RaiBlocks live network active

[clemahieu]

We've been developing a system called RaiBlocks focusing on solving engineering problems of cryptocurrency specifically around transaction speed, eliminating transaction fees, and dropping the energy footprint i.e. removing mining.

Basic information about wallets and faucets are on the main site https://raiblocks.net/  Developer grade details about the block lattice https://github.com/clemahieu/raiblocks/wiki/Block-lattice or other design features https://github.com/clemahieu/raiblocks/wiki/Design-features are on the wiki.

I'd be happy to answer any questions people have.

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[HostFat]

Interesting.

[tokeweed]

Where do you see Raiblocks in 10 years.

[HostFat]

Maybe it will be a sidechain of Bitcoin

[clemahieu]

Where do you see Raiblocks in 10 years.

It could be dead in a ditch though I think the ability to be adopted by the mainstream is higher compared to all the bitcoin clones out there.

The thing I think it brings to the table is utter simplicity.  It does one job and it does it in a simple, efficient manner.  To enthusiasts like us bitcoin et. al. makes sense but a layman it's highly confusing, it has a lot of nobs and dials and tries to do a lot of things.  Then tack on some of the bleeding edge things some people are trying to do like exchanges, multisig, and true anonymity and pretty much no one knows what this is about anymore.

What RaiBlocks doesn't have is adoption since it's brand new and that's incredibly important.  It's up in the air what'll happen but I think it solves the distributed ledger problem well.

[tokeweed]

Where do you see Raiblocks in 10 years.

What RaiBlocks doesn't have is adoption since it's brand new and that's incredibly important.  It's up in the air what'll happen but I think it solves the distributed ledger problem well.

How do you plan in solving that problem?  And it has become a sort of riddle that can't be solved in the altcoin scene.  Besides your plaform's features, what steps, do you think, are necessary to take to overcome this hurdle?

[clemahieu]

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I think making changes that allows the community effort and focus to move off of technical quirks and on to working with initial adopters is key.  So much effort and brain power by enthusiasts is being burned trying to work around issues of making the protocol sustainable and making it act like normal currency that they're not able to work on making it solve problems which in the end is what the mainstream wants.

I think the practical focus points of crypto that aren't achieved by fiat is global instantaneous transfers, no fees, and non-reversible transfers.  Unfortunately fees are starting to go up a bit making the no-fee thing go away a bit, the transfers are quick compared to an international wire transfer but they're slower compared to a credit card charge, even an international one.

On the non-reversible aspect you have to find people who are comfortable with that situation.  When there's a trade and crypto is on one leg, usually there's a tangible good coming through on the other end so the crypto sender is taking the risk whereas with credit cards the receiver is taking a risk of chargebacks.  From the standpoint of someone sending crypto, you want a social assurance that the person on the other end will hold up their end of the bargain or the deal is in sufficiently small quantities than any loss can be written off.  This means you're either doing micro payments or you're dealing with a large, reputable company that's more concerned with their image and will do anything to make the buyer happy than trying to steal one payment.

So we're looking for early adopters that either take small payments or they're large reputable companies dealing in goods internationally or cross currency.  Large companies want simple things their tech guys can plug in to their data center and their software can easily communicate with it.  RaiBlocks has a docker container on dockerhub that anyone with Linux can safely run inside a data center with one command.  https://github.com/clemahieu/raiblocks/wiki/Docker-nodes  There's a simple http RPC protocol that people can hit with any web language or curl from a command line https://github.com/clemahieu/raiblocks/wiki/RPC-protocol

Large companies also may not do their own processing at all so peering with payment processors is a more likely goal but they'd make use of container nodes as well.

Small transfers where there's no real loss if the return leg doesn't follow through is directly at competition with high fees, if you have high fees you loose this user.  Small transfers like tipping or other micropayments would be good adopters and with RaiBlocks the no fee overhead makes that possible.

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[tokeweed]

I just feel like the people behind new crypto projects regurgitate "adoption strategies" over and over and try to come up with "new, fancy features", that it's already becoming old.  And don't forget this is also the strategy all P&D coins use.

Imho, at this point in the game, what the public and potential investors would want to see is something unique, fresh and new in the adoption strategy.  Something maybe that would involve partnerships with legit companies outside of crypto perhaps...?  Because we've seen it all and so far, nadda.   

[clemahieu]

Point taken.  I'll think on it some more.

[ByronP]

To encourage adoption I suggest a BTC compatible rpc interface this makes it almost plug and play without having to learn a new system.

[CoinHoarder]

This coin interests me. Kudos on doing something different. You say Raiblocks is efficient due to the block lattice concept. Have you done any tests as far as how many transactions per second it might be able to handle?

[MisO69]

It looks like you have been working on this for some time now. Good job on simplicity and built in block explorer with rich list. Nice. Also like your distribution method. I just don't have the time to sit there all day and solve captchas but I'm sure many do. Good luck with your project, I will be keeping an eye on it.

[clemahieu]

To encourage adoption I suggest a BTC compatible rpc interface this makes it almost plug and play without having to learn a new system.

That's a pretty good suggestion actually.  Changing 1 thing at a time is easier than changing a bunch of things.

[clemahieu]

This coin interests me. Kudos on doing something different. You say Raiblocks is efficient due to the block lattice concept. Have you done any tests as far as how many transactions per second it might be able to handle?

We have some synthetic tests on that yes.  One of the command line switches for the node daemon "--debug_mass_activity" generates transactions in a loop and times them, our last round showed the system roughly at ~700 t/s for generating 1 million transactions in 90 seconds.  This is on a home MacPro machine.

Mass activity iteration 983040 us 366046 us/t 1429
Mass activity iteration 987136 us 356276 us/t 1391
Mass activity iteration 991232 us 381316 us/t 1489
Mass activity iteration 995328 us 362204 us/t 1414
Mass activity iteration 999424 us 357342 us/t 1395

real   1m26.899s
user   0m30.368s
sys   0m28.712s

How real world performance would differ from this synthetic benchmark is as follows:
* RaiBlocks has a small anti-spam PoW attached to each block so transaction creators are throttled.  This benchmark does the block creation in addition to processing so it's doing more work than a simple processing node would have to do.  In a test build the work parameter is turned way down but it's still there a little bit.
* This isn't testing network latency.  Although a single node can process a block in 1.4ms, to get confirmation you need to wait for network latency e.g. a couple seconds.  The global throughput is the same though.

[clemahieu]

It looks like you have been working on this for some time now. Good job on simplicity and built in block explorer with rich list. Nice. Also like your distribution method. I just don't have the time to sit there all day and solve captchas but I'm sure many do. Good luck with your project, I will be keeping an eye on it.

Thanks, there's definitely some people who have more time than money out there, no doubt they'll sell what they've "mined" out of the faucet.

If you have time we're trying to get listed on exchanged and we're up for a vote on Cryptsy https://www.cryptsy.com/coinvotes/#

[MisO69]

It looks like you have been working on this for some time now. Good job on simplicity and built in block explorer with rich list. Nice. Also like your distribution method. I just don't have the time to sit there all day and solve captchas but I'm sure many do. Good luck with your project, I will be keeping an eye on it.

Thanks, there's definitely some people who have more time than money out there, no doubt they'll sell what they've "mined" out of the faucet.

If you have time we're trying to get listed on exchanged and we're up for a vote on Cryptsy https://www.cryptsy.com/coinvotes/#

Voted.

Just read your design features page and have a question about this: "The supply starts with 2^128 - 1 which satisfies the three supply requirements."

That's 340 billion coins, is my math correct? Also you mention that's where the supply starts, is this coin inflationary and if so how much per year?

Other than that looks like some nice features.

[TPTB_need_war]

This design was already discussed and there are serious doubts about its viability:

https://bitcointalk.org/index.php?topic=1219264.0

I find it deceiving that the lead developer did not reference the prior thread in his OP. And has created new threads to spam the Altcoin Discussion forum (ostensibly to bury the above linked serious technical analysis).

[clemahieu]

It looks like you have been working on this for some time now. Good job on simplicity and built in block explorer with rich list. Nice. Also like your distribution method. I just don't have the time to sit there all day and solve captchas but I'm sure many do. Good luck with your project, I will be keeping an eye on it.

Thanks, there's definitely some people who have more time than money out there, no doubt they'll sell what they've "mined" out of the faucet.

If you have time we're trying to get listed on exchanged and we're up for a vote on Cryptsy https://www.cryptsy.com/coinvotes/#

Voted.

Just read your design features page and have a question about this: "The supply starts with 2^128 - 1 which satisfies the three supply requirements."

That's 340 billion coins, is my math correct? Also you mention that's where the supply starts, is this coin inflationary and if so how much per year?

Other than that looks like some nice features.

We do have a distribution schedule and it's not inflationary aside from the initial distribution.  https://github.com/clemahieu/raiblocks/wiki/Distribution-and-Mining  The schedule we have is a tradeoff between promptly ending i.e. we don't want to distribute for a long time, and not excessively favoring early adopters i.e. we don't want it to be too short.