Obyte: Totally new consensus algorithm + private untraceable payments

[bitfranky]

Hi ,

Is there any ETA on lunch main net?

Thank

No ETA available yet, wait for further announcement.

[poloniexwhale]

I can't understand the initial distribution, if one guy redo the procudure for 100 times, so he can get 100 stakes byteball?  

Ummm… No? How did you get that idea? At a fixed point in time, how much BTC every registered address holds and the Bytes are distributed according to it. Submitting the same address twice or more will lead to exactly nothing.

Sorry, I said it incorrectly, my bad english.

I wanted to say, if one guy has 100 bitcoin address, so he does 100 transactions, so he will easily get 100 stakes of the coin. It is unfair to those people does 1 transaction.

No that's wrong. You don't get equal Stakes per Address. If you have 10 BTC on an Address you get ten times more Byteball than having 1 BTC. So it doesn't matter to have one Address with 10 BTC or 10 Addresses with 1 BTC each.
The Transactions are just to confirm you are the real owner of the Address.

That seems a bit weird, so you are rewarded more Byteball if you have more BTC?  Is there a tutorial for claiming, or not at that stage yet?

No tutorial yet but I can say that the original distribution plans are about to be changed probably. Please stay tuned for more news.

I doubt this distribution is fair, so the bitcoin whale will have more coin than others, now that this coin is the new and innovative one, ico is better, and your hard working pays, free distribution will not be paid for you, and it is extreme unfair to bitcoin fishes.

[LitcoinCollector]

I doubt this distribution is fair, so the bitcoin whale will have more coin than others, now that this coin is the new and innovative one, ico is better, and your hard working pays, free distribution will not be paid for you, and it is extreme unfair to bitcoin fishes.

The rules of the distribution are transparant. The more btc you have, the more byteball you get simple.
If you create a project you can set these rules.
If people don't like these rules there is also a choise to not participate in this project.

[tonych]

@tonych how yu will distribute android wallet holder, this is will made automatically or we must contact you to warning you ?

Distribution will be automatic, nothing special about android wallet.

[tonych]

Important announcement.

1.  I've significantly underestimated the amount of time and work required to build a large enough community around Byteball.  Also, there is development work to be done that's unlikely to be completed and properly tested before the originally planned launch date in early November.  That's why I'm pushing back the launch date to Christmas.  The snapshot will be taken on the first Bitcoin block timestamped on or after December 25, 2016 00:00:00 UTC (Christmas block).  I’ll begin to send out bytes in the afternoon of Dec 25, unless there are major reorgs on the Bitcoin network.

2.  I stay true to my original intention to distribute 98% for free, but find it useful to split the distribution into several pieces.  On December 25, we’ll distribute only 10%.  A month later, we’ll make a new snapshot and distribute another 20%.  Two months later, the next 30%.  Three months later, the remaining 38%.  The exact numbers may me adjusted depending on the results of previous rounds and the progress of the address linking campaign.

The reason I chose to split the distribution into several rounds is that it gives more people an opportunity to participate.  It is impossible to reach every Bitcoin holder before livenet is launched.  We’ll make news by distributing the first 10%, the network will become fully functional, hopefully we’ll get listed on exchanges, all that will help many more people notice Byteball.  Each subsequent distribution round will have similar effect.

In each distribution round, we take a new snapshot.  Exactly as previously advertised, the amount of bytes you receive in the 1st round will be proportional to the BTC balances that you show on the linked Bitcoin addresses in the Christmas block.

The 2nd and subsequent rounds are slightly different.  You show both your BTC balances (as before) and your balance in bytes.  You have a sort of basket that consists of a mixture of BTC and bytes.  To determine the weight of the basket, every 62.5 MB are counted as 1 BTC.  For example, if you have 125 MB and 3 BTC, the weight is 2+3=5 BTC.  The distribution of new bytes on the 2nd and subsequent stages is proportional to the weight of your basket.

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (10¹⁵) and the total number of BTC in circulation (16,000,000) are equivalent.

Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in previous rounds.  You are effectively doubling your stake in each additional round you take part in.

3.  The linking phase (when you link your Byteball and Bitcoin addresses) of the 1st round will start in early December or late November.

4.  We’ll run more active marketing in the coming months to grow our community before the 1st distribution round.

5.  We doubled our development team: my colleague https://github.com/kakysha (not a real photo) is already helping me improve the wallet.

6.  We’ll run a test flight of the distribution in November.  You will be able to link your Bitcoin testnet address to your Byteball testnet address, and the distribution will be proportional to your BTC testnet balance.

https://twitter.com/ByteballOrg/status/787248332469112836

[WorldCoiner]

Thought through!  Many thanks Tony for the Update 

[galaxiekyl]

this may be a double-edged..but at least this leash one chance for little fish get more.

[poloniexwhale]

Important announcement.

1.  I've significantly underestimated the amount of time and work required to build a large enough community around Byteball.  Also, there is development work to be done that's unlikely to be completed and properly tested before the originally planned launch date in early November.  That's why I'm pushing back the launch date to Christmas.  The snapshot will be taken on the first Bitcoin block timestamped on or after December 25, 2016 00:00:00 UTC (Christmas block).  I’ll begin to send out bytes in the afternoon of Dec 25, unless there are major reorgs on the Bitcoin network.

2.  I stay true to my original intention to distribute 98% for free, but find it useful to split the distribution into several pieces.  On December 25, we’ll distribute only 10%.  A month later, we’ll make a new snapshot and distribute another 20%.  Two months later, the next 30%.  Three months later, the remaining 38%.  The exact numbers may me adjusted depending on the results of previous rounds and the progress of the address linking campaign.

The reason I chose to split the distribution into several rounds is that it gives more people an opportunity to participate.  It is impossible to reach every Bitcoin holder before livenet is launched.  We’ll make news by distributing the first 10%, the network will become fully functional, hopefully we’ll get listed on exchanges, all that will help many more people notice Byteball.  Each subsequent distribution round will have similar effect.

In each distribution round, we take a new snapshot.  Exactly as previously advertised, the amount of bytes you receive in the 1st round will be proportional to the BTC balances that you show on the linked Bitcoin addresses in the Christmas block.

The 2nd and subsequent rounds are slightly different.  You show both your BTC balances (as before) and your balance in bytes.  You have a sort of basket that consists of a mixture of BTC and bytes.  To determine the weight of the basket, every 62.5 MB are counted as 1 BTC.  For example, if you have 125 MB and 3 BTC, the weight is 2+3=5 BTC.  The distribution of new bytes on the 2nd and subsequent stages is proportional to the weight of your basket.

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (10¹⁵) and the total number of BTC in circulation (16,000,000) are equivalent.

Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in previous rounds.  You are effectively doubling your stake in each additional round you take part in.

3.  The linking phase (when you link your Byteball and Bitcoin addresses) of the 1st round will start in early December or late November.

4.  We’ll run more active marketing in the coming months to grow our community before the 1st distribution round.

5.  We doubled our development team: my colleague https://github.com/kakysha (not a real photo) is already helping me improve the wallet.

6.  We’ll run a test flight of the distribution in November.  You will be able to link your Bitcoin testnet address to your Byteball testnet address, and the distribution will be proportional to your BTC testnet balance.

https://twitter.com/ByteballOrg/status/787248332469112836

You are so kind, you don't want to make money from ico? And you have done hard working, so don't want to more bitcoins? WOW, dev you are very very awesome.  

You are very unique, not like other scammers(too many scammers I don't list them) or greedy dev(jl777, amp dev), you do a good job, you deserve more money.

[yvv]

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.

They are not going to be equivalent based on their market cap. Why don't you take a market price of bytes for NAV estimate. You should be able to do this by the time of the second round.

[Krypt]

Important announcement.

1.  ...  I’ll begin to send out bytes in the afternoon of Dec 25 ...

Thanks for announcement!
What is your plan about blackbytes distribution?

[tonych]

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.

They are not going to be equivalent based on their market cap. Why don't you take a market price of bytes for NAV estimate. You should be able to do this by the time of the second round.

There is no market cap of bytes, let's create it.

[tonych]

Important announcement.

1.  ...  I’ll begin to send out bytes in the afternoon of Dec 25 ...

Thanks for announcement!
What is your plan about blackbytes distribution?

Sorry missed that.  Blackbytes are distributed in the same proportions as bytes.

[cryptonikus]

Very interesting changes, I personally like experiments in crypto sphere, its like science classes in behavioral economy. This model will help whole community learn more about how people think in economy, but invitably I think there will be alot of PnD opportunities with such distribution.

[teletobi]

I like this new Distribution scheme. There will still be some People complaining, but I think it's a good Experiment.

[yvv]

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.

They are not going to be equivalent based on their market cap. Why don't you take a market price of bytes for NAV estimate. You should be able to do this by the time of the second round.

There is no market cap of bytes, let's create it.

But by the time of second round there will be. They will be traded at exchanges, won't  they?

[ttookk]

Hmm, maybe you should ask for money after all. Not for much and not as an "ICO", but to pay for advertisements. It would be a donation, so there would be nothing in return and you could have it sent to escrow directly, so nobody would have the suspicion that you pocketed it yourself. Don't know how much would be needed and what kinds of advertising schemes you should use, though. And if people would be willing to donate anything…

[TheDR]

I like the distribution plans and the new time line gives me time to gather a dozen or more bitcoin.

[Zer0Sum]

Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in previous rounds.  You are effectively doubling your stake in each additional round you take part in.

3.  The linking phase (when you link your Byteball and Bitcoin addresses) of the 1st round will start in early December or late November.

4.  We’ll run more active marketing in the coming months to grow our community before the 1st distribution round.

5.  We doubled our development team: my colleague https://github.com/kakysha (not a real photo) is already helping me improve the wallet.

6.  We’ll run a test flight of the distribution in November.  You will be able to link your Bitcoin testnet address to your Byteball testnet address, and the distribution will be proportional to your BTC testnet balance.

https://twitter.com/ByteballOrg/status/787248332469112836

A staggered rollout is a great idea... it will help build critical mass 

[tonych]

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.

They are not going to be equivalent based on their market cap. Why don't you take a market price of bytes for NAV estimate. You should be able to do this by the time of the second round.

There is no market cap of bytes, let's create it.

But by the time of second round there will be. They will be traded at exchanges, won't  they?

Hopefully yes.  Even if they are not, the coins will be already in user's hands, nothing will stop them from trading OTC.

[Fern]

Tony, i understand the main difference between IOTA and Byteball is ordering.

If Byteball needs transaction ordering won't this mean it automatically reduces its scalability 100-fold?