The last alpha released focused on enabling the use of the Ethereum XHY token. Testing showed there were no bugs, so now we have gone full steam ahead to implement asset management. Next to that we have added support for the NXT blockchain. Wallet users can now add any Ethereum or NXT token. We have had help from the community to add all the needed recipes to support these tokens. Please take care not to store large amounts of value at this time.
User interface freshness
Our UX/UI designer has improved the design and usability of the wallet. The interface is now more responsive, and numbers are represented in a way that is more palatable to the eyes. Small screen support has also been improved.
Command line power
With this newsletter we also proudly announce the first release of our command line wallet for Internet of Coins. This wallet is most interesting for technical people who like to work with the command line on Linux. It sports all the same functionality as the web UI. If you like the console, go and check it out! You can find it here: https://github.com/internetofcoins/cli4ioc
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).
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.
The blockchain and cryptocurrency scene is hot right now. It looks like everyone wants a piece of it, and there are a plethora of new experiments and technologies popping up all over the scene. Some people have only just discovered Bitcoin, its possibilities and potential applications. Other people have gone further to explore technologies like Bitshares, CounterParty or Waves and have been playing with the various token systems and smart contracts that are available on these platforms.
There are initiatives to make blockchain technology easier to use. These take the form of online wallets and block explorers, while going deeper one finds entire contract compilation systems implemented into easy-to-use websites. Enthousiastic users of cryptocurrency are also trying out decentralized exchanges like EtherDelta, the NXT Asset Exchange, or playing around with Mosaics on the New Economy Movement platform.
However, in all the activity and clamour, users are still pining for an environment that brings all these initiatives together in an understandable and secure way. Internet of Coins (IoC) wants to create this place without a for-profit motive, guaranteeing objectivity, equality and freedom of development and use of all the novel peer-to-peer financial technologies. They also want it to be an environment that people with no technological experience can use, and feel comfortable with.
Internet of Coins is geared to being such an environment, and its development has been underway for some time now. The foundations for a decentralized financial web have been set down at its core, and its mission and objective is to make sure all the different platforms, ecosystems and technologies that are out there become accessible to anyone and everyone.
To boost development of its easy-to-use hybrid asset technology, and make it available sooner, Internet of Coins is organizing a crowdfund to ensure further integration of blockchain finance technologies. As a perk to invite people to start using the environment they are giving out hybrid tokens that run on multiple blockchains simultaneously, merging their innovations and technological power.
Hybrid is a unique token, as it functions as a diversification portfolio of multiple blockchain technologies, and spreads risk of failure of any one of these systems. At the same time it facilitates decentralized trade on all the underlying platforms and has a focus on creating liquidity. This kind of experiment has not been done before in the blockchain arena, and is sure to bring about new cross-blockchain ideas and experiments.
So where is this all going? They are sailing for a new horizon, where anyone can use blockchain technology, crypto tokens and deterministic transactions, without having to explicitly think about how to do it. Using advanced distributed ledger technology should be available for everyone, whether it's you, me, your parents or grandparents. It should be as easy as sending an e-mail. And seeing the developments at Internet of Coins, that's where it looks to be going.