This is a very interesting tech with pros and cons. Here are some of the cons or pros depending on the person and use of using it.
By year end if all goes right
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Is this project a direct competitor to project Decorum? Just trying to understand it a bit more.
network99 Getting started Part 1
PART 1: GETTING STARTED AND ORDER OF MERITS
If you have arrived here and signed up, you may already know of the future plans of Network99. This site is currently in pre-alpha phase. This version is the first release and is meant to be tested, and refined with the help of the Network99 community, before the Safenet version will be released. You are among the first users and you are considered an early adopter. All early adopters will be rewarded with seed, an encrypted asset, connected to the blockchain ecosystem, just before the initial coin offering. Amounts will depend on how high your rank gets before that time. Details on rewards to come in a later part. The ranking system keeps track of your achievements through an Order of Merit system. The first merit to obtain is: the Ollaire. This initial achievement is earned by registration with the community, profile completion and community involvement.
Do you have a link, I am not aware of it?
N99 is for musicians/artists (creators)
Decorum is like a decentralized Facebook (maybe), with more freedom for the users and their data.
But in all honesty everything on the SAFE Network is hyper-connected (it’s just if we realize that we’ll be better off if you can pay with n99 seeds on decorum’s platform and vice versa (LOL this would already eliminate the idea of exchanges)).
This is a super idea! do you have any connections? Have you joined N99?
I know that some people will argue and say “my token is an application specific token”, what it really is is a translation of value. 1 dollar = 0.84 EUR = 0.000139100XBT just translation, still people want to get lost in translation with exchanges that bring fees and waste time. Is it not strange that over 100 Ethereum projects tokens can all be stored on one privatekeys, yet these projects don’t let each others value flow through their apps? They’ve become their own dull stations, clueless of what liquidity would do to speed up things.
On our SAFE Network app you’ll be able to pay with every SAFE Network token. It might even get interesting to see every app accepting every value, that way we can really see which tokens are more popular and free users from the burden of exchanges. Luckily SAFEcoin will give us a better anchor of value.
The funny talk of the day is that BitConnect is a scammy project, my personal view is regardless of it being a scam, what’s more valuable is that it is a decentralized currency worth even more than the government currencies out there. Sorry for my rant.
No I don’t have any connections. Sorry to busy at the moment to join N99, but I do have seeds
I think I ran across something that teaches how to script that, could defiantly be a possibility.
I don’t know when N99 will be on the SAFE Network, but maybe we could run some tests together, preferably with other SAFE Network projects as well. Our wallet can now create new wallets, assets and mint coins, it just needs the transfer function.
To get back to this a little, I think SAFEcoin is the most valuable asset on the SAFE Network, because its controlled by the SAFE Network (Jippy! finally something out of the control of these control freaking humans ) and it can be used to buy resources. Through SAFEcoin powered crowdsales or SAFE tokens we can determine the value of a project. If we do a crowdsale and sell 1 million tokens for only 10 SAFEcoins, that means those tokens are worth 10:1000000=0.00001 SAFEcoins (I don’t know if this demonination is even possible @neo help! ). Now if I pay for an N99 service with my tokens that would almost be like a buy order from your app from an exchange perspective, this in itself would make me pay for your service at the price that you ask and push up my coin with a small % in value depending on how much it’s used on services. Buy&sell are one in this liquidity pool and you could even get 1000 different SAFE Network tokens at once, important is that the price that you asked is paid and the tokens spread across the apps on the network. I think this way we completely eliminate exchanges, avoid tokens remaining dead in a wallet and extremely diversify our portfolio. The fun part: the more tokens your project prints the less valuable they might be depending on your crowdsale.
I don’t know how to work this all out, but we can try to free our users from this highly inefficient financial landscape that we’ve recreated in the cryptospace.
This is a worthy goal
Seriously cool idea @19eddyjohn75.
I have been thinking on something similar, (based on bancor protocol ideas - but that is a deeply flawed project and solution, so let’s not mention it again )
I see a token payment app library, which somehow allows you to buy/sell at the same time as a price effect is reciprocated in the network.
(This should maybe be its own topic btw.)
So, you are saying that when item A is for sale on a site for 1 safecoin, any number and types of tokens to the total currently corresponding value of 1 safecoin, would always be accepted?
I am not sure how the price would be affected here.
If we require all apps that implement this token exchange library to set a price, it would need to be algorithmic. Bob cannot update his prices on 1000 tokens in real-time
So, what is this price discovering mechanism… hmm
I totally agree, but I rather have that you start the topic, IMHO people who write code can really make something happen, instead of people who write ideas. Btw funny that you responded to this, just yesterday I listened twice to your interview with @fergish to understand “eventsourcing” better, thanks for that.
Yes, imagine if your could pay with every ERC20 tokens on every Ethereum dapps out there, this would create instant liquidity for all ERC20 token holders (a real world example is: prism.exchange would get so much money flowing through it, if Ether wasn’t the reserved token to create prisms). Almost everybody is so focus on the value of these tokens, but what’s really important is that they are used to pay for services and if you can pay for all dapps with every token you’ve just created a collective marketcap of all those ERC20 tokens. If 10000 SAFE projects all accepted/had each other tokens in their wallet it would also be easier for machine to machine payments and secretly all SAFE Network projects would become hedge funds. Fiat is a sandbox (no! you can’t pay with your currency in my country), cryptocurrencies are a sandbox (no! we only accept bitcoins), let’s not repeat that on the SAFE Network where everything is in one data bucket.
Bob doesn’t have to update his prices, if his price is 1SAFEcoin for an item, it stays that way. The wallet calculates how many tokens are necessary to satisfy that subtotal (Hmmm maybe here wallet providers could give a preference to some tokens, this needs to be disabled so that all tokens are equal). Which brings me to something that might need some workaround. Question? If I got thousand tokens that make a subtotal of 1SAFEcoin, I’ll probably need to pay a PUT for each token, but would it be possible to make a batch and reduce the PUTs?
I think Bancor gives us some clear hints. When you send your tokens to it’s contract, your tokens are exchanged at the current price + the bancor token goes up a small %, you can even adjust by how much. If you sell their tokens again, the tokens goes down a small %. In all honesty all of this is above my head, I’m just a clueless consumer. Maybe this might help The Bancor Formula.
I think that Bancor solves the liquidity problem, their problem is that most ERC20 projects don’t know about them. Ethereum project’s problem is that they are all disconnected (While Ether and the same privatekeys that can be used by each ERC20 token are their connections to each other) while they should empower each other and their users, maybe they’ll find out later.
Yeah deeply flawed this is from their SmartToken setup “@param _disable true to disable transfers, false to enable them” LOL contract owners can disable your transfer (Cyprus all over again, contract owners are the new banks).
“@dev removes tokens from an account and decreases the token supply
can be called by the contract owner to destroy tokens from any account or by any holder to destroy tokens from his/her own”
Sorry for my silliness, it would be fun if different SAFE Network projects could at some time in the future experiment with this. More important is how to get it coded asap?
Aah, cool I hope it helped.
I am quite familiar with the Bancor formula. I translated the smart contracts to C# to try to do some simulations.
I was fascinated by the proposed capability of Bancor protocol. It was almost too good to be true that it could be so powerful with such a simple algorithm. It turns out it was. Check this out, well written:
I don’t see it as a good enough solution. However, we can still be inspired by it for an idea such as yours, and there are plenty to discover in that area, the general direction of the concept is very cool.
Well, if we are going to reflect current valuation of a token, then we need some continuously updated price.
If Bob sets price in SAFECoin, then there must be some exchange rate available for the other coins that might be used for payment. This rate better reflect current market valuation as close as possible. And so a price must be set somewhere, and it must reflect the current estimated value by the market.
What this something is, could be a matter of research and invention. The traditional way is the exchange, where supply&demand from buy and sell orders sets the price, and in case of various exchanges, evened out by arbitrageurs.
Anyhow, each vendor could fetch the price from somewhere. Additionally a preference for certain tokens - set by Bob - could also be used. (preference set by wallet providers would not be good, as you mention).
I need to do more research to come further in my thinking here
Could be a good start for a topic.
I think that is a major point. Maidsafe is a protocol level innovation. Therefore it will take developers to realise the potential and bring it to the masses. Heck ethereum gets a lot of mileage zk snarks, potential of sharding etc and that’s cause developers and coin creators are already building on it. Any project being built on SAFE should be welcomed with open arms! And IMO this should be the marketing push. This creates a funnel of users, maidsafe price goes up and you have a virtuous cycle of growth. I think?!
I think what’s needed for having this kind of price and buy everything with every kind of token is a decentralized exchange. Something like an append only MD perhaps where people would append their buy and sell orders. If had some whatever tokens in my wallet and I went to some app I could then choose to show the pricing of the thing I wanted to buy in the token in my wallet, the browser/wallet could calculate the price based on the exchange rate from the current buy and sell orders, maybe I have token A and the seller wants token C, then the decentralized exchange would try to find a path from A to C, perhaps that would include first selling A for B, then B for D and finally D for C, but from my perspective it would just seem like I paid with A.
The actual exchange I guess would be something like I say I want to buy 1 safecoin for 10 fishtokens, then sellers of safecoin for fishtoken would get a push (I think this is what mpid messaging is for) then if someones sell order matched they would send me a message or something and I’d verify that they were the closest order in time to my order so that they’re not trying to cheat other users who also has some order in the order book.
Once we both have agreed that we want to do the trade, I want to give my 10 fishtokens to user B and user B wants to give 1 safecoin to me in return, we need some way to do the exchange without any of us being able to cheat.
The problem though is that the transfer has to be atomic. My fishtokens has to change owner from me to user B at exactly the same moment as user B’s safecoin changes owner to me.
I would add user B as an owner to my 10 fishtokens and user B would add me as an owner to his 1 safecoin. Now both are owners of both.
What would be needed is some multisig mechanism where user B would sign that he would release the safecoin once he has the signature that I will release the 10 fishtokens. I suppose these kinds of transfer could perhaps be built into the multisig feature somehow to make it possible to do these kind of things before computed is implemented. Not sure if this is too much of an edge case perhaps though and that it would be better done with compute.
Basically I would sign an ownership transfer for my fishtoken to user B, but with a multisig that would also require user B’s signature, in this case though, user B’s signature should not be on my fishtoken it should be on his safecoin and only when both users have signed both MDs should the signatures be valid.
Normal multisig is that an MD needs the signature of several parties for example to change the owner of the MD, in this case what would be needed is that several different MDs are signed by multiple parties before the signatures are valid. If there are two MDs 1 and 2 who both has owners Alice and Bob, the signatures of Alice and Bob on MD1 should not be valid until both Alice and Bob has also both signed MD2, so it’s basically multisig on multiple MDs instead of just multisig on a single MD I guess, where two MDs has to kinda work as if it was a single MD. The two MDs would not have the same close group though so for this to work I guess the two close groups would have to connect to each other to become like one close group for the larger MD consisting of two MDs and all, or the majority, of nodes in both groups would have to agree on all the signatures before the ownership transfers took place. I suppose if this worked it could also be extended to any number of MDs so that, say, five people all would have to sign six different MDs before the signatures of any MD would be valid. So it’s not M of N signatures, but M of N signatures on MD 1 AND M of N signatures on MD2 at the same time.
I wouldnt call Bitconnect decentralised. Its a ponzi ran by a company(bunch of scammers) the coins were ico’d by them, they sell them now, they take them in in loans, everything goes through bitconnects website, not decentralised imo
This was answered with this (Bancor didn’t get a response)
Bancor IMHO is just connecting all these disconnected projects (sorta like our idea)
Hmmmm like these guys
In Bitconnect’s case people have a CHOICE. but I guess that freemarket competition is always a problem.
Btw I’m sorry if I sound a little harsch, but around here we’re complaining about millions (kindergarten) and soon billions (secondary school) being a scam while trillions are being printed to destroy people’s lives.
@we_advance: any ETA on tokens listing on exchanges? it’s been 1-2 years already?