AdCoin Update November 22 2017: Project updates

Hello AdCoin enthusiasts! A small update on the projects that AdCoin is working on in order to get the first ads live. First another quote to describe I experienced last week 🙂

“I was taught that the way of progress was neither swift nor easy.”
– Marie Curie


Status updates current development

Like last week we have another update on our projects. The processes we are working on are:
1. Changing the difficulty regulator of AdCoin (hard fork)
2. Creating tooling to receive, send, buy and sell AdCoin

1. Difficulty regulator

We are working on verifying everything we think should be done is working properly. We are expecting to communicate the fork in a week or two, with enough time for our partners to prepare everything on their side.

2. Tooling

Next to the web wallet, which we will release within two weeks, we are also working on integration the AdCoin order system inside the web wallet. This means you will have one user-environment where everything AdCoin related can be managed, although selling your AdCoin through our systems wil not be possible until we pass all regulations (there is additional regulation on cryptocurrency transactions).


Other news

So there is some other cool stuff that has happened the last week AND that we are working on at the moment. Here they are:

  • Spoke @ Emerce Performance on Thursday the 16th in Amsterdam
  • Added 2 factor authentication to the web-wallet
  • Added address book to the web-wallet
  • Working on expanding to Germany
  • (Re)applied for a couple exchanges (now as registered CoC)
  • Expanding the team with more marketing & PR powerrrr

Once again thank you for your continued support and for any questions please drop me a message on Telegram! Please let us know what you miss in these updates as well, so that I can add it to the next one 🙂

– Patrick

AdCoin Update November 14 2017: General update

Hi everyone! Another update from the team. We had to postpone it a bit because we had some strategical and operational decisions to make. However I’ll first throw another quote at you, once again describing the past period for me 🙂

“If you don’t have time to do it right, when will you have time to do it over?”
― John Wooden


The AdCoin Concept

Let’s start with the most essential part of the whole AdCoin journey by elaborating on the concept itself. Why AdCoin? It seems that there is still some confusion about the purpose (and value perception) of AdCoin and I hope I can clarify it in this update. But first, to make things 100% clear:

AdCoin is a cryptocurrency that can be used to purchase or get paid for (online) advertising.

Why AdCoin?

AdCoin is a cryptocurrency that uses blockchain, that shouldn’t be a surprise. But why do we think there is a need for a cryptocurrency specifically for the online advertising world? Why not use Bitcoin? There are about 50 reasons we could come up with, but we will share the ones we also use in meetings with advertisers, publishers and ad-platforms.

1. Cryptocurrency is ‘open’ 365 days a year, 24 hours per day: transactions are done with each and every block that is added to the blockchain, no need to wait.
2. Blockchain is transparant: once a transactions is added to a block, it can always be found, no discussions about not receiving the coins
3. Low transaction cost: One of the reasons Bitcoin wouldn’t work, transaction cost is very low on a lower volume blockchain (0.2% tops, while creditcard or PayPal transactions can cost over 3%).
4. The combination of the above can result in micro-transactions. Sending $0.01 for a shown ad is still lucrative, since there are no fees.

If you have any questions or remarks, please join our telegram group and share your thoughts!


Marketing

After the previous update there was quite a discussion about the demand for AdCoin in our telegram group. In this update I would like to give you some insights into our previous marketing efforts and our planned next steps. Unfortunately we can’t go into too much detail because not everyone who is reading this wants AdCoin to succeed.

AdCoin had a smooth launch in the country of origin (the Netherlands) when it comes to marketing. Within a couple of days after launching we got picked up by the Dutch media (BNR, RTL, Emerce) and received the first phone calls from investors and potential partners. Since some sources say differently, I would like to emphasize that this was free publicity. We used the opportunity to spread the news through social media. We have been doing this since the launch and reached millions of people in the Netherlands, Belgium, Germany, France, Italy, Spain, UK and the US.

At this moment we are marketing AdCoin like we have been before, through social media. We are gradually increasing the marketing channels and countries. We are still in a (major) development phase and the space to advertise Cryptocurrency / Blockchain projects is overly crowded. That doesn’t mean we’re not doing anything, we already established contacts with bigger international newspapers and are improving our online marketing performance.

When the fork and showcases are ready we not just increase our marketing efforts, we will also change focus. We have some specific tools we are working on which should be marketed to the users (who are not necessarily familiair with cryptocurrency or blockchain). How this will add value to our project is quite obvious: AdCoin will have to be used. How it will influence the price of AdCoin is a bit different. Since many of the people who read this are currently holding AdCoin I thought it would be best to go into further detail below.


Exchanges & Price

Before I go into this I would like to make a little disclaimer about the price. As a development team we want to stay way from price predictions on exchanges. While we expect an increase in price based on our initial predictions and current development, we can’t guarantee anything and like all trading goods ups and downs are imminent.

Price

Since blockchains are decentralized everyone is free to list a cryptocurrency and trade them for whatever they think is reasonable. Currently this means trading AdCoin for other cryptocurrencies like Bitcoin, Litecoin or Dogecoin on the cryptocurrency exchanges. In the future this means trading AdCoin for views, clicks, conversions, likes and much more. This means that there will two factors influencing the fiat currency (USD/EUR) vs AdCoin price: speculation and real world demand. We have always stated that we personally value real world demand over speculation, thus hoping for a stable pricepoint that helps the adoption of AdCoin. However it is impossible for us to predict the impact of speculation and there is very little we can do about it.
How real world demand would increase the price of AdCoin is based on the amount of AdCoin in circulation versus the demand. Whoever wants to buy AdCoin has to do so through an Exchange (getadcoin.com facilitates the Cryptopia Exchange by converting EUR into Bitcoin into AdCoin). When an advertiser wants to buy 100.000 views in AdCoin, he will be forced to purchase those AdCoin from someone who is willing to sell. If no one is willing to sell at that specific price, the advertiser would have to increase the price per AdCoin. In reality this would mean the exchange rate for the 100.000 views in AdCoin will change accordingly.

Exchanges

We are currently listed on Cryptopia and CoinExchange. We have applied for many more and will continue to follow up on those. Especially Bittrex, Poloniex and HitBTC are interesting as it would offer a wide range of other exchanges and tools we could use. It would also be easier to buy AdCoin directly for fiat currencies.
In the meantime we are very satisfied with the exchanges we are listed on and are building our own tools on the Cryptopia API. Please note that it is NOT a matter of funds to be listed on the previously mentioned exchanges. If it were that simple, we would have already been listed.


Status updates current development

For us, this is the most exciting part of the update. We are working on three critical processes to start our collaborations with advertising partners. Those three processes are:
1. Changing the difficulty regulator of AdCoin (hard fork)
2. Creating tooling to receive, send, buy and sell AdCoin
3. Support point 2 with our company so everything is handled in the correct way (essential for advertisers to buy through a company)

1. Difficulty regulator

We are in the test phase and working on changing some tools that rely on the nodes (explorers, pools etc). While this update is essential we don’t want to rush into it, as it is our first fork. We are projecting to be live by the end of January 2018.

2. Tooling

With adding Anne Douwe to our development team we have a major addition to our PHP development capacity. The first release will be a fully functional web-wallet for AdCoin. We are currently beta-testing, but as you can see from the screenshot it looks (and works) really slick!

3. Company – AdCoin Click BV

Most of the work is done, but we are still waiting for some applications when it comes to handling payments and specifically pay-outs. We are working on re-doing the entire order processing part on getadcoin.com.


Final thoughts

Well, that was it everyone! Some last things I would like to share:

  • We are speaking at Emerce Performance in the Netherlands
  • We are looking to expand the team with C++ and PHP developers (mail us when interested!)
  • There will be a an update on November 21st regarding the development of coin and the tooling

Thank you for your continued support and for any questions please drop me a message on Telegram!

– Patrick

AdCoin Update October 28 2017: Operations, algorithm, communication and more!

Our first official blog post! This will be our official communication channel for announcing updates from now on. I’d like to kick off with a casual quote which best describe the last few weeks for me.

“Open your arms to change but don’t let go of your values.”
― Dalai Lama XIV


Operations:

We are working on a lot of different things at the same time. Some things may not look like a high priority to an outsider, so it’s best to take you through the journey of our first pilots with advertising agencies (since that is what we are all about). AdCoin has clear benefits when it comes to payments: low cost- and fast transactions. In addition blockchain technology makes all the transactions transparant and potentially anonymous. While the technology works, we ran into some operational issues in our first pilots that need to resolved before running a proper beta test. The first thing we found out during our meetings is that advertiser would either pay in regulated currencies (EUR/USD etc) or they would need an official source to buy AdCoin (ACC) from. This is why we created getadcoin.com and the ability to convert EUR into ACC directly, see “the company” below. The next operational issue we encountered was that most advertisers are not as tech savvy as blockchain enthusiast so we need an easier wallet, see “web wallet”. While testing we had a couple of slow days with regards to mining, resulting in payment delays. The possibility to offer micro transactions with close to immediate payout is one of our core USP’s, so we need to step up our game regarding the difficulty, see “algorithm” below. Next to the previously mentioned the day to day operations continued. For this we need more and better support, resulting in this blog (yay!) and some other new features, see “support” below. We got some more stuff we are working on, but some things are better to keep as a surprise 😉

The Company

No, AdCoin is not becoming centralized! But in order to integrate with ‘the real deal’ advertising agencies, we need some bureaucratic support. All transactions are done by AdCoin Click BV, which is officially registered in the Netherlands and controlled by some of the founders. This company enables advertisers to buy AdCoin directly without first converting to Bitcoin and going through the hassle of an exchange.

Web Wallet

We are working on creating a web wallet which will be connected to the purchase through GetAdCoin.com. This means that you can get your AdCoin even when you don’t have a desktop or android (iPhone only…really?). This also enables advertisers to create company accounts from which they can manage their AdCoin balance.

Support

Our support has been an operational bottleneck, but we are close to overcoming it. Not only did we scale up with two dedicated support employees, but we are also improving all the processes that could lead to a support ticket. We finally found the time to create this blog, we are working on a community platform and better documentation and FAQ sections.

Other developments

  • While we work on the above, our lead web developer Jerry is working on creating a framework for advertising agencies to quickly adopt AdCoin. Creating our own resources and API’s will help greatly to adopt AdCoin.
  • For the ones who missed it, we are integrated in Coinomi, a great Android multi-wallet.
  • We are investigating wether or not (or when) to establish a second office in Spain. With Catalonia’s separation from Spain it might not be the best time to register there officially and rather branch out to Spanish speaking countries from our Dutch office.
  • There will be a separate update regarding our marketing next week.

Algorithm:

As a lot of AdCoin enthusiast already experienced it: the current difficulty regulator is not working properly. This results in slow confirmations and out-of-sync wallets. After AdCoin launched, the first couple of hundred blocks went very smoothly until the ASIC miners found us. We weren’t that naïve that we didn’t anticipate ASIC miners, however we overestimated the algorithm which results in big gaps between blocks (up to 48h). We are working on implementing the difficulty algorithm to Dark Gravity Wave v3. Dark Gravity Wave is an open-source cryptocurrency mining difficulty regulator created by Evan Duffield (Dash lead developer).

Pros – Benefits

Implementing the DGW difficulty will have significant benefits to the technical development of AdCoin. The regulator is created to prevent time-warp attacks on the blockchain. The difficulty adjustments will also cause more blocks to be found (lowering the difficulty faster), which should help us to find reach our target time-span of 1 block per 5 minutes. Releasing more block should also attract more miners, since the block reward is 25 AdCoin, one can potentially mine 300 AdCoin per hour. With more blocks being released the transaction time to send and receive AdCoin will be significantly lower.

Cons – Hard fork

Why do we not immediately update to DGW? Updating the main structure of AdCoin requires a hard fork. This means that all nodes (exchanges, pools, wallets) need to be updated in order to work on the new difficulty regulator. While we make sure no AdCoins will be lost from your wallets, we need to carefully plan this and make sure all pools and the exchanges will update as soon as possible after the release. With the exchanges having their hands full with the Bitcoin SegWit2x fork, we are currently planning the fork for the beginning of December. In the meantime we are reaching out to miners to maintain the network.


Communication:

In our continuous effort to improve our communication for both support and announcements we are reducing the number of communication channels. We need to allocate our resources as efficiently as possible and therefor decided to CLOSE our Slack. Actually it will continue to be here, but we will not post any updates and won’t be around much.

Supported communication channels

Support: Our primary support channel is e-mail > support@getadcoin.com
Community: We choose Telegram over Slack > https://t.me/adcoinacc
Announcements: Twitter > https://twitter.com/getadcoin Blog > https://blog.getadcoin.com/

New Telegram moderators

Since our Telegram group is very active we are welcoming two new moderators, “J” and “Anne Douwe”. They will help with keeping the group free of spam and will help those with general AdCoin questions (personal questions should always be send to our support@getadcoin.com mail). All moderators are helping voluntarily, so please treat them with the respect they deserve!
Active developers and moderators in are AdCoin group are:
Ricardo – Developer / Founder
Patrick – Developer / Founder
Anne Douwe – Developer / Moderator
Nick – Moderator
J – Moderator


Thank you for your continued support and for any questions please drop me a message on Telegram!

– Patrick