Issue decentralized securities using Peershare

Projects
61

[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!

62

[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.

63

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”

64

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

65

[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.

66

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]

67

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.

68

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.

69

Non-techie cheerleader!!! I am rooting for you and if there is any grunt work needed, I’m available. I’m telling everyone I know except people I don’t like. I look forward to your success and a PPC loyalists announcement re: stock.

70

Jordan, please check your PM’s for MeBeingAwesome’s message. It’s urgent.

71

Hi Jordan, I think this PeerShare idea sound fantastic! I’ve skimmed multiple times over this post, but did not fully grasp all details yet; one thing I picked up is though the fact that each company will need run on a different blockchain: This seems to me rather expensive… I just was wondering if there is a possibility to merge this idea with the idea of “ColorCoins” [which as far as I understand can represent multiple “virtual” crypto-currencies using one blockchain]? If such a combination were possible, then this would ease resource requirements considerably.

72

I posted a detailed comparison of Peershare and colored coins here: Cryptoblog - notícias sobre bitcoin e criptomoedas!

Very briefly, the cost of pure Proof of Stake blockchains are negligible because no dedicated hardware is needed.

73

The complete phase one code changes have been posted to the public repository in branch 0.1.0 at: https://github.com/Peershares/Peershares

These changes still need testing.

Here is a description of what was changed:

Minimum coin age required for minting reduced to 3 days from 30 and coin maturity reduced to 100 from 500 to allow quick shift to proof of stake minting after genesis block.
Constants for total number of IPO shares (set to 1000000) and block height after which system switches from proof of work to proof of stake (set to 400) added.
When block height is <= 400, blocks will be proof of work, otherwise proof of stake.
The initial target interval for blocks will be 30 minutes to keep the blockchain small.

74

We are looking for someone who is willing to put together a basic static content website for peershares.net. For now it should just contain some info about the Peershares project and promote the open positions we have for developers and QA experts. If interested, please contact me via Bitmessage or PM me.

75

Hey I gave you a bump on my Dailymotion channel. I hope it helps.

76

I have filled in some details on the specifications of Phase Two and broken them into six separate tasks, each of which could be tackled by a separate developer, which are now as follows:

  1. 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. To test it, at this point just use a variety of hard coded values to ensure it can accept any input the Bitcoin version accepts. We will attach a valid Peercoin address in Task 6.

  2. When a new Peershare address is being created, a call must be made to Peercoin using getnewaddress and keypoolrefill to create a new Peercoin address and place it in the Peercoin wallet.

  3. Change the Peershare wallet data structure to include a Peercoin public address. Just place a single hard coded Peercoin address for this task and later we will put a valid address in.

  4. Replace the single hard coded Peercoin address being added to the wallet in Task 3 with a valid Peercoin address retrieved in Task 2.

  5. In the Receive coins and Address Book tabs in client, create a third column titled Dividend Address. Display the Peercoin address in the new column. Do this in a way that doesn’t destroy the code’s ability to display just the original two columns (Label and Address). The reason for this is that in a later phase a dropdown will be added that allows the wallet to display either Peercoins or one of list of Peershare types. This depends on Task 3 being complete.

  6. Whenever a transaction occurs, attach the Peercoin address to it using the container created in Task 1. This depends on Task 1 and 3 being complete.

77

I am pleased to announce that FuzzyBear has joined the Peershare team as a developer. Because of his excellent knowledge of blockchains, he won’t need any hand holding to get started and has already written most of the code needed to complete task 1 of phase two. I am excited about the momentum he will add to the project.

There is still room on the team for other C++ developers and QA experts. To encourage Peercoin activists to spread the word and refer candidates, we will pay referrers 10% of what we pay a referred team member during the first half of 2014. If it traced back to something you posted, you will get the 10%. We will be asking everyone that works on the team where they heard about the opportunity. FuzzyBear heard about the opportunity through the main Peershare thread that I started.

78

[quote=“Jordan Lee, post:77, topic:382”]I am pleased to announce that FuzzyBear has joined the Peershare team as a developer. Because of his excellent knowledge of blockchains, he won’t need any hand holding to get started and has already written most of the code needed to complete task 1 of phase two. I am excited about the momentum he will add to the project.

There is still room on the team for other C++ developers and QA experts. To encourage Peercoin activists to spread the word and refer candidates, we will pay referrers 10% of what we pay a referred team member during the first half of 2014. If it traced back to something you posted, you will get the 10%. We will be asking everyone that works on the team where they heard about the opportunity. FuzzyBear heard about the opportunity through the main Peershare thread that I started.[/quote]
Pleased to be part of the team :slight_smile: and am already enjoying working with Jordan on this project.

Just bringing in this website Robert Lloyd mentioned for press release announcements http://www.pr.com/press-release/539877 seems like the sort of place to announce the project, funding and hiring developers as well.

Back to coding!!!

Fuzzybear

79

Fantastic news. I can’t wait to see this program in action!!!

80

Awesome! Translated and posted:
http://8btc.com/thread-3001-1-1.html

I will try to find some developers. But English could be a problem for most Chinese developers.