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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1219089 times)
Come-from-Beyond
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February 15, 2017, 10:36:59 AM
 #5021

As long as the majority (7 out of 12) of witnesses are online and behave honestly, the network is healthy.

Why not 9/12 to get 1:2 leverage?
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cryptonit
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February 15, 2017, 10:43:17 AM
 #5022

as long as byteball is as decentral and trustless
as a mysql database replicated between 12 pc which all belong to the same person who maintain it
as long tonych have urgend need to improve that achilles point of his solution
trustless and decentral is a must have cornerstone for a blockchain technology (and yes for a DAG technology too)

in actual state its a nice chat tool that allow u send around numbers which are confirmed (witnessed) by central 1 person controled authority
i hope it develop into a cryptocurrency in one of the next releases

 
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Krypt
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February 15, 2017, 11:52:44 AM
 #5023

Regarding to the 12 witnesses, this number (12) is chosen on some calculations? More witnesses, let's say 24, it's not more secure?
Read the whitepaper, its explained there.
I readed. But perhaps I not fully understand this system. Not yet.
Is this unclear
Quote
We require that the number of witnesses is exactly 12. This number 12 was selected because:
• it is   sufficiently   large   to protect against the occasional failures of a few witnesses (they might prove dishonest, or be hacked, or go offline for a long time, or lose their private keys and go offline forever);
• it is  sufficiently small that humans can keep track of all the witnesses to know who is who and change the list when necessary;
• the one allowed mutation is sufficiently small compared with the  11 unchanged witnesses.
or you just want somebody to do your homework?

eastwind_ja
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February 15, 2017, 12:00:44 PM
 #5024

the only winners of this coin is the first round participants

Krypt
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February 15, 2017, 12:09:08 PM
 #5025

the only main winners of this coin is the first round participants
FIFY.
schnib
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February 15, 2017, 01:34:40 PM
 #5026

the only main winners of this coin is the first round participants
FIFY.

You could say the same about any successful project.
In the end everyone who participated first always got the most out of it.
But they took the most risk as well, in this case just the time to take part or buy some BTC to take part.

kaicrypzen
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February 15, 2017, 02:18:22 PM
 #5027

the only main winners of this coin is the first round participants
FIFY.

You could say the same about any successful project.
In the end everyone who participated first always got the most out of it.
But they took the most risk as well, in this case just the time to take part or buy some BTC to take part.

I think there's a bit more to it ...

Let's assume a first rounder who linked 10 BTC, they got a bit more than 14 GB, let's make it 15 GB, in the 2nd round they got 1.5 GB + 625 MB, let's round this down to 2 GB so in the end they have 10 BTC + 17 GB.

Let's assume someone who came in before the second round when the price was stabilizing around 0.05 (and that's quite late cuz there used to be GB to grab at 0.008), let's make it 0.06, so 10 BTC would've bought a bit more than 166 GB (let's stick with this one), after that there has been plenty of opportunities to sell at 0.08 or higher, let's say they wanted to recover their initial investment, so they would've sold 125 GB (at 0.08), recovered 10 BTC and kept 41 GB => Better than a 10 BTC first rounder.

Of course this involves way more risk, a strong belief in the growth potential, hodling a bit (some days ^^) and some luck (yet the ones who bought at 0.008-0.01 and sold at 0.1-0.2 were probably the luckiest Smiley).

What I want to say is that opportunity is still here, and first rounders are not necessarily those who will make the most out of it ... (maybe whale first rounders)

Bimmerhead
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February 15, 2017, 02:52:54 PM
 #5028

the only winners of this coin is the first round participants

Any round participants are winners. Its free money.

Instead of comparing yourself to the first round participants, whey don't you compare yourself to an 8 year-old in some third world hell hole who goes to work everyday sorting through garbage.

Feel better now?
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February 15, 2017, 03:18:55 PM
 #5029

Regarding to the 12 witnesses, this number (12) is chosen on some calculations? More witnesses, let's say 24, it's not more secure?
Read the whitepaper, its explained there.

I readed. But perhaps I not fully understand this system. Not yet.


Same here. Any ELI5 version of witness howto?

.
Karartma1
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February 15, 2017, 06:39:33 PM
 #5030

the only winners of this coin is the first round participants
The same for Bitcoin and the others good project in crypto, am I right? You have obviously missed that first round but that sadly happens. If you believe this is a good project than invest in it, buy some gbyte otherwise there's no need to complain

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escapefrom3dom
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February 15, 2017, 07:34:24 PM
 #5031

the only winners of this coin is the first round participants
The same for Bitcoin and the others good project in crypto, am I right? You have obviously missed that first round but that sadly happens. If you believe this is a good project than invest in it, buy some gbyte otherwise there's no need to complain

agreed.

i've missed the first round too, but instead of whining i put some trust (and money) in GBYTE.

kola-schaar
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February 15, 2017, 08:08:56 PM
 #5032

the only winners of this coin is the first round participants
Spontaneously I had two thoughts:
1.   Comparing is the end of happiness and the beginning of dissatisfaction. A suggestion from a old man – don't do that.
2.   One guy said once (tony should know him): „Life punishes those who come too late“ But I can not (not yet) see you are too late.. Wink
vlom
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February 15, 2017, 09:53:08 PM
 #5033

what do you mean with illegal data? and is this not the same with like strong data in the BTC chain?
provenceday
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February 15, 2017, 09:55:46 PM
 #5034

top30-top20-top10 project in few months.

+ good exchanges.
Big Naturals
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February 15, 2017, 11:11:24 PM
 #5035



That's a valid concern and freezal got it right: the network had to start centralized and no one's showed up yet with the needed reputation and credibility.  I'm going to use every opportunity to relinquish control over 11 out of 12 witnesses in favor of reputable individuals/organizations/companies that are willing to be part of the network.  That would make the network only stronger thanks to both their involvement and the network becoming more decentralized.

You could have an election for 12 witnesses like Komodo did for their 64 notary nodes.


Why bringing politics in when there's no need for it? Human intervention shouldn't be as strong as this. I mean Bitcoin works because there's very little human intervention. There's a lot of politics outside the protocol (big blocks, small blocks, BU not BU) but that doesn't harm the continuation of the network.
I'm confused on this one  Roll Eyes

If there is a better decentralised way to select 12 witnesses than a vote by coin holders then we should do that, but is there?
LieXurui
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February 15, 2017, 11:31:03 PM
 #5036

when is plan byteball coin added to exchanger
escapefrom3dom
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February 15, 2017, 11:52:18 PM
 #5037

when is plan byteball coin added to exchanger

it's already added on https://cryptox.pl/


baomoremoney
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February 16, 2017, 12:10:20 AM
 #5038

when is plan byteball coin added to exchanger

it's already added on https://cryptox.pl/



Actually he wanted to ask more exchanges rather than cryptox.pl. There is not more exchanges, byteball needs more exchanges to get more attention.

cryptonit
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February 16, 2017, 09:55:08 AM
 #5039



That's a valid concern and freezal got it right: the network had to start centralized and no one's showed up yet with the needed reputation and credibility.  I'm going to use every opportunity to relinquish control over 11 out of 12 witnesses in favor of reputable individuals/organizations/companies that are willing to be part of the network.  That would make the network only stronger thanks to both their involvement and the network becoming more decentralized.

You could have an election for 12 witnesses like Komodo did for their 64 notary nodes.


Why bringing politics in when there's no need for it? Human intervention shouldn't be as strong as this. I mean Bitcoin works because there's very little human intervention. There's a lot of politics outside the protocol (big blocks, small blocks, BU not BU) but that doesn't harm the continuation of the network.
I'm confused on this one  Roll Eyes

If there is a better decentralised way to select 12 witnesses than a vote by coin holders then we should do that, but is there?

look at eigentrust+ a peer2peer technology which is used to support a trust relationship in decentralized networks
NEM implemented it to create tzogether with their POI (prove of importance) a blockchain consense mechanism that can create a high secured network without any energy waste (POW) and without any human interaction needed (witnesses lists manual set by wallet owners)

https://en.wikipedia.org/wiki/NEM_(cryptocurrency)#Node_Reputation_System

 
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February 16, 2017, 10:20:32 AM
 #5040



That's a valid concern and freezal got it right: the network had to start centralized and no one's showed up yet with the needed reputation and credibility.  I'm going to use every opportunity to relinquish control over 11 out of 12 witnesses in favor of reputable individuals/organizations/companies that are willing to be part of the network.  That would make the network only stronger thanks to both their involvement and the network becoming more decentralized.

You could have an election for 12 witnesses like Komodo did for their 64 notary nodes.


Why bringing politics in when there's no need for it? Human intervention shouldn't be as strong as this. I mean Bitcoin works because there's very little human intervention. There's a lot of politics outside the protocol (big blocks, small blocks, BU not BU) but that doesn't harm the continuation of the network.
I'm confused on this one  Roll Eyes

If there is a better decentralised way to select 12 witnesses than a vote by coin holders then we should do that, but is there?

should be based on a trust system which decentralised which determines it. it should automatically keep changing
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