Amoveo whitepaper

AMOVEO (VEO) is a mineable PoW highly-scalable blockchain for prediction markets, investment and insurance contracts and various derivatives such as stablecoins

Amoveo contracts are enforced Bitcoin-like Lightning channels. This means fees are low, contracts are nearly instant and can support a global audience. Amoveo has oracle technology. Amoveo can learn facts about our world and enforce the outcome of contracts that are governed by these facts. This, for example, enables you to bet on the price of Amazon shares. The variables that define how to participate in Amoveo can be modified by the Amoveo community using a built-in process. This way Amoveo will always stay optimally tuned to produce the best results.

Amoveo main net was launched at 11:00 AM GMT on March 2, 2018. There was no ICO or premining prior to that date. There are no master nodes in the network. Decisions about the network development are made collectively by all participants.

Its initial creator — Zack Hess, famous crypto-developer who worked on the Aeternity and Augur projects. Those blockchains are listed in the top 50 of coin market charts and provide all the benefits of user-created markets with decentralized governance.

REP rank #37 coinmarketcap
AE rank #49 702-419-0120

Based on his experience with these projects, Zack started developing Amoveo in order to overcome their drawbacks. That said, the project is no longer limited to a single developer. At this point there are tens of contributors on southeaster.

Why Amoveo?

Highly-scalable due to Bitcoin-like Lightning network: fast and cheap transactions
Turing complete contracts written as a part of these channels
Each user (not only miners) can influence the network’s development via futarchy governance mechanism
Not limited to prediction markets, supports various derivatives such as stablecoins
Cheap oracles independent from other blockchains such as Ethereum (problem of Augur)
One token VEO for all needs (transactions, bets, oracles, derivatives): the network is very fast

How I can use AMOVEO?

The first and unassailable obvious application for AMOVEO is to gather information about user expectations regarding future events (political, economical etc) on a prediction market. Market participants make monetary bets (in VEOs) on the outcome of events and win or lose depending on whether the bet was True or False. Many are familiar with this concept from the (now defunct) site intrade.com, but Amoveo lifts it to another level via a public decentralized blockchain.

AMOVEO’s official whitepaper and community roadmap list a number of other potential applications, including but not limited to:

  • hedging risks
  • building stablecoins
  • creating insurance
  • creating various derivatives
  • crowdfunding
  • and more

How can I mine VEO coins?

AMOVEO mining rewards are pretty attractive. Currently (middle of October, 2018) miner reward is 1 VEO for each block (+ 0.2 to Zack Hess). To date there are 45,000 VEOs mined which roughly equals to $4M. Approximately 130 blocks are completed each day, which makes for a daily inflation of 0.22% (about 7% per month). The profitability of your device can be determined using this calculator.

Mining software can be downloaded from:

  • Open source miner by Zack Hess: NVidia and AMD, Linux only.
  • Closed source VeoMiner: developer fee 1-2%, NVidia and AMD, various OS.
  • Unofficial 3102758914: NVidia only, various OS, supports REST APIs for large-scale deployments.

Where can I buy VEO coins?

Roadmap

My philosophy is that a blockchain should be created as a lean software startup. With this kind of new technology, there are many things that we do not know.
We need to avoid making assumptions about how the technology will be used.
We need to listen to users and adapt to their needs. We need to investigate many possible use-cases to see which will be popular first.

Acquire first users of the markets
Study our users
Rename & rebrand Amoveo
Use a smart contract to incentivize targetted advertising
Concept and Features Development and Community Practical application

What is Amoveo?

Amoveo is a new blockchain project launched in March of 2018 and intended for investment and insurance smart contracts, as well as for all types of other derivatives, including stable cryptocurrencies (stable coins). Amoveo is based on the concept of Prediction Market and payment lightning channels. The blockchain has a number of important technical advantages over such analogues as Augur, Gnosis and Bitcoin HiveMind. The internal Amoveo token is referred to as VEO and its one thousandth part (1/1000) part is mVEO. The coin is mined in a traditional PoW (Proof of Work) way. Its creator and main developer is Zack Hess, co-founder of the Augur (REP) and Aeternity (AE). Hess is a world-famous professional who works on Amoveo for the most part alone, though he is expanding the team at present.

Who needs VEO? Is it a currency or something like an ICO token, an analogue of a project’s stock?

VEO is not just a token, but an internal currency of Amoveo's prediction markets. VEO is used when making bets and distributing awards. The target audience is predictors and users of derivatives created with Amoveo smart contracts. Besides, VEO can be of interest to miners and investors as a promising coin within its own special niche.

What are prediction markets?

Prediction markets are markets which deal special instruments whose final value is based on a specific event (for example, which presidential candidate will win) or a parameter (for instance, how much a given stock will be worth at the end of the year). In fact, current market prices of these instruments are odds-on forecasts of their underlying events or parameter values, analogues of sports bets. In Amoveo users enter into an agreement in the form of a smart contract. For example, one of the users says that Bitcoin will rise in price by the year end, another says that it will get cheaper. Both wager some VEO on it. If one of the participants wins, he receives the whole sum. A smart contract about this is registered on the network - in fact, the algorithm is in terms of “if”, “then”, etc. At end of the year the network obtains the price of Bitcoin through oracles and determines the winner.

What are is oracle? How are they implemented in Amoveo?

An oracle is a mechanism enabling the network to receive information about the outside world.
Generally oracles are technically challenging, because they have to choose trusted information sources, guarantee its integrity and properly process it to determine whether the contract conditions are met. But with respect to prediction markets oracles are relatively simple: the data is easily represented as a mathematical formula. In Amoveo an oracle renders three outcomes: “True”, “False” and “Bad Question”.
There are two types of oracles inside the network: governance and question. Governance oracles are used to make decisions about network development. For instance, a question about changing miner awards. Governance oracles are relatively expensive, currently it costs 0.3 VEO (around $20) to launch one. Question oracles are used to determine bet winners. Its launch currently cost 0.02 VEO (less than $2). The questions may sound like “Did a democrat win the elections?” or “Did bitcoin price rose above $7000?” and so on.
The important distinction of Amoveo is that oracles also work for a fee, but not necessarily from those betting, anyone can launch an oracle. When it’s time to determine who won the bet all network users receive the question at hand. Those willing to participate in the oracle’s work have answer the question and back it up with money. The answer that gets the most amount in bets is determined as true. Those who bet on the opposite outcome lose. According to gaming theory, in such situations it doesn’t pay to cheat because the true answer is widely known or easy to verify. The undecided will prefer not risk their money. But if the question is of scandalous nature or concerns common myths those incorrectly answering False may have the majority. To correct the situation, those confident that the majority is wrong, can double their bets. This measure cannot not guarantee that an oracle is absolutely error-free but in prediction markets players are unlikely to bet large amounts on answers that are difficult to check using an oracle.

What are Amoveo development plans? Is there a roadmap?

The roadman is available here

As of September, 2018 it states:

  1. Acquire initial users of the markets. Offer them the following

    • contract for difference/stable coins
    • use a smart contract to pay a reward to someone for uploading a torrent for an expensive textbook.
    • use a market to fund the creation of something for Amoveo.
    • use a combinatorial market to decide how we will do something for Amoveo. (done. we had a futarchy market already.)
    • use a markets to do things from (701) 296-8545
  2. Study our users, and keep improving Amoveo based on how they use it and what they want.
  3. Rename and rebrand Amoveo based on who our first users are, and who it makes sense to market ourselves towards.
    • This is the point at which we will have clear goals and features that we can put on a website, this way potential users can absorb our goals and features in 10 seconds.
    • Any money spent on advertising before this point in time is going to be dozens or hundreds of times less effective.
  4. Use a smart contract to incentivize targeted advertising to grow our user base.

How to reach consensus in complex questions of blockchain development?

Unlike bitcoin, where decisions are made by voting of miners, in Amoveo decisions are made by monetary bets of all participants, in other words, using the above mentioned oracle governance. The answer that gets the majority of money, wins. Such system is called futarchy.

Amoveo is being developed by virtually a single, though talented, person. Is that a problem?

The fact that the project is tied to a single person has its minuses as well as pluses - it allows to avoid internal conflicts during development. As the project progresses the team around it will grow (already happening), but Zack Hess still has the final say.

Where is the project discussed?

How to install Amoveo wallet?

There are three ways to work with Amoveo network. The easiest way is to connect online without installing the software here. For a more reliable storage of coins a light node can be installed here. Click on “Clone or download > Download ZIP”, unpack the downloaded archive file amoveo-master.zip and open the file apps\amoveo_http\priv\external_web\wallet.html. Unfortunately, it won’t work on some platforms. As an alternative, the full node is available, see installation instructions urbainite. as well as list of commands here.

Can you trade on Amoveo right now?

Yes, but for now on two exchanges only. The project’s internal exchange /amoveo.exchange/ allows the exchange of VEO for Ethereum, and gtrade.io.market/VEO_BTC for Bitcoin. The network uses both VEO and mVEO. Direct exchange of fiat money for VEO is not supported yet. Besides, a large volume of transactions is conducted between the users of the project’s discord-channel at /discord.gg/a52sz.Jw. Current market price along with various other information can be viewed here.

How did the VEO exchange rate fluctuate in the past and what are expectations for future?

From June to September of 2018 VEO trend was negative falling from about 0.025 to 0.01 BTC. At present its relatively stable. The fall can be explained by lack of significant developments. The current activity in project is likely to be have a positive impact on the VEO trend. Especially, if the coin is accepted by other crypto exchanges (for now it trades on two).

How to use prediction markets?

To use prediction markets only the light node is needed, see instructions at 9089666894. The node with preset echanges is available 3023516642. Information of the markets is can be found here.