Nxt Forum

Please login or register.

Login with username, password and session length
Advanced search  

News:

Latest Nxt Client 1.11.5 - NEW RELEASE: Ardor 2.0.3e TestNet IS LAUNCHED!

Pages: [1]

Author Topic: Bringing the SAE back to life : Barter  (Read 2076 times)

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34
Bringing the SAE back to life : Barter
February 24, 2016, 03:09:31 pm

Freebieservers is proud to bring back the Secure Asset Exchange in a new variant. With the back end of the project being made open sourced by the former dev (kushti), the project has been waiting upon new leadership to take it further and capitalize upon the decentralized asset exchange while ensuring value additions are made. The  joint collaboration brings together Coinomat's expertise in handling exchanges with Freebie LLC's expertise in product development. The new SAE shall be run by the name of "Barter" and aim to create a cross currency asset exchange platform that allows for individuals to buy assets from other currencies, conduct asset to asset trades and initiate exchanges without reliance upon external exchanges. It will also enable new businesses to raise funds from the community, and ensure new members of the community have a user intuitive platform for raising of funds and purchase of assets.

Project objectives.

Bringing back the SAE to its former variant - with a new front end and server. This is the main objective, and the project will be launched with the same functionality SAE had.
Add cross currency asset exchange with support for Btc, Eth and Nxt
Enable on-platform cross currency exchange
Enable Asset to Asset exchange
Create a user friendly platform for businesses and investors to interact with each other.
Project deadlines
Integration of new front end and v1 launch- 14th March 2016
Integration of cross currency exchange - 21 March 2016
Additional features to make the project a kick-starter hybrid - 7th April 2016

Project specifications


 Coinomat will be handling the asset in a joint collaboration with Freebie LLC
The project will be under the banner of "Barter"
The project will collaborate and work with coin communities of all backgrounds / technology / ideology as long as it does not work towards unethical or illegitimate causes
The project will be a for-profit venture with fees generated on deposits, withdrawals and trades
Coinomat will do the escrow for the project, and will release the funds based on completion of project stages. Freebie will be handling the development of the project.  In the event that a deadline is not met, the amount will be further held until the deadlines are met.
The servers of the project will be under coinomat's control and Freebie LLC will maintain limited access towards it. This is in lieu of coinomat's year long experience in handling exchanges in a secure fashion
 
Asset structure:

ICO price is 0.00005 BTC per share
60% will be sold at ICO, so the ICO target is 30 BTC
25% is retained by Freebieservers
15% by Coinomat (for further distribution to Cryptofund holders)
Dividend payouts will be made on monthly basis. 50%  of the project profits will go to dividends, the rest will be retained for further development.
Asset id : 8975474920402627041
Asset issuer : NXT-PTAV-JBPD-9QZ3-D52VR

Note : All wallets, servers, funds raised (including the funds raised right now) and code will be held by coinomat. Payments will be released to FS only on a milestone basis.
« Last Edit: February 24, 2016, 03:12:02 pm by Freebieservers »

coinomat

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 1520
    • View Profile
  • Karma: +214/-18

I will be providing escrow services for Freebieservers.  I want SAE to be a community project, I will have no direct profit from it.
15% of shares will be transferred to cryptofund account (10% will be sent to cryptofund holders as a dividend, 5% is retained for receiving dividends and redistributing them to cryptofund holders)

Why I'm doing this - many people were sorry about SAE closing down, I contacted kushti asking if they were willing to let some other people maintain it, he was fine with it, but the other guys in the project wanted to close it down still. So he open-sourced the code.
Freebie contacted me and proposed to do the front-end for it. I have no direct interest in the project right now, since I'm heavily involved with the new fork. But I think it's the right thing to do, after I've talked to some people from the community.
I understand that some people here had some problems with Freebie, but he still seems to be competent and fast.
The payments will be sent to him in stages. I guarantee that in case of problems all funds will be returned and the asset deleted.

We agreed on the following contract terms:
 
- Trusted members of NXT community have  access to all the code supplied.
 
- Project code is not using any external libraries, only the ones that are freely available
 
- Contract is the Non disclosure agreement that includes a 'non compete'
 
- Code can be deployed to the hosting environment provided by me, and can`t be using as external files hosted on other servers.
 
- Contract is completed when all updates, fixex are in place.
 
- Code enables administrator to add additional chains, assets, pairs
 
- Payments for the project are completed in stages. Recreation of SAE functionality will require costs equivalent to 7 BTC.  All following payments will be released upon the project launch with full SAE functionality.
Time to go further

TheWireMaster

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 328
    • View Profile
    • NXT Folks
  • Karma: +21/-0

When is the sale starting?
NXT-5WW2-XQ63-CFGM-G7YAJ

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34

Coinomat has initiated the sell order, so I believe its open now.

Regards

lmmjvsd

  • Jr. Member
  • **
  • Offline Offline
  • Posts: 39
    • View Profile
  • Karma: +2/-0

nice ;)

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34

4000'ish assets sold in 10 minutes.
Going pretty strong I guess.

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34

Whelp, 10,000 Assets gone. Faster than anticpated.

MrV777

  • Core Dev
  • Hero Member
  • *****
  • Online Online
  • Posts: 914
    • View Profile
  • Karma: +105/-4

I'm in to support this  :)
NXT: NXT-BK2J-ZMY4-93UY-8EM9V
NXT nodes: drseuss.dyndns-home.com, 198.46.193.111, 69.163.40.132, 192.169.6.103

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34

I'm in to support this  :)

Thanks man. Close to 16000 assets gone.

TIPSEPL

  • Full Member
  • ***
  • Offline Offline
  • Posts: 210
    • View Profile
  • Karma: +6/-0

Picked up a few.

DaiMond101

  • Newbie
  • *
  • Offline Offline
  • Posts: 4
    • View Profile
  • Karma: +1/-0

yep grabbed a few for myself :)

farl4bit

  • Global Moderator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 3371
  • Go Nxt!
    • View Profile
    • Blockchain Startpagina
  • Karma: +204/-45

Great work guys. And coinomat, respect you do this for the Nxt community. This is what it's all about. Creating beautiful stuff together!  :) 

coinomat

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 1520
    • View Profile
  • Karma: +214/-18

Guys ICO is on hold, sorry for the confusion.
I won't be doing it with Freebieservers, the risks are too high.
After the ICO had been started some new stuff came up.

considering various options now.
the worst which can happen I'll refund everybody right now.

DON'T buy assets!

My apologies, got a little to relaxed probably. did not run into such situations since a while.


Time to go further

farl4bit

  • Global Moderator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 3371
  • Go Nxt!
    • View Profile
    • Blockchain Startpagina
  • Karma: +204/-45

Wow! That's was not the reply I wanted to see.  :(

I just got back into the positive vibe and bought some after that new chain trouble. What to do? 

Cassius

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2459
  • Rather be a pirate than join the navy
    • View Profile
  • Karma: +207/-18

What's the story?
I head up content for BitScan, crypto business hub.

Freebieservers

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 409
    • View Profile
  • Karma: +70/-34

We have a misunderstanding in regards to the technology to be used.

1. One option is to use Kushti's code as is
2. Second is for us to have it rebuilt in another language with external libraries and an API that lets future projects communicate with the new SAE

Coinomat is worried about our approach and no longer finds it safe.
I have asked him if he'd be fine with moving the asset to another escrow. Damelon and Cassius seem busy so that might not work out.
Worst case, we'll move ahead with the project independently and coinomat does a refund of the money.

Edit : If another body wishes to be escrow -we're open to it.


Regards
« Last Edit: February 24, 2016, 10:19:10 pm by Freebieservers »

coinomat

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 1520
    • View Profile
  • Karma: +214/-18

So guys it goes like that -
if someone wants to take over and code the frontend for the existing SAE backend, and support the project please report.
This is an interesting project which will be used, and you will profit from TX fees.
I could find the devs but I'm crazy busy right now, so it would be a little too much for me.

If no one reports within 48 hours I'll make refunds and delete the asset.
Pls contact me directly, here or on slack.
« Last Edit: February 24, 2016, 10:38:40 pm by coinomat »
Time to go further

VanBreuk

  • Administrator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2415
    • View Profile
  • Karma: +327/-18

By request, this thread is temporarily locked for the next 48 hours. If anyone wants to address Coinomat or Freebieservers a question after their statements, please contact them by forum PM or in Slack.
GPG Fingerprint: B020 D1C1 F289 3B2C 3577  9EAD 455D D175 5913 C7F1
Pages: [1]