Show HN: Building a no gimmick smart contract platform as a service • Hacker News Board

Re: Show HN: Building a no gimmick smart contract platform as a service

#31

Post by beeks10 » Thu, Jul 06, 2017, 2:27 AM UTC

BoiledCabbage wrote: post #30

ncodes wrote: post #29

Earlier quoted context omitted.

> So I take a picture of a $100 U.S dollar, send it to your contract app, and I will get quant tokens? Which quant tokens are a cryptocurrency that I can sell on a exchange? Yes. You take a photo of your any supported banknote and you get the equivalent in quants. We will be working with exchanges to have them listed. > If this is true, you pretty much built a system were I can duplicate money because all I had to do…

So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat? What am I missing here. What is being accomplished by photoing bills?

^^^

Additionally, my friend is really good at photo shop. He could photoshop dozens of fake $100 bills and send them in.

Re: Show HN: Building a no gimmick smart contract platform as a service

#32

Post by ncodes » Thu, Jul 06, 2017, 5:16 AM UTC

BoiledCabbage wrote: post #30

ncodes wrote: post #29

Earlier quoted context omitted.

> So I take a picture of a $100 U.S dollar, send it to your contract app, and I will get quant tokens? Which quant tokens are a cryptocurrency that I can sell on a exchange? Yes. You take a photo of your any supported banknote and you get the equivalent in quants. We will be working with exchanges to have them listed. > If this is true, you pretty much built a system were I can duplicate money because all I had to do…

So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat? What am I missing here. What is being accomplished by photoing bills?

> So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat?

Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys.

> What am I missing here. What is being accomplished by photoing bills?

Aside from fair distribution of the Quant, It is meant to create a sense of value. If your net worth is $1000 and your understand that sending this in will invalidate those banknotes, you might value the Quants you get differently. Going to your bank to exchange invalidated banknotes takes some effort as most people don't have their banks close by. You might take this effort into account when valuating the resulting Quant.

Basically, you'll need to give something of measurable value to receive a share of the root Quant.

Re: Show HN: Building a no gimmick smart contract platform as a service

#33

Post by ncodes » Thu, Jul 06, 2017, 5:35 AM UTC

beeks10 wrote: post #31

BoiledCabbage wrote: post #30

Earlier quoted context omitted.

So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat? What am I missing here. What is being accomplished by photoing bills?

^^^ Additionally, my friend is really good at photo shop. He could photoshop dozens of fake $100 bills and send them in.

This is a challenging issue. Although, most graphic tools won't let you print cash, users could try to cheat by taking photos of edited banknotes directly from the screen (no printing). We could reduce this by requiring users to send short videos, introducing a crowd-powered validation step where the bills are anonymously sent to other people participating in the "blood fire" event. If majority of these people believe it's valid, not taken off a screen and unaltered then a large share of the Quant is awarded to the bill owner and some to the validators for their service. If your friend's photoshoped bills passes through, then he probably put in a lot of effort. He "burned" something.

Re: Show HN: Building a no gimmick smart contract platform as a service

#34

Post by takinbo » Fri, Jul 07, 2017, 10:59 AM UTC

ncodes wrote: post #32

BoiledCabbage wrote: post #30

Earlier quoted context omitted.

So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat? What am I missing here. What is being accomplished by photoing bills?

> So I just withdraw my funds take photos of them, "upload" them. Go back to my bank, exchange the bills and repeat? Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys. > What am I missing here. What is being accomplished by photoing bills? Aside from fair distribution of the Quant, It is meant to create a sense of value. If…

> Yes. Anyone else who gets hold of those bills you used and exchanged with your bank will find them "burned" when they try to use them on Ellcrys.

There's going to be a problem of detecting counterfeit bills if you decide to take this route. As an alternative suggestion, how about using the same method of distribution some other cryptocurrencies have used in the past by taking a snapshot of a cryptocurrency at a certain future date and then having interested community members prove ownership of an address containing some cryptocurrency and using that to distribute the tokens? It wouldn't matter if someone buys cryptocurrency just for that purpose and then sells it afterwards.

The downside, is that you will be restricting distribution to only those who can gain access to cryptocurrency - which is also the same problem as taking a photo of dollar bills; the likelihood that those who will be using the platform will know/have access to cryptocurrency is high nevertheless.