Yep, it's a pretty cool thing that was never possible until now. You can get coins for all of our future launches simply by having some SwarmCoin. We expect this distributed incubator model to dramatically impact how business are started and run since it has the possiblity of dramatically accelerating a company's path to market. Just think about it, you start off with a bunch of engaged users from the beginning and they give you money. What could be better than that? Can I mine swarm?
No. All 100,000,000 coins are set at the beginning and locked so that no more can ever be created. You can get some SWARM in the fundraiser. How did you come up with this idea?
I was initially inspired by the Decentralized Applications whitepaper (https://github.com/DavidJohnstonCEO/DecentralizedApplications
) and Vitalik Buterin's writings on the Distributed Autonomous Organizations, including the Ethereum whitepaper (https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Paper
). This led me to write my own paper about the possiblity of distributed governance (https://github.com/fractastical/distributed-governance/blob/mastewhitepaper.md
I then notice that folks in the VC industry who were very aware of the limitations of that model and some of the barriers to crowdfunding, including Fred Wilson of Union Square (http://avc.com/2014/03/unregulated-crowdfunding/
) and Naval Ravikant of AngelList (http://startupboy.com/2014/03/09/the-bitcoin-model-for-crowdfunding/
After some more research, I did some writing for Let's Talk Bitcoin, Bitcoin Magazine, and my private blog, including articles on Cryptocurrency Crowdfunding: Problems and Potential, (http://evergreenthoughts.quora.com/Cryptocurrency-Crowdfunding-Problems-and-Potential
; Bitcoin crowdfunding: Naval and Fred step up to bat, http://evergreenthoughts.quora.com/Bitcoin-crowdfunding-Naval-and-Fred-step-up-to-bat
; AppCoin Manifesto, http://letstalkbitcoin.com/too-many-coins/
; For Us By Us: Bitcoin Needs To Move Out of the Crypto-enthusiast Box, http://bitcoinmagazine.com/11133/us-us-bitcoin-needs-move-crypto-enthusiast-box/
; Why Bitcoin is not a currency, http://evergreenthoughts.quora.com/Why-Bitcoin-is-not-a-currency
The rest came together gradually as I tried to figure out the appropriate technology set to build off of and to put together a team to work on this. What technology set are you using?
At the moment, Bitcoin, the second generation protocol Counterparty (https://www.counterparty.co
), and a customized vending machine on Counterparty that automatically generates and distributes user-created assts. We anciticipating supporting other 2.0 protocols once they support automatic asset generatoin. Is this legal?
We believe this falls into section (1)(d) of our Cryptoequity whitepaper (https://docs.google.com/document/d/1qY0GCGKByXc8aeUaHIgggaSGzYjYHKCY0TeLKYt9b3I
), meaning it is allowable under U.S. law and is probably not problematic elsewere. That said, we are not laywers and advise you to consult the local law to see if and what you are doing is regulated. Is there a pre-mine?
8% of the holdings goes to the Swarm reserves, which is split between founders, swarm representatives, and bounties for specific projects. We wanted to avoid a large pre-mine, since that creates misaligned incentives: https://gist.github.com/fractastical/b236024cd106e97b38d0
. That said, we thought if there was no pre-mine then founders and early contributors would have less incentive to see the project to completion. We hope we've reached a healthy balance. How will this influence the Bitcoin price?
Reliable infrastructure allowing asset issuance via the Bitcoin Blockchain will probably boost the price of Bitcoin significantly, as people will buy Bitcoin in order to access other assets that are available via our platform. Are you a DAO (Distributed Autonomous Organization) ?
We are laying the groundwork for Distributed Autonomous Organizations that exist entirely on the blockchain. As more functionality exists, we will integrate it into our platform. Are these coins secure? Will it be vunerable to a 51% attack?
We build on Bitcoin 2.0 technologies, specifically Counterparty, so all coins are secured by the full strength of the Bitcoin network. What is decentralized due diligence?
One of our goals is to fully decentralize the process of launching your coin, including the very important part of promoting awesome coins and filtering out scam coins. Decentralized due diligence allows multiple groups to compete in the filitering process, with the market ultimately deciding which becomes the trusted option. What about sidechains?
We like sidechains. If working sidechains emerge we will extend our platform to support asset issuance on a sidechain. Is Swarm a company?
As of right now, there is no legal entity that represents the Swarm. This will certainly come at a later stage. Our goal is to postpone dealing with any of these issues until there is need. How do I get my own coin?
In stage two of our fundraiser we will make public a form something like the following: https://docs.google.com/document/d/1IEUIcXK2bNYQqIG3wUrtox4cDO1xCWsbHIVo4ZxbNYA/edit
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