Internet of Coins Update #14 - Grandma and the Internet of Coins

31 May 2017 / admin
Dear cryptocurrency enthusiast,

We thank you for your interest in our project, and all who already participated in our crowdfund. You are receiving this e-mail because you have either signed up for the Internet of Coins e-mail updates, participated in the crowdfund or have previously been in touch with one of our team members.

Grandmothers set the standard

Many initiatives in the cryptocurrency world are strongly focused on the latest and greatest features, and making sure to be ahead of other projects in leaps and bounds. This leaves out a huge amount of potential users who are very interested, but do not know how to use cryptocurrency, or even exactly what it is, and thus need a set of tools that give them a simple and comprehensive experience.

That is why our first focus is making sure our wallet is built to accomodate those who have less tech experience. Basic functionality has priority, in order to leave no one behind. This starts with careful design of how to log in, seeing an overview of and access to funds. Following that is simplifying the sending and receiving of transactions. We will be testing how people respond to the user experience of the wallet, and how we can make it easier to use.

Choosing our libraries

In the field of developments, we worked last week on formalising the different libraries that will form the underpinning for the Internet of Coins network infrastructure. Not a simple task, since there are many different factors to take into account, such as security, quality and readability of the code, whether it is being actively maintained or abandoned, as well as the licenses under which it is available. Much code relies on extensive third party frameworks or libraries that are subject to change and can be difficult to maintain or simply too large and bulky for a lightweight approach. We try to keep technical dependencies as small as possible.

Human readable hashstrings

One of the things we integrated this week are functions to convert hexadecimal strings (12a0d99ff) to a more friendly form. We chose for the RFC4648 standard, to convert hexadecimal strings to Base32 notation in a bit-safe manner (so that no bits are shifted to a different position). Since we could not find a library without extensive dependencies or that could convert with the simple and direct approach required for our project, we implemented these functions ourselves. In Base32 notation, the numbers 0, 1, 8 and 9, that can be confused with letters like O, I, B and P, are left out. Keep in mind that many people do not primarily use the latin alphabet. The shorter strings, like PBD 7XW ZF2 are easier to communicate, remember and write down, so that non-technical people can also use IoC technology without hurdles.

The release of the tokens

There have been questions regarding where the HYBRID tokens are 'visible' and how donators can know where their tokens are stored. We build on earlier achievements, and hence the infrastructure to carry our tokens will be developed using the (crypto)currency that our supporters donate. At the present moment, this means your registration information is your ticket for our Fundraiser. Make sure to keep a copy of your PIN, the TXID of your donation, screenshots of transactions and confirmation, or the confirmation email. When the network infrastructure is functional, each donor will be able to create their own account on the newly developed system. This account will receive the amount of HYBRID tokens reserved according to the USD value of the donation at the time of participating. In the course of development, the network will be connected to different coins and token systems, as well as those included in the fundraiser.

Transparency of our fundraiser

You can check any of the blockchains listed on our terms page, to verify that the donated cryptocurrency will only be spent on project development, starting after the fundraiser period. We are proud to be part of an alliance with the Commons Conservancy under the reputable NLnet foundation, an official charity under Dutch rule of law, which guarantees that we cannot use these funds except for the purpose of developing the Internet of Coins.

HYBRID pricing schedule

The next price per unit increase for HYBRID is scheduled to happen on the 19th of May. Until that time the PPU value will be 1.45 USD, and after that it will increase to 1.65 USD when issued. Check our terms page for the authoritative schedule.

How to participate?

If you want to ask the team any questions, regarding the project, in general or about our fundraiser, please use one of these ways to do so:

Twitter: ask your question and mention @InternetOfCoins
Log on to the chatpage on our website: https://internetofcoins.org/chat
Via email: info@internetofcoins.org

Or check out our Crowdfund Tutorial if you want to know how to participate with cryptocurrencies.

If you haven't received a mailing from us earlier and are new to the project, you can read up on previously published articles on our blog, join the Bitcointalk forum threads or our project website, especially the terms page for our roadmap and legal information. Or watch one of the presentations we have held at various conferences.

Ways to support

Like the project? You can help us out by giving it a Star with your Twitter account on Cyber Fund. You can also follow and retweet us at @internetofcoins to spread the word further. Want to be added to our Slack channel? Just reply to this mail with your request and we'll send you an invite. Once added, you can invite others as well.

Thank you for taking the time to read our updates, we'll be in touch again soon with our next newsletter!

Yours sincerely, Amadeus, George, Jelle, Joachim, Maria, Marjon, Matthias, Pim, Robert, Sergey and Steffen



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