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Sunday update:
Veltor will do an initial coin offering in Q3-Q4 2017 in order to distribute the Veltor tokens created by the launch of the new client codebase. The foundation aims to raise between €5 and €20 million (the minimum and maximum will be somewhere in that range). The funds will be used to accelerate development, to sponsor research and to create the Donar Network, a revolutionary blockchain platform.
The Veltor project started as a hobby, but it has since grown beyond what anyone initially imagined. The technology has the potential to transcend the current blockchain disruption. Unfortunately, the vision has become too big to implement with the free time of a handful of people. We need to dedicate serious resources to reach the full potential of the platform.
80% of the tokens will be distributed to ICO investors, while 20% of the tokens will be granted to the foundation, including 5% of the total supply which will be swapped in direct exchange for old Veltor tokens. It will give early investors a chance to keep their initial investment reasonably intact in terms of absolute value. We can't deny, though, that it will significantly dilute their share of the total market capitalization.
We realize that this will upset and disappoint a number of loyal followers and sympathize with their position. Who wouldn't want to discover a promising project early and invest some money? Then, it turns out to be next big thing and generates life-changing money in the process. The reality is more sober, however: the funds invested by early investors didn't go to the project team and most of the early coins are held by miners. Without a serious injection of funds, Veltor cannot move forward as a project.
The conundrum was a difficult one. It's easy to say in hindsight, but the early developers probably made a mistake when they published a working client before implementing at least part of the Veltor vision. This lead to a market that reflected the speculative value of the project's future and thus takes value away from a possible ICO. It was a tough spot, but we had to address the situation. The announced ICO terms should lead the Veltor market to reflect the ICO valuation, which is a much more reasonable state for the old network and the future of the project.
As a team deeply rooted in the community, we are accutely aware of the fragile image of Veltor. This announcement certainly does not instill confidence in a market full of scams and questionable projects. We hope that most people will give us the benefit of the doubt for just a few more weeks. We promise you that we have many big announcements in the pipeline that should put any and all doubts to rest.
When we revealed Jason's identity, it was because we made the decision to take this project further. We want to instill the project with strong values and a solid foundation. We want to be transparent, accessible and open to the community. In that spirit, please get in touch with us if you have any sincere questions. We will do our very best to put your minds at ease.
No matter your decision, thank you for your support.
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Sunday update:Today we want to announce project Sinni, from host or companion in Old Norse. Lightning network technology is a breakthrough and can eliminate many of the limitations currently seen in blockchain platforms. However, on the downside, you have to be consistenly connected to the network to receive transactions or to stop people from publishing invalid states. The most effective way of achieving this is to set up a dedicated, unattended node which remains online. In order to avoid introducing centralization through the Veltor Donar Platform, our team was working on ideas to make this cheap and easy. Sinni is a small embedded hardware node which remains connected to the Veltor network as long as your Internet connection is up. It allows you to connect with a mobile app or through a web interface. It is power efficient and simple to operate. Private keys are stored in a pluggable USB device, which thus makes your entire Veltor identity easily portable. Plug it into your Sinni and it will load your wallet; otherwise, your node is simply a stateless supporter of the peer-to-peer network. Sinni will come in the shape of a small cube with a status display, ports for USB, power & Ethernet, as well as Wifi and SD card memory. Key features: - Persistent connection to the Veltor Donar Platform
- Private key protection and backup
- User-friendly initial configuration via Ethernet
- Mobile app or web interface to manage your wallet
- Connects to home network via Wifi or Ethernet
- Supports the Veltor peer-to-peer network
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Sunday update:
Today you'll be guided through the wallet package of the new Veltor client. The wallet is deterministic and hierarchical. This enables you to regenerate it at any time, anywhere in the world, as long as you keep your seed safe. This way backing up your wallet and securing your funds is kept simple and efficient.
In contrary to most other hierarchical wallets, the decision has been made to go with a 256-bit seed. This increases the security, but the tradeoff is a longer mnemonic key phrase. Using the BIP39 standard, as defined for Bitcoin, for mnemonic encoding of the seed which makes it easy to remember. During operations, the seed is saved on your disk in a encrypted form, using the standard AES symmetric encryption algorithm.
The wallet uses the Argon2 key derivation algorithm to generate the data for your keys. This data is then used to generate the Ed25519 keys, a signature scheme that is more secure and faster than typical ECDSA schemes, as used by most other blockchains. The key derivation was conceived in a flexible way and is able to generate keys at any level and at any depth.
A final aspect is the Ed25519 implementation, which differs from the reference implementation in one important detail. Instead of using SHA2 as the internal hashing algorithm, it uses Blake2b, which provides a significant increase in performance on general purpose CPUs, for what should be the same security properties. The implementation has been named "Futhark" after the old Norse name for lightning.
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And i would wait for coinswap before trying to add to any new exchance.
errr, what coin swap? and when is that meant to happpen? A swap to the new codebase once it is done. Don't worry, it will be announced well in time so everyone has the possibility to swap the old coins to the new ones. |
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Bounty:
GUI (Graphical User Interface) for the new codebase, PM for details and if you are interested in contributing.
Reward of 490 VLT (Vp5jYTBr7z8e6KN6C6yjeodo3PaxeHEYoY)
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Sunday update:I have been thinking about this for some time now. There is something I'll have to tell you guys sooner or later. In this case sooner. Today. Veltor is entering into a phase I didn't see coming back when I started the project. Where I think that it's best for the project that I reveal who Jason really is. The truth is: there is no Jason. There never was. Jason was an idea, a lead figure, much like Satoshi, to represent the thoughts and ideas of a group of people. He was the embodiment of what we thought was a vision of the true potential of blockchain technology. A counter movement to the troubles of the Bitcoin community. We have reached a point where Jason is no longer needed. Why now? Veltor was never a well organized group of people. It was a spontaneous effort, with people contributing their free time, coming and going over the months. Jason represented the organic consensus that would arise in the group. As the real potential of Veltor became clear to more and more people, many voices started calling for a more transparent approach. We want to keep this attitude alive. Anyone who can bring value to the project is more than welcome. As Tyler Durden so aptly put it in Fight Club: you determine your own level of involvment. At this point, a number of people are involved in the project. In randomized order, with what they currently do in their lives: - Mindaugas Kurlavicius (Ruby Developer)
- Max Wolter (Go Developer)
- Sergii Shumakov (C# Developer)
- Julien Bordellier (Dev Ops)
- Alexander Bremin (Entrepreneur)
- Gaury Antoine (Product Manager)
- Ivan Mendoza (Web Developer)
Remember: I am Jason. You are Jason. We are all Jason.
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Sunday update:This week, we published the first code of the new Veltor client. The network component. It manages bootstrapping of a node, peer discovery and keep-alive between peers. A user can send messages to a specific peer or broadcast them to the network. The package follows the Veltor design philosophy of being minimalist, extensible and efficient. You can customize the logging, the peer address management strategy, the serialization used to encode & decode messages and the connection parameters of the node. You can subscribe to network messages to use them in your own code, which makes it straight forward to build a second layer. The library serializes data using JSON by default, but it includes a highly efficient capnproto implementation which will be used for Veltor. All messages are compressed using lz4, a compression algorithm that is extremely fast and reduces bandwith usage by around 50%. With this package, it is easy to handle many wallets with a single network node. It's also trivial to wrap a Veltor node into RPC and make it remotely accessible. A company could build its own redundant & geographically distributed network of Veltor nodes, similar to CDN servers, to guarantee reliable connectivity for its wallets. If you are able to make sense of the code, feel free to contribute and grab an issue on Github. https://github.com/veltor/veltor-networkJ.V.
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@Mr.Net: no, can u explain me how i have to do this? if my folder with my Velt-qt.exe and a lot of dll-files in it. How can i add nodes manually??
edit: i opened the console and added like this : addnode <2a01:4f8:201:6211::2101> add. if i typed it different there came an error message (method not found) so i think it must be corect. But still no syncing!
You have to add it like this: addnode 2a01:4f8:201:6211::2101 add Write this line for each node. J.V. |
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Sunday update:
Will probably publish some code soon.
J.V.
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The block time of 30min won´t change, not on the current codebase.
Current reward is 10 VLT per block.
J.V.
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Sunday update: This graph says it all. It illustrates, in my opinion, the importance of Veltor. It concludes and reflects everything that is currently problematic with Bitcoin. With blocks getting full, transactions are plateauing and the network is hitting its capacity sealing. In order to scale, Bitcoin Unlimited comes at a cost. Blockchain bloating might become uncontrollable and Bitcoin morphs in to a multi-terabyte chain making it everything but user friendly. Even though SegWit is, in theory, the superior solution, it is far away from a proper implementation, leaving big unanswered questions and uncertainties. Bitcoin is going to face great challenges and with great challenges comes great volatility. J.V.
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Have you seen aeternity? What you are describing seems similar to what this group is trying to achieve?
Yes, aeternity inspired some good thoughts. J.V. |
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I have some coins on Yobit, what will happen after coin swap with my coins?
The process of the coinswap is going to be described in detail in advance ones the new codebase is ready. J.V. |
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Sunday update:
Last week, I put some thought into the long term Veltor roadmap. Once the prototype is done and the coinswap behind us, there will already be a functioning lightning network, able to scale to a global payment network. So, I asked myself, what should I work on after that?
One topic I keep coming back to is a smart contract platform on top of the lightning network. Veltor has native support for multi-party payment channels. Instead of just putting funds into a common address and signing a payout settlement transaction, it's easy to imagine that all parties taking part in the channel could sign a smart contract. This smart contract would execute deterministically inside the channel and allow participants to have thousands of executions a second without having to settle anything to the blockchain.
In order to make it possible to settle such a contract, we'd only need to add one type of transaction to the base layer of Veltor that takes the current blockchain state, runs the smart contract code in a virtual machine, and then outputs the next blockchain state. In case of disagreement about the smart contract execution, this would allow the blockchain to become the final arbiter.
Imagine the possibilities of a platform like that. You'd be able to execute any code inside a payment channel with two, five, twenty, a hundred participants, without limitations of mining or blockchain, just limited by network conditions and CPU. It would completely remove the kind of limitations that you find with current smart contract platforms. Any kind of application could efficiently be executed on the blockchain in a distributed manner, with no additional limitations compared to traditional online applications. The possibilities are endless and the disruption is going to be beyond most people's comprehension.
J.V.
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Hello, a good idea is to have a Veltor channel on slack.com
PM me your email and you'll be added to our channel. J.V. |
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Also wondering whether there will be a complete rebrand, or will all the names and (marketing) strategies remain the same?
No, it will stay the same. This coin needs smaller block time.After block 10753 it will be good block time 5 min and just 2 veltors per block, so for 30 min will get the same amount of veltors but will help for Lightning Network and why Lightning Network when the block time is 30 min!!!  That's why it is being changed in the new codebase. J.V. |
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Sunday update:I am currently working on the block time and block size specifications. The block time is going to be rather short. This will allow fast opening/closing of Donar channels and keep the timelock resolution precise. Regarding block size, Bitcoin Unlimited has a nice approach. The main idea is to keep the ceiling open, which mitigates the lightning network failure mode. The equilibrium between block size and propagation of blocks will create a healthy fee market, unlike Bitcoin's forced approach. It then becomes important to economically disincentivize performing any kind of transaction flooding. I already have a couple of solutions in mind. By the way, I think I will have something to show within the next couple of weeks. Also, I got some help setting up a new website. Keep an eye on it regarding any future coinswap deadlines and info. So make sure to bookmark it. http://www.veltor.orgJ.V.
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Sunday update:
I took a deeper look at the Aeternity project because it has some aspects in common with Veltor. They want to build a smart contract layer on top of a lightning network. In theory, it would make smart contract executions extremely fast, but I'm a bit skeptical about the technical obstacles they have to solve. In short, I think they are facing difficult technical challenges with no clear plan on how to overcome them. However I think it validates Veltor's principle of building complex layers on top of minimalist base layers.
I think Veltor is taking the right approach. Focusing on challenges from the bottom up.
It's not a good idea to build a house on weak ground.
J.V.
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Will the coin swap take place on Yobit also?
No, I'll be using my own platform. J.V. |
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