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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1172262 times)
skicripto
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August 07, 2017, 04:52:28 PM
 #12141

Does the light wallet have the same security as the full? What do you recommend? Thanks.
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riskthebiscuit
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August 07, 2017, 04:54:15 PM
 #12142

there are a few  whales with an ungodly amount of tokens only  because of their btc balance
66k btc
54k btc
2500x10 btc  are some  i have noticed

whales of this size are a risk to the project and they make people afraid
 to invest because they could dump and send the price/liquidity to zero in a
 1 click market order

we expect crypto to be volatile but thats just ridiculous
it would be  beneficvial if the small new users with no balance
got a bigger incentive than btc whales who dont need it anyway

it would be but the rich are always favoured no matter what industry it is. Crypto is no different here, they got the money so the money goes their way. Its only natural.

I am glad to see though a change up of the airdrop scheme, nice so things do not get stagnant throughout the 2nd half distribution of this coin.

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August 07, 2017, 05:17:42 PM
 #12143

After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.

It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible.  Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with.  We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.

Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding.  Now we are adding actual users into the mix, i.e. we are going to reward transactions.

To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid).  The cashback will be funded from the undistributed pool.  For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate.  For merchants, this is something that would drive sales and they would put effort into promoting the offer.  In competitive industries, a 10% cashback is a very powerful tool to lure customers.  For customers, this is a 10% discount (which matters a lot in some industries).  For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.

A few companies have already expressed interest (not disclosing the names while it is a work in progress).

A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes.  This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers.  Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.

If you see similarity with existing loyalty points schemes, it is similar indeed.

At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations.  And the users are not just crypto fans, it may be their first crypto coin for many users.  With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.

We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.  

Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable.  Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves.  This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud.  Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc.  Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell.  Not a big problem, the point is they already know about Byteball and it's easy for them to get back.  The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity.  Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing.  And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.

On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.

For the current distribution round, nothing changes.

For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:

BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).

Similar ratios for blackbytes.

For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.

I'll make announcements as we add merchants in the cashback program.


very nice changes tony, this model is much better for the long run, keep up the good work
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August 07, 2017, 05:17:51 PM
 #12144

Perhaps next time, an innovative airdrop coin can relatively inverse credit BTC balances, giving an edge to smaller players.
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August 07, 2017, 05:23:00 PM
 #12145

Perhaps next time, an innovative airdrop coin can relatively inverse credit BTC balances, giving an edge to smaller players.

that would make for an interesting distribution model lol
i heard if all the worlds wealth were redistributed equally in a short few years the rich would own it all again  anyway
 and the poor would have managed to make themselves poor again

something about poor people not having the mentality to stay rich etc

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August 07, 2017, 05:24:59 PM
 #12146

Im going to try for the first time ever getting some Byteball in the airdrop and I have a question: What happens if you do the transition bot thing and send the address before the actual airdrop starts? Is there a queue and I can send it already before it begins, or if I try to do it now before it starts it will get rejected and prompt you an error like "wait for the airdrop period to start".

I just watn to be sure that I dont lose my BTC. I will try to send it as soon as the countdown on the website goes to 0 but just in case I send it 1 second earlier, I want to know what would happen.
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August 07, 2017, 05:26:42 PM
 #12147

Im going to try for the first time ever getting some Byteball in the airdrop and I have a question: What happens if you do the transition bot thing and send the address before the actual airdrop starts? Is there a queue and I can send it already before it begins, or if I try to do it now before it starts it will get rejected and prompt you an error like "wait for the airdrop period to start".

I just watn to be sure that I dont lose my BTC. I will try to send it as soon as the countdown on the website goes to 0 but just in case I send it 1 second earlier, I want to know what would happen.

you need to do it ASAP
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August 07, 2017, 05:26:55 PM
 #12148

Is there any way to check that the snapshot due today was succesful?
i.e. I would like to know at exactly what point I can move my funds around.
I know it is the block after the full moon so at 19:10 BST (British summer time) But I want to be absolutely sure that I am moving the funds immediately AFTER the snapshot.
Thanks

Carolina
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August 07, 2017, 05:28:36 PM
 #12149

Perhaps next time, an innovative airdrop coin can relatively inverse credit BTC balances, giving an edge to smaller players.

that would make for an interesting distribution model lol
i heard if all the worlds wealth were redistributed equally in a short few years the rich would own it all again  anyway
 and the poor would have managed to make themselves poor again

something about poor people not having the mentality to stay rich etc



They eve don't have a chance to stay rich for couple day's... month... years... time... Give them a chance and in the end they change their mentality....

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Гoтoв oтвeчaть нa вaши вoпpocы: Bitcointalk, Teлeгpaмм, Facebook, Twitter.
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August 07, 2017, 05:33:13 PM
 #12150

Im going to try for the first time ever getting some Byteball in the airdrop and I have a question: What happens if you do the transition bot thing and send the address before the actual airdrop starts? Is there a queue and I can send it already before it begins, or if I try to do it now before it starts it will get rejected and prompt you an error like "wait for the airdrop period to start".

I just watn to be sure that I dont lose my BTC. I will try to send it as soon as the countdown on the website goes to 0 but just in case I send it 1 second earlier, I want to know what would happen.

you need to do it ASAP


You aren't answering his question. ASAP means as soon as possible AFTER the countdown on the website goes to 0? or ASAP at any time?

WHAT happens if you send it before it goes to 0?

It's my first time here too, and I got these doubts, and also this:

If we send our entire wallet into a single byteball address, is this bad for privacy and we should use 1 different byteball address for each bitcoin address we have? (similar to bitcoin, where you should never reuse 1 address, but get a different address for every transaction you make)
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August 07, 2017, 05:37:23 PM
 #12151

Im going to try for the first time ever getting some Byteball in the airdrop and I have a question: What happens if you do the transition bot thing and send the address before the actual airdrop starts? Is there a queue and I can send it already before it begins, or if I try to do it now before it starts it will get rejected and prompt you an error like "wait for the airdrop period to start".

I just watn to be sure that I dont lose my BTC. I will try to send it as soon as the countdown on the website goes to 0 but just in case I send it 1 second earlier, I want to know what would happen.

you need to do it ASAP


You aren't answering his question. ASAP means as soon as possible AFTER the countdown on the website goes to 0? or ASAP at any time?

WHAT happens if you send it before it goes to 0?

It's my first time here too, and I got these doubts, and also this:

If we send our entire wallet into a single byteball address, is this bad for privacy and we should use 1 different byteball address for each bitcoin address we have? (similar to bitcoin, where you should never reuse 1 address, but get a different address for every transaction you make)
You need to link your byteball wallet to your BTC address/es BEFORE the countdown finishes. At that point a snapshot will be taken of the bitcoin blockchain and the amount of BTC you have that you linked to will be credited at a rate of 0.0625 GB per 1 BTC.
After this point you would have missed the snapshot and hence the airdrop on this round.
You may only link 1 byteball address to qualify. You don't need to send BTC at all you can just sign each address.

Carolina
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August 07, 2017, 05:37:54 PM
 #12152

there are a few  whales with an ungodly amount of tokens only  because of their btc balance
66k btc
54k btc
2500x10 btc  are some  i have noticed

whales of this size are a risk to the project and they make people afraid
 to invest because they could dump and send the price/liquidity to zero in a
 1 click market order

we expect crypto to be volatile but thats just ridiculous
it would be  beneficvial if the small new users with no balance
got a bigger incentive than btc whales who dont need it anyway

I agree.
But Thats kind of a problem in crypto (and everywhere else) anyways wealth has a tendency to accumulate. These airdrops and also POS are contributing to this I think, creating kind of a crypto elite.
I recently read an article (on coindesk I think stating that the 10 or 100 top btc adresses make up 50% of all BTC. Thats similar to a recent report (by Oxfam I think) that 1% of the world population control 50% of everything.
(I try and dig up the links when I have time)

dreamhouse
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August 07, 2017, 05:53:03 PM
 #12153

After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.

It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible.  Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with.  We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.

Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding.  Now we are adding actual users into the mix, i.e. we are going to reward transactions.

To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid).  The cashback will be funded from the undistributed pool.  For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate.  For merchants, this is something that would drive sales and they would put effort into promoting the offer.  In competitive industries, a 10% cashback is a very powerful tool to lure customers.  For customers, this is a 10% discount (which matters a lot in some industries).  For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.

A few companies have already expressed interest (not disclosing the names while it is a work in progress).

A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes.  This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers.  Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.

If you see similarity with existing loyalty points schemes, it is similar indeed.

At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations.  And the users are not just crypto fans, it may be their first crypto coin for many users.  With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.

We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.  

Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable.  Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves.  This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud.  Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc.  Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell.  Not a big problem, the point is they already know about Byteball and it's easy for them to get back.  The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity.  Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing.  And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.

On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.

For the current distribution round, nothing changes.

For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:

BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).

Similar ratios for blackbytes.

For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.

I'll make announcements as we add merchants in the cashback program.


Very interesting new distribution method. I like the fact we should reward less for BTC, we should reward more for those who hold Byteballs.

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August 07, 2017, 05:55:06 PM
 #12154

If I didn't know better if swear you read my comments about my concerns of post distribution adoption, I LOVE this idea.

Slowing the holder distributions will provide a greater runway to final distro, and incentives to create real world adoption is EXACTLY what's needed when the full million is in circulation.

Excellent work!
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August 07, 2017, 05:55:23 PM
 #12155

The timing of the announcement (a few hours before the last major airdrop for BTC holders) is also very clever indeed.

The new distribution model makes perfect sense to me.
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August 07, 2017, 05:56:32 PM
 #12156

If I make the microtransaction directly from my Kraken account, will I get byteballs in the airdrop?

Nope. You should use wallet like Electrum etc.

Thank you, I transferred my XBT to a local wallet - was a good excuse to get them off the exchange to a more secure location!
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August 07, 2017, 05:58:00 PM
 #12157

Thanks for your input. I better get started right now with the address signing then... I don't think I will be able to sign all of my wallet, I have way too many addresses, it would take me at least an hour and it's only 15 minutes to go... next time I guess. I will go as fast as possible right now and hope for the best.
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August 07, 2017, 05:58:34 PM
 #12158

is snapshot taken yet? next month need to buy more gbytes, now less attractive to gain byteballs with BTCs

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.....DeepVault.....
....Blockchain File Signatures....
...deeponion.org...
Intellium
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August 07, 2017, 06:00:34 PM
 #12159

Can someone explain, how to sell my bonus after the distribution?
Is it suppose to be done via a Chat bot or P2P?
Dotto
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No maps for these territories


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August 07, 2017, 06:01:38 PM
 #12160

-8min for fukushima
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