Issue decentralized securities using Peershare

A whitepaper was attached with the original post.

Over the last few weeks I have been working with an entrepreneur/investor to formulate a business model that revolves around an extension of Peershare. This will have the effect of monetizing the development of Peershare, as it is a necessary foundation for other development we need to do for the business venture. More details will be coming soon.

Jordan, some words of encouragement regarding Peershare:

You’re going to hear a lot of competing technologies, but that always happens when you’re 1/2 way in development. Glean good ideas from competing technologies and incorporate them.

But if something sounds more advanced than what you are building, it doesn’t matter. Some of those may fall flat on their face within a few months of their launch for one reason or another.

I think what you’re doing is exciting, keep us posted.

I, for one, am still very interested in Peershare! Keep fighting the good fight, and let the Community know when we can help you in any way.

I’ve been following protoshares/ bitshares quite a bit as well and they seem to have a pretty huge community of contributors, even if only a few are actually developing bitshares. I wonder if there is anything we can do to increase the support for Jordan - or if he even needs/wants it.

I’m not certain that what is happening with protoshares/bitshares is anything more than noise… but something to think about.

[quote=“hammyburger, post:52, topic:382”]I’ve been following protoshares/ bitshares quite a bit as well and they seem to have a pretty huge community of contributors, even if only a few are actually developing bitshares. I wonder if there is anything we can do to increase the support for Jordan - or if he even needs/wants it.

I’m not certain that what is happening with protoshares/bitshares is anything more than noise… but something to think about.[/quote]

I would like to invest my PPC to the Peershare project.

If there is a IPO or any other similar things going to happen, I could help to promote it in the Chinese digital-coin-community.

I appreciate the support expressed in recent comments for the Peershare project.

As I mentioned in my last post, I have been working hard to create detailed plans for an ambitious implementation and extension of Peershare in cooperation with an investor/entrepreneur. We have agreed to move forward to make our design a reality in the way I will describe below.

Peershare development funded with 200 BTC and 60.000 PPC

This venture will ultimately develop an extension of Peershare which will serve important unmet needs in the cryptoeconomy. The design of the system is complete similar to how the Peershare design is complete, although we are withholding details at this time in order to maintain our competitive advantage. What I would like to say about it is that because the core of the project is an extension and implementation of Peershare, our first step will be to fund the open source development of Peershare. Specifically, 200 Bitcoins and 60.000 Peercoins have been put up for the development of Peershare and our extension of it, which we hope to spend over the next 6 to 8 months or so. If the venture is successful, the investor is likely to invest a larger sum of money to scale the number of people working on the project further. Once the core software is running in the wild, we will sell shares (Peershares) of the venture to the public to provide even more funding at intervals.

While we are developing an extension of Peershare that will be competitive in nature, Peershare as a template for decentralized equities will remain a cooperative and open source effort. We hope that other ventures will choose to use Peershare for managing their equity. This project will cultivate consultants with the skills to assist other ventures with their specific implementation of Peershare. Our implementation will make Peershare a mature and stable platform that other ventures can have confidence depending upon.

Hiring C++ developers and QA experts

This means we are now anxious to find C++ developers and QA experts with a passion for blockchains to help us. Terms of compensation are negotiable and will be dependent upon the reputation that an individual has. We are open to either hourly rates (for people/personas/pseudonyms with developed reputations) or a bounty approach where payment is given for delivering software that meets certain specifications. Later other types of positions/roles will be opened. There will never be an office for this venture, so people in any part of the world can participate. Compensation will be paid through the Bitcoin network, while rates and bounties will be set in USD.

QA will begin with the task of testing Phase One development, which is complete. Developers will start with implementing Phases Two and Three. There are descriptions of these posted earlier in this thread, but updated and expanded specifications for these phases will be posted shortly to this thread. To acquire this dream job, start by sending me a Bitmessage at the address in my signature telling me why you are interested and qualified to participate.

Referrals

For those that want to move Peershare forward but don’t have C++ or QA skills, please point people who do have the skills to this opportunity. If you refer someone we pay bounties or consulting fees to we will pay you 10% of their total compensation in the first half of 2014.

Public investment

Finally, for those interested in investment: We are flattered by your confidence in us. Shares will be made available to the public when the software is mostly complete and running in the wild. Our reputation is very important to us and we opted not to take investment from the public (which in some cases is poorly informed) during the period of highest risk for this venture. We don’t want to take people’s money based on lofty promises about future accomplishments that would make us vulnerable to charges of being a scam. Additionally, because we are not yet saying much about what the extension of Peershare will do in order to maintain competitive advantage, we can’t market this right now.

Updated Phase Two specifications:

• Require that each Peershare transaction in the blockchain have a Peercoin public address attached to it. Use Bitcoin pull request #2738 (which allows 80 bytes of arbitrary data to be attached to a transaction) as the means of including the Peercoin address.
• Peercoin must be running in daemon mode in order to create a new Peershare address.
• When Peershare creates a new address, a new Peercoin address is also created. The address is added to the Peercoin wallet using the importprivkey and the public Peercoin address is added to the Peershare wallet.

Updated Phase Three specifications:

Qt (User Interface elements)

  1. Create a new parent level menu item “Peershare” with a submenu item “Distribute Dividends”.
  2. Create a pop up form which can be accessed by selecting Distribute Dividends from the Peershare menu. This form contains a text field labeled “Total number of Peercoins to distribute to shareholders”. It also has a button that says “Calculate Distribution Transactions”. When this button is clicked a progress bar will first be displayed followed by a table containing a row for every Peershare address with a balance. The displayed table will have the following columns: Peershare Address, Peershare Balance, Peercoin Address, Dividend Amount and Transaction Fee. Sort the table by Peershare Balance descending.
  3. Below this table will be a button reading “Pay Dividends From My PPC Wallet”
  4. When the Pay Dividends button is pressed the user is prompted for their Peercoin wallet password if there is one followed by an informational warning: “You are about to send X Peercoins from your wallet as dividends in the manner detailed in the Distribution table.” This form will have “Push Transactions” and “Cancel” buttons.

Daemon (Back end functionality)
To support the Calculate Distribution Transactions button the following will need to be done:

  1. Create a class called Distribution which contains Peershare Address, Peershare Balance, Peercoin Address, Dividend Amount, Transaction Fee and the raw content of a Peercoin Transaction that is to be pushed to the network (the length of this will be used to calculate the transaction fee). A collection of Distributions will be created to include every Peershare address with a balance. Three pieces of information will be gathered from such addresses: the public Peershare address, the Peershare balance and the associated Peercoin address. Next the minimum Transaction Fee allowed by the protocol should be calculated. It should be done in such a way so that if the transaction fee is changed in the future Peershare is unlikely to need revision to accomodate that. Finally, the Dividend amount is to be calculated according to this formula: (((Number of Peershares in this address) / (Total number of Peershares)) * (Total Dividend Distribution)) - Transaction Fee. If the calculated dividend is negative (in the case that the transaction fee is greater than this address’s share of the dividend distribution) eliminate that Peershare addess from the distribution list and distribute the tiny dividend owed to the eliminated address to all other addresses proportionately. This ensures that the exact total amount of Peercoins the user selects to distribute will in fact leave his wallet as distributions or transaction fees.
  2. When the Push Transactions button is clicked, the raw transaction stored in each Distribution instance is pushed to the Peercoin network.

Wow, this is great news! 200 bitcoins is a lot of money. I’m glad an investor saw the value in this project. Is that 60 ppc or 60,000? You used a period, so I’m not sure. Also, if we were to spread word about this on our social media accounts, what exactly would you want us to get across to people?

This is a huge bounty / donation to this project :slight_smile: looking through your outlines of Qt requirements I would like to have a go at the work and hopefully the daemon work to.

I will be in touch, but feel free to PM me

Fuzzybear

Echoing what Sentinelrv has said, we’d be very interested in promoting this heavily in our social media channels, if you’re comfortable with it. We can either link directly to your post here, or if you have other mediums coming soon (website perhaps?) we can hold off.

Very excited to see this come to life! This is one of the few crypto projects that I can actually see heavy demand in the real-world for, from small and medium-cap companies.

Very excited to see progress!

Sorry for the confusion. It’s sixty thousand PPC. That’s how it is written in lots of places of the world.

Here’s the super condensed message I would like communicated: C++ developers and QA experts are being hired to develop Peershare.

[quote=“Jordan Lee, post:54, topic:382”]I appreciate the support expressed in recent comments for the Peershare project.

As I mentioned in my last post, I have been working hard to create detailed plans for an ambitious implementation and extension of Peershare in cooperation with an investor/entrepreneur. We have agreed to move forward to make our design a reality in the way I will describe below.

Peershare development funded with 200 BTC and 60.000 PPC

This venture will ultimately develop an extension of Peershare which will serve important unmet needs in the cryptoeconomy. The design of the system is complete similar to how the Peershare design is complete, although we are withholding details at this time in order to maintain our competitive advantage. What I would like to say about it is that because the core of the project is an extension and implementation of Peershare, our first step will be to fund the open source development of Peershare. Specifically, 200 Bitcoins and 60.000 Peercoins have been put up for the development of Peershare and our extension of it, which we hope to spend over the next 6 to 8 months or so. If the venture is successful, the investor is likely to invest a larger sum of money to scale the number of people working on the project further. Once the core software is running in the wild, we will sell shares (Peershares) of the venture to the public to provide even more funding at intervals.

While we are developing an extension of Peershare that will be competitive in nature, Peershare as a template for decentralized equities will remain a cooperative and open source effort. We hope that other ventures will choose to use Peershare for managing their equity. This project will cultivate consultants with the skills to assist other ventures with their specific implementation of Peershare. Our implementation will make Peershare a mature and stable platform that other ventures can have confidence depending upon.

Hiring C++ developers and QA experts

This means we are now anxious to find C++ developers and QA experts with a passion for blockchains to help us. Terms of compensation are negotiable and will be dependent upon the reputation that an individual has. We are open to either hourly rates (for people/personas/pseudonyms with developed reputations) or a bounty approach where payment is given for delivering software that meets certain specifications. Later other types of positions/roles will be opened. There will never be an office for this venture, so people in any part of the world can participate. Compensation will be paid through the Bitcoin network, while rates and bounties will be set in USD.

QA will begin with the task of testing Phase One development, which is complete. Developers will start with implementing Phases Two and Three. There are descriptions of these posted earlier in this thread, but updated and expanded specifications for these phases will be posted shortly to this thread. To acquire this dream job, start by sending me a Bitmessage at the address in my signature telling me why you are interested and qualified to participate.

Referrals

For those that want to move Peershare forward but don’t have C++ or QA skills, please point people who do have the skills to this opportunity. If you refer someone we pay bounties or consulting fees to we will pay you 10% of their total compensation in the first half of 2014.

Public investment

Finally, for those interested in investment: We are flattered by your confidence in us. Shares will be made available to the public when the software is mostly complete and running in the wild. Our reputation is very important to us and we opted not to take investment from the public (which in some cases is poorly informed) during the period of highest risk for this venture. We don’t want to take people’s money based on lofty promises about future accomplishments that would make us vulnerable to charges of being a scam. Additionally, because we are not yet saying much about what the extension of Peershare will do in order to maintain competitive advantage, we can’t market this right now.[/quote]

Thanks for the updates about the Peershare project.

To promote it in the Chinese cryptoeconomy community, I translate your words into Chinese and post it on the following places:
http://www.peercointalk.org/index.php?topic=2133.new#new
http://8btc.com/forum.php?mod=viewthread&tid=2886

I also mention your updates on my weibo (the Chinese twitter).

Wish you all the best!

[quote=“Harvey, post:61, topic:382”]To promote it in the Chinese cryptoeconomy community, I translate your words into Chinese and post it on the following places:
http://www.peercointalk.org/index.php?topic=2133.new#new
http://8btc.com/forum.php?mod=viewthread&tid=2886

I also mention your updates on my weibo (the Chinese twitter).[/quote]

I really appreciate this Harvey. I will be asking everyone who works on the Peershare project how they heard about the opportunity, and if they say it was either of the two links above then we will pay you 10% of the compensation they receive in the first half of 2014.

We’re including a description of Peershare in the latest Peercoin Newsletter. I took two sentences from your original post and combined them. Is this correct? Also, can it distribute dividends only in Peercoins, or other cryptos as well? I just want to make sure we get this right.

“Peershare is a way for businesses to manage publicly held shares in a decentralized fashion. It uses the Peercoin network to automate the distribution of associated dividends in the form of Peercoins”

I’ll shoot you a note via Bitmessage, Jordan. Thanks for the update.

[quote=“Sentinelrv, post:63, topic:382”]We’re including a description of Peershare in the latest Peercoin Newsletter. I took two sentences from your original post and combined them. Is this correct? Also, can it distribute dividends only in Peercoins, or other cryptos as well? I just want to make sure we get this right.

“Peershare is a way for businesses to manage publicly held shares in a decentralized fashion. It uses the Peercoin network to automate the distribution of associated dividends in the form of Peercoins”[/quote]

These statements are correct.

Peershare as designed will only distribute dividends in Peercoins. However, it can be easily modified to distribute dividends in other cryptocurrencies, and I expect this will occur.

Ok Jordan, I’ve spread this around on Facebook, Bitcointalk, this forum and Reddit. Here are the links so you can keep track of any replies and answer questions…

[b]https://bitcointalk.org/index.php?topic=430628.0

http://www.peercointalk.org/index.php?topic=2135.0

http://www.reddit.com/r/peercoin/comments/1w1wte/peercoin_subproject_peershare_injected_with_500k/[/b]

To add to Sentinelrv above, it’s been tweeted from our official Twitter account too. (@PeercoinPPC)

https://twitter.com/PeercoinPPC/status/426877490875748352
https://twitter.com/PeercoinPPC/status/426878203819331584

Will keep any new information flowing to Twitter as you share it.

this seems like a good idea although other currencies are trying to make IPO decentralized such as nxt,msc etc.

you would need IPO’s to be presented into a nice website with companies listings, news sections etc but that wouldn’t affect its decentralization at all which is done by the wallet.