Topic: IOTA - JINN (Read 33238 times)

Triangle · « **on:** November 25, 2015, 02:33:18 pm »

IOTA - JINN SWAP

We are happy to finally be able to share the details surrounding the JINN to IOTA conversion. The JINN tokens will be locked at the fixed value of 0.0063 BTC, the reasoning behind this is that we offer this conversion primarily for those that did not understand what they bought when they bought JINN. This was the value on the time of the sale and thus ensures that absolutely no one lost anything on their purchase of JINN tokens. This is what is important to us. We are extremely grateful for everyone that supported and continue to support both the JINN and IOTA project and hope that this offering will alleviate the concerns tied to the high risk and bumpy timeline of the experimental hardware world!

Status of Jinn:

Like promised here is a general update of the Jinn project. We are still in full development with our team working hard. We finally received the hardware components from manufacturing at the end of October and started testing as soon as we got them. Two engineers have been testing them and the results are both encouraging and frustrating. On one hand the ternary circuits work fine, but on the other the asynchronous is showing a problem. We’re now hard at work to solve this problem and will do another manufacturing run soon. But this is hardware. This means another 3-4 months until we know if the components work or not, there is a good reason on our end to be encouraged by some of the results and subsequent discoveries, but the intricacies are way too complex to explain here, not to mention premature. A full update will come post-IOTA sale. The reason for this is simple: the JINN to IOTA conversion is meant for those who do not want to be in the hardware speculation game.

What is JINN?
There has been a lot of confusion around the JINN assets in the last months, so here is a brief recap:

JINN tokens was sold by Triangle (our company, now renamed) to represent the processor and emulator sales, NOT EQUITY, which will then be paid out through these tokens / need to work out a legal deal in the future, depending on your jurisdiction. Crypto is no longer an unregulated market and we have to oblige the laws which will be relevant. This is still ambiguous due to EU court.

Back to IOTA

If you are unfamiliar with what this completely new kind of crypto is all about head over to www.iotatoken.com to get an introduction.

This is the only official crowdsale of IOTA that there will ever be. This is it, in its entirety. There is absolutely no premine or presale to exclusive and privileged investors of any kind. Everyone is equal and has the same opportunity. So if you want to get ahold of iotas from day 1 and be part of writing a new chapter in crypto and IoT, this is your one chance.

How to swap your JINN for IOTA and collect your iotas

Step 1: Simply deposit your JINN tokens to this address:

NXT-Q4N3-V2QJ-S3GT-FW4Z9

Step 2:

Collect iota via collect.iotatoken.com after the sale ends. We'll require that you send the string from atoi.exe from the same account that you deposited from to prove your ownership.

Offering

999 999 999 iotas is up for sale.
This amount will be distributed between the buyers proportionate to their individual purchase sum. E.G. if your purchase sum make up 5% of the total sum of all purchases, you will get 5% of all the iotas for sale.

Accepted currencies

Bitcoin

JINN tokens locked at a fixed value of 0.0063 BTC per token. Previously we planned to have a limit on only allowing this swap for people who held JINN prior to a certain block, due to popular demand we now retracted this and everyone that holds JINN is free to swap for IOTA!

Duration and schedule

Duration: 27 days.
Date: 25th November at 2 PM UTC - December 21st 11:59 PM UTC.

Schedule

Pioneer 15% more iotas.

9 days from 25 November - 3 December at 2 PM UTC

Early adopter 7.5% more iotas

9 days from 3 December - 12 December at 2 PM UTC

Slightly-less-but-still-very-early adopter

9 days from 12 December - 21 December at 11.59 PM UTC

Purpose of the crowdsale

Development. The crowdsale funds will be used for further development and finalization of the IOTA software as well as development of the Jinn hardware processor which will strengthen and help bootstrap the network in its growing phase. Additionally funds will be used on marketing efforts to help nurture the growth of the IOTA network and community.

Prevent hoarding whales from stifling the project. If the tokens had not been sold but instead distributed through a sign-up scheme or mining of some sort, centralization would inevitably arise and usage of sybil type strategies would cheat the system.

Kickstart the ecosystem. As these tokens exist in limited quantity and every single one of them is sold in this exclusive crowdsale, it is imperative that the people who end up with them value their utility and functionality in such a manner that they have an incentive keep them useful and valuable. This is absolutely vital for organic growth of IOTA.

For those looking to buy through Bitcoin: https://bitcointalk.org/index.php?topic=1262688.0

Risk disclaimer: http://188.138.57.93/risk.pdf

LiQio · « **Reply #1 on:** November 25, 2015, 02:47:11 pm »

Quote from: Triangle on November 25, 2015, 02:33:18 pm

Step 2:
Collect iota via collect.iotatoken.com after the sale ends. We'll require that you send the string from atoi.exe from the same amount that you deposited from to prove your ownership.

Should probably be "same account" in step two.
Can we send any amount? (IIRC it was stated long ago, that we would have to send all tokens in possession at block 54xxxx or the like)

Altcoinspekulant · « **Reply #2 on:** November 25, 2015, 02:52:39 pm »

David: Check my Avatar

One question: I was buying Jinn just some days ago. So after the Block you announced (I think in October).
Are new Jinn-Holders able to convert as well?

Many thanks in advance for your feedback!

Triangle · « **Reply #3 on:** November 25, 2015, 02:53:21 pm »

Quote from: LiQio on November 25, 2015, 02:47:11 pm

Quote from: Triangle on November 25, 2015, 02:33:18 pm
Step 2:
Collect iota via collect.iotatoken.com after the sale ends. We'll require that you send the string from atoi.exe from the same amount that you deposited from to prove your ownership.

Should probably be "same account" in step two.
Can we send any amount? (IIRC it was stated long ago, that we would have to send all tokens in possession at block 54xxxx or the like)

Same account* indeed, thanks.
Yes, due to popular demand everyone can send as much as they like.

Triangle · « **Reply #4 on:** November 25, 2015, 02:54:14 pm »

Quote from: Altcoinspekulant on November 25, 2015, 02:52:39 pm

David: Check my Avatar

One question: I was buying Jinn just some days ago. So after the Block you announced (I think in October).
Are new Jinn-Holders able to convert as well?

Many thanks in advance for your feedback!

Hah nice

!

Yes, we decided to allow everyone due to the popular demand for it. So feel free to swap. Will add it in the OP now too.

rubenbc · « **Reply #5 on:** November 25, 2015, 03:03:26 pm »

Sorry dumb question but I don't understand this concept

Quote

We'll require that you send the string from atoi.exe from the same account that you deposited from to prove your ownership.

thanks

Triangle · « **Reply #6 on:** November 25, 2015, 03:06:11 pm »

Quote from: rubenaco on November 25, 2015, 03:03:26 pm

Sorry dumb question but I don't understand this concept

Quote
We'll require that you send the string from atoi.exe from the same account that you deposited from to prove your ownership.

thanks

atoi.exe generates a string for IOTA, you'll simply have to run it (takes a couple seconds only) and then copypaste the string you get and then send it from your NXT account (The one you sent JINN from) to verify that you are indeed the rightful receiver of the iotas.

rubenbc · « **Reply #7 on:** November 25, 2015, 03:08:34 pm »

thank's!! I've started the exchange

yassin54 · « **Reply #8 on:** November 25, 2015, 03:09:03 pm »

Quote from: Triangle on November 25, 2015, 03:06:11 pm

atoi.exe generates a string for IOTA, you'll simply have to run it (takes a couple seconds only) and then copypaste the string you get and then send it from your NXT account (The one you sent JINN from) to verify that you are indeed the rightful receiver of the iotas.

Thanks for information!!

cc001 · « **Reply #9 on:** November 25, 2015, 03:23:32 pm »

Quote from: Triangle on November 25, 2015, 03:06:11 pm

atoi.exe

a windows tool? what do mac/linux users?

rdanneskjoldr · « **Reply #10 on:** November 25, 2015, 03:29:41 pm »

Is it planned to have IOTA available for trade? On what type of exchanges? I thought yes by default, but this scares a bit and maybe it doesnt.

2) What IOTA is not.
IOTA should not be considered a cryptocurrency, even if it may have been described as
that by us or others previously. Currently IOTA tokens (i) cannot be exchange for any
goods or services (ii) has no known uses outside of the IOTA network, and (iii) cannot be
traded on any exchanges and as such does not fit the the description of a
cryptocurrency.
IOTA should also not be considered an investment. There is absolutely no guarantee
that the IOTA that you purchase will increase in value. Instead you need to consider that
over time it may decrease in value.

LiQio · « **Reply #11 on:** November 25, 2015, 03:34:05 pm »

Quote from: cc001 on November 25, 2015, 03:23:32 pm

Quote from: Triangle on November 25, 2015, 03:06:11 pm
atoi.exe
a windows tool? what do mac/linux users?

They "produced" other versions, see here https://bitcointalk.org/index.php?topic=1216479.msg12928178#msg12928178

Triangle · « **Reply #12 on:** November 25, 2015, 03:35:36 pm »

Quote from: rdanneskjoldr on November 25, 2015, 03:29:41 pm

Is it planned to have IOTA available for trade? On what type of exchanges? I thought yes by default, but this scares a bit and maybe it doesnt.

2) What IOTA is not.
IOTA should not be considered a cryptocurrency, even if it may have been described as
that by us or others previously. Currently IOTA tokens (i) cannot be exchange for any
goods or services (ii) has no known uses outside of the IOTA network, and (iii) cannot be
traded on any exchanges and as such does not fit the the description of a
cryptocurrency.
IOTA should also not be considered an investment. There is absolutely no guarantee
that the IOTA that you purchase will increase in value. Instead you need to consider that
over time it may decrease in value.

We are in touch with exchanges that want to add it yes, but ultimately that is THEIR decision, not ours.

And yes given that this is a presale it is not listed anywhere nor can it be used as a cryptocurrency yet as such. This is a legal disclaimer. IOTA is a cryptographic software token that CAN be used as a cryptocurrency, but we do not SELL it as such. So it's entirely up to the purchaser to decide if they want a cryptograpic token.

rdanneskjoldr · « **Reply #13 on:** November 25, 2015, 03:43:45 pm »

Will Jinn as a "company" or whatever you want to call it, put any of its capital on the IOTA ICO? And if yes, will it be announced publicly with the amount?

Triangle · « **Reply #14 on:** November 25, 2015, 03:48:10 pm »

Quote from: rdanneskjoldr on November 25, 2015, 03:43:45 pm

Will Jinn as a "company" or whatever you want to call it, put any of its capital on the IOTA ICO? And if yes, will it be announced publicly with the amount?

Not the company no, that would be 'cheating'.

Now of course personally I will buy iotas from my personal funds.

durerus · « **Reply #15 on:** November 25, 2015, 03:55:07 pm »

Quote from: Triangle on November 25, 2015, 03:35:36 pm

Quote from: rdanneskjoldr on November 25, 2015, 03:29:41 pm
Is it planned to have IOTA available for trade? On what type of exchanges? I thought yes by default, but this scares a bit and maybe it doesnt.

2) What IOTA is not.
IOTA should not be considered a cryptocurrency, even if it may have been described as
that by us or others previously. Currently IOTA tokens (i) cannot be exchange for any
goods or services (ii) has no known uses outside of the IOTA network, and (iii) cannot be
traded on any exchanges and as such does not fit the the description of a
cryptocurrency.
IOTA should also not be considered an investment. There is absolutely no guarantee
that the IOTA that you purchase will increase in value. Instead you need to consider that
over time it may decrease in value.

We are in touch with exchanges that want to add it yes, but ultimately that is THEIR decision, not ours.

And yes given that this is a presale it is not listed anywhere nor can it be used as a cryptocurrency yet as such. This is a legal disclaimer. IOTA is a cryptographic software token that CAN be used as a cryptocurrency, but we do not SELL it as such. So it's entirely up to the purchaser to decide if they want a cryptograpic token.

But the software is already in a status that the IOTA cryptographic token could be sent from one account to another and that exchanges could theoretically include it right away? Or is sending the token from account A to account B something not yet implemented?

achim · « **Reply #16 on:** November 25, 2015, 04:00:19 pm »

Quote from: Triangle on November 25, 2015, 02:33:18 pm

JINN tokens locked at a fixed value of 0.0063 BTC per token. Previously we planned to have a limit on only allowing this swap for people who held JINN prior to a certain block, due to popular demand we now retracted this and everyone that holds JINN is free to swap for IOTA!

Nice! This means we can buy iota from within the Nxt ecosystem.
Demand for jinn just rose.

martismartis · « **Reply #17 on:** November 25, 2015, 04:01:14 pm »

Is it possible to redeem Jinn for Iota in tranches from the same account or it must be only one transaction?

Triangle · « **Reply #18 on:** November 25, 2015, 04:05:52 pm »

Quote from: martismartis on November 25, 2015, 04:01:14 pm

Is it possible to redeem Jinn for Iota in tranches from the same account or it must be only one transaction?

Yes, you are at liberty to chop it up into as many transactions as you like.

Triangle · « **Reply #19 on:** November 25, 2015, 04:06:35 pm »

Quote from: durerus on November 25, 2015, 03:55:07 pm

But the software is already in a status that the IOTA cryptographic token could be sent from one account to another and that exchanges could theoretically include it right away? Or is sending the token from account A to account B something not yet implemented?

We'll start posting status reports quite soon, as well as launch fora and Slack for IOTA discussion to stimulate growth.

News:

Author Topic: IOTA - JINN (Read 33238 times)