|
@Maxwell: I was hoping to see a modified version of mini- blockchain scheme amongst your sidechains candidates or to say elements. Did you consider it at all?
And if you didn't, why? Is it because the mini-blockchain is not a secure ledger cryptographically? Or because it is not feasible to attach such a mini-sidechain to bitcoin?
|
|
|
|
@bybitcoin: Ok, I cannot say if this scheme can be a sidechain to Bitcoin since the paper does not provide a detailed description of a SPV proof. Without knowing that I would just be speculating. When Blockstream launches their "demo version" of a sidechain, the federated peg, there will be more information. But I wouldn't mind if the scheme became a sidechain instead of a altcoin.
Good news: http://www.coindesk.com/blockstream-open-source-code-sidechains/We would all know much more soon, by their code release. |
|
|
|
|
I am wondering why not consider your scheme as one of the earliest candidates for the sidechains to be embedded with the bitcoin blockchain. Adam Back and Gregory Maxwell both have had a glance at your scheme and they are the very founders of the sidechain proposal. I say this because two of bitcoin foremost problematic issues are scalability and anonymity. Having the total supply of this coin less than the total supply bitcoin has and setting the 1:1 pegging proportion makes this coin economy more precious and dynamic and also guarantees that the bitcoins still in circulation never cut to zero, as they can not all become pegged in the new chain.
|
|
|
|
I lost 4 million xcn for that ridiculous backup function in qt. Software. I created the backup, and sure of what the software does, saved the file in two different places. Now that I go to use and import it back, it shows a .dat.url file which is a simple text about nonsense. So you don't have a copy of your original wallet file or your private keys? If you didn't delete the data folder your wallet file should still be there. I was on the run for a trip, just made the backup using the function button in the Qt. Software, and saved it in my flash card and my email (my wallet was encrypted of course). I just decided to delete the whole thing from my computer, and you know the end of my story.. I accept that I should have checked the files before archiving them, but on the hurry I somehow decided to trust the xcn software doing. My own fault, I admit, but my point for telling this story was to criticise the pace of progress. I am glad that catia is back, and like you say, I hope that xcn gets the kind of progress pace that this promising coin deserves. |
|
|
|
|
I lost 4 million xcn for that ridiculous backup function in qt. Software. I created the backup, and sure of what the software does, saved the file in two different places. Now that I go to use and import it back, it shows a .dat.url file which is a simple text about nonsense.
So 4m xcn is gone, I know that I should have checked it before, but, to be honest, the pace of the reference software development has been ridiculous. I asked for the web-based wallet for several months, but nothing..
The main dev catia disappeared for several months, and all the core developments relies on him.
Of course bitfreak and catia have the right to choose how to spend their time, they have no obligation to continue developing xcn persistently, but what remains is a red flag for anyone who is interested to invest in xcn long term.
No matter how innovative and ideal a coin idea might be, it will not last long if not supported by continuous persistent development, as an organic live existence.
ps: I know about the loss for a week now, backup has been saved in early April. I am not much angry about the 4m xcn loss. As a veteran investor I've got much much more from the cryptocurrencies than what I lost here. But as one of the earliest supporters of this project, following it since it was only a paper 2 years ago, I have to criticise the naked facts.
|
|
|
|
There is an advantage in having a smaller total supply, the range proofs get smaller (514 bits for each bit of the total coin supply). Since Bitcoin's supply is ~2^50.9, a total supply between 2^40 and 2^50 is desirable. The distribution curve is difficult to decide. If it is too short, the supply gets concentrated in a small number of people and the coin gets accused of being a pump and dump. If it is too long and the price does not rise accordingly, no one wants to hold onto the coin because it devalues too fast. Normally if a (fiat) currency exceeds 4% inflation it starts to be a problem. I don't like Bitcoin's distribution curve (see http://www.mattwhitlock.com/Bitcoin%20Inflation%20logarithmic.pdf) because it takes a long time (12 years) to reach a good inflation rate (2%) and then only spends 4 years at that rate. I would prefer to have a initial period of very high inflation to distribute coins (like the first 4 years of Bitcoin) but then have a longer period where the inflation is kept at a constant rate between 2% and 4%. Agreed, you detailed the points precisely. |
|
|
|
Presales (and premines and instamines) have a negative connotation regardless of what the money is used for. It would be a shame to turn people away from a good cryptocurrency just because there was a presale. IMO, voluntary coders and fair distribution is the way to go.
I agree, just mentioned both possible ways, to clear it out. Also imitating btc stats including total supply, distribution curve or even lowering the inflation is most advisable. But the time between blocks should be much shorter, 1 or 2 minutes would be ideal. The only thing I don't like about cryptonite is its 10 years flat high inflation rate. Unless a coin has an existent market to support and use its supply from the day 1, high flat inflation would scare people off. Moderate speculative atmosphere (I don't mean pump and dump) is healthy for any growing economy. |
|
|
|
|
One way is to get more publicity after a final review by some experts, to attract talented coders take a part.
Another way is to place a presale of let say 5% to 10% of the total supply and use the collected (btc) fund to shape a group of professional coders for implementing it asap.
|
|
|
|
|
Is there any plan or desire to implement this anytime soon?
Of course after a final review of the scheme by the experts.
|
|
|
|
Thank you. I would also like to have their opinion, especially Adam Back since I borrowed a lot from his homomorphic value scheme ( https://bitcointalk.org/index.php?topic=305791.msg3294618#msg3294618). But every opinion is welcomed, I just want the paper to be reviewed. Bybitcoin, if you have any doubt you can PM me and will respond ASAP. I know the paper ended up being too "dense". Maybe I should write a "lighter" version? I am still getting around it, but sure, I will pm you if I find some part of it questionable. Yet it may take me a lot of time and courage to come up with a critique of your model, since I am not a cryptographer, but rather a number theorist. Therefore I hope Adam come on board sooner than later  About a lighter version, I guess no. You may need a more accessible and lighter presentation of your model for general audience later, when and if your technicalities get approved by the mentioned experts and is ready to be implemented. |
|
|
|
Very nice.. I hope to have Adam Back and Gregory Maxwell's opinion about this new one as well. Meanwhile I will try to digest the content by myself! |
|
|
|
Launch Postponed
On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.
Development continues.
And you got back again to the previous temptatation?! Everyone interested in buying into this should ask himself once and only once: Why should a decentralized consensus ledger need to be fully licenced before it getting any traction at all? Whose benefit could be legally at risk? Not hard to see..! Good luck. |
|
|
|
No cap, the total coins created each day will be owned and then distributed or sold by a company that plans to get bitlicence and follow its upcoming regulation rules as soon as it becomes available.
By this plan, even Ripple would look more decentralized and user-driven than this one!
Sorry, but that is wrong: there is a cap of 21 millions coin 50 coins created every 10 minutes www.ai-coin.orgminting peers are not owned by company and are spread out globally over many continents. a percentage of coins are sent back to company and the rest kept by peer nodes not owned by ai coin inc. basically, a new type of mining. It turns out that if the company owns all the coins, even for just the day they are created, it would be an "administrator" of a central repository from which tokens are issued and redeemed according to FinCEN guidance published last October. We knew this and assumed that we could obtain the money services business licences in the 48 US States where they are required as we progressed after launch. Our legal advice now is that we cannot launch under the previous business plan as that entails a legal risk in the USA. Reaper mentions the new plan, which is to have a conventional altcoin minting method whereby independent operators create the new aicoins each day and pay a software licence fee to the company, which in turn promotes and develops AI Coin for the benefit of operators, current and future holders. Even this business plan is subject to tweaking, as the software license may create an situation in which the deal between the company and its independent operators creates what the US SEC views as a security, which is subject to onerous regulation. As a lay person, my reading of the regulation and court decisions is that because the company is not the *sole* provider of effort which makes the deal valuable, then the deal is not a security. Instead I believe it is similar to retail store franchise agreements in the USA in which a share of store revenues is sent back to the franchisor. The analogy is that aicoin mining operators, its super peers, must perform effort too in order for the deal to be valuable. AI Coin Inc is seeking the advice of attorneys who know this sort of law. Fortunately, our president works in New York City, and networks conveniently with such law firms. If the software license becomes a poor choice due to SEC regulations, then another method to try for the desired revenue split would be to have a distinguished super peer owned by the company that gets more turns to create aicoins than the other super peers. I was referring to the plan mentioned in a previous page, before this new one being informed here (I just follow this btctalk thread). Your new plan looks much better, and unless you put a harsh percentage to be paid for the software fee (>%5), paying the fee won't be a huge minus for this POS model. |
|
|
|
|
No cap, the total coins created each day will be owned and then distributed or sold by a company that plans to get bitlicence and follow its upcoming regulation rules as soon as it becomes available.
By this plan, even Ripple would look more decentralized and user-driven than this one!
|
|
|
|
|
What happened to this? Has it been proved to be impossible?
|
|
|
|
Any plans to give an interview on the Let's Talk Bitcoin network (alt channel so to speak). I just listened to an interview with the creator of DRK/dash and it was interesting to say the least. I would have liked a Monero guy on there to give an opposing/alternaive viewpoint. I think a little debate will help the stronger coin out. I'm in XMR's corner of course, but not reading much these days on its main competitor makes me feel a bit out of touch.
Related, can we ever have a wallet app on e.g. Android, for XMR as opposed to a web wallet- is there anything creative we can do?
IAS
Porting LightWallet to Android seems possible given reasonable inputs of time/effort/skill and/or funding/bounties. XMR competes with BTC; Darshcoin competes with CLOAK and other shitcoins. XMR has no serious competition in the 'legitimately trustless privacy-enabling digicash' sector. Bitcoin, with its high-volume array of 3rd party tumblers/mixers, comes the closest. Darsh enjoys 1st mover status in the 'scamcoin marketed as privacy-enabling digicash' field. But its technology is unproven, and outside of the cult (who stand to profit from their Ponzi nodes) not many will trust it for security-sensitive applications. 10000 this, you'll rarely or almost never see any Bitcoin stuff making the slighest hint about Monero, unless the person really likes/understands it, after the scamcoin "bought"(subverted) dashcoin I have enough evidence to support my paranoia that Bitcoins already started to rolling behind the scenes to stop or slow down XMR acceptation. At minimum there is a silent conspiracy to ignore Monero/cryptonote. They will catch on eventually. Its unique codebase makes it a good hedge should flaws be found in the Bitcoin codebase. Should this scenario manifest itself all Bitcoin based coins (DRK/ASH) would be rendered useless as well. Does anyone know how many fairly unique code bases exist in this crazy altcoin ecosystem? bitcoin nxt monero ripple (though im not sure its really a crypto currency, you have to decide yourself) bitshares These are the only ones i know, can anyone add to this list The Mini-Blockchain based Cryptonite (XCN). That is based on the bitcoin codebase, but heavily modified. Quite possibly the most heavily modified bitcoin fork. LOL to your interpretation! It uses a finite length blockchain model (the last N blocks), consisting of tx blocks, headers, account tree.. Also 7 different hashing algorithms. Unless you recall any POW a bitcoin fork, your interpretation is quite unfair. What do you suppose the first and second copyright notices indicate?  You can use some part of bitcoin code and still create a new thing, not a fork. By your way, monero is a fork of bytecoin. Isn't it? |
|
|
|
Any plans to give an interview on the Let's Talk Bitcoin network (alt channel so to speak). I just listened to an interview with the creator of DRK/dash and it was interesting to say the least. I would have liked a Monero guy on there to give an opposing/alternaive viewpoint. I think a little debate will help the stronger coin out. I'm in XMR's corner of course, but not reading much these days on its main competitor makes me feel a bit out of touch.
Related, can we ever have a wallet app on e.g. Android, for XMR as opposed to a web wallet- is there anything creative we can do?
IAS
Porting LightWallet to Android seems possible given reasonable inputs of time/effort/skill and/or funding/bounties. XMR competes with BTC; Darshcoin competes with CLOAK and other shitcoins. XMR has no serious competition in the 'legitimately trustless privacy-enabling digicash' sector. Bitcoin, with its high-volume array of 3rd party tumblers/mixers, comes the closest. Darsh enjoys 1st mover status in the 'scamcoin marketed as privacy-enabling digicash' field. But its technology is unproven, and outside of the cult (who stand to profit from their Ponzi nodes) not many will trust it for security-sensitive applications. 10000 this, you'll rarely or almost never see any Bitcoin stuff making the slighest hint about Monero, unless the person really likes/understands it, after the scamcoin "bought"(subverted) dashcoin I have enough evidence to support my paranoia that Bitcoins already started to rolling behind the scenes to stop or slow down XMR acceptation. At minimum there is a silent conspiracy to ignore Monero/cryptonote. They will catch on eventually. Its unique codebase makes it a good hedge should flaws be found in the Bitcoin codebase. Should this scenario manifest itself all Bitcoin based coins (DRK/ASH) would be rendered useless as well. Does anyone know how many fairly unique code bases exist in this crazy altcoin ecosystem? bitcoin nxt monero ripple (though im not sure its really a crypto currency, you have to decide yourself) bitshares These are the only ones i know, can anyone add to this list The Mini-Blockchain based Cryptonite (XCN). That is based on the bitcoin codebase, but heavily modified. Quite possibly the most heavily modified bitcoin fork. LOL to your interpretation! It uses a finite length blockchain model (the last N blocks), consisting of tx blocks, headers, account tree.. Also 7 different hashing algorithms. Unless you recall any POW a bitcoin fork, your interpretation is quite unfair. It's not an interpretation. As you wish! |
|
|
|
Any plans to give an interview on the Let's Talk Bitcoin network (alt channel so to speak). I just listened to an interview with the creator of DRK/dash and it was interesting to say the least. I would have liked a Monero guy on there to give an opposing/alternaive viewpoint. I think a little debate will help the stronger coin out. I'm in XMR's corner of course, but not reading much these days on its main competitor makes me feel a bit out of touch.
Related, can we ever have a wallet app on e.g. Android, for XMR as opposed to a web wallet- is there anything creative we can do?
IAS
Porting LightWallet to Android seems possible given reasonable inputs of time/effort/skill and/or funding/bounties. XMR competes with BTC; Darshcoin competes with CLOAK and other shitcoins. XMR has no serious competition in the 'legitimately trustless privacy-enabling digicash' sector. Bitcoin, with its high-volume array of 3rd party tumblers/mixers, comes the closest. Darsh enjoys 1st mover status in the 'scamcoin marketed as privacy-enabling digicash' field. But its technology is unproven, and outside of the cult (who stand to profit from their Ponzi nodes) not many will trust it for security-sensitive applications. 10000 this, you'll rarely or almost never see any Bitcoin stuff making the slighest hint about Monero, unless the person really likes/understands it, after the scamcoin "bought"(subverted) dashcoin I have enough evidence to support my paranoia that Bitcoins already started to rolling behind the scenes to stop or slow down XMR acceptation. At minimum there is a silent conspiracy to ignore Monero/cryptonote. They will catch on eventually. Its unique codebase makes it a good hedge should flaws be found in the Bitcoin codebase. Should this scenario manifest itself all Bitcoin based coins (DRK/ASH) would be rendered useless as well. Does anyone know how many fairly unique code bases exist in this crazy altcoin ecosystem? bitcoin nxt monero ripple (though im not sure its really a crypto currency, you have to decide yourself) bitshares These are the only ones i know, can anyone add to this list The Mini-Blockchain based Cryptonite (XCN). That is based on the bitcoin codebase, but heavily modified. Quite possibly the most heavily modified bitcoin fork. LOL to your interpretation! It uses a finite length blockchain model (the last N blocks), consisting of tx blocks, headers, account tree.. Also 7 different hashing algorithms. Unless you recall any POW a bitcoin fork, your interpretation is quite unfair. |
|
|
|
Any plans to give an interview on the Let's Talk Bitcoin network (alt channel so to speak). I just listened to an interview with the creator of DRK/dash and it was interesting to say the least. I would have liked a Monero guy on there to give an opposing/alternaive viewpoint. I think a little debate will help the stronger coin out. I'm in XMR's corner of course, but not reading much these days on its main competitor makes me feel a bit out of touch.
Related, can we ever have a wallet app on e.g. Android, for XMR as opposed to a web wallet- is there anything creative we can do?
IAS
Porting LightWallet to Android seems possible given reasonable inputs of time/effort/skill and/or funding/bounties. XMR competes with BTC; Darshcoin competes with CLOAK and other shitcoins. XMR has no serious competition in the 'legitimately trustless privacy-enabling digicash' sector. Bitcoin, with its high-volume array of 3rd party tumblers/mixers, comes the closest. Darsh enjoys 1st mover status in the 'scamcoin marketed as privacy-enabling digicash' field. But its technology is unproven, and outside of the cult (who stand to profit from their Ponzi nodes) not many will trust it for security-sensitive applications. 10000 this, you'll rarely or almost never see any Bitcoin stuff making the slighest hint about Monero, unless the person really likes/understands it, after the scamcoin "bought"(subverted) dashcoin I have enough evidence to support my paranoia that Bitcoins already started to rolling behind the scenes to stop or slow down XMR acceptation. At minimum there is a silent conspiracy to ignore Monero/cryptonote. They will catch on eventually. Its unique codebase makes it a good hedge should flaws be found in the Bitcoin codebase. Should this scenario manifest itself all Bitcoin based coins (DRK/ASH) would be rendered useless as well. Does anyone know how many fairly unique code bases exist in this crazy altcoin ecosystem? bitcoin nxt monero ripple (though im not sure its really a crypto currency, you have to decide yourself) bitshares These are the only ones i know, can anyone add to this list The Mini-Blockchain based Cryptonite (XCN). |
|
|
|
May you elaborate on how exactly is possible to import an existing wallet from the official command line client, to the mymonero.com platform?
Just login with your 25 word seed, and you'll be prompted to go through the import process:) I did, it just imported the private spend key and the public receiving address, BUT didn't import the previous transactions and balances. For the txs and balance, 10 xmr should be paid in the simple wallet, for which I have to download the whole blockchain again to get access to my wallet fund to pay the 10 xmr, such a loop. So what is the point of importing when it doesn't remove the burden of downloading the whole blockchain?? Sometimes you need to wait about a minute to load complete. It's fetching data, so you should be patient about it. You didn't get what I said about paying 10 xmr, did you? |
|
|
|
|
Show Posts
