Apps and sites using alternative coins

Apps
1

I am very excited to see all the new projects and applications getting traction on this forum, however one thing I have noticed has concerned me a bit.

It seems that every site or app or feature is establishing its own version of some sort of alternative coin to use. I for one am already confused by which coins go with what site or app and how to buy/exchange them and when the crowd sales are and everything else.

I am also a bit concerned about the potential for fraud with scams and/or malicious alternative coins similar to these once the network launches.

I may be a bit lost, but can’t Safecoin meet the needs of these projects without having to create potentially huge numbers of site specific coins??

3 Likes
2

I think app specific tokens are helpful to enable pre-sales.

People can’t easily sell shares in a company over the internet, nor enforce revenue shares. But developers can make a provably scarce token an essential part of a useful app & pre-sell those tokens to raise funds to make their project happen.

So, I think it’s basically a crowdfund enabling mechanism. It is open to abuse, so people will need to be careful, but to me it seems like a powerful enabler.

11 Likes
3

When an app or individual creates their own altcoin they are essentially creating a value token that represents them. How much are they worth? When you buy maidsafecoin or safecoin you are supporting the SAFE network. When you buy bitcoin you are supporting the bitcoin project. When you buy litecoin you are supporting the litecoin project. When you buy dogecoin… wow much doge love! <3 But seriously when you buy a project’s coin you are supporting the project just like when you buy stocks or bonds in a company. Currencies are barterable and tradable commodities, or at least they should be, without governments and other authorities interfering with the market. Any sufficiently liquid asset that people can agree has value can become a currency. Water, precious metals, gems, spices, all these things are commodities and all these things can ALSO act as currency. So is it such a huge leap to see a flourishing cryptocurrency market with lots of different cryptocurrencies being bought and sold?

7 Likes
4

I think the app specific coins are great because right now; there is no youtube coin, or soundcloud coin; or even a safenetforum.org coin;

And on another hand the SAFE Network allows us to make tailored distribution algorithms for coins specific to apps. If you ever played a video game, in that game you have some digital tokens for that game. They become relevant once you log in.

This is the paradigm shift never before seen. And it is efficient. You want to use the music app, there’s a music token wallet as soon as you pull it up, or a forum token when you pull up a specific forum site etc; Hope that paints a clear picture.

Safecoin stores the data, but to interact with content with Safecoin to me seems very expensive and this way with altcoins on the network we are throttling the alt coins with POW or different kinds of Proof of Resource, like with n99 proof of content even, The world we are emerging into is far more efficient, and I think the confusion will quell into it.

Regards to possibility of scams, indeed due diligence is relevant for ever, and discernment that’s for sure.

7 Likes
5

This network is unlike any other until now, so it makes sense that new things start popping up to solve old problems.

In the current internet, you “pay” to use sites with something else: you provide information about yourself, your buying habits, etc to different advertising networks (Facebook, Google, Taboola, Outbrain, etc.) Your contribution to these can be, in an abstract way, thought of as if you paid with their own version of alternative currencies.

On a network where the sneaky cheats that practically drive the current internet are both unwelcome and (hopefully) harder to implement, payment will have to be more direct; I’m not surprised that developers are looking for alternatives.

It’s a legit concern for sure; I’m intrigued to see what mechanisms the community will devise to mitigate it :smirk_cat:

For one, I’m a fan of the “one coin for all” concept. I can relate to Blindsite2k’s argument: an ecosystem of multiple currencies can be a healthy driver for competition between those apps: if one gets more popular, their coin will start to worth more, etc.

Leaving that previous thought, I think it would help if Safecoin would already be a more finished concept, including questions about its divisibility (in turn, including the question about recycling subdivided coins.) But even then, @DavidMc0’s argument about fundraising would stay.

6 Likes
6

Also pulling out a credit card for every single site, app etc is just a real hassle, not mention dangerous. Unlike cryptocoins and private keys etc…

5 Likes
7

I guess my concern is keeping track of all the different tokens for all the different sites and being able to keep a balance for each…

For example if Amazon only let you purchase things with Amazon dollars and iTunes made you use Apple dollars or whatever, it would seem to be a pain to make sure you actually have a balance in each currency or token to use the site…and if you don’t, you will have to convert and move funds around and whatever else.

I get the idea and how it could work very well…but it could also be a hindrance to being able to smoothly transition between sites and services…hmmmm…very interesting stuff indeed!

6 Likes
8

What @Blindsite2k says is true and very important, but I think there’s something else to look at:

So far, each of the tokens for sale (SEC, PDC, SEEDs) have specific utility to apps and/or protocols.

Safe Exchange Coin gives one a stake say in the running of the environment of the Exchange, and some potential ROI directly, without ever giving up ownership, unless you want to transfer the ownership of the token to someone else, for whatever reason (sell, gift, etc.)

PDC will get you Clikes, which allow people/groups/companies the opportunity to get the attention of people they would otherwise have to take a longer, more painstaking and haphazard way to reach. They’ll be useful to respectful advertisers, but also to people in general who want to make more rapid connections to like-minded people or potential allies, etc.

SEEDs are for content creators to get rewarded and for consumers to exchange value. I haven’t got a complete understanding of this one yet, but looks like an effective use case.

These are app/ecosystem specific means of access and value exchange. The structured data system that underlies these is going to change a whole lot about how we interact.

As to counterfeit tokens, listen to episodes 30 and 31 of the SAFE Crossroads podcast, where Harmen and I discuss SAFE altcoins in general and Clike specifically. Also, episode 28 which talks about structured data in general and safecoin in particular.

That’s not a quick answer to your question about counterfeits, but it should help make it clear why it’s not a situation.

EDIT:
On the number of tokens, there are ultimately going to be a huge number of them. They will be tied to specific apps, largely, and won’t be recognized unless the apps are specifically coded to recognize and handle them.

8 Likes
9

I see your point; therefore, have to get onto SAFE asap. Since it will be far easier to do so.

2 Likes
10

I think money will become way more liquid on the SAFE Network, you could just pay with SAFEcoin, but in the background SAFEX is converting your SAFEcoin to mvanzyl coins so you can watch the hd video’s.

8 Likes
11

The Safecoin wallet is just an app. Or, is part of the Launcher? but, for our argument, it doesn’t matter. Because, where there is a need, there will be a solution. Or, more like, solutions, plural. Wallets, launchers: we’ll have a healthy competition soon after launch, and to come out as one of the winners, that software will have to be able to handle the complexity of multiple currencies, handle the exchanges, etc.

As a side note, it would sure help to reduce the mess if at least a framework of alternative SAFE currencies would emerge soon.

1 Like
12

Working on it @tim87

6 Likes
13

Another thing is that the apps so far don’t require you to have a specific token to use them. SafeX just requires them to vote on issues, contracts, experiences, etc. Not required to use the system.

In Decorum they only are required for specific extra-reach situations and will need to be used respectively or users will just set their software to ignore ranking of Clikes.

Not sure about the use of SEEDs on n99, but I don’t think you have to have them to use the app to access content, so SEEDs are an added utility.

I imagine that’s how a lot of the apps will be, but some will certainly require you to have tokens, in which case they’d better be worth it, or they won’t succeed!

4 Likes
14

If playing a video game, it is very simple to manage MANY different tokens for digital assets within that realm. So this gaming experience is a mantra in my brain, I can’t get it out… even hundreds of different digital assets; and it’s easy to remember them all and what each one uses once I tried it once. Indeed there is a wallet for it all.

Even the most intricate utilities, and combinations etc…
I am sure of it.

5 Likes
15

Yeah we manage multiple tokens all the time while gaming so why can’t we manage similar wallets in the cryptosphere? After all all the items in our inventory and resources in a game are essentially just tokens with different pictorial representations. You don’t get confused when you have to manage half a dozen different kinds of commodities to craft items on world of warcraft or which potion to drink in order to heal yourself, or how many you have left. You don’t get confused about the cost of minerals and gas to buy units on starcraft and it’s all there on the screen. So yeah multiple currencies is totally doable.

5 Likes
16

Good app idea here folks. Even clearnet until the network is live. I bet an app with your balances, the total tokens and links and descriptions of what they are for etc. would be visited a lot. Lots of gets!

2 Likes
17

That would be great! I like the idea of a game style UI to manage them as well…this could get real fun real fast!!

The picture is falling into place a bit better for me now…thanks for all the great feedback everyone!

5 Likes
18

haven’t logged in in a long while but here is my in game bank vault: but I did just to show you an idea

980Ă—1176 113 KB
946Ă—1168 82.6 KB
958Ă—1176 72 KB

6 Likes
19

Just be mindful when coding and making your UI that there are a number of people who have not used these games. Some of us never got into them and while we are capable, we are just are without experience in them.

Just be mindful that some don’t have this experience and your UI needs to be useful to them too. :slight_smile:

4 Likes
20

@neo thanks for the heads up and temper; I actually just started mocking up anoter wallet to look like that; Of course you may recall I have built much of a 3D game already.

Going to keep the User experiences in their respective locations. 2D and 3D two different animals.

2 Likes