Always good to see new projects popping up! I’m wondering what specific features of the SAFE network made you guys decide to build on the SAFE network, instead of other technologies that are maybe further in their development and usable right away?
It is decentralized and developers have more capacities regarding the deployment of decentralized applications. the distributed computing is also very interesting and may solve the problems of resources management as when you develop an application and rely on servers, you don’t really know how much servers you will need, or how much computing power you need to get it to work. It’s also easier to upgrade by hosting entire wallet and exchange on the safe network later for possible offline trading, something not possible with our current system. Assets can just be stored on the network instead of on devices if we want to upgrade everything later or provide a secure backup storage.
Safenetwork provides a unique distributed network, in a decentralized environment, these features are the most attracting ones. There are for sure other specifications like the type of datas, immutable data, self encryption, private and public sections, the possibility to use different languages.
All these will be used to build the Validator and it’s interactions with the other elements of the project.
and there’s a personal reason as well. I am a maidsafe bagholder.
Fantastic! New ideas and developers building on top of safe is very encouraging. Wish you the best of luck.
I find the project really interesting, as i said before, but what i really appreciate is the community in this forum, showing respect and support to a new project, asking interesting and professional questions.
+1 to safe community, and +1 to safe creators, really, gathering such a community is great.
Ok, well I’ve skirted over the whitepaper and yeah, looks like a lot of good ideas and a great little App if you can pull it off. Always great to see people building useful things for SAFE.
I see the NVO token holders would receive 50% of the exchange fees as dividend payments. Have you got any concerns about that putting your currency in danger of being classed as a security and therefore being subject to tighter regulation? I know the crypto world is a bit of a wild west atm and it’s not an uncommon model to pay dividends, but that will probably change over the next few years. What jurisdictions do you reside in and what’s your approach to the regulation and compliance side of things? How will you be able to compete if someone builds a similar product anonymously and doesn’t have to comply with any regulations? Jut spit-balling questions as they pop into my head. I like the look of what I’ve seen so far, you’ve piqued my interest, so I’d like to hear more.
Good to see these projects cropping up and this one will be welcomed by many here,
Had a quick read/skim of the whitepaper. One little area I think will need addressing is the requirement to have the users PC left on so the order/offer remains visible. With the SAFE network I am sure you could use a MD object to hold the trade offer and use messaging to indicate an acceptance. This allows the users to turn off their PCs and respond to the offer when they turn back on. If needed then the APP could tell the two users that they need to have their computers on to finalise the trade. At least this allows them to have their computers off till the handover point. The App could indicate if the trade can be completed immediately or not before the offer is accepted. That would allow people to choose offers that can complete immediately if they are in a hurry.
I think though I need to point out something in the wording of the following statement that might confuse some casual/new members of the forum.
The normal usage of “maidsafe team” is to refer to the Maidsafe Company. Now maidsafe asia is not part of Maidsafe company in Troon but a separate entity/group in Asia.
The statement above reads as if it is the Developers of SAFE (Maidsafe Company in Troon) being referred to. So while a lot of the regulars here know what you mean we have to think of the new people and the casual reader who might think that the dev team are working with you.
Regarding validation on the network: If it’s only data stored on the network, does that mean anyone could run a validation ‘node’ down the line?
Do you have plans for this? Or any reason why this wouldn’t be possible? (I’ve only had time to skim the whitepaper, so apologies if it’s in there and I missed it)
Yes I know MaidSafe Asia & collaborators are planning very many ICOs (crowdsales) for SAFE and I wish more info was presented
It’s something I’ve prodded them about many times, but it looks like they’re just going ahead anyway.
I just wish we could hear their whole plan first, all at once. For example, I have heard of at least 3 distributed exchange ICO plans on the way besides this one so I wish everyone could know what’s coming, before trying to decide which ones to invest in.
tonbi has a 12 hours posting limit for being a new member.
whiteoutmashups we are not related to maidsafe or maidsafe asia.
It’s decentralized, so management can be moved to any location that is suitable for the crowdsale model. Nothing is promised in the whitepaper? If it implies securities in anyway we will have to remove or change it. We will distribute a part of the collected fees to the owners of tokens
My post has ben edited. DIdn’t mean to confuse anyone.
As the wallet is opensource means anyone can run a decentralized exchange and directly compete with NVO. That’s why we are keeping the validator closed source until the exchange is more relevant then token holders can decide to make it open sourced.Having a crowdsale also means we also have advantages regarding liquidation at the start and a scalable bounty program. This business model can quickly advance with liquidation provided early vs new exchanges being run by anonymous developers.
The decentralized exchange can be a short term competitive asset. First mover advantage will not last forever. It will come down to being able to stay relevant. That’s why we made the wallet modular to get a bigger market share and be up to date constantly. Businesses can build profitable services around the wallet that will end up using the exchange.
I changed it to level 2 (member), should be able to post now. Please send a PM to @ moderators if there’s still a problem.
Hi @Marto_Bragui and welcome to the forum.
If the validation is closed source or centralised, this isn’t really a decentralised exchange IMO. I can see there may be technical reasons for starting centralised and decentralising fully later, but I’m not sure people reading your material will understand this - I didn’t until I saw you say the validation is closed source. I have not read the WP yet I’m afraid, but this seems to be being billed as a decentralised exchange so I’m a bit confused to find that it isn’t, and that any decision on whether it will be is deferred.
After the disappointment of Safex I hope you’ll understand and be ok with the scrutiny that such an important project as a decentralised exchange is going to need. I know I’m not alone in being very enthusiastic to see a venture such as this on SAFEnetwork as soon as possible, and am keen to help you succeed with something that can deliver truly decentralised exchange and commerce. I will try to read the WP soon but am trying to have a day off from everything, until tonight’s Dev update of course! But being a SAFE addict here I am
Reading and discussing SAFE for hours is an ideal day off for me!!
Awesome stuff here @tonbi and this “cross-platform” is another Shapeshift? NVC promises to be well received if delivered “decentralized”.
Can you pls expand on whats happening in 18 days?
The key function of NVO decentralized exchange is cryptocurrencies and assets are not held by any third party. So even if the validator is open source or not the validator never holds any assets. Please read the WP . We wrote about how someone could attack the validator and force orders validation and what methods could be prevented.
Ultimate there are methods to provide checks by users if the validator is working and fair. Later in development can also leave more room for what’s possible like a smart contract being used as a validator. The decision to make it opensource or not belongs to token holders, as it will effect competition.
Section 2.6 reads…
NVO will issue a token that can distribute dividends to the owners of the tokens. This will let the exchange pay dividends directly to investors. A smart contract can be used to automate the distribution process in a transparent way without the need of human intervention.
The dividends will be paid on a monthly basis as soon as the exchange enters into production mode.These dividends will be 50% of the collected fees on the exchange.The other 50% will be used to fund the wallet and exchange.
I’m not qualified to say this with any confidence, but this sounds very much like a security to me.
It’s good to hear you are prepared to be mobile because although it isn’t a big issue yet, it might become one in the not-too-distant-future.
Great ideas and great looking product though. Good on you.
yup big red flag. We were looking at counterparty(they can distribute dividends) and didn’t notice the legal consequence of using that term. That will change so we don’t face any problem.
Great! I will certainly invest. I would have anyway, but I can be less conservative if I have less to worry about
Crowdsale will take place in around 18 days. And no we have nothing to do with shapeshift. Someone pointed out that the logo looks quite similar to Shapeshift. It was supposed to be mountains and a wallet but it does look like a fox.
Kinda looks likes the Safenetwork is securing whatever is happening in 18 days. You see that representation?
I meant is this doing the same thing as Shapeshift?