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Full MemberActivity: 203Merit: 100 Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 82% funded June 10, 2015, 07:12:08 PM #341



Quote A guiding principle of Peershare, Nu, and now B&C development is that we strive to uphold our public commitments. We want to avoid creating casual suggestions that may be misinterpreted by an external community and lead to disappointment if the suggestion doesn't materialize. With that in mind, here are a list of cryptoassets that we hope to support on B&C Exchange at or soon after release. These cryptoassets are currently planned to be listed on our upcoming BCExchange.org teaser webpage:



1. Bitcoin

2. Litecoin

3. Dogecoin

4. Peercoin

5. Dash

6. NXT

7. BitShares

8. NuBits

9. NuShares

10. BlockCredits

11. BlockShares



It's important to note however that B&C Exchange will be delivered in iterations, not one final product. As the teaser website will also state, support for these cryptoassets will rely on a number of factors outside of developer control, including whether the blockchains are currently secure, whether a sufficient number of signers have been established, and whether BlockShareholders have issued directives regarding offered trading pairs. It is impossible to guarantee with certainty that all these cryptoassets will have functional trading pairs. An update on planned supported cryptoassets on B&C Exchange, taken from a discuss.nubits.com forum post:

JordanLee



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NuBit and B&C Exchange Architect







MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 88% funded June 12, 2015, 02:51:25 PM #344



The



Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.



Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:



● number of confirmations required by blockchain ID

● number of total reputed signers of deposit addresses by blockchain ID

● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID

● maximum trade size permitted by asset ID

● number of reputed signers eligible for reputed signer block rewards

● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.



The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain.



With the Nu 2.0 release now code complete, the team has turned its attention to building B&C Exchange as quickly as possible.The code and issue tracking is open to all. Feel free to observe the team's progress at any time.Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:● number of confirmations required by blockchain ID● number of total reputed signers of deposit addresses by blockchain ID● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID● maximum trade size permitted by asset ID● number of reputed signers eligible for reputed signer block rewards● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

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Full MemberActivity: 203Merit: 100 Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 88% funded June 12, 2015, 07:43:27 PM #345



Here is the introduction from the B&C Exchange thread on discuss.nubits.com.



Quote from: JordanLee Just as Nu development was greatly needed after our initial release in September, I'm sure additional development on B&C will also be essential. There are additional features which are very important like using time lock to release deposited funds regardless of what signers do. For instance, funds could be transferred from a deposit address to a withdrawal address one year after deposit. This would occur even if every single signer failed to sign. I have discussed how B&C can be used to guarantee Nu liquidity for a period of time and that is not part of the initial implementation. I suspect the escrow and reversible transaction capabilities are also very much worth pursuing but are unfunded at the 200,000 level. QA is also almost completely unfunded at that level (we are only paying for 8 hours a week at the 200,000 level). There are a lot of good reasons to continue getting additional funding. It will either have to be provided now or in a few months if B&C Exchange is to continue to flower.



We should use the time when B&C Exchange is novel and exciting to members of the community to get full funding.



Quote from: Sentinelrv @JordanLee, this is makes sense, so thank you for explaining the details. I'm not completely opposed to this. I'm just trying to figure out which is the best way to go about it. Would you happen to have a rough estimate of how much funding over $200k we should be looking at in order to fund these additional initiatives? Putting numbers to these extra features and having a goal to shoot for is very helpful in understanding what we're trying to shoot for.



Quote from: JordanLee My first priority for additional funds would be QA and marketing. Creating a solution where security and robustness is of paramount importance because exploits could be quite costly with 8 hours of QA per week is, to put it politely, quite novel. It certainly isn't commonly accepted practice. But at $200k, the choice isn't whether to have robust QA or not, the choice is between deciding it simply isn't enough to properly proceed and proceeding in a less thorough fashion with the hope that using low trade size limits when it is first used will be a sufficient method for testing it.



There are multitude of other ways the money could be spent besides what I just mentioned a couple hours ago in my post. For instance, how about a block explorer? Android client? More great ways to spend the money will be thought up as we go, so I am hesitant to commit to spending funds on specific items many months in the future.

We are interested in hearing prospective BlockShareholders' opinions on how those funds might be allocated. Potential uses could include new trading functionality, more extensive QA, or broader marketing campaigns. A side discussion has emerged on discuss.nubits.com regarding the use of funds raised above the $200,000 minimum.We are interested in hearing prospective BlockShareholders' opinions on how those funds might be allocated. Potential uses could include new trading functionality, more extensive QA, or broader marketing campaigns.

sabreiib



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NewbieActivity: 40Merit: 0 Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 88% funded June 13, 2015, 10:44:28 AM #348 Quote from: JordanLee on June 12, 2015, 02:51:25 PM



The



Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.



Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:



● number of confirmations required by blockchain ID

● number of total reputed signers of deposit addresses by blockchain ID

● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID

● maximum trade size permitted by asset ID

● number of reputed signers eligible for reputed signer block rewards

● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.



The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain.





With the Nu 2.0 release now code complete, the team has turned its attention to building B&C Exchange as quickly as possible.The code and issue tracking is open to all. Feel free to observe the team's progress at any time.Our first iteration, known as Milestone 3.0 in the repository, is completely defined. It will give us a B&C blockchain that gives 40% of BKS to NuShare holders and creates 60% as undistributed that will be distributed to those that have pledged funds for development. A simple user interface tool that will allow shareholders to select a NuShare wallet and convert it to a BlockShare wallet will also be included. When it is developed a test network will be created with it. The production network and blockchain will be created two or three weeks after our $200,000 minimum funding threshold is surpassed. At that point BlockShares will be liquid and transferable.Our second iteration will focus on implementing the types of shareholder voting unique to B&C Exchange:● number of confirmations required by blockchain ID● number of total reputed signers of deposit addresses by blockchain ID● number of required reputed signers of deposit addresses to effect a transfer by blockchain ID● maximum trade size permitted by asset ID● number of reputed signers eligible for reputed signer block rewards● Reputation voting will also be added, which consists of up to three upvotes or downvotes, each associated with a BlockShare address. Details are included in the Reputation voting section.The second iteration and all other iterations necessary for a minimum but complete set of functionality will be deployed to the test network but will not be promoted to the production network individually, because the network will not have the functionality needed to be open for business until all iterations are complete. Once all the iterations needed to produce a functional exchange are complete, the updates will be applied to the production network and blockchain.

Sounds great! I believe investing B&C is a smart choice. Sounds great! I believe investing B&C is a smart choice.

cryptog1



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MemberActivity: 117Merit: 10 Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 89% funded June 15, 2015, 07:10:49 AM #349 In my understanding, it seems that second round investors that provided the the first 120k risk dilution if we go beyond 200k.

Why?

Because they will have the same ownership whether the overal second round investors raise 120k or 332k.

Therefore an initial second round investor (that has contributed to the first 120k provided by second round investors) has no interest in giving more funding than the min required 120k.

Comparatively, seed investors need only to contribute 80k (already done) to get 20%.



In othe words, while the ownership of seed investors would stay at 20% no matter what, the secound round investors that provided the first 120k could see their ownership be reduced to 120/332=36% of what they could get in the best case (= the funding stops at 200k total). if the funding reaches the maximum amount (worst case), which is 332k+80k=412k.



Is my understanding correct?



Tks for clarifying.

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Full MemberActivity: 203Merit: 100 Re: [ANN] B&C Exchange - A decentralized exchange paying BTC dividends - 89% funded June 15, 2015, 03:05:06 PM #350 Quote from: cryptog1 on June 15, 2015, 07:10:49 AM In my understanding, it seems that second round investors that provided the the first 120k risk dilution if we go beyond 200k.

Why?

Because they will have the same ownership whether the overal second round investors raise 120k or 332k.

Therefore an initial second round investor (that has contributed to the first 120k provided by second round investors) has no interest in giving more funding than the min required 120k.

Comparatively, seed investors need only to contribute 80k (already done) to get 20%.



In othe words, while the ownership of seed investors would stay at 20% no matter what, the secound round investors that provided the first 120k could see their ownership be reduced to 120/332=36% of what they could get in the best case (= the funding stops at 200k total). if the funding reaches the maximum amount (worst case), which is 332k+80k=412k.



Is my understanding correct?



Tks for clarifying.



This isn't correct. The percentages listed are what would be owned if every single share was sold and distributed for each group.



It's very important to stress that it is impossible for "dilution" to occur as BlockShares are purchased. Purchasers are buying a BlockShare for a set price based on the distribution tables we provided. If shareholders vote to burn undistributed BlockShares, the relative percentages for each group would change, but every group would have a higher percentage of equity of the network. The downside of course is that there would be less development funds to make B&C Exchange competitive, as per the suggestions of Jordan Lee above.



To help illustrate this, let's imagine a future scenario where the BlockShares chain is launched. The seed investors are slated to receive ~42,500 BKS at the date of the fork, NuShareholders will receive ~85,000 BKS and Bitcoin holders will receive ~4,250. Second-round purchasers are given their BlockShares, and let's pretend there are 20,000 BKS remaining unsold for that group.



If shareholders voted to burn those 20,000 BKS, the equity percentages would now be:



Seed investors - ~42,500 BKS - 22.1%

Second-round purchasers - ~60,750 BKS - 31.6%

NuShareholders - ~85,000 BKS - 44.2%

Bitcoin holders - ~4,250 - 2.2%



Each BlockShare would increase in worth from 0.000471% of the network (1/212500) to 0.000519% of the network (1/192500). Every BlockShare held by a user would be worth a greater percentage of the network. The trade-off is a lower development fund.



If you are still unclear on this please send us a PM. This isn't correct. The percentages listed are what would be owned if every single share was sold and distributed for each group.It's very important to stress that it is impossible for "dilution" to occur as BlockShares are purchased. Purchasers are buying a BlockShare for a set price based on the distribution tables we provided. If shareholders vote to burn undistributed BlockShares, the relative percentages for each group would change, but every group would have a higher percentage of equity of the network. The downside of course is that there would be less development funds to make B&C Exchange competitive, as per the suggestions of Jordan Lee above.To help illustrate this, let's imagine a future scenario where the BlockShares chain is launched. The seed investors are slated to receive ~42,500 BKS at the date of the fork, NuShareholders will receive ~85,000 BKS and Bitcoin holders will receive ~4,250. Second-round purchasers are given their BlockShares, and let's pretend there are 20,000 BKS remaining unsold for that group.If shareholders voted to burn those 20,000 BKS, the equity percentages would now be:Seed investors - ~42,500 BKS - 22.1%Second-round purchasers - ~60,750 BKS - 31.6%NuShareholders - ~85,000 BKS - 44.2%Bitcoin holders - ~4,250 - 2.2%Each BlockShare would increase in worth from 0.000471% of the network (1/212500) to 0.000519% of the network (1/192500). Every BlockShare held by a user would be worth a greater percentage of the network. The trade-off is a lower development fund.If you are still unclear on this please send us a PM.