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Author Topic: BYTEBALL: Totally new consensus algorithm + private untraceable payments  (Read 901619 times)
tonych
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September 05, 2016, 07:13:06 PM
 #21



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!

Simplicity is beauty
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tonych
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September 05, 2016, 07:15:31 PM
 #22


Windows x64

Worked fine. I did reinstall the app.-

Great, I'm glad it worked!

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September 05, 2016, 07:21:46 PM
 #23


Windows x64

Worked fine. I did reinstall the app.-

Great, I'm glad it worked!

100 % - Thanks pal.-
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September 05, 2016, 07:28:17 PM
 #24

Interesting, will keep an eye on this.
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September 05, 2016, 08:10:13 PM
 #25

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

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Easy Instant Private


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September 05, 2016, 09:39:23 PM
 #26


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!  Cheesy


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24th Sept 2017
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September 05, 2016, 09:57:48 PM
 #27

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

Edited for clarity.
tonych
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September 05, 2016, 10:13:06 PM
 #28

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.

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September 05, 2016, 10:36:32 PM
 #29

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!  Cheesy

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.

Simplicity is beauty
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September 05, 2016, 10:38:57 PM
 #30


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!  Cheesy


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
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September 05, 2016, 11:32:26 PM
 #31

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.

Simplicity is beauty
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September 05, 2016, 11:38:51 PM
 #32

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..
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September 06, 2016, 12:10:22 AM
 #33

Quote
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
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September 06, 2016, 12:12:07 AM
 #34

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.

Simplicity is beauty
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September 06, 2016, 05:28:22 AM
 #35

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.

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ANNOUNCEMENT THREAD | JOIN THE SLACK
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September 06, 2016, 05:50:21 AM
 #36

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

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Elastic.pw Elastic Network: The Decentralized Supercomputer 
ANNOUNCEMENT THREAD | JOIN THE SLACK
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September 06, 2016, 06:36:45 AM
 #37

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

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killerjoegreece
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Translations from English to Greek of ANN threads


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September 06, 2016, 08:02:46 AM
 #38

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

Can you please answer developer?

★★★ 295+ GREEK★★★TRANSLATIONS ★★★
FAST ★★★ FLAWLESS ★★★ CHEAP ★★★ https://bitcointalk.org/index.php?topic=1175769.new#new
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September 06, 2016, 08:06:17 AM
 #39

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.

BTC12.COM 
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September 06, 2016, 08:22:15 AM
 #40

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


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