How Koinify and also Melotic Plan to Bring Order to Crypto Crowdsales

Though the crypto 2.0 section of the bitcoin neighborhood is developing, the component of the sector mainly interesteded in non-financial or state-of-the-art blockchain applications has actually battled to create a secure marketplace for its jobs.

In the lack of solid VC passion, or perhaps in the spirit of pushing the boundaries of technology, numerous decentralized applications (DApps) are seeking to money themselves with what may perhaps be the blockchain’s most convincing use beyond money, decentralized item support in the vein of Kickstarter.

DApps seek to harness the capability of blockchains to develop tokens, which can then be dispersed and made use of to incentivize the item’s development as well as adoption. One of the most remarkable example may be MaidSafe’s $7m crowdsale, which this summer season was greeted with dispute and skepticism in both the mainstream media and the larger community as it experienced market forces as well as liquidity problems.

Even those that are striving to offer market remedies recognize that in the Wild West of bitcoin, DApps are still a comparatively undiscovered region.

“If you were simply to consider the crypto 2.0 area as well as view all the properties folks are showing on Counterparty or NXT or any of these 2.0 platforms, the spirit of decentralization is openness and transparency,” claimed Jack Wang, founder and also CEO of electronic possession liquidity exchange Melotic. “The other hand exists’s a whole lot even more capability for people to push untrustworthy items.”.

To resolve this market issue, Wang and also his business are entering a new collaboration with DApp crowdfunding platform Koinify. Together, Koinify as well as Melotic are looking for to curate a marketplace that could enable the effective launch of new products and the ultimate exchange of their tokens on an open market.

“Previously when you bought something in Kickstarter, it was merely a donation or acquisition, so there was no liquidity,” Koinify CEO and also creator Tom Ding said. “In a token economy, you get an even more lasting charity, you could assist a software however you could also have exits.”.

Inevitably, both platforms think that together they could develop a decentralized AngelList, one that enables communities to support and also expand ingenious projects, while taking pleasure in new freedoms over the money they opt to offer.

Reducing the signal-to-noise proportion.

Both Ding and Wang spoke with CoinDesk regarding the partnership, recognizing that their main aspiration is to bring clarity to a currently vivid crowdsale industry, one that they assert has actually been averting potentially interested individuals.

“The problem is the signal-to-noise proportion is actually high,” Ding stated. “There are too many noises and also it comes to be truly tough for folks who want to spend or purchase good, high quality jobs, tokens, to set apart an excellent from a bad one.”.

Ding said that Koinify will certainly likewise seek to include transparency to the DApp funding process, making sure that jobs are vetted and also rightly incentivized.

“If the job markets out, makes $6m and got all of it in money or bitcoin, they may not have the reward to deliver an item,” Ding proceeded. “Part of our work is that can help them develop points like multisig as well as develop milestones-based vesting to make certain that designer incentives are in line with exactly what they promised.”.

Wang noted that Melotic aims to offer the 2nd part of this pipeline, guaranteeing that there is liquidity in the DApp exchange markets by seeking funding sources for projects, consisting of bigger sources of capital.

Striving for self-regulation.

Ding likewise kept in mind the current rumors that the United States Stocks and Exchange Payment (SEC) might be taking a more detailed look at the crypto 2.0 marketplace, claiming that till official guidelines are a lot more clear, the space should aim to implement its very own consumer protections.

“I believe also some of the regulative rumors just recently could be a good thing in that it forces folks to think more challenging,” he continued. “Is it all right to reveal the principle and start increasing cash? Or should developers provide something a lot more solid?”.

Meanwhile, he stated, this demand for self-regulation means that Koinify should be careful concerning the tasks it onboards, also if that requires it to become a much more central manager of its platform.

“If you have a limited choice, the amount of resources that enters those markets is first class,” he said. “When you have a truly open market, with a truly high standard or jobs being available in, the issue will fix itself. We wish to urge skilled designers into decentralized applications.”.

Ding indicated that Koinify will also seek to educate designers, investing time and also sources now to assist them browse the infrastructure for creating DApps.

Initial launch announced.

Koinify and also Melotic will begin examining their market technique with the launch of Koinify’s initial task on 1st December, the token sale for decentralized social messaging service Gems, which was revealed at Inside Bitcoins Tel Aviv this October.

Ding utilized Gems as an example to demonstrate how Koinify aims to sheppard tasks to effective launches, keeping in mind that the task pleased a determined 30– 40 diligence concerns that covered everything from technology to group framework.

“We had a lot of conversation regarding exactly what is a reasonable model for distributing Gems tokens, then we dealt with establishing the turning points that Treasures must deliver,” he said, adding that Koinify also flew to Israel to meet the Treasures group.

Ding indicated that Gems’ first milestone will certainly be the iOS model of its app, the 2nd its Android variation and also the third the shipping of its advertisements system. As soon as reached, each milestone will enable Treasures to obtain a new portion of the funds it elevates in its pre-sale.

“We can have a community-based vote where unless you supply a solid beta model, we will certainly not release the bitcoin that you’ve raised,” Ding included, guessing on how Koinify might manage criminals on its system.

High-stakes debut.

Though both Ding and also Wang spoke at length regarding just how their platforms can disrupt or nutritional supplement traditional VC financing, they both acknowledged that the dangers will certainly be high for both of their brand names early on.

“The concerns are a lot greater,” Wang detailed, “since there are much less tasks. Yet, we’re looking for out if business can acquire additional worth from token sales that permit their company version to change and permit them to money their suggestions as well as ideas different from a VC version.”.

Ding took place to suggest that a few of the jobs it is speaking with are seeking to increase funds both from VCs as well as from token sales, noting that there is an idea that an effective token sale could also enhance VC passion.

Nonetheless, both pressured that, in the meantime, token sales supply designers with an attracting method to increase their userbase, something Ding anticipates will be a powerful incentive that will make it possible for Koinify and Melotic to increase.

“Every start-up understands that the hardest part is no to 1,000 individuals; 1,000 to 10,000 individuals. 10,000 users might quite easily come form this sort of pre-sale. If you could obtain your very first 10,000 customers to crowdfund you, that’s most likely a good thing to build on.”.

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“Uncoinventional” Bitcoin Only Tour Does Libertopia

city tacosWhen John and I were invited to speak at Libertopia this year, I was extremely excited about the prospect of visiting California again. The last time I had been that far West was February of 2011 for the Freedom Law School Conference in Ontario, California. I happened to be pregnant at the time and I also happened to be selected for the body scanner when trying to board our flight home. To make a long story short, we had to take a train back to Texas and I have not flown since.

Since we knew we would need to drive, I thought a second Uncoinventional Bitcoin-only family road trip was in order. This would allow us to see what has changed in the Bitcoin travel space since our June bitcoin-only trip, while inspiring others to get out and spend their BTC!

With these situational factors in mind (spending bitcoin only, driving, and having children with us), I knew that I would have to approach this conference differently than most people attending the event.

Logistics

While the Libertopia organizers got a great rate on the Town and Country hotel for attendees, it was not a rate that we could pay via bitcoin. This is because the hotel does not accept bitcoin directly, and the special block room rate was not available through hotel booking companies like CheapAir.

Our hotel hunt led us to the Ocean Beach Hotel. It was on the beach, a short walk to the dog beach, dog friendly, and cost less than the Town and Country hotel when booking through travel companies.

Usually I am very resistant to staying at a venue that is separated from the events we are speaking at. With two toddlers in tow, it is nice to be able to “escape” to a room for a nap, snack or family play time. The truth is, I have not had much fun attending conferences with the kids and I think it is because I try too hard to have one foot in both worlds – I want to participate in the conference, so I am there physically, but I am also a mom, so I am basically walking up and down the hallway outside the conference, chasing the kiddos while John works a booth.

This time, I was determined that it would be different. I decided to use the invitation to San Diego as an opportunity to expose my children to the beach and to fully embrace the role of mom when John and I were not presenting to Libertopia attendees. We also decided not to work a booth.

That was the best decision ever.

The Event

During Libertopia we spent our mornings at the beach, our afternoons at the conference and our evenings doing some bitcoin dining.

On Friday neither of us had a presentation. So we showed up to check in, mingle with like minded company, and check out the Town and Country Resort. It was a great place for a conference on so many levels.

The break out rooms were small and intimate and were connected to the main room through an open outdoor courtyard. This allowed attendees walking around to randomly peek in on break-out sessions and stay for a talk they may not have experienced otherwise. Many conferences put the break-out rooms so far away that a total lack of foot traffic creates a black hole of sorts.

The extensive outdoor walkways and driveways on the property allowed for great fun for our family as we zipped around on a scooter, a bike and sometimes a stroller. The whole place was basically one large flower garden, which gave a distinct feeling of tranquility, especially in contrast to typical indoor conference venues.

Bitcoin was a major theme of the conference. I was invited to speak on bitcoin-only travel.  I gave tips on how to get there, stay there, eat there and play there. I also suggested four bitcoin-friendly cities as potential destinations for bitcoin-only travel: New York City, Austin, San Diego and Cleveland Heights.

My favorite bitcoin-travel services also happen to be some of our sponsors:

GyftGyft allows you to use Bitcoin at hundreds of popular retailers through digital gift cards. Through Gyft, now you can buy groceries at Whole Foods, electronics at Best Buy, an even book hotel rooms.

CheapAirCheapAir allows you to buy hotels and airfare with bitcoin, litecoin and dogecoin! Follow their blog People of Bitcoin to learn about some fascinating Bitcoiners.

Airbitz – The Airbitz mobile digital wallet provides a a decentralized, secure, private, synchronized, and backed up Bitcoin wallet with a built in bitcoin business directory. Download the app here.

Brawker – Purchase anything with bitcoin through a proxy on Brawker. You can also acquire bitcoin while respecting your privacy.

Other bitcoin speakers included M.K. Lords, Davi Barker, Angela Keaton, and Drew Phillips.  They discussed how bitcoin can be used as a force for good and M.K. Lords discussed how bitcoin is changing the way the world views activists.

Another recurring theme at the conference was the idea of small groups, working together with other small groups to create a voluntary society. My husband John referred to these groups as Freedom Cells, and Bob Podolski and Clyde Cleveland referred to these groups as Octalogs.

The idea is simple: you form a cadre of tight knit friends and you work together on self-improvement, life skills, preparedness, etc… Your small group links up with other small groups and eventually you have enough people to opt out of the system entirely.

John’s full speech audio on Freedom Cells, and the creative uses of the bitcon blockchain to fulfill the vision of Freedom Cells is here.

We also hosted a screening of Sovereign Living, a documentary style reality show about our family’s attempts to get off all centralized lives.  It is produced by The Center for Natural Living which has the vision of a voluntary and natural world. The episodes will soon be available on WatchMyBit.com, the first ever micro-bitcoin payment video service.

Constructive Reflections

Now that bitcoin has become a mainstream meme in our society, I think it is important for events featuring bitcoin lectures, panels and talks to prioritize the payment method when selecting an event venue. I would suggest working with the venue to ensure those who travel on bitcoin have access to any deals you work out on price.

I would also suggest that all conferences include children in some way. So many people who want to change the world leave their family behind to attend these events. To truly change the world we need to make sure our children have access to the information, skills, knowledge and relationships that we did not have access to until most of us became adults.

My final suggestion is to put the vendor area outside of the main stage area. I understand the sentiment of having everyone together, but it is much easier for vendors to have conversations with people if the booths are not in the middle of a conference room where people are trying to listen. This will be an important factor when more children are worked into the mix.

Overall, Libertopia was one of the better conferences I have ever attended. I look forward to a return in 2015!

 


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In conventional fiat cash systems, governments merely print even more cash when they have to.

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In bitcoin, cash isn’t really published whatsoever– it is discovered. Computer systems worldwide “mine” for coins by competing with each other.

So, How Does Mining Happen?

Folks are sending out bitcoins to each various other over the bitcoin network all the time, yet unless a person keeps a record of all these transactions, no-one would certainly manage to take note of who had actually paid what. The bitcoin network handle this by accumulating each one of the deals made throughout a set period into a listing, called a block. It’s the miners’ work to verify those deals, and also create them right into a general ledger.

Making a Hash of it

This general ledger is a long list of blocks, referred to as the block chain. It can be used to check out any type of purchase made between any type of bitcoin addresses, at any sort of factor on the network. Whenever a brand-new block of purchases is produced, it is added to the block chain, creating a progressively prolonged listing of all the deals that ever took place on the bitcoin network. A frequently upgraded copy of the block is provided everyone who participates, to ensure that they understand exactly what is going on.

Yet a basic ledger has to be trusted, as well as all of this is held electronically. How can we make sure that the block chain stays in one piece, and is never ever tampered with? This is where the miners are available in.

When a block of transactions is developed, miners put it with a process. They take the information in the block, and also apply an algebraic formula to it, transforming it into something else. That another thing is a far much shorter, relatively random series of letters and numbers called a hash. This hash is saved along with the block, at the end of the block chain.

Hashes have some intriguing homes. It’s easy to produce a hash from a collection of information like a bitcoin block, but it’s practically difficult to work out just what the information was merely by considering the hash. And while it is very simple to generate a hash from a large quantity of data, each hash is special. If you alter simply one character in a bitcoin block, its hash will transform entirely.

Miners don’t merely make use of the deals in a block to generate a hash. Some other items of information are used also. Among these items of information is the hash of the last block saved in the block chain.

Due to the fact that each block’s hash is made utilizing the hash of the block just before it, it comes to be a digital variation of a wax seal. It confirms that this block– and every block after it– is legit, considering that if you damaged it, everyone would recognize.

If you tried to artificial a transaction by transforming a block that had actually already been stored in the block chain, this would certainly change that block’s hash. If an individual checked the block’s authenticity by running the hashing feature on it, they would certainly find that the hash was different from the one already saved in addition to that block in the block chain. The block would be artificial!

Since each block’s hash is made use of to help create the hash of the next block in the chain, damaging a block would additionally transform the next block’s hash. So damaging a block would certainly make the subsequent block’s hash incorrect, as well. That would certainly continue completely down the chain, placing every little thing out of order.

Contending for Coins

So, that’s exactly how miners ‘seal’ a block. They all take on each various other to do this, using software program composed particularly to mine blocks. Every single time an individual successfully develops a hash, they get a benefit of 25 bitcoins, the block chain is upgraded, and also everyone on the network becomes aware of it. That’s the reward to keep mining, and keep the deals working.

The problem is that it’s quite simple to create a hash from a collection of data. Computer systems are really good at this. The bitcoin network needs to make it harder, or else everybody would be hashing hundreds of purchase obstructs each 2nd, and all of the bitcoins would be extracted in minutes. The Bitcoin protocol deliberately makes it harder, by introducing something called a ‘proof of work’.

The Bitcoin process will not simply accept any type of old hash. It demands that a block’s hash has to look a particular method; it must have a particular variety of absolutely nos at the beginning. There’s no way of telling just what a hash is going to look like just before you produce it, and when you include a brand-new item of data in the mix, the hash will certainly be completely different.
Miners aren’t expected to meddle with the purchase information in a block, however they must change the data they’re making use of to produce a different hash. They do this making use of another, random piece of information called a nonce. This is utilized with the transaction information to produce a hash. If the hash doesn’t match the called for style, the nonce is changed, and also the entire point is hashed again. It can take several attempts to find a nonce that functions, and all the miners in the network are attempting to do it at the exact same time. That’s how miners gain their bitcoins.

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We are going full Bitcoin!

Boost VC Is Going Full Bitcoin

 

We are going full Bitcoin!
Our team is excited to announce, after raising $6.6m to fund 200 companies, that we will be accepting 20–30 Bitcoin companies into our next Boost tribe. Tribe 5 will consist of 100% Bitcoin companies. Under this umbrella we will be looking at payments, exchanges, block chain technology, Sidechains, and companies that service Bitcoin companies. We are very excited about the focus that this will bring us. Long term we hope to be able to breach other “before-the-chasm” industries, but Bitcoin is our first exciting step.

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How Koinify and also Melotic Strategy to Bring Order to Crypto Crowdsales

Though the crypto 2.0 sector of the bitcoin area is growing, the part of the industry principally concerned with non-financial or advanced blockchain applications has battled to establish a steady marketplace for its jobs.

In the lack of solid VC interest, or probably in the spirit of pressing the limits of advancement, lots of decentralized applications (DApps) are seeking to fund themselves through what might arguably be the blockchain’s most convincing usage past currency, decentralized product support in the vein of Kickstarter.

DApps look for to harness the capacity of blockchains to produce symbols, which could then be distributed as well as utilized to incentivize the item’s development and fostering. One of the most significant example could be MaidSafe’s $7m crowdsale, which this summer was greeted with controversy and also suspicion in both the mainstream media and also the wider neighborhood as it dealt with market forces as well as liquidity issues.

Even those who are trying to offer market remedies recognize that in bush West of bitcoin, DApps are still a relatively uncharted territory.

“If you were simply to consider the crypto 2.0 room as well as see all the possessions folks are providing on Counterparty or NXT or any one of these 2.0 systems, the spirit of decentralization is openness as well as openness,” claimed Jack Wang, founder and CEO of digital property liquidity exchange Melotic. “The flip side exists’s a lot more capability for people to press undependable items.”.

To resolve this market issue, Wang and his business are entering a brand-new partnership with DApp crowdfunding platform Koinify. With each other, Koinify as well as Melotic are looking for to curate an industry that could allow the successful launch of new products and also the ultimate exchange of their symbols on a competitive market.

“Formerly when you acquired something in Kickstarter, it was merely a contribution or purchase, so there was no liquidity,” Koinify Chief Executive Officer as well as creator Tom Ding stated. “In a token economic climate, you get a more sustainable charity, you could sustain a software but you can also have leaves.”.

Ultimately, both platforms think that with each other they could develop a decentralized AngelList, one that allows neighborhoods to sustain and grow innovative jobs, while appreciating new liberties over the cash they choose to offer.

Reducing the signal-to-noise proportion.

Both Ding and also Wang talked to CoinDesk regarding the collaboration, recognizing that their primary goal is to bring quality to a currently lively crowdsale marketplace, one that they assert has been turning away possibly interested participants.

“The issue is the signal-to-noise proportion is truly high,” Ding claimed. “There are way too many sounds as well as it ends up being really difficult for people that would like to invest or acquire great, high-grade tasks, tokens, to distinguish an excellent from a bad one.”.

Ding stated that Koinify will likewise seek to add transparency to the DApp funding process, guaranteeing that tasks are vetted and appropriately incentivized.

“If the job markets out, makes $6m and also acquired all of it in cash money or bitcoin, they may not have the motivation to provide a product,” Ding continued. “Part of our work is to help them set up things like multisig and also create milestones-based vesting to see to it that designer motivations are in line with just what they promised.”.

Wang kept in mind that Melotic aims to supply the second part of this pipeline, making sure that there is liquidity in the DApp exchange markets by trying to find moneying sources for tasks, consisting of bigger sources of capital.

Striving for self-regulation.

Ding additionally noted the current rumors that the US Stocks and Exchange Compensation (SEC) could be taking a better take a look at the crypto 2.0 industry, asserting that until official guidelines are more clear, the area should try to implement its very own customer protections.

“I think also several of the regulative rumors recently could be a positive thing during that it requires folks to assume more difficult,” he continued. “Is it fine to reveal the principle and start elevating cash? Or should developers supply something much more solid?”.

Meanwhile, he said, this demand for self-regulation indicates that Koinify should be discerning regarding the projects it onboards, also if that needs it to become a much more central supervisor of its platform.

“If you have a limited choice, the amount of resources that enters those markets is top quality,” he stated. “When you have an actually open market, with an actually high criterion or tasks coming in, the issue will certainly resolve itself. We wish to urge talented designers into decentralized applications.”.

Ding indicated that Koinify will additionally seek to enlighten designers, spending time and also sources now to help them browse the facilities for developing DApps.

Very first launch announced.

Koinify and also Melotic will begin testing their market strategy with the launch of Koinify’s very first project on 1st December, the token sale for decentralized social messaging service Treasures, which was revealed at Within Bitcoins Tel Aviv this October.

Ding made use of Treasures as an instance to show how Koinify intends to sheppard projects to effective launches, keeping in mind that the job satisfied a determined 30– 40 diligence questions that covered every little thing from modern technology to team framework.

“We had a great deal of discussion regarding just what is a fair design for dispersing Gems symbols, then we worked on establishing the milestones that Treasures need to deliver,” he stated, including that Koinify even flew to Israel to meet with the Treasures team.

Ding indicated that Treasures’ initial milestone will certainly be the iOS model of its app, the 2nd its Android variation as well as the third the shipping of its advertisements system. As soon as gotten to, each turning point will certainly permit Gems to receive a brand-new part of the funds it raises in its pre-sale.

“We might have a community-based ballot where unless you provide a strong beta variation, we will certainly not launch the bitcoin that you have actually raised,” Ding included, speculating on just how Koinify may take care of criminals on its system.

High-stakes launching.

Though both Ding and Wang talked at length about exactly how their platforms could possibly disrupt or supplement conventional VC funding, they both acknowledged that the threats will be high for both of their brands early on.

“The risks are considerably greater,” Wang detailed, “due to the fact that there are considerably less jobs. However, we’re searching for out if firms could acquire extra worth from token sales that permit their company model to alter as well as permit them to money their suggestions as well as principles separate from a VC model.”.

Ding took place to propose that a few of the projects it is talking with are seeking to raise funds both from VCs and also from token sales, noting that there is an idea that a successful token sale could even improve VC passion.

However, both stressed that, for now, token sales give developers with a luring way to expand their userbase, something Ding anticipates will certainly be a powerful incentive that will certainly enable Koinify and also Melotic to increase.

“Every startup knows that the hardest part is zero to 1,000 individuals; 1,000 to 10,000 customers. 10,000 users could possibly very easily come form this sort of pre-sale. If you can acquire your very first 10,000 users to crowdfund you, that’s probably an advantage to improve.”.

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Multigateway: The First Decentralized Cryptocurrency Exchange

nxt

Disclosure: I own stake in a variety of the assets related to Supernet projects.


Soft launch of the Supernet v0 wallet was announced November 14th by James on the Slack channels with a cheerful:

“Supernet v0 launched yesterday, took everyone by surprise. gotta love decentralization :)” -JL777

Users of the Supernet may now withdraw Bitcoin, Litecoin, Peercoin and NXT directly out to Visa and Mastercards around the globe! Payouts are done in US dollars and local banks set fiat exchange rate. This is a server provided by Coinomat.

Users can also be relieved to trade on the first live decentralized crypto currency exchange!

The software is available for download at the Multigateway website and functions similar to the NXT wallet client, with the exception of some Supernet magic.

The Multigateway (MGW) is not only safer, but it may also be the cheapest. It charges no deposit fees and the withdrawal fees equal the minimum transaction fee per coin. Currently, users must convert their coin manually, be it Blackcoin or Dogecoin to NXT, in order to transfer to another crypto coin. But will soon change with InstantDEX which expected to allow 3 second or less conversions, programmable trade bots and much more!

Investors can invest in MGW, but the real ROI is expected from InstantDEX which will have competitive fee and leverage MGW’s minimal fees and tech.

Under the hood

MGW works by creating assets on top of NXT’s long standing decentralized asset exchange.

Coin assets such as mgwBTC are traded for deposits of Bitcoin, Blackcoin, Viacoin, etc. at a ratio of 1 to 1. MGW is a full reserve, decentralized exchange with live proof of solvency!

Deposited crypto currencies are stored on server clusters of 3. These are secured through multisignature transactions, where 2 out of 3 servers must agree for withdraws to occur.
Each server is monitored and secured by an independent party, partnered up with the Supernet.

The number of Multisignature parties is not limited by MGW, but by the the Bitcoin protocol.

According to JL777, core Bitcoin devs have coded multisignature transactions beyond m of 3 as non standard. This means miners and nodes need to compile these manually or enable this feature on their own accord, which most don’t. It is not enabled by default. This may be driven by concerns of blockchain bloating.

Because of this, it takes a long time for greater multisig transactions to be confirmed by the BTC network, which would not allow MGW to operate properly and would be the end of InstantDEX. If this was to change or if coins that have solved this problem were to join the MGW then further distributed clusters could be set up, and the possible combinations are stellar.

Though going from 1 out of 1 one key or a central trusted party, to 2 out of 3 may seem like not that much of a change, it is actually massive. Its the difference between a central point of failure and a network. It is perhaps the simplest differentiation between a centralized and decentralized model. However, collusion among parties is still a concern, which is why reputation may be essential to this experiment of multi signatures.

With that in mind, I will highlight the core parties that have stepped up to secure the core MGW cluster as of time of publishing.

MGW clusters

There are two MGW clusters. MGW#0 controls BTC, LTC, DRK, BTCD and VRC coins. This is the main Supernet cluster and is secured by Coinomat, MyNXT.info team and Frohike.

Coinomat is an automatic crypto coin and fiat exchange that serves as a gateway from Visa and Mastercard to crypto currencies. It also provides instant conversions among various crypto currencies such as Bitcoin, Litecoin and Peercoin.
The second key holder of MGW#0 is MyNXT.info “a group of 15 people between investors, advisors, developers and designers,” says abuelau, a Sr. Member of the NXT community, early adopter, and member of the team. MyNXT.info is an NXT blockchain explorer, mobile wallet and web advertizment agency, fully powered by NXT.
MyNXT were motivated to join “after we saw the hacks on MtGox and Bter,” said abuelau, adding: “Every time I need to exchange NXT or other coins I am nervous with the possibility of losing my coins while they are at the exchange, so anything that helps make it more secure is welcome.”

Frohike is “a German unix server administrator. He specializes in server hardening and security. He’s been involved since June in the team… working with James and recently he joined SuperNET as server admin for the forum and websites,” said VanBreuk, Hero Member of the NXT community and general manager of the MGW development process.

I reached out to Frohike for comment but he did not reply but publishing time.

Unlike cluster number two, live proof of solvency for MGW#0 is not active yet, since they are migrating coins and assets to production servers. The website and api for this monitoring is expected to be available, soon according to VanBreuk.

The second cluster called MGW#2 is responsible for controlling Blackcoin, Viacoin and Dogecoin!

This one is secured by Cobaltsky, Hero Member of the NXT community, artist and developer. Along side Marcus03 Sr. Member who is also developing an NXT mobile wallet and Jeffdiesel, also a Hero Member.

Live proof of solvency for MGW#1 can be currently found here.

For more information on the progress of MGW clusters, follow the main NXT thread.

Decentralizing everything

Anyone can set up their own MGW cluster, as you would expect from a community focused on decentralization. However, for the time being, interested parties must reach out to JL777 or other core Supernet developers to be given access to the private repo. This might change in the future after the main development is finished.

Coin developers, businesses and individuals interested in joining the Supernet are welcome to reach out at the Supernet forums publicly or contact JL777 directly through a private message.

More blockchain technologies wanted!

The Supernet is putting out a call for innovative and active crypto coin communities. Its very difficult to be noticed and compete as a crypto coin these days; there’s over 500 coins on coinmarketcap and great coins may be getting lost among the masses.

The Supernet has some general standards by which to review coins. A solid answer to the question “What value can your crypto coin tech bring to customers?” may be all you need to join.

NXT Phasing

Keep in mind, however, that MGW is still in its beta stages. Compared to 1 out of 1 cold storage solutions for the average exchanges, or deposit accounts for bank like crypto coin organizations, MGW is many times more decentralized, both for its trading platform and its distributed multisignature servers.

However, until NXT releases its “Phased transactoins” feature, the NXT asset side of things will not support multisignature. This means that the coin assets that mirror each crypto coin are controlled manually and could be exploited by dumping them on the market.

MGW beta will end when phasing is live on the NXT network. Until than, each MGW key holder is responsible for a third of a hot wallet with relevant coin assets. The amount of coin assets on the hot wallet are the average expected volume per coin.

The remaining ‘unbound’ assets, which are not expected to be traded for the crypto currencies yet are currently being held in escrow by anon136’s renown escrow services.
Its time to take distributed finance to the next level, and the Supernet’s Multigateway has just raised the bar.

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The Satoshi Nakamoto Mystery

The Satoshi Nakamoto Mystery

bitcoinSince the creation of Bitcoin, many have wondered who Satoshi Nakamoto, the pseudonymous creator, actually was. The mystery was deepened recently when on March 6, 2014, Newsweek published an article which identified a man named Dorian Prentice Satoshi Nakamoto as the Satoshi Nakamoto who created Bitcoin. Dorian Nakamoto is a 64 year old Japanese American male who lives a modest lifestyle in Temple City, California and also likes to collect model trains. It appears as though if he is the creator of Bitcoin, he has not spent any of his riches.

The article was written by Leah McGrath Goodman, and gives several pieces of evidence to suggest that Dorian is the real creator of Bitcoin. Apparently, Dorian Nakamoto was very good at math and also had a background in engineering and knew how to program. Much of his career, which includes work for the U.S government, is shrouded in secrecy. The greatest piece of evidence is the statement given by Dorian Nakamoto at the time of the interview: “I am no longer involved in that and I cannot discuss it. It’s been turned over to other people. They are in charge of it now. I no longer have any connection.”

This statement was later confirmed by police. However, in a later interview, Dorian denied being the creator and said that his quote was taken out of context. He apparently though that the interviewer was talking about his classified work for the U.S military. He would also deny having anything to do with Bitcoin, saying he had just recently heard of it. The mystery was deepened even further when on March 7th Satoshi Nakamoto’s profile on the P2P Foundation posted: “I am not Dorian Nakamoto.”

Other issues remain with the Newsweek story, such as why the writing style and skill of Dorian Nakamoto is so much different than the Bitcoin creator’s writing skills. Satoshi Nakamoto wrote in a very technical tone and with very good English skills. As evidenced by earlier emails and letters written by Dorian, his writing is nowhere near as good. Because of these issues, many in the Bitcoin community met the article with skepticism. Many were also concerned with Dorian Nakamoto’s lack of privacy and exposure which, regardless of whether he really created Bitcoin, may put him in danger.

While many may still be inclined to believe that Dorian Nakamoto is the creator of Bitcoin, it seems as though he is serious about denying it. A law firm hired by Dorian Nakamoto released a statement that said: “I did not create, invent or otherwise work on Bitcoin. I unconditionally deny the Newsweek report.” The fact that Dorian hired a law firm may mean that he is contemplating action against Newsweek. Regardless of what happens, the mystery of Bitcoin’s anonymous creator will continue on.

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