Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community • Hacker News Board

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#21

Post by streulpita » Fri, Mar 16, 2018, 5:44 PM UTC

montalbano wrote: post #7

Sounds like a great project. I notice that the pricing model currently only features a free option. Wondering if you might be able to tell us more about the business model long term? Many thanks

We're going to keep developing features that make tokens easier to use, especially at a larger scale. We'll charge for premium features later down the road, but those features aren't set in stone yet. We have a few things planned already, things like automated token distribution (without needing MetaMask) and smart contract integrations.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#22

Post by marcusmolchany » Fri, Mar 16, 2018, 5:46 PM UTC

numbers wrote: post #19

Hi, just a general question for tokens that you might be able to answer: let's say I create a token and I want to programmatically give those tokens to people as a reward. Think of it something like "kudos" so let's say I'm at work and I want to give my coworker a thank you and for that, as a token of my gratitude, I want to send them one of my tokens. Is this do-able at all or am I just thinking of this the wrong wa…

Right now you would need to send these tokens to your co-workers using an Ethereum wallet, and you would need to pay gas. However, we're working on a way for you to programmatically send tokens.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#23

Post by streulpita » Fri, Mar 16, 2018, 5:49 PM UTC

jtoy wrote: post #17

There area bunch of these services already, so is this YC doing a me too or is there something inherently different?

Yes, totally valid point. The difference I see is that we're focused on functionality that goes beyond selling / trading. I know there are quite a few options for "Do your own ICO" and stuff like that, which is not that interesting. We're deliberately avoiding things like ICO's and trading right now. Our focus is on making tokens usable today, and consistently improving the ease of use for someone that wants to use a token for something real.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#24

Post by resolaibohp » Fri, Mar 16, 2018, 5:53 PM UTC

streulpita wrote: post #12

smartplaya2001 wrote: post #4

Hi John & Marcus. We are interested in this. Can the coins we make be traded on an exchange?

Hey, they are pretty standard ERC-20 tokens, so they technically can be traded on an exchange. However, right now all of the coins have pretty low volume, so most exchanges probably wouldn't list them. A decentralized exchange built on 0x would work though!

It was my impression that any coin could be listed on certain exchanges if you pay the fee to do so. Depending on the exchange it could range from 50k to 1 million USD just to be added.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#25

Post by streulpita » Fri, Mar 16, 2018, 5:56 PM UTC

resolaibohp wrote: post #24

streulpita wrote: post #12

Earlier quoted context omitted.

Hey, they are pretty standard ERC-20 tokens, so they technically can be traded on an exchange. However, right now all of the coins have pretty low volume, so most exchanges probably wouldn't list them. A decentralized exchange built on 0x would work though!

It was my impression that any coin could be listed on certain exchanges if you pay the fee to do so. Depending on the exchange it could range from 50k to 1 million USD just to be added.

Yes, that's usually about right for most exchanges. But if your coin isn't popular enough, they usually will not add it.

However, there is a protocol for decentralized exchanged called 0x. Any tokens on Ethereum can be traded on this protocol, using websites like Radar Relay.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#26

Post by streulpita » Fri, Mar 16, 2018, 6:11 PM UTC

boffinism wrote: post #9

Trying to actually use this reminds me of how frustrating and slow it is to actually use cryptocurrencies. Endless hoops, lots of waiting for confirmations, and that's me doing things the 'easy' way with Coinbase and MetaMask. Edit: > We've submitted your transaction to the network. This usually takes about 2 minutes to confirm. 30 minutes later... Edit 2: One email to the Hexel support team later and lo, my token is…

Perfect example of the downsides. The next thing for us is deploying the token for you automatically, so that you don't need to deal with MetaMask or worry about gas price.

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#27

Post by anilshanbhag » Fri, Mar 16, 2018, 6:39 PM UTC

Everything you want to do can be done on a simple database. You can mint tokens / share it / explore other tokens / message people / view feed. It isn't clear why you want to forcibly put this on Ethereum blockchain and pay a fee to do every transfer (The transaction charge currently is ~ USD 0.5-1 per transaction)

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#28

Post by fwdpropaganda » Fri, Mar 16, 2018, 6:47 PM UTC

You say that you're not focusing on trading and that you want to do things right. But isn't the sole point of crypto currencies that they can be traded? What uses are there other than trading?

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#29

Post by will_brown » Fri, Mar 16, 2018, 6:49 PM UTC

it_learnses wrote: post #14

will_brown wrote: post #8

Hey I offered this exact service with: www.dotcomco.in Some of the in-house community cryptocoins I made as a portfolio of examples include: www.ycco.in - distributed karma for HN community (still up) www.instagramco.in and www.facebookco.in - distributed likes Of course I didn’t make it to front page of HN and got no traction. As I have more than a few cryptocoin/blockchain themed domains I began tozenizing the doma…

You charge 10 bitcoin as your fee which is around 80,000 usd in today's value!

That does sound outrageous, then again from the perspective of the cryptocoin world the first purchase with bitcoin was two Papa Johns Pizzas for 10,000 bitcoin which is around $80,000,000 today.

When I launched bitcoin wasn’t worth what it is today...that said what would you pay for your own community cryptocoin anyway?

Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community

#30

Post by dharness » Fri, Mar 16, 2018, 6:53 PM UTC

anilshanbhag wrote: post #27

Everything you want to do can be done on a simple database. You can mint tokens / share it / explore other tokens / message people / view feed. It isn't clear why you want to forcibly put this on Ethereum blockchain and pay a fee to do every transfer (The transaction charge currently is ~ USD 0.5-1 per transaction)

Can't win a free ETH if you use a simple database.