Need changes to Gnut distribution and issuance about cosmos HOT 12 CLOSED

/jk So then we call the ASIC company we are starting 20.1?

from cosmos.

I think a vesting foundation is a great model.

So in summary we'd have something like:

• 13.4M vesting to the initial 67 validators (200,000 vesting gnuts each).
• 10% of that (1.34M) is sold off to qualified investors to raise some initial capital for the foundation to get the dev work done (say, ~$1M).
• Another 1.34M vests over 6 years for the foundation to pay for long term maintenance and development.
• Half of that (0.67M) is allocated for development bounties.
• Finally, 6.7M would be auctioned off via bitcoin, at 21,474 per week.

So the expected number of gnuts after 6 years, including all vesting and auctions, would be 23.45M

Unrelated to gnut distribution, but related to incentives and foundation revenue, each of the initial 67 validators might be expected to pay something like 100/month for the first year or couple years, which could provide another $80k/year earmarked for eg. administration and marketing.

from cosmos.

I think 1 is manageable and doesn't need any special functionality.

Individuals who are willing to publicly idenitify themselves should be able to buy gnuts at a discount beford the network launch.to resolve 2

from cosmos.

It's hard to compute what the "discount" would be, but we could just set a price and sell them (rather than have any auction mechanics) which could help lock in a (probably) discounted price.

I will update genesis issuance with 10% premine to be sold to qualified investors, and 5% to be allocated for bounties for early development, all of which will be transparent.

BTW, we the foundation also need strong incentives to develop this system to completion, not because we wouldn't otherwise, but because without it, the system loses credibility. I think, even accounting for bitcoin issuance donations and subsidies via the tax mechanism, having less than 10% ownership of the network makes for a less credible system, whether or not it's plenty for us.

For this, I think we may have an additional 10% to be vested over say 6 years, which can be stopped at any time by governance (e.g. +1/2 votes). Then, the network can vote in another foundation and perhaps consider another 10% inflation, if need be when the time comes.

This makes the total potential premine ownership of the foundation equal to 10% + the ~$1M in funding + any bitcoin donations over time. The 10% does allow us to expend all of the funding toward development with no reservation for e.g. founder ownership. This assumes we don't take any of the 5% bounty ourselves, which is fine.

Thoughts?

from cosmos.

Changed the number of validators to 50, so it's:

• 10M to genesis validators vesting over 4 years
• 1.2M to foundation vesting over 4 years
• 1.2M to supporters (they aren't investors, they're expected to work with us). transparent
• 1.0M to bounties. transparent
• just under 6.7M issued through ether (not bitcoin) over 6 years.

Grand total of just under 20.1M gnuts.

from cosmos.

cool. and why'd you change to ether over bitcoin?

from cosmos.

So we can write a contract that requires burners/donators to sign a statement.

from cosmos.

well, we can still do that in bitcoin. but obviously cleaner in eth

from cosmos.

Changes proposed in #30

from cosmos.

JaeKwon, When is Gnut pre-sale? thanks.

from cosmos.

@LeeBlues , October.

from cosmos.

https://github.com/gnuclear/atom-whitepaper/blob/master/PLAN.md

from cosmos.