Sunday, 14 October 2012

Update


I've put this bounty up

As long as the shareholders don't massively disagree I'm going to offer out a 0.5% ownership of the former GLBSE mining stock/asset RSM - (https://bitcointalk.org/index.php?topic=63257.0) - That works out currently as ownership of 0.9(GH/s) of BFL-SC-Singles although we will be saving 50% of profits towards buying more ASIC's to increase the (MH/s) per share ratio.  For you to implement this idea and maintain it.  You wont receive the coloured coins relating to that 0.5% that will be held in a separate account managed by me but you will receive all profits made from 0.5% ownership as long as you maintain the code.  I've also offered this bounty to this coloured coins project too - (https://bitcointalk.org/index.php?topic=117630.0) - so the first/best implementation will win the bounty.  We don't need to use the coloured coins for about another month yet when we receive our first BFL-SC-Single.

https://bitcointalk.org/index.php?topic=106373.0

So we have a way to manage our shares and pay dividends.  You will also be able to issue your own assets on Open-Transaction servers valued against your coloured coins(shares).  I hope everyone is with me on this as its very important for us to be able to operate and move forward.

The following quote explains coloured coins a bit

As I'm looking at issuing coloured coins based on the ownership of over $4,000 of ASIC's how do I prove ownership of the issued coloured coins permanently taking into account of hardware failures. 

The most important concept to remember is that colored coins are like rules of the road:  they only work because everybody agrees on what side of the road to drive.  There is no law of physics preventing cars from driving in the opposing lane of traffic.  There is no software rule preventing you from using your colored coins to buy Alpaca socks at a web shop.

The basic process works like this:

1. Publicly declare a list of coins in the existing blockchain as colored.
2. Transfer the colored coins to their new owners.  These new owners may freely transfer them to other owners.
3. If the colored coin transfer follows the Colored Coin Rules(tm), software may search the blockchain, and precisely identify the list of colored coin holders.
4. If the colored coin transfer does not follow the Colored Coin Rules(tm), then that person is essentially "burning the money", by making it impossible to track the colored coin beyond a certain point.

It is up to each colored coin owner to keep track of their own public keys.  All other information is stored in the public blockchain.


I think a better version of rule 4 should be: If the colored coin transfer does not follow the Colored Coin Rules(tm), the last owner retains the extra value of the colored coin. (i.e. the last owner will still receive dividend etc.) However, that person may no longer transfer the extra value to other owners. The issuer may re-issue a new colored coin to the last owner to replace the burnt one, with or without service fee charged.

This will prevent most "money burning accident".

Also check this link for more info on coloured coins - https://bitcointalk.org/index.php?topic=106373.0

As well as supporting the coloured coins project(s) we may also want to support this Open-Transactions bounty.  So shareholders can issue their own assets valued against their coloured coins (shares).  That will enable shareholders to trade there shares on a type of stock market.  Open-Transactions may also enable people to issue assets on the OT servers to fund raise for new equipment for us like Mini-Rigs.  Although first it needs to be easy to use to attract new users for the capital to be there.  

https://bitcointalk.org/index.php?topic=105506.0

I'm not even going to pretend to understand all the features & possibilities that Open Transactions offers.

I read a bit about it and felt like I should take the short bus from now on. Baskets here, nyms there, Chaumian something or other... it frankly left my head swimming and I put it on my list of things to look into when I had more free time (and possibly a brain upgrade) to try and wrap my head around it.

But that doesn't stop me from realizing that OT is very powerful and can become extremely useful in the future.

So to claim this bounty we need you to provide an easy to use, open source, cross-platform client. Something my grandma (who thinks firefox is "the google", and "internets" her emails to me) would be able to use.

FellowTraveler has stated that the API is high-level & easy to use, so anyone making a client really only needs to worry about the display layer. He recommends using C++ or Java since those are the best tested.

I simply haven't dug into OT enough to adequately make such judgements, so I will defer to FellowTraveler in this regard. If he says you have created such a client I will make good on my portion of the bounty.


Devs and testers are available in #opentransactions on FreeNode

You can read more about OT here: https://github.com/FellowTraveler/Open-Transactions/wiki


BOUNTIES
-------------
Obsi-
100 BTC
FellowTraveler-
80 BTC
da2ce7-
some BTC
Donations-
5.2505 BTC

Donations to further fund this bounty may be sent to 1JbgqTVjfrapGQCCup3eZBD69zshoSouKU

As for us supporting this OT bounty and OT in general will be left to a vote after I have each shareholders weighting.  Due to the fact using OT for fundraising is far in the future and not as vital to just basically operate that using coloured coins offers.  Also a coloured coins exchange may pop   Coloured coins are vital for us to be able to prove ownership of shares, paying dividends and for shareholders to be able to trade there holdings as well as enabling us to hold secure motions.  The vote will be held once I have each shareholders holdings so I can weigh the voting out.

The dividends from any shares that may go unclaimed will go towards our coloured coins bounty and possibly to the Open-Transaction bounty if more than 0.5% of shares were to go unclaimed.