AngelShares 101 frequently asked questions

What are AngelShares

The term "angel" in this context originally comes from Broadway, where it was used to describe wealthy patrons who provided money for theatrical productions.

We think everyone should have a chance to be a patron angel!

BitShares AGS, or Angelshares, represent a way to gain a stake in this new and exciting industry without mining coins. Just as technologist contribute to the launch of a new industry by mining and trading BitShares PTS, or Protoshares, investors can partake by investing in BitShares AGS, or Angelshares. AngelShares are created to acknowledge the equally important financial contribution to the development of an open, distributed, crypto-equity product called BitShares

Take part in new products

Both ProtoShares and AngelShares rely upon the willingness of us and allied developers to honor those contributions with shares in new products that we as Invictus Innovations and others develop. From Allied developers we expect a Social Consensus to form in the marketplace about what constitutes honorable developer behavior. ProtoShares and AngelShares constitute concrete documentation of what benefits developers received from those who laid the industry foundation. Shares in individual products are concrete way for developers to acknowledge and reciprocate those benefits. How the market responds to these new products, or DACs, will depend upon how well that product is perceived to have honored the emerging Social Consensus.

Social Consensus

We see a consensus beginning to form around the following principles: (a) Developers should seek a reasonable balance between equal-opportunity lotteries and ways to compensate those who sacrifice their savings or labor. (b) The market needs to give developers freedom to raise funds to develop, support and promote their new DACs. We believe that the following allocation represents the minimum fair genesis allocation.

  • 10% of the crypto-equity should be allocated to holders of Bitshare PTS (ProtoShares).
  • 10% of the crypto-equity should be allocated to holders of Bitshare AGS (AngelShares).
  • 80% of the crypto-equity should be customized to the needs of each DAC.
Statement of Social Consensus
Other variance of this question might be:
  • My donation is credited to someone else's address!
  • My donation is missing!

Many "missing donation" worries of this kind is due to being unfamiliar with the 'Change' concept of Bitcoin or ProtoShare. Your wallet contains many addresses, some are created by you, some are created by wallet itself. Everytime you make one transaction, say you have address A (contains 10BTC), you make 1BTC donation to AGS address(B), the transaction protocal is like this:

  • (input) Destroy 10BTC in address A
  • (output) Create 1BTC in address B
  • (output) Create 9BTC in address C (C is a new address created by your wallet)

Address C is the change address.

The next time you make a transaction, the amount might be deducted from address C, which will be credited AGS.

This is sometimes confusing for general wallet users. Because the behind-scene action is done automatically. When you think you made 2 donations from same address, they actually are not. In the example above, address A and C are both credited AGS.

Every donation made by you will be credited to your address(es) in your wallet. So don't worry. As long as you control your wallet, they are not going anywhere.

AGSExplorer.com supports per-address lookup at the moment, we will soon release new feature to support multiple addresses lookup, all you need to do is export all your wallet addresses and bulk search here. We will give you aggregated view of your donations and AGS balance.

The easiest way is double click the donation transaction in your wallet, in the pop-up window (Transaction Detail), find the Transation ID, look it up in blockchain explorer.

  • BTC: http://blockchain.info/tx/[your transation id]
  • PTS: http://coinplorer.com/PTS/Transactions/[your transation id]

The addresses shown in the "Inputs" section is actual address(es) your donation is sent from.

Note: sometimes there are multiple input addresses within one transaction, they will be credited AGS proportionally by AGSExplorer.com. When AngelShares genesis block is generated, 3I will randomly pick one of these addresses to credit AGS [?] we will use the first input address (vin[0]) as the donor address. To redeem AGS in the future, you must have private key to your donor addresses. It's convenient just to import the whole wallet since it contains all these donor addresses (along with other irrelevant addresses).

In the balance view, addresses that are Highlighted are your donor Addresses that will actually be embedded within Gensis Blocks of future Invictus DACs. Other related addresses are found in your transactions, they are used only to virtually combine your addresses together as a "Wallet" for easy lookup view.

For an average user, just make sure you have full control of your whole wallet and import it using Import Tools (in progress) and you will have your shares claimed. For advanced users, make sure you have full control of the private keys of those highlighted donor addresses, and importing them will give you full balances.

Some wallet clients don't support "Coin Control" yet. For BTC, blockchain.info's online wallet has good coin control feature. Next release of Bitcoin 0.9 might have coin control integrated. A modified PTS wallet with Coin Control ability can be found here.

You can manually create raw transaction to define which unspent outputs as your transaction's inputs. But this is somewhat complicated and inexperienced user might make mistakes and result in losing coins. Highly not recommended for average users.

At the moment, you can just send donation as usual, and don't worry about the multiple addresses being used. 3I has bounty set up for tools that can display AGS balance given a BTC or PTS wallet [?].