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Full MemberActivity: 203Merit: 100 **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade April 21, 2015, 02:15:33 PM

Last edit: April 17, 2016, 08:57:04 PM by BCExchange #1



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Version 4.0.1 (Mandatory Upgrade)

Note that trading is disabled until the full B&C Exchange client is released

*****

B&C Exchange, short for ​Blocks & Chains Decentralized Exchange, aims to be the Reddit of cryptoasset exchanges  simple, reputation-based, and easily accessible to everyone regardless of geographic location.



It will be developed by the same established team that has directed Peercoin and NuBits development, a group that includes well-known cryptocurrency experts such as Jordan Lee, sigmike and eramospunk. The experienced team of over ten contributors has successfully led three prior projects (Peercoin, NuBits, NuShares) into the top twenty-five assets by market cap on



***** The Basics:



B&C Exchange will be an open-source decentralized exchange that completes cryptocurrency trades between users by utilizing multisig signers that compete for blockchain rewards based on their effectiveness and honesty. Trades will occur using real cryptocurrencies such as Bitcoin and NuBits, as opposed to artificial proxy cryptoassets like those found in Nxt or BitShares.



A web based interface that will be familiar to users of centralized cryptoasset exchanges will be offered. Unlike centralized exchange websites, exchange operators will have zero access to funds and zero responsibility for customer account information. If an exchange website disappears suddenly, a user can simply go to another site that uses the same open source exchange software, or use another application that supports B&C Exchange and continue using the same account without interruption. This is because all account information will be stored on the blockchain, as the attached design document explains.



Equity ownership in B&C Exchange will be held by users who own BlockShares (BKS). Users will pay transaction fees on the exchange with BlockCredits (BKC). You will not need to own BlockShares to use BlockCredits, and vice versa. Profits from the sale of BlockCredits will be returned to BlockShares holders through a Bitcoin dividend mechanism in the protocol.



B&C Exchange will be fully controlled by everyone who owns ​BlockShares. For example, BlockShares holders can set the transaction fee cost (in BlockCredits) of using B&C Exchange, the number of multi-sig signers required to successfully conduct a trade (such as 7 out of 11 or 8 out of 15), and much more. It is expected that if B&C Exchange is successful, many BlockCredits will be purchased to transact on the exchange, and thus many Bitcoin dividends would be returned to BlockShares holders as a reward for operating a safe and convenient exchange.



In contrast to centralized exchanges, B&C Exchange will have:



- Significantly less counterparty and theft risk because of the multi-sig capabilities of its design.



- Far fewer operating expenses due to the absence of costs like employee salaries, supplies, and rent.



- Lower trading fees for users if BlockShares holders choose to vote for competitive low transaction fees.



- The ability to distribute Bitcoin dividends to all BlockShares holders from profits earned, using an existing dividend protocol mechanism present in the code of NuBits and NuShares.



B&C Exchange will also use NuBits to solve a major problem faced by decentralized exchanges  the inability to use stable fiat money. NuBits have closely held a 1.00 USD peg since September of 2014 and will be offered on B&C Exchange trading pairs as a synthetic substitute for US dollars. Because NuBits is a fork of Bitcoin and Peercoin, using NuBits will be a familiar experience for Bitcoin users. Substantial liquidity will be brought to the exchange through NuBit liquidity operations that have already been established.



More detailed use cases are provided in the attached design document above.



***** ​Funding:



The sale of undistributed BlockShares held in our possession has ended. The final total funds raised are $320,764.



The total number of BlockShares on the blockchain and in circulation is 184,765.96 as of the end of fundraising on August 31, 2015. This amount can only be changed by the 0.01 BKS minting block reward, the variable reputed signer block reward we will soon add, and BKS grants approved directly by shareholders. We do not have the ability to create any additional BKS without shareholder consensus in the protocol.



We expect the funds received will provide funding for the core implementation as well as a number of extra features or even products. While the extra features implemented should probably be decided by shareholders when the core implementation is closer to being complete, implementation of CHECKTIMELOCKVERIFY in Nu and B&C as well a utilization of it in B&C for any chains that support it, escrow capabilities and an Android app that combines a multi coin wallet with full support for B&C Exchange are likely features/products the extra funds will be dedicated to.



*****

Summary:



We expect there will be many questions about the technical details, the proposed funding model, and our teams prior experience. We will do our best to answer any question asked to the best of our abilities. Lead architect Jordan Lee will also be active in this thread to answer questions as they arise.



We believe the design of B&C Exchange will allow users to safely control - and earn dividends from - their own cryptoasset trades. It is the beginning of a future without centralized exchanges.



, short for ​Blocks & Chains Decentralized Exchange, aims to be the Reddit of cryptoasset exchanges  simple, reputation-based, and easily accessible to everyone regardless of geographic location.It will be developed by the same established team that has directed Peercoin and NuBits development, a group that includes well-known cryptocurrency experts such as Jordan Lee, sigmike and eramospunk. The experienced team of over ten contributors has successfully led three prior projects (Peercoin, NuBits, NuShares) into the top twenty-five assets by market cap on coinmarketcap.com B&C Exchange will be an open-source decentralized exchange that completes cryptocurrency trades between users by utilizing multisig signers that compete for blockchain rewards based on their effectiveness and honesty. Trades will occur using real cryptocurrencies such as Bitcoin and NuBits, as opposed to artificial proxy cryptoassets like those found in Nxt or BitShares.A web based interface that will be familiar to users of centralized cryptoasset exchanges will be offered. Unlike centralized exchange websites, exchange operators will have zero access to funds and zero responsibility for customer account information. If an exchange website disappears suddenly, a user can simply go to another site that uses the same open source exchange software, or use another application that supports B&C Exchange and continue using the same account without interruption. This is because all account information will be stored on the blockchain, as the attached design document explains.Equity ownership in B&C Exchange will be held by users who own. Users will pay transaction fees on the exchange with. You will not need to own BlockShares to use BlockCredits, and vice versa. Profits from the sale of BlockCredits will be returned to BlockShares holders through ain the protocol.B&C Exchange will be fully controlled by everyone who owns ​BlockShares. For example, BlockShares holders can set the transaction fee cost (in BlockCredits) of using B&C Exchange, the number of multi-sig signers required to successfully conduct a trade (such as 7 out of 11 or 8 out of 15), and much more. It is expected that if B&C Exchange is successful, many BlockCredits will be purchased to transact on the exchange, and thus many Bitcoin dividends would be returned to BlockShares holders as a reward for operating a safe and convenient exchange.In contrast to centralized exchanges, B&C Exchange will have:because of the multi-sig capabilities of its design.due to the absence of costs like employee salaries, supplies, and rent.for users if BlockShares holders choose to vote for competitive low transaction fees.- Thefrom profits earned, using an existing dividend protocol mechanism present in the code of NuBits and NuShares.B&C Exchange will also use NuBits to solve a major problem faced by decentralized exchanges  the inability to use stable fiat money. NuBits have closely held a 1.00 USD peg since September of 2014 and will be offered on B&C Exchange trading pairs as a synthetic substitute for US dollars. Because NuBits is a fork of Bitcoin and Peercoin, using NuBits will be a familiar experience for Bitcoin users. Substantial liquidity will be brought to the exchange through NuBit liquidity operations that have already been established.More detailed use cases are provided in the attached design document above.The sale of undistributed BlockShares held in our possession has ended. The final total funds raised areThe total number of BlockShares on the blockchain and in circulation is 184,765.96 as of the end of fundraising on August 31, 2015. This amount can only be changed by the 0.01 BKS minting block reward, the variable reputed signer block reward we will soon add, and BKS grants approved directly by shareholders. We do not have the ability to create any additional BKS without shareholder consensus in the protocol.We expect the funds received will provide funding for the core implementation as well as a number of extra features or even products. While the extra features implemented should probably be decided by shareholders when the core implementation is closer to being complete, implementation of CHECKTIMELOCKVERIFY in Nu and B&C as well a utilization of it in B&C for any chains that support it, escrow capabilities and an Android app that combines a multi coin wallet with full support for B&C Exchange are likely features/products the extra funds will be dedicated to.We expect there will be many questions about the technical details, the proposed funding model, and our teams prior experience. We will do our best to answer any question asked to the best of our abilities. Lead architect Jordan Lee will also be active in this thread to answer questions as they arise.We believe the design of B&C Exchange will allow users to safely control - and earn dividends from - their own cryptoasset trades. It is the beginning of a future without centralized exchanges.

There are several different types of Bitcoin clients. Header-only clients like Bither trust that the majority of mining power is honest for the purposes of enforcing network rules such as the 21 million BTC limit. Full clients do not trust miners in this way. ertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertisedsites are not endorsed by the Bitcoin Forum.They maybe unsafe, untrustworthy,or illegal in your jurisdiction. Advertise here.

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Full MemberActivity: 203Merit: 100 Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 02:21:34 PM

Last edit: November 11, 2015, 06:50:08 PM by BCExchange #2 Additional Information

Definitions:



B&C Exchange will be the trading platform where cryptocurrency trades are conducted. It is the primary trade name of the decentralized exchange.



BlockShares (BKS) are crypto-based equity in the B&C Exchange project. Owning BlockShares allows a user to receive blockchain-distributed dividends (paid in Bitcoin), from sales of BlockCredits. If you would like to see an example of a successful dividend distribution, you can see



BlockCredits (BKC) are the transactional tokens used on B&C Exchange to pay for trades. It is expected they will be sold for 1.00 USD per BKC by elected custodians. Similar to long-distance phone credits or postage stamps, no promises of future value will exist for BlockCredits. Paying for a BlockCredit simply entitles a user to conduct a certain amount of transactions on the B&C Exchange while it is operational. The amount of transactions that 1.00 BKC can complete depends on the amount of transaction fees required by the network as determined by BlockShares holders.



Broad Disclaimer:



grants the holder the ability to make financial decisions for the Nu network. By extension, BlockShare ownership grants the holder the ability to make decisions for the B&C Exchange network. This means that our fundraising was not a public IPO for a security; rather, it was an additional equity funding round for membership within a global distributed autonomous organization (DAO). To date, NuShares have provided DAO equity to users who act like managers to collectively make blockchain-based financial decisions about the Nu network through functions like custodial grants, parking rate votes, and motions. B&C Exchange will be a similar DAO with no national affiliation and no corporate structure or governance, instead relying on collaborative decision making through blockchain consensus. All BlockShareholders act as managers of their network, with no one shareholder having the ability to make a unilateral decision.



No price guarantees will ever be made about the future value of BlockShares and it would be unethical for us to do so. Interested parties only purchased BlockShares if they were fully aware of the risks of developing a new technology like B&C Exchange - up to and including a failure to create a working platform - and if they were comfortable with the existing online reputations and credibility established by B&C Exchange developers on past projects like Peercoin, NuBits, and NuShares.



While B&C Exchange is not affiliated with any one country, our view on global DAOs like B&C Exchange



Quote >Another use case that the authors view as less problematic through the lens of US law is the use of tokens to create distributed collaborative (autonomous) organisations (DAOs).

>In this instance, tokens are used to denote membership in an organisation, with the user retaining the expectation that he or she may benefit financial(ly) from the ownership.

>The report suggests that, in this case, token owners may have some control over fund utilization, making them effectively managers and/or partners in the success of the entity, a factor that makes them less likely to be viewed as securities.

>Depending on the nature of the organization and the actual control held by people who have committed capital, shares organizations which are structured on the blockchain are likely not to be considered as securities, the paper suggests.

*****

Branding







We chose to create a brand that expresses a simple boldness while still signalling innovation and creativity. These logos are intentionally much less complex than many standard cryptocurrency logos. This will ensure that they look sharp and clear even at small resolutions.



B&C Exchange is short for Blocks and Chains Decentralized Exchange and weve captured that name in the logo. There are several metaphorical interpretations possible for the B&C Exchange logo, including:



- A block created by the negative space in the middle, surrounded by two different colored chains

- A price chart axis with a green (or navy) up arrow exploding to the right

- A decentralized network that is connected by different colored peers around the outside, with no centralized control in the center of the logo



The deep navy, vibrant green, and neutral white colors selected are designed to communicate two major categories of brand associations. The first category includes keywords such as professional, ethical, reputable, credible, and efficient. The second category includes keywords like innovative, empowering, and futuristic.



Finally, we used the basic shape of the B&C Exchange brand to create two tokens:



BlockShares







BlockCredits







We have hosted the full package of logos on BCExchange.org. Anyone is free to use these logos in whatever way they wish as long as no suggestion is made that B&C Exchange developers endorse the project, product, or service. The full package includes six different color variations on the primary logo as well as multiple icons. Download:



We have also included a branding guide that shows the basic building blocks of our brand. Here is a preview:



will be the trading platform where cryptocurrency trades are conducted. It is the primary trade name of the decentralized exchange.are crypto-based equity in the B&C Exchange project. Owning BlockShares allows a user to receive blockchain-distributed dividends (paid in Bitcoin), from sales of BlockCredits. If you would like to see an example of a successful dividend distribution, you can see proof of a blockchain dividend paid to shareholders on the Nu network. It is expected that owning BlockShares will also allow a user to decide through blockchain voting many different operational functions of B&C Exchange, including the amount of BlockCredit transaction fees charged per trade.are the transactional tokens used on B&C Exchange to pay for trades. It is expected they will be sold for 1.00 USD per BKC by elected custodians. Similar to long-distance phone credits or postage stamps, no promises of future value will exist for BlockCredits. Paying for a BlockCredit simply entitles a user to conduct a certain amount of transactions on the B&C Exchange while it is operational. The amount of transactions that 1.00 BKC can complete depends on the amount of transaction fees required by the network as determined by BlockShares holders. NuShare ownership grants the holder the ability to make financial decisions for the Nu network. By extension, BlockShare ownership grants the holder the ability to make decisions for the B&C Exchange network. This means that our fundraising was not a public IPO for a security; rather, it was an additional equity funding round for membership within a global distributed autonomous organization (DAO). To date, NuShares have provided DAO equity to users who act like managers to collectively make blockchain-based financial decisions about the Nu network through functions like custodial grants, parking rate votes, and motions. B&C Exchange will be a similar DAO with no national affiliation and no corporate structure or governance, instead relying on collaborative decision making through blockchain consensus. All BlockShareholders act as managers of their network, with no one shareholder having the ability to make a unilateral decision.and it would be unethical for us to do so. Interested parties only purchased BlockShares if they were fully aware of the risks of developing a new technology like B&C Exchange - up to and including a failure to create a working platform - and if they were comfortable with the existing online reputations and credibility established by B&C Exchange developers on past projects like Peercoin, NuBits, and NuShares.While B&C Exchange is not affiliated with any one country, our view on global DAOs like B&C Exchange is supported by a quote from this article: We chose to create a brand that expresses a simple boldness while still signalling innovation and creativity. These logos are intentionally much less complex than many standard cryptocurrency logos. This will ensure that they look sharp and clear even at small resolutions.B&C Exchange is short for Blocks and Chains Decentralized Exchange and weve captured that name in the logo. There are several metaphorical interpretations possible for the B&C Exchange logo, including:- A block created by the negative space in the middle, surrounded by two different colored chains- A price chart axis with a green (or navy) up arrow exploding to the right- A decentralized network that is connected by different colored peers around the outside, with no centralized control in the center of the logoThe deep navy, vibrant green, and neutral white colors selected are designed to communicate two major categories of brand associations. The first category includes keywords such as, and. The second category includes keywords like, andFinally, we used the basic shape of the B&C Exchange brand to create two tokens:We have hosted the full package of logos on BCExchange.org. Anyone is free to use these logos in whatever way they wish as long as no suggestion is made that B&C Exchange developers endorse the project, product, or service. The full package includes six different color variations on the primary logo as well as multiple icons. Download: https://github.com/BC-Exchange/bcexchange.org/blob/gh-pages/assets/img/B-C-Logos.zip?raw=true We have also included a branding guide that shows the basic building blocks of our brand. Here is a preview:

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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 03:58:37 PM #4



https://discuss.nubits.com/t/draft-motion-to-provide-seed-funding-for-b-c-exchange-a-decentralized-exchange-built-on-the-peershares-platform/2001/3



Quote What are the technical limitations of this decentralized exchange model? How fast is it? If I understand correctly, each trade depends on several signatures of a blockshare owner. So is the 1 minute blocktime (i guess) the absolute lower bound for a trade to execute?



How many confirmations an order must have is a network wide variable configurable through shareholder voting. 3 confirmations (typically less than three minutes) will be a likely shareholder choice.



Trades do depend on reputed signers signing multisig transfers to settle. This will take seconds. Reputed signers are not necessarily shareholders, although they will likely place a security deposit of BlockShares. This question was asked here:How many confirmations an order must have is a network wide variable configurable through shareholder voting. 3 confirmations (typically less than three minutes) will be a likely shareholder choice.Trades do depend on reputed signers signing multisig transfers to settle. This will take seconds. Reputed signers are not necessarily shareholders, although they will likely place a security deposit of BlockShares. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

noerc



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Sr. MemberActivity: 248Merit: 250 Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 05:04:59 PM #6 Quote from: BCExchange on April 21, 2015, 02:21:34 PM BlockCredits (BKC) are the transactional tokens used on B&C Exchange to pay for trades.



So if I want to trade on the exchange, I first need to buy BKC which I then can *consume* in my trades, correct?



Now the other side: Someone applies for a custodianship on the exchange. BKS shareholder approve the proposal and grant the custodian 1000 BKC. The custodian now sells those BKC (in a centralized way?) externally to the exchange and passes the revenues back to the shareholders in form of BTC. Correct?



Is there an incentive to act as a signer? Will they get compensated (through a part of the tx fee in BKC) for their availability and reputation? So if I want to trade on the exchange, I first need to buy BKC which I then can *consume* in my trades, correct?Now the other side: Someone applies for a custodianship on the exchange. BKS shareholder approve the proposal and grant the custodian 1000 BKC. The custodian now sells those BKC (in a centralized way?) externally to the exchange and passes the revenues back to the shareholders in form of BTC. Correct?Is there an incentive to act as a signer? Will they get compensated (through a part of the tx fee in BKC) for their availability and reputation?

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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 05:05:11 PM #7 Quote from: BonTonPlease on April 21, 2015, 04:06:30 PM I really like the project outlined above and am willing to invest some money (although already holding Nushares). I already raised the question on discuss.nubits.com regarding sigmike's role for other projects. I like the work you guys perform but I am not willing to fund projects if the knowledge and experience you guys gain during building such an exchange will be passed along to the next project outside of the Nu network. If the Nu network pays for the development, they must have the exclusive ownership of the achievements of such a project.



While it is expected that the B&C Exchange will be open source (unless NuShare holders indicate they have other preferences), let's consider what would happen if someone created a clone of B&C Exchange.



Liquidity is of paramount importance for an exchange. Liquidity tends to have feedback loops associated with it. High liquidity attracts more market participants due to superior pricing, creating even more liquidity. Low liquidity simply encourages market participants to go elsewhere.



The original B&C Exchange will have a remarkable liquidity advantage because Nu, which is in the business of providing liquidity to stable cryptocurrency, will bring liquidity to it through its already established liquidity operations. Nu will do so because of the high degree of overlap in shareholder ownership and because B&C Exchange will be the cheapest place to provide NuBit liquidity due to its dramatically reduced risk of exchange default and theft. Nu is unlikely to provide any liquidity at all to clones of B&C Exchange because it will be against the interest of BlockShare holders to do so, and most BlockShare holders will also be NuShare holders.



If your concern about contributors such as sigmike not doing work for other projects is shared by other shareholders, then it is possible for shareholders to negotiate non-compete agreements with contributors. sigmike already has a non-compete agreement that covers stable value cryptocurrencies, so it is possible to negotiate expanding this to trading platforms. However, limiting contributor opportunities will typically require some compensation for that. While it is expected that the B&C Exchange will be open source (unless NuShare holders indicate they have other preferences), let's consider what would happen if someone created a clone of B&C Exchange.Liquidity is of paramount importance for an exchange. Liquidity tends to have feedback loops associated with it. High liquidity attracts more market participants due to superior pricing, creating even more liquidity. Low liquidity simply encourages market participants to go elsewhere.The original B&C Exchange will have a remarkable liquidity advantage because Nu, which is in the business of providing liquidity to stable cryptocurrency, will bring liquidity to it through its already established liquidity operations. Nu will do so because of the high degree of overlap in shareholder ownership and because B&C Exchange will be the cheapest place to provide NuBit liquidity due to its dramatically reduced risk of exchange default and theft. Nu is unlikely to provide any liquidity at all to clones of B&C Exchange because it will be against the interest of BlockShare holders to do so, and most BlockShare holders will also be NuShare holders.If your concern about contributors such as sigmike not doing work for other projects is shared by other shareholders, then it is possible for shareholders to negotiate non-compete agreements with contributors. sigmike already has a non-compete agreement that covers stable value cryptocurrencies, so it is possible to negotiate expanding this to trading platforms. However, limiting contributor opportunities will typically require some compensation for that. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 05:24:34 PM #8 Quote from: noerc on April 21, 2015, 05:04:59 PM So if I want to trade on the exchange, I first need to buy BKC which I then can *consume* in my trades, correct?



That's right. All network messages require a fee to give robust protection against denial of service attacks. We expect to make acquiring your first BlockCredits painless by integrating support for Shapeshift or similar exchange service seamlessly into our user interface. So, the user will request a BlockCredit and will be asked to send a tiny amount of Bitcoin (or other cryptoasset) to a particular address. When they do, they immediately receive the BlockCredit they need to use the network.



While Shapeshift has advantages for some use cases such as the one just mentioned, B&C Exchange is likely to offer better pricing for the most popular trading pairs, permits limit orders (placing an order an that won't fill now but may fill later if the market price changes) and is expected to permit much larger trades (after a beta period).



Quote from: noerc on April 21, 2015, 05:04:59 PM Now the other side: Someone applies for a custodianship on the exchange. BKS shareholder approve the proposal and grant the custodian 1000 BKC. The custodian now sells those BKC (in a centralized way?) externally to the exchange and passes the revenues back to the shareholders in form of BTC. Correct?



That's right. It is expected that BlockCredits will be available for sale on B&C Exchange, traditional centralized cryptoasset exchanges and instant exchange services such as Shapeshift.



Quote from: noerc on April 21, 2015, 05:04:59 PM Is there an incentive to act as a signer? Will they get compensated (through a part of the tx fee in BKC) for their availability and reputation?



Absolutely! In addition to the block reward given to minters, there is a second block reward that will be given to reputed signers in proportion to their reputation. The size of the reputed signer block reward is configurable through shareholder voting, so it will be whatever is required to get quality signers and no more. While shareholders may be tempted to upvote their own reputation to receive this reward, other shareholders will thwart this by downvoting.

That's right. All network messages require a fee to give robust protection against denial of service attacks. We expect to make acquiring your first BlockCredits painless by integrating support for Shapeshift or similar exchange service seamlessly into our user interface. So, the user will request a BlockCredit and will be asked to send a tiny amount of Bitcoin (or other cryptoasset) to a particular address. When they do, they immediately receive the BlockCredit they need to use the network.While Shapeshift has advantages for some use cases such as the one just mentioned, B&C Exchange is likely to offer better pricing for the most popular trading pairs, permits limit orders (placing an order an that won't fill now but may fill later if the market price changes) and is expected to permit much larger trades (after a beta period).That's right. It is expected that BlockCredits will be available for sale on B&C Exchange, traditional centralized cryptoasset exchanges and instant exchange services such as Shapeshift.Absolutely! In addition to the block reward given to minters, there is a second block reward that will be given to reputed signers in proportion to their reputation. The size of the reputed signer block reward is configurable through shareholder voting, so it will be whatever is required to get quality signers and no more. While shareholders may be tempted to upvote their own reputation to receive this reward, other shareholders will thwart this by downvoting. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

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Sr. MemberActivity: 289Merit: 250 Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 05:28:22 PM

Last edit: April 21, 2015, 05:44:06 PM by Bisha #9 If I own nushares and dont participate on the auction, will I still get blockshares?



What's the difference/advantage between already owning nushares or bidding them? Trying to get cheaper blockshares (assuming they're less than 0.033 - same price as nushares like you mentioned)?



is the supply of blockshares fixed or can it increase? Will this be decided through voting? Stratis: Same supply as Ethereum + Masternodes + ICOs + Bitcoin a Core Dev. 90% cheaper than Eth. Do the math.

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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 05:44:50 PM #10 Quote from: Bisha on April 21, 2015, 05:28:22 PM If I own nushares and dont participate on the auction, will I still get blockshares?



Yes. Your private keys will work on both networks. The B&C client will permit you to convert your NuShare wallet to a BlockShare wallet.



Quote from: Bisha on April 21, 2015, 05:28:22 PM What's the difference/advantage between already owning nushares or bidding them? Trying to get cheaper blockshares (assuming they're less than 0.033 - same price as nushares like you mentioned)?



All NuShares are fungible so there won't be a difference once you own them. However, when placing a bid you get to pick whatever price you like as long as it is at least 0.002 USD. Of course, the higher your bid is the more likely is it is to be filled.



You can't purchase BlockShares solely until the blockchain is created at the conclusion of development. You can purchase NuShares which will yield an equivalent quantity of BlockShares once development is complete. Yes. Your private keys will work on both networks. The B&C client will permit you to convert your NuShare wallet to a BlockShare wallet.All NuShares are fungible so there won't be a difference once you own them. However, when placing a bid you get to pick whatever price you like as long as it is at least 0.002 USD. Of course, the higher your bid is the more likely is it is to be filled.You can't purchase BlockShares solely until the blockchain is created at the conclusion of development. You can purchase NuShares which will yield an equivalent quantity of BlockShares once development is complete. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 06:58:33 PM #13 Quote from: BonTonPlease on April 21, 2015, 06:24:23 PM 1) If I hold 1 million Blockshares out of the 900 million, will I receive 1/900th of the transaction fees as a bitcoin dividend?



If you hold 1/900th of all BlockShares, you will receive 1/900th of all Bitcoin dividends (this will be very slightly skewed by the fact that some of the dividend will be used to pay Bitcoin transaction fees to transfer the dividends and nothing will be sent to BlockShare owners that would receive less than the Bitcoin transaction fee).



Dividends are not tied directly to transaction fees. Rather, they are tied to the number of BlockCredits sold (which can only be used to pay for transaction fees).



Quote from: BonTonPlease on April 21, 2015, 06:24:23 PM 2) Given your funding request will be successful, how long will it take to realize the project?



This is an important question, and one I would like to know the answer to as well. Development of an unprecedented software solution such as B&C Exchange is characterized by the unfolding of unexpected issues which must be solved.



I have delivered an unprecedented blockchain solution in the past in the form of the Nu network, which pioneered stable cryptocurrency and the ability of shareholders to constantly adjust the protocol by voting. The network worked just as promised and was delivered in 8 months at a cost of around 250,000 USD. While I made no promises about the time it would take to deliver Nu, I will report that I privately thought it would take 6 months and 500,000 USD. So, I was 50% under budget and 33% over my private time estimate.



I can say that I believe B&C Exchange is modestly or slightly simpler than creating the Peershare template and Nu. I am absolutely committed to doing everything in my power to delivering it as quickly as possible. However, investors should be aware that I am unable to absolutely guarantee its delivery at all, and I can't guarantee it will be delivered in a certain time frame or for a certain cost. If you hold 1/900th of all BlockShares, you will receive 1/900th of all Bitcoin dividends (this will beskewed by the fact that some of the dividend will be used to pay Bitcoin transaction fees to transfer the dividends and nothing will be sent to BlockShare owners that would receive less than the Bitcoin transaction fee).Dividends are not tied directly to transaction fees. Rather, they are tied to the number of BlockCredits sold (which can only be used to pay for transaction fees).This is an important question, and one I would like to know the answer to as well. Development of an unprecedented software solution such as B&C Exchange is characterized by the unfolding of unexpected issues which must be solved.I have delivered an unprecedented blockchain solution in the past in the form of the Nu network, which pioneered stable cryptocurrency and the ability of shareholders to constantly adjust the protocol by voting. The network worked just as promised and was delivered in 8 months at a cost of around 250,000 USD. While I made no promises about the time it would take to deliver Nu, I will report that I privately thought it would take 6 months and 500,000 USD. So, I was 50% under budget and 33% over my private time estimate.I can say that I believe B&C Exchange is modestly or slightly simpler than creating the Peershare template and Nu. I am absolutely committed to doing everything in my power to delivering it as quickly as possible. However, investors should be aware that I am unable to absolutely guarantee its delivery at all, and I can't guarantee it will be delivered in a certain time frame or for a certain cost. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

JordanLee



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NuBit and B&C Exchange Architect







MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 07:50:33 PM #16



https://discuss.nubits.com/t/draft-motion-to-provide-seed-funding-for-b-c-exchange-a-decentralized-exchange-built-on-the-peershares-platform/2001/18



Quote

Jordan, what are your thoughts for a potential "long con" attack of the B&C network, where a single entity controls multiple signers that are well-behaved until a critical trust is reached? See http://en.wikipedia.org/wiki/Confidence_trick

While the decision of who to assign reputation to is up to individual shareholders, I suspect we will see established pseudonymous members of the cryptocurrency community, and the Nu community in particular, step up to become reputed signers. I doubt shareholders will assign reputation to actors that haven't performed complex and long term roles in the community. If that is true, then this attack is quite impractical. The following question was asked here:While the decision of who to assign reputation to is up to individual shareholders, I suspect we will see established pseudonymous members of the cryptocurrency community, and the Nu community in particular, step up to become reputed signers. I doubt shareholders will assign reputation to actors that haven't performed complex and long term roles in the community. If that is true, then this attack is quite impractical. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN

JordanLee



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MemberActivity: 88Merit: 10NuBit and B&C Exchange Architect Re: [Pre-ANN] B&C Exchange  A decentralized cryptocurrency exchange for everyone April 21, 2015, 08:30:18 PM #17

https://discuss.nubits.com/t/draft-motion-to-provide-seed-funding-for-b-c-exchange-a-decentralized-exchange-built-on-the-peershares-platform/2001/19



Quote from: cryptog As an early shareholder of Nu and a business partner of Nu, I welcome such a proposal.

Decentralized crypto exchange is a natural step towards complete decentralization of the financial world.

I have yet to read the full proposal on bitcointalk and to evaluate to which extent it would contribute substantially to the strengthening of Nu but I have immediately 2 questions:



- To which extent such a proposal could constitute a second round of funding of Nu? In others, at that sage, more than 6 months later after the release of Nu, would such dilution increase the valuation of Nu (I hope so!) while at the same time giving already some returns to round 1 investors ( the investors that invested back in September/October 2014 in Nu)?



- To which extent such a proposal would help the development of Nu itself directly? Please see my earlier post entitle "[a question about the future of Nu development from the end of next month][1]".

I understand that the creation of cheap liquidity is key to Nu, which is what is intended with that proposal but for example, would the proceeds of that auction be used for paying the development of NuBot or the marketing activity of Nu, which could appear at first glance not linked directly to B&C Exchange. Would the official team behind B&C exchange be the same team behind [Nu Team][2] ?



- Would the new shareholders of those 100m NSRs be subject to the same background check that the early investors? We must be very careful about that. I would not want those 100m NSR be in the hands of speculators....



Thank you.



It is my expectation that Nu client 2.0 development of our shareholder approved protocol changes will be completed prior to the conclusion of the auction.



I'm confident the development of B&C Exchange will benefit Nu and NuShare holders more than any other additional development that has been discussed. Therefore, it is the proper priority for Nu development. The chance of B&C Exchange succeeding is tremendously enhanced by employing a proven team that is already working together successfully.



NuBot will be critical to the success of B&C Exchange, as it will be the method for establishing liquidity on it. The parametric order book feature that is the most important NuBot road map item is extremely important for providing liquidity on B&C Exchange to pairs other than BTC/NBT, such as LTC/NBT, Dogecoin/NBT, NSR/NBT, etc. Also, NuBot will need to be modified to work with B&C Exchange.



So, in summary, after the Nu 2.0 release, I believe the priorities of the core development team and the NuBot team should be B&C Exchange related development.



Of course I believe this NuShare dilution will increase the value of NuShares, as all dilutions should. However, the market will have to decide that and other factors such as the overall course of cryptoassets will weigh heavily on the NuShare price.



The second post in this thread addresses your last question. The following questions were asked here:It is my expectation that Nu client 2.0 development of our shareholder approved protocol changes will be completed prior to the conclusion of the auction.I'm confident the development of B&C Exchange will benefit Nu and NuShare holders more than any other additional development that has been discussed. Therefore, it is the proper priority for Nu development. The chance of B&C Exchange succeeding is tremendously enhanced by employing a proven team that is already working together successfully.NuBot will be critical to the success of B&C Exchange, as it will be the method for establishing liquidity on it. The parametric order book feature that is the most important NuBot road map item is extremely important for providing liquidity on B&C Exchange to pairs other than BTC/NBT, such as LTC/NBT, Dogecoin/NBT, NSR/NBT, etc. Also, NuBot will need to be modified to work with B&C Exchange.So, in summary, after the Nu 2.0 release, I believe the priorities of the core development team and the NuBot team should be B&C Exchange related development.Of course I believe this NuShare dilution will increase the value of NuShares, as all dilutions should. However, the market will have to decide that and other factors such as the overall course of cryptoassets will weigh heavily on the NuShare price.The second post in this thread addresses your last question. Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN