Definition of Jell submitted by
(of jelly or a similar substance) set or become firmer. "the stew is jelling" synonyms: set, stiffen, solidify, thicken, harden; What is Bitjell?
(of a project or idea) take a definite shape; begin to work well. "everything seemed to jell for the magazine" synonyms: take shape, fall into place, come together, take form, work out;
(of people) relate well to one another. "it's gratifying seeing everybody jelling"
Here's the concept in a nutshell. Bitcoin demonstrated a fantastic, successful model, creating a currency through the "synergies of self interest". By providing incentives to early adopters, Bitcoin "bootstrapped" itself into a currency worth about ten billion dollars in five years.
Many people have tried to duplicate this success by creating so-called "alt-coins". This is not
yet another attempt at an alt-coin.
Instead, this is an attempt to create the same "synergies of self interest", by emulating the Bitcoin coin distribution model, but instead of creating a currency, creating a company.
If there were no regulatory issues, I would have set up Bitjell to issue stock. 21 Million shares, 50 shares every ten minutes, following the same model as Bitcoin. Set out a plan for the company, and as people around the world perform work, their work is rewarded with company shares, bitcoins, cash, titles, etc.
Unfortunately, the regulatory environment makes this difficult. In order to issue company shares legally in some countries (including the US) beyond the founders, there are tons of rules to follow to be legally compliant. We'd have to take shareholder names and federal ID / social security numbers, file paperwork with the government, etc. Despite many Bitcoiner's general resistance to any legal compliance, Bitjell will strive to be legally compliant. But initially, we are not asking for names and ID's - just a bitcoin address. Privacy of participants will be maintained as long as possible. This means that any activities on Bitjell by early participants are at your own risk, and are not under any formal promise to receive ownership, voting rights, etc. It will be this way until the legal framework is in place.
This is a disclaimer like "void where prohibited", because without the legal framework in place (such as a corporation issuing shares), Bitjell (or this author) can't promise anything or make any offer to sell or exchange a security.
However, the plan - plan, not promise (for legal reasons!) - is to distribute what we are calling "Jellcoins" to early participants. The rate of distribution is intended to match the production schedule of Bitcoins, generally 50 coins every ten minutes on average. We will use the actual
early distribution of Bitcoins as our model - the dates and times of the blocks can be found on blockchain.info. For the record, the Bitjell Genesis block was "mined" (published) on the 5th anniversary of Bitcoin, and we will try to follow the Bitcoin mining schedule with a five year lag.
This means that Blocks 1-14 will be "mined" on 1/9. Note there was no "pre-mining"
. The 50 coins from the Genesis block are "owned by the collective" (i.e. analogous to company-owned shares).
So Jellcoins are somewhat analogous to shares in a company, if Bitjell were legally allowed to offer that. Note that Bitjell is not legally allowed to offer that, but someday, maybe, if possible, after the legal framework is in place, it's very possible (and planned) to make an offer to convert these to company shares at zero cost to the coin-holder. Unfortunately, this may require giving up some privacy (to register your shares). So you can expect this process to be less than 100%, as some coin-holders may not be reachable, some may opt not to convert coins to shares, etc. But we expect, and plan for, this process to be entirely at the discretion of the coin-holder, at no cost to them. (Plans sometimes change, and no promises can be made without encountering legal difficulties. But that's the plan as of Genesis day!) The mission of Bitjell is to create a billion dollar company - a company with a billion dollars worth of value.
It's that simple.
But what is Bitjell? Is it a company? Well, no, not yet. The plan is to follow regulatory steps and to be 100% compliant with the law, and found a company and grow it to a billion dollars of value, sharing ownership with people around the world. But it just makes no sense to do that at this point, until we have momentum and participants. So Bitjell is best thought of as an "interest group" or "club" which plans to start a business, but hasn't yet.
And Jellcoins ... what are they? Are they a currency? With FinCEN regulations and limitations regarding issuing currencies, the answer is definitely not! It is not a currency. It's not a tradeable commodity. It is not something that is for sale. It is modeled after "company shares", where the limit of the number of shares is 21 Million. But we can't call it company shares until the legal framework is in place.
So again, void where prohibited, regulated, licensed, or taxed. But Jellcoins are a tracking mechanism of your interest and participation in the Bitjell project. Proof of Work function
Every alt-coin has some sort of Proof of Work function. Jellcoin is a little different. The "work" that will be performed is real stuff. Not numerical hashing. Instead, it will be contributions to the project. If there were no regulatory environment,
this would be simple. You perform work for the company, and you get rewarded in shares of company stock. That's the ultimate vision of Bitjell. Unfortunately, the regulatory environment makes this exceedingly difficult. SEC rules, labor laws, minimum wage laws, etc., of multiple jurisdictions around the world all get in the way of the ideal "virtual billion-dollar-startup".
In light of the regulations, until the proper corporate legal structure is in place to make everything legal in all appropriate jurisdictions, any "work" must not be work in the "minimum wage" sense of the word. (The term "work" is used, as it's a common term in crypto-currency - "proof of work") Any work performed must be done on a voluntary basis or a learning basis (Bitjell won't charge you for training, and you don't charge for work performed). You must not perform any "work" that is beyond a hobbyist contribution or a learning session, or otherwise cross over the legal requirements for "minimum wage" laws or any other laws for your jurisdiction. Again, the "void where prohibited, regulated, licensed or taxed" policy comes into play, until the appropriate legal framework is in place. So How Will This Work?
Companies that will be worth a billion dollars in five years spring up about every month. We want to create one of those. ...out of nothing. We want to crowd-source the creation of a company, through "synergies of self-interest". We want to reward early adopters, so they recruit the very best people. We want people to contribute to figure out a way to create a company that sells real products or services to people, and generates real income, such that the total value of the company is greater than a Billion dollars. We want to follow in Bitcoin's footsteps, and reach that in under five years.
This means that we need to utilize the learnings of other successful organizations. Although we envision creating a non-traditional company, it should probably organize in a traditional manner: Corporate leaders and management, selected by a board of directors, who are voted on by the shareholders. Management sets the direction, individuals perform the work, and people get rewarded. Once the legal framework is in place, ideally, shares of the company will flow to workers every ten minutes. The greater the contribution toward the corporate goals, the greater the reward. Ideally, someday, this odd way to launch a company evolves into a real company like any other organization with which you are familiar. Rewards
Initially, Jellcoins, but ultimately corporate shares are one potential reward for participants. Other potential rewards are: Cash (Salary, Bonuses, payments for outsourced work), Titles, Responsibilities. This is no different from a traditional company. We believe that some people who see the vision will participate greatly, if they can earn a title of the "first CIO of what became a billion dollar company", for example. or "co-founder of what became a billion dollar company".
Further, there is little risk. Since participation can be pseudonymous, people can participate, receive a title (which can be verified on the "blockchain"), and then if Bitjell creates a billion dollar company, then they can prove their contribution by digitally signing something showing that it was their "address" that was associated with the title. What will it take to make a billion dollar company?
I believe all
it takes is some smart people with the right ideas, executing well, and maybe some start-up capital. I have some start-up capital. (I will be signing a message to prove that I have 1000 BTC
start-up capital for this project. I envision that being debt financing, not equity financing, although as mentioned before, no legal corporate entity is in place at this time, so some of these decisions will be made at a later date.)
What this doesn't mean
is that you get a stake of 1000 BTC simply by participating. The 1000 BTC is a potential line of credit for a company that doesn't yet exist; nothing more at this point.
I have some ideas as to directions for the corporation as well, although I'm sure more heads are better than one when it comes to running this company successfully.
Hopefully this gives some idea of what I have in mind. Post any questions, and I'll try to address them.
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