IndexCoin - An index of top cryptocurrencies

[btcmacroecon]

http://bitcoinmacroeconomics.com/2015/02/20/indexcoin-stage-1-project/

Like any ideas or concepts, they must start from an idea and begin at a Stage 1.
I have an idea, or concept, and it’s in proof of concept stage, but the idea has merit.

I would like to establish a cryptocurrency, IndexCoin. This cryptocurrency is an index of cryptocurrencies by percentage of coins and I want to kick this off by establishing some coins to be indexed in the ultimate trading coin. I would genuinely like to find investors and developers over time to make this project a reality.

Since the coins are owned by the owners of IndexCoin, the blockchain technology will be utilized by the owners of IndexCoin and the blockchain technologies will be tied together so one coin has all the capabilities, a daunting task actually, yet conceivably possible.

This coin will bring value based on the trading aspect, but the value will be in the blockchain technologies that will be utilized with one coin.

I would like to find traction and work with others. The percentages of coin to be utilized can change over time and coins can be entered in or removed depending on valuations and developments, that is the beauty of an indexed cryptocurrency. But given the volatility of the market, this particular cryptocurrency stands to bring great value and market capital in time, if not in years. It would be great to develop such a coin with others and become a leader in the marketplace. Are you interested in this from a development or investment standpoint? The valuations and platform could be utilized to further fund development but would need strong management and integrity or there is no point in even discussing it further. With this comes the need for absolute security – and that takes know how and best practice. This is the ultimate in creating opportunity and I hope to create an opportunity for myself and many others with this stage 1 project. The first thing that needs to come from such a project is interest and traction but then project management would require investment and communication. But I can say that you have not heard of an indexed cryptocurrency and if you have, you heard about it via Bitcoin Macroeconomics.

I do have some wild cards for cryptocurrencies that could be added, but the coin is not developed yet, but that would be the nature in general, and I do believe this would take consensus and from board members essentially.

How would the allocations look (let alone how would the blockchain technology be tied together?)

Hypothetically and something to consider…

Bitcoin 20%
Darkcoin 20%
Hypercoin 10%
Dogecoin 10%

This scenario brings us to 60% of the required 100% for an indexed coin. The remaining 40% would require other coins, consensus, and that may tie to ease and ability of tying those blockchain technologies into the IndexCoin. But this is where it could get interesting and it will.

If the other coins go up in value, IndexCoin would go up in value accordingly and based on allocation or percentage of coin to the index. Likewise, if Indexcoin where to go up in value, that could correlate to the valuation of the indexed coins, though that would remain to be seen.

This would bring rise to strong partnerships and innovation, but alliances should be formed nonetheless. Alliances should not be formed simply with cryptocoins or developers, but with other innovators and investors. Others would benefit from the technology and I would like to see if any exchanges,tip bot programs, and security or cold storages would be interested in forming an alliance and working towards developing IndexCoin and working at arriving at the percentages while looking at first rounds to invest in tying the blockchain technologies together.

This is the ultimate in grass roots job creation and innovation and these sorts of jobs should be able to be spread around the globe and not hoarded in some urban center controlled by elites.

If you are interested in forming an alliance, developing, or investing, contact me and let me know what you bring to the table and what stake you can bring in advancing this from a Stage 1 concept and into IndexCoin – the leading market cap trading cryptocurrency. I’d like to take things from hypothetical to Stage 2.

[Zapotec]

The idea is interesting. What I see hard to do is to tie the indexcoin with other coins in a decentralized way. To work fine, the system should be implemented with smarts contracts, where the "tie" between the coins is handled by the math of the blockchain and not handled by real people.

I'm not enough skilled to imagine how to code this into an algo, though it could be possible. Any ideas?

[btcmacroecon]

hey thanks for the comment and feedback.
Yes it has to be blockchain tech not of human!
Yes an index (percentage and picks) of the coins would be picked and arrived at by the human factor, the fact that the indexed coins blockchain technologies need to be tied together requires the best developers and that is where the conversation leads us....to Stage 2.

The blockchains are already there, say you take Bitcoin and Darkcoin (as example of the first 2 indexed coins for the example), owners will get the best of both worlds, one open source and transparent blockchain, the other anonymity and technology of darksend. The technology is already there so you tie them together for the sake of indexcoin. I am not that smart, so therefore would need the best developers for such a project!

Is anybody willing to offer a bounty? Any developers willing to step up to the plate? Any investors be it security (needs to be at the forefront of the project for integrity purposes), exchange, payment processing / trading bot?

For this example, it would be nice to get Bitcoin and Darkcoin developers together for the merging of the technologies and since ownership in the coins is there (for indexed coins) the right to the technology exists to tie the technology together. The IndexCoin would stand alone with it's pricing, but would hold the valuation as a whole with the indexed coins, and that is an advantage of an index, and thus a trading coin. The speculation of IndexCoin on the other hand could bring higher valuation of any stand alone coin.

So the example of the indexed coin with Bitcoin and Darkcoin is on the table, but...from there it's a matter of adding the other blockchain technologies. I will hold off on blockchain technology that allows for a gambling option built into each coin (oddsmakercoin) that offers historical sequencing for online (and on the floor) casino gaming as it is not developed, but should it be ....that blockchain technology would be utilized to provide historical sequencing of cards or bets in conjunction with odds for proof of online or crypto gambling (though could be instrumental in scratch tickets, VIP programs, loyalty programs) but all verifiable and proved via the blockchain for avoiding gaming scams, revolutionizing cryptocurrency gamiing, but leading into more mainstream opportunities beyond "crypto" but traditional scratch games....but verified via the blockchain nonetheless. By percentage of the index, and if added, this blockchain technology could be utilized by acceptance of IndexCoin for cryptogaming and tied right together with Bitcoin and Darkcoin.

From there ....just add a new blockchain technology (coin).....say keep it simple or go off the deep end with possibilities. Add in a Namecoin and you offer a block to censorship.

This may require a holdings, perhaps enter in mining of the coins to avoid "a run" on the coin or fractional reserve scenario. But since the ownership of the coin is there the tech can be utilized and will at least maintain the value of the indexed coins if market forces hold true. Again this is Stage 1.

[secco]

The IndexCoin would stand alone with it's pricing, but would hold the valuation as a whole with the indexed coins, and that is an advantage of an index, and thus a trading coin. The speculation of IndexCoin on the other hand could bring higher valuation of any stand alone coin.

Yep! This is a very good point!

Something like the first decentralized investment fund...

[btcmacroecon]

if partnered with an exchange....perhaps the valuation could be held in accordance with the stand alone price of the individual coin (or indexed coins)....that is not price fixing, that is holding the price by way of the index. That would just mean the coin could not be shorted or manipulated down below current price of the indexed coins...and that would entail some math on the exchanges end.

But the price could go beyond the valuation of the indexed coins via pure speculation as one coin could bring higher valuation to the indexed coins....and there is value in that.

It's just that price controls would (could) need to be in place to avoid shorting and bringing the price down lower than the actual valuation of the indexed coins.

I would like to move to be the board chair of this project in that the concept was arrived at via Bitcoin Macroeconomics.
I would like to move to adopt a board to arrive at this project in order to seek leadership, technological advancement, and development, determine legalities, and return on investment, as well as payment to developers in order to seek top talent. This project will need leadership and investment strategy, and above all, integrity.

I think that equal opportunity is a good place to start and that includes remote villages, the suburbs, communities that put cryptocurrency and job creation in cryptos at the forefront of common sense economic development.

Are there any communities around the world that would allow a tech center, a place, a conference table? Are there any existing companies that sponsor such endeavors? Any investors willing to sponsor members and endeavours be it on a short term or long term basis? Any cryptocurrencies with unique blockchain technology want in on the action?

With 899 cryptocurrencies, not every coin could make it as an IndexCoin, likewise, not every individual could simply raise a hand and be included in such a project, but now is the time to raise your hands and bring forward some decent ideas as the best ideas will win.

I think a key point will be to focus on equal opportunity and avoid the same old Manhattens, San Frans, and Palo Altos, and arrive at the talent pool beyond the urban agenda and get back to quality living and should one consider a downtown to be their quality living, so be it, but kick out the project to new and remote communities that embrace cryptocurrency and have the ability to utilize technology for what it can do for communities together and that doesn't entail 2 hour traffic jams or an urban setting tech hub to do it. In short, I think it's time to already revitalize technology and what it should be utilized for, and that entails increasing economic development. While I am pro environment, I also believe society is better on a local level and that means home based and remote opportunities and leading by example. In short, San Fran has enough on it's plate. Quality living exists in many places around the world, and what better way to create a better society than via advancing cryptocurrency via an IndexCoin.

This could give rise to international commerce and cryptocurrency being the way and the end to fractional reserve banking as we know it. But it must get beyond Stage 1 and the current urban agenda and the elites that control it currently. Any ethical elites that have the same vision?

[btcmacroecon]

http://bitcoinmacroeconomics.com/2015/03/06/indexcoin-calculations/

So why not establish an index of cryptocurrency and track the valuations. For the purposes of doing so I will list 5 cryptocurrencies and am using Bittrex or the current prices. For ease, i am using 5 coins and 20% would be the mock percentage in the Indexcoin.
So for this purpose I am going to start with 1 Bitcoin as the basis point so 1 Bitcoin equals the current market value ($272.97 per Bitcoin). So 20% of the Index is going to be 1 Bitcoin and for starting reference point that $272.97 is the current market price, and that amount or valuation will be then translated into what $272.97 could buy in Darkcoin, etc…to come up with the equal 20% of the pie until the 100% total. For ease I am going to round off and not arrive at the exact prices of current market, but that will come in time.

I would like to see if there are any math majors looking for a cool college project/paper, or any Cryptocurrency enthusiasts to get involved in the start up of Indexcoin to prove this point and arrive at the metrics to tie into buy ins and sells at any given point in the market – ongoing. This is where the math comes in. This is where it starts to come together. Where it gets more complicated is the introduction of new cryptocurrencies and percentages into the index, and likewise, the deletion of cryptocurrencies from the index (over time) as required. Where it gets more complicated yet still….is the creation of multiple indexes ….on down the line … each standing as their own cryptocurrency and how to take this “index’ and calculate it into 1 value or stand alone cryptocurrency for introduction into the exchanges.

So if you are interested in an idea for a college paper or project or want to join in this project, this is where it’s going down….right here. This will get done, but will take some math to make it work, but it is not a complicated process, as this is just an index, but in doing so creates a new cryptocurrency based on existing cryptocurrencies.

***Note also not calculated in but must be considered are fees for in and out buying and selling of the “indexed coins” on an ongoing basis which needs to be arrived at as per the exchange where this is going to be bought at…and that right there is why I need to partner with an exchange. This is how an ancillary business and a new job opportunity meet. And that is part of this project is partnership and job creation, hopefully in remote locations far away from the Urban Crawl and traffic jams….because that is what technology should do unless people absolutely love living in the city or driving in traffic jams for a living. And then there are many other side projects to consider from there, but let’s keep it to a basic index at this point. Hit me up if interested and you can take not only get involved with Indexcoin at a very early stage, but you can also have a college project to work on.

1 Bitcoin Current price:$274.05
88 Darkoin 0.01246235
2,000,000 Doge 0.00000051
23,000 Vericoin 0.00004914
15,750 Blackcoin 0.00006379

This is by no means what Indexcoin is going to be but merely an example to demonstrate how the Indexcoin will be comprised. Obviously if someone wanted to buy in with $10, they would get the fraction of the above index, for all concerned purposes. It just takes a little math calculation.

The next step would be to simply track this index, in terms of (Bitcoin) and the USD, but that is the starting point. Any one of these coins could be removed and likewise other cryptocurrencies can be added in, it’s just who makes that call? The community voting or a “board”? Most people would distrust a “board” in the world of cryptocurrencies, but that all needs to be decided or the index could be built and that’s it. And then another index could be built, all Indexcoins, all stand alone cryptocurrencies, all with the ability to trade, and where it gets interesting is the ability to utilize the blockchain technologies since ownership is in the coins. For example Darksend feature or ability to pay with Indexcoin wherever Bitcoin is accepted through Veribit (Vericoin), but all that would take work and cooperation. I don’t know that is going to be that easy, so for the purpose of this demonstration, let us just arrive at the “Index”.

[btcmacroecon]

http://bitcoinmacroeconomics.com/2015/03/06/indexcoin-white-paper/   

indexcoin White paper

[btcmacroecon]

Indexcoin is a cryptocurrency that will be comprised of existing cryptocurrencies for the ultimate in value (based on value of the indexed coins respectfully) and in trading, yet will be a stand alone coin that can be spent, if not accepted everywhere Bitcoin is accepted. Tying in the blockchain technologies is a strong possibility, but the index project needs to make it happen, which in time will lead to multiple indexes, not just one stand alone cryptocurrency, but many.
http://bitcoinmacroeconomics.com/2015/03/06/indexcoin-white-paper/
This project is seeking to form strong alliances and this project is not looking at hand outs but is seeking to form alliances in joint venture to develop this project. Not only is there going to be an autopay system to pay developers and investors, but also sponsors of the project so strong alliances will be formed.
Not to overcommercialize a cryptocurrency, it is necessary to fund the project and with that will come long term partnerships and cooperative advertising programs, competitions, and promotions, perhaps outreach that do some good - and that's what economic development should do.
Seeking to form some early alliances with the following:

Cryptocurrency Exchange - to benefit the exchange and the Indexcoin itself. Tie in some affilate marketing and commissions for each buy and sell of Indexcoin - and that also includes autopay back to developers and investors/sponsors. This is all subject to agreement.

3D Printing - This is a must have in Indexcoin - with strong partnerships with a 3D Printing Manufacturer, 3D Printing Software, etc, there will be the ability to put free 3D printing software on the blockchain available to all that own the coin, free from patenting, free from intellectual property rights, free from proprietary nature. In this arrangement, there is room for competitions, promotions, and economic development that will come from those that exercise their rights of the free 3D printing software available on the blockchain.

Security - It is necessary to form an alliance with the security industry as it relates to cryptocurrency in order to promote best practices and protocol to protect holders of Indexcoin. Seeking sponsorship in this arena.

Microbreweries - Want your brand out there? Beer goes with cryptocurrency and you could help fuel the developers and get your brand awareness going via promotional marketing inherent with the alliances. Perhaps partners in business will recognize their partners in business? Perhaps the owners of Indexcoin will remember this alliance. But there is a way to autopay investors and sponsors, while also giving back in other activities and websites via cooperative advertising efforts.

Pizza - Pizza and Beer just go right along with cryptocurrency and like the need for Microbrews, there is a need for Pizza, and with this comes cooperative advertising programs and strong alliance. Not asking for pizza, but the opportunity to form an alliance and discuss ways to give back via autopay to developers, investors, sponsors, and that also includes affiliates (via commissions) on each buy and sell of the coin.

These alliances will help establish economic development and that includes jobs in remote areas around the world rather than just concentrated in major cities. This project will require math and technology, and that's where an alliance comes in to promote the technology, far beyond just an indexing of cryptocurrency, far beyond just a coin, or far beyond just development. But it will take partnerships, cooperation, and joint ventures to make it work, and with that, an arrangement needs to be arrived at to determine ROI and autopay percentages - and that's where the next phase of the project needs to go.

The purpose of this message is to garnish interest from potential sponsors and those interested in the venture of Indexcoin. It is also intended to let others know how to incorporate ancillary business and merchants, all things from cryptocurrency exchanges, payment processors, security, 3D Printing, and yes you heard it right, beer and pizza.

Are there any teams qualified that would be interested in the project for certain aspects, be it devising the affiliate marketing programs or commission programs? Any teams interested in devising free 3D Printing software into the blockchain? Any marketing arms interested in getting involved in cooperative advertising in time? Any cryptocurrency groups interested in forming a join venture?

[btcmacroecon]

Anybody attending the Texas Bitcoin Conference that's interested in Indexcoin? Need boots on the ground and that could include cowboy boots in Texas. Help build the alliance. Bitcoin will be indexed, and that means it can only bring price support by way of percentage, and that's one item that makes the coin unique.
Looking for the crowd that says darn right they want to be a part of this. Or even a hell yeah.