Topic: Sia - Siafund Redemption Deadline: June 1st, 2015 - page 7. (Read 68743 times)

What is the rationale behind the business decision to increase the fee from 3.9% to 10%? Is it still pretty affordable and attractive to the users?

It doesn't mean people will like it or anyone will support it.  You may just alienate much of your beta userbase and community.  I think you overestimate your network effect.

Doesn´t look like that.

You just increase the available siafuns by 150% and the reason therefore is that you increase the fees? Why shouldn´t the stakeholders participate of the increasing fees?

Do u have any plan to issue some more sianotes at a reasonable price?

No, sianotes will convert to siafunds at a 1:1 ratio. 1 sianote converts to 1 siafund. There will be (subject to change) 25,000 siafunds total, and each one will earn 0.00039% of host income from renting storage. Nebulous will own approx. 23800 of these siafunds, converting to approx a 9.282% fee. The crowdfunders will own approx. 1200, converting to approx a 0.468% fee, for a total fee of around 9.75%. This matches the terms of the crowdfund, giving the crowdfunders exactly the fee portion that they have paid for.

so sianotes (on Nxt AE) can be converted to siafunds at the ratio of 1:3 ?

Yes, the total amount has increased from 3.9% to 10%, the % that crowd funders hold is the same as always, "One Sianote can be directly converted to 0.00039% of host income from renting storage, or 10,000 for 3.9% of all host income from storage. Currently, there are approximately 1250 sianotes in circulation, or just under 0.5%." 10% isn't a finalized number, but I think that it's a safe number for us to pick. The risk of course as we increase the number is that people will be encouraged to use a fork instead of using us directly, but I think that our network effect in combination with our software (which will have multiple full time developers working on it being funded by the 9.5% in control of Nebulous) will bring both advantages in efficiency and usability.


siastock got renamed to sianotes, because we wanted to avoid issues with the SEC. Siastock makes it sound like we were selling corporate equity, which we were not. We wanted to eliminate as much confusion as possible but unfortunately couldn't change the title of the thread. (... ... ... apparently you can... ... ... I'm not sure why I didn't change it earlier). Sianotes are the asset that's available on the Nxt AE, and are directly convertable to the siafunds that are discussed in the whitepaper.


many thanks

Fixed.

You can buy Sianotes at Nxt AE trading platform - https://nxtblocks.info/#section/assets_exchange/market/11593659039925686857

Oops. Yeah that should be MIT like all our other repos.

how to get siafunds?
--and where is siastock (from the title of his thread) in the picture?

I'm not sure I understand the numbers here.

White paper states that : ''Nebulous Inc. will initially hold 95% of the siafunds, and the early crowd-fund backers of Sia will hold the remaining 5%.''

But wasn't 15% of sianotes sold during IPO ?

Edit: is this due to fees increased from 3.5% to 10% ?
 

New whitepaper is live!

Check out siacoin.com/sia.pdf

For some reason, hadn't considered it. Your MetaDisk UI is quite beautiful.

The repo doesn't have a license though, which prevents us from being certain about the terms associated with using the software. Please add that. The majority of Sia is going to be released under the MIT license.

Why don't you just fork Metadisk? https://github.com/storj/metadisk

I'll run beta on Win machine.  If you can give me instructions.

Nice update!

Putting the finishing touches on the whitepaper. It will be out by Friday, and we will be updating our website and github page to reflect that.

We've also been working on a beta, which is nearly complete. We're looking for people to help us test the early beta, make sure there are no major hiccups before we open the beta to the public. You can be a beta tester on Windows, Linux, and Mac. We strongly prefer that if you join the testing, you have a machine that's online all the time. Closed-beta participants can expect to run into all sorts of juicy and frustrating bugs. Actually, the codebase is very nice and we have a minimally comprehensive test suite. Though you should be prepared for major bugs, I don't think it will be a terrible experience.

If we can get 10-20 machines in the closed test all providing and renting storage, and the closed-beta testers all agree that it's mostly ready for open-beta, we'll open the beta to the general public.

If you are interested in being involved in the closed beta, please message me. There is no financial reward for participating. We expect to be ready for closed beta by the end of November. Open beta will take as long as it takes, but hopefully by the end of the year.

Everything is a command line tool right now. We are in the process of hiring someone to write a front-end (a web client), but I have no idea when it will be ready. Something dirt-simple might be ready by the end of the year, but it might take longer depending on a number of factors.

Thanks for the update, looking forward to beta.

Making an update since things are taking longer than I would have liked.

We're putting the finishing touches on the whitepaper and releasing it as a draft. It's going to be labelled 'draft' because I want there to be time for one more round of criticism and adjustment before releasing the final version of the whitepaper. I think that the final whitepaper will be released near the end of November.

While we've been working on the whitepaper, we've also been working on a beta, which will be available for all platforms. It's still just a command line tool, but you should be able to provide storage in return for beta-coins, and you should be able to rent storage using beta-coins. The code is currently in a private repo, which is why our commit activity appears to have fallen off entirely. We'll be making the repo public as soon as the beta is finished.

While the beta will be sufficient for doing things, we caution that it IS beta software, and that it hasn't been hardened as much as something like the Nxt code. You will be able to store backups and whatnot over Sia using the beta but we strongly recommend against it. We also strongly recommend against giving the beta-coins any sort of value, because the currency will be in a very vulnerable state. The early beta will not have sianotes. Sianotes will of course be in the 1.0.

I'm hoping to have the beta out before November ends.