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.

CrowdstartCoin XSC Listed As Default Token In MyEtherWallet

Great news for all the developers who we’ve rewarded with XSC over the last few weeks! The first stage of our developer rewards program is humming along nicely and we’ve been distributing XSC to IOTA and Ethereum devs as fast as we can review contributions and send out the XSC tokens. The Ethereum network is a bit bogged down at the moment but we’re still submitting transactions and tokens are coming to everyone who’s requested them at this point. 

Also we have a quick technical update for you. In addition to being able to trade XSC on https://etherdelta.com/ we’re now listed as a default token in https://www.myetherwallet.com/.  That means it’s no longer necessary to look up the contract specifics to get your Ethereum account prepared for receiving XSC. Just create a new account on myetherwallet and you’re ready to go. Crypto pros will also be aware that hardware wallets like ledger are compatible with myetherwallet. That means developers receiving XSC through the Crowdstart Capital developer incentives program can lock down their new tokens using the same trusted hardware as they use for Bitcoin or Ether.

We’ll be detailing a referral program soon so keep an eye out. If you know any other developers who are really advancing blockchain and decentralised ledger technology, make sure to reach out to us!

What is CrowdstartCoin?

CrowdstartCoin (Ticker: XSC) is a digital currency rewarding blockchain developers.

Launched in December 2017, CrowdstartCoin presents the additional advantage of being a tangible virtual currency: in fact, by coupling each line of code committed to projects within the blockchain ecosystem to the production of a CrowdstartCoin, the virtual world joins our physical world. Put another way, CrowdstartCoin works as Reward Miles: any blockchain developer receives CrowdstartCoins for code that she adds to tye development of the blockchain ecosystem – and it’s free!

CrowdstartCoin has a social utility for its community: by rewarding a blockchain developer, CrowdstrtCoin acts as an incentive, stimulating the development of the blockchain ecosystem worldwide. CrowdstartCoin is already distributed within three European countries and is intended to be circulated worldwide: any blockchain developer may apply and claim his CrowdstartCoins for free. To do so, the developer simply fills out this form online with data proving that she has committed code to the blockchain ecosystem.

3-Phase Incentive Scheme

The grant mechanism for delivering CrowdstartCoins is based on 3 phases:

In the first phase, CrowdstartCoins will be directly distributed to the active developer community, approached through blockchain conferences, meetups, forums, etc. Developers committing code to key blockchain projects can opt-in to receive CrowdstartCoins for free for code that has been accepted.

In the second phase, the distribution of CrowdstartCoins will be semi-automated by using a smart-contract-based system to pay out tokens according to the accepted commits. Technologies to be supported by these incentives include the core protocols of leading blockchains, e.g. Ethereum, IOTA, Monero, etc..

In the third phase, members of the community will be able to suggest projects to be rewarded with CrowdstartCoins. A liquid feedback model will be used to enable community voting and determine which blockchain projects should be included.

CrowdstartCoin therefore acts as an incentive for the future development of blockchain technology. Since 1 December, 2017, CrowdstartCoin  is officially listed at the cryptoexchange EtherDelta, with the ticker symbol XSC.

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 CSC 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, devs! Go, claim your XSC – and trade them!

Incentivizing Blockchain Ecosystem Development The CSC Way

The final decision has been made: We will not ICO with Crowdstart Capital. After having worked on the preparation of a token sale based out of Germany several months we’ve reached the conclusion that such an ICO is not advisable at this time.

Two issues have been the decisive factors: First, an ICO based out of Germany would have to be done in the environment of a legal limbo. Other project teams may decide to take the risk of selling a virtual currency to professional and/or individual investors in Germany but we’ve decided that the regulatory uncertainty and risk is too high. With our parent company Datarella, we have built a solid brand reputation within the blockchain ecosystem and we are not willing to put this at risk.

Second, we think that we can better meet our goal of contributing to the blockchain community by giving our Crowdstart Coins away.  Instead of selling tokens to investors and using this cash to provide blockchain-based startups with consulting, services and solutions, we will reward Crowdstart Coins (XSC) to developers who add valuable code to the blockchain ecosystem.

We gained this insight to change our model while working on the cryptoeconomics; i.e. the inventive mechanism within a specific community. Finally, we have come up with a 3-step-process of distributing Crowdstart Coins – “XSC” – to the blockchain community:

A Blockchain Evolution Incentive Scheme

Phase 1 – Initial Token Distribution

In the first phase, we will distribute tokens to developers at conferences, events and hackathons. This activity will occur primarily in Europe and the distribution will be at the discretion of CSC. The goal of this phase is to get tokens into the hand of active developers and blockchain early adopters/enthusiasts.

Phase 2 – Smart-Contract-Based Token Distribution

Developers committing code to key blockchain projects can opt-in to receive XSC tokens for every line of code that is accepted for their respective projects. CSC will set up a smart-contract-based system that will pay out tokens according to the accepted commits. CSC will programmatically monitor the git repos of major projects.

Phase 3 – Liquid Feedback Mechanism

In the third phase, members of the community will be able to suggest projects to be included in the incentive scheme, a model known as liquid feedback. Token-based ballots will be used to enable community voting and determine which blockchain projects should be included.

In this phase, we’ll also be rewarding developers to contribute to our code base. Essentially, over the course of the three phases of the incentive program, it should morph from being a mostly manual process to a fully automated process.

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

Developer Incentive Program: Claim XSC Rewards

Show us that you’ve got the right stuff!