verium address will be the same format as VeriCoin, so a VeriCoin private key you own can be imported into your Verium wallet and vice versa.  The balance will be different depending on which chain it is on (VeriCoin or Verium) but you can hold one private key with both Verium and VeriCoin on it from each chain.  We will release an update to the VeriCoin wallet prior to the ICO that is a bit lighter, has some UI improvements but will also make exporting a private key very easy in the user-interface for this purpose.  So when the ICO starts you will use the VeriCoin wallet to generate your Verium address and export the private key for importing into the Verium wallet once it is released.