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

news.ycombinator.com

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

#81

Post by fourstar »

cslarson wrote: post #40
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)

> USD 0.5-1 per transaction This is absolutely not true. Gas prices have been floating between 1 and 4 gwei for a while now. An erc20 token tx may cost 150k gas so between .00015 and .0006 ETH per tx. So that's $0.09 to $0.37. A simple ETH tx is 25k gas so about a 1/6 of this. You can check ethgasstation.info for the latest standard and "safe low" gas prices.

So do you pay to post a comment on HN? Normal people will never hold an ethereum wallet and pay for transactions.

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

#82

Post by kej »

woah wrote: post #49
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)

Simple answer, your centralized database can go away tomorrow, or be arbitrarily modified. That can’t happen with the blockchain.

How would this be different than the person issuing your Hexel-based tokens disappearing? The value is still tied to the single issuer.

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

#84

Post by beefield »

edanm wrote: post #55
fwdpropaganda wrote: post #52

Earlier quoted context omitted.

Does that happen to your databases a lot? That's just bad engineering.

That's not the troubling case. The troubling case is the company hosting the DB shutting down, and therefore the entire system becoming worthless. This is what prevents you as the customer from trusting such a system.

That is preventing you to trust a system where "a gaming streamer is rewarding his most loyal viewers with tokens they store in their own database and you can redeem for shoutouts or merchandise."?

I would somehow think that the database technology is quite secondary to the creditworthiness of the gaming streamer when people decide whether to trust or not a token system of a gaming streamer.

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

#85

Post by bringtheaction »

Oh shit, this might be perfect for a fun idea I had for something I wanted to do for my friends but without charging them money.

But if it’s an ERC20 token, don’t we need to pay gas to use it? Or does the token run on a chain that you guys control instead of on the Ethereum blockchain?

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

#86

Post by streulpita »

bringtheaction wrote: post #85

Oh shit, this might be perfect for a fun idea I had for something I wanted to do for my friends but without charging them money. But if it’s an ERC20 token, don’t we need to pay gas to use it? Or does the token run on a chain that you guys control instead of on the Ethereum blockchain?

You do have to pay gas because it is on the main chain. We are working on a way to make this free in the future.

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

#87

Post by hyprCoin »

fourstar wrote: post #81
cslarson wrote: post #40

Earlier quoted context omitted.

> USD 0.5-1 per transaction This is absolutely not true. Gas prices have been floating between 1 and 4 gwei for a while now. An erc20 token tx may cost 150k gas so between .00015 and .0006 ETH per tx. So that's $0.09 to $0.37. A simple ETH tx is 25k gas so about a 1/6 of this. You can check ethgasstation.info for the latest standard and "safe low" gas prices.

So do you pay to post a comment on HN? Normal people will never hold an ethereum wallet and pay for transactions.

There will be plenty of people willing to pay to convey a message, it's the entire field of advertising.

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

#88

Post by hyprCoin »

kerkeslager wrote: post #68
will_brown wrote: post #29

Earlier quoted context omitted.

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?

$0

Then you are not the target audience. Every small business or community can be tokenized, just like every small business can have a website. Tokenization could encourage repeat visits, community virility and vested interest, not to mention investment.

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

#90

Post by pj_mukh »

Created a coin! We've been toying around with the idea of crowd-sourcing a lot of mapping (for augmented reality) and could use the ETH network as the basic infrastructure to make it happen.

The details around pricing + scarcity mechanics connecting to physical spaces still need to be worked out, but the idea is promising. This would be a nice abstraction once there is an API where we could hook into!

https://www.onhexel.com/token/aab493ef-dbef-4d78-bb3a-9b7927...

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