Agates |A Cross-Blockchain Crypto | Ripple: AGT | NXT: AGATE

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Agates |A Cross-Blockchain Crypto | Ripple: AGT | NXT: AGATE

Postby twarden » Sun Jun 07, 2015 5:10 pm

See here for the Agates Cryptocurrency summary on the XAGATE website

Please allow me to introduce a new kind of cryptocurrency; Agates!

Agates are one of the first Cross-Blockchain Cryptocurrencies. It is hosted via The NXT Monetary System

What is a Cross-Blockchain Cryptocurrency?

A Cross-Block Cryptocurrency is a cryptocurrency which launches and exists within more than one already existing cryptocurrency network concurrently. To access a cross-blockchain cryptocurrency is simple and cheap, in this case, simply purchase XRP or NXT and activate a wallet on the respective network.

What are Agates?

Agates live on Ripple as the AGT IOU issued by XAGATE. Agates live on NXT as the AGATE currency issued by the NXT Monetary System. You will never have to use your Agates to pay transaction fees, these networks require XRP or NXT to post transactions. Therefore, should the value of Agates increase to be greater than the Ripple or NXT (either one or both), it would prove my theory that a cross-blockchain cryptocurrency is a great store of value with high liquidity and accessible through multiple cryptographically secure markets.

What are the specifications?

    Total Supply: 150,000 Agates
    Decimals: 6 places
    Reserved for Development Fund: 3.4% of Total Supply, 5,100 Agates
    Ripple Network: 15% of the Total Supply, 22,500 Agates (AGT)
    NXT Blockchain: Remainder of the Total Supply, 122,400 Agates (AGATE)
    Ripple Network Transaction Fess: Typically 0.2 XRP
    NXT Blockchain Transaction Fees: Typically 1 NXT (other and greater fees apply for more advanced usage of the NXT Software)
Is there counter-party risk to holding AGT/AGATE?

The initial supply and the total supply of Agates are both equal to 150,000 Agates. Therefore, there could be a potential for the operator (myself) to be malicious and attempt to manipulate both of the Ripple and NXT Agate markets due to being the sole authority issuing/owning the entirety of the supply.

In the end, as with all cryptocurrencies, it is up to the end user to trust both the specifications of the asset and the operators/developers of the system(s) which involve the cryptocurrency. I have been a member of the Ripple Community for nearly a year now at the time of this announcement. Since I have been a member of the Official Ripple Forums, I believe I have displayed to the community how passionate I am within this field of study through the work that I have accomplished with my continued efforts of building a gateway to complement the existing RippleUnion and the QuickGatewayKit project which I am devoting some development time to in an effort to help potential Gateway operators get their project up-and-running with an easy to edit template.

I will not use more than 3.4% (5,100 Agates) for development costs relating to the XAGATE, QuickGatewayKit, and Agates projects. 15% of the total supply on the NXT Blockchain will always be reserved for Ripple AGT IOUs to be claimed, should asset holders choose to do so. The community has my word and the content of my character to examine on the forums, which should prove that I am not a malicious salesman of a fly-by-night altcoin.

How are Agates valuable?

On the NXT Blockchain, Agates (AGATE) are issued with the following properties:

Agates are Controllable. Agates can be transferred only to or from the Issuing NXT Account. Only the Issuing NXT Account can publish exchange offers, this does not stop a regular user from exchanging their Agates. With this feature, it means that I will set the prices for Agates for a certain period of time, measured in blocks, before readjusting the prices on both the Ripple Network and NXT Blockchain to reflect the current trade data from any reputable statistics reporting website. With the new exchange rates available to me at that time, I will modify the Ripple orderbook/repost Currency Exchange Offers on the NXT Blockchain respectively. This is done in an effort to ensure that Agates are always more valuable per unit when comparing to the XRP and the NXT cryptocurrencies (which are required to post AGT/AGATE transactions on their respective networks).

But the cryptocurrency is controllable: How do I send my Agates to another account on the NXT Blockchain if I can only send it to the Issuing NXT Account you ask? Simply send an encrypted message to the Issuing NXT Account with the destination and amount before you transfer in the Agates. This process is manual and requires a payment of 1 NXT to be made for the Issuing Account to cover the service fee to send your Agates.

In the event you need escrow services for a transaction, contact the Issuing Account, but please have both parties send an encrypted message to the Issuing Account for more information on escrow services. Service fees for this service range from 10 NXT to 100 NXT, depending on what the specific escrow situation requires on a case-by-case basis.

With the controllable feature, the Issuing NXT Account has the ability to issue a large (practically infinite) supply of units in advance, then transfer units to accounts, or offer to exchange units, to reflect actual transactions which take place in an external system; this feature is enabled due to the nature of how this cryptocurrency is represented within an external system. The Controllable feature was mostly needed to track the Withdrawals of AGT to AGATE from the Ripple Network onto the NXT Blockchain upon a asset holder's request (see below for more information).

Agates are also Exchangeable. You may view offers, which will expire at a certain blockheight, where you may place a Exchange Order (bid or ask) for Agates relative to the price of NXT, or vice versa.

On the Ripple Network, Agates (AGT) are issued with the following properties:

22,500 issued from ~Xagate to the hot-wallet account ~Twarden.

These IOUs can only be destroyed from the Ripple Network, therefore, the Ripple versions of the Agates cryptocurrency is more rare and therefore more valuable than the accompanying NXT Agate counterpart, this is reflected in the initial price (see below). Should the value of the Agates (AGT) asset drop below that of the Agates (AGATE) asset, the asset holder may wish to remove their holdings from the Ripple Network to take advantage of an opportunity on the NXT Blockchain.

However, Agates (AGATE), cannot be deposited back to the Ripple Network by ~Xagate issuing more AGT IOUs. Only 22,500 Agates (AGT) will ever become available on Ripple. The 22,500 Agates (AGATE) will always be available within the Issuing NXT Account to back 100% of claims on the asset, should a client choose to withdraw it is up to their discretion.

To make a withdrawal of AGT to AGATE (Ripple to NXT), send an email with the subject AGT to AGATE to taylor dot warden at sympatico dot ca. The XAGATE web site will be updated with a withdrawal request page in the next day or two, please use email until then, you can retrieve my PGP Key here.

Is there any other value to holding Agates?

Agates also have a unique Loyalty Program redemption policy with the XAGATE Gateway project. If you collect a total of 11,250 Agates (0.075% of the Total Supply) within a single network, you are able to redeem them for your choice of two of the following:

6 months of XAGATE Deposit Fees waived
6 months of XAGATE Withdrawal fees waived (this does NOT include shipping fees!)
2 Xagate NXT Assets from the NXT Asset Exchange, a current value of 1209.28 NXT (or 17.16CAD$)

How do you complete request to redeem Agates for one of the above Loyalty Program bonuses? Simply send an email with the subject Loyalty Program to taylor dot warden at sympatico dot ca. Please keep an eye out on the XAGATE Gateway website for a Loyalty Program page to become live within the next day or two. It will feature all of the information in this thread and a form for requesting a loyalty program redemption.

What are Agates initial value on both networks?

Over the Ripple Network, Agates (AGT) will be sold for an initial price of 1 AGT for 25.5 XRP (0.2009145USD$ @ 0.007879USD$ per XRP).
This is mainly due to 'Ripple Agates' not requiring any administration on my end as the currency operator.


Over the NXT Blockchain, Agates (AGATE) will be sold for an initial price of 1 AGT for 15.95 NXT (0.17511505USD$ @ 0.010979USD$ per NXT). Offer expires with blockheight 457,000.

But you CLEARLY only posted an order buying back your AGATE on the NXT Blockchain for 1.03 NXT per unit with a maximum of 3.09 NXT. This is an OBVIOUS SCAM!

Cryptsy is being slow with processing a NXT withdrawal to provide some liquidity to the NXT/AGATE Market. Please wait until after blockheight 457,000 for more liquidity. I apologize for this inconvenience.

Update: This has been solved, as of blockheight 456999, a new Offer will be submitted on the Currency Exchange and the Orderbook will be updated for Ripple. For further information, read the development news for June 12, 2015.

Why would I want to use Agates with the NXT software?

The reason why you would possibly prefer the AGATE version over the Ripple alternative is probably due to it a) being cheaper b) the escrow service c) the AGATE delivery service or d) access to NXT liquidity.

Why would I want to use Agates over the Ripple Network?

Agates over Ripple (AGT) are issued to be scarce. They are marked up compared to their NXT counterpart due to their rarity. This is due to their ease of access, lack of administration for the delivery and escrow service (which is solely provided with the AGATE currency), and policy in which no more than 22,500 AGT will ever be issued over Ripple and a policy in which AGT can be permanently destroyed from the network (otherwise known as burning).

How does the Agates currency operate if I can't send it to my friend or us it to pay for a product or service?

The AGATE currency on the NXT is one of the most secure stores of value in terms of value and trade. It can only be gained through a few means: a) withdrawn from Ripple b) purchased with NXT on the Currency Exchange c) sent to a NXT address through the Gateway service or d) via an escrow payment.

How do I obtain Agates?

NXT

The easiest way to obtain NXT is to purchase it directly from the Currency Exchange at the current market rate. The Offers typically will update every 10,000-12,000 blocks with the operator posting new Offers. NXT will most often be offered in exchange for Agates to improve liquidity of the asset.

Ripple

Trust the Ripple address rGgS5Hw3PhSp3VNT43PDTXze9YfdthHUH for AGT. Add the XRP/AGT.~Xagate market pair to your order book and navigate to the pair to post a bid/ask or use the convert feature to purchase your desired quantity. It is suggested that you turn the Rippling feature OFF to avoid possible scam-Gateways from attempting to steal your legitimate AGT assets.

Please discuss, critique, and otherwise comment on the concept of a Cross-Blockchain Cryptocurrency, the features of this crypto, and the initial valuation.

Announcement on nxtforum.org.
Last edited by twarden on Fri Sep 18, 2015 2:59 pm, edited 6 times in total.
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Re: Agates |A Cross-Blockchain Crypto | Ripple: AGT | NXT: A

Postby twarden » Wed Jun 10, 2015 6:33 pm

This post is reserved for Q&A posts.

Twarden wrote:
SouthernBTC wrote:So I'm not certain I understand exactly what agate is. Is it a currency/coin that works on both the ripple and NXT blockchains, effectually completing cross-blockchain transactions?

What special features differentiate agate from other currencies/altcoins. I'm just curious and have absolutely no experience with ripple. Trying to understand how I would use agate? Thanks and sorry if any of my questions seem naive :)


Hello SouthernBTC,

Agates are a cryptocurrency which are hosted via the NXT Blockchain and are also available as IOUs which are issued by the XAGATE Gateway project.

Agates on NXT have a few features: they can purchased via the Issuer posting Currency Exchange Offers and you can receive them from a friend who already owns some by sending the currency to the Issuer along with a message for the destination account. Last, you can receive them as payment through the escrow service that the Issuer will offer. I.E. you want to make a private deal of x Agates in which a trader is offering (not myself), then both parties send a message to the Issuer explaining the transaction, the Issuer will send instructions to both parties, and act as a middleman for the deal. The Issuer will provide liquidity for the currency, so should you ever choose you do not wish to hold them for their value, they can be sold back to the Issuer at a slightly reduced rate (typically the spread is 2-5 NXT per AGATE).

Now, if you have no background with Ripple, you will need to know how Gateways work. A Ripple Gateway is an individual or business in which you extend trust for an asset to be kept in their custody within your Ripple wallet. The user can then navigate to the Trade > Advanced tab within the RippleTrade client to view order-books for whatever market pair is specified an has the ability to post a bid/ask offer for the IOU(s) in which that Gateway has issued. For example, you can trade CAD.XAGATE with CAD.RippleUnion by inputting the market pair CAD.~Xagate/CAD.~Rippleunion (or you may specify a Ripple address instead of the account's name). There is also a convert feature, which will use path-finding to find the best available price for your currency conversion.

Agates over Ripple do not have the same restrictions that NXT Agates have. They can be purchased, spent, and sent to anyone with a Ripple wallet. Agates can also be spent like Bitcoin by using the Bitcoin bridge. If you have extended trust to the SnapSwap/btc2ripple Gateway, you may send Agates as a substitute for Bitcoin. The same path-finding feature will kick in to find the best solution for selling your Agates for either Ripple (XRP) or Bitcoin (from SnapSwap/btc2ripple). Please note that sufficient liquidity must be present on the Ripple network for this currency feature to operate.

Only 22,500 Agates will ever be issued onto the Ripple network therefore the initial price per AGT is higher than the NXT AGATE equivalent. Last, you may go onto the XAGATE website an request a withdrawal of AGT on the Loyalty program page. Making a withdrawal of AGT is not suggested: they are much more rare than their NXT equivalent, their initial price is just a little less than double that of the NXT counterpart, they have no security features such as the delivery service and/or escrow service, and they have the ability to become more scarce upon withdrawal (this is known as burning an coin, as the policy of the currency is to never issue more Ripple Agates).

In summary, I would use NXT Agates [AGATE] if you are looking to help get your friends into cryptocurrency (via the delivery service) as your buddies can take advantage of the liquidity offered via the Exchange Booth to get their starting NXT. You are also able to broker deals via an escrow service when dealing with Agates. I would use Ripple Agates [AGT] if you are looking to spend them like Bitcoin, speculate (as only the Issuer can post Currency Exchange Offers with the NXT counterpart), or send them to your friends if they are just getting into Ripple to teach them about how Gateways work and so they can trade it for some starter XRP.

Last, if you purchase 11,250 Agates on a single network, you have the option to redeem them with the XAGATE Gateway to choose two of the following:

6 months of deposit fees waived
6 months of withdrawal fees waived (excluding shipping costs)
2 Xagate Assets on the NXT Secure Asset Exchange (a profit sharing asset)

You could choose up to 12 months of deposit/withdrawal fees waived or whatever combination you would prefer.

If you have any more questions or would like some clarification, please let me know and I will get back to you as soon as I possibly can :)
Taylor
Last edited by twarden on Mon Jun 15, 2015 4:20 pm, edited 1 time in total.
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Re: Agates |A Cross-Blockchain Crypto | Ripple: AGT | NXT: A

Postby twarden » Wed Jun 10, 2015 6:48 pm

Development and Operation News

June 24, 2015:

The order books have been updated this afternoon. The offer will be valid until 6000 blocks have past from offer's confirmation within the NXT blockchain.

Agate prices have been been set at:
Ripple [AGT]: 18.5 XRP per AGT (18.5 * 0.010877 = 0.2012245$USD
NXT [AGATE]: 15.75 NXT per AGATE (15.75 * 0.012053 = 0.18983475$USD)

The operator will buy-back Agates @ 13.75 NXT per AGATE.

June 12, 2015:

When my transaction from Cryptsy confirmed and the NXT were released to the Issuing Account, I was not able to repost a currency exchange offer due to limitations with the software which require a previous offer to expire with the specified blockheight. Blockheigh 457,000 is when a new offer will be posted to buy AGATE for NXT and sell AGATE for NXT (as per the policy in the opening post).

I severely regret not waiting longer for the NXT to be delivered before publishing the currency exchange offer (in which I thought I could update by posting a new offer) and publishing this announcement. This was supposed to be an additional surprise for the XAGATE soft-launch and I admit that this project's launch was ridden with poor decisions and was an overall train-wreck.

The orderbook for Ripple AGT will be updated alongside the first possible opportunity to update the Currency Exchange Offer for NXT AGATEs. The policy going forward is set new market orders, on both networks, every 6000-7000 blocks.

Added this page to the XAGATE Gateway website.

June 10, 2015:

I've opened a second ticket with Cryptsy about this missing withdrawal due to my transaction history reflecting a "Processed" state without a transaction ID for the NXT I wished to use to provide opening liquidity to the AGATE currency on Sunday when I announced this project. I have only had an issue with them on one other occasion, so this should be solved shortly.

Update: This has been solved, as of blockheight 456999, a new Offer will be submitted on the Currency Exchange and the Orderbook will be updated for Ripple.

Additional information added to the opening post:

Why would I want to use Agates with the NXT software?

The reason why you would possibly prefer the AGATE version over the Ripple alternative is probably due to it a) being cheaper b) the escrow service c) the AGATE delivery service or d) access to NXT liquidity.

Why would I want to use Agates over the Ripple Network?

Agates over Ripple (AGT) are issued to be scarce. They are marked up compared to their NXT counterpart due to their rarity. This is due to their ease of access, lack of administration for the delivery and escrow service (which is solely provided with the AGATE currency), and policy in which no more than 22,500 AGT will ever be issued over Ripple and a policy in which AGT can be permanently destroyed from the network (otherwise known as burning).

How does the Agates currency operate if I can't send it to my friend or us it to pay for a product or service?

The AGATE currency on the NXT is one of the most secure stores of value in terms of value and trade. It can only be gained through a few means: a) withdrawn from Ripple b) purchased with NXT on the Currency Exchange c) sent to a NXT address through the Gateway service or d) via an escrow payment.

How do I obtain Agates?

NXT

The easiest way to obtain NXT is to purchase it directly from the Currency Exchange at the current market rate. The Offers typically will update every 10,000-12,000 blocks with the operator posting new Offers. NXT will most often be offered in exchange for Agates to improve liquidity of the asset.

Ripple

Trust the Ripple address rGgS5Hw3PhSp3VNT43PDTXze9YfdthHUH for AGT. Add the XRP/AGT.~Xagate market pair to your order book and navigate to the pair to post a bid/ask or use the convert feature to purchase your desired quantity. It is suggested that you turn the Rippling feature OFF to avoid possible scam-Gateways from attempting to steal your legitimate AGT assets.
XAGATE Thread~PreciousWallet.io Thread

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
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