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 Welcome to Steemit, decentralized and incentivized social media. Steemit is a new social media platform built on the Steem blockchain where the community rewards individuals for their posts, comments and votes, co-founded by Ned Scott, CEO, and Daniel Larimer, CTO of Steemit and founder of Bitshares. Underneath the hood of Steemit.com there is a tradeable cryptocurrency token, called Steem, and it's performing well on the US-based exchange, bittrex.com, and blockchain-based exchange openledger.info. With Steemit.com, posts, comments and votes are immutable. Attribution is a given. Accreditation is not taken for granted. And community appreciation is an actual reward. We were recently in the press. Here is an article from CoinReport: https://coinreport.net/conversation-ned-scott-ceo-steemit/. And another from Coin Desk: http://www.coindesk.com/facebook-user-controlled-social-media-blockchain/There are large rewards being distributed for Steemit's first and largest distribution on July 4th. See the leaderboard at https://steemit.com/trending. There are Sub-Steems for talking about cryptocurrency and Bitcoin, as well as many other topics. Steem rewards long term holders .. By Purchasing Steem and "Powering Up" the Steem, the holder earns more Steem and voting power to use on Steemit.com Voting power allows the user to earn more Steem. Sign up on steemit.com today to have your account funded with 10 Steem, and let’s be part of the movement for a better online community. Best regards, Ned, "steem" CEO of Steemit, https://www.linkedin.com/in/nedscottDan, "Bytemaster", CTO of Steemit, founder of Bitshares, https://www.linkedin.com/in/daniel-larimer-0a367089Application: https://steemit.comCryptocurrency & Blockchain Info: https://steem.ioVideo: https://www.youtube.com/watch?v=xZmpCAqD7hsBitcointalk Steem announcement: https://bitcointalk.org/index.php?topic=1410943.220Trending Posts: https://steemit.com/trending |
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I am interested in what the Bitcoin community thinks about the impact of mining pools.
If it were possible to design a proof of work system that effectively eliminated the ability to pool mining would that be an improvement or not?
Pros:
More Independent Producers / Decentralization
Harder to censor
Increase profits for large miners (less competition from small miners)
More profits mean lower costs and lower transaction fees
Cons:
Higher variance would exclude some small miners
Excluded miners will lead to slightly lower difficulty for the same mining reward
Any other pro's and cons?
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I just wanted everyone to know that we will be taking a snapshot for the initialization of the BitShares genesis block of Feb 28th and that if you do not control your PTS with your own private keys you will miss out.
If you have any questions or want my attention, please visit bitsharestalk.org
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https://bitsharestalk.org/index.php?topic=1815.msg20497#msg20497Bounty is in pending state until potential developers ask questions and a meeting of the minds is reached on what is required. I am starting a $2 million (in PTS) bounty campaign over on bitsharestalk.org with the plan on making all bounties at prices 2x or more the expected cost of development. Bounties will be available for all skill sets so follow it closely. Many more to come.
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In main.cpp the following line within ConnectBlock has side effects which would be skipped if -DNDEBUG were to be defined. assert(view.SetBestBlock(pindex->GetBlockHash())); Seems to me the code should be bool success = view.SetBestBlock(pindex->GetBlockHash());
assert(success);
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Transactions as Proof-of-Stake & The End of Mining http://the-iland.net/static/downloads/TransactionsAsProofOfStake.pdfThe concept behind Proof-of-Stake is that a block chain should be secured by those with a financial interest in the chain. This paper will introduce a new approach to Proof-of-Stake that utilizes coin-days-destroyed by every transaction as a substitute for the vast majority of the security currently provided by Proof-of-Work. Unlike prior Proof-of-Stake systems in which only some nodes contribute to the proof-of-stake calculation, we present a new approach to Proof-of-Stake whereby all nodes generating transactions contribute to the security of the network. The result is that the network immune to known attacks against Bitcoin or Peercoin. Every transaction on the network carries with it an implicit Proof-of-Stake in the network. The creator of the transaction wants the network to accept it and the receiver of the transaction is making decisions on whether or not to ship goods based upon whether or not the network has accepted the transaction. It is clear that those behind the transaction have a stake in the health of the network. After all, the network is worthless if transactions cannot be executed as expected. A well functioning network will have thousands of transactions every single block. This represents thousands of stake holders who could be contributing to the security of the network.
In order for a 51% attack to be successful in a Proof-of-Work system, the attacker must keep their alternative chain secret. Once they have locked in the profits from their first spend, they can broadcast the longer secret block chain which will invalidate the original transaction. Keeping solved blocks secret is also used in the selfish-mining attack which can be effective with much less than 51% of the hashing power.
In order to prevent this kind of behavior we must make it impractical for miners to maintain secret block chains. If every transaction that is broadcast contains the hash of a recent block and the block chain enforces the rule that the transaction can only be included in block chains that build off of that block then no one will be able to build secret block chains that leverage the coin-days-destroyed of transactions in the public chain.
So the basic idea is that the more coin-days destroyed in a given block, the lower the difficulty. But even if someone had enough computing power to find blocks that only destroyed a few coin-days, their chain would still be rejected, because proof of stake is used as the primary judge of chain size, not proof of work. Therefore, the fastest growing chain will be the one that includes the most transactions, which keeps the network healthy.
Please read my paper for further details, but I believe that I have a Proof-of-Stake system that requires no explicit mining and for which mining is never 'profitable'. If the security model holds review then this could dramatically change the future of all DACs and crypto-currencies, eliminate mining pools, lucky mining, vesting, ASICs, the 51% attack, selfish-mining, merged-mining, denial of service, etc. Please review and give me your feedback.
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Anyone who has been following crypto-currencies for long has realized that any popular (and thus hard to mine) crypto-currency ends up resorting to mining pools. These pools become new points of centralization. In the case of ProtoShares, a CPU coin, profiteers flooded the market with hash power and forced out the little guy who wants to mine on his home computer. These profiteers didn't care about the coin, they just saw the price difference between the coin and the cost of mining and took advantage of the profit opportunity. Then we have pools that came out and captured more than 80% of the hash power due to a slight optimization advantage. These pools had a single bug in their miner that prevented more than one transaction from being included in a block and thus caused delays for the entire network like a legitimate 51% attack. In Bitcoin land, large ASIC firms and mining pools are a potential threat. Even having a couple large pools is a problem and represents a kind of 'special node' in the network that if taken out or compromised could enforce white lists, black lists, or transaction delays. A new solution is required that make the use of large pools, whether ASIC, GPU, or CPU less profitable than solo-mining for individual users. I have a new proposal that aims to eliminate botnets and profiteers from being a threat to GPU or CPU based coins and could be useful toward encouraging solo-mining with bitcoin by increasing the costs associated with large centralized ASIC miners. The basic idea is this: blocks have a random vesting time between 1 day and 1 year with an average of 6 months. Any pool operator would have to maintain 6 months of inventory and operating expenses on their books while exposed to price fluctuations in the underlying currency. Mining pools would have to charge much higher fees to cover the cost of capital and a 51% attack on Bitcoin would not be able to finance itself from the immediate sale of the BTC mined. Meanwhile, solo-miners with ASICs are back to a lottery system. New crypto-currencies wouldn't have to worry about fly-by-night pools or profiteers that mine and dump. The average rate of currency introduction would be the same, just delayed 6 months on average and this would also prevent a lot of short-run PUMP and DUMP scams. http://bitsharestalk.org/index.php?topic=905.0 |
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I am looking for a graphics designer who can help us brand Keyhotee which is our ID, Wallet and Communication client. It is named after Don Quixote because of our idealistic goals of decentralizing everything and slaying the dragon of tyranny. We are thinking a theme of Honor, Nobel, Virtue, Knights, Security, Windmills, Dragons, Medieval, Horses, etc. This bounty will accept submissions of draft ideas over the next 2 weeks after which I will select the top contenders for a poll and then award the bounty to the winner who will have 1 week to tweak the designs and send me the source images. In addition to paying the bounty to the winner, I will award every individual who provides a meaningful submission with 0.25 BTC toward a Genesis Block Keyhotee ID of their choosing: http://invictus-innovations.com/genesis-block-founderThe bounty will be paid in BTC using the BitStamp price for conversion. The splash screen should be high resolution, detailed, and pretty at resolutions up to 640x640. The icon should be simple and elegant but fit in the theme. For inspiration on the current Icon I am using a Shield because it denotes protection and security. |
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Icon A by td services:  Icon B by jantenner81:  Icon C by eXclusiveOR  These are my top 3 themes, though none of them is quite finished. Recognizing that finishing the icon takes the most time I am going to start voting on these three icons and they pay the bounty once the icon has been fully tweaked for all resolutions and with accordance with the tweaks already discussed such as adjusting the gear teeth. If you are unable to make the necessary tweaks in a timely fashion I reserve the right to take the second place icon. The rules for voting are simple: You may only post one time and simply specify A, B, or C. You may also post if you believe someone is cheating with sock puppet accounts. You may only vote if your account is over 1 month old.
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As anyone who has been following Keyhotee and BitShares knows we are building a decentralized block chain based ID system. With Keyhotee ID you mine your own identity and the more you invest into mining your own name the more others will trust that it is not a sock puppet and the more you have to lose if it builds a bad reputation. Keyhotee ID assigns names on a first mined first served basis after the genesis block and the registration date and renewal count follow that unique name everywhere. These numbers can be used for all kinds of things as the Keyhotee ecosystem grows including: automatic filtering and ranking of posts on forums, spam filtering, threshold for account creation, and as a weighting component in a growing web of trust. http://invictus-innovations.com/your-good-nameHow long has your Brand been in business and what's it worth to you?
Every Keyhotee ID has a Born-On Date. The date it was mined into existence in the Keyhotee ID block chain. The closer to the original Genesis Block, the greater the reputation value. The more you have to lose if you ever have to start over. The more likely you joined before the Bad Guys learned what an impeccable, incorruptible reputation would be worth in Keyhotee Free Space. Every Keyhotee ID also has a Recognition of Contribution. This is what your reputation is worth to you based on what you've invested into it. Proof that your ID is not a sock-puppet of convenience. Think of it as your personal proof-of-work. What support have you given back to make the Keyhotee ID ecosystem successful? So far, there are only two ways to build your ID's lifetime Recognition of Contribution. And one will be lost forever before Keyhotee goes live on New Year's Eve. 1) Be a Keyhotee Founder. Contribute something toward building Keyhotee Free Space for everyone else. 2) Be a Keyhotee Governor. Contribute mining resources toward securing Free Space for everyone else. So here is how it works: If you contribute money toward the development of Keyhotee you will receive many benefits that are not available to others. Among these benefits are: 1) First Pick of Names prior to Genesis Block 2) Your names never expire 3) You earn Investment points equal to 1 normal name renewal for every .0005 BTC you contribute. Normally it would take 1 year of constant mining to acquire about 8768 investment points, but founders start out with at least 500 investment points when the contribute 0.25 BTC or more. 4) When ever your name appears in Keyhotee as a source or destination email address or contact it will be given special honored status. 5) Any future ways we can think of to honor the Keyhotee Founders, if you can think of cool benefits let us know and we will add them to the list. Keyhotee has the potential to change the way we do secure communication and will allow us to send Bitcoin to a name. What name do you want? Referral BonusThere is one additional way to acquire contribution points. Refer others to the idea. When you refer someone you get one additional contribution point for every contribution point paid for by the individual you referred. Help us build the Keyhotee Development team so we can hire a full time developer to continually improve our decentralized email, chat, VOIP, and web of trust system. |
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I am offering a 0.5 BTC bounty to the individual who can spec out the cheapest possible Quad Core x86 system for mining momentum proof of work.
1) Must have 2+ GB of RAM
2) Must have 4+ cores
3) Must run Linux and have at least 32 GB of storage.
4) Must have a case.
5) Must have ethernet.
Everything else is optional, smaller is better.
If the system is put together from parts, add $50 to the price for labor.
The spec must include links where such a system can be sourced in quantity. IE: ebay and other second-hand sources do not count.
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As many of you know BitShares is based upon the concept of paying dividends from 50% of the transaction fees. I would like to take the concept of BitShares Dividends and see what it would take to implement them on top of Bitcoin's code base. This post is intended to request proposals for adding this feature on top of ProtoShares.
FreeTrade has made great progress integrating the Momentum proof-of-work into ProtoShares and now I am ready for the next step. So I will define how BitShares pays dividends below:
1) The total money supply is tracked as MONEY_SUPPLY
2) 50% of mining rewards + transaction fees from each block are paid as DIVIDENDS
3) A dividend accumulation table is maintained that includes the total dividends per Satoshi paid for every block for the past year. Each block adds DIVIDENDS/MONEY_SUPPLY to every entry in the accumulation table. This table will require 128 bit 64.64 fixed-point precision so that dust can accumulate properly.
4) The dividends due a particular output can be calculated by looking up the coin-age in this dividend accumulation table and these dividends are part of the input value of the transaction when the output is spent. All dividends except the past 100 blocks are included. Dividends for the past 100 blocks are paid as part of the transaction fee because these dividends could be lost if there is a chain reorganization.
In addition to updating the block chain, the bitcoin wallet would have to be updated to reflect the current balance along with all dividends.
I have already implemented a proof-of-concept block chain based upon this dividend system, but am looking for a developer who can integrate such a system on top of the Bitcoin code base.
If you would like to take this on please share your skills, estimated time to develop, and cost. I will pick the best value proposal as a combination of skills and price and schedule. If you think it will require more than $5000 that is ok, but I will have to consider it more carefully.
If you have any questions please let me know and I will try to answer here.
My own estimates are that this could take less than 1 man month to develop and thus I am budgeting $5000 for this effort. This will be paid out as BTC using the BitStamp Price upon delivery of completed code.
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If you missed the C3 conference and our presentation about Keyhotee, you may want to checkout this video where I explain how Keyhotee will change the way we do business on the internet and put an end to NSA spying and identity theft. http://www.youtube.com/watch?v=3pZaTdEtK-8Topics Covered: Keyhotee ID - Email and Website Login DomainShares - Domain Names and Certificate Authorities Keyhotee Mail - secure email, chat, VOIP, etc Keyhotee Wallet - Secure, multi-currency wallet without need for using Bitcoin addresses. Feedback appreciated. |
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Introducing ProtoShares - Coming November 2013 ProtoShares is our way to enable BitShares to be mined while they are still under development. If you are not familiar with BitShares watch this video: http://www.youtube.com/watch?v=5BV55IrZi7g and read our white paper (in my sig) Here is how it works:1) We launch a Bitcoin-based altcoin that allows you to mine and trade ProtoShares 2) When BitShares is released the genesis block will contain all of the unspent output balances from ProtoShares chain. 3) You will be able to import your ProtoShares wallet into BitShares and start trading right from the genesis block. ProtoShares is a social contract that can be enforced by anyone who can modify the open source BitShares code on release. You do not have to trust us to ensure we will honor these positions because the user base will migrate to the BitShares network that honors the social contract. Note that it doesn't even matter who implements BitShares because any open source implementation can be made to honor the social contract set forth in ProtoShares. What this means is that we are creating a financial incentive to ensure that BitShares does get implemented and everyone who acquires ProtoShares can profit by contributing to the open source effort to build and deploy BitShares as quickly as possible. Something to consider about BitShares: BitShares is not just one chain, but a whole family of chains trading in different sets of BitAssets. The ProtoShares social contract will be good for any and all AltShares networks and therefore represents an opportunity to get a cut in not just one block chain, but all of them.30 BTC ProtoShares Development BountyTo kick-off the development of ProtoShares I am starting a bounty to get ProtoShares built as quickly as possible without distracting our internal development team from building the Real BitShares. I am looking for an AltCoin developer who can implement the new Momentum proof-of-work and help us Launch the ProtoShares chain. Here are the requirements on the chain: 1) Momentum Proof-of-Work based upon https://github.com/InvictusInnovations/BitShares/blob/master/src/momentum.cpp2) 2 million coin maximum (in 4 years) 3) 5 minute block intervals 4) 512 KB max block size. 5) halve the block reward every 3 months 6) Derived from very recent version of Bitcoin Qt 7) Mining Supported via GUI menu Out of the 30 BTC bounty, I am reserving 2 BTC for the creator of the ProtoShares logo which I like the best. - The Logo Must be well suited to serve as the Icon - ProtoShares are 'place holders' or like gold/silver 'blanks' that eventually take their final form. - They are like ProtoTypes... - Post other analogies / ideas below... Out of the 30 BTC bounty, I am reserving 10 BTC for the creation of a ProtoShares mining pool deployed to one of my servers. The remaining 18 BTC I am reserving for the creation of ProtoShares Qt Client UPDATE 10/23/2013: FreeTrade has contracted to deliver this product. 18 BTC Bounty is off the table.Deadline for Code Completion: November 5th, 2013The bounty will be paid 1 month after the chain has launched with no fatal bugs. Note: The terms of this Bounty are open for discussion until someone contacts me and commits to get this done and we have had a meeting of the minds. This bounty replaces the 5 BTC bounty for the Momentum Proof of Work alt-coin.
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I have created a new proof-of-work better than scrypt that should hopefully kill ASICs once and for all. I am offering 5 BTC to build an alt-coin based upon it. Contact me for more info. https://bitcointalk.org/index.php?topic=313479.0 for the bounty thread. |
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