3. The blockchain:
It's said: "2-tier reward structure: Proof-Of-Stake and Proof-Of-Presence (Online storage of blockchain slice files)"
a) What exactly is "Proof-of-Presence" and what's it's practical purpose?
b) What will be the inflation rate?
There was a post some time back that describes this.
https://bt.irlbtc.com/view/1543991.msg15522831#msg15522831As for the purpose.
It's an incentive to store otherwise not required archived transactions.
If you scroll to the bottom there is a mention on inflation rate.
http://heatledger.com/ico.htmThanks for the reply!
It's really not easy to understand. Maybe it's my fault but I have questions everywhere I look.
I'll try to explain my problem with a screenshot:
Clear is:
"25 Million HEAT tokens (+ extra 5 Million, if fully reserved)" will be the initial total supply.
Blocktime will be 25 (seconds), but I have no clue what "stage changes" are.
What I can figure out: After 4 years there will be 25 Mio new Heat tokens which means 25% inflation per year - which is kind of high in my opinion. But I really don't understand this way of explaining the economical basics of a project.
**************
And to be honest: I'm kind of concerned if I ask 3 questions and the two most important ones are not answered. Maybe I sound a little bit over-critical but on first sight I really thought: Wow, this could be an interesting project - which is why I try to understand. But if I can't figure out the purpose of a token I also don't know why it should have value in future. And if I don't know if a project maybe will be illegal very soon or already is, it's even more concerning.
If you say that there are pending agreements with the EU about Fiat-implementation you already have a deep understanding of EU laws and you know what they plan. It's more than just possible that a project like this one will be illegal if there will be no technical implementations to take away all anonymity of the users. That's already hard for centralized exchanges but just for example: I know for bitcoin.de (german Bitcoin-exchange) that it's that way since years. All users need to go through a verification-process. I don't like it but the state potentially can know how much Fiat I use to buy Bitcoins (when, how many etc.) and if I withdraw it etc. I believe they will close all possible ways to go into or out of Crypto without them knowing pretty much about it - because but not just because they want their taxes.
And I really would like to see a decentralized exchange without that but I wouldn't know why to buy into an ICO if the token is not even needed to use it, and I still don't know. And I can't invest into a project if I need to think about the possibility that it will run into a lot of problems because of hard EU laws and will be illegal very soon - or already is illegal. I'm not very educated regarding laws but you absolutely need to be. And if it's true that there are pending agreements - you already are - and the other way around.
And, tbh: If I believe that you guys maybe not really know how and if you can make this legal but already saying you will even implement Fiat and that there are pending agreements about that - how can that be possible? What kind of lawyers do you have to believe the EU will say: "Sure, it absolutely needs a decentralized exchange to make it easier for the ppl to get their Fiat into Crypto and that even anon!"?
