Author Topic: Connecting Keyhotee and Protoshares  (Read 5037 times)

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Offline ruletheworld

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Re: Connecting Keyhotee and Protoshares
« Reply #15 on: November 13, 2013, 12:22:09 am »
We need to see some discussion and forum feedback first.

(And we need to get ProtoShares and Keyhotee safely launched into sustained stable autonomous flight.)

Then we will think real hard for several minutes and decide.

 :)

Hah fair enough Stan, I was asking to see how we might value our previous PTS in the near future!
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Offline Stan

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Re: Connecting Keyhotee and Protoshares
« Reply #16 on: November 13, 2013, 12:28:25 am »
Well, call me biased, but in my opinion:  Priceless.   :)
« Last Edit: November 13, 2013, 02:58:02 am by Stan »
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Offline Stan

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Re: Connecting Keyhotee and Protoshares
« Reply #17 on: November 13, 2013, 01:00:11 am »
First, lets be clear.  There are two kinds of names:  Keyhotee IDs and DomainNames.  The first is for individuals. The second is for IP addresses.

DomainShares will be our distributed DAC based version of a domain name server where your name connection to your IP address can't be taken down by anybody.  You use mined or purchased DomainShares currency to bid for and trade domain names.  With Keyhotee and somebody's DomainName you can always reach them.  It will also contain features to keep names liquid and discourage squatting.  We'll publish a lot more on this when its Day in the Sun has arrived.

Keyhotee IDs are a repository for credentials.  They can be as simple as a sock puppet email address or as complex as a fully documented identity tracing back to an accountable real person and his or her entire documented set of credentials and lifetime reputation.  (We've seen the need for that already in this forum!)

The key is that with Keyhotee ID, people can tell the difference between a sock puppet and a Person of Character!  Read more about it in Newsletter 02, available under the news tab at Invictus-Innovations.com.

While you do have to "mine" your Keyhotee ID into existence with a token proof of work, we do not view Keyhotee IDs as something you purchase with a crypto-currency.  They are available first-come-first-served to anyone who uses Keyhotee to "mine" them into existence. 

Keep in mind that Keyhotee is not a DAC. It is an application. Perhaps you can think of it as a DAC browser.  A tool for doing business with DACs and other humans in a secure fashion - whether exchanging communications or crypto-currencies.

Now, as for buying an increased rating, we want to be vewy, vewy careful with that.  Reputations are not for sale.  Reputations must be earned.  Still we felt that founding investors in the Keyhotee ecosystem should merit a little recognition that would translate into your reputation like someone who builds a new wing on a hospital or something.  So we created the Keyhotee Founder's ID as a way to recognize a community contribution, not to buy a reputation. 

What will that be worth?  Well, if you helped found the ecosystem and have an immortal position in the genesis block, you are probably not going to throw away that irreplaceable credential on some cheap scam.  So you'll protect it.  And people will know you have something to lose if you abuse it.  And once you do abuse it, it will no longer be of value to you.

Think of what that would be worth to you during the early days of this forum.  You would have had instant moderator levels of clout, just because you are using your uncounterfeitable Good Name.  Your Keyhotee ID.

Earn it.  Protect it.  Enjoy it.


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Offline ruletheworld

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Re: Connecting Keyhotee and Protoshares
« Reply #18 on: November 13, 2013, 01:13:35 am »
First, lets be clear.  There are two kinds of names:  Keyhotee IDs and DomainNames.  The first is for individuals. The second is for IP addresses.

DomainShares will be our distributed DAC based version of a domain name server where your name connection to your IP address can't be taken down by anybody.  You use mined or purchased DomainShares currency to bid for and trade domain names.  With Keyhotee and somebody's DomainName you can always reach them.  It will also contain features to keep names liquid and discourage squatting.  We'll publish a lot more on this when its Day in the Sun has arrived.

Keyhotee IDs are a repository for credentials.  They can be as simple as a sock puppet email address or as complex as a fully documented identity tracing back to an accountable real person and his or her entire documented set of credentials and lifetime reputation.  (We've seen the need for that already in this forum!)

The key is that with Keyhotee ID, people can tell the difference between a sock puppet and a Person of Character!  Read more about it in Newsletter 02, available under the news tab at Invictus-Innovations.com.

While you do have to "mine" your Keyhotee ID into existence with a token proof of work, we do not view Keyhotee IDs as something you purchase with a crypto-currency.  They are available first-come-first-served to anyone who uses Keyhotee to "mine" them into existence. 

Keep in mind that Keyhotee is not a DAC. It is an application. Perhaps you can think of it as a DAC browser.  A tool for doing business with DACs and other humans in a secure fashion - whether exchanging communications or crypto-currencies.

Now, as for buying an increased rating, we want to be vewy, vewy careful with that.  Reputations are not for sale.  Reputations must be earned.  Still we felt that founding investors in the Keyhotee ecosystem should merit a little recognition that would translate into your reputation like someone who builds a new wing on a hospital or something.  So we created the Keyhotee Founder's ID as a way to recognize a community contribution, not to buy a reputation. 

What will that be worth?  Well, if you helped found the ecosystem and have an immortal position in the genesis block, you are probably not going to throw away that irreplaceable credential on some cheap scam.  So you'll protect it.  And people will know you have something to lose if you abuse it.  And once you do abuse it, it will no longer be of value to you.

Think of what that would be worth to you during the early days of this forum.  You would have had instant moderator levels of clout, just because you are using your uncounterfeitable Good Name.  Your Keyhotee ID.

Earn it.  Protect it.  Enjoy it.

Ok that actually makes a lot of sense and answers a lot of questions.

From a purely pricing standpoint then, it seems like at least the first stage of DACs from Invictus are going to be BitShares and DomainShares, so that's where the value of ProtoShares is going to come from, in addition to it's own value as an 'altcoin'.
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Offline Stan

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Re: Connecting Keyhotee and Protoshares
« Reply #19 on: November 13, 2013, 02:03:01 am »
Let's let the market price this much before we go adding to the value proposition.   :)
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Offline bytemaster

Re: Connecting Keyhotee and Protoshares
« Reply #20 on: November 13, 2013, 05:24:37 am »
I am going to chime in here with some clarity for all involved. 

1) All chains Invictus launches will be derived from ProtoShares with a 1:1 mapping and 10% of the ultimate money supply of that chain.
2) ProtoDomains may Split from ProtoShares prior to the Launch of DomainShares so that it can be traded and valued separately.   
3) Keyhotee ID is not a currency, there is no way to map ProtoShares into Keyhotee ID (the name chain)
4) There will be many BitShares based chains, not one, and all of them will be 1:1 with ProtoShares
5) We reserve the right to release ProtoShares v2 that honors 100% of ProtoShares v1 with 100% of the money supply allocated. 
6) Associated Press, DAC would honor ProtoShares

Exceptions to the ProtoShares honoring would be if we decided to release a true competitor to be used as a money-only coin and not a trading platform.  In this case we may choose to honor the initial positions in ALL existing *-coin chains proportional to their market cap. 

I want to make it very clear that at no time will we 'reset the clock' for a new chain and owning ProtoShares today does get you ownership in everything we do in the future either directly or indirectly.
« Last Edit: November 13, 2013, 03:10:21 pm by bytemaster »
For the latest updates checkout my blog: http://bytemaster.bitshares.org
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Offline Lighthouse

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Re: Connecting Keyhotee and Protoshares
« Reply #21 on: November 13, 2013, 08:24:24 am »
I am going to chime in here with some clarity for all involved. 

1) All chains Invictus launches will be derived from ProtoShares with a 1:1 mapping and 10% of the ultimate money supply of that chain.
2) ProtoDomains may Split from ProtoShares prior to the Launch of DomainShares so that it can be traded and valued separately.   
3) Keyhotee ID is not a currency, there is no way to map ProtoShares into Keyhotee ID (the name chain)
4) There will be many BitShares based chains, not one, and all of them will be 1:1 with ProtoShares
5) We reserve the right to release ProtoShares v2 that honors 100% of ProtoShares v1 with 100% of the money supply allocated. 
6) Associated Press, DAC would honor ProtoShares

Exceptions to the ProtoShares honoring would be if we decided to release a true competitor to be used as a money-only coin and not a trading platform.  In this case we may choose to honor the initial positions in ALL existing *-coin chains proportional to their market cap. 

I want to make it very clear that at no time will we 'reset the clock' for a new chain and owning ProtoShares today does get you ownership in everything we do in the future either directly or indirectly.

That's great to hear, I think the potential value of protoshares is Berkshire-Hathaway stock huge.
« Last Edit: November 13, 2013, 03:10:02 pm by bytemaster »
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline phoenix

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Re: Connecting Keyhotee and Protoshares
« Reply #22 on: November 14, 2013, 06:25:20 pm »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
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Offline ruletheworld

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Re: Connecting Keyhotee and Protoshares
« Reply #23 on: November 14, 2013, 11:52:07 pm »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.
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Offline bytemaster

Re: Connecting Keyhotee and Protoshares
« Reply #24 on: November 14, 2013, 11:54:17 pm »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.

Well, there is a social contract, if we don't honor it someone can fork BItShares and honor it and then get the entire PTS community leaving our attempt to breach that contract in the dust.   
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Offline Lighthouse

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Re: Connecting Keyhotee and Protoshares
« Reply #25 on: November 14, 2013, 11:55:30 pm »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.

Bitshares will have a BUNCH of new chains forking from it, GoldShares, USDShares, etc. all will be forked from Bitshares, so even just focusing on Bitshare derivatives there is an enormous future payoff.
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline ruletheworld

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Re: Connecting Keyhotee and Protoshares
« Reply #26 on: November 14, 2013, 11:57:41 pm »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.

Well, there is a social contract, if we don't honor it someone can fork BItShares and honor it and then get the entire PTS community leaving our attempt to breach that contract in the dust.
Right, but the social contract is for BitShares. Why would you create a separate clone of BitShares as a competing blockchain? If someone does create a competing version of BitShares, they are unlikely to be Invictus and they're unlikely to use ProtoShares, perhaps they'll create their own version of ProtoShares.
I am just saying it's unlikely for "multiple bitshares chains that honor protoshares"
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Offline Stan

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Re: Connecting Keyhotee and Protoshares
« Reply #27 on: November 15, 2013, 12:05:48 am »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.

Never say "unlikely" with Invictus.   :)

Bytemaster has already publicly committed to honor ProtoShares in the social contract for EVERYTHING we release.
Bytemaster has also indicated that there will be multiple BitShares chains released as fast as the market can absorb them.  Once that freight train is rolling, I'd be very surprised to see any DAC developer opt to go it alone. 

If they did, some other indignant enterprising entrepreneur would simply clone their DAC and honor the social contract.

Then the two DACs would compete in the free market.  I wonder which one the Informed Community would adopt?

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Offline Stan

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Re: Connecting Keyhotee and Protoshares
« Reply #28 on: November 15, 2013, 12:16:48 am »
If there's going to be multiple bitshares chains that honor protoshares then I'm definitely not going to sell out, they're far to valuable. A few protoshares times several bitshares chains = a whole lot of bitshares  :)
Exactly, although remember that they're unlikely to release several bitshares chains and if there's a competition from someone else, they're unlikely to honor protoshares unless they hold a LOT of protoshares themselves. But it's not just bitshares, there are other DACs in the future too.

Well, there is a social contract, if we don't honor it someone can fork BItShares and honor it and then get the entire PTS community leaving our attempt to breach that contract in the dust.
Right, but the social contract is for BitShares. Why would you create a separate clone of BitShares as a competing blockchain? If someone does create a competing version of BitShares, they are unlikely to be Invictus and they're unlikely to use ProtoShares, perhaps they'll create their own version of ProtoShares.
I am just saying it's unlikely for "multiple bitshares chains that honor protoshares"

There a whole universe of potential exhanges just like those from Wall Street, Chicago, Hong Kong, London...  Plenty of room for lots of folks to set up their own exchange DACs following the BitShares model or something completely new. 

This will be a Cambrian Explosion of new DAC life forms.  Why handicap your DAC by not honoring the stakeholders who got it all rolling and are already trained up on how to appreciate what your new DAC offers? 

Your call.   :)


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Offline Bitstrader

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Re: Connecting Keyhotee and Protoshares
« Reply #29 on: November 15, 2013, 02:28:04 am »
A competitor would be great, not right now maybe, but to see how someone else might build something of this magnitude would be interesting to look at, every good product has a competitor  :)