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Hi, just a general question for tokens that you might be able to answer: let's say I create a token and I want to programmatically give those tokens to people

Hi, just a general question for tokens that you might be able to answer: let's say I create a token and I want to programmatically give those tokens to people as a reward. Think of it something like "kudos" so let's say I'm at work and I want to give my coworker a thank you and for that, as a token of my gratitude, I want to send them one of my tokens. Is this do-able at all or am I just thinking of this the wrong way? One more question: since these tokens are created on ETH, does this mean for each transaction related to a token, I will need to pay gas each time I want to transact?

marcusmolchany 9y ago
Right now you would need to send these tokens to your co-workers using an Ethereum wallet, and you would need to pay gas. However, we're working on a way for you to programmatically send tokens.
- jonnydubowsky 9y ago
  I think this project is well done, and I love how easy you've made it to just do up a concept, and get a group of people moving into tokenizing their value stream. I am working on a token for storing genomic data in UPort or Civic wallet, and will integrate with Ocean Protocol and Openmined and other data marketplaces. In looking at the compliance of issuing the tokens, I've found that it is essential to actually embed restrictions in the token (like the rtoken protocol is doing) to make sure it can't be traded by unaccredited investors or outside terms of a reg d lockup. It doesn't seem to matter what your intent is, if you provide the tools by which someone can begin trading an unregistered security, this seems problematic. Have you considered technical measures to prevent this?
  - jonnydubowsky 9y ago
    The following quote from a recent Coinbase article has me wondering about the recent round of amazing crypto-art tokens and the speculative market that has emerged for buying and selling them. While the proposed eth721 standard makes a distinction that attempts to seperate these tokens from the ones used in ICOs, it appears as if the SEC and FinCEN don't really care about intentions, rather how these tokens end up being used. As a YC startup, with access to some well-seasoned sources of advice, I'm wondering what you've heard on these issues as they relate to your project? "The U.S. Treasury Department's FinCEN division recently declared that any developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a "money transmitter" subject to proper registration with the Treasury Department, anti-money-laundering rules, and other regulatory and licensing requirements -- requirements that, if not satisfied, could result in imprisonment." from https://www.coindesk.com/crypto-exchanges-ico-teams-brain/ https://www.coindesk.com/crypto-exchanges-ico-teams-brain/
pavlov 9y ago
You could just make a Google Sheet called "My Friend Tokens", make two columns "name" and "amount", and put each friend on a row. Then enter your rewards there and share the sheet in read-only mode with everyone. What's the actual difference between this and an Ethereum token? Except you don't need to pay for the Google Sheet, of course.
- cloudhead 9y ago
  This made me laugh. In case it’s a serious question: the excel sheet doesn’t transfer ownership of the tokens to the friend. It would be like writing it down in my notebook.
  - pavlov 9y ago
    What does ownership mean in this context? There’s nothing that the friend can do with those tokens. Transferring them to someone else doesn’t make any sense either. So how is having a useless token balance recorded on Ethereum any different from having one recorded on a Google Sheet?
    - DpdC 9y ago
      Zasssssssssssss! In his mouth. You Win. And your opinion is my opinion. It's not a good idea because it is not free. You could create anything worthless that would mean "the token", and that would be enough. You could use PGP keys if you want it to be private and to run.

marcusmolchany 9y ago

Right now you would need to send these tokens to your co-workers using an Ethereum wallet, and you would need to pay gas. However, we're working on a way for you to programmatically send tokens.

jonnydubowsky 9y ago
I think this project is well done, and I love how easy you've made it to just do up a concept, and get a group of people moving into tokenizing their value stream. I am working on a token for storing genomic data in UPort or Civic wallet, and will integrate with Ocean Protocol and Openmined and other data marketplaces. In looking at the compliance of issuing the tokens, I've found that it is essential to actually embed restrictions in the token (like the rtoken protocol is doing) to make sure it can't be traded by unaccredited investors or outside terms of a reg d lockup. It doesn't seem to matter what your intent is, if you provide the tools by which someone can begin trading an unregistered security, this seems problematic. Have you considered technical measures to prevent this?
- jonnydubowsky 9y ago
  The following quote from a recent Coinbase article has me wondering about the recent round of amazing crypto-art tokens and the speculative market that has emerged for buying and selling them. While the proposed eth721 standard makes a distinction that attempts to seperate these tokens from the ones used in ICOs, it appears as if the SEC and FinCEN don't really care about intentions, rather how these tokens end up being used. As a YC startup, with access to some well-seasoned sources of advice, I'm wondering what you've heard on these issues as they relate to your project? "The U.S. Treasury Department's FinCEN division recently declared that any developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a "money transmitter" subject to proper registration with the Treasury Department, anti-money-laundering rules, and other regulatory and licensing requirements -- requirements that, if not satisfied, could result in imprisonment." from https://www.coindesk.com/crypto-exchanges-ico-teams-brain/ https://www.coindesk.com/crypto-exchanges-ico-teams-brain/

pavlov 9y ago

You could just make a Google Sheet called "My Friend Tokens", make two columns "name" and "amount", and put each friend on a row. Then enter your rewards there and share the sheet in read-only mode with everyone. What's the actual difference between this and an Ethereum token? Except you don't need to pay for the Google Sheet, of course.

cloudhead 9y ago
This made me laugh. In case it’s a serious question: the excel sheet doesn’t transfer ownership of the tokens to the friend. It would be like writing it down in my notebook.
- pavlov 9y ago
  What does ownership mean in this context? There’s nothing that the friend can do with those tokens. Transferring them to someone else doesn’t make any sense either. So how is having a useless token balance recorded on Ethereum any different from having one recorded on a Google Sheet?
  - DpdC 9y ago
    Zasssssssssssss! In his mouth. You Win. And your opinion is my opinion. It's not a good idea because it is not free. You could create anything worthless that would mean "the token", and that would be enough. You could use PGP keys if you want it to be private and to run.