Hey Dan Larimer: Using EOS to hold a Token Distribution?steemCreated with Sketch.

in #altcoins6 years ago (edited)

@Dan , this post is addressed to you.

I wanted to post a question and perhaps you can answer it.
This is my Token concept, something I would like to be able to use.

In a year or two when the EOS platform launches,

will it be possible for me to Stake my EOS tokens- or some Bitcoin in a wallet, and start a token distribution for my theatre?

I would like to raise funds

and this an example I have been thinking about.

I may restate the same thing over and over here to try and explain my idea.
@Dan I have two main questions.

  1. Is it possible to create a smart contract using EOS to raise funds for building a theatre?
  2. Will EOS allow me to create a smart contract with executable transactions like the one I am describing?

What if I took 0.03BTC + 25 EOS and said it worth 1 DarkflameToken. (I have done this at DSC0000001)

This smart contract will say "Max 5,000,0000 Tokens available, created over x amt of time", say 32 years [50% delegated to Darkflame to build the theatre, run the theatre, pay for electricity, do projects etc.] & [50% delegated to the public distribution]


The BTC value sent during distribution will split 50/50 between DSC0000003 & DSC2500003. The holder receives a DSC containing half the value, about $100 or 0.031 BTC & 25 EOS for the Smart Contract part. The token itself will have a value, but I don't know how to make that happen @Dan. 0.031BTC is held in one token by DarkflameStudios and both parts of that 0.062BTC are held for building the theatre or creating projects and productions. All of this Bitcoin is intended for building DarkflameStudios. The BTC is time locked until 2050 , or can be 'closed' to cash out the BTC using both tokens and both keys, Darkflame's and the DSC holder. Rather than cash it out, they could sell it on an exchange for [DSC$ +BTC$+deposited assets value$=Total value of token. Each DSC is paired with another.

If each DSC was valued as 1Darkflame = 25 EOS+0.031 BTC, I could raise $7,000,000+ , have bitcoin capital for the theatre and operation costs, and the other 2.5 million in tokens could be held by anyone and spent as Bitcoin when closed, shapeshifting added Liquid assets as the depositor chooses.

Smart Contract Nonsense

This is what I hope I could do with an EOS powered smart contract.

If I add $5000 to a DSC token for the holder to use for a specific purpose I would like to be able to write that in. Assets could be locked in for a certain amount of time, to be paid out to a specific bitcoin address over a period of time or multiple wallets all at once.

One complicated idea I have,

The smart contract could stake 50% of the added assets to maintain the value of the $100[0.031BTC] DSC token, shifting assets in order of preference to the depositor- however if I wanted to lock in 50 Steem for 5 years that should be separate from staked assets.

If someone wants to sell their DSC token they essentially cash out the entire Smart Contract. A balance over 0.031 BTC could be liquidated into BTC, EOS or any asset supported by Shapeshift, and paid out to a specific or multiple BTC wallets. Or a transaction contract could be written between the seller and the purchaser for each of the Liquid assets held in the Smart Contract. Each DarkflameSmartContract Token would be unique and add stability and extra value to the market capitalisation. Some tokens out of the total supply would be more valuable and some holders may acquire a certain amount of DSC tokens in the distribution.

A token can be taken out of circulation by being closed, but this is only done for a reason. Closing a DecentralizedSmartContract or DarkflameStudiosCoin means finalising or transferring all of its pending transactions to other DSC tokens, and removing the time locked 0.031BTC , as well as any accessible liquid assets remaining in it. When DarkflameStudios recieves DSC each year, a certain amount of tokens will be closed and Bitcoin will be used to build the theatre, run the theatre, create productions and more. In 2050 the DSC tokens may unlock or some sort of finalization ceremony of Darkflame Studios can be determined at a later time.

When DSC tokens are taken out of circulation it should increase the value of the remaining tokens, as the first SmartContract rule is "25 EOS+0.031BTC = 1 DSC. Max 5,000,0000 Tokens available, created equally over 32 years, distributed "50/50". Users send 0.062 BTC to purchase their DSC which they use WITH Darkflame not separately. This is a crowdfunding operation, and also asking people to hold a large amount of BTC for these projects. I expect that the value of these DarkflameSmartContracts will increase as the utility becomes evident. This is something I want to use in DarkflameStudios.

Time-locked Smart Contract transactions [Like $200 for a wedding video in 3 years paid to BTC wallet # ] would not be staked against the value of the DSC [and will stay locked in even when ownership of a DSC token changes), but 50% of any depositors liquid (non time locked) added Assets could be staked until the assets are removed from the DSC by the depositor. If the price of EOS or BTC falls too much the Smart Contract should attempt to use staked assets to automatically balance out the 50/50 BTC-EOS ratio.

Time locked Smart Contract transactions may also increase the value of a DSC token over time because they are holding assets from previous DecentralizedSmartContract-transactions are still locked up in Time-Locked contracts until the date they execute. You are essentially holding the token which contains the BTC and pending transactions. You should be able to sell a DSC token without disrupting its pending smart contracts. The value of each DSC and its added assets should be recorded in the Explorer/Wallet ledger, (maybe something like Steem engine to power it) using the programmable smart transactions. Added content like Files, Steem posts/transfers, images and more should be able to be added to the DSC Explorer visualisation.

Added assets Smart Contracts

[Depositor A has time locked $500 into DASH until Aug 13 2018. Depositor B has already set his margins and placed his bet, $5000 of value in this DSC token is locked up until the price of Steem rises to $5 or falls to $1. This DSC token shows a current balance of $300 in Liquid trade-able assets that are accessible, of which half are being staked against maintaining the 0.003BTC value split between BTC&EOS.]

5,000,000 DSC Tokens

created over 32 years is 156,250 DSC per year. Approximately $7,812,500 will be available each year for Darkflame Studios, and an equal amount in publicly held tokens. With a base price of 0.031 BTC, and additional assets being time locked into various transactions providing extra price stability, $200+ DSC tokens seems possible. At the end of 2050, we will have a physical theatre, amazing ongoing projects funded through DSC token transactions, and 5m coins in circulation hopefully with a decent valuation.

'Decentralised Smart Contracts' or 'Darkflame Studios Coin' .

I like the sound of it!

Does this make any sense?

I honestly have no idea what I am talking about. I only know enough HTML to think Steemit is the best platform ever. Ethereum contracts seem too complicated, and trying to do an ICO to create my own coin would invite attackers and cause all sorts of problems. Is there a simple smart contract solution for someone like me, wanting to do a token distribution to crowdfund for a real world project?

@Dan can you brainstorm on my idea, and show me how EOS can be a solution? If you help me make this a reality and I will stake my EOS on it.

In fact I am so certain this will succeed, I have already staked the first 0.031BTC and 25 EOS towards it.

Here is Dan Larimer talking about EOS




unfollowable abacadabra

I may restate the same thing over and over again. There are two main questions.

  1. Is it possible to create a smart contract using EOS to raise funds for building a theatre?
  2. Will EOS allow me to create a smart contract with executable transactions like the one I am describing?

Sounds a sustainable solution, accounting in this way the currency trends liquidity and will be favorable in the market for investors, great work @darkflame Greetings my friend

wow nice writing

Thats a brilliant idea... When laid out on paper like that it makes a lot of sense

Very nice and very interesting post you tonight @darkflame i tried to think of it and i really hope to learn a lot from you greetings and congratulations for you @darkflame A hard worker who has high talent

@neoxian what do you think of my idea??
@ionlysaymeep ?? @seablue ? @runridefly ?

Nice concept @darkflame still trying to understand how it will work before investing and also trying to figure out ROI and risk associated.

It doesn't exist yet as an ICO, but I think it may be possible (perhaps using EOS @Dan) to write a smart contract that can execute time-lock transactions as I attempt to describe. As for the investment, it is in a theatre I want to build called Darkflame Studios. My website at http://darkflameearth.com is a web portfolio production that paints a vision for a Darkflame World, dedicated to free information. I have decided to stake 0.031 BTC in a wallet that you can see HERE Regardless of whether a Darkflame coin is created to fundraise as I have described, I have staked 3,000,000 satoshis towards the first DarkflameSmartContract. It is permanently recorded in both the Bitcoin ledger and also the Steemit ledger. The post has earned $2.11 in Steem so far ( rewards pending) and @coindup51 also sent 25SBD. I will consider that as adding assets to the DSC, of which there is only 1 at the moment. I would like to create about 78,000 on January 1st 2018 and they can each be purchased from me for 0.06BTC, and will create 2 tokens. What you would receive in return is- at this moment- a Darkflame Studios Digital Portfolio which are what I create for individuals currently. A DarkflameStudiosCoin is my version of how I would want to use a Smart-Contract, as Decentralized Smart Contracts that can hold assets in trust for the theatre and productions by DarkflameStudios.

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