Obyte: Totally new consensus algorithm + private untraceable payments

[tonych]

Initial distribution

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalk.org/index.php?topic=572106.0, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

• 98% of all bytes and blackbytes (the private untraceable currency) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before the launch.  No investment required, you keep your bitcoins, plus receive the bytes and blackbytes.
• 1% I reserve for myself

To link your byteball and bitcoin addresses, you’ll need to make a small BTC payment to a one-time bitcoin address created specifically for you.  Next, you consolidate all your bitcoins on the one address you paid from that we know is controlled by you (if you have only one bitcoin address, you skip this step as all your bitcoins are already on a single address).  Then the number of bytes and blackbytes you receive on the launch date will be proportional to the BTC amount on your linked address in a specific bitcoin block (e.g. in block 437000 which is expected late October - early November).  The detailed instructions and the exact block number will be posted later when we get ready for launching the livenet.

See if I am getting this right. I link my byteball to a btc address and when livenet is launched i receive blackbytes proportionate to my bitcoin amount. then I can move/use/sell my btc and still have = value in blackbytes? 

That's right!

[1714586685]

1714586685

[1714586685]

1714586685

[tonych]

Windows x64

Worked fine. I did reinstall the app.-

Great, I'm glad it worked!

[cointron]

Windows x64

Worked fine. I did reinstall the app.-

Great, I'm glad it worked!

100 % - Thanks pal.-

[vindyne8]

Interesting, will keep an eye on this.

[willowfoot]

Seems like DAG's are starting to catch on ...

[glerant]

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalk.org/index.php?topic=572106.0, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

Interesting. However I see a problem. The majority of Byteball will fall to the Exchanges, Corporate Miners, Whales and even The Fed. None of whom will give a stuff about the takeup, use, or community of Byteball.

Why not do the same thing but use a currency, low down on the market cap, and knock out the top 20% wallets from the distro. Then you will get real enthusiasts! 

[Bubba-Gump]

Distro is interesting, but exchanges are going to get all the coins.

[tonych]

Seems like DAG's are starting to catch on ...

You're right, DAGs are superior in terms of both clarity of design and scalability.  I think Iota team made the right decision by choosing DAG too.

[tonych]

Interesting. However I see a problem. The majority of Byteball will fall to the Exchanges, Corporate Miners, Whales and even The Fed. None of whom will give a stuff about the takeup, use, or community of Byteball.

Distro is interesting, but exchanges are going to get all the coins.

Are you both saying that exchanges will use their customers' bitcoins to claim bytes for themselves?

Why not do the same thing but use a currency, low down on the market cap, and knock out the top 20% wallets from the distro. Then you will get real enthusiasts! 

I believe there is some sort of equilibrium distribution of wealth that is eventually achieved in every monetary system, but before it is achieved the system goes though a period mess and instability.  I want to skip that and inherit the distribution from the most mature cryptocurrency available, or rather from its non-dormant accounts.

[nasituygun]

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalk.org/index.php?topic=572106.0, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

Interesting. However I see a problem. The majority of Byteball will fall to the Exchanges, Corporate Miners, Whales and even The Fed. None of whom will give a stuff about the takeup, use, or community of Byteball.

Why not do the same thing but use a currency, low down on the market cap, and knock out the top 20% wallets from the distro. Then you will get real enthusiasts! 

I would advise doing what CLAM did, just distrubute it equally to everyone that has a btc address with minimum amount of x coins. This way the rich wont get richer and the poor wont get more poor.

[tonych]

I would advise doing what CLAM did, just distrubute it equally to everyone that has a btc address with minimum amount of x coins. This way the rich wont get richer and the poor wont get more poor.

That was my initial idea, even before I learnt about CLAM, I dropped the idea because this way of distribution is passive.

[Flomess]

I would advise doing what CLAM did, just distrubute it equally to everyone that has a btc address with minimum amount of x coins. This way the rich wont get richer and the poor wont get more poor.

That was my initial idea, even before I learnt about CLAM, I dropped the idea because this way of distribution is passive.

What do you mean by "passive"?
I'm a supporter of this idea but the real problem could be whales just splitting up their wallet into many others..

[FruitBucket]

BYTEBALL: Totally new consensus algorithm + private untraceable payments

The title is a bit of a click-bait as the DAG concept is already used in IOTA. Still, this is an interesting coin, will follow development.

[tonych]

I would advise doing what CLAM did, just distrubute it equally to everyone that has a btc address with minimum amount of x coins. This way the rich wont get richer and the poor wont get more poor.

That was my initial idea, even before I learnt about CLAM, I dropped the idea because this way of distribution is passive.

What do you mean by "passive"?
I'm a supporter of this idea but the real problem could be whales just splitting up their wallet into many others..

Yes, that's a real problem, and from what I've seen, most attempts to build something egalitarian are vulnerable to fraud and abuse.

By passive I mean that users don't need to get involved in any activity, here and now.  Value is created by human activity, which CLAM fails to incentivize, you can claim your clams now or in 10 years when and if it gets real value (it won't), and it'll be the same number of clams.

[cyberhacker]

I like the idea!  this is far better than 90% legit coins in this forum. let alone those craps.

I will spread the words among my Chinese fellows.


http://btc12.com/byteball-newconcensusanduntracable/


enjoy.

[cyberhacker]

Would you plz put my QQ group in OP?

we are a group of Chinese investors seeking investment opportunities and legit projects.

We want more ppl move together to discuss different projects, especially innovative like this one.

I am very happy to find Byteball.

just like this:


btc12.com  QQ Group:  108972650



regards,

btc12.com

[J@soN]

Your divice isn't compatible...
Noooooo~
Android 4.2.2

[killerjoegreece]

Any translation bounties dev? If so I can translate the ann to Greek

Can you please answer developer?

[cyberhacker]

Any translation bounties dev? If so I can translate the ann to Greek

Can you please answer developer?

plz  stop spamming every where.


this project seems no p&d scam.

a community driven one needs your contribution free of charge.

[doktor1897]

These great projects with new features . I 'll wait for her to come bounty