Obyte: Totally new consensus algorithm + private untraceable payments

[SatoNatomato]

@tonych

Why don't you change the distribution such that it rewards actual users of byteball? You could code a smart contract such that every tenth transaction fee is redeemed from undistributed reserve. This way the amount of bytes in circulation would grow with the same pace as usage.

This proposal is not bad at all. But one big agreement must be:

The new coins only goes to new users. The problem: i could make 10k adresses to reach many byteballs. So this proposal needs more clarifications.

My idea is to reward frequent users. Right now, everybody can buy bytes at the market to pay tx fees. Let everybody pay first, than make a snapshot every so often, and redeem each address a fraction of fees which it payed (e.g 10%). This way it does not matter how many addresses one individual has, he still needs to pay first to be redeemed later. And this puts whales out of the loop unless they become frequent users.

For example, exchanges will be frequent users and get redeemed a lot, but this will benefit their users, since exchange can charge less fees.

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

I don't see where this number comes from. All of bytes will be distributed this way eventually. If you want to distribute them faster, you could redeem 90% of fees.

The problem exists if you get more bytes from the undistributed store than what the fee would have costed.

So average transaction cost 588bytes - if every 10th transaction would earn me more than 5880 bytes, someone would just write a short script to send transactions between his/her wallet - and siphon off all the undistributed bytes!

What is OK is to just "write-off" the 10th (or one randomly selected transaction between 10 - 64), no matter its cost but capped to 10kb, to be given to sender from undistributed reserve. This would mean, most transactions cost as protocol says - but sometimes you get lucky and have your transaction payed for by the undistributed reserve. This scheme would just lower the cost of doing transactions in the growing/initial phase of byteball. Its not a method of distribution of all bytes.

[temmuz]

Is following a very successful course. From 0,015 to 0,25 I think when you think about entering the bigger stock market for the first stage.

[yvv]

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

I don't see where this number comes from. All of bytes will be distributed this way eventually. If you want to distribute them faster, you could redeem 90% of fees.

8.8*10¹⁴ is the number of remaining bytes to be distributed: In percentage, that is 100-10(first round)-1(tonych's)-1(first 100m users) = 88% of 10¹⁵ which is 8.8*10¹⁴. Distributing that amount only by redeeming a fraction of the fee would take quite some time.

I see. It will take around 10 trillion transactions to distribute all bytes this way. Is it too slow?

[spark.bet]

If all distributions give 0.1 new bytes for every 1 byte.
You have 10 GB and there are still:

1 distribution, you are going to have 11GB
2 distribution, you are going to have 12.1GB
3 distribution, you are going to have 13.31GB
4 distribution, you are going to have 14.64GB
5 distribution, you are going to have 16.10GB
6 distribution, you are going to have 17.71GB
7 distribution, you are going to have 19.48GB
8 distribution, you are going to have 19.48GB
9 distribution, you are going to have 21.43GB
10 distribution, you are going to have 23.57GB
11 distribution, you are going to have 25.93GB
12 distribution, you are going to have 28.53GB
13 distribution, you are going to have 31.38GB
14 distribution, you are going to have 34.52GB
15 distribution, you are going to have 37.97GB

[kaicrypzen]

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

I don't see where this number comes from. All of bytes will be distributed this way eventually. If you want to distribute them faster, you could redeem 90% of fees.

8.8*10¹⁴ is the number of remaining bytes to be distributed: In percentage, that is 100-10(first round)-1(tonych's)-1(first 100m users) = 88% of 10¹⁵ which is 8.8*10¹⁴. Distributing that amount only by redeeming a fraction of the fee would take quite some time.

I see. It will take around 10 trillion transactions to distribute all bytes this way. Is it too slow?

I actually have no idea about how many transactions are done daily (or on a regular basis), to assess if it would be too slow ... Does anyone know the number of transactions per day or how to estimate that number?

[tonych]

Two news for today.

TOR support

Now all server based Byteball nodes can connect through TOR.  TOR support in GUI wallets will be added in one of the future releases.  TOR is supported in:

- merchant https://github.com/byteball/byteball-merchant
- headless wallet https://github.com/byteball/headless-byteball

Since Byteball merchants operate in chat interface (unlike web sites), they already don't have to accept incoming connections, therefore don't have to have a publicly known IP address, and TOR support means that they also can hide their IP addresses when making outgoing connections.  This allows them to be completely hidden.  At the same time, customers don't have to use TOR to chat with the merchant bot.

Being able to completely hide one's IP address is even more important for server based wallets that may store large amounts of funds online and be a lucrative target for attackers.  With the IP address hidden, the attackers simply do not know what server to attack, or it is much harder to learn.  So, for headless wallets, TOR allows to achieve better security, not just anonymity.  This is used in the new product which is the subject of our second news today.

Exchange bot that allows to exchange BTC to Bytes and vice versa

The exchange is as easy to use as ShapeShift.  No registration required.  To buy Bytes, you start the chat, send Bitcoins, and a few minutes later you receive the Bytes.  Same for selling Bytes.  You can also create a pending order and hope to get a better deal.



The bot is running on testnet now, see the link at https://byteball.org/testnet.html (you'll need a separate wallet for testnet).

The exchange is trustful, it holds customers' funds, even if it is for a short time.  To minimize risks, the exchange runs through TOR, which makes its IP address unknown to the attackers.  Since it operates in chat and doesn't have to accept incoming connections, you can run the exchange bot even in your bedroom, with the added advantage of being behind NAT.

As another measure to minimize its liabilities and the associated risks, the exchange bot discourages pending orders that are too far from the market price by allowing withdrawals only in the opposite currency and by allowing to modify the order's price only when it accelerates its execution.

Full source code and install instructions are at https://github.com/byteball/btc-exchange.

Please test the exchange on testnet by clicking its link at https://byteball.org/testnet.html, any feedback is appreciated.

[strasboug]

Is there a reason for the  specific number 2.1111 blackbyte for 1 byteball?
Why not just 2 for 1.

I think this is because of the denominators. Byteballs can be spent at any amount, not blackbytes. Blackbytes are like money, you can spend only use these denominators:

{denomination: 1, count_coins: 10,000,000,000},
{denomination: 2, count_coins: 20,000,000,000},
{denomination: 5, count_coins: 10,000,000,000},
{denomination: 10, count_coins: 10,000,000,000},
{denomination: 20, count_coins: 20,000,000,000},
{denomination: 50, count_coins: 10,000,000,000},
{denomination: 100, count_coins: 10,000,000,000},
{denomination: 200, count_coins: 20,000,000,000},
{denomination: 500, count_coins: 10,000,000,000},
{denomination: 1000, count_coins: 10,000,000,000},
{denomination: 2000, count_coins: 20,000,000,000},
{denomination: 5000, count_coins: 10,000,000,000},
{denomination: 10000, count_coins: 10,000,000,000},
{denomination: 20000, count_coins: 20,000,000,000},
{denomination: 50000, count_coins: 10,000,000,000},
{denomination: 100000, count_coins: 10,000,000,000}

That's how 2.111x10^15 come from.

[strasboug]

Two news for today.

TOR support

Now all server based Byteball nodes can connect through TOR.  TOR support in GUI wallets will be added in one of the future releases.  TOR is supported in:

- merchant https://github.com/byteball/byteball-merchant
- headless wallet https://github.com/byteball/headless-byteball

Since Byteball merchants operate in chat interface (unlike web sites), they already don't have to accept incoming connections, therefore don't have to have a publicly known IP address, and TOR support means that they also can hide their IP addresses when making outgoing connections.  This allows them to be completely hidden.  At the same time, customers don't have to use TOR to chat with the merchant bot.

Being able to completely hide one's IP address is even more important for server based wallets that may store large amounts of funds online and be a lucrative target for attackers.  With the IP address hidden, the attackers simply do not know what server to attack, or it is much harder to learn.  So, for headless wallets, TOR allows to achieve better security, not just anonymity.  This is used in the new product which is the subject of our second news today.

Exchange bot that allows to exchange BTC to Bytes and vice versa

The exchange is as easy to use as ShapeShift.  No registration required.  To buy Bytes, you start the chat, send Bitcoins, and a few minutes later you receive the Bytes.  Same for selling Bytes.  You can also create a pending order and hope to get a better deal.



The bot is running on testnet now, see the link at https://byteball.org/testnet.html (you'll need a separate wallet for testnet).

The exchange is trustful, it holds customers' funds, even if it is for a short time.  To minimize risks, the exchange runs through TOR, which makes its IP address unknown to the attackers.  Since it operates in chat and doesn't have to accept incoming connections, you can run the exchange bot even in your bedroom, with the added advantage of being behind NAT.

As another measure to minimize its liabilities and the associated risks, the exchange bot discourages pending orders that are too far from the market price by allowing withdrawals only in the opposite currency and by allowing to modify the order's price only when it accelerates its execution.

Full source code and install instructions are at https://github.com/byteball/btc-exchange.

Please test the exchange on testnet by clicking its link at https://byteball.org/testnet.html, any feedback is appreciated.

Wonderful news, does the trading bot works for blackbytes too? I am interested in trading some blackbytes for white bytes...

[amacar1]

...

Wonderful news, does the trading bot works for blackbytes too? I am interested in trading some blackbytes for white bytes...

tonych wrote that trading bot works only on testnet right now, so no, trading blackbytes for byteballs is not possible.

[tonych]

Wonderful news, does the trading bot works for blackbytes too? I am interested in trading some blackbytes for white bytes...

It works for bytes only.
We'll have a bytes-to-blackbytes P2P exchange on the network.

[kola-schaar]

I don't like cheerleading..
Hmmm.. I miss the words… think I have to speak again with my bank   

[yvv]

Wonderful news, does the trading bot works for blackbytes too? I am interested in trading some blackbytes for white bytes...

It works for bytes only.
We'll have a bytes-to-blackbytes P2P exchange on the network.

These are excellent news.

[Yaremi]

1. Byteball Private untraceable payments more anonymous than Monero, DASH and ZCASH? I'm right?
2. Is possible start Dice via chat bot?

Thanks!

[crypt0hash]

TOR support

Exchange bot that allows to exchange BTC to Bytes and vice versa

The bot is running on testnet now

Great features, thank you tonych!

[galaxy]

Is there a trading thread?

[drays]

Sorry if this sounds lame (I admit I didn't read the whole whitepaper ), but is there any way to see in block explorer or anywhere else, the date/time when a transaction is actually made!?  

[CryptKeeper]

Sorry if this sounds lame (I admit I didn't read the whole whitepaper ), but is there any way to see in block explorer or anywhere else, the date/time when a transaction is actually made!?  

Look in the wallet at the "History" tab, then click on a tx to see the details.

[drays]

Sorry if this sounds lame (I admit I didn't read the whole whitepaper ), but is there any way to see in block explorer or anywhere else, the date/time when a transaction is actually made!?  

Look in the wallet at the "History" tab, then click on a tx to see the details.

Ok, thanks. But I meant the transactions made by others (not from/to my wallet)
Is there any way to see the timestamps on them?

[Dynamic Index]

So before the supposed snapshot in med February, would it be more profitable to buy bytes of exchange and store in wallet (will simply storing the byte in wallet gain byte at snapchat)?

Or to link BTC address and gain byte that way

Let's assume with the same amount of bitcoin that you would be buying byte with or linking.

[yvv]

So before the supposed snapshot in med February, would it be more profitable to buy bytes of exchange and store in wallet (will simply storing the byte in wallet gain byte at snapchat)?

Or to link BTC address and gain byte that way

Let's assume with the same amount of bitcoin that you would be buying byte with or linking.

Just do your math bro During next giveaway, 1BTC gives you 62.5Mb, the same amount as 625Mb gives you. So, if bytes are cheaper than 625Mb per BTC, it is better to buy bytes with BTC, otherwise sell bytes to have more BTC.