Welcome to SuperNET!
It’s a shorter newsletter this week. After the series of deals that took place last week, most of the activity has gone into creating the infrastructure for SuperNET, with James adding new functionality to Teleport and the SuperNET API every day. So whilst there’s not so much to announce this time, there’s plenty going on under the surface and we are seeing rapid and exciting developments to the ‘highway’ technology that will link and power the network of assets and coins.
- Asset linkages
- NXTventure in SuperNET
- [Funding request]
- ATM support and Bitstarcoin
- SNN funding and distribution
- SuperNET Radio
- Development update
- First Telepod
- The last mile – deaddrop accs
- Related links
There has been some confusion among investors about SuperNET’s asset holdings, their connection to each other, and how this all affects SuperNET and its revenue streams. This is understandable, since many of the assets are interlinked and own differing proportions of each other.
To make things clearer, the SuperTEAM is working on a visual map of the SuperNET, its assets, dividends, revenue and so on. Meanwhile, James’ assets are listed and updated HERE.
My asset linkages are based on something that I saw and thought made some sense, so did an entire country: http://en.wikipedia.org/wiki/Keiretsu
Anyway, there have been many complaints that all my assets makes some confusion, so in a way SuperNET is a solution for this as it is putting in the key jl777 assets all in one place. If you want to invest in me (and all the other cryptos I approve of), just get SuperNET.
NXTventure in SuperNET
InstantDEX has obtained 8 percent more of NXTventure, as James did a marketrate swap between his own holdings of NXTventure and InstantDEX’s own holdings of the InstantDEX asset, making InstantDEX the largest NXTventure assetholder.
James writes (https://forum.thesupernet.org/index.php?topic=182.0)
There was a suggestion that I merge NXTventure into SuperNET, but this is not very feasible. So I did what I could by exchanging NXTventure assets I had for InstantDEX assets. Since SuperNET owns a big chunk of InstantDEX, this gets SuperNET that much more of NXTventure… There is no short term effect as both were swapped at the current market prices.
One of the sources of confusion has been between Atomic and InstantDEX, since they both appear to enabe real-time cross-blockchain trading, allowing users to exchange one coin for another almost instantly.
One of the weaknesses of the current cryptocurrency ecosystem is the existence of centralised exchanges – a serious compromise and regular point of failure in a technology built on decentralisation. At present, however, there is no other way to track which coins are being exchanged, which users are exchanging them, who owns how many coins, and so on – and in the process, a significant proportion of the coins are held in hot wallets, which are often less than secure.
CryptAxe, creator of Atomic, writes:
InstantDEX offers the ability to replace a major part of the exchange process, however it needs a way to keep track of all of these exchanges so that is where a solution like ATOMIC comes into play. ATOMIC allows ANY coin without any changes to begin tracking their exchanges on one blockchain. This means there is no central authority that declares an exchange good or bad, it is decided by the nodes on the ATOMIC network via the POE and POG protocols.
Atomic works at a lower level than InstantDEX, providing the instant-exchange platform with a way of tracking trades.
[Funding Request]: VRC
I have a deal with VRC community for a swap of 538,916 VRC against SuperNET asset. The recent price for VRC was ~100:1 ratio against SuperNET.
VRC has committed to making a cloud storage GUI for SuperNET using the recent DHT API I made. The plan is to create a way for users (and companies or even other coins!) to rent out HDD space to the cloud. All of the details have not been worked out yet, but the VRC community has been quite active with its SuperNET support and with a cloud storage solution will definitely be worthy of SuperNET core inclusion. I will be working with them to solve whatever tech issues come up.
I hope to be able to provide a 50/25/25 revenue share from the cloud storage split between the user/VRC/SuperNET, so all SuperNET users can monetize their unused HDD, VRC will create a revenue stream for their hodlers and of course SuperNET will get a nice new revenue stream and increase the overall userbase.
I request approval for 5389.16 SuperNET assets from working capital and another 100 BTC for open market purchases so that we can get close to the target level of 10% stake
ATM support and Bitstarcoin
Whale has negotiated a deal with BITS (Bitstarcoin), who will be deploying ATMs in Cyprus and will become a core component of SuperNET.
The deal is for 1 million BITS in return for 15 BTC (10 BTC + 5 BTC worth of NXT). A further 1 million BITS will be placed in escrow. 60 percent of these will be released to SuperNET if the price stays over 12,000 satoshis for a week. If BITS does not purchase ATMs, 40 percent of the escrow will also belong to SuperNET; if they do deploy them then the 40 percent will be returned to BITS.
This should provide a mutually-beneficial arrangement between SuperNET and BITS, protecting and rewarding each. There are currently 16 million BITS, so this deal reaches the 10 percent goal for SuperNET ownership.
The Bitstarcoin dev team will continue to enhance the multi-function in-wallet services, in conjunction with the commercial development of the ATM project and related ancillary services being funded and managed by the Cyprus company and their development team, working closely with superNET to present a unified platform that will be able to offer a full-service ATM user interface into cryptocurrency 1.0, 2.0 and beyond.
It gives me great pleasure to announce the integration of the Bitstarcoin project as a core component of superNET, in partnership with the commercial incorporation of both Bitstars and other superNET coins onto a cryptocurrency two-way ATM service being rolled out on the island of Cyprus.
Alongside the sale and purchase of standard bitcoin, users will be able to choose from a raft of alternate cryptocurrency projects such as the PoS Bitstars, with its generous staking rate for early adopters, as well as multiple other superNET crypto projects to be announced.
The projected implementation schedule is for the first few units to go live in Limassol Q1 2015, with our intention being to engage in discussion with relevant Cypriot government departments to ensure a good understanding of the technology, its function and potential for widening the scope of alternate routes towards enhancing both commercial and personal economic capabilities.
We choose not to disclose our company name at this time in order to avoid unnecessary interruption or interference. A full public announcement and press release will be made shortly before launch, along with the rollout of online support services and communication channels.
SNN funding and distribution
Last week an asset dividend of SNN (https://forum.thesupernet.org/index.php?topic=118) was announced. SNN, the SuperNET News Network, will be ‘a community owned and operated media outlet, with stories and content written by a wide range of contributors about crypto technologies and markets. 75% of revenues will be distributed to assetholders. Revenue sources include advertising, subscriptions and pay-per-view.’
James writes, ‘Since this is a seed stage enterprise, some funds will be required. The budget is 500,000 NXT to get to revenue producing stage.’
The asset allocation is as follows:
- fumanchu808 – 10 percent
- NXTventure dividend – 7.5 percent
- SuperNET dividend – 7.5 percent
- JLH – 5 percent
- SuperNET – 40 percent
- SNN for other key contributors and writers – 30 percent
SNN will create content for the supernet.org website and also for the SuperNET GUI. As part of SNN, an advertising sales function will be created, which will also be used to enhance SuperNET ad sales. As one of the major revenue-generating aspects of SuperNET, the advertising is of strategic importance.
Founder Kevondo writes, ‘SuperNET Radio is “The Voice of SuperNET” but [also] the voices of the other coins, Core, Supported, or Associated are also eligible to be heard.’
The plan is ultimately for SuperNET radio to broadcast 24/7. It will be as informative as possible, initially with the aim of educating the public and exploring further ideas when the project gains greater traction. DJs are welcome to join on a voluntary basis.
Some of the suggestions and points raised by Kevondo include:
- Social, philosophical, and legal commentaries related to Crypto are welcome.
- Call-in ‘Talk Radio’ sessions for SuperNET, Core, Supported, and associated coins.
- ‘How to’s’ for services, as well as links and info for each coin.
- People (DJs) to produce and represent any of these programming topics will be necessary.
- We need to find knowledgeable, committed folks for each feature, coin, or asset who can assist listeners in the application, use, and value of the topic being discussed.
- When would be the best time to schedule shows? This will depend on the coin/asset and market. It should be a time when the majority of owners, users and developers will reached.
- What languages should the broadcasts offer? The scope of SuperNET and crypto is international. How can we move SuperNET forward in different markets?
- Should it be subscription based? On start-up? Eventually? For individuals, or for coins and assets?
Help, feedback and ideas on all of the above are welcome. You can find out more and make suggestions here: https://forum.thesupernet.org/index.php?topic=181.0.
SuperNET’s network of public privacy servers (that is, the nodes in the privacy network that are publicly visible, forming the backbone of the infrastructure) will be used to store files in the cloud as well as relaying transactions and messages.
Of course, no assurance that all parts of all your files will reside in these community servers, nor that the community funding will be there forever, but for now it looks like we can fund this from the [BTCD] staking revenues… These servers can be providing HDD for cloud storage, public routing, public access points, etc.
The plan is ultimately to have around 100 community-funded servers that can be relied on to be up and running all the time. Initially, BTCD needs some 50 privacy servers, running on a network of VPS machines. These will be used to bootstrap the network and for testing. Funding is available from the staking income of the BTCD collected during the SuperNET ICO (see vote).
This is a vital part of the ecosystem and SuperNET cannot be launched without it. If you are able to help set these up and maintain them, please contact Azeh on the bitcointalk forum.
Development of key functionality has taken further steps forward this week. Along with the capacity for cloud storage, James has used the SuperNET API (via BitcoinDarkd) to create the first telepod – the package that houses the information required for anonymous transactions.
Now that the privacyNetwork is stabilizing and even has cloud storage, Teleport will be able to be finalized and then it is InstantDEX/Tradebots. Those two are related and will become the active coded projects soon.
All the networking is actually vitally needed by InstantDEX, so in essence great progress has been made, just in the foundation that InstantDEX/Tradebots needs.
Since without the 50 servers, I cant really debug the DHT and I need that for the next step, I decided to take a break and looked into curve25519
I figured out how to do 3 of 3 multisig!
I think I can also do 2 of 3, but still need to verify the 3 of 3.
I remind you I am just a simple C programmer and not a cryptographer. If anybody has the math background to confirm or deny my experimental finding, please post!
The thread can be found here: https://forum.thesupernet.org/index.php?topic=154.msg1262#msg1262
The ‘last mile’
One of the technical issues of the privacy network is sending a package through the public privacy nodes (i.e. those which have public IP addresses) and out to the destination address without the user’s IP address being compromised. James has been working on a system of probabalistic routing, which would have addressed this, though it was complex and inefficient.
A new development means he is now working on a way to complete the final hop out of the privacy network – the ‘last mile’ – far more effectively.
My coding the DHT is what allowed me to solve this, so those that think these seemingly unrelated things are slowing down the progress, it is quite the opposite. It is helping achieve the ultimate goal!
TL:DR it is possible to transact with someone without ANYBODY actually knowing the IP address of the destination, and therefore very private comms are possible. If these comms happen to have telepods and funds are being transacted, then commerce can happen using this method.
Since people had a hard time understanding the simpler form of Teleport, I fear that few will be able to understand the new deaddrop approach. Hopefully somebody will provide some feedback on its weaknesses, if it has any.
I feel this is a fundamental improvement in privacy. In all prior versions, there was at least a statistical linkage of your acct # with IP address. Now, all that is happening is that packets are being sent to dead addresses so there is nothing to correlate.
This is a bit of unexpected extra work, but the qualitative increase in privacy is well worth it. A key thing to realize is that all of the SuperNET just gets this level of privacy for all comms.
Life moves extremely fast in the cryptocurrency world. With no bureaucracy or institutional structures, creativity is given free rein. James is one of the leaders of the financial revolution, with several of his projects breaking new ground – turning coins into assets, paying dividends to coin stakers, enabling cross-coin functionality and an entirely new approach to anonymity.
The tech behind SuperNET is breaking new ground, promising a powerful and robust platform for crypto commerce and communication. If you are interested in joining the SuperNET community, you can find out more on the SuperNET forum. There are roles for everyone willing to contribute.
SuperNET related links
SuperNET related projects:
Affiliated websites (revenue sharing or partial ownership)
Author of SuperNET newsletters: NXTER MAGAZINE: http://test.nxter.org