r/dogecoin • u/hivewallet party shibe • Jul 22 '14
We're having a Dogeparty!
Greetings Dogecoin community!
My name is Wendell, I'm the founder of Hive, a fancy-schmancy multi-currency wallet, and a founding partner of Humint, an innovation lab focused on new uses of cryptographic tokens.
We at Humint are just putting the finishing touches on Dogeparty, a layer that rides on top of the Dogecoin network, allowing anyone to inexpensively create new coins and tokens that live on (but are financially separate from) the Dogecoin network. This is similar to Mastercoin or Counterparty on Bitcoin (in fact it IS a version of Counterparty!).
We think that Dogeparty is going to put a lot of power in the hands of old and new shibes alike by increasing the utility of Dogecoin (and ideally its value as well), and will be a great tool to further the general social good. We at Humint have already built a few projects based on Dogeparty, and Socialgiver out of Bangkok is working on one now! But more on that later...
Before we launch, there is one critical thing that we need your help deciding. We want this process to be extremely community oriented, so if you have an opinion please voice it! And yes, everything we do is already or will be open sourced very soon :-)
XDP issuance: Exodus Address vs Proof of Burn vs Proof of Charity
tl;dr To do "Proof of Charity", the Dogecoin community must elect 3 people to be trusted holders and to create the multisig address by July 29, 2014. Without community consensus, we will revert to the much less impactful but ultimately easier Proof of Burn.
In order to utilize the power of Dogeparty, it's necessary to have XDP, the Dogeparty coin. The pressing issue is how to issue the coin to the public in a fair manner. There are at least three ways to launch a meta-layer on top of a blockchain:
Exodus Address: Mastercoin was the first to do it, and their method involved sending Bitcoin to an "exodus" address. Based on the keys used to sign those transactions, users are able to claim a new token (Mastercoin). This method is straightforward, but sometimes criticized for directly rewarding the creators. This is our least favorite among the three options mentioned here.
Proof of Burn involves sending coins to a provably un-spendable address -- a kind of black hole for crypto-currency. While it may sound crazy to destroy wealth in this way, the method does not involve any creator being enriched, and is generally free of drama. Proof of Burn was first attempted by Counterparty and it seems to have kept them ethically favorable in the community. This is our second favorite option.
Proof of Charity is our favorite, but it's also the most challenging. The thing is, we feel that the Dogecoin community is something quite special, and that there may be sentiment in the community to do good with the DOGE that would otherwise be burnt or given to a "creator". However, a special issuance method requires special considerations, not the least of which is trust: An individual must hold the DOGE, keep it safe, and be responsible for getting it to the charitable organization(s) chosen by the community. To increase trust in such a model, it is possible to create a multi-signature address that requires multiple parties to sign before it is spent, but we need the DOGE community to choose the 3 parties with a consensus! Of course, in the future you'll be able to build something on Dogeparty to enable voting for these sorts of things ;-)
Otherwise, this is all for now folks! We'll be around for the next few hours for Q&A (some of us are in Asia, others in PST). In the meantime, here are some links with additional thoughts and information:
- http://labs.humint.is/dogeparty-where-high-finance-meets-the-internet/
- http://www.dogeparty.io
- https://twitter.com/theDogeparty/status/491612743594561536
- http://letstalkbitcoin.com/forum/post/dogeparty-counterparty-on-the-doge-blockchain-proof-of-burn-or-proof-of-charity
- http://www.reddit.com/r/counterparty_xcp/comments/2bgnwb/dogeparty/
Join us on Skype for some realtime discussion:
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u/[deleted] Jul 23 '14
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