Obyte: Totally new consensus algorithm + private untraceable payments

[LoyceV]

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 would be 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 from fees to itself.

The charity itself can run a witness.

[apansbror]

I'm using the light wallet and just moved my byteballs to a new address, but when trying to use the "send all" function it did not work as expected and instead just moved around small chunks at seemingly random numbers (even though my "available balance" was much higher than what was actually sent!). I tried it two or three times but just random numbers. So I couldn't get them all in one address. I tried to use a new address I had just generated and send 0.1 gb to it but then it just said "sent" instead of moved and it disappeared from my balance. Then I made yet another new address to which I sent the rest of my bytes to, this time also skipping using the "send all" button and just typed it in manually. Now it worked.

So "send all" seemed to bug for me and I won't dare to use it again for now. But now it's all good except from my missing 0.1 gb. They do however show up in the transition bot, it lists the address with 0.1 gb as my address...then my other address with x gb. but my actual balance does not count the first one with 0.1 gb. Any ideas?

[bottacoin]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

[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 would be 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 from fees to itself.

The charity itself can run a witness.

Yeah, how about starting running a witness as a charity (a ruse) and then stop bothering with charity thing and keep running the witness? Expelling a witness like this from the network is not an easy job as plenty of users need to do this. A smart contract concept is more reasonable to me.

[dragonchopper9]

What is the exchange of bytes to black bytes now? Black bytes are taken into account in the calculation of capitalization?

[davidoski]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

[bobq]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

Is there anyone willing to explain this Witness mechanics in a few works and without acronyms? What are MCIs? What does "post at least 3000 unit/day" mean? So in other words who do you become a witness?

[Hastarus]

For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?

[bottacoin]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

Is there anyone willing to explain this Witness mechanics in a few works and without acronyms? What are MCIs? What does "post at least 3000 unit/day" mean? So in other words who do you become a witness?

MCI = "main chain index"

[memii]

For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?

You need to have all your bytes in your wallet in order to qualify for free distribution. Having your bytes on any exchange isn't going to help you either way. You can get nice percentage and still there is lot of time to move your bytes. You can also use Bitcoin as well to get more from the next distribution.

[davidoski]

The other thing that I think is worth considering is how to prevent witnesses from forming a cartel. The only way of achieving this that comes to my mind is to enforce a change in the witness list every a while (every 6 months or any other period that achieves the desired goal - preventing witnesses from forming a cartel. The enforced change would gradually replace every witness one by one so no witness would be running for more than a given time period. In this way it would be at least harder for witnesses to form a cartel. The only thing that would have to be contrived is a way in which a new witness would be chosen. A new witness could be chosen in random manner or through voting. If all this is technically possible I have no idea but that's the way I see to prevent witnesses from forming a cartel.

If no preventive measures are taken the cartel will be formed sooner or later especially as it is a profitable activity and there's a strong incentive to form a cartel.

[bottacoin]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

at your assumption price of 40.000$/GB, 1500KB = 60$ (which is then 12% of earnings and is not so negligible).

But the most important is that witnesses will earn 150.000KB/day which, with a GB at 1000$ (not so bad!), would just represent 0.15$/day.

In fact that is your assumption of a 40.000$ value of GB which make the witness earning so huge.

[Hastarus]

For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?

You need to have all your bytes in your wallet in order to qualify for free distribution. Having your bytes on any exchange isn't going to help you either way. You can get nice percentage and still there is lot of time to move your bytes. You can also use Bitcoin as well to get more from the next distribution.

Ha, how is using bitcoin more advantageous ?

Btw is it a snapshot of your bitcoin or are they used ?

Thanks

[davidoski]

- I don't take into account the cost of posting units as it is negligible

No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

at your assumption price of 40.000$/GB, 1500KB = 60$ (which is then 12% of earnings and is not so negligible).

But the most important is that witnesses will earn 150.000KB/day which, with a GB at 1000$ (not so bad!), would just represent 0.15$/day.

In fact that is your assumption of a 40.000$ value of GB which make the witness earning so huge.

You are right, I missed one decimal point. Nevertheless I still don't see $60 (12%) as a big cost. This can be of course taken into account in my previous calculations but does not change the overall conclusion regarding a witness' earnings. My point is to show that with the current setup witnesses will gradually become something akin to "too big to fail banks" - one of the problems that Bitcoin was intended to solve in the first place. Witnesses will be accumulating lots of profits and not giving back to society/community anything comparable to their earnings therefore my suggestion to force them at least partially donate to funds via smart contracts.

[andrej10]

How much we get for 1BTC in wallet?

[ByteFan]

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.

A redistributive witness already exists :

http://byteball-cashback-witness.com/

[Freefactomizer]

How much we get for 1BTC in wallet?

0.0625 GB per BTC you own.

[SatoNatomato]

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.

MEJ witness is redistributive, 50% sent back to its users.

The other 7UL... Witness has pledged to support EFF Wikipedia and others.

[superresistant]

 
Byteball is such a success story. Well done tonych.

[majestymage]

It's a pity that translations in other languages are languishing. For a wider diffusion of the coin all available information should exist in many languages - this is a critical point, since after all the world is full of people who either know only basic English or they know no English at all.
Waiting for volunteers willing to translate makes little sense - and then you would probably miss the GOOD TRANSLATORS, who wouldn't work for free.
So I hope good bounties be set ASAP for translations and - why not - other activity of promotion, viral videos etc.
This way, also people who don't own stacks of BTCs, but they really like the project and are willing to help, could benefit from the distribution.
If this happens, I'd book all translations in Italian - I am a professional writer in Italian and I have just done some translations for the soon-to-be-launched Bancor

well.that is a good ideea..i second that for a romanian translation. this is going to be a huge project that cannot be left without additional coverage.