Ninjastic
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Board Announcements (Altcoins)
Re: [ANN] Expanse (EXP) - Fair Launch, No ICO, Community DAO, based on Ethereum
by
CryptoClub
on 06/03/2016, 23:14:07 UTC
Quote from: peterepeat on March 06, 2016, 10:50:24 PM
Quote from: CryptoClub on March 06, 2016, 10:40:54 PM
Quote from: peterepeat on March 06, 2016, 09:36:52 PM
Quote from: losmilos on March 06, 2016, 06:25:11 PM
Quote from: CryptoClub on March 06, 2016, 05:18:28 PM
Quote from: losmilos on March 06, 2016, 04:51:18 PM
Can someone answer my question about the 10 million premined coins? Who owns them, why are those idle, and what are the plans to do with them?

If those coins will be brought to market, it will have a big influence on the price compared to the 1 million coins which are available for trading at the moment.

They have not been touched, they are in cold storage. There will be a smart contract that will lock them up implemented soon. (The contract code is already made)

The way the smart contract works is that it makes them impossible to move for 90 days, and that is 90 days from when the contract is unlocked, and the unlocking is public. This will give us time to get the DAO coded, and make people feel more safe.

Homestead is coded and being updated at a certain block, and I believe after that the test contract goes in, we test that a couple days, and then the time lock contract for the 10 million goes in and then people can feel extra safe. Although the team is public and clearly we are in this for the long run, I think it is crucial that smart contracts are implemented to make people feel even more secure.



Thank you for your answer.

I have no problem with coins being premined for compensating the devs. But it should be communicated openly who owns how many coins. Now it raises doubts. In example it's public knowledge Vitalik owns +600K ETH. No problem, it's well deserved. But if he would have kept it a secret, it could have been a problem when someone found out about it. So it would be wise to communicate who owns those coins and what will happen to them and in which time frame.

It would also be smarter to lock them up in smaller parts. If a contract for 10 million coins is unlocked, the price will plumbed instantly. Those 90 days will have no effect on that. When the announcement is made that the contract for the release of 10 million EXP will be unlocked, all investors will drop the coin and the coin is dead. As long as this is not sorted out it is also a big reason for investors not to invest in EXP. I'm already regretting my investment, because I didn't know this upfront...

I agree.
Perhaps set up in 100x 100k EXP blocks locked in individual time locked contracts. This way, they can be unlocked in 100k tranches, used sparingly, and it wont cause the same level of panic.

The way the DAO works is that about 1% max could be used per month, so there would always be some of the community fund left even if people are voting to use it every month. After the time lock contact is over, it would be replaced with DAO contracts right away, at the same time. We have been working on this for 7 months, and we have around 30k followers combined on social media, we are not anonymous at all, and this is a very serious project. If people want to get in early this might still be the time, if they want to wait that is also an option. If does take time to develop, but I think we have shown that we are very capable of growing the project, and so far I think most people have been pretty happy with the results. Smiley

It may be helpful to those new to expanse if this were more obvious - is there some ELI5, in particular on the coin issuance from the 10M,  the structure of the 10M contract, and what will be happening to the 770k - is this covered by contract also?
Thanks again.

Also, regarding PoS can I go and grab 1250 EXP and stake it like I will be able to with

The 770k remaining is the team fund that we use sparingly, if you compare to some other projects they use far more than us and run out of funding quickly. We had no ICO and the only payment any devs get is from building up the value. We started at the bottom literally, and have been building it up. To be frank, we want to spend as little as possible so we can stake our coins in the future as we believe in the project, and ideally, I think we can potentially build to a marketcap in the millions. The announcement does detail that the 1 million for the team would be used over 1 year, and it has been around 7 months, so we are under budget if anything. We also never dump coins and we care greatly about building up the value.

The 10 million community fund will be totally controlled with smart contracts and only used as desired by the community at large. If you check the white paper we go into detail about the safeguards and limits. The short version is that the smart contracts will greatly limit the amount that can be released, and this means that even if the community votes poorly, it is possible to correct as there would be time to notice poor spending votes.

http://www.expanse.tech/docs/whitepaper-draft.pdf

As for Proof of Stake, that will come either after ETH goes POS and we will use the same implementation, we might go hybrid, and I know another coder with an option that might compete with Casper and that could be very revolutionary. We are still in talks and discussion about this. I am in favor of it as it could give us a huge competitive edge that might surprise many, but regardless, some form of proof of stake will happen in time.

A new website is coming by the way, and an announcement for the new team members joining. New videos. Much is in progress. I also think as we actually used less funding that we said we would that shows that we are very committed to the project long term. This is something we really love doing, and I am confident in time we will win over most people with any doubts.