Topic: [SKY] Skycoin Launch Announcement - page 191. (Read 381579 times)

At first I was a little skeptical, but this looks like a good concept at least.

Finally a project not asking for money for nothing

+1

Let me know when you have source code ready to go!

The transition will occur when someone figures out a protocol for doing it in a decentralized manner and someone implements it. I want to get voting and bounties working as soon as possible, because it would speed up development.

There are other issues we are dealing with besides voting. For instance, we could make a very simple coin or a coin with very powerful support for contracts. In the extreme a simple coin would have no multi-sig, no scripting, no digital contracts. It just has your coin balance and you hit send and the other person gets the coin. It just works. This is how 99% of users use Bitcoin and the other alt-coins.

We noticed Bitcoin supports multi-sig and contracts but no one uses it. Mastercoin takes the prospective of "put everything on the block chain" but maybe contracts should not be on the block chain at all. For distributed exchanges and other types of assets, it appears to be more flexible to keep them off the blockchain.

A block chain is just a public ledger. We are thinking of letting each person create their own personal block chain, which support a more powerful scripting language. Each chain can choose the scripting extension and restrictions it supports.There is one central distributed ledger for Skycoin balances and each identity has their own block chain and securities live on these side block chains and can be moved from one chain to another. So we need a protocol for transferring assets between public ledgers, maybe a two phase commit protocol.

There are several considerations
- protocol for transferring assets between block chains
- preventing the owner of the chain from backdating or rewriting the ledger without it being detected (counter signing, linked timestamping)
- securing the "identity" of the ledger owner, without public key reuse
- handling assets on ledgers whose owners go off line or disappear
- ensuring no one has to replicate the ledgers of people they are not engaging in transactions with (anti-spam)

I want to get voting worked out, but there are many other things we are working on,

It looks like there is some new code going up on github, including the peer exchange code. https://github.com/skycoin/pex

I'll try to ask OP some serious questions instead of "reserved" or trolling.

1. How is initial distribution to investors handled? How are early adopter incentives structured, if any exist? What proportions of coins are allocated for developers for, well, development (and I assume, bounties and funds for future projects)?

2. How are votes allocated and/or tabulated? If developers control more than 51% of coins, I presume this makes voting worthless? Thus, either the voting scheme is not a 1:1 correspondence with account balances, or the developers control less than 51%.

3. How you you plan to transition voting, distribution, and node trust into a decentralized scheme? What is the time frame for such a transition? What are the conditions (node number, time, exposure of coin to wider audience) necessary for such a transition to go smoothly?

I'm interested OP. Just make sure you have a good logo. You'd be very surprised how important that is. Earthcoin is doing relatively well compared to other clonecoins purely because it has a nice logo and well written OP.

When will this be launched?

How are coins distributed?

I'd like to get involved in the "beta" testing!

And again why would anyone want Cryptoshekel over Monacoin? It's about choices

Why would anyone want Skycoin over the Cryptoshekel?  https://bitcointalksearch.org/topic/ann-shkl-cryptoshekel-launched-pools-up-running-shilling-intensifies-394123

I'm also very interested ! Please keep us posted 

Very interesting.waiting...
What is the recently situation ?and how to allocate the genesis skycoin? where is the plan?

Sounds good to me.  Any idea when this coin will be launched?  Whitepaper? 

>A coin should not rely on us to trust anyone.  The algorithm should ensure that.

Skycoin is designed to survive if the original development team is eliminated. This is a darknet coin.

The developers do not control who gets coins created from inflation. Skycoin holders vote to determine the distribution. Community voting and coin distribution is part of a mechanism to ensure financial incentives for developers to improve and maintain Skycoin.

Many previous coins have died because the volunteer developers of the coin disappeared and no new developer had an incentive to work on the coin. For a coin to survive for a century, it has to ensure survivability and robustness under unknown future conditions. The community needs to be able to mobilize financial resources to ensure continuity of the blockchain.

With the inflation/voting mechanism, if the community does not like the current development team, they can hire a new development team. Without inflation/voting, the community is at the mercy of whichever developers volunteer to work on the coin.

Voting/Inflation allows the community to decide the direction and priorities of Skycoin, instead allowing the current developers to dictate that direction. For instance, currently the Bitcoin is completely controlled by the development organization. Bitcoin holders do not have any meaningful input into the direction of Bitcoin. Users can sell their Bitcoins for other coins (exit) or theoretically decide to fork the block chain if there is a major disagreement (wont happen) but Bitcoin stakeholders do not meaningfully participate in the governance of Bitcoin.

Bitcoin's reliance upon the development organization and reliance upon miners are the only two things that could destroy Bitcoin in the long term. These are known threats and future coins should reduce their susceptibility to these threats as far as is possible.

>The coins will be distributed in a fair, open process."  (Fair and open according to who?)

Less than 1% of Ripples are owned by the ripple user base. The majority of the free float of Ripple was sold to investors, in secret, in backdoor deals at below market price. Skycoin will not do this. The users will own the majority of the issued Skycoin and no one will receive secret backdoor deals.

>If we are trusting these guys to "fairly distribute" the coins, and fairly allocate the 2% inflation (robbery) of those holding the coins, then how is this any different then trusting a central banker?

Skycoin inflation is distributed through a digital direct democracy. Skycoin stake holders vote and determine who receives the coins and for what. Inflation will be 0% if the majority vetos every project. The inflation is capped at 2% to prevent abuse by large stakeholders.

The voting and distribution process will be centralized at the start, for technical reasons. It will switch over to an autonomous decentralized process as soon as possible. The first project RFCs that will be funded through voting, should be decentralization of the voting and distribution process itself.

So yeah these self proclaiming 2nd generation coins sound more like Centralized Virtual Currencies, the opposite ideals as to why bitcoin was created in the 1st place.

Why is nobody contesting the obvious...?

Endless 2% inflation?  And who gets that wealth?  Developers?  For the "public good" of course.  

"- All coins are created in genesis block." (Effectively a 100% premine.)

"- The coins will be distributed in a fair, open process."  (Fair and open according to who?)

Did we easily forget Google's "Don't be evil".

It took less then a decade for any semblance of that motto to die.

A coin should not rely on us to trust anyone.  The algorithm should ensure that.

If we are trusting these guys to "fairly distribute" the coins, and fairly allocate the 2% inflation (robbery) of those holding the coins, then how is this any different then trusting a central banker?

Skycoin as it stands is violating very basic tenants fundamental to what cryto currencies are all about.

Skycoin guys... go back to the drawing board.  Get rid of the endless inflation.  Get rid of what amounts to a 100% premine.  Get rid of any need for us to trust you.  Then you might have something.

It's a proof of stake coin where the devs start out owning 100% of them.

No mining. The only way to get them is to buy them.

Second fundamental flaw... Proof of stake encourages hoarding and effectively destroys any desire to spend or use as a currency.

Premining at it's finest.

If this works out these guys are gonna be extremely rich. Like central bankers.

Looks interesting. I'll be watching this thread.

Interesting.  Will keep an eye on this thread.