Author Topic: Colossuscoin 2.0 Funding Options and Specifications  (Read 1753 times)

Crestington

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Colossuscoin 2.0 Funding Options and Specifications
« on: June 20, 2014, 05:21:25 PM »
As there seems to be a large amount of positive interest in being a part of the 2.0 project I am proposing some funding options to start with. How I envision distribution and funding happening is that we first start with a set of variables to start with and tweak them until we are all happy with it. We have already been doing this, stating what you want or don't want as part of the coin.

The Proposal

We start with a fully Proof of Stake coin with a float of 20-25% over the current Colossuscoin Float and would equal a total of 380-400 Billion.

Transaction fee 0.1-0.2% to start. We can test several options as to what percentage would go to the Development Fund so we can make some rough projections as to how much the fund would pool and how much everyone wants as a fee to be included into staking. For instance, if the fee were 0.2% then we could have 0.075% go to the Development Fund and 0.125% go towards people staking. If it were 0.1% then we could have 0.025% go to staking and 0.075% go to the Dev Fund. The higher the fee percent and minimum fee, the more income it would generate through trade but would cause less activity.

Staking is weighted as 10% more coins a year and minimum stake age is 7-14 days. If the minimum age were 14 days and the fee were 0.2% then when you make a transaction you would be charged 0.2% and the coins wouldn't be able to stake for atleast another 14 days which means everyone else would get more coins through staking and from fees. It would also work in reverse, and so if you staked all of your coins but the majority of other people did not, you might end up with 20% more coins over the span of a year where other people might only end up with 5%.

Fees set as a percentage would allow us to distribute a large amount of coins through Proof of Stake by sending transactions at a 100% fee. Once the Blockchain is set the way we want it, we can set aside the coins for the swap and after 3-4 months and whatever is left over is redistributed through POS which would mean if only 50% swapped over (160 Bil left over) you would receive 66% more coins and 1% would become 1.66%, if 10% swapped over (280 bil left over), you would receive 133% more coins and 1% would become 2.33% and so on.

With 25% extra coins, we could distribute between 5-10% of the coins based upon work accumulated and keep the rest for future costs and bounties, we could sell some to each other, get listed on an exchange and sell some, or do the work ourselves and get paid out of the Development Fund.

The Development Fund and coins for the Swap would be handled by multiple trusted parties and so would take a m of n of keys in order to use the funds. This can be achieved by creating addresses in which need an approval of certain keys created in order for a transaction to be sent.

This model assumes that a degree of centralization is possible amongst a group of trusted people and I believe with the proper precautions put in place that you only need to trust that a majority of Oracles aren't going to be compromised at the same time or will collude with each other at the expense of everyone else.

Additional things to consider

If we take the route to create a large amount of additional coins, the entire swap would happen off of the exchanges as no exchange would swap over peoples coins where they would receive the same amount of coins relative to a larger maximum float. This would mean that in order to swap over your coins, you must have your own wallet and so all distribution would go straight to coin holders and not to the exchanges. By swapping over and burning coins received, it would also have a more positive price action for anyone who still owns Colossuscoin 1.0 as we would provide a patch and port all services for 2.0 and the original coin is still traded as normal only with a reduced float.

Proof of Work, Proof of Transaction and Merge Mining may also be introduced to a degree in order to assist with security and confirmations but either with low payouts, or integrated into payouts through Staking.

Conclusion

What I am looking to create is more of a Decentralized Corporation built to always favor long term holders. Since we are pretty close to setting all the coins and testing so I'm going to put it out there that I would like my cut to be between 2-5% of the initial distribution of coins. Each of us can have some of the initial coins and when all the bugs are ironed out we can pool funds through a fixed sale of coins for financing of future projects and I can even contribute a few BTC towards the financing.

« Last Edit: June 24, 2014, 03:48:41 PM by Crestington »
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mouseman

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Re: Colossuscoin 2.0 Funding Options
« Reply #1 on: June 20, 2014, 10:17:24 PM »
I've read through this only once and will need to a couple more times to absorb it and put together my questions possibly tomorrow night. Irrespective, we are moving in the right direction. Please be a bit more specific on numbers as well. How many years to stake all coins approximately?, what will be 100% of the entire coin float once that year is complete if we are using 20% and 25% more coins to be added to the outstanding float?, you are asking for your share allocation to be between 2% - 5% of how many coins? So, do the math for us, 2% of how many total coins gives you what exact amount of coins?..and for 5% cut as well calculation please. You mention adding 3 btc of your own personal funds..is that from the 2-5% you would receive in coins, or your own outside $ that is not contingent on receiving this 2-5%.

Have the current exchanges that trade COL 1.0 been allowing withdraws off the exchange? If not, that could be a problem as I am assuming people wanting to trade in 1.0 for 2.0 coins will need to "physically" send them in to the devs to in turn "physically" receive the same amount of 2.0 coins. As such, if that is correct, needless to say we can't have any issues withdrawing any coins on any exchanges. Do you think cryptsy.com, etc would allow for a page top notification on the col trading page alerting them to pursue our 1.0 ---> 2.0 trade in?

I don't follow what you mentioned about 1.0 still being able to be traded.

Using additionally added news coins to pay coders to help us improve 2.0 is of course what I agree with as well taking all that is col 1.0 into account and the necessity to matriculate the coin from its current state to a far more robust and confidence building investment.

I also agree with transaction fees being used for the purpose of marketing col 2.0 and adding features by paying coders to improve on them for us. Some current holders of 1.0 may I surmise may not embrace the idea of inflating the coin float to this degree, however the investors that have been following along with where we want to take 2.0 and the NEED to move to a stronger coin foundation will embrace these upgrades. WE simply NEED to justify all that we plan to do. 

mouseman

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Re: Colossuscoin 2.0 Funding Options
« Reply #2 on: June 20, 2014, 10:20:39 PM »
Additionally, I would like to know the chronological order of this process since it may have changed since we mulled over it all 3 months ago. We have the 1.0 to 2.0 swap, new wallets, etc. And where do adding new features or any new algo changes come in on our time line? Are you able to easily add the extra coin float and does it have any ramifications or concerns how the coin will function after the genesis block is mined, etc? (believe you have been successfully testing that and more).

Crestington

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Re: Colossuscoin 2.0 Funding Options
« Reply #3 on: June 21, 2014, 05:13:02 AM »
Additionally, I would like to know the chronological order of this process since it may have changed since we mulled over it all 3 months ago. We have the 1.0 to 2.0 swap, new wallets, etc. And where do adding new features or any new algo changes come in on our time line? Are you able to easily add the extra coin float and does it have any ramifications or concerns how the coin will function after the genesis block is mined, etc? (believe you have been successfully testing that and more).

The funding options and guidelines are very much the same as when we last went over it a couple months ago. Once we have the Windows wallet and Mining in order, we can go back and start making changes to the algorithms, Staking and total amount of coins so once the initial changes are made, the Genesis Block and all the Wallets are compiled in exactly the same way.

Here's a Chronological list.

Compiling of the Windows wallet and mining.
Editing of the Staking and Fee algos, Maximum amount of coins and new Magic number
New Genesis Block, recompiling Wallets, Mining and Testing
Seed Nodes and Checkpoint server
Multi-signature Testing
Final Tests
Initial Distribution of the additional coins
Setup of Multi-sig addresses for the coins for the Swap and Development Fund
IPO Fundraising
Patch for Colossuscoin 1.0
Mac Wallet
Swap of Colossuscoin 1.0 for Colossuscoin 2.0
Multi-Pool Mining
Android Wallet
Multi-Exchange API


Once we start into testing and modifications of new algorithms, we can tweak the Staking, Fees and Mining (even coin float and initial distribution) all we like right up to the point of the Swapover. When we are ready to start the Coin sale and Swapover, we have to be sure it is the way we want it because we don't want to be making algo changes and hardforks during the swapover as it would cost us all money and time that could be used for more important stuff.

The patch for Col 1.0 would need to be completed any time before the Swap and the sooner the better. If Col 2.0 ended up being completed before the patch we could use the coins as leverage in order to get the patch made by either raising funds through private sales, getting listed on an exchange and selling coins publically or pay for the patch directly in Col 2.0 Coins.

Additional changes to the Col2.0 wallet that does not require a hardfork is anything that does not include algorithm changes such as cosmetic changes or integration of additional services.
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Crestington

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Re: Colossuscoin 2.0 Funding Options
« Reply #4 on: June 21, 2014, 07:07:19 PM »
Sorry I missed one of your posts and will do my best to answer all your questions.

I've read through this only once and will need to a couple more times to absorb it and put together my questions possibly tomorrow night. Irrespective, we are moving in the right direction. Please be a bit more specific on numbers as well.

How many years to stake all coins approximately?

We can start the first version with 400 Billion at 10% a year up to a maximum of 550 Billion as per the current Blockchain and make adjustments

what will be 100% of the entire coin float once that year is complete if we are using 20% and 25% more coins to be added to the outstanding float?,

If the in initial float is 400 Billion, it should be approximately 40 Billion

 you are asking for your share allocation to be between 2% - 5% of how many coins? So, do the math for us, 2% of how many total coins gives you what exact amount of coins?..and for 5% cut as well calculation please. You mention adding 3 btc of your own personal funds..is that from the 2-5% you would receive in coins, or your own outside $ that is not contingent on receiving this 2-5%.


I have thought about this quite extensively, it has to be enough to be worthwhile for all the work I have done but has to allow equal opportunity for everyone else. One person holding 20% of all the coins is detrimental because everyone always wonders if they are just going to dump the coins and so restricts investment.

I think that approximately 5% is a good amount. I have about $1500 fiat now and also my finances are better so I can use my own funds for project funding as I need and just get the whole thing made for a few BTC. I might even buy a percent or two through the funding rounds if I can.

Here's a little list of the amounts through different coin floats, we could even do a modified list for voting on coin float if we wanted to.

350 Billion Float (11% additional coins)
Fee 15 Billion (4.2% of total float)
22 Billion remaining (6.2% of total float)

380 Billion Float (21.4% additional coins)
Fee 19 Billion (5% of total float)
48 Billion remaining (12.6% of total float)

390 Billion Float (24.6% additional coins)
Fee 19.5 Billion (5% of total float)
58 Billion remaining (15.2% of total float)

400 Billion Float (27.7% additional coins)
Fee 20 Billion (5% of total float)
68 Billion remaining ( 17% of total float)



Have the current exchanges that trade COL 1.0 been allowing withdraws off the exchange? If not, that could be a problem as I am assuming people wanting to trade in 1.0 for 2.0 coins will need to "physically" send them in to the devs to in turn "physically" receive the same amount of 2.0 coins. As such, if that is correct, needless to say we can't have any issues withdrawing any coins on any exchanges. Do you think cryptsy.com, etc would allow for a page top notification on the col trading page alerting them to pursue our 1.0 ---> 2.0 trade in?

I don't believe Cryptsy is doing withdrawls, I have my wallet now but spend most of my time on the forums, working on the project or working so haven't been following Cryptsy too much.

Cryptsy did an alert for protoshares to memorycoin conversion and we can do a large marketing effort in order to get the word out about it as well.

With Col 2.0 and Col 1.0 you would have 2 different coins. Since there would be an additional 20-25% coins, Cryptsy would not be able to swap the coins over directly without facing a fair bit of resistance.

We don't want Cryptsy to be able to swap all the coins over directly because of all the issues that they have left unresolved and as a result, many people have lost coins to them in which they don't bother to recover. People would then just not bother to get the wallet as usual and Cryptsy would be holding about 30-50% of the new Coins, not to mention there would be many who are simply not active at all. Doing the swap completely off the exchanges would mean that in order to take part in the swap, you must own your own wallet so we would start with 100% of the coin holders who are active and own their own wallet.



I don't follow what you mentioned about 1.0 still being able to be traded.

In fact, I would rather not have Col2.0 listed on Cryptsy at all, there are many other exchanges in which don't have so many issues and so once we have the Blockchain and initial distribution the way we want we really could just get listed on an exchange at any time, even before the 1.0 patch and swap so COL could be listed on Cryptsy but CV2 could be listed on BTER.

Using additionally added news coins to pay coders to help us improve 2.0 is of course what I agree with as well taking all that is col 1.0 into account and the necessity to matriculate the coin from its current state to a far more robust and confidence building investment.

I also agree with transaction fees being used for the purpose of marketing col 2.0 and adding features by paying coders to improve on them for us. Some current holders of 1.0 may I surmise may not embrace the idea of inflating the coin float to this degree, however the investors that have been following along with where we want to take 2.0 and the NEED to move to a stronger coin foundation will embrace these upgrades. WE simply NEED to justify all that we plan to do.
« Last Edit: June 21, 2014, 07:09:22 PM by Crestington »
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Crestington

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Re: Colossuscoin 2.0 Funding Options and Specifications
« Reply #5 on: June 24, 2014, 03:53:30 PM »
I am copying some of the shoutbox convo as it's very relevant and I don't want to lose it.

Crestington [21|Jun 07:10 PM]: yeah just a couple million coins. I did my best to answer all your questions in the funding thread, if you want some more clarification let me know
Sudo23 [22|Jun 03:44 AM]: Great! I hope Tranz, Ahmed_Bodi or Tx42 can help, i also wrote to tx42 but he didn't answer me
mouseman [22|Jun 06:10 AM]: 400 Billion Float (27.7% additional coins) ??? I thought that would be 22% gain in outstanding float? Curent float is 312 billion?
lovecol [22|Jun 06:51 AM]: i do not know what you mean
lovecol [22|Jun 06:51 AM]: i do not know what you mean
mouseman [22|Jun 07:04 AM]: I am referring to what crestington wrote in his lastest posting lovecol.
Crestington [22|Jun 10:34 AM]: Current float is 313 billion so 400 billion is 87 billion additional coins or 27.7% more coins as compared to the existing float. 87 billion would be about 21.75% of 400 billion
lovecol [22|Jun 09:08 PM]: i have no money or btc,but col with me.
Crestington [22|Jun 11:39 PM]: That's OK, what I'd like to do is some distribution amongst everyone in the foundation as payment for all the time and support given so that even if you aren't in the best place financially, you don't miss out.
lovecol [23|Jun 05:08 AM]: ok
lovecol [23|Jun 05:09 AM]: let us go together
Sudo23 [23|Jun 12:04 PM]: we can learn from mistakes adt made (especially zackclark) . the swap over from col1.5.2 to col2.0 is a responsible process and we should make it tansparent and highly secured. i agree to add additional coins to the existing float but i am not sure if 27.7% (>1/4) is too much...
Crestington [23|Jun 11:16 PM]: I'm not so sure either, we'll have to put together some basic projections in terms of numbers. I would like to do the swap for 3-4 months and whatever is left over we disperse as a share giveback, if it's off-exchange then I only expect about 50% to swap over.
Crestington [23|Jun 11:19 PM]: It's a bit of a win-win either way. If only 10% swap over you would gain around 166% on top of what you have, if 90% swap over
Crestington [23|Jun 11:29 PM]: It's a bit of a win-win either way. If only 10% swap over you would gain around 170% on top of what you have, if 90% swap over you might gain 8-9% but you would have a large distribution.
Crestington [23|Jun 11:36 PM]: also if you decide not to swap over and we are burning all the Col coins in the swap, if 90% swap over and those coins are burnt, 1 billion would equal about 3% of the float.
mouseman [23|Jun 11:53 PM]: I'm thinking this all through. But although you offered much in the way of information and procedural process, we all can gain from further details as your time allows.
lovecol [24|Jun 02:44 AM]: how can we gain fron the swap?
lovecol [24|Jun 02:46 AM]: i have some col in the cryptsy.if col2.0 comes,what can i do with col in the cryptsy?
lovecol [24|Jun 02:48 AM]: should i withdraw them to my wallet?
mouseman [24|Jun 03:16 AM]: lovecol has a good question because I do not 100% how the patch will fix 1.0 and allow those owners to trade their 1.0 and then trade in to 2.0.
mouseman [24|Jun 03:17 AM]: We need far more procedural discussion on what happens with 1.0 coins and is there a risk 1.0 coin owners that have them stuck on an exchange may lose them for ANY reason..I want to know.
Crestington [24|Jun 11:19 AM]: We will need a patch to provide to exchanges before the swap to provide to exchanges so we can be confident of withdrawls. The swap would happen off exchange so that only the active people end up participating and then would need to get 2.0 listed on other exchanges. I have the C-CEX owners on Skype and I think it would be very easy to get listed there plus a few other places. Col1.0 would then be on the same exchanges it is on now and still trade there, before, during and after the swap. Col1.0 would be left as it is after the swap with issues corrected and a severely reduced float but would also be an unsupported version so all further upgrades would be for 2.0 unless someone else decided to pick it up and make changes to 1.0
Crestington [24|Jun 11:37 AM]: as the process goes, you would withdraw your coins to your 1.0 wallet, then send them to the swap program with your 2.0 address inserted as the recieve address and recieve 1:1 coins
Crestington [24|Jun 11:45 AM]: once the swap is over, the remaining is distributed through staking as fees so that each person additional coins in relation to how much they own.
Crestington [24|Jun 11:57 AM]: Also, if we are selling a bunch of 2.0 coins, the BTC, LTC etc. would become part of the Development Fund.
Crestington [24|Jun 12:44 PM]: Other notable things to take account of is that swapping off exchange means more fees end up being charged. 100% of the Coins would be active within 3-4 months so if everyone starts dumping coins, they first would need send their coins to an exchange to sell. Let's say the fee is 0.2% split 50/50, minimum stake age of 2 weeks and float is 400 billion (for easier math). If someone sold 10 billion coins they would be charged 20 million, 10 million to the Dev Fund and 10 Million to remaining holders. Coin-age would also be reset
Crestington [24|Jun 12:48 PM]: on 10 billion that would equate to around 30 million + 10 million in fees so if you owned 5% of the coins you would recieve approximately 2 million additional coins through that one transaction from one person sending 10 billion
Crestington [24|Jun 01:16 PM]: Fees and coin-age would be charged and reset again when the buyer would withdraw to the wallet so one round trip of 10 billion (2.5%) would net approximately 0.02% more coins for everyone else or 1/10th of the transaction fee.
Crestington [24|Jun 01:28 PM]: If you held all your coins for a long period of time and staked them, you would recieve alot of compounding interest. The Stake amount might be 10% additional coinsd
Crestington [24|Jun 01:29 PM]: but if you held and staked your coins for that year you may end up with 30-40% coins
BTC: 189A74yHTNH78ct32yrm8g7yMxUJTShQUe
COL: 2A4QNtiKCNwiPX1xoYk17jxXBES3k2oszg