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NewbieActivity: 10Merit: 0 [PRE-ANN] [GP] GREENPAY||100% POS||MULTIPOOL INTEGRATED WALLET||ESCROW ONLY IPO April 22, 2014, 03:59:39 PM

Last edit: April 24, 2014, 04:52:24 AM by greenpay #1 GreenPay



IPO STAGE ENDS MAY 19th



WALLET & SOURCE CODE LAUNCH May 21st



http://greenpayex.com/ - @GreenPayEx - /r/GreenPay



https://i.imgur.com/qebjXDx.png

GreenPay is a unique cryptocurrency payment system built entirely on the Proof of Stake method of network security. GreenPay uses peer-to-peer technology to execute operations with no central authority similar to other cryptocurrencies, but avoids the Proof of Work techniques to mint credit within the network, creating a more environmentally friendly payment protocol.







Technical Specifications



100% Proof-Of-Stake



Total coins: 96,000,000



Initial supply: 9% (8.5% Initial Public Offering Distribution / 0.5% Reward & Development Incentives )



Block Time Target: 2.5 minutes



POS Interest: 20% year one, 10% year two, 5% year three, 3% year four, 2% year five, 1% onwards.







Technical Innovations



Within GreenPay you have the option to mint coins via Proof of Stake, but we have also built a fully functional mining tab within the wallet allowing you to both mine and mint simulateously. The mining tab operates via multipools which will automatically mine the most profitable cryptocurrencies, convert those into to BTC and LTC and use these balances to routinely purchase GreenPay Credits, which are then credited to your minting balance.



In order to comply with the decentralized and transparent approach as with cryptocurrencies, we have also built in the ability to add other GreenPay multipools to your client allowing you to choose which multipool you would like to mine with -- or even create your own!



Multipools cause a constant buy pressure for GreenPay within the cryptocurrency markets if they are actively mined on, therefore a % of the IPO we are running will be used to secure a mining unit that ensures at least one multipool has around the clock up-time. More details on this can be found below.



https://i.imgur.com/f9RRKIH.png



Future and work-in-progress technical innovation is touched upon further in this thread.







GreenPay Distributive IPO



The first 8.5% of the GreenPay Credits will be distributed via an initial public offering. Before we discuss how the IPO will run and what this fund will be used for, we'd like to share some points with regards to decisions we have made in this distribution choice. There is no fair way to distribute an entirely proof-of-stake coin, however we have attempted to implement restraints to create as fair of an initial distribution as possible:



> % of supply in initial distribution



It's important to make sure the amount of coins in circulation at the beginning of the coin's launch is reasonable. Too large of an initial distribution would mature the market too quickly, and cause too large an IPO to be considered a fair distribution. On the other hand, too small of an initial distribution can easily create a monopoly on the coins, since new coins are generated only by stake an early holder could use this to their advantage to stake a large % of the to-be-created coins.



> Maximum Investment



As a further restraint to combat the previous point, we have implemented a maximum investment limit. The maximum amount that can be invested in the IPO is 2 BTC per person. If an account puts more than 2 BTC into this IPO, the money will be returned (minus TX fees) to the BTC address that sent multiple payments on the accounting day after IPO ends. If a user creates multiple wallets and claims those investments, only the first investment will be valid and the later payments will be returned (again, minus TX fees) after the IPO ends.



How to invest in the IPO



Required: Escrow



We highly recommend the use of escrow for your investment in any IPO, and for GreenPay this escrow is a requirement. Not only for your own peace of mind, but also to set a standard for future IPOs. The recent influx of vaporware/fraudulent IPOs is alarming and escrow is the best option you have to protect your investment against potential thieves.



For this reason, there is no way to invest in our IPO outside of escrow. Sorry! We think it's for the best. Don't worry though, we will be paying the escrow fee!



Our escrow user is escrow.ms (



> Investing



Quote from: escrow.ms on April 22, 2014, 04:28:16 PM

Hash: SHA1



ESCROW AGREEMENT



The escrow address for GreenPay is :



BTC: 1CnXovwbHwvnLUEDH497BXtkoKWoyh9bTd



https://blockchain.info/address/1CnXovwbHwvnLUEDH497BXtkoKWoyh9bTd



Escrow Procedure and Payment Instruction



You need to send funds in escrow address and PM me tx id.

After IPO will be closed, GreenPay will be distributed to the IPO buyers by me.





Note:

Please only send funds from the wallet you fully control.

I will require signed confirmation message or proof of payment from all buyers to release escrow.

Don't use exchange sites and offchain wallets like coinbase.



Terms and Conditions:



1. Only 8.5% coins wil be available for IPO out of 96,000,000 Total coins.

2. Refunds will be available until 1 hour before the date of launch.

3. The total amount of BTC received will be divided and distributed to investors in 24-48hrs after launch.





Discharge of Escrow Agent.

Upon the delivery of all of the subject matter or monies pursuant to the terms of this Escrow Agreement,

the duties of Escrow Agent shall terminate and Escrow Agent shall be discharged from any further obligation hereunder.





Fine Print:

This Contract is solely generated for the purpose of facilitating the transaction between the seller and the buyer, which refers to the pseudonyms used on bitcointalk.org.

As a Escrow I am only here to make sure you get your GreenPay coins. I don't take any responsibility of other promises from developers.

The escrow holder, escrow.ms, assumes and gives no liability or guarantees on the satisfaction of all parties involved, although he agrees to mediate and facilitate the deal to the fullest extent he is capable of.

The verbal acceptance by both parties (or the failure to reject) and the sending of Bitcoins to the escrow address above constitutes the acceptance of the terms and conditions stated, and the activation of this Contract.



Please understand that I am assuming the risk of holding the escrowed Bitcoins, and I am using my own time to facilitate this transaction.

I am imposing a fixed and nonrefundable fee of 1% for this transaction which will be paid by the developer.





Thank you

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Version: GnuPG v2.0.22 (MingW32)



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=mZQO

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-----BEGIN PGP SIGNED MESSAGE-----Hash: SHA1ESCROW AGREEMENTThe escrow address for GreenPay is :BTC: 1CnXovwbHwvnLUEDH497BXtkoKWoyh9bTdEscrow Procedure and Payment InstructionYou need to send funds in escrow address and PM me tx id.After IPO will be closed, GreenPay will be distributed to the IPO buyers by me.Note:Please only send funds from the wallet you fully control.I will require signed confirmation message or proof of payment from all buyers to release escrow.Don't use exchange sites and offchain wallets like coinbase.Terms and Conditions:1. Only 8.5% coins wil be available for IPO out of 96,000,000 Total coins.2. Refunds will be available until 1 hour before the date of launch.3. The total amount of BTC received will be divided and distributed to investors in 24-48hrs after launch.Discharge of Escrow Agent.Upon the delivery of all of the subject matter or monies pursuant to the terms of this Escrow Agreement,the duties of Escrow Agent shall terminate and Escrow Agent shall be discharged from any further obligation hereunder.Fine Print:This Contract is solely generated for the purpose of facilitating the transaction between the seller and the buyer, which refers to the pseudonyms used on bitcointalk.org.As a Escrow I am only here to make sure you get your GreenPay coins. I don't take any responsibility of other promises from developers.The escrow holder, escrow.ms, assumes and gives no liability or guarantees on the satisfaction of all parties involved, although he agrees to mediate and facilitate the deal to the fullest extent he is capable of.The verbal acceptance by both parties (or the failure to reject) and the sending of Bitcoins to the escrow address above constitutes the acceptance of the terms and conditions stated, and the activation of this Contract.Please understand that I am assuming the risk of holding the escrowed Bitcoins, and I am using my own time to facilitate this transaction.I am imposing a fixed and nonrefundable fee of 1% for this transaction which will be paid by the developer.Thank you-----BEGIN PGP SIGNATURE-----Version: GnuPG v2.0.22 (MingW32)iQEcBAEBAgAGBQJTVqtJAAoJELOnDWq4K6fhCxIIAIWXE3yL1+6+0Fqx7vE+9IRwfol/8O8f747AL6fxHVzhF0uYeRXJwzcSSzMSbKv/TCoWFiBAOYIjrSX7N60bE1g2NyFGTBVc8U6CtMRIlxCY7zoV1t2COy8OOTRcU8+84jwCt9ihkw7SY3MemlBx7m7dW2gFa5COh+hOBv8jTNVK3uuqO2Vu6B+UvVkCwKSKdBXVW4qPdGIeKLJqP26xxz6vcl1S/kVw3Av2rt1woZ7b9EZynGnUQcFo5jshYybV0+VFbgCvlj+SyOMJ8ECS8blX+clkCM3Up5maU8vVb7Yw5yJkTfti+qygI+oIrOulN2NvZ8vQ1a9Kpsa7+Z4pMGU==mZQO-----END PGP SIGNATURE-----



How To Sign a Message



Bitcoin-QT -



MultiBit -



Blockchain.info



Instructions: Addresses (active) -> Actions -> Sign message





What the IPO fund will be used for



The primary use of the IPO fund will be to further the development of the GreenPay system.



The first project we are aiming to undertake with the IPO fund is to establish a mining rig to act on our always-on multipool. This mining rig will operate on the development-ran zero-fee multipool around the clock to provide constant buy pressure to the markets.



For the sake of transparency, we will be posting the wallet address of this mining rig's GreenPay balance. It will not spend a single Credit within the first 18 months of operation, where it may be required to begin exchanging Credit for fiat in order to fund the continued operation of this mining rig.



In summary, a portion of the IPO will be used to create buy pressure and increase the value of your investment in a for-cost mining system.



Previews into projects we're looking to fund include:



- A Bitmessage alternative. Since proof of work is wasteful with energy, Bitmessage becomes a high power-consuming system. This is unreasonale for an instant messaging application. If Bitmessage could be integrated into GreenPay and use it as proof of stake, much of the difficulty and waste could be alleviated.



- A minting phone application. Since minting requires the wallet to be open it is unideal for many lifestyles we aim to implement a low-power consumption minting application that can run on a phone or tablet, existing as a background application.



There are seven people on the GreenPay development team and we hope to increase this in the future.







Services & Community Development



The remaining 0.5% is allocated to future GreenPay development bounties or rewards for exciting community-driven projects. Please get involved! We'd love to give you some Credit to kickstart your idea! We encourage the addition of your own multipools, faucets, applications and will add each to the list below:



> Exchanges



> Multipools



> Services



> Games







Timeline (Subject To Minor Future Changes)



> Pre-announcement & IPO begin



Today! Welcome! Hello!



> IPO end & Accounting Day



19th May - This is the final day of our Initial Public Offering



20th May - This day will be used to validate all investments, check against double investors, investigate investment disputes. Escrow.ms will also be distributing the coins to private keys which you will be delivered on launch day.



> Coin launch



21st May - Launch! GreenPay goes public.



> Multipool scrypt beta



30th May - Private beta test of scrypt multipool on a friend's scrypt mining set up (if you'd like to take part in this beta please get in touch)



> Multipool sha256 beta



TBC



> Multipool launch



TBC Within GreenPay you have the option to mint coins via Proof of Stake, but we have also built a fully functional mining tab within the wallet allowing you to both mine and mint simulateously. The mining tab operates via multipools which will automatically mine the most profitable cryptocurrencies, convert those into to BTC and LTC and use these balances to routinely purchase GreenPay Credits, which are then credited to your minting balance.In order to comply with the decentralized and transparent approach as with cryptocurrencies, we have also built in the ability to add other GreenPay multipools to your client allowing you to choose which multipool you would like to mine with -- or even create your own!Multipools cause a constant buy pressure for GreenPay within the cryptocurrency markets if they are actively mined on, therefore a % of the IPO we are running will be used to secure a mining unit that ensures at least one multipool has around the clock up-time. More details on this can be found below.Future and work-in-progress technical innovation is touched upon further in this thread.The first 8.5% of the GreenPay Credits will be distributed via an initial public offering. Before we discuss how the IPO will run and what this fund will be used for, we'd like to share some points with regards to decisions we have made in this distribution choice. There is no fair way to distribute an entirely proof-of-stake coin, however we have attempted to implement restraints to create as fair of an initial distribution as possible:It's important to make sure the amount of coins in circulation at the beginning of the coin's launch is reasonable. Too large of an initial distribution would mature the market too quickly, and cause too large an IPO to be considered a fair distribution. On the other hand, too small of an initial distribution can easily create a monopoly on the coins, since new coins are generated only by stake an early holder could use this to their advantage to stake a large % of the to-be-created coins.As a further restraint to combat the previous point, we have implemented a maximum investment limit. The maximum amount that can be invested in the IPO is 2 BTC per person. If an account puts more than 2 BTC into this IPO, the money will be returned (minus TX fees) to the BTC address that sent multiple payments on the accounting day after IPO ends. If a user creates multiple wallets and claims those investments, only the first investment will be valid and the later payments will be returned (again, minus TX fees) after the IPO ends.We highly recommend the use of escrow for your investment in any IPO, and for GreenPay this escrow is a requirement. Not only for your own peace of mind, but also to set a standard for future IPOs. The recent influx of vaporware/fraudulent IPOs is alarming and escrow is the best option you have to protect your investment against potential thieves.For this reason, there is no way to invest in our IPO outside of escrow. Sorry! We think it's for the best. Don't worry though, we will be paying the escrow fee!Our escrow user is escrow.ms ( https://bitcointalk.org/index.php?action=profile;u=76380 ) and here is the verification that he controls the btc address displayed:Bitcoin-QT - https://www.youtube.com/watch?v=3oxM9_OCQKM MultiBit - https://multibit.org/en/help/v0.5/help_signAndVerifyMessage.html Blockchain.infoInstructions: Addresses (active) -> Actions -> Sign messageThe primary use of the IPO fund will be to further the development of the GreenPay system.The first project we are aiming to undertake with the IPO fund is to establish a mining rig to act on our always-on multipool. This mining rig will operate on the development-ran zero-fee multipool around the clock to provide constant buy pressure to the markets.For the sake of transparency, we will be posting the wallet address of this mining rig's GreenPay balance. It will not spend a single Credit within the first 18 months of operation, where it may be required to begin exchanging Credit for fiat in order to fund the continued operation of this mining rig.In summary, a portion of the IPO will be used to create buy pressure and increase the value of your investment in a for-cost mining system.Previews into projects we're looking to fund include:- A Bitmessage alternative. Since proof of work is wasteful with energy, Bitmessage becomes a high power-consuming system. This is unreasonale for an instant messaging application. If Bitmessage could be integrated into GreenPay and use it as proof of stake, much of the difficulty and waste could be alleviated.- A minting phone application. Since minting requires the wallet to be open it is unideal for many lifestyles we aim to implement a low-power consumption minting application that can run on a phone or tablet, existing as a background application.There are seven people on the GreenPay development team and we hope to increase this in the future.The remaining 0.5% is allocated to future GreenPay development bounties or rewards for exciting community-driven projects. Please get involved! We'd love to give you some Credit to kickstart your idea! We encourage the addition of your own multipools, faucets, applications and will add each to the list below:> Pre-announcement & IPO beginToday! Welcome! Hello!> IPO end & Accounting Day19th May - This is the final day of our Initial Public Offering20th May - This day will be used to validate all investments, check against double investors, investigate investment disputes. Escrow.ms will also be distributing the coins to private keys which you will be delivered on launch day.> Coin launch21st May - Launch! GreenPay goes public.> Multipool scrypt beta30th May - Private beta test of scrypt multipool on a friend's scrypt mining set up (if you'd like to take part in this beta please get in touch)> Multipool sha256 betaTBC> Multipool launchTBC