XSC-Wallet Launch at the DAHO.AM Pure Tech Conference

CSC Flower

Event - Start Event - Request - Set Amount - Code Event - Vendor - XSC Received

The DAHO.AM Pure Tech Conference (on July 24th) will use our new XSC-Wallet as the official payment method during the conference! The wallet will be used for buying food, drinks, and merchandise.

As the largest pure tech conference for developers, startups, and corporates the DAHO.AM (tickets here!) is predestined to use a blockchain-based payment system at the event. The XSC-Wallet will be available as an app for your smartphone (iOS or Android) and act as a replacement for old-school paper vouchers. You’ll basically be able to pay for everything using the app. For this year’s conference, we’re also going to issue everyone a physical ticket for getting lunch super fast and as an offline backup in case your phone is out of juice.

The app contains special DAHO.AM XSC which are super easy to use. You can use the DAHO.AM wallet at the venues of the DAHO.AM conference to pay for food and snacks. We’ll issue special DAHO.AM XSC as a credit when you download the app so you won’t have to worry about exchanges or buying cryptocurrency in advance. After DAHO.AM your XSC will be transformed into tradable XSC-tokens on the ethereum network.

We are currently in the final testing period for the app and a private Beta on TestFlight in the App Store is ongoing.

Stay tuned for updates!

A Guide to Trading CrowdstartCoin XSC on EtherDelta & ForkDelta

EtherDelta

We’ve gotten many requests for a clean step by step guide on how to buy and sell CrowdstartCoins XSC on EtherDelta and ForkDelta. Decentralized exchanges are awesome but often hard to use. We want to improve this with our trading guide.

There are two ways to get XSC, either you create value for the advancement of the blockchain ecosystem and receive XSC as a reward or you buy XSC in the open market. In the initial phase, we at Crowdstart Capital determine who receives XSC but we are hard at work on the CrowdVote DAPP which will allow XSC holders to directly and decentrally decide who deserves XSC for their contributions to the blockchain ecosystem.

This guide is for everyone. Regardless of whether you want to buy XSC to use in our upcoming CrowdVote DAPP or you have received XSC as a reward and want to sell, this step by step guide will show you the way.

What are EtherDelta and Metamask?

As most of you know, EtherDelta is a decentralized trading platform for Ether and Ethereum-based tokens. Many of you may also be familiar with the EtherDelta fork ForkDelta. The latter offers an offchain orderbook but is otherwise functionally identical to its parent, Etherdelta. For this reason, our guide can currently be used for both exchanges. This could change in the future as ForkDelta is planning upgrades to the user interface.

XSC is traded on four decentral exchanges at the moment. Decentralization means that your funds are held in a smart contract so that you are the only person who can deposit, withdraw or trade. This doesn’t require trusting an administrator or any centralized service provider. This also means that there’s no password reset and no undo button.

There’s a huge variety of different wallets out there with which you can send, receive or save your funds but the safest and most user-friendly way to interact with decentral applications is by using the MetaMask-extension. That’ll be our first step. MetaMask offers a secure identity vault allowing for easy management of private keys and for the signing of blockchain transactions without exposing your keys directly in the DAPP.  If you already have the MetaMask-extension installed or decided to go without it you can skip the following step.

Set Up MetaMask

The MetaMask extension is available for many browsers like Mozilla Firefox, Opera or Chrome. In this documentation, we use the extension for Google Chrome. To add the MetaMask extension to Chrome you can use this link. By clicking on “add to Chrome” the extension should be visible on the top right of your browser, right next to the URL field.

MetaMask extension installed

After clicking on the extension and accepting the terms of conditions you can now import your existing account or create a new one by setting a new password that you won’t forget. (There’s no password reset functionality here by design.)

Create MetaMask Account

At this point, MetaMask informs you that your vault was created and gives you 12 random seed words which you need if you want to restore it or to transfer your account into other wallets or devices. Save these words somewhere safeand secret, e.g. write it down on a piece of paper and store it securely. After you’ve done this, click on “I’ve copied it somewhere safe” in order to continue.

Metamask seed words

Now you have your first MetaMask-vault. If you received XSC in another wallet you may want to import your tokens into Metamask. To import a wallet into MetaMask you’ll need your private key or your JSON keystore file. To do this click on the account settings as shown in the following screenshot and click on “Import Account”.

Import account to MetaMask

In the next step either select “Private Key“ or „JSON File“ in the dropdown and enter your private key or import your JSON file. If you use a private key it should look like shown in the next screenshot. Finish importing your account by clicking on „Import“.

MM enter private Key

As you can see MetaMask created a new account (Here: Account 2) which contains your funds. Your wallet is now successfully synced with MetaMask. At this point, you need to add the Crowdstart Coin (XSC) contract address so you can see your tokens both in MetaMask and on EtherDelta. To add a token, click on the tab „tokens“ on the button and click on „add token“.

MetaMask add token

To successfully add a token you need the token contact address, the token symbol and the decimals of precision. We’ve included these details below so you can just cut and paste.

XSC Contact Address: 0x0f513ffb4926ff82d7f60a05069047aca295c413

Token symbol: XSC

Decimals of Precision: 18

If you entered the contact address successfully it should look like this:

MetaMask XSC token details

After adding your XSC and syncing your wallet, your MetaMask account will now display your tokens like this:

MetaMask display XSC

Now you can safely and securely trade with EtherDelta.

Import Your Wallet Into EtherDelta

If you use MetaMask, the wallet is already synced and you just need to select your preferred account in the dropdown as shown below.

EtherDelta Import Wallet from MetaMask

If you don’t use MetaMask you need to import your file using your private key. To do so click on the upper right corner to „Select account“ and „Import account“ in the dropdown menu.

EtherDelta Import Wallet

Afterward, EtherDelta asks for your wallet information. In the first input box, you need to enter your public key while your private key belongs to the second input box. The private key is stored locally in your browser and is not communicated to EtherDelta or stored on any server. That said, this login method is generally considered as risky due to the fact that many phishing sites pose impersonate EtherDelta. If you enter your private keys somewhere malicious it’s game over. For this reason, we vastly prefer MetaMask. If you want even more security you can use a Ledger hardware wallet but that’s beyond the scope of this guide.

EtherDelta Enter keys

After clicking on „Import account“, EtherDelta displays your account like this:

EtherDelta after import not MetaMask

Trading XSC

After your wallet is imported and synced to EtherDelta it’s time to trade XSC on EtherDelta. This chapter will describe the process in detail.

First of all, you need to tell EtherDelta that you want to trade XSC. To do so, you need to click in the dropdown in the top middle of the page and select XSC as shown. After selecting XSC the page reloads and shows the dashboard for XSC to ETH trades.

EtherDelta select XSC

Deposit ETH to the Smart Contract

In the account dropdown (upper right), next to the account address is your wallet balance. If your wallet balance is 0 you need to send some ETH to that wallet. Do that before proceeding to the next step.

Now that you have some Ether in your wallet, you need to deposit from your wallet to the EtherDelta smart contract to start trading. By doing this the funds will be available to any purchase at EtherDelta.

In the upper left, there is a “Balance” panel as shown below. There are three columns, “Token,” “Wallet,” and “EtherDelta.” The first column, “Token”, will have a row for XSC and a row for ETH. The “Wallet” column shows the balance held in the account you have selected in the account dropdown. Notice that the balance shown in the ETH row under “Wallet” matches the balance shown in the account dropdown.

EtherDelta Balance

When you deposit, you will move funds from your “Wallet” to the EtherDelta exchange smart contract. To do this, enter the amount you want to deposit and press “Deposit”. Don’t deposit all of your ETH though. You need to leave some behind in your “Wallet” to cover gas fees. A good rule of thumb is to leave 0.05 ETH in your “Wallet” to cover gas fees for future transactions you will do (trading, depositing, withdrawing).

EtherDelta Deposit ETH

After you press the “Deposit” button, if you’re using MetaMask you’ll have a transaction to approve. You can reduce the gas price from the default (~4 gwei) if you’re willing to wait longer for your transaction to confirm but pay a lower fee. It’s generally a good idea to check the gas prices at ethgasstation and use either the standard price or the safe low price listed there. If you’re not using MetaMask, you can set the gas price from the “Gas price” item in the account dropdown (upper right). If you are depositing a token (not ETH), depositing will involve two back-to-back transactions. The first one approves the EtherDelta smart contract to transfer the deposit on your behalf. The second one is the actual deposit. You must approve both.

EtherDelta Deposit ETH to smart contract

After your transaction has been sent, EtherDelta will tell you that you generated a transaction. You can click the link to track your transaction on Etherscan.io.

EtherDelta Deposit ETH transaction

Once your transaction confirms, you should see funds move from the “Wallet” column to the “EtherDelta” column. In our case, you can see that the “Wallet” column reduced by 0.005 while the “EtherDelta” column raised by 0.005.

EtherDelta Deposit ETH afterwards

Withdraw ETH

The Withdraw tab is the opposite of the Deposit tab. It will move funds from the “EtherDelta” column back to the “Wallet” column. Remember that in order to withdraw, you need to pay a gas fee, and the gas fee comes from your “Wallet.”

Transfer

If you want to transfer your tokens then the “Transfer” tab is for you. The Deposit tab moves funds from your wallet to EtherDelta. The Withdraw tab moves funds from EtherDelta to your wallet. The Transfer tab moves funds from your wallet to another wallet address. If you want to “withdraw to another Ethereum address,” you need to withdraw and then transfer.

On the Transfer tab, the first box is the amount you want to transfer. The second box is the address you want to transfer to. By default, the address you want to transfer to is pre-filled in with your existing address. Overwrite this with another address of your choice and then press “Transfer.”

Buying XSC

You have now accomplished the last step needed to trade XSC by depositing ETH to the EtherDelta smart contract. To buy XSC you need to place a buy order in the order book panel in the center of the EtherDelta interface.

You can choose which way you want to buy your XSC tokens. One option is to post a new buy order to the order book and wait for someone to fill the order. This method requires no fees at EtherDelta. On the other hand, you can choose an existing sell order to buy the XSC at a price already offered in the order book. This method has the advantage of executing immediately. 

Placing a Buy Order

If you don’t want to trade immediately or don’t like the prices you see in the order book, you can place your own order. To place a buy order you need to click on the “Buy” tab in the “NEW ORDER” panel. There are 4 input boxes to fill. The first is how many XSC you want to buy (in this example 10 XSC). The second describes at which price you want the XSC to be purchased (here 0.0005 XSC/ETH). The next box is filled automatically depending on your entries above. So in our case, the transaction would cost 0.005 ETH. The box “Expires” describes the timeframe in blocks that your order is being active. The EtherDelta timeframe is based on ether blocks, which means that each block takes about 14 seconds. A 10000 block limit should last about two days.

EtherDelta place XSC order

After clicking on “buy” EtherDelta adds your order to the order book and will inform you via two notifications. One says “You sent an order” the second one will say “Your order was received”.

Prompt order placed

Don’t panic if the order isn’t shown immediately in the order book, it can take up to a minute. From now on you can see your order highlighted blue in the “order book” and in the “MY TRANSACTIONS” panel under the tag “Orders”. Your balance will not change when you place an order, it will only change when your order is executed.

If your order was successfully executed, you can find the order in the tag “trades” together with a link to the transaction on Etherscan.io as shown:

EtherDelta confirmation order

You can also cancel your order if you want to. Go to the “MY TRANSACTIONS” panel in the lower center of the EtherDelta interface and go to the tap “Orders”. Here you can click on “Cancel” which triggers a new transaction.

EtherDelta cancel order

Buying a “Sell” Order

As mentioned above, you can buy XSC by buying a sell order. You can find the sell orders in the order book panel in the upper center of the EtherDelta interface. Here you can see buy offers, which are green, and sell offers, which are red. Both of them show the price where they are willing to buy or sell, the amount of XSC they are willing to trade and the total amount of ETH that this transaction would cost. The orders are ordered depending on their price. If you want to buy ether, look at the lowest sell order (the red ones) to get the cheapest price.

EtherDelta Buy sell order

Now just choose your preferred sell order by clicking it. EtherDelta will then open a new dialog to confirm your purchase.

EtherDelta Buy from sell

As you can see in the dialog, you can buy less XSC than offered. So it’s up to you if you want to buy all XSC offered or less. Keep in mind that the more XSC you buy, the higher the value of the transaction.

Click on “Buy” if you entered your preferred amount of XSC to buy. After this, your transaction will be triggered. As in the steps before, EtherDelta will provide a link to the transaction on Etherscan.io to track the transaction. After a few minutes, you should see your XSC in your wallet.

Deposit XSC to EtherDelta

If you have XSC in your wallet you can sell them on EtherDelta as well. It is basically the same process as buying XSC, just the other way around.

So in the first step, you need to deposit XSC to the EtherDelta smart contract. You are doing this by entering the amount of XSC that you want to deposit in the “Balance” panel on the upper left in the interface. In our case, we want to add 10 XSC to the smart contract.

EtherDelta deposit XSC

Once again, set the gas price on the MetaMask dialog that will prompt and confirm the transaction by clicking on submit. This will once again trigger a transaction and an etherscan.io link to track the transaction will be provided.

MetaMask deposit XSC

After your transaction was successfully executed, you can see the chances in the “Balance” panel and on your MetaMask account.

Selling XSC by Creating an Order

Now that there are XSC on the EtherDelta smart contract you can create a sell order. Therefore go to the “New order” panel in the lower center of the EtherDelta interface and click on the “sell” tab. Now you can enter the amount of XSC you are willing to sell and set a price at which you want to sell each XSC. Here we want to sell 10 XSC at the price of 0.03 XSC/ETH. The box “Expires” describes the timeframe in blocks that your order will be active. It’s the same as with a buy order in that a 10000 block limit should last about 2 days. Finally, click on sell to publish your order to the order book. MetaMask will ask you to confirm the transaction by signing it.

MetaMask sign sell XSC

Now you can see your order in the “MY TRANSACTIONS” panel in the tab “orders” as shown below.

EtherDelta show order

Selling XSC by Choosing Buy Order

The second option is to sell XSC by selecting an already existing buy order. You can find the buy orders in the “ORDER BOOK” panel in the upper center of the EtherDelta interface. To sell your XSC you need to look at the green offers in the order book. The first green order from above represents the highest price that somebody is willing to buy your XSC.

EtherDelta order book sell XSC

Now just choose your preferred buy order by clicking it. EtherDelta will then open a new dialog to confirm your transaction.

EtherDelta sell from buy

As you can see in the dialog, you can sell less XSC than offered. So it’s up to you if you want to sell all the XSC the buyer wants or less. As you can see, there are no fees because you sell your XSC. Confirm your transaction by clicking on “sell”.

After this, your transaction will be executed. Like in the steps before, EtherDelta will provide a link to the transaction on Etherscan.io to track the transaction. After a few minutes, you should see the changed value in your wallet.

Happy trading!

Credit Where Credit is Due:

Thanks to EtherDelta Team and ChronoLogic Team for their guides. We borrowed lots of inspiration and structure for our guide from your posts.

Also, a big thanks goes out to our working student Martin Schäffner who did all of the legwork to make this post happen.

CrowdstartCoin XSC Listed on Radar Relay Exchange

Radar Relay UI

We have some very exciting news today! CrowdstartCoin (XSC) is now listed on Radar Relay! https://app.radarrelay.com/XSC/WETH

Radar Relay is a next-generation decentralized exchange with significantly improved usability and an off-chain order book. Radar uses the 0x protocol to facilitate wallet to wallet trading. There are no accounts, no limits, and no deposits. Each trade is settled atomically without counterparty risk.

For individual users, this is big news.  It means a much more friendly user interface, better instructions for getting started and lower fees & gas costs due to the offchain order book.

Getting started is super easy. The Radar team has some great videos outlining how to post buy and sell orders. Take a look at the video above and then get started buying and selling your XSC!

https://app.radarrelay.com/XSC/WETH

 

Crowdstart Coins XSC for Pryze Runner-Ups

Pryze + Datarella Sweepstakes for early adopters

Good news for all you non-developers out there. As many of you already know we are partnering with Pryze.com to offer an ethereum-based provably fair sweepstakes where early adopters can apply for a chance to win up to 100 XSC Tokens (A value of 100 USD if the price of XSC reaches 1.00$). The sweepstakes will run until the 21st of February.

What you don’t yet know is that we’ve decided to award the first 99 runners-up in the Pryze Sweepstakes tokens as well. Token distribution will be drawn at random by the Crowdstart Capital team!

 Pryze Sweepstakes – Crowdstart Coin (XSC) Awards:

  • 50 Runner-ups: Recieve 25 XSC tokens
  • 25 Runner-ups: Recieve 50 XSC tokens
  • 24 Runner-ups: Recieve 75 XSC tokens
  • 1 Grand Prize Winner: Receives 100 XSC tokens

Here’s a refresher on how it works.

  1. Download the sweepstakes app from Pryze.com. It is available for iOS and Android mobile devices.
  2. Register with your details and an Ethereum address where we can send your XSC.
  3. Wait and see if you are chosen! We’ll award the first 99 runner ups with Crowdstart Coins (XSC).

Don’t wait! Register today and win a few tokens!

CrowdstartCoins XSC Now For Early Adopters With Pryze.com

Pryze + Datarella Sweepstakes for early adopters

For a limited time, early adopters now have the opportunity to win XSC! In collaboration with pryze.com, we’re offering a chance to win up to 100 XSC Tokens.

If you have transacted recently on any of the decentral exchanges you’ll notice that the user interfaces sometimes leave something to be desired and liquidity is often an issue.

CSC mainly focuses primarily on incentivizing blockchain developers, but XSC is meant to be the token for the blockchain ecosystem. One important element needed to meet our goal of advancing the development of industrial blockchain applications is the availability of interested early adopters willing to test new technology such as decentral exchanges and give feedback about the user experience. Everyone in the blockchain ecosystem has something to contribute.

To this end today we are pleased to announce a sweepstakes event for blockchain early adopters. As a blockchain early adopter you are also a valuable part of the development process. We want to reward and incentivize your participation and contribution to the ecosystem.

We are partnering with Pryze.com to offer an ethereum-based provably fair sweepstakes where a limited number of early adopters can apply for a chance to win up to 100 XSC Tokens (A value of 100 USD if the price of XSC reaches 1.00$). The sweepstakes will run from today until the 21st of February.

Here’s how it works.

  1. Download the sweepstakes app from Pryze.com. It is available for iOS and Android mobile devices.
  2. Register with your details and an Ethereum address where we can send your XSC.
  3. Wait and see if you are chosen!

Stay tuned for updates about this sweepstakes.  We’ll be releasing more specifics about the exact distribution of tokens very soon.

 

Safely Manage CrowdstartCoins With Lykke Wallet

Good news for CrowdstartCoin on the last business day of the year 2017: As of today, CrowdstartCoins XSC can be safely stored in and managed with the mobile Lykke Wallet.

The Lykke Wallet is a mobile application for iOS and Android and the hub of the Lykke trading ecosystem. All assets, s.a. FX, Bitcoin, Ether, Solarcoin, etc., are traded on the open-source Lykke Exchange, with immediate settlement and margin trading at zero percent commission.

CrowdstartCoins XSC can be managed in Lykke’s private wallets, along other ERC20 tokens. We are very happy to recommend Lykke Wallet to all (potential) CrowdstartCoin holders, especially because of its impressively high usability and convincing security model. Buying crypto, for instance, is ultimately easy: just deposit Fiat money using your credit card. This process takes a minute or two, and you are ready to buy crypto.

We can‘t wait to see the first trades of CrowdstartCoins – we expect them to take place in early 2018. But for now, we are more than happy that CrowdstartCoin holders can use Lykke Wallet to safely manage their XSC!

Let‘s see what 2018 will bring!

CrowdstartCoin – A Currency Creates Sovereignty

We want blockchain technology to live up to its original concept: being and staying an open, free technology. We want to prevent blockchain technology from the fate of the internet, being corrupted by lobby groups who succeeded in persuading the U.S. government to abolish net neutrality in December 2017.

For millennia, sovereignty defined currency. Governments created curency and the currency allowed a government to execute its monopolistic control. Now, people create currency. And since currency creates sovereignty, the former equation has been inversed: economic freedom is no longer dependent on governments but can be exerted in a trans-national, self-determined way.

Blockchain developers of all sorts, be it Bitcoin maximalists, Ethereum proponents, IOTA tangle enthusiasts, Stellar developers or active supporters of currencies such as Monero, Dash, etc, – all of them will be awarded CrowdstartCoins for committing valuable code. Two weeks after having issued the first CrowdstartCoins to developers participating at the IOTA hackathon in Gdansk, CrowdstartCoins have been distibuted to over 125 developers, most of them working on IOTA and Ethereum.

CrowdstartCoin can become the currency of choice for all those who work on blockchain technology. When CrowdstartCoin is widely adopted in and used by the Blockchain community, its value supports the future development and the evolution of the Blockchain ecosystem at-large.

If you’re a developer who committed code to advance Blockchain technology at-large, you’ll be eligible to receive CrowdstartCoins. You can request CrowdstartCoins by filling out the Developer Incentive Program: Claim XSC Rewards form.

The Tokenised Economy

From the early days of capitalism, when from 1633 the Hollandische Mercurius referred  to capitalists as the owners of capital, on to David Ricardo who, in his Principles of Political Economy and Taxation  is seen as the one who actually coined the term capitalism, until today: the structure and behavior of the enterprise as the main capitalist entity, hasn’t changed that much. With the advent of blockchain technology, the evolution of the enterprise could pick up pace, dramatically.

An enterprise can be defined as the largest participant of an economic system with an ideology based on – in most cases – private ownership of the means of production and their operation for profit. In the early days, the owners of an enterprise would manage its operations themselves. With the advent of the public corporation, ownership and management were separated from each other: in most cases, the owners did not participate in the management of the company but delegated this to employed executives. With this separation of ownership and management, and a trend towards larger entities with hundreds to thousands, to hundreds of thousands of employees, enterprises had to be structured in a way that would enable a proper management and controlling. In democratic countries, there are specific sets of regulations and laws that provide the framework for owners’ and managers’ scopes of action.

The Enterprise As An Institution

Throughout the history of capitalism, enterprises have been regarded as stand-alone, singular entities, existing because of the product and service portfolios they would offer to the market. Aspects of enterprises’ interdependencies and connections with their environments played a minor role: one of the better known examples of this is James Buchanan’s Public Choice theory that describes people’s decision-making process within the political realm. When, with the Industrial Revolution, people became aware of the significant external effects enterprises could have not only on the lives of their employees but on the environment, etc., something changed within the enterprises: owners and managers started wondering how they could address their enterprises overall impact on the outside world.

Another aspect that made managers think of the interdependency of their company with others, was marketing. Companies discovered that it wasn’t enough to produce high-quality products – they had to tell potential customers about it and even had to compete with other companies offering similar products.

The Enterprise As A Platform

Acknowledging external impacts of enterprises and the shift from supply-side to demand-side driven markets mark a clear behavioral change for enterprises: trade  unions, environmental regulations, but also purely economic aspects, such as just-in-time production or supply chain optimization, all have led to a new kind of enterprise – evolving from institutional constructs into a platform, acting as hubs mainly responsible for organizing a network of partners making sure a final product will be presented to the customer.

The enterprise as a platform: these days, most companies would be happy being regarded as a platform. After all, that propels them into the top ranks of the innovative minority according to AccentureBain and other consultancies.

And yet, the platform enterprise isn’t state-of-the-art.

Platforms may offer many positive aspects but they lack all advantages of a decentralized, trustless system, such as a blockchain protocol. Apple, Tencent, Siemens, or other giant platforms are centralistic structures that are successful as long as each platform partner plays along: as soon as one entity in the supply chain fails, the product can’t be delivered on time or with a certain quality. Costs of managing and controlling the platform processes itselves have become immense. In the event of an external irregularity, e.g. an activist group’s protest on the basis of an alleged misbehaviour, followed by a consumer boycott, could force even market leaders to halt the production process or even to discontinue a product line. Platforms are highly sensitive against irregularities because of their centralistic architecture.

The Enterprise As A Protocol

There is a cure for this sensitivity: if platform enterprises improve themselves further and evolve into protocols, they become resilient against internal as well as external attacks and they can regain what most of today’s companies have continuously lost in the past years: credibility and trust in the eyes of consumers. A protocol can be described as a defined set of rules and regulations that determine how data is transmitted in networks. A blockchain protocol is a decentralized database and ledger that allows all participants of the network to work with the identical, consistent data set at any time.

Convergence: Blockchain + Smart Technologies

A protocol enterprise uses blockchain technology to share the database and its additional, external intelligence, such as AI, autonomous machines, VR or AR, to collaboratively manage and control a supply chain process. The system is completely decentralized, featuring automated processes in line with a set of rules and regulations all participants have agreed on – the governance model. A liquid feedback mechanism ensures that all participants have the ability to participate in the network’s opinion making process. Depending on the intended level of openness, either selected third parties or the general public may also join the network. In the first case, a private, permissioned blockchain would allow a pre-defined group of participants to join the network. If everybody should be granted access to the network, a public blockchain would be used.

Cryptoeconomics & Token Design

Participants of blockchain networks need tokens to communicate or, more correctly, to transact on the blockchain. These tokens can take different shapes: they can represent a value store only, or they come with a set of instructions defining the so-called token design, or cryptoeconomics of the network. Cryptoeconomics describe the incentive mechanism that motivates participants to actively engage in the network.

In the same way, the token design is the regulatory framework for behaving within the network, it’s the (re-)presentation of each participant’s behaviour and value system. In other words: the token is the representation of the brand equity of the network’s or protocol’s participants. Customer perception will be created through the design and use of the blockchain network tokens. Since all transactions in a blockchain are immutable and, therefore, represent an accurate, consistent history, all actions of a protocol enterprise are open for scrutiny by third parties, s.a. auditors, or the general public, i.e. (potential) customers. CEOs of protocol enterprises won’t have to fear misleading accusations by activist groups. However, they have to be aware that omniscient auditors or customers form their opinions on the company on the basis of a complete behavioral history. Bad times for fraudsters!

A Tokenised Economy

It presumably will take years, if not decades, for existing enterprises to evolve in protocols. Also, many of today’s platforms will not join this evolution and will remain platforms or even morph back into institutions before the end of their business cycle. But for a new breed of contenders, blockchain technology provides the basis for a tokenised product offering already today. These vendors won’t necessarily regarded as enterprises in the first phase, but they might take over the role of today’s market leaders.  The key aspect of a tokenised economy is the token representing the behaviour and values, or, the brand equity, of market participants.

Blockchain technology is still in its infancy: most systems are not enterprise-ready, yet. However, the decentralized and open nature of blockchains provide the basis for a market penetration in an insane mode . Bitcoin, the first blockchain protocol, has evolved into the world’s 6th largest  currency by circulation  according to the Bank for International Settlements. The figure is based on a value of bitcoin at $10,765 each, meaning that the total value of all bitcoins in circulation is $180 bln. Bitcoin evolved into this widely used currency within nine years of existence – being the very first of its kind, initialising the category of cryptocurrencies.

Solarcoin, another cryptocurrency and token, was launched in 2014.  It’s a global rewards program for solar electricity generation: 1 Solarcoin represents 1 MWh (megawatt hour) of solar electricity generation. Verified solar electricity producers,  may get Solarcoins for free when participating in the network. 99% of Solarcoins will be given to solar electricity producers of 97,500 TWh (terrawatt hour) over 40 years. The creators of the Solarcoin foundation expect a market price of $30 per MWh in unregulated and unsubsidised markets. As of today, a Solarcoin costs $0.50 – so, there us a long way to go to reach a $30 price tag. However, at $0.50, Solarcoin has the third largest market capitalisation of all cryptocurrencies, reaching over $45 bln. Since renewable energies, especially solar power, cover more and more of the world’s energy consumption, we could expect the Solarcoin network becoming the or one of the main vendors within this space. And, what else is Solarcoin than a reasonably tokenised product offering?

For us, blockchain technology is more than a database and a ledger: it’s the basis of a tokenised economy. Done right, blockchain protocols not only allow new vendors enter a crowded market, their decentralized and open characteristics provide the tools for decentralized and open business models, such as (a renaissance of) cooperatives, collectives, etc.. Blockchain technology provides the tools – creators and entrepreneurs may now use them and start morphing centralized, vulnerable platform enterprises into decentralized, resilient protocols.

Cryptoexchange EtherDelta Officially Lists CrowdstartCoin XSC

As of today, 1 December 2017, our CrowdstartCoin XSC is tradable on EtherDelta, a decentralized cryptoexchange. 

We are very happy that, ten days after having issued the first XSC to IOTA developers at IOTA hackathon, in Gdansk, the tokens have been officially listed on EtherDelta!  From today, blockchain developers can grow the value of their own token that serves as a reward for contributing to the evolution of the blockchain ecosystem!

Don‘t waste your time, developers: Go, claim your XSC – and trade them!

IOTA Hackathon: Open Car Charging Network (Part 2)

iPhone with PlugInBaby App
+++UPDATE+++

We’ve stirred much interest in the issuance of our XSC token at the IOTA hackathon in Gdansk. We therefore decided to prolong our rewards campaign for IOTA developers for 1 week:

If you’re a developer who committed code to advance the IOTA network during the month of November, you’ll be eligible. If you think you’re eligible you can request up to 250 XSC until Friday, 1 December 2017.

Fill out this form now! Show us that you’ve got the right stuff!
Developer Incentives Program: Claim XSC Rewards

For more information on the CSC Blockchain Evolution Incentive Scheme, click here  and here.

+++UPDATE+++

This is the second installment outlining the experiences of the winning team “PlugInBaby” during the IOTA Hackathon. In the first post (found here), we describe the idea generation process.  In this post, team member Rebecca Johnson goes into more detail with regards to how the team built the project and what exactly it accomplishes.

Our PoC decentralizes and democratizes access to a  network of electric vehicle chargers by allowing the chargers to costlessly broadcast their status (offline, occupied, available) via 0 value transactions on the tangle. Next, using a mobile app, users searching for a charging station can query the tangle using 0 value transactions to search for tags of available stations. They can reserve a charging spot and book micro transactions necessary to pay for electricity, all using IOTA.

Concept Doodle
A world where individuals leverage open source software and DIY hardware to decentralise the market for energy.

Using the tangle as a database makes the solution quite elegant. The protocol for sending data and value are essentially the same which removes the need for a centralized payment processing layer and allows for the DIY ethic to extend all the way to the end-user.

This approach is also flexible enough to leave room for participation by utilities and other stakeholders since the hardware and software are open-source.  Improvements are welcome and anyone is free to implement the idea. The code can be found here.

Requirements & Assumptions

  • We restricted ourselves to using only IOTA for implementing the database functionality. This carries the theoretical advantages of future scalability, full decentralization and zero transaction costs for messages sent to and from the tangle as well as a mechanism for machine to machine electricity purchases.
  • We assumed that the API and the interaction between the charger and the car app are out of scope for the hackathon.
  • Charging station vendors need to send status messages for their stations (free, in-use, offline) using 0 balance transactions to the tangle. Our back-end provides this capability via terminal inputs. Since this is just a PoC we didn’t build out an API or UI for this portion.
  • A web-based front-end, a back-end connection to the tangle and an API for communication between the two needed to be built. Given this, the team split into two groups of 3-4 developers each.

Back-End:

The experience of the PlugInBaby team was similar to that of the Freedom Pass team. We started out by following this tutorial from Baltic Data Science and gained speed by utilizing some of the resources from the Q&A with Chris Dukakis of IOTA. After that, we connected to a testnet node and started issuing transactions.

Like the Freedom Pass team, we also considered using a mainnet node but the issue of how to connect with neighbors was eventually a knockout criterion. This was actually due to security concerns. One of our team members had a Java Runtime Environment setup on a remote virtual machine and we considered setting up an instance of the IRI. In the end, however, we weren’t comfortable with the security risks that connecting with unknown nodes presented.

In contrast to the other teams, the “PlugInBaby” team used the IOTA Python Library to build and connect the backend. Documentation for this library is quite sparse in comparison with the JavaScript Library. We’d like to thank Andreas OsowskiLewis Freiberg and  Chris Dukakis of IOTA for their round-the-clock support in getting everything up and running.

Our team member Lukasz Zmudzinski has written a great blog post on his site which outlines which Python methods we used to read and write to the tangle in greater detail. We used the Tornado web framework and asynchronous networking library for this project and wrote our own API  to communicate with the front end.

Team PlugInBaby hard at work on frontend development

Front End:

The front end was written primarily in JavaScript and utilizes server.js for Node.  To accelerate development we started using a boilerplate/skeleton for Node.js web applications. We later used bootstrap and AngularJS to improve the styling and make our web app mobile-ready and responsive.

Users can query the tangle for the transactions of vendors with free stations and also read dynamic pricing information. The search mechanism uses information written to tags while the state information about the charging station and the station latitude/longitude are written in the message. This information is then passed via API calls to the front-end for interpretation in the UI.

User Experience:

UI Workflow
UI Workflow
  • Step 1:
    The user uses a smartphone app to query the tangle for available charging stations.
  • Step 2:
    The user selects a charging station from the map. Each station has dynamic pricing which is shown in real-time along with the map pin when selecting the station.
  • Step 3:
    The user drives to the station and lets the station know that they have arrived by sending a message to the tangle.
  • Step 4:
    The charging station tells the app that the car is fully charged.
  • Step 5:
    The user’s IOTA wallet is debited and the transaction is signed by the seed stored in the app.
  • Step 6:
    The charger resets its status to available on the tangle and all the transactions/messages are available for verification.
Tangle Output
IOTA Tangle output: Following charging all transactions are available for inspection in the tangle.

What We Learned:

The PlugInBaby PoC demonstrates the feasibility of an IOTA-based search and payment app for IOTA-based DIY chargers but it is far from ready-for-use outside of the lab/hackathon. A number of issues came up which will need to be solved before this system would be appropriate for public use.

  • Tags only allow for 27 characters which wouldn’t be enough to store latitude and longitude data plus a transaction ID without truncation. The team ended up using the message field to store data (location + charger status) while the tags were used to store a searchable charger identifier.
  • Speed is quite limited on the testnet. Specifically, we found that the testnet confirmation times were quite long late at night (2-3 minutes) when fewer users were online running test applications. This is due to the fact that each new transaction must approve two other transactions. This approach scales well but also requires many active nodes to submit and approve transactions. As both the testnet and the mainnet grow this problem should be mitigated.
  • Transaction caching was required to make the demo useable within the alloted three minute presentation time.
  • While the support from the IOTA team was excellent, we noticed that the documentation, particularly regarding the phython libraries, is quite lacking. This makes development a slow trial and error process.
  • Security and privacy are generally open questions within the IOTA ecosystem. The team assumed these issues to be outside the scope of this PoC. That said we raised privacy concerns regarding the possibility of API misuse and the lack of privacy often during the development process. Improved documentation and more descriptive error messages would go a long way towards making these issues easier to handle.
  • Masked Authenticated Messaging (MAM), the planned Private Transaction layer, and the integration of zero-knowledge-proofs into the IOTA ecosystem are exciting areas for new research given the current limitations of IOTA in the area of security and privacy.

Conclusion

To sum up, the team learned a lot about the implementation of an exciting use case that really makes sense for IOTA. Is this the only way to build such a system? No.  There are many other ways to find, navigate to and pay for electric vehicle charging. Many market-ready centralized systems are already up an running.  Our PoC demonstrates, however, that it’s possible to solve this use case using IOTA alone which allows for the possibility of a scalable decentralized approach. This, in turn, could open up the field to many more players and provide a common system for various entities to build upon.

Hackathon Participants
Team „PlugInBaby“ at the IOTA Hackathon in Gdansk, Poland

 Here is an overview of all reports on the IOTA Hackathon’s projects:

1st place – “PlugInBaby”:

…describes the idea and the pivot of the project
Team “PlugInBaby”: Open Car Charging Network (Part 2)
…describes the technical level and provides resources

2nd place – “Freedom Pass”:
Team Freedom Pass: Fraud Detection (Part 1)
…describes the high level of the project
Team Freedom Pass: Fraud Detection (Part 2)
…describes the technical level of the project