What 2.0 Currency will be the most successful?

[Come-from-Beyond]

I guess this brilliant system was also devised with constant 100k TPS in mind?

What system?

[1714992742]

1714992742

[1714992742]

1714992742

[1714992742]

1714992742

[patmast3r]

I guess this brilliant system was also devised with constant 100k TPS in mind?

What system?

the "system" of paying that many people from tx fees.

[Come-from-Beyond]

we're saying that BTS is going to be the first coin with zero inflation that pays miners, developers, and users (through burning coins daily) simultaneously. If there is another coin doing that, then please let me know so that I can buy some.

Could you explain "and users (through burning coins daily)"? Users burn coins but somehow get paid?

[patmast3r]

I guess this brilliant system was also devised with constant 100k TPS in mind? Otherwise you're not gonna get enough fees to pay everyone and their uncle.
Also saying BTS is the frist to pay miners solely from the tx fees is just so utterly wrong. Is that another lie the bts marketing has been telling you ?

we're saying that BTS is going to be the first coin with zero inflation that pays miners, developers, and users (through burning coins daily) simultaneously. If there is another coin doing that, then please let me know so that I can buy some.

And no, they do not need a certain TPS rate to accomplish this level of profitability.

Your other post made it sound like it was doing something else. No, noone is doing that. We'll see how profitable it's going to be though.

[patmast3r]

we're saying that BTS is going to be the first coin with zero inflation that pays miners, developers, and users (through burning coins daily) simultaneously. If there is another coin doing that, then please let me know so that I can buy some.

Could you explain "and users (through burning coins daily)"? Users burn coins but somehow get paid?

Miners will get paid to secure the system, accept transaction fees, and if their salary gets too large, burn the difference (and or send some to the dev fund depending on the ratio that the users vote for)

can you define too large ? Is that also something the users vote for ?

[patmast3r]

can you define too large ? Is that also something the users vote for ?

Yes

So, we are not trying to compete with your coin, we are just trying to attain $50-60 million market cap so that we can stop inflating the coin supply and pay our developers and start burning coins.

Are those votes a one time thing or are they going to be happening regularly ?

I don't have a coin so I'm really not trying to hate.

[Tobo]

The success of any coins will depend on if they can get bootstrapped in a certain time window (maybe 1-3 years), namely, making profit, having steady revenue and cash flow.

Are you talking about a crypto-currency or a corporate start-up ?
Admittedly, most of the current gen 2.0 currencies are being run as centralised corporations, but you cannot measure the success of a crypto-currency on those criteria.
Adoption may be the most important measure of success.....but even that could be up for debate,

For me, they are same thing. The business success on a platform means the success of the platform becasue there will be steady revenue to support the platform and vise versa.

[chryspano]

I guess this brilliant system was also devised with constant 100k TPS in mind? Otherwise you're not gonna get enough fees to pay everyone and their uncle.
Also saying BTS is the frist to pay miners solely from the tx fees is just so utterly wrong. Is that another lie the bts marketing has been telling you ?

Here is what bytemaster says...

If the network is generating anywhere near 100 TPS per second then the network will be earning more than $1M per day in fees and our market cap would be closer to Bitcoins market cap.     In other words, this should have 0 impact on customer experience over the next several months.   By the time we start gaining traction like that we will have worked through the kinks of getting a higher throughput network layer.

link https://bitsharestalk.org/index.php/topic,18717.msg241280.html#msg241280

[okiefromokc]

I'm not teaching to you directly to you, but to all communities.

The voting happens continuously.  Certain parameters are "voting" parameters:

number of miners, miner monthly paycheck, which development project to implement next, etc.

Your using miner(s) alot is this the same as delegate, or the 101.  If it is then they are the only one who will be paid via the fees, correct?

[Tobo]

[quote author=patmast3r link=topic=1196533.msg12623817#msg12623817 date=1444215030
I'm not teaching to you directly to you, but to all communities.
The voting happens continuously.  Certain parameters are "voting" parameters:
number of miners, miner monthly paycheck, which development project to implement next, etc.
An outsider can get a glimpse of the community's consensus based on what they are voting for (or against).  If the world wants more decentralization, then they will vote for more miners.  If the users want more profits (reduced supply to squeeze the price higher), then they will vote for less miners (so that there are more coins to be able to burn).
It will be interesting to see where the community puts this balance.  Who knows, maybe they will be so greedy that they will only choose 1 miner, and burn 90% of all transaction fees just to squeeze the shorts, but maybe they will choose massive coin inflation and 1000 miners so that they can brag that they have more decentralization than the next guy.
We will see what the global consensus wants in 2 weeks.
popcorn ready

How will they vote, one coin one vote or one account one vote?

Btw, what is the current fee per transaction?

[crypti PR]

Crypti is now Open Source!

[testz]

Crypti is now Open Source!

Congratulations!!!

[crypti PR]

Crypti is now Open Source!

Congratulations!!!

Thanks. Now everyone who didn't believe us can look for himself.

100% own Node.js code.

[Come-from-Beyond]

100% own Node.js code.

If you promote Crypti as 100% own code then you should emphasize that cryptographic algorithms implementation was extensively reviewed or you use popular cryptolibraries.

[crypti PR]

100% own Node.js code.

If you promote Crypti as 100% own code then you should emphasize that cryptographic algorithms implementation was extensively reviewed or you use popular cryptolibraries.

Of course it uses popular crypto libraries. It's the same as Nxt promoted with the slogan "100% from scratch".

[Come-from-Beyond]

Of course it uses popular crypto libraries. It's the same as Nxt promoted with the slogan "100% from scratch".

I know that it uses cryptolibs, but "100%" raises questions regarding security of cryptoalgorithms. It may be fine for ordinary users, but it will catch an eye of a serious company that may be thinking about using Crypti.

PS: I faced this very problem in my current project. We use a novel signing algorithm.

[crypti PR]

Of course it uses popular crypto libraries. It's the same as Nxt promoted with the slogan "100% from scratch".

I know that it uses cryptolibs, but "100%" raises questions regarding security of cryptoalgorithms. It may be fine for ordinary users, but it will catch an eye of a serious company that may be thinking about using Crypti.

PS: I faced this very problem in my current project. We use a novel signing algorithm.

Thanks for the hint. Good luck with your project.

[Tobo]

PS: I faced this very problem in my current project. We use a novel signing algorithm.

Will third party security auditing solve this problem? I think Ethereum is also facing the same issue and tried to do some intensive third party auditing to solve it.

[Come-from-Beyond]

Will third party security auditing solve this problem? I think Ethereum is also facing the same issue and tried to do some intensive third party auditing to solve it.

Yes, more peer reviews = better.

[funnyman21]

Ethereum eventually but not yet.