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am I the only one who is confused by the way ownership works here? The article itself is more of a dreamy PR piece. However, looking at the website and the FAQ

am I the only one who is confused by the way ownership works here? The article itself is more of a dreamy PR piece. However, looking at the website and the FAQ itself - I cannot really figure out how "app coins" work. Who creates them? I understand that they are distributed by bounties, but how many app coins exist? Who creates / mints them? How does the originator of the idea get his share? Would be great to understand this!

zrail 12y ago
I signed up and started the process to create a project. Here's what it says in the "Coins & Ownership" section: Coins are how Assembly tracks ownership. Every business starts out with 10,000,000 coins of which you can allocate 5% (500,000) initially. Profits are paid out to partners monthly based upon their ownership. Sharing ownership with other partners recognizes exisiting help and incentivizes future work.
awwstn 12y ago
Hey, Austin from Assembly here. Here's an example of what an ownership breakdown might look like: https://assembly.com/helpful/partners https://assembly.com/helpful/partners When a new product is created, 10,000,000 App Coins are created, and 500,000 of them are allocated by the idea creator (often just to her or himself). Going forward, each bit of work is put in a bounty. The community can offer their opinions of how much a bounty should be worth – and the impact of those opinions is weighted based on how much ownership a user has in the product. Additionally, each product has a "tip contract" to reward idea creation and product management. The default is that 5% of each bounty goes to the creator of that bounty, and 5% of it is split amongst the Core Team (this could just be the original idea creator, or could be several people). Anytime the Core Team awards a bounty, the corresponding number of coins is minted and distributed.
- zrail 12y ago
  So, more concretely: * I found a project * I create a task and put a bounty on it of 10,000 coins * awwstn does the task * awwstn is awarded 9,000 coins * I get 500 coins for being the sole member of the core team * I get 500 coins for creating the task At the end, I have 501,000 coins and awwstn has 9000. Is that right? Edit: One more question. When my project starts earning revenue, assuming nothing else has changed, I get 98.24% of the revenue share and awwstn gets 1.76%? Do the unallocated coins figure into this?
- heroprotagonist 12y ago
  > 10,000,000 App Coins are created, and 500,000 of them are allocated by the idea creator What happens to the other 9,500,000 app coins? Who 'owns' them for purposes of profit distribution and opinion weight? > Anytime the Core Team awards a bounty, the corresponding number of coins is minted and distributed. I'm a little confused about the term 'minted' here. Are additional coins created, increasing the total past 10,000,000 coins, or are they subtracted from the 9,500,000 that were created but not allocated to/by the idea creator at product creation? If they are taken out of the 9,500,000 coins, what happens when there are no coins remaining?
  - chrislloyd 12y ago
    > What happens to the other 9,500,000 app coins? Who 'owns' them for purposes of profit distribution and opinion weight? Effectively the product's wallet owns them, but opinion weight is based entirely on your ownership of "vested" coins. If you may have 5% (to start) of the total coins, but you have 100% of actively votable coins. And yep, minting there was confusing. Minting happens only at explicit event so everybody can control their dilution. When bounties are awarded their coins come from the products "unvested" coin pool.

zrail 12y ago

I signed up and started the process to create a project. Here's what it says in the "Coins & Ownership" section: Coins are how Assembly tracks ownership. Every business starts out with 10,000,000 coins of which you can allocate 5% (500,000) initially. Profits are paid out to partners monthly based upon their ownership. Sharing ownership with other partners recognizes exisiting help and incentivizes future work.

awwstn 12y ago

Hey, Austin from Assembly here. Here's an example of what an ownership breakdown might look like: https://assembly.com/helpful/partners https://assembly.com/helpful/partners When a new product is created, 10,000,000 App Coins are created, and 500,000 of them are allocated by the idea creator (often just to her or himself). Going forward, each bit of work is put in a bounty. The community can offer their opinions of how much a bounty should be worth – and the impact of those opinions is weighted based on how much ownership a user has in the product. Additionally, each product has a "tip contract" to reward idea creation and product management. The default is that 5% of each bounty goes to the creator of that bounty, and 5% of it is split amongst the Core Team (this could just be the original idea creator, or could be several people). Anytime the Core Team awards a bounty, the corresponding number of coins is minted and distributed.

zrail 12y ago
So, more concretely: * I found a project * I create a task and put a bounty on it of 10,000 coins * awwstn does the task * awwstn is awarded 9,000 coins * I get 500 coins for being the sole member of the core team * I get 500 coins for creating the task At the end, I have 501,000 coins and awwstn has 9000. Is that right? Edit: One more question. When my project starts earning revenue, assuming nothing else has changed, I get 98.24% of the revenue share and awwstn gets 1.76%? Do the unallocated coins figure into this?
heroprotagonist 12y ago
> 10,000,000 App Coins are created, and 500,000 of them are allocated by the idea creator What happens to the other 9,500,000 app coins? Who 'owns' them for purposes of profit distribution and opinion weight? > Anytime the Core Team awards a bounty, the corresponding number of coins is minted and distributed. I'm a little confused about the term 'minted' here. Are additional coins created, increasing the total past 10,000,000 coins, or are they subtracted from the 9,500,000 that were created but not allocated to/by the idea creator at product creation? If they are taken out of the 9,500,000 coins, what happens when there are no coins remaining?
- chrislloyd 12y ago
  > What happens to the other 9,500,000 app coins? Who 'owns' them for purposes of profit distribution and opinion weight? Effectively the product's wallet owns them, but opinion weight is based entirely on your ownership of "vested" coins. If you may have 5% (to start) of the total coins, but you have 100% of actively votable coins. And yep, minting there was confusing. Minting happens only at explicit event so everybody can control their dilution. When bounties are awarded their coins come from the products "unvested" coin pool.