Obyte: Totally new consensus algorithm + private untraceable payments

[LoyceV]

hey, I couldn't catch one issue. I have seen on icocountdown that Byteball (airdrop) ico will have been in 6 days. I missed something? Is it right? Byteball is goint to ico or this is another project? please, correct me if I am mistaken

You could call it an Initial Coin Offering as these specific coins are released to the public for the first time. But it's more that icocountdown calls everything an ico, nothing changed for Byteball.

[dreamhouse]

Looking forward to the next round of distribution..

[operabit]

byteball will be top10 in next 6 months!

6 months is too long, in my opinion, just 4 months.

[specturul]

byteball will be top10 in next 6 months!

6 months is too long, in my opinion, just 4 months.

If black bytes were taken into account, then probably already would be in the top 10.

[CorePrime95]

If black bytes were taken into account, then probably already would be in the top 10.

Top10 is just temporary, Top5 is the destination

[ruptan]

hey, I couldn't catch one issue. I have seen on icocountdown that Byteball (airdrop) ico will have been in 6 days. I missed something? Is it right? Byteball is goint to ico or this is another project? please, correct me if I am mistaken

I do not think you can trust them as there is already a thread on their tactics:
https://bitcointalk.org/index.php?topic=1480636.0

[ByteFan]

[reminder]

Beware of change addresses in your BTC wallet AND in your byteball wallet for the next distribution round!

Byteball distribution companion helps you.

          Is you address properly linked?
          Is your linked BTC balance what you expected?
          Are all your bytes on your linked address?
          How much will you receive?

https://byteball.fr/BBdistribution.php

And once distribution as started you can follow in near real time when bytes arrive in your wallet. Enjoy!

[LoyceV]

          Are all your bytes on your linked address?

I didn't know this! My bytes from the airdrop 2 months ago had indeed moved to a change address. The wallet didn't tell me, but it makes sense.
This means I got 10% bytes for it, but no blackbytes.

[wry]

          Are all your bytes on your linked address?

I didn't know this! My bytes from the airdrop 2 months ago had indeed moved to a change address. The wallet didn't tell me, but it makes sense.
This means I got 10% bytes for it, but no blackbytes.

I'm glad that you don't miss out on bytes if you don't link the new change address!

So you can link multiple byteball addresses with the transition bot as well as multiple BTC ones?

Thanks!

[bobq]

byteball will be top10 in next 6 months!

6 months is too long, in my opinion, just 4 months.

Why are you all such pessimists?

[naska21]

   $840, shocked

[tehMoonwalker]

can i also link btc from exchange adresses?

and how long do i have to keep the btc on the adress, can i just move it there for the airdrop and then withdraw it?

[miramare]

can i also link btc from exchange adresses?

and how long do i have to keep the btc on the adress, can i just move it there for the airdrop and then withdraw it?

If you can sign the message with the exchange address, I think you can link it. But seems you can not.

You need keep your btc on your wallet during the snapshot.

[kola-schaar]

          Are all your bytes on your linked address?

I didn't know this! My bytes from the airdrop 2 months ago had indeed moved to a change address. The wallet didn't tell me, but it makes sense.
This means I got 10% bytes for it, but no blackbytes.

I'm glad that you don't miss out on bytes if you don't link the new change address!

So you can link multiple byteball addresses with the transition bot as well as multiple BTC ones?

Thanks!

Maybe helpful:
https://bitcointalk.org/index.php?topic=1608859.msg19146602#msg19146602

[kola-schaar]

[davidoski]

The Byteball witness concept still bothers me. I did some rough calculations regarding earnings that a witness will absorb from its operation when/if  Byteball achieves current Bitcoin levels of market cap and transactions throughput.

$40 billion Byteball market cap means that 1 GB will have $40.000 of value. (40B/1M=40.000)

Asuming that:
- an average byteball transaction size is 0,5Kb
- we have 300.000 transactions per day
- there are 12 witnesses and each posts on average the same number of transactions as the others
- I don't take into account the cost of posting units as it is negligible
- I don't take into account transactions that are bigger in size then 0,5Kb (like posting data by oracles, etc.)

we get:
- daily fees paid to all witnesses: 0,15GB=$6000 (300.000*0,5Kb)
- daily fees paid to any one of the witnesses: $500 ($6000/12)
- monthly earnings from running a witness: $15.000. ($500*30)

Conclusion:

1. A witness will earn $15.000 worth of bytes in fees on a monthly basis from just running a single computer.
2. If Byteball market cap grows 2x these earnings will obviously double: $80B market cap = $30.000 monthly earnings and so on.

My point is that running a witness have almost zero cost, yet its operation is disproportionally generously rewarded in fees. The only characteristic that a witness has to have differentiating it from any other participant in the byteball network is being reputable. But being rewarded with tens of thousands of dollars a month for just being reputable boggles my mind.

[Limx Dev]

The Byteball witness concept still bothers me. I did some rough calculations regarding earnings that a witness will absorb from its operation when/if  Byteball achieves current Bitcoin levels of market cap and transactions throughput.

$40 billion Byteball market cap means that 1 GB will have $40.000 of value. (40B/1M=40.000)

Asuming that:
- an average byteball transaction size is 0,5Kb
- we have 300.000 transactions per day
- there are 12 witnesses and each posts on average the same number of transactions as the others
- I don't take into account the cost of posting units as it is negligible
- I don't take into account transactions that are bigger in size then 0,5Kb (like posting data by oracles, etc.)

we get:
- daily fees paid to all witnesses: 0,15GB=$6000 (300.000*0,5Kb)
- daily fees paid to any one of the witnesses: $500 ($6000/12)
- monthly earnings from running a witness: $15.000. ($500*30)

Conclusion:

1. Any one witness will earn $15.000 worth of bytes in fees on a monthly basis from just running a single computer.
2. If Byteball market cap grows 2x these earnings will obviously double: $80B market cap = $30.000 monthly earnings and so on.

My point is that running a witness have almost zero cost, yet its operation is disproportionally generously rewarded in fees. The only characteristic that a witness has to have differentiating it from any other participant in the byteball network is being reputable. But being rewarded with tens of thousands of dollars a month for just being reputable boggles my mind.

Everyone can start a witnesses.

Kind Regards Christian

[davidoski]

Everyone can start a witnesses.

Kind Regards Christian

Yeah, everyone can be a president. Does it mean that we are to reward him/her for just being reputable? What's your point?

[LoyceV]

if  Byteball achieves current Bitcoin levels of market cap and transactions throughput.
..
- daily fees paid to all witnesses: 0,15GB=$6000 (300.000*0,5Kb)
..
1. A witness will earn $15.000 worth of bytes in fees on a monthly basis from just running a single computer.
..
My point is that running a witness have almost zero cost, yet its operation is disproportionally generously rewarded in fees.

I'd like to change your conclusion: it's a very cheap system with very low fees! You're talking Bitcoin-size for just $6k per day! Currently Bitcoin-miners earn $6M (1000 times more!) per day. I'd love to get a payment system that only takes 0.1% of the fees.
That brings me to a different conclusion again: if Byteball achieves Bitcoin's market cap and number of users, users will do much more transactions because of the low fee. I'm now doing 90% less Bitcoin-transactions than I used to do, simply because fees are so high.
10 times more transactions than Bitcoin would mean $60k per day in fees, and 500 GB database growth per year. I'm not sure what this would mean for bandwith requirements to support millions of users, especially if many full nodes download everything. It could be quite an expensive server.

Yeah, everyone can be a president. Does it mean that we are to reward him/her for just being reputable? What's your point?

Fair question. I haven't changed my witnesses yet, but I do realize it will ultimately be needed to stop relying on one person. The next question is: how do you know which one to pick? I think two witnesses have been "advertising" in this thread now, what happens if 1000 people run a witness? How do you choose?

[davidoski]

I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness was running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings to itself.