Trading support in preparation
A third party has shown interest to launch the hybrid tokens used in Internet of Coins on an exchange. Their technicians have started research into supporting the different chains that intercommunicate. We cannot give any guarantees on their timing, but donators who will want to start trading will have one more choice on where they can exchange, next to the decentralized exchanges. We will also unveil the logo for the interconnected hybrid token when the exchange has their implementations ready. In the meantime we are laying foundations for the weavechain implementation and starting cooperation with other programmers, for example in the UI/UX area to take the wallet further.
Next to token support, we are also preparing bare metal options for our supporters. Development of a hardware node is underway that will enable everyone to support the Internet of Coins infrastructure. We are very excited about this development, and will communicate further information once the nodes are production ready.
Preparations for exchange underway
This week we made progress in arranging for options to trade hybrid tokens via exchanges. We are in talks with a third party exchange which is adapting their exchange to the technologically new hybrid token concept; where value is held on multiple blockchains simultaneously. We will keep you updated as these plans unfold. Next to a centralised exchange, the tokens can be traded on decentralised platforms in the course of August. We are enabling trade with the tokens so that our Internet of Coins donators can already exchange value on existing platforms, as well as to further the development of the integrated app, to be realised in the course of 2018 (see our roadmap for details).
'How we roll'
We noticed some questions about the token release cycle in our email inbox. Some supporters asked how and when they would receive their tokens. For most people, the tokens will be released in the first quarter of 2018, when our integrated and user-friendly wallet has been developed. For the hardcore experts, who want to create seven addresses on seven chains by hand and know how to manage their tokens securely, it is important to follow the instructions on our early holders page very precisely. If you make a mistake, your tokens will be sent to the wrong address and you will LOSE them! Once your tokens have been released, there is NO WAY for us to get them back and we cannot give you a refund. If you really want to receive the tokens now before everyone else, please send your request with the required addresses to us before August 1st, 2017.
Please send your request from the same email account as the one you used to sign up for our crowdfund. Do not forget to mention the correct TXID(s) of your donation. If we get all seven addresses correctly, along with the TXID (transaction hash) of your donation, the token release will be done at the end of the following week.
Seven chains unchained
In the last week we fixed the small problem with the NXT chain and we are currently releasing tokens to all advanced expert users that supplied us with the correct information for their seven wallet addresses. Processing all the transfers can still take some time, but all transactions should be finished before the weekend.
The tokens for those who have chosen to wait for the integrated solution will be held safely in reserve until we have developed the technology to unite the tokens on the seven blockchains. Make sure you safely store vital information like your transaction hash, the time, date and amount of your transaction. If you are an expert and have sent us seven correct addresses (see also the NOTES on our early holders page), but have not received any tokens after two weeks, simply send us your seven addresses and the TXID of your donation again, from the same email address that you used to sign up for the fundraiser. Experts have until August 1st to deliver us all the information necessary to successfully become early holders. After that date, they will have to wait until our integrated solution is ready.
Our policy against scammers
We are are grateful for the generosity, trust and support of our crowdfunders. But sometimes we have noticed individuals attempting to commit fraud. When a fraudulous claim is detected by us, we will remove the scammer's records from our crowdfund database completely without notice, since we refuse to negotiate with thieves. Of course, it is possible for mistakes to be made and if you have sent in a lawful claim, but not heard anything from it within two weeks, please communicate fully and clearly, providing us with as many relevant details and screenshots as possible. Send your appeal to firstname.lastname@example.org along with all attachments and information regarding your donation and we will consider your case.
In our last newsletter, we spoke about the opportunity for crypto experts to become 'early holders'. Of all the applications, we had to ask more than two thirds to reapply, as they did not send the seven addresses necessary for successful distribution of tokens. We hope these pioneers will have patience as we work out the details in cooperation with them. We recommend everyone to wait for our wallet app, in order to provide an easy and secure solution for you. (See our milestones for a roadmap of our development.) Becoming an early holder is only an option if you manually want to set up seven blockchains and are able to manage the tokens in a secure way. You must be prepared to face the risks in this first distribution phase. We advise all early token holders to excercise caution in trading and recommend to wait with trading until system development is more defined. Remember to bring your own umbrella.
First token emissions successful
On Wednesday, we successfully distributed tokens on 6 out of 7 blockchains for several of our early holders. For the NXT chain, we encountered a minor problem in automating the transfers, but nothing that we do not expect to solve in a couple of days. We expect to release these tokens somewhere next week. Those who receive their tokens in this early phase are pioneers in the literal sense of the word. They are now responsible for the tokens that underpin the very first distributed cross-blockchain solution, the HYBRID. For now they must work without the 'umbrella' of an integrated application, such as Internet of Coins is developing, thanks to our crowdfund supporters. We are committed to developing the Internet of Coins 'personal financial operating system' so everyone will be able to handle their tokens in a user-friendly way.
Crowdfund finished: over 900,000 HYBRIDs registered
Last week, we were happy to see the fundraiser counter jump to over 900,000 HYBRIDs registered. Conservatively, we posted '700,000+' when the crowdfund ended, as we still had to verify a lot of transactions in the last days. Most of the donations have been sent in Ethereum and Bitcoin (statistics), but we saw the NEM, WAVES, NXT, Counterparty and Bitshares community participating as well. Some people donated anonymously without registering, as they simply wish to support the software project that we're building.
The release of the tokens
We were asked questions about when donators will receive their HYBRID tokens. There will be two distribution phases.
Phase 1: Starting next week, we will start distributing the tokens to all those who would like to trade them before our environment is live. Be aware that this is not for the faint-of-heart or the non-technical. Please keep in mind that this technology is experimental and under construction, like Bitcoin in its early days, and we have NO way of knowing how the decentralized markets will react to HYBRID tokens! It may take some time for liquidity to pick up, since HYBRID will be tradable on multiple decentralized exchanges. We could see erratic and/or disparate price movements on individual chains, until we fully interlink HYBRID tokens via the Internet of Coins in 2018 (see our roadmap). If you do not want to face these risks, or are not expert enough in cryptocurrency technology to set up multiple chains by yourself, we would advise you to wait until phase 2.
Knowing these risks, if you are technically skilled and wish to receive your tokens to trade at this time, please do the following (see early holders for some pointers).
Replace PUBLIC KEY with your public key for that particular cryptocurrency. Be aware that if you make a mistake here, your tokens will be sent to the wrong account and you will lose them!
We will send you your tokens on all chains (1/7th per chain). This mode of distribution ensures the equal balance of HYBRID tokens across all chains at the start of trading. Note that we cannot offer technical support at this time, due to the small size of our team.
Phase 2: On the other hand, if you are not a technical expert, you will want to wait until the first version of our wallet supporting hybrid assets goes live in 2018. From the Internet of Coins app that we are developing, handling HYBRID tokens will be much easier in a unified interface. If you choose to wait, we will make sure your tokens are safely delivered to you in a user-friendly way.