A great start of the year
In the past weeks, our team has been busy cleaning code, extending the API and scheduler, crushing bugs and revising the security features in our node to node protocol. We are very happy to welcome several talented new programmers to our team. Also joining us are marketing experts, to help us improve our online and offline presence.
Availability of the HYBRID tokens
The most frequent questions we receive these days are about where our crowdfund participants can see their tokens, or when they will receive and be able to use them.
In line with our milestones roadmap published on our website, the Internet of Coins beta wallet will be released in Q1 (end of March 2018). After release, the HYBRID tokens will be distributed on this wallet.
Then why are some XHY tokens already traded on exchanges? Right after the crowdfund in 2017 there was a limited window of time (until August 1st 2017) in which highly experienced crypto experts could send in a request to claim their tokens if they wanted to maintain them in 7 manually created wallets. Because of these experts, you can see some tokens are already being traded, for instance on EtherDelta.
The final release of the tokens for all our supporters (not just the crypto experts) will take place after Q1, in a safe way, when our IoC beta wallet has been released. By that time all participants will be contacted via the e-mail address that was used to participate in the crowdfund. Make sure you still have control of this email address! From that moment on all participants will be able to receive their tokens.
Mining HYBRID tokens
Another question we often get is whether it is possible to mine Internet of Coins tokens. The short answer is no. We don't have that option since we did not choose for a 'mining' release model. You can however participate actively in the network and serve as an allocation node, which will earn you fees for swapping cryptocurrencies for others. See our roadmap for an indication of when these features will become available.
Thank you for reading our newsletter, and for your interest in our project. A special thanks to all who 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. This newsletter will be sent out once every two weeks to keep our supporters updated about our developments.
How can we help you?
If you want to ask the team any questions, regarding the project or in general, please use one of these ways to do so:
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 thread, check out our project website or watch one of the presentations we have held at various conferences.
Ways to support
Thank you for taking the time to read our updates!
We'll be in touch again with our next newsletter around two weeks from now.
Amadeus, Antonio, Emil, George, Jelle, Joachim, Kirsten, Luca, Marco, Maria, Marjon, Pim, Robert, Rouke, Sander, Sergey and Steffen
'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 email@example.com along with all attachments and information regarding your donation and we will consider your case.
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.
Over the weekend our signup form was subjected to a hacking spree and received free penetration testing. Around nine hundred attempts were made to compromise the signup form, by injecting scripting commands and URL-crafting. However, ultimately it did not appear to have impacted our systems at all, thanks to best practices in handling user input. As always with the Internet of Coins project, we strive for a robust infrastructure that precludes the possibility to take advantage of it in mischievous ways.
Developments under way
Since passing the minimum viable goal for our project last week, code development has been starting up. Momentarily several of our developers are busy documenting standards and sorting out the various connectivity options for network transports, as well as making sense of the convoluted bitcoin and altcoin protocols, in order to implement deterministic transactions. As you may know, threats continue to arise for the fragile cryptocurrency sector. In all our developments, we strive to create future-proof architecture that will safeguard and respect the fundamental liberties of our supporters.
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. Since Internet of Coins represents a completely novel kind of cryptocurrency development, although we will build on earlier achievements, 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. This means your PIN, the TXID of your donation, screenshots of transactions and confirmation, or the confirmation email. When enough of the network infrastructure is ready, each donor will then be given an account on the newly developed system, that will hold 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, starting with 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.