Topic: BANKSYCOIN (SOON TO BE ARTSYCOIN) - ORIGINAL OFFICIAL THREAD - page 6. (Read 75812 times)

This a high priority item and requires several steps to accomplish.

We are now rolling out nodes to strengthen the network.

We will be opening our own block explorer soon using these nodes.

The block explorer will have an API.

The API makes commerce transactions more available.

Then we will tie the API into an online store at the site. This will also make it possible for anyone to open a store or add support for ArtsyCoin to an existing store.

Many altcoins fail quickly because they are not designed for longevity or sustainability. Most altcoins are founded with a flawed business model from the start or they are intentionally set up this way for short-term gain. ArtsyCoin is not one of those coins.

A common problem with altcoins is the way that premined coins or ICO funds are allocated. Premined coins are “spent” on the “development" of the coin and quantities of coins are typically “dumped” at an opportune time for majority coin holders. This results in a value crash followed by dwindling support for the coin, typically leading to abandonment. This flawed model for operating a cryptocurrency has been demonstrated time after time. This is also living proof of the Proof of Stake concept at work.

Instead of following this path to failure we are taking a refreshing approach to managing the progress of this coin.

We are fortunate with this coin in that it has not been abandoned during it’s lifespan and the coin supply has not been distributed to the point of unmanageability. Rather than falling to it’s own demise this coin was passed to a group of developers with ambitious goals.

The block explorer rich-list shows a concentration of coins being held by a handful of addresses. Although the data from the rich-list is limited in what it reveals on it’s own, it does give us an indicator that coins are concentrated to a few holders.

We expect based on previous history of altcoins that the concentrated holders will sell their coins into the market to recoup their “investment”. Since those holders are not directly involved with the future progression of ArtsyCoin it is anticipated that the post-dump period will create the environment for proper balancing of the ArtsyCoin economy as the coins find their way into the hands of more than a few people. As broader circulation of the coins continues the true value of the coin through it’s utility will be revealed. These are the steps towards a healthy cryptocurrency economy.

We do not need to sell off or give away quantities of this coin to support it’s development. Proof of Stake premined coins are meant to stabilize the network and the economy surrounding a cryptocurrency. Selling large quantities of a coin destroys the value of that coin. We have no interest in destroying the value of this coin. We are investing our development resources to create technology and services to support the use of this coin. We are also investing in building and securing the network to help increase the utility and value of this coin.

The ArtsyCoin algorithm pays 2% annually for staked coins. Rather than deplete the holdings of premined coins we plan on using the interest accrued by them to continue the funding and expansion of ArtsyCoin. The interest generated through staking the coins will be used to contribute to the development and support of ArtsyCoin. This will create more value in the coin through further utility and proper use of the economic benefits associated with staked coins that generate interest. We will continue development from a reserve of funds that sustains, not one that depletes.

As an additional measure to help balance the economy of the coin we will be seeking purchase of large quantities of coins where possible. In the event of successful acquisition of large coin holdings from external sources we are evaluating the economic impacts of “burning" premined coins for the benefit of impacting the value of ArtsyCoin. These options are still being investigated.

There will be many opportunities for anyone who wants to get involved with the progression of ArtsyCoin, especially for those who bring real value. The best will be ones that are capable of generating recurring revenue and are able to sustain their operation by generating a profit.

given the size of the premine.
and a small amount of tx following.
it seems at least the top 8 addresses are all premine.
http://blockexperts.com/bsy

community is only so useful.
hype and excitement is only so useful.

i'm hoping that artsycoin can serve a useful purpose via an art market.
anything else just seems pumping a dead coin.


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could we get some statement from new devs regarding premine.

searching through the thread i can find that most of the premine is still available

removing the premine of 100mill from the coincap suggests only 15 million for ready use. which is an interesting titbit that previously never occurred to me.

Things do move quickly in cryptocurrency but time is certainly not running out for ArtsyCoin.

The development and marketing efforts behind ArtsyCoin are just getting started and momentum is building fast...

• The new website is up and running and is updated constantly with features. Services previously listed are being added.
• Our logo contest is in full swing and is gaining momentum with additional prizes to be announced.
• External marketing efforts (outside of Bitcointalk) have begun.
• Rebuilding the wallet for all platforms is in progress, with the current wallet still available for all platforms.
• You can buy tangible goods with ArtsyCoin.

We have also forked several git repos for projects with code that will contribute to the progress of some of the features and services we are working on. More news on this coming shortly.

More partnerships are in negotiation and the ArtsyCoin community is growing.

This is not another short-term altcoin. ArtsyCoin is part of an ambitious endeavour being undertaken by a real development team with long-term objectives. If you are looking to be involved with a project that will contribute to the evolution of cryptocurrency in an economically sustainable way, then ArtsyCoin has a lot to offer.

No doubt more are coming.
We have started promoting this to artists

I baffles me to think, the premine is so large yet 50K BSY was offered as a bounty for the logo comp!

https://bitcointalksearch.org/topic/ann-contest-artsycoin-coin-icon-design-challenge-with-prizes-950850

here's the premine. 10million coins
http://blockexperts.com/bsy/height/3
http://blockexperts.com/bsy/height/4
http://blockexperts.com/bsy/height/5
http://blockexperts.com/bsy/height/6
http://blockexperts.com/bsy/height/7
http://blockexperts.com/bsy/height/8
http://blockexperts.com/bsy/height/9
http://blockexperts.com/bsy/height/10
http://blockexperts.com/bsy/height/11
http://blockexperts.com/bsy/height/12
http://blockexperts.com/bsy/height/13

they all go to this address

http://blockexperts.com/bsy/address/BAyjr7v7ToJjN6pmcBAXZFW9zhkBSNTihG
Balance    10000459.00000000

still has 8.6 % of coins. lol i tried to follow other of the top 10 addresses back to that address, but got distracted.. maybe tomorrow

hmm need more entries :p
bring on the art . lol

We have our first entry for the ArtsyCoin icon contest.

Take a look here:

https://bitcointalksearch.org/topic/m.10537584

Can't wait to see what else emerges

Thanks!

I was just playing around with Photoshop.

Those designs up look so nice! The potential of this coin is the potential of the users art definitely

Iconclass is also open data it would appear:

http://www.iconclass.org/help/lod

Looks like an opportunity/challenge

This may seem like a lot but programatically it should be manageable and go as deep as desired. Ideally this level of depth should be available though so we have a complete system. The classifications do appear to drill down though so it would be possible to start at the top and then add levels incrementally if that makes for easier implementation.

The 10 divisions are well constructed:

0 Abstract, Non-representational Art
1 Religion and Magic
2 Nature
3 Human being, Man in general
4 Society, Civilization, Culture
5 Abstract Ideas and Concepts
6 History
7 Bible
8 Literature
9 Classical Mythology and Ancient History

The sub-divisions make for incremental classifications resulting in the high quantity of potential codes.



Could certainly start with the 10 divisions and then figure out a way to enable further details.

Glad to see activity here and the coin moving forward

There are several applications for blockchain signing emerging all the time. There are several blockchain related technologies emerging that offer parallel functionality and like you said:


Or any altcoin for that matter, but I would say that the excellent part of open-source cryptocurrency is that innovations can be made anywhere and can come from anywhere.

Altcoins like ArtsyCoin are niche solutions that have the potential to become their own entity and that is the essence of pioneering in blockchain technology.

someone is using data coin currently to store recent checkpoints for btc in the dtc blockchain.
https://bitcointalksearch.org/topic/ann-cross-check-points-blockchain-of-blockchains-bytestmp-datacoin-955473


perhaps DTC chain could be utilised as a means to store further information for the ASY poe .
of course this does beg the question of why not put everything in teh DTC chain. but hey, why even have ASY in the first place

cross chain information seems like an interesting idea.

hehe i knew someone would have developed some classification scheme like that. i'd hate to have to start from scratch

i imagine you probably  could use something a tad simpler than --
    Classification System: 28,000 hierarchically ordered definitions divided into ten main divisions. Each definition consists of an alphanumeric classification code (notation) and the description of the iconographic subject (textual correlate). The definitions are used to index, catalogue and describe the subjects of images represented in works of art, reproductions, photographs and other sources.
   

We are updating the Artsy pool

The faucet is done and will be going down for a restart.

It would be great to leverage existing efforts in this area such as:

http://www.iconclass.nl/home

This classification system could be used as part of the data for the transaction as part of the signing and/or as part of enhancement.




Some great ideas concerning artwork signing are emerging

There is PoE work being done in the Bitcoin space as well. If we can adapt solutions from there for ArtsyCoin that will be great and similarly it is likely that functionality we create for ArtsyCoin may find it's way over to Bitcoin related services and code repos.

In the case of a JPG or similar document for PoE you would be signing with a hash of the document. Some people would want the image public, some maybe not. A site could be created that references back to the transaction correlating to the document and that document could be posted on the site at the discretion of the artist. This would work great for a reference site to prove ownership and would also work great for a site that sells content too.