23 karma · joined December 22, 2014
Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys.
> What am I missing here. What is being accomplished by photoing bills?
Aside from fair distribution of the Quant, It is meant to create a sense of value. If your net worth is $1000 and your understand that sending this in will invalidate those banknotes, you might value the Quants you get differently. Going to your bank to exchange invalidated banknotes takes some effort as most people don't have their banks close by. You might take this effort into account when valuating the resulting Quant.
Basically, you'll need to give something of measurable value to receive a share of the root Quant.
Yes. You take a photo of your any supported banknote and you get the equivalent in quants. We will be working with exchanges to have them listed.
> If this is true, you pretty much built a system were I can duplicate money because all I had to do is take a picture and send it? I didn't physically give you the money, I took a picture and you gave me money, while I kept the original money.
A banknote submitted and processed will no longer be usable on Ellcrys. It is simply a model for fair distribution of the digital currency such that everyone can claim what they are worth (cash) in quants. After the "blood fire" event and the total supply is claimed, no new banknotes will be accepted or processed. The initial value is derived from this conversion process; a banknote processed is considered "burned".
Most digital currencies gain their value from the utility of the platform they are native to. The Quant will be used to pay for resources allocated to contracts and could serve as a payment method for services offered by contracts.
I hope I answered your questions well. Happy to explain further if you need me to.
Okay, I see your point. This kind of smart contract you describe definitely needs strong cryptography and a blockchain would not be needed. I guess the issue is still about what a smart contract truly is and how it should work. I personally prefer the term self-executing contract as the "smart" seems too sensitive. Regardless of the language or definitions, I am interested in a platform were multisig applications can be executed safely and efficiently.
umm, I will be looking into this. Thanks for the heads up.
I understand that there is a lot of debate about what a smart contract is, its legal scope and functions. However, we are not only building to host legal contracts but contract applications that are user-facing or API-based, owned and maintainer by teams or communities. These are the kind of contracts I believe will be most useful and practical today
Thanks for taking the time to check us out :)
Yes! and it works really well too :)
Yes, it is :D
If a platform can provide multi-signature environment, security and the ability to enforce and execute codes, it is a smart contract platform.
Thank you for checking us out :-)
> And I still can't think of a single use case
If you and a several persons are in need of a platform to build any kind of cloud-based application but also do not wish to cede control of share resources (source code, keys, passwords, revenue etc) to your partners, then this will be the platform you will pick. Any existing application like a community built Uber/Airbnb alternative and more can be built on this.
I will fix the spelling errors. Thank you.
The service is not actually being described in the context of quantum mechanics. The native currency borrows some ideas from this paper (https://arxiv.org/abs/1609.09047).
The primary offering is a platform to run scalable smart contracts or multi-signature applications with modern languages.
This is a serious thing. Please take a look at the whitepaper. Your feedback will be greatly appreciated.
> A reference to 'tokenized quantum signatures' (what the hell is that?)
We are basing our "cryptocurrency" on some of the ideas from the paper "Quantum Token Signature" (https://arxiv.org/abs/1609.09047) which is suitable for the kind of service we hope to offer. Tokenized quantum signatures allow for tokens to be used to sign messages just once. It requires an authority to keep track of the state of the token.
> New cryptocurrency without the crypto part and without the decentralized part
The idea is to build a platform for multi-signature applications without decentralization. If you take a look at the whitepaper, you may agree that the native currency is some kind of a cryptocurrency :-) .
> Basically its just contracts as a service with some token setup thrown in
Yes, its contract as a service platform and the token isn't just there for no reason. It is meant to fuel an economy of contract applications offering useful services.
> There are so many buzzwords in this, I can't make sense of it.
I am sorry about this. I am also not a fan of buzzwords. Please feel free to ask specific questions and thanks for taking the time to go through it.
You will need the private key to successfully alter the token.
Also, the tokens shouldn't contain private information since JWT tokens can easily be decoded.
I looked at BlockchainDB which solves my immutability requirement but I don't think it's production ready yet and if I host one myself, I can mutate the data by destroying my BlockchainDB machine.
Maybe this might sound a little crazy, I am trying to build a system where arbitrary number of persons maintain nodes (I don't even need to know these persons) that have my data. The software managing my data should only allow me append and read from it.
This kind of database makes it impossible for me to alter data once appended.