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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1224211 times)
Come-from-Beyond
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March 26, 2017, 05:16:57 PM
 #6221

The users can gradually replace witnesses one by one, which should prevent cartels.

Is it possible without global coordination?
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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The Crypto Baron
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March 26, 2017, 05:17:06 PM
 #6222

ByteBall featured in episode 4 of the Crypto Times:

https://www.youtube.com/watch?v=X5dP2Xh2eDk

Glad to be a part of your project

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March 27, 2017, 06:04:52 AM
 #6223

ByteBall featured in episode 4 of the Crypto Times:

https://www.youtube.com/watch?v=X5dP2Xh2eDk

Glad to be a part of your project

Great video, thanks!

Follow me on twitter for the latest news on bitcoin and altcoins and I'll follow you back the same day!
Obyte - An open cryptocurrency platform ready for real world adoption
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March 27, 2017, 07:22:11 AM
 #6224

Is it worth to own some Byteballs? What are important steps of roadmap planned to realize in next 12 months?

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March 27, 2017, 07:48:36 AM
 #6225

Is it worth to own some Byteballs? What are important steps of roadmap planned to realize in next 12 months?

I definitely think it is worth holding byteballs. It has something special that I have never seen before compared to other altcoins.
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March 27, 2017, 09:19:01 AM
 #6226

Any bounties for writing technical documentation or developing features?
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March 27, 2017, 09:28:51 AM
 #6227

There was a link to a byteball blog in the early pages.. any help? Wink
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March 27, 2017, 11:20:24 AM
 #6228

I read the white paper. First, I must say, great work of the developer Tony. The most comprehensive crypto currency paper I have read so far.

I especially tinkered a little with the structure of the DAG approach and how trustworthy it is.
According the white paper, the main chain is pillared by the witnesses. Witnesses are reputable users with real-world identities. How are the identities checked?

...and users who name them expect them to never try to double-spend.

I have to trust the witnesses when I send a transaction.
Does the trust refer to native-currency bytes only or is the procedure also applied to black bytes?

...observe that some of the participants [witnesses] of our network are non-anonymous reputable people or companies...

How many witnesses will there be? Assuming that there are 30, then at least 16 must behave as expected.
What if there is a big attack and those 16 reputable users or companies get compromised?


There are 12 witnesses. And yes, we all have to trust them. Moreover they can form a cartel. Security is not the biggest advantage of byteball. Security weakness related to witnesses will be the never ending story regarding byteball in the future. Its implications have not been thoroughly realised by most users yet.

The users can gradually replace witnesses one by one, which should prevent cartels.

These types of uninformed opinions keep pop up here. How about forming cartel without anouncing it on TV news? Once cartel is formed the only way to get rid of it is to fork aka making schism.

From the whitepaper:

This example shows why the majority of witnesses has to be trusted to post only serially. The majority should not collude with the attacker and post on his shadow chain. Note that we trust the witnesses only to be signs of reality and to not post nonserial units on any shadow chains. We are not giving any of them control over the network or any part thereof. Even for this small duty, it is users who appoint the witnesses and they can change their decisions at any time
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March 27, 2017, 04:49:56 PM
 #6229

This applies only to a situation when cartel is not formed. Once cartel is formed the witnesses acting as a cartel can prevent users from replacing them.


You are correct, if 12 witnesses so decide, they can block all attempts to replace them. But this is exactly what they were expected not to do when they were added themselves.  If a minority of witnesses appears untrustworthy, they can be promptly replaced before they reach majority.

I discuss in the whitepaper a mechanism which helps make the behavior of witnesses more predictable and earlier detect any breaches of trust:  a would-be witness pledges to follow the witness lists of a few (possibly larger than 12) prominent industry leaders.  The pledge is not enforceable in the protocol but publicly auditable, any breach of the pledge would immediately make the witness a candidate for removal.

Chancellor on brink of second bailout for banks
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March 27, 2017, 05:40:22 PM
 #6230

Is it worth to own some Byteballs? What are important steps of roadmap planned to realize in next 12 months?

I definitely think it is worth holding byteballs. It has something special that I have never seen before compared to other altcoins.

I would like to add the owning Byteballs will give you better distribution rates in the following distribution rounds, so yes it is definitely worth to hold byteballs right now.

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March 27, 2017, 07:49:48 PM
 #6231

How I Lost My Blackbytes

My MacBook SSD died for no reason last Friday.

I had a full backup saved in the cloud. Problem is, my backup was taken when the DAG was only 3 MB, ie immediately after the 1st distribution of Bytes. Therefore my backup was taken *before* the subsequent Blackbyte distributions. I cannot restore my blackbytes from a backup which was taken *before* I received the blackbytes.

It was never stated directly and I think most people are not aware of the following regarding full backups and Blackbytes.

  • To be safe you should do a full backup every time you receive Blackbytes.
  • Your old backup will not help you restore the *newer* blackbytes in your wallet in case of data loss.
  • The current size of a full backup is 500 MB (compressed) and growing constantly.

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March 27, 2017, 08:03:56 PM
 #6232


It was never stated directly and I think most people are not aware of the following regarding full backups and Blackbytes.


It was stated multiple times in this thread that you need a full backup after every transaction to keep your blackbytes safe, which is inconvenient, therefore more practical backup solution is multi-signature wallet.

.
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March 27, 2017, 08:27:39 PM
 #6233

Where was it stated?

I was using multi-sig but ran into a bug which was locking up my wallet, preventing me from doing anything. So I went back to a single wallet.
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March 27, 2017, 08:31:30 PM
 #6234

    How I Lost My Blackbytes
    • The current size of a full backup is 500 MB (compressed) and growing constantly.



    my full backup is 2.5mb compressed

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    March 27, 2017, 08:34:15 PM
     #6235

    I Lost My Blackbytes

    There is an option to re-send private payloads i.e. resend blackbytes, I don't know if this can work in your case, however it might be worth the shot to contact Tony and ask if he can resend them (if they can be recovered this way).

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    March 27, 2017, 08:38:09 PM
     #6236

    I Lost My Blackbytes

    There is an option to re-send private payloads i.e. resend blackbytes, I don't know if this can work in your case, however it might be worth the shot to contact Tony and ask if he can resend them (if they can be recovered this way).

    Cool I will ask or hopefully he will see this...

    As for the size of a full backup, are full backups now possible with the light wallet? I would have sworn I was told by tonych that light wallets couldn't do a full restore.
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    March 27, 2017, 08:54:00 PM
     #6237

    As for the size of a full backup, are full backups now possible with the light wallet? I would have sworn I was told by tonych that light wallets couldn't do a full restore.

    Yes they are possible, you can find the full backup option under the device's settings. He may have told you that when it wasn't available, this feature is available since version 1.4.0 which is a-bit-more-than-a-month old.

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    March 28, 2017, 09:03:54 AM
     #6238

    hi all!!!
    any calendar or countdown site to the next snapshots??
    i mean with exact snapshot date and time??

    thank you all

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    nimethasa
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    March 28, 2017, 09:11:56 AM
     #6239

    wait to distribution byteball coin in round 4


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    March 28, 2017, 09:24:18 AM
     #6240

    wait to distribution byteball coin in round 4

    sure...
    next day will be 11 april..
    but i'm asking for the time snaplshot!!!!

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