Topic: DNotes 2.0 - Staking, CRISP Interest, DNotes Pay - page 160. (Read 148870 times)

ICOs will continue to have serious issues with much confusion for some time. Meanwhile, there will always be people who are ready to exploit the situation. I did a quick read of the white paper. Another interesting idea, but few good ideas are worth more than the cost of a cup of coffee.    

DNotes 2.0.1 Update -  Scheduled for Monday April 30th

All, we will be releasing an update scheduled for Monday, April 30th. We are removing transaction limitations for transactions that have more than 50 inputs into a single transaction as well as reduce the number of CRISP addresses processed during CRISP payout blocks. The limitation would cause transactions to be rejected by the network that require more than 50 inputs into a transaction. This would become an issue eventually for large volume users and those who are staking, forcing them to make smaller transactions.

What are inputs?
When we send DNotes to another address, we are technically spending previous unspent inputs of transactions on the blockchain that belong to the addresses in our wallet.

For example:
Jill and Tom each sent 50 DNotes to Mary.
Mary now has 100 DNotes, comprised of 2 unspent transaction inputs of 50.
Then Mary wants to send 25 DNotes to Bob.
When Mary sends 25 DNotes to Bob, the wallet figures out that it has to spend 1 of the 2 unspent transactions for 50 DNotes, sending 25 to Bob and 25 in change back to Mary's wallet.

What happens if a node doesn't upgrade?
Eventually that node will create its own fork on the network, incompatible with the rest of the network, by rejecting transactions that have over 50 inputs. That node can correct itself by upgrading at any point in time there after and updating the blockchain.

What are the potential risks?
Transactions created on a fork and not the main chain of the network would be invalid on the main blockchain.

How do I protect myself against this risk?
Once released, make sure you are using DNotes 2.0.1, which you will be able to check in the wallet by clicking Help then clicking About DNotes. That will ensure you are on the correct blockchain.

What is the upgrade process?
Once the new downloads are available, simply download the new wallet application. You will be able to use the new wallet as you would have previously.

I will post an announcement on DNotes website once we are ready with the new updated files. This notification is just to prepare everyone that it will be coming.

Technically speaking, an ICO simply means that your fundraising token happens to be on a block chain, and of course there is nothing wrong with that.

I think the fact that many of them are not being issued rightly speaks to the problems they are causing. People/entities love ICOs because they are easier to do than going through the rigmarole of registering and issuing a security, and apparently easier than crowdfunding as well. But therein lies the problem. Some of the "rigmarole" is actually very important for consumer protection. And if not required, people issuing ICOs may not take the time to figure out and voluntarily do all those consumer protection things. I'm not talking about the outright scams which intentionally defraud people, but more, those sincere ones which simply do not know what they're doing, quite frankly.

With that said, I'm not any more a fan of regulatory bureaucracy than anyone else. Ideally, the industry can self-regulate where it is considered right to check certain boxes when running your ICO, but we don't need the government necessarily to make sure that happens. I think the part in the DNotes Global plan where other companies can issue tokens on the DNotes block chain but only after being carefully vetted and selected by DNotes Global and then being mentored along in the process is one interesting way to make that happen.

Reading through this article gives me an idea, because honestly I really don't like being barred from making some investments because I'm a non-accredited investor. At the same time, I recognize those limitations are meant to protect and having a certain income level or net worth is one way to prove that you have some financial know-how. My idea is that you have a system where accredited investor income or net worth levels can be waived by the applicant opting instead to complete and show proficiency in some financial literacy and investment courses. If you have very little income or net worth, then you might be required to complete more training before you can be considered "accredited." I know there isn't really a formal process by which one becomes an accredited investor, but I do know that companies seeking to raise funds have some responsibility in making sure their investors do have sufficient income and net worth before they sign the sale of stock contracts. It would be cool if they could also check for education levels and have some confidence that this lower middle class guy who wants to put in only $5,000 actually does know what he's doing and so it's really OK to give him a chance at the risk and the profits of being an early shareholder.

Without attempting to speak for everyone, we aren't exactly against ICO's, the proposition and value they can add to the world is quite amazing. With the right guidance in place, and if it can be done properly, we intend to incorporate ICO's into our model. With that said, many of the ICO's are just not doing things properly and with consumer protection in mind.

With all the talk about the issues with ICOs, here's one that might be interesting to analyze for educational purposes. At first glance it looks like a competitor of DNotes Coin and DNotes Global.

I'd be genuinely curious to know what you guys think. I'm not asking about whether it would be a good investment (I have my own concerns). I'm thinking of it as a real world example. It's an ICO. There's a website, a whitepaper (that seems thorough), and a team that consists of people with some real world experience. What would be the things you would tell people to probe more deeply? Do you see any immediate red flags (I mean, besides that it's an ICO and we don't like ICOs around here)?

Here's the whitepaper: https://worbli.io/whitepaper/index.html

Edit: After reading this article about mini IPOs, I'm starting to realize that it's a lot less productive than I thought to analyze individual ICOs. Just one quick example. One of the documents you have to produce if you want to go the mini IPO route is two years of financial statements to show that your company already knows how to spend money wisely and use it to make more money. So this ICO wants to raise $47,000,000 all at once with no prior history as a company (hence no previous financial statements). Maybe it might be better for them to raise a small amount (like $100,000) through crowdfunding and then use those funds to build out the first pieces and kind of prove themselves that way. Funny how easy that is to miss. I'm sure there are other examples and maybe I'll write a Steemit piece about that, but honestly, just taking a few minutes to carefully read through the legal process, and suddenly all those questions you forget to ask of an ICO become glaringly obvious.

Chase, thanks for sharing. Unfortunately, the state of confusion surrounding ICOs is a serious global problem, not limited to the Russian. I am coming across those challenges everyday - including professionals who should know better.

When the dust finally settled, many will understand why DNotes has been travelling down a uniquely different path than the rest of the industry.

ICOs will remain to be very damaging to our industry. Unfortunately, as long there is a high demand it will continue.

Please vote for DNotes on the CrytalDash exchange!

https://www.cryptaldash.com/new-coin-listing?ref=cnVlbAY29pbjk3MDkxMUBjcnlwdGFsZGFzaC5jb20bWluZG8

https://medium.com/@jwoods1103/interview-with-alan-yong-author-of-improve-your-odds-the-four-pillars-of-business-success-8c9c9bc4b984

We are working on getting listed on more exchanges. As of now, Cryptopia has agreed to list us on May 12th. As soon as we have more information that can be shared, we will let everyone know!

I don't think the Russian authorities have a very good grasp on what to look for in a legitimate ICO or how to identify the bad actors. Their advice really isn't any different than that given by self-serving promoters of shady projects. I agree that team member credibility is extremely important. It's too bad the definition of credibility has become so distorted in this industry.

"A startup conducting a coin offering will be judged by several criteria, including the credibility of its team members, Izvestia reported. RACIB will verify if the company has a website with information about previous projects. The association will check for a white paper and a roadmap for the ICO. Startups will be expected to announce a minimum rate of return of the investments."


Half of the ICO Money in Russia Went to Pyramids - https://news.bitcoin.com/half-of-the-ico-money-in-russia-went-to-pyramids/

What are the issues with Polo that you speak about? I haven't actively traded there in sometime, so curious.

Amadeus82, the first round of funding using Reg. D 506 (c) will begin at about the same time as listing DNotes 2.0 on Cryptopia. Reg. A+ Mini-IPO can only be launched later this year, once "qualified" by the SEC. Together with everything else, this will be a very exciting year for DNotes.

Hello team, been meaning to ask...are there efforts underway to secure a new exchange relationship? The issues with Polo the other day indicate our exchange situation is a risk factor and was wondering if there were efforts to mitigate our nose being open b/c of reliance on Polo.

Dyna this is nice to hear, so if everything goes according to plan Reg. A+ Mini-IPO will start at about the same time as listing DNotes 2.0 on Cryptopia. I'm really looking forward to all this, looks like we will have an interesting month ahead of us 

Iranian Central Bank Moves to Rein in Cryptocurrency

https://dcebrief.com/iranian-central-bank-moves-to-rein-in-cryptocurrency/

Thank you. I'd been thinking about it for a while so it came together really quickly for me. I agree. I definitely resonate with DNotes' focus on education. I think it would be awesome to develop some modularized real world classes that could be offered anywhere from library workshops to college and high school courses, or even "summer camps."

Me too, Amadeus82. It is working out to be much better than I anticipated. We need all the help we can get to increase our social media presence. That will help our funding efforts and get DNotes listed on the exchange.

We are working on two rounds of funding. The first round utilizes Reg. D 506 (c) to raise up to $5 million from accredited investors. Depending on the actual amount raised, the funds will be used to support continued software development, Reg. A+ Mini-IPO, listing fees for DNotes on more exchanges, PR and marketing, and general administration and operations.

Our Chicago law firm has completed the first draft of the offering memorandum. A second firm in Denver is now working to convert it to a presentation grade PPM (Private Placement Memorandum). Meanwhile they are also testing the interest level of their Dealer Broker network. We are planning to officially start the acceptance of funds around May 15, and will file the offering statements with the SEC no later than 15 days before the first sale. Meanwhile, a compliance web site is also being developed. All these take a lot of time and money. It is extremely demanding, but as always I will give it all I got to ensure that DNotes will be immensely successful to the benefits of everyone.

Reg. A+ Mini-IPO is our second round funding that is pre-positioned for our law firm to start work once we reached or get close to the $2 million mile stone. This is extremely expensive and time consuming. I am now projecting a launch date with the SEC "Qualification" at the later part of this year. We will continue to provide updates as needed.

What you may be missing out at DNotes - Telegram Community:

Quote From Alan Yong Today:

"Thanks, wiser. At least there is something to start with.

I like to propose another award for the top 6 contributors to the success DNotes – Telegram campaign when we hit the 10,000-membership mark.

 To promote team collaborative efforts an equal amount of 20,000 DNotes for the top three and 10,000 DNotes for the next three. Credit should be given to those few who go out of their way to support this campaign, assist to cultivate a helpful and respectful environment, understand and promote the DNotes vision, and protect our brand. 

I will approve this when the community figured out the logistics. Thanks. Great job so far."