How this will be different from Digital Ocean, Vultr or other hostings?
Thanks for the question! We are providing a full service for SmartNodes. So not just hosting, but also deployment, maintenance, and updates. We also plan on offering the option to pool your Smart tokens with others in order to launch a SmartNode. All of this will be fully automated. Our Microsoft and former AF devs are laying out the framework as we speak.
I think that this is a GREAT idea! Your are trying to fill a niche that has not yet been explored. With so many masternode coins around and in the works this will be a very valuable service!
…we will start by offering SmartNodes as the initial product for our pre-alpha and alpha launch. We plan on later adding other masternodes based on user interest and technical metrics. By building our product around Smart from the very beginning, we will position Smart to quickly grow its user base as our company’s user base increases.
I’m totally sold on the service itself, but from what I understand, the above is the only real tie this project has to SmartCash. Are there any other incentives for the community to fund this project? Given that we currently have 11,010 enabled SmartNodes I’m not convinced that this will bring such a great benefit to our community that we should be the ones to kickstart the service.
Can you expand on how this proposal will bring more benefit to SmartCash than any of the other MasterNode coins (that will get this service for “free”)?
Thanks Andrew, we think it’s going to be a valuable service too! Good question too. We think MetaNode will help the Smart community in the following ways:
Outsource SmartNode Support: Smart developers spend a significant amount of their time on Discord helping new users launch and maintain SmartNodes. By providing 24/7 support to SmartNode owners, we will relieve the burden on Smart developers and let them do what they do best, code.
Increase Institutional Interest in Smart: MetaNode will become a trusted third party option for institutional investors. Our team has already engaged in preliminary talks with partnership and investment vehicles about hosting masternodes for them. By positioning Smart as an investment option, we will increase its access to large amounts of capital.
Increase Long Term Value of Smart: MetaNode will become the gold standard for retail and institutional investors interested in passive income from masternodes. As we slowly increase the number of cryptocurrencies we support, we will also increase interest and investment in Smart. We believe this increased interest will most likely result in a long term increase in the value of Smart. As just one example, look at the long term effect that Coinbase’s addition of Litecoin had on its price. Since LTC was added to Coinbase on May 3, 2017, its price has increased more than 736%.
Increase Smart User Base: MetaNode will become the on-ramp for crypto investors looking for a safe passive way to earn income in a volatile market. By building our company around Smart from the very beginning, we will position Smart to quickly grow its user base as our company’s user base increases.
Ability to Shape and Influence MetaNode: Since we are starting with Smart, Smart users will have the ability to shape and influence the platform from the beginning. Want extra security features? Sure. Want better dashboard tools? Done. Anything that Smart users want, we will strive to provide.
Nice proposal, but I think it falls short because of too many speculative statements and aspirations that are completely hypothetical.
There are a lot of “will become” statements. Essentially you are asking SmartCash to provide funding for your company to build a product for the world. As you are not exclusive to SmartCash why should you ask SmartCash for funding and not other coins? Why ask for funding at all? This seems like a regular kind of startup.
You’re asking entirely for engineering costs. Nothing about marketing. How would you even become “Coinbase” without a marketing plan?
There is not a clear benefit to why SmartCash should kickstart your project.
You don’t specify how long it would be exclusive, either, so your “benefit” promise is pretty insubstantial: "We plan on using the initial funding ($49,500) to build our product and roll it out in two stages: (1) a soft launch of our pre-alpha product and (2) an alpha launch. We plan on offering both the soft launch and alpha launch exclusively to the Smart community. "
There is a huge gap in the costs outlined and benefits to SmartCash. While I think the proposal is well written, it seems better suited to some kind of institutional or angel investor which would receive a stake in your company. As that type of reward structure does not exist for SmartCash, this doesn’t seem like the right way to fund it to create a general purpose platform.
Maybe, just maybe, if you offered a year of ongoing ad placement on your site, or some kind of promotional placement to promote SmartCash it would make a little sense.
Hi BlockchainLibrary thanks for the response You had a couple of questions and comments so I’ll reply in bullets.
Costs: As this is the pre-proposal discussion, we omitted a more detailed breakdown of costs. Based on the forum guidelines, we thought this made sense. We plan on including a fuller breakdown of costs in the proposal.
Exclusivity: Just as a shop that sells only one product will go out of business, a platform that offers only one option for investment will fail too. We think that Smart’s value will benefit from our user base as it grows. More users equals more potential investors. More investors means more demand and a higher price for Smart.
Speculative: I’m a little confused by this comment, as a pre-proposal is by definition an aspirational/hypothetical plan put forward for discussion. I don’t think our plan is any less speculative than the pre-propsoal for Smart beer. ; )
Marketing: We believe, unlike most crypto companies today, that having a viable product is more important than marketing. We plan to focus on building a useful and well loved product instead. Growth, when it comes, will be from word of mouth.
Re: the promotional idea, I’ll run it by our team and will be in touch. Regardless, thanks for the comments and we appreciate you reading the proposal.
I got the same general feeling as Blockchain Library. It sounds like you want SmartCash to pay to develop a product that isn’t really revolving around SmartCash. I would not vote for something that’s to the benefit of enriching an enterprise.
You will develop some type of application to be able to monitor the masternodes?
Yes, we will have a telemetry solution implemented that monitors each masternode including network traffic, anomalies or errors. What tools @disruptgab would you be interested in seeing?
Thank you for the comment Blockchain Library.
I understand your concern for wanting to be Smartcash exclusive, but I think you are failing to see our main value proposition. Let me give you an example. Let’s say we stay Smartcash exclusive for the first 12 months. First month goes great, and we add 5,000 new users, and for the next 11 months we add on average another 1,000 users per month. That is a total of 16,000 users who are exposed to Smartcash. Now let’s explore our plan, first month we had 5,000 users and another 1,000 users each month for the next 2 months. After 3 months we start adding other coins, Dash is first and that brings another 10,000 users. Now on month 3 we have a total of 17,000 new users, who are exposed to Smartcash. We slowly add 4 or 5 other high caps over the next 8 months and add on average 7,000 new users per month bringing us to a grand total of 73,000. By adding other coins alongside Smartcash it exposes Smartcash to 57,000 new users who otherwise might never know it exists. This is all very hypothetical and the numbers could be higher or lower but you get the idea. You increase adoption by increased exposure.
I appreciate your feedback Blockchain Library and I understand your concerns. There are no guarantees in life and especially not crypto, but our “Will be” statements are honest in their intentions. We have a fantastic and extremely talented team who will do there very best to follow through on all promises and help introduce Smartcash to an entirely new community of people.
Together with my team we have worked with many masternodes, the main problem is monitoring. I think it is interesting to propose development projects in favor of the easy maintenance of the network.
Thank you for your support! Not only will we receive general monitoring data on each node but each node instance will be self healing to a degree.
Thanks for the reply Sipin. The way the proposals are structured though, we only get reimbursed if we submit receipts for expenses incurred. So we take the risk and put in the sweat up front, and then we submit our expenses and are hopefully paid back. If the business fails, then we are left with nothing. Not exactly a risk free venture, as we have boot strapped much of the costs already (none of which will be reimbursed) and invested a great deal of time.
As for the “guinea pigs” comment, I respectfully disagree. We clearly lay the numerous benefits for Smart in the proposal, but I will include a few below:
Increase Smart User Base: MetaNode will become the on-ramp for crypto users looking to quickly and easily create masternodes. By building our company around Smart from the very beginning, we will position Smart to quickly grow its user base as our company’s user base increases. Economists call this a WIN-WIN (technically they call it an integrative negotiated agreement, but let’s not get bogged down in the details).
Increase Long Term Value of Smart: We intend for MetaNode to become the gold standard for masternode creation and management service providers. As we attract more users to our platform, we believe this increased interest will most likely result in a long term increase in the value of Smart.
Outsource SmartNode Support: MetaNode understands that Smart developers spend a significant amount of their time on Discord helping new users launch and maintain SmartNodes. By providing 24/7 support to SmartNode owners, we will relieve the burden on Smart developers and let them do what they do best: SHIP EPIC CODE!
Regarding the Dash comment, there will not be any coins added without first reviewing them through a rigorous selection process. All coin selections will be announced weeks in advance.
Name is slpin, not “Sipin”…
I understand how proposals are structured and how proposals are paid, believe it or not…
The main issue is this… if the business does fail, you aren’t left with nothing. The way your proposal is structured, you have already made sure that you will get paid for “that work” even if it fails.
It is not risk-free for SmartCash at all!
The way your proposal is structured - especially with it being focused on the back-bones of your business, rather than the SmartCash user adoption, shows the goal of your proposal. In simple terms, you are asking that your team will STILL be paid even if your business have no users. Maybe if you are so sure it would work, add a clause in where you could only get paid if you could promise adoption? You advertise it at 5,000 users the first month. Add a clause that says that you can only receive full payment if you do manage to get 5,000 new users in a month. If you could only get 50 new users, then you receive 1% of the proposed amount.
I am not entirely sure of the amount of time you had already invested - I hope it is not too much - based on your knowledge (did you know we are not a token? i attached an image to show the 8 references you made regarding that - you can use find-replace to fix it… but I do want you to know that we are an independent chain)… Also, I do know that there are already node hosting services out, as well as multiple guides that details on how to set up a node… Infact, there is even a guide on youtube where a user only have to type a few strings and have his/her node up. As far as setting up a node goes, I am pretty sure we are the easiest, if not one of the easiest one to set up… we also have a large amount of people that are “not smartcash developers” that assist that process…
Per your two other points, having another node hosting service does not really give any assurance as to the “increase smart user base” (after all, you are a new business that wants smartcash to cover the back end cost so you can host other services), or “increase long term value of smart” (how does hosting node create value in a currency when the people that are creating shared nodes are looking for income, rather than adoption).
The comment about outsource smartnode support… well, from what I have observed, the majority of people that are helping people set up nodes arent the ones that are making commits to github… so i wouldnt exactly call them smartcash developers… I would call them individuals that want to help SmartCash suceed…
Whatever it is, the way your proposal is presented and the way it is structured, is a not a good deal for SmartCash nor its users.
Thanks again for the comment. I understand your skepticism and I do appreciate the feedback, even if it is not favorable. Most people don’t bother, so thank you.
Look, I honestly believe this is a good project for the Smart community and will bring value to the network. Yes I agree the business could fail, and yes that means there would be a loss of the funds, but that is what makes our project different than most. We actually have deliverables. Many of the proposals that have been supported include Smart conferences, endorsements or merchant awareness programs. And while I support those generally, let’s be honest there’s no actual deliverable for an endorsement or even a conference besides the fact that it happened. I think a project like ours, a viable platform that could deliver additional visibility and interest to the Smart community is a better investment than a conference. Is it riskier? Absolutely, but it’s proportionate to the upside, which is much higher in my opinion than if we sponsor another conference/student group/MMA fighter.
You ask for funding from Smartcash. You will build a business for our money. What do you offer in return? For example, free hosting for our community.
yeah, actually it works just like that, if you ask for sth, you need to pay for that, unfortunately, lol… Nowadays, nothing comes to you just because you ask properly. on the other hand, the exception may be real estate investments. At first, you invest extra money you have and then yo receive even more. To tell you the truth, if you asked me what is the most relevant and profitable business, for me it would be real estate investments. besides, not long ago i discovered a source and it’s prefect if you’re looking for investors in real estate, there is a special group of connected investors. They have special forums, courses and everything you need to evolve. Moreover, there is just perfect searching engine for finding the best offers of real estate.