Topic: How to launch a POS coin legally v0.1 (Read 382 times)

There have been a lot of posts about how anyone who tries to publish a POS coin is breaking some-laws some-where. (Looking at you 'Land of the Free')

Anyway, if you do want to publish a POS coin, how about this way :

To be ultra careful/paranoid, instead of you personally giving out shares in the company (which is all an ICO/IPO is), you get a Smart contract on the Ethereum network, to run the whole IPO/ICO/whatever for you.

You create a Contract that listens out for payments. Along with each payment there is also a public key for their account on the POS chain. The code for the coin will need to be written and released already.

After a certain amount of time, the Contract creates the genesis block, using all the public keys it has acquired, and giving out coins in the right proportions given how much each individual gave.

Everyone has access to the Genesis block, and away you go.

Now, there is a contract on the Ethereum network with a whole load of Ether sitting in it's account. What to do with that ?

1) The creator may simply want the ether to be sent to him, but that may cause legal 'issues'. Although it could be classed as a payment for 'work done'. (Ha! A Smart Contract paying a Human.. or maybe another Smart Contract..)

2) You could burn them. Give yourself a stake in the company by default, and simply trash any money that is generated in the ICO.

3) You could send it all to different charities.

4 ) Or the ether needs to be spent, legally, on services. Which only the contract can do. As the creator of the contract, you can tell the contract who is eligible for this. This would need to be done beforehand, as once live, the contract has no trapdoor.. (Maybe a website host, security audit, etc etc.. all via the ethereum network)

..

I would say that the contract itself is the one who is in charge. Not you.

Thoughts ?