One confusing thing about my project, which has confounded even extremely intelligent people, is that there are two units of account
moving at once (in addition to the accounting going on within each Prediction Market). It was even difficult to explain:Old Usage (Bitcoin-Focused Whitepaper):
1. "Coins" are exactly like Bitcoin (and, in the whitepaper, were Bitcoin), you use them to make trades in PM, to create PMs, to pay PM and Miner fees.
2. "Truthcoins" or "voting shares" or "reputation" are the ownership layer, they do the work of Voting on Outcomes, and are redistributed through RBCR. The exponentially-smoothed largest-eigenvector of the vote matrix.
[3+...] When you Buy or Sell in a prediction market, you are buying and selling tokens. These were historically known as shares (ie 43 shares of 'Barack Obama wins', "selling 17 shares at $.45/share"), and there were at least twice as many of these as there were markets (1 'yes/no' pair for this, 1 pair for that, etc.), and they all had to be kept separately from each other, as each was of course a different asset.New Usage (Altcoin-Focused Truthcoin.info):
Now, with the heaviest of hearts, I'm going to change
the wording to one that is probably more consistent with the average cryptocurrency-user's preconceptions. The primary reason for this change, is the abandonment of the use of Bitcoin as the Marketplace's currency, in this new (Altcoin) project.
Here goes: Within this forum, the names are
Truthcoin (or just 'Coin', or 'Cash', or 'TRU', note that this is completely the opposite of what was originally the case)CashCoin
(which define the branches, do the work of Voting, and collect payment in Truthcoins). This leaves open the creation of branches ("Votecoin:Sports"). Finally, to avoid screwing this up any more, the States of the Markets which individuals buy and sell will retain their original name of Shares
Unless there is a riot, I will be editing the whitepaper to use this language (and regrettably, remove the word "Bitcoin"). I'm open to suggestions, but we'll need to coordinate eventually and Dictator's Choice is often the most efficient way of getting that done. I'll try to rip off this band-aid as quickly as possible.
TruthcoinsCashCoins |Currency/User||Transfer Value, Make trades, Create PMs, Pay Miner fees for inclusion of TX.|
|Votecoins||Owner/Employee||Vote on Decisions, Participate in the Consensus Mechanism (and RBCR), Earn Fees as payment.|
Edit: I have updated again, changing Truthcoins to CashCoins. I think this is an even better fit, but, more encouragingly, this terminology emerged spontaneously from a conversation I was having with a large group, suggesting to me that it is much more reliable.