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NxtAcademy crowdfunding singapore
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Author Topic: NxtAcademy crowdfunding  (Read 878 times)

NxtSwe

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NxtAcademy crowdfunding
« on: February 04, 2015, 06:24:32 pm »

I've tried to wrap my head around all the details regarding a EXCHANGEABLE / RESERVABLE currency, but I just don't seem to get it.  :'(
Here's the important data about NxtAcademy's MS currency:

Code: [Select]
{
    "initialSupply": "100",
    "currentReservePerUnitNQT": "3400000000",
    "types": [
        "EXCHANGEABLE",
        "RESERVABLE"
    ],
    "minReservePerUnitNQT": "50000000000",
    "currentSupply": "100",
    "issuanceHeight": 370000,
    "reserveSupply": "1000",
    "decimals": 0,
    "currency": "10799769034008917597",
    "maxSupply": "1000",
}

What does it mean when "currentSupply" is set to 100, while "reserveSupply" is 1000?
Does it mean 100 unites are currently under the control of salsacz, and the founders get to divide the remaining 900?

nope, because 900 coins will be released for at least 500 units. Only if 900 units will be bought, then it will be 1 unit per 1 coin.

So, if the founders buys 900 "units", there will be 1 "coin" per "unit".
minReservePerUnit is 500NXT, so 900 x 500 = 450,000NXT, but I've read that minimum amount to be raised is 500,000NXT.

 ???

As you can see, I'm very confused and I've probably gotten most info backwards. If any kind soul with MS knowledge could explain this for me I'd appreciate it.
Thanx!
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salsacz

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Re: NxtAcademy crowdfunding
« Reply #1 on: February 04, 2015, 06:51:01 pm »

I think you are right. CurrentSupply could be even 0, but in this case when coins have no function and we are testing only the reserve feature, it doesn't matter. When I was testing this at testnet, when one account bought all coins and even paid 10x more than was needed, it received 90% of the currency, 10% were given to issuer. These numbers would be useful for some kickstarter-like projects, where those issued coins could be used for some use cases (you could visit Nxt Village and live there for one week if you send back x MS NxtVillage coins).
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Riker

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Re: NxtAcademy crowdfunding
« Reply #2 on: February 04, 2015, 07:01:23 pm »

The 100 initial supply can be considered a pre-mine of salsacz as a founder, and the other 900 units will be distributed between the other founders according to their contribution.
If I understand correctly, salsacz is only trying to raise NXT when the currency gets activated in case more than 500K NXT are reserved and therefore the resulting currency units are unimportant so this initial supply can be ignored for any practical purpose.
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NxtSwe

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Re: NxtAcademy crowdfunding
« Reply #3 on: February 04, 2015, 07:55:21 pm »

Al right, thanx for the replies!

I am still a bit confused over the teminology of "units" and "coins".
All the supplies (currentSupply, maxSupply, reserveSupply) refer to "units", correct?
And since decimals is set to 0, I would assume that these units are indivisible, ie, there will only be maximum 1000 holders of this currency ever, since no unit or coin can ever be splitted?

This is by no means any critizism to you salsacz, I think what you are doing is fantastic!
You just happen to be the first serious example of a distributed crowd funder, and thus your coin is the one that gets all the questions :)

Thanx again!
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mystcoin

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Re: NxtAcademy crowdfunding
« Reply #4 on: February 04, 2015, 09:53:24 pm »

I am still a bit confused over the teminology of "units" and "coins".
All the supplies (currentSupply, maxSupply, reserveSupply) refer to "units", correct?
And since decimals is set to 0, I would assume that these units are indivisible, ie, there will only be maximum 1000 holders of this currency ever, since no unit or coin can ever be splitted?
Yes and yes.
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