Topic: Next Gen Altcoin / Bitcoin 2.0 => [ANN] SwarmCoin IPO started TODAY (Read 5516 times)
September 23, 2014, 08:23:45 AM
no they got an oculus duh
June 19, 2014, 01:20:20 AM
Thought some of you might like to see the BitAngels due diligence report (https://docs.google.com/document/d/12VLfibhGGSwy4cuHUZUG5ngEVTZoZ6_dKKqLGwhhdik/edit):
We are also working to provide a comprehensive FAQ that answers many of the questions that have come up on Bitcointalk. Sorry we can't get to all of them immediately.
Quote
This is a live document and will be updated based on most recent information.
Due Diligence Report on SWARM
The following report is NOT intended as advice to purchase software. This report is presented for purely informational purposes. ALWAYS conduct your own due diligence before buying digital tokens associated with a software project during a crowdsale.
TLDR:
SWARM http://www.swarmcorp.com/ is an open source project to build a “distributed incubator to help people fund their ideas” by issuing digitial tokens on top of protocols such as Counter Party and the Master Protocol (potentially more in the future, SWARM is platform agnostic). The current project client is built on top of Counter Party, however SWARM have announced plans to also integrate Master Protocol in the coming months. Their crowdsale starts June 17th at 12:00 a.m. midnight U.S. central time. The team is has the full technical stack covered. This will be one of the first front end interfaces to create digital tokens (though it does have competition in Coin Powers and other efforts) and relies on the Bitcoin Protocol and Counter Party to function. The price of the tokens will rise during the period of the crowdsale based on the volume of SWARM coins that are purchased with bitcoins. See http://www.swarmcorp.com/ for details. BTC is the only currency accepted during the crowdsale.
View the SWARM Presentation and Q&A at the following link: https://drive.google.com/file/d/0B0Ibqr7Y2XcNNlowMzNJZjkwT0U/edit?usp=sharing
Summary
The SWARM project was founded by Joel Dietz to make issuing digital tokens as easy as the press of a button on a mobile app. The project decided to issue it own digital token in order to fuel development and acquisition of market share. The sale of these digital tokens known as SWARM begins June 17th at 12:00 a.m. midnight U.S. central as part of a crowdsale.
Crowdsale On June 17th at 12:00 midnight U.S. Central Time
A total of 100,000,000 SWARM Coins are available for sale during the crowdsale event which runs for a period of 33 days until July 20th or until the total number of SWARM Coins is sold.
The pricing of the SWARM tokens is determined based on the volume that is sold. Specifically SWARM is selling SWARM Coins at a rate of 5,250 SWARM coins per bitcoin the participant sends in. This rate of SWARM declines the more bitcoin are collected until four thousand BTC are collected and the price increases to 4,250 SWARM per bitcoin. This generation process could continue all the way until twenty one thousand bitcoin are collected and the generation rate falls to 3,750 SWARM per bitcoin.
Details found at: http://www.swarmcorp.com/
It is worth noting that the SWARM team does not expect to collect the maximum number of bitcoins by selling out all of their tokens (though it is possible if demand has been underestimated). Instead, the project has set a range of price points and is leaving it up to the market to decide the proper price of SWARM Coins. If the market decides this projects is highly valued, than the price of the coins will reach a higher level during the crowdsale. Conversely, if the market decides that this projects is not as highly valued, than the price of the coins will not rise as high during the crowdsale. Either way the pricing of these tokens is for the market to determine.
Team
The co-founders of SWARM (Joel Dietz and Jef Cavens) are both located in Berlin, Germany at the moment though both are originally from the U.S. and often reside in Palo Alto. Joel’s focus on is the back end of the application and Jef is focused on the design aspects of the application. Here I will highlights from their back grounds.
Joel Dietz (www.linkedin.com/in/joeldietz)
Educated at Brown, Joel has spent the last seven years in a variety of positions from software developer to startup entrepreneur. He has made many contributions to the Bitcoin community the past several years as part of projects ranging from Master Protocol to Ethereum. Now with a focus on Bitcoin 2.0 technologies.
Jef Cavens (www.linkedin.com/in/thomasverhoye)
Jef has spent the past 14 years in different design and creative roles in the software space. His strong design influence is felt in the presentations, application wire frames and websites that SWARM has already produced.
Economics
The utility of SWARM is based on the charging of a fee to users in order to issue their digital tokens. This fee is taken in the form of a small percentage of the digital tokens issued by the user (around 2%, subject to change) at the time they are generated. This fee is then sent to different parties. 1% of the fee to all the holders of SWARM coins. 1% to the SWARM Foundation.
While this fee provides a great deal of utility to the holders of SWARM, it also makes the protocol more vulnerable to the risk of folking and alternative versions of the project emerging that don’t charge a fee. If the market will accept this fee remains to be seen, though for perspective it is less than half of the fee that current incubators such as 500 startups and Y Combinator charge (typically 6% or more).
Technical Description
The creation of the SWARM clients is not technically difficult in the sense that they do not have to research or provide any new cryptographic proofs for the functioning of the system. Instead, the system relies on the existing Bitcoin and Counter Party for its basic functions and transfer of value.
Challenges
There are a number of existing incubators such as 500 Startups and Y Combinator, and platforms such as Angel List that offer projects an ability to raise development funding for their ideas. While today, these services are centralized and use legacy financial models, if these competitors were to begin embracing crypto currency and change their models to that of open source, they would be tough competition for SWARM. Depending on how much network size effect the SWARM project is able to gain before its competitors adopt the same or similar model will largely determine its success.
There are also new entrants into the this space including Coin Powers, which are using the Counter Party and Master Protocols in order to provide functionality very similar to that of SWARM and will be competing for similar users. Again, the speed at which the SWARM team can move developmentally and to grab market share is likely to have a dramatic impact on how successful their project is.
Due Diligence Report on SWARM
The following report is NOT intended as advice to purchase software. This report is presented for purely informational purposes. ALWAYS conduct your own due diligence before buying digital tokens associated with a software project during a crowdsale.
TLDR:
SWARM http://www.swarmcorp.com/ is an open source project to build a “distributed incubator to help people fund their ideas” by issuing digitial tokens on top of protocols such as Counter Party and the Master Protocol (potentially more in the future, SWARM is platform agnostic). The current project client is built on top of Counter Party, however SWARM have announced plans to also integrate Master Protocol in the coming months. Their crowdsale starts June 17th at 12:00 a.m. midnight U.S. central time. The team is has the full technical stack covered. This will be one of the first front end interfaces to create digital tokens (though it does have competition in Coin Powers and other efforts) and relies on the Bitcoin Protocol and Counter Party to function. The price of the tokens will rise during the period of the crowdsale based on the volume of SWARM coins that are purchased with bitcoins. See http://www.swarmcorp.com/ for details. BTC is the only currency accepted during the crowdsale.
View the SWARM Presentation and Q&A at the following link: https://drive.google.com/file/d/0B0Ibqr7Y2XcNNlowMzNJZjkwT0U/edit?usp=sharing
Summary
The SWARM project was founded by Joel Dietz to make issuing digital tokens as easy as the press of a button on a mobile app. The project decided to issue it own digital token in order to fuel development and acquisition of market share. The sale of these digital tokens known as SWARM begins June 17th at 12:00 a.m. midnight U.S. central as part of a crowdsale.
Crowdsale On June 17th at 12:00 midnight U.S. Central Time
A total of 100,000,000 SWARM Coins are available for sale during the crowdsale event which runs for a period of 33 days until July 20th or until the total number of SWARM Coins is sold.
The pricing of the SWARM tokens is determined based on the volume that is sold. Specifically SWARM is selling SWARM Coins at a rate of 5,250 SWARM coins per bitcoin the participant sends in. This rate of SWARM declines the more bitcoin are collected until four thousand BTC are collected and the price increases to 4,250 SWARM per bitcoin. This generation process could continue all the way until twenty one thousand bitcoin are collected and the generation rate falls to 3,750 SWARM per bitcoin.
Details found at: http://www.swarmcorp.com/
It is worth noting that the SWARM team does not expect to collect the maximum number of bitcoins by selling out all of their tokens (though it is possible if demand has been underestimated). Instead, the project has set a range of price points and is leaving it up to the market to decide the proper price of SWARM Coins. If the market decides this projects is highly valued, than the price of the coins will reach a higher level during the crowdsale. Conversely, if the market decides that this projects is not as highly valued, than the price of the coins will not rise as high during the crowdsale. Either way the pricing of these tokens is for the market to determine.
Team
The co-founders of SWARM (Joel Dietz and Jef Cavens) are both located in Berlin, Germany at the moment though both are originally from the U.S. and often reside in Palo Alto. Joel’s focus on is the back end of the application and Jef is focused on the design aspects of the application. Here I will highlights from their back grounds.
Joel Dietz (www.linkedin.com/in/joeldietz)
Educated at Brown, Joel has spent the last seven years in a variety of positions from software developer to startup entrepreneur. He has made many contributions to the Bitcoin community the past several years as part of projects ranging from Master Protocol to Ethereum. Now with a focus on Bitcoin 2.0 technologies.
Jef Cavens (www.linkedin.com/in/thomasverhoye)
Jef has spent the past 14 years in different design and creative roles in the software space. His strong design influence is felt in the presentations, application wire frames and websites that SWARM has already produced.
Economics
The utility of SWARM is based on the charging of a fee to users in order to issue their digital tokens. This fee is taken in the form of a small percentage of the digital tokens issued by the user (around 2%, subject to change) at the time they are generated. This fee is then sent to different parties. 1% of the fee to all the holders of SWARM coins. 1% to the SWARM Foundation.
While this fee provides a great deal of utility to the holders of SWARM, it also makes the protocol more vulnerable to the risk of folking and alternative versions of the project emerging that don’t charge a fee. If the market will accept this fee remains to be seen, though for perspective it is less than half of the fee that current incubators such as 500 startups and Y Combinator charge (typically 6% or more).
Technical Description
The creation of the SWARM clients is not technically difficult in the sense that they do not have to research or provide any new cryptographic proofs for the functioning of the system. Instead, the system relies on the existing Bitcoin and Counter Party for its basic functions and transfer of value.
Challenges
There are a number of existing incubators such as 500 Startups and Y Combinator, and platforms such as Angel List that offer projects an ability to raise development funding for their ideas. While today, these services are centralized and use legacy financial models, if these competitors were to begin embracing crypto currency and change their models to that of open source, they would be tough competition for SWARM. Depending on how much network size effect the SWARM project is able to gain before its competitors adopt the same or similar model will largely determine its success.
There are also new entrants into the this space including Coin Powers, which are using the Counter Party and Master Protocols in order to provide functionality very similar to that of SWARM and will be competing for similar users. Again, the speed at which the SWARM team can move developmentally and to grab market share is likely to have a dramatic impact on how successful their project is.
We are also working to provide a comprehensive FAQ that answers many of the questions that have come up on Bitcointalk. Sorry we can't get to all of them immediately.
June 18, 2014, 03:03:16 PM
This is expensive.
These guys are actually going to raise enough money that they can hire 10 elite programmers for 2 years. They might do something amazing.
These guys are actually going to raise enough money that they can hire 10 elite programmers for 2 years. They might do something amazing.
June 18, 2014, 01:45:16 PM
Is there an actual product, or do they just want a bunch of BTC for their idea and cool 3D graphic of a swarm?
June 18, 2014, 12:32:31 AM
still do not entirely understand why crowdfunding for a coin is neccessary... this is basically the same as protoshares?
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
My understanding is that it's a simple exchange. The entrepreneur gives up a bit of equity to "IPO" on Swarm. In return the business gets more exposure, regulatory advice, and other things.
EDIT:
Worth noting is that the Founders of Counterparty are not affiliated with Swarm.
Counterparty is the technology platform that Swarm is using to facilitate their model.
I understand that Swarm will release more public information about the path forward.
The way which I heard Swarm being described as was the 'Facebook for crowdfunding'. The idea is to create a single place which is as compelling as Kickstarter, to preen and curate innovative projects.
It isn't fully clear yet but my understanding is that the SWARM token will be required to create a project. Ownership of SWARM tokens entitles you to a distribution of all future tokens launched on Swarm.
It's worth mentioning that in the scenarios on their web page, that if they have sufficient capital, they will become an incubator themselves to fund new start ups and then crowd fund them on Swarm. Since Swarm is looking to be a DAO, I assume that owners of SWARM would be involved in deciding which projects to incubate. (Someone from Swarm please correct me if I'm wrong).
June 18, 2014, 12:20:15 AM
Theres a lot of feedback here, and I'd like to bring this thread back to the Swarm project.
After working within the Bitcoin 2.0 space and watching what projects are evolving, Swarm can be a platform to embrace many of these protocols - not just CounterParty.
The VEND model that is proposed by Swarm is the answer to many of the challenges faced by new coin launches, we are working with several projects that are evaluating Swarm for coins that are centered on crowdfunding initiatives - like the Tatiana Coin
After working within the Bitcoin 2.0 space and watching what projects are evolving, Swarm can be a platform to embrace many of these protocols - not just CounterParty.
The VEND model that is proposed by Swarm is the answer to many of the challenges faced by new coin launches, we are working with several projects that are evaluating Swarm for coins that are centered on crowdfunding initiatives - like the Tatiana Coin
June 17, 2014, 07:50:33 PM
Lol. You might as well start an IPO for Cognicoin https://bitcointalksearch.org/topic/ann-cognicoin-lulz-1st-proof-of-thought-launched-no-premine-ipo-648552 you'll get a much better ROI.
June 17, 2014, 07:50:13 PM
Starting to get too the point any company can paint a turd and call it btc 2 and raise free money 
June 17, 2014, 07:46:41 PM
just take a look at his name..
then walk away.
then walk away.
June 17, 2014, 07:44:11 PM
still do not entirely understand why crowdfunding for a coin is neccessary... this is basically the same as protoshares?
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
My understanding is that it's a simple exchange. The entrepreneur gives up a bit of equity to "IPO" on Swarm. In return the business gets more exposure, regulatory advice, and other things.
EDIT:
Worth noting is that the Founders of Counterparty are not affiliated with Swarm.
Counterparty is the technology platform that Swarm is using to facilitate their model.
June 17, 2014, 07:16:09 PM
still do not entirely understand why crowdfunding for a coin is neccessary... this is basically the same as protoshares?
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
I'll not call this a scam because I have a high level of trust in the counterparty core developers, but I do not get the business idea here. cannot find a whitepaper
June 17, 2014, 06:39:38 PM
More details on a coin, but honestly I wouldn't bother if I were you.
June 17, 2014, 06:35:30 PM
June 17, 2014, 06:33:07 PM
Yeah... looks like the pretty Harvard boys and their rich daddies want a piece of the BTC action.
They completely overlook all the great work that has been done by grassroots (non VC-backed) cryptocurrency projects. They are trying to become the authority on coin launches and centralise it into their own framework.
Yay! let's hand things over to the good old boys and Harvard and Yale.
It also bewilders me why they chose XCP as the exchange backing for their project. In addition to its inherent weaknesses: 1. being nested inside of BTC (as commented on by Ethereum) and 2. 10 minutes between trades, XCP's implementation is pathetic, a huge mess of dodgy python code.... it hardly works half the time, was broken just yesterday (could not even transfer money), has no UI and you need to run bitcoind in the background with special options. Just mental... I like the XCP innovative idea, but its implementation and fundamental design issues really put it at #2 with NXT at #1.
It just baffles me how a perfectly awesome easy to install, 1min block time exchange such as NXT can be overlooked in favour of XCP. Oh wait.... Swarm is VC backed, so probably some VC scooped up tons of BTC and they will only support a BTC based exchange such as Counterparty.
Def does not sound like progress.
Quote
“Swarm brings a high level of ability and experience to the first real crowdfunding platform, with a senior engineer previously with Microsoft and Linkedin, a Salesforce MVP, alumni from Loyola, Brown, Harvard and Penn State, and an accomplished user-interface and design specialist.
They completely overlook all the great work that has been done by grassroots (non VC-backed) cryptocurrency projects. They are trying to become the authority on coin launches and centralise it into their own framework.
Yay! let's hand things over to the good old boys and Harvard and Yale.
It also bewilders me why they chose XCP as the exchange backing for their project. In addition to its inherent weaknesses: 1. being nested inside of BTC (as commented on by Ethereum) and 2. 10 minutes between trades, XCP's implementation is pathetic, a huge mess of dodgy python code.... it hardly works half the time, was broken just yesterday (could not even transfer money), has no UI and you need to run bitcoind in the background with special options. Just mental... I like the XCP innovative idea, but its implementation and fundamental design issues really put it at #2 with NXT at #1.
It just baffles me how a perfectly awesome easy to install, 1min block time exchange such as NXT can be overlooked in favour of XCP. Oh wait.... Swarm is VC backed, so probably some VC scooped up tons of BTC and they will only support a BTC based exchange such as Counterparty.
Def does not sound like progress.
1. Being built on Bitcoin is an advantage that gives Counterparty the stability and security of the most provably secure blockchain in existence. That said, Counterparty could move to a new blockchain quite easily, however, there are no plans to do this as of now. The Counterparty core development team is open to exploring new options and technology as it becomes available as long as a new solution is provably secure.
2. Sergio Lerner, a noted cryptologist and independent auditor of the Counterparty code, stated that Counterparty's code was "the cleanest code I've ever seen for an "altcoin"".
Your comments "it hardly works half the time, was broken just yesterday (could not even transfer money), has no UI and you need to run bitcoind in the background with special options" are, of course, entirely false. Please view the videos I linked which show Counterwallet.
DEx video: https://www.youtube.com/watch?v=ZziQ2Ns8314
Smart property video: https://www.youtube.com/watch?v=eyzA5Lj1ajM
It's important to note that Swarm and Counterparty are two different things. Counterparty, as noted in my previous post, is an unfunded, open source project with no ties to VCs and no profit model. Counterparty is simply a free to use, open technology.
June 17, 2014, 06:22:23 PM
Smells and looks like VC backed empty promises to me. They are raising 21,000 BTC.. ?!?!!
With Swarm for 1 BTC you can have a 1/21,000 = 0.00000476 = 0.000476 % stake in something that isn't even implemented! And they want 21,000 BTC?!?! This one is definitely for the newbies.
Save your money for the hard-core grass roots developers on these forums. As an example, NXT managed to already do everything Swarm "promises" on the budget of only 22BTC. Question is: who is more efficient? Swarm or NXT? Based on this efficiency, who can deliver great returns: Swarm or NXT? At 21,000 BTC it will be looooooooooooooong time before Swarm can ROI
Compare...
NXT: 22BTC investment - decentralised exchange and crowdfuding platform already fully functional and in use, easy 1-click install UI, 1st to market.
Swarm: 21,000 BTC investment - nothing delivered.
Sadly, swarm looks like more empty "Protoshares" promises kind of thing.
But that's just my view.
With Swarm for 1 BTC you can have a 1/21,000 = 0.00000476 = 0.000476 % stake in something that isn't even implemented! And they want 21,000 BTC?!?! This one is definitely for the newbies.
Save your money for the hard-core grass roots developers on these forums. As an example, NXT managed to already do everything Swarm "promises" on the budget of only 22BTC. Question is: who is more efficient? Swarm or NXT? Based on this efficiency, who can deliver great returns: Swarm or NXT? At 21,000 BTC it will be looooooooooooooong time before Swarm can ROI
Compare...
NXT: 22BTC investment - decentralised exchange and crowdfuding platform already fully functional and in use, easy 1-click install UI, 1st to market.
Swarm: 21,000 BTC investment - nothing delivered.
Sadly, swarm looks like more empty "Protoshares" promises kind of thing.
But that's just my view.
You are confused.
Swarm is a for profit company that built on Counterparty, which is what you should be comparing NXT to.
Counterparty has:
- Smart property creation
- Dividend distribution in BTC
- Decentralized exchange (more functional and user friendly than all other DEx's)
- Ability to bet on anything, with anyone, at any time, anonymously, with no trusted third party
DEx video: https://www.youtube.com/watch?v=ZziQ2Ns8314
Smart property video: https://www.youtube.com/watch?v=eyzA5Lj1ajM
Counterparty is:
- A nonprofit
- Completely open source
- Self funded (no funds were ever accepted from the community by the core development team except for donations)
- An open, agnostic platform that allows businesses, like Swarm, to fund and execute various business models that were not even possible only a couple months ago
June 17, 2014, 04:56:27 PM
How join this coins?
June 17, 2014, 02:35:47 PM
Thanks for all the feedback. I always like to see criticism and am personally very interested in reading detailed comparisons of NXT to XCP. I thought Counterparty (XCP) provided all of the functionality we needed on the blockchain, although to be honest I'm also very excited about more advanced off-blockchain solutions and always interested to hear more.
As for our funding, our target is 4,500 BTC. If we raise a large amount we will use it to launch a number of decentralized accelerators that fund projects on a coin basis. I'm already aware of a number of projects around Counterparty that want to use this model and we are excited to many more.
I actually am a huge believer in grassroots projects. Most of our funding has also been grassroots and that is exactly what we want to facilitate. I think a platform that provides easy access to coin offerings will allow many people to very easily launch their own coins supported by the blockchain.
We are always interested in talking to people about innovative ideas, so feel free to ping me on skype, "jdietz04" or Tox (tox://148A68D603DB62AC695232FE163DBADA9F63A6EE9EDFD2A2C40713877B053055154C1A1A0C16)
Instructions on how to join our crowdsale are available on our website, www.swarmcorp.com
June 17, 2014, 07:53:12 AM
"The majority will be used for salaries..."
I stopped reading. They should learn from the NXT devs how it's done.
I stopped reading. They should learn from the NXT devs how it's done.
June 17, 2014, 06:11:00 AM
Nice joke, man.
June 17, 2014, 06:01:22 AM
20000 BTC marketcap for a startup?
Good luck with that haha
Good luck with that haha
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