The LTB Network Forum


"Forking" a metacoin on Counterparty

Back to LTBcoin Talk

Jump to bottom

Comments

cc5alive

As I've been playing around with Counterparty it has occurred to me that there is a way to "fork" a metacoin such as LTBcoin.
When you create an asset, you can distribute dividends in the form of XCP, BTC, or another asset that you own. Thus, if I want to distribute my own metacoin and I wanted to involve everyone who is already using LTBcoin, there is a way to do that.  
First of all, I cannot issue my own metacoin to anyone who is already using LTBcoin -- which is very important so everyone isn't spammed by users trying to send out various tokens for promotional purposes.
I could, however, lay out a proposal of what I want to do with my own coin and why I want to be in control of it.  If Adam (or whoever ends up in charge of the account that can issue LTBcoin) is willing, he could set up all the parameters of the coin and distribute the coins as a dividend to everyone who has LTBcoin.  He could then transfer the ownership to my address and I would be able to control the coin going forward.
An example:I want to create a token called StrangeShares and I want 50% of the initial distribution to go to LTBcoin users.  I might suggest something like a total of 20,000,000 StrangeShares to be issued and 10,000,000 would be distributed proportionately to all the holders of LTBcoin.  After the initial distribution, ownership of StrangeShares could be transferred back to me and I would be able to decide what do with remaining 10,000,000 StrangeShares.
This could mutually benefit LTB and StrangeShares.  If I have a plan that involves distributing regular BTC dividends to shareholders, I would be creating a value-added service to the LTB community and I would get the benefit of a wider distribution and awareness than I am able to reach on my own.
The asset issuance would also need to be "locked" to make sure that I don't distribute 10,000,000 StrangeShares and then issue myself billions more once the ownership is transferred back to me.  My only risk is trusting the person to transfer the ownership of shares to me and the only risk to LTB is that my plan fails and I don't have dividends to issue.
This is something I'm actually very interested in doing, so I'll post more information about it at a later time and see if Adam and the LTB community find this worthwhile.

0 likes
  • cc5alive

    OK. I played around with Counterparty some more and discovered a far simpler solution.  
    I can simply send the number of StrangeShares that I want to be distributed to the owner of the LTBcoin and the owner can pay a dividend of StrangeShares without owning the StrangeShares asset.
    Assuming that my coin can be publicly audited to make sure I won't issue additional shares, then this should be a fully sufficient plan.

    Permalink
    0 likes
  • rotalumis

    This is a very interesting concept. Ultimately, if LTBcoin ends up being run through a proof-of-stake voting mechanism it will be the LTBcoin holders themselves who decide if they want your Strangeshares or anyone else's tokens or not.

    Permalink
    0 likes
  • rotalumis

    It's also in your best interest to give your assets to people who believe in what you are doing, not just so that they get behind you, but also to reduce the risk of them dumping your asset when you least expect.

    Permalink
    0 likes
Jump to top

Post Reply

Please Login to post a reply to this thread.

© Copyright 2013–2016 The LTB Network. All rights reserved .