(For immediate release, allowed to reprint this article unlimited but only without changes.)
Ever dreamed to have an infinite amount of money?
Now you can do and can do easily (and for free). Well, there is a catch: You must agree that the money will be used only for a certain nonprofit project. They say that soon everybody will have his own currency. Not sure about everybody, but every nonprofit project should have its own currency.
To have an infinite amount of money you simply issue your own money (like as US Reserve publishes dollars), but you don’t need to buy expensive money presses because of modern Internet technology.
It is quite easy now: You just register as a user of this site and then enter your nonprofit project info at add project page. After this you click Submit button, wait a few seconds and you have your own currency! You can even create several currencies for several projects (however, it is recommended to make one currency for several projects if these projects are related with each other).
Technically your brand new currency is implemented as Ethereum tokens. So I will below refer to your currency as tokens.
You have an infinite amount of money now, but (the world is not perfect) you need to exchange it for something more liquid. For example your currency may be exchanged for Ether. Ether is an electronic currency (think of it as a more advanced version of BitCoin). The magic of this site is that it created (when you clicked Submit) a smart contract for you. This kind of smart contract is a wallet holding the Ether which you should earn in the process. Anyone can send any amount of Ether to your contract and your contract will automatically send him some tokens (see below for the formula). You can withdraw Ether from your smart contract to your personal or corporate wallet using the site.
Why anyone may want to send Ether to you? There are two possible reasons: 1. He may want to support your nonprofit project. 2. He is after receiving your tokens (I remind that when he sends his Ether to your smart contract, he receives tokens automatically.) He may hope to sell your tokens at higher price than the price he purchased it.
But why we hope that our tokens will increase in price? The reason is the following: Some users will want to make good, therefore they will use such currencies, what will lead to increasing exchange rates for such currencies, what will lead more users what in turn will increase the exchange rate. This is a virtuous circle of increasing the exchange rate. This may make the cryptocurrencies associated with projects even more profitable that regular cryptocurrencies.
Note that as the market grows the price of the token grows, it may probably become more profitable to buy our tokens at an exchange than by sending Ether to the contract address. The formula for the price may limit only the upper bound of the price, as exchanges may probably sell our tokens cheaper. Thus we expect that for good nonprofit projects the tokens will be listed by major cryptoexchanges.
Technical details
The smart contract (the thing you created when pressed Submit button) holds a very big amount of money, 1024 tokens. Satisfied with this amount of money? But I lied to you: It only appears to be 1024 when displayed in a wallet, but in fact it is an infinite amount of money! It means, when you withdraw it, it remains 1024 (does not decrease). If somebody (probably for his stupidity) sends the tokens to your contract, it remains 1024 (does not increase). So it is just… infinite. This project after all is created after the dream: what if I’d have an infinite amount of money.
There is also calculated total amount of your token in the Net. Your 1024 are not counted in the total amount. So when you withdraw tokens from your account, the total amount of your tokens in the Net increases (and it decreases if somebody will (stupidly) send tokens to your account).
Now the information for traders: I remind that the smart contracts (at least these which are created by our site) send you the tokens when you send your Ether to a contract address. The formula is: The amount of tokens sent back is calculated by the formula e2/(T+e) where T is the total amount of Ether received to this token before the purchase and e is the amount of Ether sent in this transaction. Note that this formula offers huge discounts to big (wholesale
) transactions. Be sure to be among the firsts to buy! You could sell back at a higher price.
About creating a project
You need first to add MetaMask extension to your browser and create an account (which you will use as the owner account below). You can’t control Ethereum by your browser without this extension.
When you create a project, you enter (all or a part of) the following fields:
- Owner account – You need to create it with an Ethereum wallet software. You can use this account to withdraw money to it (or you can enter another account to withdraw to it every time when you withdraw) and to control the smart contract.
- Currency symbol (recommened to use three capital letters) – For example for the nonprofit project of our site itself, it is CRY.
- Currency name
- Project title
- Project description
- Allowed use of money
- How you argee to use the money for your nonprofit project. You are specifically asked whether you allow or disallow yourself (by legal binding) to use that money for advertiments and press releases in particular (because the amount spent in ads may be practically unlimted, but you may want to limit yourself for better trade).
- Related link (where is your project in Internet)
- Information about the nonprofit organization (if the project is not just personal)
- That you agree with our terms.
After you succeeded to receive some Ether (you can monitor it with this page when you are logged in), you can withdraw the Ether to your owner account or any other Ethereum account by Project admin area (visible when you are logged in) of the project page. When you withdraw, you must explain how you are going to use the money.
That’s all. It cannot be even simpler. For more site features, just try it.
Investment ideas
As the price grows, if you have a big amount of money you can do cheap wholesale purchase and then sell tokens to other traders who don’t own enough money for a big purchase, thus setting the price for them above the price you purchased for.
While price is yet low, purchasing even a small amount (and big too) of tokens may turn out to be profitable.
