just looked at some of the codebase It looks like assembly.... scriptcode_map = { 0x00: 'STOP', 0x01: 'ADD', 0x02: 'SUB', 0x03: 'MUL', 0x04: 'DIV', 0x05: 'SDIV', 0x06: 'MOD', 0x07: 'SMOD', 0x08: 'EXP', 0x09: 'NEG', 0x0a: 'LT', 0x0b: 'LE', 0x0c: 'GT', 0x0d: 'GE', 0x0e: 'EQ', 0x0f: 'NOT', 0x10: 'MYADDRESS', 0x11: 'TXSENDER', 0x12: 'TXVALUE', 0x13: 'TXFEE', 0x14: 'TXDATAN', 0x15: 'TXDATA', 0x16: 'BLK_PREVHASH', 0x17: 'BLK_COINBASE', 0x18: 'BLK_TIMESTAMP', 0x19: 'BLK_NUMBER', 0x1a: 'BLK_DIFFICULTY', 0x20: 'SHA256', 0x21: 'RIPEMD160', 0x22: 'ECMUL', 0x23: 'ECADD', 0x24: 'ECSIGN', 0x25: 'ECRECOVER', 0x26: 'ECVALID', 0x30: 'PUSH', 0x31: 'POP', 0x32: 'DUP', 0x33: 'DUPN', 0x34: 'SWAP', 0x35: 'SWAPN', 0x36: 'LOAD', 0x37: 'STORE', 0x40: 'JMP', 0x41: 'JMPI', 0x42: 'IND', 0x50: 'EXTRO', 0x51: 'BALANCE', 0x60: 'MKTX', 0xff: 'SUICIDE' } so some one can come along and make a higher level language on to of this.... and looks like your going to be running a local server ala pywallet in a browser to use all of this?  |
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Obviously since the Master Protocol has many of the same goals, I'm keeping an eye on this project.
Regardless of which technology stacks survive and/or thrive, I think we can all agree that the financial world is in for some major upheaval!
it looks like programable master coin |
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Welcome to the New Beginning
When the grand experiment that is bitcoin began, the anonymous wizard desired to test two parameters- a trustless, decentralized database enjoying security enforced by the austere relentlessness of cryptography and a robust transaction system capable of sending value across the world without intermediaries. Yet the past five years years have painfully demonstrated a third missing feature: a sufficiently powerful Turing-complete scripting language. Up until this point, most innovation in advanced applications such as domain and identity registration, user-issued currencies, smart property, smart contracts, and decentralized exchange
where are all the services that need this scripted language that painfully demonstrate this need now? please give examples. ok what you are doing is not a decentralised exchange only a partial one seehttps://bitcointalk.org/index.php?topic=425317.msg4669283#msg4669283A true Decentralised trading requires [1] a decentralised core trading systems (Ethereum appears to do this part) [2] Plugins that can interface with various banking systems, individuals in various countries will write these for local requirements, that allow fiat to be sent and received at will without a banks ability to prohibit or detect. Ethereum is not doing this part in any shape of form, all though a programable language might go a long way to allowing its development. has been highly fragmented, and implementing any of these technologies has required creating an entire meta-protocol layer or even a specialized blockchain. Theoretically, however, each and every one of these innovations and more can potentially be made hundreds of times easier to implement, and easier to scale, if only there was a stronger foundational layer with a powerful scripting language for all of these protocols to build upon. And this need is what we seek to satisfy. Ethereum is a modular, Turing-complete contract scripting system married to a blockchain and developed with a philosophy of simplicity, universality and non-discrimination. Our goal is to provide a platform for decentralized applications - an android of the cryptocurrency world, where all efforts can share a common set of APIs, trustless interactions and no compromises. We ask for the community to join us as volunteers, developers, investors and evangelists seeking to enable a fundamentally different paradigm for the internet and the relationships it provides. Who is Behind Ethereum?Our fiduciary team contains 4 members: - Vitalik Buterin → Inventor of Ethereum, Partner at KryptoKit and Cofounder of Bitcoin Magazine
- Anthony Di Iorio → Founder and Executive Director of the Bitcoin Alliance of Canada, Bitcoin Decentral, KryptoKit
- Charles Hoskinson → Former CEO of Invictus Innovations and Director of the Bitcoin Education Project
- Mihai Alisie → Founder of Bitcoin Magazine and Egora
We also enjoy a deep bench of developers, marketers, entrepreneurs, evangelists and partners including: - Dr. Gavin Wood: Core C++ Developer
- Geff Obscura: Core Go Developer
- Dr. Emanuele Costa: Quantitative Analyst; SCRUM Master
- Joseph Lubin: Software Engineering, Quantitative Analyst
- Eric Lombrozo: Software Architect
- Max Kaye: Developer
- Jonathan Mohan: Media, Marketing and Evangelism (BitcoinNYC)
- Wendell Davis: Strategic Partner and Branding (Hive Wallet)
- Anthony Donofrio: Logos, branding, Web Development (Hive Wallet)
- Taylor Gerring: Web Development
- Paul Snow: Language Development, Software Development
- Chris Odom: Strategic Partner, Developer (Open Transactions)
- Jerry Liu and Bin Lu: Chinese strategy and translations (http://www.8btc.com/ethereum)
- Hai Nguyen: Accounting
- Amir Shetrit: Business Development (Colored Coins)
- Steve Dakh: Developer (KryptoKit)
The IPO and Money Supply of EthereumThe goal of our IPO is to endow an organization, collection of contributors and strategic partners with enough funding to ensure both the Ethereum protocol and the Ethereum ecosystem are bootstrapped to a point of critical mass. We also seek to develop a new type of venture capital that leverages the innovations of cryptocurrencies alongside the traditional of transparency and accountability this community has so thoroughly embraced. Therefore we have listened carefully to the community’s feedback during the past few weeks, consulted with experts in the field and endured a relentless debate to arrive at the following model: - Ethereum will be made available for purchase on February 1st, 2014 at a price of 0.001 BTC for 1 Ether (base unit of the system)
- The fundraiser will last two months and close at the end of March
- Early investors for taking a great risk due to the uncertainty of investment will be rewarded by a bonus of 2*initial investment for the first week and then this bonus decays by 2 percent per day for the remainder of the fundraiser until it reaches a floor of the base exchange rate of 0.001 BTC per 1 Ether
- After the fundraiser closes, the total sum of ether produced will be denoted as X and we will instantiate a premine of 0.50*X for the fiduciary members, early stakeholders, strategic partners, a pool for use between the conclusion of the fundraiser and the launch of mining and finally a long term endowment. Specific percentages will be discussed in the Prospectus to be released on the day of the fundraiser (Feb 1st)
so you give half of it to yourself! plus all the BTC you get. PeerCoin DEV refused to even accept donations yet alone premine and went round buying his own product.....Merits of the IDEA should would be much more impressive, that you can rely on them. - All bitcoin raised will be initially sent to a multisig exodus address controlled by the fiduciary members and then moved to a holding entity established in Canada that will be gradually converted into a decentralized autonomous organization run completely on the Ethereum blockchain within 24 months of the launch of Ethereum for mining
- The holding entity will have both in-house accounting and counsel as well as quarterly audits by an independent firm. All audits, payroll and financial arrangements will be publicly listed on the website for feedback as soon as possible
what percentage do these services swallow. Lawyers/accountants for 3 years are expensive - The fiduciary members will be vested over a 12 month period and cannot divest more than ⅓ of their position per year thereafter
- We will reserve a percentage of funds raised specifically for R&D within the cryptocurrency space in cooperation with several university partners and the open source community.
- There will be a hard cap of 30,000 bitcoins that if reached will immediately end the fundraiser
so this hard cap pressure people to get in early or miss out combined with the decay. - The linear inflation rate has been reduced to 0.4*X per year. The formula for total money supply is now TS(t) = 1.5*X + 0.4*X*t
- Given today’s bitstamp price for Bitcoin, should we reach the maximum fundraiser limit of 30,000 bitcoin, this would roughly infer a post-fundraiser market capitalization of roughly $36 million with neutral ROI requiring at least $12 million per year of added market value. Inference from market capitalizations within this space suggests a very positive ROI year 1 and a much more generous long term ROI if growth of demand is non-linear
How does that work ROI on works if your holding value goes up. Do the extra coins go to holder, eg minting or emunie style? Otherwise the formula you gave is about money supply not ROI.
We will switch our PoW from Dagger to a hybrid PoW/PoS system to be developed via a bountied competition conducted by our university partners and open to the general community for participation. The terms will be announced in late february including judges, specifications and the university partners.
So PeerCoin.... [/quote] Ok so just doing my DD. The idea of a and lets just call it a programable language (turing complete is a bit sales fluffy), is it object oriented? I imagine it will be like Javascript? What the advantage of embedding small amounts of data in a block chain and having programs that run locally act on these bits of data, thus keeping computing client side to do things separate from the data side...or is this what you are doing? ( ithink it almost must be waht you are doing).... If so, would you solution be immediately transferable to any existing blockchain? |
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issue 1 is the same I raised for mastercoin and no one has given an answer from there has given an answer that I am aware of.
say everything about etherium is true, what is the advantages of owning 1 or 100 if what I am getting is access to a bundle of programable switches.
A clone will just come out with all the switches available for any fraction of a coin, or is near free. For example I don't pay much for the bundle of switches that is javascript to make my gmail function.
issue 2,
How will ethereum not bloat itself out of existance?
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the second issue is the same I raised for mastercoin and no one has given an answer
say everything about etherium is true, what is the advantages of owning 1 or 100 if what I am getting is access to a bundle of programable switches.
A clone will just come out with all the switches available for any fraction of a coin, or is near free. For example I don't pay much for the bundle of switches that is javascript to make my gmail function
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sooo etherum, how will it not bloat itself out of existence?
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can you put a link to the solutions as well as crossing them out.
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I hear gox is takeing months in other currencies as well now. They must have hardly any cash or coins left now
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Only cryptographic proof of bank balances and transfers allows semi-automated and distributed arbitration required to transfer value between fiat and crypto without bank involvement.
This is how fiat money transfers work: Alice has a bank account at bank Goldbank and Bob has a bank account at bank Silverbank, say in the US. The way this works is that Goldbank and Silverbank have accounts at the federal reserve. So if Alice wants to send Bob some money, effectively Goldbank will send money to Silverbank and the central bank will do the clearing. Fiat transfers without involvement of banks is impossible, except for cash. However there is no system where you can connect and prove that you own cash. Well there is the global exchange currency system moving around trillions of dollars everyday, but it is hooked up to central banks, see http://en.wikipedia.org/wiki/Real-time_gross_settlement Essentially if you're not a bank you will not got access to those systems (SWIFT, FX clearing system, ...). You have to start a bank to be eligible to trade. There is no system by which one can move fiat money around, without oversight. Except for cash. The first group that moves money around without oversight are outlaws, and they use cash. At the same time there are rich people who use off-shore locations. Most of the big corporations use criminal tactics to avoid tax. Most normal people can't afford paying the lawyers for access to that infrastructure, which is legal. Even if one follows the argument of those pushing blacklists, the problem is who controls that list, and who makes those judgements. But subverting the fiat money system would be clearly illegal in most jurisdictions. The banks backend clears thier transaction automatically, they just wont realise they are sending/clearing to the distributed exchange. No. Its certainly not the case that "nobody will notice". You have to understand how banks and centralbanks inter-operate. They have pretty large systems for it, tens of thousands of people working on this stuff on bank and central bank side. You can't just hook up to the systems without anyone noticing. Thats not how the financial system works. Anyway, that just underlines my point I made earlier. You need to understand how the system works if you want to make it better. I would note that many nations don't have these kinds of complex and efficient systems. ok this is easier than I thought, for one the banks back end is going to go blockchain tech, eg peercoin for high value settlement or maybe BTC itself so there goes the RTGS swift or similar or visa can be used, visa being a cooperative, or invent something. Where I live I am pretty sure the central bank does not clear things and the banks do it inter se Ultimately a bank has to set up some computers some where to connect into this and give a balance. So it can be done. Futher it only takes a few nations to allow banks to open in their jurisdiction to then be the receiving accounts for all of this, which prisoners delema and the money on the table wii ensure happens. |
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10 nxt sent
tid
7381772984069400049
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10000's of people open bankaccounts that include a special number in the reference to signify this money goes to the distributed exchange. When the bank finds out the account is terminated perhaps, but there are 9999's other such accounts and list of account number are on a pirate bay style listing.
Someone still has to clear those transactions. It's going to be a bank/gateway. Unless you propose that every single online exchange will initiate an EFT/SWIFT/etc.. Even then, I cannot see how this is possible in a decentralized way. How can you prove an account owner approves of a transaction without some centralized authority that is authorized to do so for you? There isn't a decentralized block chain with a PKI that allows you to interface directly with clearing houses... I'm not saying it's but it is the requirement for a truly decentralised crypto currency, exchange. The banks backend clears thier transaction automatically, they just wont realise they are sending/clearing to the distributed exchange. and visa versa. Also please define what you mean by "clear" |
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Just migrated computers recently, it is amazing how much faster the PeerCoin block chain is to download than LTC/BTC or DOGE
The more I look the more it seems PeerCoin will take the long term storage of wealth crown.
Nxt block chain takes a bit as well not to bad though, I think PeerCoin will do better than next in the longterm store value than NXT of storage as this is what it aims at, Nxt seems to be trying to be everything, not bad in itself but may make it lose focus.
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in ... running on RPI could make this really easy to point of sale mass distribute.
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in for the nex offer...I think I put in earlier in this thread but can find it
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[2] Plugins that can interface with various banking systems, individuals in various countries will write these for local requirements
What port do I connect to to supply my bank account and ID numbers? What you are asking for is not (yet) realistic. The Canadian MintChip thing has been recently brought up here: https://bitcointalk.org/index.php?topic=424205.0. It is possible that this device would enable the exchange of fiat/digital currency without a gateway. But without something like that, I don't see how it can be possible. Possible or not, until this happens there is no true decentralised exchange. There maybe one way of doing it now 10000's of people open bankaccounts that include a special number in the reference to signify this money goes to the distributed exchange. When the bank finds out the account is terminated perhaps, but there are 9999's other such accounts and list of account number are on a pirate bay style listing. So banks give up as there are too many people doing this all the time. |
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Decentralised trading, means no need for gateways.
With a true Decentralised trading platform A bank would not be able to tell you are sending funds, or that your funds came from the Decentralised trading platform. To the bank it would just look like another transaction, or international wire.
NXT will again rely on gateways to get Fiat in and out.
A true Decentralised trading structure will consist of
[1] a decentralised core trading systems,
[2] Plugins that can interface with various banking systems, individuals in various countries will write these for local requirements, and t local banks it just looks like another bank account at another bank
it really gets me all the big schemes for decentralised trading when gox went down last April reams of typing and grand schemes but not one came to fruition and now there is talk of decentralised trading that is nothing of the sort, when it misses [2] completely.
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i just don't why IOCoin would not be used instead of Ixcoin
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its a good strategy....! count me in
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Sign
lulz don't you have the whole codebase? |
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