Dated Sept 2, 2017:
To the Holders of Superior Coin:
SuperiorCoin Team continues to improve the site and work toward a project that will better the lives of all involved. SuperiorCoin has not made any statements in the last two weeks, as it has focused 100% of its time and energy on the different branches of the work to be done, although pictures of progress and small updates have been made on Facebook and BitcoinTalk.
SuperiorCoin made a request recently, asking the community what they would like addressed next, and received the below list:
- Bonus for not withdrawing
- Hardware Wallet
- Partnerships
- Multi-language website
- Plans going forward
- Exchange listings
- Purpose of the Coin
- Wallet Security
- How Buy back or sales price will be determined
- Process to exchange test mined Coins
- Merged mining software
- Future promotion plans and integration
- Paused Release
SuperiorCoin cannot address everything in this list in a single update, so only a few will be addressed today.
Voting System:
SuperiorCoin understands that the community is who drives this coin and its development, along with its idea process going forward. Consequently, SuperiorCoin has developed a voting system that will allow one vote for each coin held on the website. By this means SuperiorCoin can have a true democratic system as to future policies, ideas, and changes.
Purpose of the Coin:
SuperiorCoin was developed for payment of tasks, ideas, services and collaboration that anyone in the world can do for anyone else, from following people on Twitter, to designing a logo, creating a blog, making a website, and much more. For small tasks, there will be an honor system, and you will simply receive the coins stipulated. For larger tasks, there will be an escrow service, with the stipulation that neither the party performing the task or the party receiving the task can get access to the funds until both parties agree that the task or service has been accomplished or has been abandoned. Members of the community will act as judges on any disputes. These judges will receive fairness ratings, as well as part of the escrow, if the matter goes into dispute. The community may make comments on judges’ profiles regarding disputes.
Members will also be rated by the community, and comments can be left on the profile of members who are performing each task. The amount of the escrow and number of judges will be determined by the price of the service that is offered. Tasks and services trading is the first method of payment offered by SuperiorCoin, although future development will add the method of payment of products.
Apart from being used for tasks, services, and purchases on the Website (name omitted) SuperiorCoin is a secure, private, untraceable currency, which can have many more capabilities that will be developed by members of the community as needs are addressed.
Bonus for not withdrawing:
SuperiorCoin is a POW (Proof of Work) coin, and has added a POS (Proof of Stake) feature to its website, where 200 million coins will be used over the next four years to reward those that use or hold the coins on the website. These coins will be lock transferred so that they will be gradually unlocked (once a month), and any coins not used in that same month will be locked for another 4-year period. About 4 million coins will be available for reward each month. Of the 4 million, 25% will be given out as rewards, and the rest will be locked for next 4-year term. This round-robin effect will guarantee the longevity of supply of coins for rewards, with a gradual decline in the amount available over time. Those reward coins will be divided up to all daily holders on the website, deterministic only by the amount of SUP they hold. The code for this reward system is currently being developed; it will be announced and implemented once completed.
Buy-back price determination:
The price of the buy back or sales option is currently set to default to .00001 BTC, around 0.046 USD. This price is for locked coins, and the users can set a higher price or lower price, based on their urgency to sell their coins. This is subject to change when the voting system is implemented and the community starts voicing their opinion through this system. This Tuesday, September 5, 2017, SuperiorCoin will be offering this OPTION to sell your coins, and the OPTION for other members or SuperiorCoin to buy them back. Please note that at that time, orders can be made, canceled, or executed. SuperiorCoin will not be conducting any purchases at the moment, but will allow the community members first offer when the time comes.
Future promotion plans and integration:
SuperiorCoin will actively promote and invest in advertisements around the world, in hopes to add users to the Website for the sale of services and goods. SuperiorCoin will also develop and pursue integration with venders around the world for the acceptance of SuperiorCoin, through an easy to use API for processing transactions. Of the ICO monies, 25% will go toward this promotional plan and development phase. Ads will not start until all the tools are ready and tested on the website.
Exchange Listings:
SuperiorCoin is actively pursuing public exchange listings and has open communication with several exchanges at the moment. Tokens have been created on the WAVE decentralized exchange platform, and SuperiorCoin is coding for exchange of SUP to SUP-Tokens, and SUP-Tokens to SUP, so that it can be actively traded on the Wave Platform. SuperiorCoin has paid for exchange listings on a few sites such as Cryptopia, Yobit, and CoinExchange. Of the many public exchanges listed, only around 5% actually accept Crypto-note coins. SuperiorCoin is working with exchanges providing RPC-JSON implementation documents and working with exchanges to consider CryptoNotes. Communications with many exchanges have been very limited as the response time is very high due to the increased traffic all exchanges are experiencing with Crypto booming. Some exchanges have not accepted SuperiorCoin as they require previous listings elsewhere and/or daily volumes above certain limits, before listing. As part of this process, SuperiorCoin has developed a website dedicated to the exchange of SUP with BTC and XMR and expects for this website to be available during the month of September.
Hardware Wallets - WebWallet:
Hardware wallets have not been actively pursued, although SuperiorCoin is actively developing web-wallet creation using private and public keys, PC wallets for all OS systems, Android and IOS wallets, with and without MULTISIG. The web wallets already available for use are protected by several mechanisms and more security is being added daily. As always each type of wallet, from web wallet, to paper-wallet, PC wallet, and hardware wallet, has its benefits and risks.
Paused Release:
The previously considered option was a 10-month paused release for all coins purchased during the ICO. The current consensus seems to be for a shorter release, and this will be one of the first items available to vote on at the SuperiorCoin website, starting this Tuesday, September 5, 2017.
SuperiorCoin is continually working on all aspects of the Coin and the ecosystem involved with it. The SuperiorCoin team understands the community’s urgency and is making every effort to carry out all the goals set forth, however small or large they may seem. Thank you for your continued support as the SuperiorCoin team makes all the above-mentioned developments and plans.
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