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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1161914 times)
jjacob
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September 12, 2018, 04:13:42 AM
 #20221

Volume still low but highest at the moment:
https://coinlib.io/coin/GBYTE/Byteball

As expected, volume was highest when GBYTE crossed $1000 early this year and there was lot of excitement surrounding it. It is natural that trading activity picks up when there is a rapid increase in price.

Let's play every crypto is a sea animal:
Bitcoin is the shark
Ethereum is the dolphin
Monero is the octopus
Byteball is the plastic bag found at the bottom of the Mariana Trench
Your turn!

Ha ha. I wouldn't be that harsh. Byteball is not that unwanted. There is still a loyal community waiting for the tide to turn.


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barborrico
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September 12, 2018, 07:52:45 AM
 #20222

Byteball is not decentralized, and never will.

It created a new concept: a twelve-centralized coin. Actually, tony-centralized coin.

But hey, there will be big companies! Their reputation will make us sure that never will attack the system, even if it is blatantly profitable to them!

Get rid of governments to depend on big corporations... I dont think it would be a good idea...

Let there be light!
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September 12, 2018, 09:39:09 AM
Merited by LoyceV (1), rty (1)
 #20223

Byteball is not decentralized, and never will.

It created a new concept: a twelve-centralized coin. Actually, tony-centralized coin.

But hey, there will be big companies! Their reputation will make us sure that never will attack the system, even if it is blatantly profitable to them!

Get rid of governments to depend on big corporations... I dont think it would be a good idea...

I don't think you understand how witnesses work. Let me try once more:

Byteball needs witnesses to be able to prevent doublespends. A transaction is always referred to by someone else’s transaction. Most of them are referred to by transactions by unknown users. But some transactions are signed by known users. For example, big merchants, exchanges, or just reputable individuals or organizations.

If a user sees 2 conflicting transactions, the user validating them will look for the 2 transactions’ previously referenced transactions and check if some of those are created by known users. The transaction with most “witness” referenced transactions is “best” and the other is deemed invalid. We call these users “witnesses”, because they “witness” the reality for those who come after them.

A witness is just a regular, frequently posting full node, with one big difference: the identity of the person or organization running it is publicly known.

A witness ​witnesses​ transactions, they can not change them or otherwise influence them in any way. This means that a witness can not be held responsible for transactions it witnessed, they didn’t do anything to them but ​witness​ them taking place;

● This means that their reputation in the real world should ​not​ be negatively affected by bad actors on the Byteball platform but ​only​ if they, ​themselves​ misbehave by either:
○ Posting transactions out of order;
○ Not posting transactions at all;
○ Collude with other witnesses;
○ Doing anything that causes them to lose trust of the community.

There are 12 witnesses involved in every transaction. In exchange for the work involved, a witness collects part of the transaction fee (the payload fee). This list varies very little from transaction to transaction. There cannot be more than one change in the witnesses list. The witnesses majority (6+1) show the path to the “main chain”. A witness may even be down for an amount of time without it affecting the network. The security of the network would only be threatened if 6 witnesses colluded, which is theoretically possible but practically implausible.

So, we threw out miners and introduced witnesses. Doesn’t that make them a new privileged class? To some extent, but there is an important difference. While miners look at your transactions and ​decide ​if they like this transaction or not, a witness has ​no direct influence​. It’s Users that look for witnesses to determine the consensus order of transactions. ​Witnesses don’t decide anything about individual transactions.​ ​They ensure the integrity of the network simply by being there.

The platform was set up with 12 witnesses all being the founder, Anton Churyumoff (Tony). He is, of course, "a highly reputable user with a real-world identity", and totally trustworthy. Byteball is his baby, after all. But this couldn't get more centralized; unwelcome in a going-to-become decentralized system. So we need to diversify, to start trusting others willing to stand up publicly and put their reputation on the line.

So far I'm talking to more than 10 candidate witnesses, of which 4 are pretty much confirmed. We will present them to the community in the coming months. So yes, we are going to become decentralized. Step by step, but surely.




⚪ Byteball     ❱❱❱     I T   J U S T   W O R K S .    ❱❱❱
barborrico
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September 12, 2018, 12:03:41 PM
Last edit: September 12, 2018, 01:10:06 PM by barborrico
 #20224

Decentralized != n-centralized.

I already knew how byteball works. Very glad to hear those news.

Quote
The security of the network would only be threatened if 6 witnesses colluded, which is theoretically possible but practically implausible.
Well, I believe that big companies won't want to harm their reputation. But I still haven't the security that it would be an expensive attack. Maybe the harm to their rep is too little that attack becames profitable.

Two more questions:
What happens if anyone post serially and then witness post on top (lets suppose they are colluding)? If serial units are doublespending, will this confirm the doublespend?

What will happen when a witness want to sell their right to be a witness?

What I acknowledge is, there is no true decentralization without burning energy. In this case, byteball is, by far away, the best of both worlds, I think.

Let there be light!
pineapple express
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September 12, 2018, 12:07:29 PM
 #20225

Quote
So far I'm talking to more than 10 candidate witnesses, of which 4 are pretty much confirmed. We will present them to the community in the coming months. So yes, we are going to become decentralized. Step by step, but surely.
good news. As a member of community, what are my actions to verify the reputation of a potential witness? How do I know that a witness is really that person, and not just saying that he is he? How to check their wealth in the real world and reputation? Or tonych just change the list of default witnesses and most will accept them without even thinking?
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September 12, 2018, 06:31:41 PM
 #20226

Quote
So far I'm talking to more than 10 candidate witnesses, of which 4 are pretty much confirmed. We will present them to the community in the coming months. So yes, we are going to become decentralized. Step by step, but surely.
are there any pumpers among them? Will they pay for bananca listing?
sailthor
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September 12, 2018, 09:36:39 PM
 #20227

Quote
So far I'm talking to more than 10 candidate witnesses, of which 4 are pretty much confirmed. We will present them to the community in the coming months. So yes, we are going to become decentralized. Step by step, but surely.
are there any pumpers among them? Will they pay for bananca listing?
lmfao how big must your bags be to boycott byteball in ur sig?

meterse
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September 13, 2018, 04:06:43 AM
 #20228

Prominent Steemian and Byteball Community member ctrl-alt-nwo on why Steemians should hang on to their Bytes. He even covers the "Russian thing" and does some public relations for Russia.

https://steemit.com/byteball/@ctrl-alt-nwo/byteball-reasons-why-it-s-a-good-crypto-and-why-steemians-should-hang-on-to-their-free-bytes

 Cool
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September 13, 2018, 05:40:56 AM
 #20229

Blackbytes Bytes Exchange BEEB is offering you 1,000,000 Bytes!

Trade BlackBytes on BEEB! - https://beeb-bot.com



Note: the following link can be claimed only once.

Here is your link to receive 1,000,000 Bytes: https://www.beeb-bot.com/textcoinclaim.php#textcoin?obvious-approve-tattoo-cheese-devote-marine-nose-pen-away-peace-stay-open


Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
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September 13, 2018, 06:10:08 AM
 #20230

Hope that by the end of the year Byteball will soon improve like last year, I am sure that investors are still optimistic about the future of Byteball so buying and holding is better and more profitable.
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September 13, 2018, 11:52:11 AM
 #20231

Decentralized != n-centralized.

I already knew how byteball works. Very glad to hear those news.

Quote
The security of the network would only be threatened if 6 witnesses colluded, which is theoretically possible but practically implausible.
Well, I believe that big companies won't want to harm their reputation. But I still haven't the security that it would be an expensive attack. Maybe the harm to their rep is too little that attack becames profitable.

Two more questions:
What happens if anyone post serially and then witness post on top (lets suppose they are colluding)? If serial units are doublespending, will this confirm the doublespend?

What will happen when a witness want to sell their right to be a witness?

What I acknowledge is, there is no true decentralization without burning energy. In this case, byteball is, by far away, the best of both worlds, I think.

I don't understand your doublespend question, can you reword it or better explain what you mean?

A witness doesn't decide anything, it has no power over the community. In fact it's the other way around, it's up to the community to change their witness list. So if someone tries to sell their witness node + private keys then the community can just replace them with another witness.

⚪ Byteball     ❱❱❱     I T   J U S T   W O R K S .    ❱❱❱
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September 13, 2018, 11:58:33 AM
 #20232

Quote
So far I'm talking to more than 10 candidate witnesses, of which 4 are pretty much confirmed. We will present them to the community in the coming months. So yes, we are going to become decentralized. Step by step, but surely.
good news. As a member of community, what are my actions to verify the reputation of a potential witness? How do I know that a witness is really that person, and not just saying that he is he? How to check their wealth in the real world and reputation? Or tonych just change the list of default witnesses and most will accept them without even thinking?

I'm doing video interviews with them, you'll have the chance to know much more about them. You can also Google them once we make the announcement. Then it's up to you to trust them or not. If not then you can just keep 12x Tony.

Tony will only change the default witness list once a large enough % of the community had indicated that they want one of the witnesses be someone else than him, i.e. ~8% (seems logical) has taken the effort to flip the "default" switch and change the JEDxxx witness to a new candidate.

⚪ Byteball     ❱❱❱     I T   J U S T   W O R K S .    ❱❱❱
Cent21
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September 13, 2018, 01:33:34 PM
 #20233

Considering that i can't use bittrex as they require verification, what is the best exchange where i can buy gbyte?

You can use cryptox.pl. It's been a long time since I used it but it was pretty dependable back in the days, it probably still is (no complains as far as I know). The only issue is that the volume is relatively low.

Cryptox has worked well for me as well. Quick and reliable.

Thanks everybody.

I used cryptox and it worked fine.

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September 13, 2018, 02:02:29 PM
 #20234

Hello guys
What is the maximum TPS (transaction per sec) byteball has achieved..?
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September 13, 2018, 02:03:06 PM
 #20235

I wouldnt trust cryptopia to even  tie my shoelaces, They have a tendency of dropping coins without warnings and ignoring devs when requests are sent to delist coins
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September 13, 2018, 02:37:40 PM
 #20236

Hello guys
What is the maximum TPS (transaction per sec) byteball has achieved..?
sustainable transaction per second rate is 15 tps. After 17 tps any attempt to push 1 more post per second to the network has a larger negative impact over the whole network which slow downs more than 1 tps. At a load of 17 tps, the throughput is reduced to 13 tps. At 18 tps, the throughput is reduced to 10 tps. And so on.
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September 13, 2018, 04:11:21 PM
 #20237

Hello guys
What is the maximum TPS (transaction per sec) byteball has achieved..?
sustainable transaction per second rate is 15 tps. After 17 tps any attempt to push 1 more post per second to the network has a larger negative impact over the whole network which slow downs more than 1 tps. At a load of 17 tps, the throughput is reduced to 13 tps. At 18 tps, the throughput is reduced to 10 tps. And so on.


https://blog.goodaudience.com/byteball-main-net-under-stress-test-c131ba85b72b

Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
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September 13, 2018, 07:05:40 PM
 #20238

What is up with that giweaway, I remember maybe a year ago or even longer I saw this info that whoever installs byteball wallet will receive some free bytes. I did install a wallet then but completely forgot about it since now. ?

Am I spamming? Report me!
meterse
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September 14, 2018, 01:11:52 AM
 #20239

Read last weeks Byteball email newsletter: Byteball as an ICO platform and Use-a-Thon entries

https://medium.com/@byteballjesus/weekly-byteball-email-newsletter-steem-use-a-thon-update-240429954f74

 Cool
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September 14, 2018, 05:51:50 AM
Last edit: September 14, 2018, 06:45:26 AM by ByteFan
 #20240


Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
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