Ethereum: Build unstoppable applications

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The following is a quick exposition of an idea I had for improving the ICO model by merging in some of the benefits of DAOs, but doing so in a way that minimizes complexity and risk. The idea is as follows. Once the contribution period ends, the ability to contribute ETH stops, and the initial token balances are set; from there on the tokens can become tradeable.

After the contribution period, the contract has one major state variable: The tap determines the amount per second that the development team can take out of the contract. This can be implemented as ethereum forum projects. There is also a mechanism by which the token holders can vote on resolutions.

There are two types of resolutions:. Either resolution can pass by some kind of majority vote with a quorum eg. Note that lowering the tap by vote is not possible; the owner can voluntarily lower the tap, but they cannot unilaterally raise it.

Ethereum forum projects intention is that the voters start off by giving the ethereum forum projects team a reasonable and ethereum forum projects monthly budget, and raise it over time as the team demonstrates its ability to competently execute with its existing budget. However, in a DAICO these risks are minimized, requiring both the developer ethereum forum projects the vote to be compromised to cause any real damage:.

This is definitely a more responsible way to carry out ICOswhere at least the development teams remuneration is tied to their actual performance. Though I see a problem with using this model, where the dev team holds a high percentage of the total token supply.

Also another potential problem with using this model is that for token holders to propose to reduce the tap or to self ethereum forum projects the contract might not actually be in their self ethereum forum projects. Suppose that the price of the token now reaches more than 5x to 6x its ICO price, if the dev team are irresponsible with the money or are not hitting their milestones, token holders will still be motivated ethereum forum projects raise the tap or keep the status quo.

Doing anything other than that would have a largely negative effect on the price, and although token holders do care about the project they will care about the value of their tokens more. I see a problem with using this model, where the dev team holds a high percentage of the total token supply. I think this can be mitigated by equally distributing their token allocation ethereum forum projects the ETH they get, based on the same tap mechanism, or another simple XX months vesting period to start with?

That being said, I see two different issues: This could attribute them a big voting power ethereum forum projects could be used by a team to easily buy votes.

And how can we prevent having to constantly vote on resolutions on the same topic? A time limit in between resolutions could be an idea here. I think it can be a great model for ICOs which both the ethereum forum projects and the investors can benefit from.

However, one issue is that token holders might vote for self-destruction when price gets a lower than the funds left in the DAICO.

China ethereum forum projects Bitcoin again. I think about two possible improvements to enhance this mechanism in order to make it ethereum forum projects vulnerable and more fair.

Though that would assume that the market is reasonable and all the actors in the market are being perfectly rational. Right now there are plenty of tokens that should be worth zero but are trading for millions of dollars despite missing milestones and their development targets. Most tokens do not trade on fundamentals and investors are more than happy to speculate on them.

The point I am getting at is that in order to improve on the current state of ICOs we have to be able to avoid the pitfalls that have been plaguing it from its inception. If we want better ICOs we have to ethereum forum projects assuming ethereum forum projects investors will be rational and will always make the best decision whether in the short run or long run.

If you look at the blatant manipulation happening right now in crypto, what is to stop a malicious actor from influencing the vote through social media channels,etc. The actor might be able to manipulate voters to make a decision that would be harmful to the project. The only way I see that this ethereum forum projects be solved, would be to have a smart contract that would control the tap of funds based on tangible outcomes rather ethereum forum projects a vote by all the token holders.

Tangible outcomes referring to whether a prototype has been built, is it in alpha or beta useis it being utilised ethereum forum projects transactions or some other metric. As long as the metric can be quantified and put in the smart contract it could be used as a benchmark to measure the ICOs performance.

Using ds-auth or the DSAuthority pattern you can create any type of governance mechanism ethereum forum projects can think of completely separate from your smart contracts. MKR like governance ethereum forum projects be a good start. Allow voting only after the token price gets stable for a predetermined time period. This can decrease the amount of votes derived from big price changes. Would you contact an oracle? Is it the developer team or anyone with a vote?

Keep in mind that the possibillity of voting in such a scenario would create the incentive for many people to place buy orders slightly above the refund price, as they would know that their downside is limited. I do agree with you about that, however, since lots of ICOs gets just a little attention I do think they are still vulnerable to price manipulations which might cause this. I am not sure about a solution for that or if a solution is really needed but I do think there should be a mechanism to protect ICO teams from malicious manipulations.

This can help the team work on the project without ethereum forum projects about someone shutting it down until the ethereum forum projects gets a bit bigger ethereum forum projects harder to manipulate.

If they do buy lambos with it the project will be shut down and someone will probably sue the teambut as ethereum forum projects as the team is honest this can help the project grow faster.

Feel free to add your comments and help me! Your feedback will be highly appreciated. Another thing to consider is maybe letting each contributor set the tap-rate of their own contribution.

That way, project owners gain little by contributing to their own project perhaps they still gain positive feedback of having more apparent investors. This is a logical step in ICO evolution. The prototype code ethereum forum projects here consider it alpha: I like the tap mechanism, but I think the value stems from not releasing funds to projects in a lump sump all at once. That way investors can keep ethereum forum projects accountable throughout the development lifecycle. There a lots of ways that can be achieved other than ethereum forum projects tap mechanism that might work just as well.

I proposed a similar mechanism for the 1Hive project that uses a continuous token model where newly minted tokens fund a reserve, and investors can exit by pulling out their ethereum forum projects share at any time. Funds in the reserve move into the projects discretionary fund over time, very similar to how the tap mechanism works.

Discussion about 1Hive can be found here. This process combines with some governance over new token minting would emulate the more typical startup funding process where founders ethereum forum projects to convince their existing investors that they should dilute shares as well as show progress in order to unlock further funding. This is exactly what we are working on at coincrowd. Any way we felt the ICO place is like a far west and need some rules. Not only from government but directly also from DAO.

This si the reason why we start building coincrowd. This is another experience we get from consultantcy for other in ICOs some new project that decide to run an ICO today have a strong community, but this community often is outside of crypto, and to partecipate in ICO for them is very hard. With coincrowd wallet we reduce the effort. Hi start to collaborate to the paper. We solved the problems with the trust of participants ethereum forum projects their smart contract for ICO, we realized a refund on request.

That is, if there is a mistrust of ethereum forum projects project - you can return the tokens back to the address of the contract and launch a refund in the private office of the platform throughout the period of the Pre-ICO and ICO.

For this we used:. I love the simplicity of it. My only alteration would be to replace the voting on shutdown with an option to cash out your token at any point. So if the fund ethereum forum projects ether and sold tokens then at the start, tokens can be redeemed for 1 ether. As the DAO spends ether from the tap, the redeem rate falls. This way people can individually secede without the need for democratic shutdown. You can then measure displeasure by the rate of liquidation rather than it being a sudden event.

This can reduce chances of random price drops to affect the project, as token holders can only vote at the agreed delivery dates. Removes volatility and speculation from the equation. For this we used: Payment and refund by other ethereum forum projects My Vision: Realize monitoring the cost of the Oracle tokens to allow voting at a low threshold of the cost of the tokens Add a function to reduce the maximum charges when the value of tokens on the exchanges decreases To freeze tokens for days after each move of tokens to other purse addresses, to reduce the possibility of pumps or dumps Link to github.

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It is possible that alternative Ethereum-based networks could be established, which utilize the same open source source code and open source protocol underlying the Ethereum Platform. The Ethereum network may compete with these alternative Ethereum-based networks, which could potentially negatively impact the Ethereum Platform and ETH. It is possible that the Ethereum Platform will not be used by a large number of external businesses, individuals, and other organizations and that there will be limited public interest in the creation and development of distributed applications.

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As with other cryptocurrencies, the blockchain used for the Ethereum Platform is susceptible to mining attacks, including but not limited to:. Any successful attacks present a risk to the Ethereum Platform, expected proper execution and sequencing of ETH transactions, and expected proper execution and sequencing of contract computations.

Despite the efforts of the Ethereum Stiftung and Team, known or novel mining attacks may be successful. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. Instability in the demand of for ETH may lead to a negative change of the economical parameters of an Ethereum based business which could result in the business being unable to continue to operate economically or to cease operation.

If the Ethereum Platform is rapidly adopted, the demand for transaction processing and distributed application computations could rise dramatically and at a pace that exceeds the rate with which ETH miners can bring online additional mining power. Insufficiency of computational resources and an associated rise in the price of ETH could result in businesses being unable to acquire scarce computational resources to run their distributed applications.

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Ethereum is a decentralized platform that runs smart contracts: These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past like a will or a futures contract and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was bootstrapped via an ether presale in August by fans all around the world.

It is developed by the Ethereum Foundation , a Swiss non-profit, with contributions from great minds across the globe. On traditional server architectures, every application has to set up its own servers that run their own code in isolated silos, making sharing of data hard. If a single app is compromised or goes offline, many users and other apps are affected.

On a blockchain, anyone can set up a node that replicates the necessary data for all nodes to reach an agreement and be compensated by users and app developers. This allows user data to remain private and apps to be decentralized like the Internet was supposed to work.

The Ethereum Wallet is a gateway to decentralized applications on the Ethereum blockchain. It allows you to hold and secure ether and other crypto-assets built on Ethereum, as well as write, deploy and use smart contracts.

Create a tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all.

These tokens use a standard coin API so your contract will be automatically compatible with any wallet, other contract or exchange also using this standard. The total amount of tokens in circulation can be set to a simple fixed amount or fluctuate based on any programmed ruleset. Do you already have ideas that you want to develop on Ethereum?

Using Ethereum, you can create a contract that will hold a contributor's money until any given date or goal is reached. Depending on the outcome, the funds will either be released to the project owners or safely returned back to the contributors.

All of this is possible without requiring a centralized arbitrator, clearinghouse or having to trust anyone. You have to hire managers, find a trustworthy CFO to handle the accounts, run board meetings and do a bunch of paperwork. Or you can simply leave all that to an Ethereum contract. It will collect proposals from your backers and submit them through a completely transparent voting process.

Now it's your turn: Could your business be enhanced by operating on a cryptographically secure, decentralized, tamper-proof network? And since you'll be among the first developers in the world that are able to program decentralized applications, some of them might need your help. If you feel more comfortable around a terminal, you can download our command line tools. Please agree to this before downloading. Build unstoppable applications Ethereum is a decentralized platform that runs smart contracts: Smart money, smart wallet The Ethereum Wallet is a gateway to decentralized applications on the Ethereum blockchain.

Hold ether or any Ethereum-based token in safe wallets. Easy template-based contract creation. Your accessible interface to blockchain applications.

Ethereum Join the Community Donate. Learn Solidity , a new language for smart contracts. Design and issue your own cryptocurrency Create a tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all. A tradeable token with a fixed supply A central bank that can issue money A puzzle-based cryptocurrency. Kickstart a project with a trustless crowdsale Do you already have ideas that you want to develop on Ethereum?

You can even use the token you created earlier to keep track of the distribution of rewards. A crowdfund to pre-sell a product A crowdsale to sell virtual shares in a blockchain organization An auction of a limited number of items. A virtual organization where members vote on issues A transparent association based on shareholder voting Your own country with an unchangeable constitution A better delegative democracy.

Build a new kind of decentralized application Now it's your turn: Get the command line tools If you feel more comfortable around a terminal, you can download our command line tools. Install the command line tools.