Issue decentralized securities using Peershare

Though winter has arrived in Bitcoin land and Peercoin land, it is spring in Peershares land. I am ecstatic with the progress we are making, the prospects for Peershares and our implementation and extension of Peershares.

Though the USD value of the funding Peershares received has declined by about 40% over the last couple of months, we are not struggling with funding at all. Of the 200 BTC dedicated to our implementation of Peershares, 158.45542308 BTC remains unspent. The entire sixty thousand PPC balance remains unspent. There are several people who have expressed interest in providing additional funding in exchange for equity as well. We are well funded now with excellent prospects of finding additional funding when needed.

We have Peershares successfully distributing Peercoin dividends now and the features slated for initial release are rapidly approaching alpha quality. Soon we will be opening a Peershares test network to the public.

We are expanding the team. I am in negotiations with snakie (his peercointalk username), creator of peerchain.net, regarding terms for creating the website for our implementation of Peershares. While the mini-blockchain project is technically separate from Peershares because it is high risk and we don’t want the success and release of Peershares to be held hostage to it, Cryddit of bitcointalk.org is working hard on this and we are ready to pay another C++ developer to work with him on it. Please contact me if you are interested and spread the word about the opening. For those who don’t know, the mini-blockchain is basically a mechanism for pruning a blockchain so that it scales much better, supporting high transaction levels while requiring modest amounts of disk space. It will be open source and available to be used in other blockchain implementations.

The development of our extension of Peershares is about half code complete. When this is complete it will provide additional funding for the team.

Now is the time for businesses interested in raising funds and managing equity using Peershares to step up and seize the opportunity. Contact me if you are interested in creating your own Peershares blockchain and would like to try out our test network. The people on our team can guide you through the process of setting it all up. Peershares is no longer vaporware. I think a lot of people are still confused about what type of business could benefit from Peershares so I will briefly say that any business that wants to raise funding or manage shareholder equity in an inexpensive automated fashion could benefit. Your business need not be related to cryptocurrency. It could be a restaurant, a property management business or nearly any other type of business.

Regardless of what other businesses do, we are racing to create our extension of Peershares which will provide a real world demonstration of what Peershares has to offer. Additional details will be released in the coming weeks and months.

[quote=“Jordan Lee, post:118, topic:382”]Though winter has arrived in Bitcoin land and Peercoin land, it is spring in Peershares land. I am ecstatic with the progress we are making, the prospects for Peershares and our implementation and extension of Peershares.

Though the USD value of the funding Peershares received has declined by about 40% over the last couple of months, we are not struggling with funding at all. Of the 200 BTC dedicated to our implementation of Peershares, 158.45542308 BTC remains unspent. The entire sixty thousand PPC balance remains unspent. There are several people who have expressed interest in providing additional funding in exchange for equity as well. We are well funded now with excellent prospects of finding additional funding when needed.

We have Peershares successfully distributing Peercoin dividends now and the features slated for initial release are rapidly approaching alpha quality. Soon we will be opening a Peershares test network to the public.

We are expanding the team. I am in negotiations with snakie (his peercointalk username), creator of peerchain.net, regarding terms for creating the website for our implementation of Peershares. While the mini-blockchain project is technically separate from Peershares because it is high risk and we don’t want the success and release of Peershares to be held hostage to it, Cryddit of bitcointalk.org is working hard on this and we are ready to pay another C++ developer to work with him on it. Please contact me if you are interested and spread the word about the opening. For those who don’t know, the mini-blockchain is basically a mechanism for pruning a blockchain so that it scales much better, supporting high transaction levels while requiring modest amounts of disk space. It will be open source and available to be used in other blockchain implementations.

The development of our extension of Peershares is about half code complete. When this is complete it will provide additional funding for the team.

Now is the time for businesses interested in raising funds and managing equity using Peershares to step up and seize the opportunity. Contact me if you are interested in creating your own Peershares blockchain and would like to try out our test network. The people on our team can guide you through the process of setting it all up. Peershares is no longer vaporware. I think a lot of people are still confused about what type of business could benefit from Peershares so I will briefly say that any business that wants to raise funding or manage shareholder equity in an inexpensive automated fashion could benefit. Your business need not be related to cryptocurrency. It could be a restaurant, a property management business or nearly any other type of business.

Regardless of what other businesses do, we are racing to create our extension of Peershares which will provide a real world demonstration of what Peershares has to offer. Additional details will be released in the coming weeks and months.[/quote]

This post contains a lot of important information. I think you should create a new thread so it will gain more attention.

I am the owner of the domain Peershares.org. Would the developers of peershares be interested in purchasing it?

Congratulations Jordan, you led PS near to the middle of realization in such short time you , that’s amazing.
What makes Peershares special, from known solutions, for the companies is their independence from cryptos:

[ul][li]no need to worry abt the ‘history’, nor future contamination, of coins used in shares issuance[/li]
[li]no PR damages due to criminal usage of cryptos, child-porn charges against foundation members/developers, etc[/li]
[li]full control[/li][/ul]

I had to write it down because I just realized this. It would be great to be part of your team but I’m not quite sure if I qualify, anyway I wish you all a rapid filling milestones, heaps of fun and satisfaction.

We are presently looking for at least one and perhaps two additional C++ developers to join the Peershares team. Please contact me at the Bitmessage in my signature or PM me if interested. If you can help recruit by spreading word of the need, please do so. As a referral bonus you will receive 10% of what the referred developer makes through September.

I wouldn’t worry Ken. Sounds like he’s just squatting on the website, people like that can relatively, easily, and if necessary legally have the name removed from them. Peershares has been mentioned and promoted before he took domain name ownership. He has nearly no base in which he can retain it if push came to shove. 8)

I practical question in light of the human condition. How is this system protected from the “Karpeles factor”.

For instance - from the example given:

Hypothetical use case: Example of IPO

CryptoSafe is a brand-new start up that intends to develop a hardware wallet for crypto-currencies. They decide to use Peershare to raise funds through an IPO and later distribute dividends to shareholders.

CryptoSafe acquires the open source Peershare code and create a new genesis block. The genesis block contains 100,000 shares of CryptoSafe. They secure the network by minting Proof of Stake blocks which will add approximately 1% to the total number of shares each year. They secure an agreement with Crypto-Trade and Cryptsy to facilitate exchange of CryptoSafe shares. They keep 60,000 shares as an owner’s stake and continue to secure the network with it. They transfer 20,000 shares to their Cryptsy account and 20,000 shares to their Crypto-Trade account. An IPO is put into motion by placing sell orders for these 40,000 shares at the IPO price, which is 20 Peercoins per share. Individuals may become shareholders by buying CryptoSafe shares at one of these exchanges and then withdrawing the shares from the exchange using their Peershare wallet. When all 40,000 shares are purchased, CryptoSafe will have 800,000 PPC to fund development of their hardware wallet.

(So the initiator sells the 800k PPC for BTC, anonymises them - does multiple circular and circuitous alt coin transactions across multiple exchanges - cashes out BTC on multiple exchanges - and anonymises himself in the Southern Philippines or even worse New Zealand - whats to stop this? Standard legal agreements/contracts linked to the Peershares agreement in the jurisdiction of the company Cryptosafe?)

Six months later CryptoSafe delivers their first product and receives their first revenue, which is the equivalent of 20,000 PPC. Fulfilling their promise to shareholders, the CFO opens the Dividend Distribution form from the Peershare client menu, then enters 20,000 PPC as the amount to distribute and selects CryptoSafe as the Peershare to distribute to. After confirmation, the client initiates Peercoin transactions to deliver a little less than 0.20 PPC for each of the approximately 100,500 CryptoSafe shares by examining the CryptoSafe blockchain. If a CryptoSafe address held 100 shares, then approximately 20 PPC would be sent to the Peercoin public address embedded as a property of that CryptoSafe address. The exact amount sent per share would be: (20,000 PPC - transaction fees) / total number of CryptoSafe shares.

(Whats to enforce “fulfilling their promise”. How do the Peershare holders know how much Cryposafe made - and what their entitlements are - and what happens if Cryposafe just decides to only distribute 2,000 PPC or nothing?)

So my question really is a nuts and bolts practical question. The initiative is great and I fully support as a PPC holder. Its just the link of all this back to the “real” world" and human weakness that concerns me. Maybe its an already taken that this is all bound by standard legal agreements - but I cant see that anywhere.

Thanks all for your great endeavours here.

Cheers - Usukan

[quote=“Usukan, post:124, topic:382”](Whats to enforce “fulfilling their promise”. How do the Peershare holders know how much Cryposafe made - and what their entitlements are - and what happens if Cryposafe just decides to only distribute 2,000 PPC or nothing?)

So my question really is a nuts and bolts practical question. The initiative is great and I fully support as a PPC holder. Its just the link of all this back to the “real” world" and human weakness that concerns me. Maybe its an already taken that this is all bound by standard legal agreements - but I cant see that anywhere.[/quote]

The important shareholder vulnerabilities you articulated are a concern with every company issuing stock presently. Yet, traditional stock exchanges are full of companies that have long histories of remaining faithful to their shareholders. There are also business scams routinely perpetuated today. The open source Peershares solution won’t change either of these realities.

Peershares is an inexpensive and automated method to:

1. distribute and transfer shares worldwide instantly
2. distribute dividends worldwide instantly
3. in later versions it will permit shareholder voting

Even though the open source Peershares template doesn’t address your concerns, Peershares can be extended to mitigate shareholder vulnerabilities to persons in positions of trust. What is possible depends on the business model of the specific Peershares implementation.

I will disclose that in the Peershares implementation my team is bringing to completion there will be no CEO and no physical offices or stores. Shareholders will remain firmly in control of the organization’s most valuable assets regardless of what entities in positions of trust do.

In short, the open source Peershares template does not protect shareholders from company malfeasance, but some business models accommodate extensions to Peershares that can mitigate this shareholder vulnerability.

Jordan - thanks for your reply.

My questions come from my thinking on how I might really use this in my business. These I expect will be some of the first questions asked by potential investors.

My business is aquaculture (fish farming) development in Australasia and micro-finance of smaller business in the seafood industry in Asia. I will keep a close eye on Peershares as I think it has real potential in these areas.

Your efforts are greatly appreciated and I look forward to pioneering some new initiatives through the adoption of the Peershares system

Cheers - Usukan

I wanted to make sure people are aware that we are still actively searching for an additional C++ developer to join the Peershares team. If we hire someone who heard about the opportunity through a post of communication of yours you will receive 10% of what they make between now until October 1.

We have all the features of the initial release of Peershares (Phase Three in road map) passing basic testing at this point and are making a Linux build of the client available to those considering using their own Peershares blockchain. PM me here or send me a Bitmessage at the address in my signature to learn more about how Peershares may fit into your business plans and get access to the Linux client and some test shares you can use on our testnet.

Windows and OS X clients will be coming soon.

Here are more details on both positions we have open right now:

Senior C++ Developer

We are presently looking for an experienced C++ developer with a passion for cryptoassets to join the Peershares team. You will be developing the first extension of the Peershares template. This is a telecommute position which can be part time or full time and pays from $60 to $90 an hour depending on experience. Please contact Jordan Lee by BitMessage at BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN (preferred contact method), PM him directly on peercointalk.org or by email at jlee at vistomail dot com.

QA Engineer

We are presently looking for an experienced QA Engineer with a passion for cryptoassets to join the Peershares team. You will be testing the first extension of the Peershares template. This is a telecommute position which can be part time or full time and pays from $30 to $50 an hour depending on experience. Please contact Ben by BitMessage at BM-2cT3cMyCKiTBMLxX7bZA84p5tTUaR5k6XQ (preferred contact method) or PM him directly on peercointalk.org (username Ben).

If you can help recruit by spreading word of these opportunities, please do so. As a referral bonus you will receive 10% of what the referred contractor makes through September 2014.

[quote=“Jordan Lee, post:128, topic:382”]Here are more details on both positions we have open right now:

Senior C++ Developer

We are presently looking for an experienced C++ developer with a passion for cryptoassets to join the Peershares team. You will be developing the first extension of the Peershares template. This is a telecommute position which can be part time or full time and pays from $60 to $90 an hour depending on experience. Please contact Jordan Lee by BitMessage at BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN (preferred contact method), PM him directly on peercointalk.org or by email at jlee at vistomail dot com.

QA Engineer

We are presently looking for an experienced QA Engineer with a passion for cryptoassets to join the Peershares team. You will be testing the first extension of the Peershares template. This is a telecommute position which can be part time or full time and pays from $30 to $50 an hour depending on experience. Please contact Ben by BitMessage at BM-2cT3cMyCKiTBMLxX7bZA84p5tTUaR5k6XQ (preferred contact method) or PM him directly on peercointalk.org (username Ben).

If you can help recruit by spreading word of these opportunities, please do so. As a referral bonus you will receive 10% of what the referred contractor makes through September 2014.[/quote]

I shared this on BitcoinTalk. It doesn’t seem we’re reaching the right people through our social media channels. Maybe there are more developers interested on there.

https://bitcointalk.org/index.php?topic=576341.0

The Peershares web site is now live:

http://peershares.net/

This is the place to get the latest Linux and Windows builds. Soon we will post an OS X build as well. We also have general information about Peershares, the team, and our job openings there.

Wow, looks great - look forward to reading it!

[quote=“Jordan Lee, post:130, topic:382”]The Peershares web site is now live:

This is the place to get the latest Linux and Windows builds. Soon we will post an OS X build as well. We also have general information about Peershares, the team, and our job openings there.[/quote]
Congrats on getting the web site up, looks nice and hopefully it will get fleshed out more as you guys progress with development!

I spotted a minor typing error in the “Investing” section:

This venture will ultimately develop an extension of Peershareswhich will serve important unmet needs in the cryptoeconomy.

“Peershareswhich” → “Peershares which”

Thank you, svk. I’ve fixed that typo.

I’m pleased to be able to announce that we have filled our QA Engineer position with SirCoinGame. He will be working closely with community testers to refine the Peershares template and Peerunity going forward.

I would like to take a moment to recognize and thank all the community testers functioning as part of the team as well:

JohnnyCryptoCoin
mhps
masterOfDisaster
irritant
RobertLloyd
Sebsebzen
khitan
rise
kenny
drduck
happyk
jacksonhuangaimeliz
andricor
warmach

Special thanks go out to irritant, mhps, JohnnyCryptoCoin, and masterOfDisaster for their being particularly active in their roles as testers. mhps has received 74 PPC for his contribution. irritant, JohnnyCryptoCoin and masterOfDisaster are also eligible for a tip if you make a pull request documenting what you did like this like mhps did here: https://github.com/Peerunity/Peerunity/commit/f1bfa679323b46672eec7928187f6f94b473bb45

I have had a read of peershares.net and would like to make a few suggestions. First of all, well done on using the word “menu” rather than the three line symbol that is proliferating around the web.

Second, on my screen, the words/sentences of the text go to the very edge of the window. If there could be a quarter-inch gap, that would be good.

With regards to the text in the “What are Peershares?” section:

First para (commencing “Peershares are an inexpensive”) - no comment, all okay

Second para (commencing “Using Peershares”)
Change “could raise funding” to “can raise funding”.
If my interpretation of the next sentence is correct, I suggest wording it along the following lines:
“Just as trading conventional shares through stock exchanges is useful to provide liquidity, so too can Peershares be traded on crypto-exchanges, just as Peercoins already are”.

Third para (commencing “Each business”) - first sentence all okay
Second sentence: suggest swapping it around, so it reads:
“Initial (issuer-controlled) shares are generated using proof-of-work, and the blockchain is subsequently secured cheaply and easily using Peercoin’s proof-of-stake”

Fourth para (commencing “Issuers can distribute”) -
Reduce “if they would prefer” to “if they prefer”
Remove “can then take those dividends and”
Swap “fiat” and “another cryptocurrency” in the rest of the sentence, so it reads: “convert them to fiat or another cryptocurrency through their preferred exchange”.

Fifth para (commencing “A share issuer”) - you need to add “because” to the end of the sentence, and extend the sentence to explain why a share issue is not vulnerable (otherwise, the point is unsubstantiated).

Sixth para (commencing “Most importantly”) - expand to “Peershares are accessible by anyone with access to the internet”.

Seventh para (commencing “Beginning to use”) - After this sentence, you need to say whether there is a fee!

I have some comments on the Investing page, but will get to this in a day or two

Hope the above suggestions are useful

Robert, thank you for the thoughtful suggestions. We will take a look and get them incorporated in the next day or two.

I would like to announce an opening for a part time position as a Senior Developer for our Peershares implementation.

Skills needed:

Twitter Bootstrap
ASP.NET MVC 5
MySQL
C#
Experience with Responsive and Adaptive Web Design strategies
Experience integrating with cryptoassets such as Bitcoin and Peercoin

You will be creating a brand new website that will display real time and historical statistics for our Peershares implementation. To do this you will need to extract information from our blockchain and package it in denormalized and aggregate forms in MySQL to quickly provide website content.

This is a telecommute position that will pay $60 to $90 per hour depending on experience.

If interested please contact me at the Bitmessage address in my signature or PM me on peercointalk or send me an email at jlee at vistomail dot com. Bitmessages are preferred.

[Edit: We are offering a referral bonus equal to 10% of the contractor’s compensation through November 2014, so please spread the word about this opportunity.]