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  • Jun 05 2016 10:31
    @alexvandesande banned @adamskee
  • Mar 16 2016 01:12
    @alexvandesande banned @scbosse
Pi Delport
@PiDelport
So it assures you that you're not holding a false token from some impersonator.
But the issuer is a separate link to the real world.
They can give the token any meaning, or no meaning at all.
So someone can give you a token and claim that you can redeem it for a hug, but then that's all it's worth. :)
Or they can tell you it's worth a bar of gold without actually having gold, but you'd be a fool to trust them without independent verification that they actually own the gold, and are trustworthy enough to redeem it for the token.
Alex Van de Sande
@alexvandesande
Great explanation @pjdelport
Pi Delport
@PiDelport
Another example of how the issuer can decide any arbitrary meaning for a token is a lottery.
Instead of each token being worth a set amount, the issuer can issue say a thousand tokens, and say that at a given time, one random token will be redeemable for some reward (and the other tokens will be worth nothing).
So before the prize, you might want to obtain as many tokens as possible, to increase your chances, or even sell the tokens for high values, depending on demand by others.
But after the prize is claimed, the tokens become worthless, and no one will want them.
So the value of a token can be based on time and conditions too.
(Again, you have to trust the issuer to actually give out the prize.)
Leonel Castañeda
@leodc
Wow, tokens are really cool
Leonel Castañeda
@leodc
Thanks for the explination @pjdelport i can see now xD, and great presentation at DEVCON1 @alexvandesande , I'm going to experiment with ethereum :)!
Alex Van de Sande
@alexvandesande
thanks!
Sriram Kumar
@batteringram01
That was a pretty good explanation on token. I came to the very same room to ask about it
:)
Sriram Kumar
@batteringram01
Just clearing things up, so a smart contract is nothing but a simple script that is uploaded to the blockchain network for some gas price(ethers) and then you could call the script, run it and execute it? Am I right? Miners will help you load the particular TX(execution of the contract) on the block for a reward
Sriram Kumar
@batteringram01
2 . And token is a digital representation of some assets, so I could use token to quantify a physical asset like gold, diamond , iron or even services like software or music classes lol. But the only catch is that, you need to trust the issuer - thats it? so tokens are mechanisms provided by ethereum blockchain to issue your own currency.
  1. Isnt it sort off like a centralized system? You still depend on the token created by a particular issuer?
Alex Van de Sande
@alexvandesande
@batteringram01 tokens are themselves also just scripts
Sriram Kumar
@batteringram01
so lets say I buy a single token from digix which is say 10g of gold, now its obvious that digix tokens will have to be accepted by various entities, similar to how bitcoins will have to be accepted as a payment method. So essentially you are just creating your own cryptocurrency called tokens and give it a value.
@alexvandesande - is there any other usecases used by financial firms?
Makoto Inoue
@makoto
@batteringram01 you can write escrow service using Ethereum
Sriram Kumar
@batteringram01
Right. I am building a simple usecase, 3 node setup with two accounts and one DAO contract(bank) which will hold some $ for each of the account, now the user can withdraw the dollars as ethers(wei) into their account. Thats do-able right? @makoto - doing this just to get a hang of things . i m super new :D
Makoto Inoue
@makoto
@batteringram01 I am not sure how you can programmatically send $ to contract. you may be able to do it BTC -> ETHER via http://btcrelay.org/ though I've never tried
Pi Delport
@PiDelport
@batteringram01: That's the gist of it. You always have to trust the issuer of any token to give it meaning, in any system: a block chain / consensus system is just a way to communicate and exchange those tokens in a secure and decentralized fashion.
Sriram Kumar
@batteringram01
Got it @pjdelport
Makoto Inoue
@makoto

Hello.

I have a question about general strategy of writing multiple contracts.

Something like http://ethereum.org/token tutorial assumes that you have one contract which manages all the available tokens.
What if you want to create multiple contracts that have same functions but different initializer values?

For example, A 101 Noob Intro to Programming Smart Contracts on Ethereum,
has a contract example called Conference which manages buying/refunding tickets of one conference.
The contract is like https://gist.github.com/makoto/1be1b1b6dc5c5dcf1e48e734d69053a8 .

What if I want to write a service like meetup.com or eventbrite on top of blockchain so that I can let organisers to create conference contract which has same functions but different ticket prices, venue capacities, and so on?
Do I need to compile/deploy new contract every time new conference is organised, or is it possible to create some sort of master contract which can fork multiple conference contracts?

An advise is appreciated.

PS: Apologies for cross post across multiple channels.
Sriram Kumar
@batteringram01
guys, have a doubt, Like i said, I have a 3 node private setup with one node exclusively for mining. Its all set and works. Now I am using truffle to write a token, I make the msg.sender get 10k coins, now how do I add the coin to the receivers wallet as I need to send and it must reflect there
when I check balance with "" on the unit place, it returns all the units, so will it be listed there?
(pardon me if I am getting my fundamental concepts wrong)
Sriram Kumar
@batteringram01
When I try to add some 1000 of my coins(token) it gets added in testrpc, but when I do that on my private bc, it does now.
not*
Alex Van de Sande
@alexvandesande
@makoto you can create a single master contract that has all the conferences, prices etc parametriized in
BitSpread
@BitSpread_twitter
Hello, how can I upgrade my existing Wallet to the latest Wallet version?
Makoto Inoue
@makoto
@alexvandesande thanks!
Alex Van de Sande
@alexvandesande
@BitSpread_twitter just download the new one and run
Makoto Inoue
@makoto
@alexvandesande btw are there any diagram that explains the relationship of various component (mist, geth, solidity, web3, etc) to newbies? I have our study group this evening, so I thought I should give some 15 min super intro to go through terminologies
Alex Van de Sande
@alexvandesande
@makoto unfortunately no. But if you build one it be helpful
Makoto Inoue
@makoto
I remember someone from ConsenSys made one but cannot remember the url :(
Alex Van de Sande
@alexvandesande
solidity: language
web3: javascript object used to connect to the node and compile solidity
geth: runs the node, connects to the network, execute transactions. The meat.
wallet: a dapp that uses web3 to watch wallets and send transactions
mist: an electron app that allows you to use html apps on ethereum. Currently only displays the wallet app
Makoto Inoue
@makoto
yeah, that's the minimum you need to know, I guess
Sriram Kumar
@batteringram01
Yeah I can help @makoto @alexvandesande I was thinking the same.
Alex Van de Sande
@alexvandesande
Thanks @makoto please post the result on reddit.com/r/ethereum !
Makoto Inoue
@makoto
I made a quick one at https://docs.google.com/presentation/d/16KBFTskiBovLY2NL_JCPNEWObQ8iPxbB181mc0_WaKU/ Any comments welcome before I post on reddit
Alex Van de Sande
@alexvandesande
@makoto that’s very good. Accurate, no comments.
XuannyLee
@XuannyLee
Hi, What should I do if I forgot password of my wallet? :worried:
Alex Van de Sande
@alexvandesande
@XuannyLee take a meditative walk and try to remember it. If there’s a substantial amount of money, contact a wallet brute force specialist to try to extract it for you. Be careful and find someone with a high reputation