Inovations? visit litecoin reddit and you will see the inovations coming

With inovations or without inovations LITECOIN IS WORKING VERY WELL, STABLE AND STRONG, it's what matters

bla bla bla inovations, hahahahahhahaaha ever the same trashtalk, inovation inovation

We have lots of "inovations scamcoins", and? all doomed to fail and failing, INOVATIONS ARE NOT THE TARGET

The target is -> Reliable, strong, stable coins, like Bitcoin and Litecoin

The rest are rest, only trash coins made to pump and dump and make some whales rich

LITECOIN is very good if you want to know my friend, 100% functional and doing what it's made to do, WORK

I practically wrote the Ethereum Paradox thread, so you are preaching to a former member of your tribe.

I don't intentionally promulgate technological bullshit.

So be careful. I think there is something very important coming as a use case in the smart contract area. I will be writing more about this soon.

That is what I thought since 2014. But recently I had an epiphany.

Unless something else replaces Ethereum as the leading marketcap for smart contracts, then Ethereum will recover as Bitcoin did. Litecoin apparently lost its main raison d'etre which was those who were pumping BTC to $1200 needed a highly liquid coin to exit into and it had served as a home for displaced GPU miners when Bitcoin ASICs appeared.

This is assuming there isn't some insoluble technical issues, such as this one I opined about:

Companies (even multi-nationals and some oligarchies) steal and waste funds all the time. Nation-states also. The goals of decentralizing the behemoths is far more valuable than some experimental losses along the way.

I think that after a dump the price for the ETH will rise again so a higher price range. The dump is a chance to buy low sell high.I will use the chance.

It seems people still have confidence in the Ethereum. I think Ethereum will recover from the recent incidence.

You seem to know everything about Safe network. Was wondering, how exactly does one set up a drive space to share into the network for maidsafe coins?

1. SAFE Network Client Demo: https://youtu.be/AzkhA_PBys0

2.  Introduction to the SAFE Network by David Irvine (1HR): https://youtu.be/0lBzrP3RMZg

3. Andreas Antonopoulos and David Irvine: https://youtu.be/k-BGhj8HGnY

Existing Internet infrastructure is increasingly unable to cope with the demands placed on it by over 2.4 billion connected people, a number that is predicted to grow to 3.6 billion by 2017. Today's architecture, where central intermediaries (servers) store and provide access to data is expensive and inefficient. Data centres use between 1.1% and 1.5% of the world's electricity (growing at 60% per annum) and represent significant expenditure for data centre owners, providers and businesses, who all have to pay to host user data and maintain the infrastructure. Security of user data has proven to be nearly impossible in today's networks with almost weekly reports of ID and password thefts.

To overcome these challenges a fresh approach is required, a solution that removes these inordinately expensive central points of failure, data leakage and bottlenecks. By developing a fully decentralised replacement for all Internet based services, Secure Access For Everyone (SAFE) will ensure the decentralised Internet is a reality, enabling:

Autonomous handling of structured and unstructured data types
Private and secure communications
Data shared at the filesystem level worldwide, no need for http, smtp, ftp etc.
Highly encrypted and private data at rest and in transit
The ability for people to self-authenticate onto the network and join anonymously
A network resistant to man-in-the-middle attacks or IP address identification
A network that requires no administrators or human intervention of any kind
No requirement for forward planning using infrastructure that automatically configures around its users in real-time (no data centres)
A highly usable and free API that enables a plethora of developers to create the next wave of secure applications not currently possible with today's centralised architecture
An underlying crypto currency called safecoin that will incentivise all actors in this ecosystem
SAFE is the culmination of 8 years of effort by MaidSafe.net and the continued and growing number of project developers. These developers will include MaidSafe.net and many other decentralised Internet application developers. Please see http://maidsafe.net for an introduction to the technology as well as https://github.com/maidsafe/MaidSafe/wiki for access to project documentation and code.

The inclusion of a crypto currency is not new to the maidsafe core design. It is a logical step included in the initial design many years ago (2006). Importantly, this proposal creates no founders pool or shares but, incentivises funders, developers, users and satisfies existing investors in MaidSafe. This allows MaidSafe to clearly show this network truly belongs to us all and in perpetuity. It is a hugely important step to ensure the network is widely used and worked on by many hundreds of developers who can see the potential for a fully secured, unowned and decentralised Internet. The proposed crowd sale will seed the network, expand the developer base worldwide and push the whole proposition to the wider community in a manner that is extremely clear and logical.

MaidSafe Brief History

Formed in February 2006 with the intent to decentralise the Internet, the 14-strong team is based in Troon, Scotland. To reach this project stage, MaidSafe has taken investment from close friends and family, as well as supporters and Angel Investors. Further backing and supporters are required to push the platform out to the world and to incentivise network adoption.

It is also worth noting that the founder allocated all of his shares in MaidSafe to an employee share scheme (around 28%) and almost 50% of the business to a not for profit foundation. The MaidSafe Foundation will be a key player in this proposal and exists to ensure fair distribution of wealth, while helping to foster education and innovation. Based in Scotland, the laws and regulations surrounding such organisations ensure there can be no profit motive for trustees or members of the Foundation. This is an important model for managing many aspects of a decentralised project such as SAFE.

Why Not Use a Blockchain?

Almost all consensus based systems with the crypto currency community, Bitcoin included, use a blockchain. An immutable, append only, public ledger that maintains a database of all the transactions that have ever taken place. While the benefits this ledger provides are advantageous for many different types of operation, it also comes with its own set of challenges.

One of the most commonly cited issues is the problem of scalability. Specifically, that in order for the network to reach consensus, this increasingly large and centralising file must be distributed between all nodes. In the early days of the network this wasn’t such a major issue, however, as the network continues to increase in popularity the Bitcoin blockchain is now a 27GB file that must be synced between the network’s 6000 plus nodes.

So, if we move the concept of consensus into the context of a decentralised data and communications network, we can start to evaluate how effective the existing bitcoin consensus mechanism would be.

Within a data network, if an end users makes requests via the client, they expect to be able to set up their credentials, store or retrieve their data instantaneously and know that the operation has been carried out correctly. In essence, they require network consensus to be reached at network speed (in fractions of a second), a tricky problem to solve in a large decentralised network. Within the Bitcoin network, this first round of consensus occurs after 10 minutes, with each further block consolidating the transaction. This transaction speed is clearly unacceptable in a data network environment and any attempt to increase block speed to circumnavigate this issue will have significant negative consequences on security.

Close Groups

What we need is a decentralised consensus mechanism that is both fast and secure. But, how do you reach consensus rapidly on an increasingly large group of decentralised nodes without compromising security?

The answer lies within close groups. Close group consensus comprises utilising a small group, a fraction of the network size, to state a position for the whole network. This removes the need for the network to communicate with all nodes. Within the SAFE Network the close group size is 32 with a quorum of 28 required to enable a specific action to be taken. An example may help explain this point.

Lets assume that Alice was to store a new photo. As Alice stores the image it is encrypted and broken up into chunks as part of the self encryption process and passed to a close group of Client Managers. This close group are comprised of the closest vault IDs to the users vault ID in terms of XOR distance. This is distance measured in the mathematical sense as opposed to the geographical sense. The Client managers then pass the chunks to thirty two Data Managers, chosen by the network as their IDs are closest to the IDs of the data chunk, so the chunk ID also determines it’s location on the network.

Once consensus is reached, the Data Manager passes the chunks to thirty two Data Holder Managers, who in turn pass the chunks for storage with Data Holders. If a Data Holder Manager reports that a Data Holder has gone offline, the Data Manager decides, based on rankings assigned to vaults, into which other vault to put the chunk of data. This way the chunks of data from the original file are constantly being monitored and supported to ensure the original data can be accessed and decrypted by the original user.

A client trying to store a piece of data that currently has no consensus because they don’t have enough safecoin, for example, would be refused.

Cryptographic Signatures

This use of close group consensus is not used for every operation however. Utilising this complexity for every operation would be inefficient and put an unnecessary load on the network. Close group consensus is only used for putting data on the SAFE Network, such as a file, a message, or in time, computation. For making amendments to data, such as changing the contents of a file (creating a version), or sending a safecoin to another user, cryptographic signatures are used to authorise the action.

Cryptographic signatures were first conceptualised 50 years ago and products containing their use were first widely marketed in the late 1980’s. The SAFE Network utilises RSA 4096, a very well established and tested algorithm.  Cryptographic signatures mathematically validate the owner of any piece of data and can prove this beyond any doubt, provided the user has kept their private key safe. If the end user is the owner of any piece of data and can demonstrate this fact, by digitally signing their request with their private key, the network permits them access to change the data.

Avoiding the double spend

The lack of blockchain raises one additional question though. With a distributed immutable ledger, how do you eliminate the problem of the double spend? This is something managed so effectively by the Bitcoin network, which verifies each and every transaction and records it on the blockchain.

Safecoin, the currency of the SAFE network, is generated in response to network use. As data is stored, or as apps are created and used, the network generates safecoins, each with their own unique ID. As these coins are divisible, each new denomination is allocated a new and completely unique ID, highlighting the importance of having a 2 ^512 address space.

As the coins are allocated to users by the network, only that specific user can transfer ownership of that coin by cryptographic signature. For illustrative purposes, when Alice pays a coin to Bob via the client, she submits a payment request. The Transaction Managers check that Alice is the current owner of the coin by retrieving her public key and confirming that it has been signed by the correct and corresponding private key. The Transaction Managers will only accept a signed message from the existing owner. This proves beyond doubt that Alice is the owner of the coin and the ownership of that specific coin is then transferred to Bob and now only Bob is able to transfer that coin to another user. This sending of data (coins) between users is contrary to the Bitcoin protocol where bitcoins aren’t actually sent to another user, rather bitcoin clients send signed transaction data to the blockchain.


This is not an attack on blockchains

The lack of blockchain means that it is not possible to scrutinise all the transactions that have ever taken place or follow the journey of a specific coin. In this respect safecoin should be thought of as digital cash, where only the existing and previous owners are known. Users who value their anonymity will see this as a distinct advantage and it should not be ignored that this enables an unlimited number of transactions to occur at network speed.

However, this blockchain-less (yes a new word) consensus mechanism does not provide the scrutiny and transparency desirable in some financial systems, or in general record keeping. This raises an important point. It is not the intention here to suggest that one consensus mechanism is better than the other, or that there is one consensus mechanism to rule them all. Instead, we should consider that each is better suited for a different purpose. This is why the incredibly bright future for distributed consensus will come in many forms, with each iteration better than the last.

Market got rekt today.  Sold all the way down to 10k on polo.  Market coming soon.

Hello,

I try to sync wallet qt but it stops at block 783001 (88 days ago). I tried restart it few times, then i deleted bootstrap and restart again but it didnt help.

Any ideas?

It's all about problems and solutions. Right now, mainstream has other market solutions I've listed in the previous posting operating in their native currencies. There doesn't appear to be a huge problem here, and Shadow project does not offer significant advantages over them. I think it will be extremely difficult to pull these users away from these established markets and it would likely take years to build any volume.

However in the darknet, Shadow solves a huge privacy and anonymity issue and is not such a technological leap from what is in place. You will get much more bang for your buck marketing to those users. It's the niche we need to chase. Having a Shadow Market in Shadow wallet with Shadow currency is just brilliant for this. Darknet users do need ordinary stuff, too. Once the market is up and flourishing, mainstream goods and users will follow. Eventually, shadow will no longer be a dirty word.

Anyway, good discussion and I hope we can arrive at some democratic agreement. Cheers.

Just a quick question. Could not find info on if there is a max cap of coins or does it does stake at 2% forever?

I am a supporter of this project for the last year or so and believe in the long term potential for this coin. I was simply curious and I like to research everything. Obviously the exchangers hold a large portion, those addresses are well known. i was simply asking if anyone has a link to a 2016 updated iist, only info I could find is over 2 years old. I wonder why this information is kept secret  

Does anyone have a link to the SDC rich list? I heard that 59 Addresses own 90% of coins.

Is this true?

If you own SDC (transparent form) which apparently is usually the case, you would have been affected at all. If you owned Shadow (obfuscated form) you should consider the privacy that was supposed to have been provided by Shadow to be destroyed and you should move the coins several times using the new (presumably fixed) version if you want any sort of privacy there.

I know SDC supporters like to say that the exploit didn't matter because it still had stealth addresses, but that is pretty much wrong. The method depend on having both untracability and unlinkability for privacy; just one or the other is very ineffective. That's why coins that just use stealth addresses with no method of untraceabilty are not considered a viable solution to blockchain privacy.