But It’s also good point for cheap price guys, don’t you want very cheap coins if poloniex delist maidsafecoin?
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How much such a migration to ERC20 token would cost?
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Yes but at some point you must buy them, and if there is no exchanges…
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Thank you for the reply, Nick!
We all want the best for the network and if the money for development run out next few months it will be much easier to get new money from us and from new people if there is ERC20 token… Let’s not forget that STORJ switched successfully to ERC20 and received 30 million $ for development…
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Just to clarify we are talking about the same thing, Dimitar, are you suggesting we create more tokens on Ethereum (beyond the 452m that already exist), or are you saying we migrate existing tokens from Omni to Ethereum? I think the reason that Storj ended up with $30m is because they held a completely new token sale (ICO).
I think it was less than 30 originally on Omni, but only from memory. Then it looks like there’s 17 addresses that switched to the erc20 version right now but one person could potentially have multiple addresses so nobody can really say anything for sure, for both chains.
The EtherDelta DEX seems to delete trade history after 24 hours though so I’m not sure about volume but maybe the other DEX out there can show more history so we can see. If anyone has insight on that I’ll be very glad if you speak up!
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I’m sure that everyone here is talking about a migration / transition of current coins, not having another ICO or any dilution.
Just like on the OP title here. Similar to what I’ve done for SAFE-FS or Harmen has done for Project Decorum.
Original supply stays the same. Just burning and mirroring on the newer, cheaper & more high-tech Ethereum blockchain
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I see no reason why not both 
It’s not something new in the crypt land… See Next - Ardor for example… Or MCO - CRO…
I do not see why one of the top quality projects can not take advantage of some sophisticated strategy for creating new money which has already been tested by another projects…
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Neither do I. We have close examples of how to do it. In this way the one who only wants to store Maids doesn’t need to do anything. The one who wants to trade will have two possibilities.
In the end, it is a life insurance in case of Polo delist maid.
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I guess its an issue of whether who’s holdings to dilute:
- raising cash via Maidsafe Ltd share issue dilutes only shareholders
- raising cash via a Safecoin token dilutes MAID holders, and indirectly also Maidsafe shareholders (because shares are intended to be convertible to Safecoin at some point).
I don’t see why only shareholders should be diluted. Seems fairer to dilute all stakeholders. Thoughts @nicklambert - is a wish not to dilute MAID holders part of your reasonsing?
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You cant just create more tokens on another platform without breaking the original conditions that were used to raise funds in the first place.
Alot of the original investors could be very unhappy about this.
Edit. Not saying im against it, things need to move forwards, we need to arrive at release somehow. Many did not want dilution though.
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The same here. I don’t want to create more token. I just would like to have a 1:1 migration on a ERC20 token.
Would such a migration cost money, or “just” time (so money for a company) to spend to develope contract and so on?
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Why diluted any? There are many ways to do it…
- can reduce the farming reward for future programmers and increase the farming reward for the core devs (MaidSafe in the beginning) and sale the percentage that is more now
- sell part of the tokens of the first app on SAFE - for example anonymous chat
- something else…
Aeternity just voted “4.2% of all #AE tokens in circulation decided that 10.9% of the block reward will go to development”… Their price did not collapse… I see no reason why MaidSafe not to do the same…
One way or another someone’s holdings are affected by dilution.
In practice though, since the dilution is balanced by the funds raised, this is a non-issue as far as I’m concerned. Somehow Maidsafe need more cash. If they don’t get it, the project may fail so all lose out. If they get the funds, existing holders will inevitably end up sharing some of the rewards with the new investors. I was highlighting that we have two pools of investors, and that raising via share issue puts the burden of sharing solely on Maidsafe Ltd shareholders. I would think we should share that burden more equally, but obviously some may want the benefit of any new funds without dilution, which seems unfair to me.
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Seems a waste to squabble over converting omni to erc20 right now. This projects is at critical mass, no one wants to say it but I have no problem saying it, but in a year there could be no active development on this project if all goes south and this community forum would likely die off too with no project shortly after. They need funding fairly soon and they need to deliver something(anything) that shows production code that solves a core piece of the puzzle of the decentralized nature of SAFE Network that folks can play with(and well routing really has to be there to do anything decentralized). If Polo were to delist, we still have scammy hitbtc and hopefully people would move more into bitker(I probably would pick this exchange). I don’t think Polo is going to delist though, MAID accounts high enough on their charts they don’t want to lose that trading fee and withdraw income. If OMNI foundation dissolves and and the whole thing starts to die then I think a move should be made, but maybe by then the jump to safecoin could be made hopefully?
I would think its in the best interest of delivery of the project and potential future funding for the dev team to keep extremely narrow focused over the next 6 months. There is nothing to stop letting a community member setup automation around an erc20 token w omni burn if MaidSafe company will honor come time to convert to SafeCoin if there are some people who want to shoulder the burden of engineering that and presenting it to MaidSafe once designed for their approval and vetting. I say don’t put the burden on a team that already has massive mountains to climb in a very short time.
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Somebody in this community is volunteer to do such a work?
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Well both would only be diluted in percentage terms, but the amount and hopefully the value of the shares or coins they hold would not decrease in actual terms (always strange that many investors I’ve spoken with seem to point to the percentage rather than the actual value ((qty x price)) of what they own).
Sorry Mark, my reasoning about what specifically?
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Sorry for not explaining . IIRC in the past you’ve ruled out a raise by creating more MAID, so I had assumed the current plans were only considering some form of share issue.
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I know it’s not much but I’ll donate $1,000.00 USD to the cause.
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