Updated on July 18, 2014This is a copy of BitShares AGS ("angel shares") announcement by Invictus Innovations Incorporated, Ltd, discussion can also be found
The BitShares AGS Campaign has ended.
No further donation competitions remain.
It has been an amazing success raising over 5600 BTC and 415,000 PTS
for the BitShares Trust to fund development of the industry.
We thank all who have participated. Now you will immediately begin to see the results.
The following AGS information is left here for historical reference only.
We have updated the Invictus Innovations Incorporated, LTD website to document the latest plans for the funding and development of BitShares.
Anything we state in casual forum discussions may contain errors as a result of off-hand brevity so should not be considered binding or official. Many such posts merely request industry feedback on options under consideration
, most of which are never actually adopted. This post summarizes our official position and we will keep it up to date:
We are not recommending changes to the PTS Social Consensus; about 2 Million will be mined and all developers should continue to honor them with at least 10% in future DACs.
We are introducing a general AGS Consensus recommendation that mirrors the PTS Social Consensus except that wasteful mining is replaced with productive donations in either PTS or BTC.
We are also recommending the share allocation of the first release of BitShares X to have 4 million total shares. 2 million will be allocated proportional to PTS holders and 2 million proportional to AGS donors. Developers are of course free to change the total in their ultimate releases as long as they do so proportionally.
How to Get Recognized as a Donor via Angel Shares
AGS is just a public ledger of donors you can get on by donating to a development trust,
to build the industry and try to get targeted by developers
who see promotional advantages in a free airdrop of their new product samples
to a demographic of people who donate to developers!
Unlike PTS, AGS do not have their own block chain and are not actually issued as any form of asset. They exist only notionally
in that anyone can compute what the conceptual distribution would be using the proposed virtual mining algorithm below. This algorithm is intended only for use by developers wishing to identify who has donated toward developing the BitShares industry for the purpose of targeting them as a demographic with free promotional tokens in their new DAC releases
AGS Virtual Mining Algorithm
Beginning New Year’s Day 2014,
the algorithm will allocate 10,000 new AGS in a new virtual mining competition every day for 200 days.
5000 of them will be allocated to PTS donors.
5000 of them will be allocated to Bitcoin donors.
That's ultimately 2,000,000 total shares, just like PTS.
Those who donate bitcoins to this address will notionally split 5000 AGS proportionally:
Those who donate PTS to this address will notionally split 5000 AGS proportionally:
Every day the virtual shares are notionally divided among those who donated that day.
Be vigilant! Watch for a slow day when your donation will map to a larger overall percentage of that day's allotment.
Don't send donations from anywhere but your own wallet!
DAC developers need the address in a wallet you control to initialize their genesis blocks to honor the key where your donation came from! If you send from an exchange, that exchange will have the keys to get any promotional shares intended for you!
"What happens to all the donations?"
100% of the proceeds go to growing the crypto-equity industry.
Zero percent will be retained as profits by Invictus.
Funds will be used to encourage new developers with salaries, grants, contracts, and bounties to build everything from small components to entire new DACs. They will be used provide a free high-quality Developer's Toolkit giving DAC developers a huge head start. They will be used for advertisements, conferences, promotions and give-aways to stimulate interest in the new industry and to provide opportunities for everyone to contribute. They will be used for legal advocacy for the ecosystem in many jurisdictions. Anything is fair game that we believe will grow the value of PTS and all DACs that honor the contributions of PTS and AGS holders.
That said, these are pure donations for which your only expectation must be
that we will use our best judgement to apply them toward these purposes.
It is beyond our control to prevent an unethical developer from forking our open source code in a way that fails to recognize your donations. It is up to the market to reject this, or not. If you do not like our recommended allocation, do not trust the market to reject copycats, or do not trust us to use your donations wisely, then please take your money, fund competition, and build your own DACs that fit your preferred allocation strategy.
Merry Christmas Keyhotee Founders!!
The first 10,000 AGS are recommended to be set-aside proportionally for Keyhotee Founders.
Invictus Innovations shareholders are not eligible.
Donations to Keyhotee after Dec 24, 2013 at Midnight GMT don't count.
Jan 1st, 2014 shall include all transactions sent to the Angel addresses in 2013.
Invictus Innovations will not send money from the Angel Address back to the Angel Address as this would completely undermine the entire value proposition. If we pay bounties, sell PTS or BTC to pay salaries for services then we have no way to prevent those individuals from deciding to reinvest back into the fund. From a block chain perspective it will be very hard to audit this behavior without us freezing the funds. We will be as transparent as possible about where we spend the funds and this should make it clear that we are not recirculating funds. In this business trust is everything so we will protect our integrity in this area because without it we are sunk. Remember
- your donations are recorded in a public block chain which developers may or may not use to target 10% or more of their shares as a promotion to gain your support for their projects. It is their choice
- we merely define the public ledger documenting your contributions and a recommended formula for computing a fair share proportional to everyone's contribution. Our free open source genesis-block initialization software will implement the recommended formula, but we cannot prevent any developer from modifying or replacing this software with their own algorithms or none at all.