Participation in Byteball distributionIf you missed earlier rounds of distribution, you can still participate in the further rounds.
If you already participated or bought bytes on an exchange, you can multiply your holdings with 20% monthly interest.
The snapshots of Bitcoin blockchain and Byteball DAG for the 6th round will be taken on the Full Moon of June, on
June 9, 2017 at 13:10 UTC. What you receive, is proportional to your balances in BTC and Bytes:
BTC to bytes: 1 BTC of proven balance gives you 62.5 MB (0.0625 GB)
BTC to blackbytes: 1 BTC of proven balance gives you 2.1111 * 62.5 million blackbytes (money supply of blackbytes is 2.1111 times more than that of bytes)
Bytes to bytes: 1 byte on
any Byteball address gives you 0.2 new bytes
Bytes to blackbytes: 1 byte on
linked Byteball address gives you 0.42222 blackbytes
To participate, link your Byteball and Bitcoin addresses before the 6th round:
1. Download and install the wallet by following the above links.
2. Visit
https://byteball.org and click the link to chat with the Transition Bot. The link will open the new wallet and start a chat. Follow the instructions of the Transition Bot to prove your Bitcoin balance.
You have two options to prove your Bitcoin balance:
a. By making a micropayment. The bot will see your address the payment came from, will know that it is your address, and will instruct you to move your Bitcoins to this address. By making several micropayments, you can link several Bitcoin addresses to the same Byteball address.
b. By signing a message (if your Bitcoin wallet supports this function). You tell the bot your Bitcoin address and sign your Byteball address with the Bitcoin address. After you prove one address (a typical Bitcoin wallet has dozens of them), you can either move all your coins to this single proven address or prove all other addresses in the same way -- by signing a message.
If you try to link the same Bitcoin address to multiple Byteball addresses, both links are ignored. If you did this by mistake, link another Bitcoin address.
If you prove by micropayment, remember to check that the Bitcoin address that the bot received the micropayment from, is indeed your address. An attacker might see your payment on the blockchain and repeat the same micropayment from his address trying to trick you to move your funds to him.
3. If you make any Bitcoin payment, your coins will most likely be moved to a new change address. Chat with the bot again, see the balance on your linked address(es) and move the coins back to the linked address(es) if necessary.
The linking phase will end on June 9, 2017 at 13:10 UTC, after which we'll do the distribution in proportion to BTC and bytes balances on this date.
In the 6th round, we'll distribute as much as is linked and calculated by the above rules, the exact % is not known in advance.
The 7th and subsequent rounds (yet to be announced) will follow similar rules, but the
relative weight of bytes vs. BTC (i.e. which amount of bytes gives the same share in the new distribution as 1 BTC) in the 7th and further rounds will change and will gradually increase to 1 BTC=62.5 MB. It will be selected to maximize the value of bytes and keep the speed of distribution in sync with the growth of user base and the actual use of the network. The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (10
15) and the total number of BTC in circulation (16,000,000) are equivalent.
We'll have as many rounds as is necessary until all bytes are distributed, most likely a new round every
full moon.
My 1% doesn't participate in the 2nd and further rounds.
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 the previous rounds. You are effectively multiplying your stake in each additional round you take part in.
Track the progress of linking at
http://transition.byteball.org.
