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Author Topic: BYTEBALL: Totally new consensus algorithm + private untraceable payments  (Read 907002 times)
tonych
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September 05, 2016, 04:00:28 PM
 #1

For full technical description, read the white paper: https://byteball.org/Byteball.pdf

Exchanges: Bittrex, Cryptox, Cryptopia, Changelly, and trading bot (find it in the Bot Store in the wallet)
If you are trading large blocks and don't want to move the price, trade P2P via smart contract (without human escrow)
Prediction markets (sports betting, binary options): #prediction_markets channel on our slack http://slack.byteball.org
Insurance: #p2p_insurance channel on our slack http://slack.byteball.org
Explorer: https://explorer.byteball.org

Download the wallet:


iOS   Android   Mac   Windows   Linux
or build from source at github


Desktop wallets can be full nodes (will take a while syncing with the network after the first start) or light nodes.  Mobile wallets are always light clients.

If you want to experience the wallet without paying a penny, visit https://byteball.org/testnet.html to install testnet wallet and click the link to receive free bytes to play with.  The link will open your wallet:


The design

There are no blocks in Byteball, and no block size issue.  Instead, every new transaction references one or more earlier ones (parents) by including and signing their hashes.  The links among transactions form a DAG (directed acyclic graph):



By including its parents, each new transaction also indirectly includes and confirms all parents of the parents, parents of the parents of the parents, and so on.  As more transactions are added after your transaction, the number of confirmations you receive grows like snowball, that’s why the name Byteball (our snowflakes are bytes of data).

Consensus

There is no PoW, no PoS, and no mining.  Instead, we have the DAG, which already establishes partial order between transactions, plus we add the main chain within the DAG:



The main chain (MC) allows to define total order between transactions: the transaction which gets included (directly or indirectly) earlier on the MC, is deemed earlier in the total order.  When there is a double-spend, the version of the transaction that comes earlier in the total order is deemed valid, all others are deemed void.

The main chain is defined deterministically based on the positions of transactions in the graph.  Refer to the white paper for details, but as a general rule, the MC gravitates towards transactions authored by well known users, which we call witnesses.  The list of witnesses is defined by users themselves as they include the list in every transaction they post.  The MC then follows the path within the DAG such that:
1. the witness lists of the neighboring transactions on the chain are either identical or differ by only one mutation,
2. the chain goes through the most number of witness-authored transactions, compared with alternative chains.

The above is very brief and sketchy description with many important details omitted, refer to the white paper for a full technical story.

Fees and intrinsic value

The fees paid for storing one’s transactions (or any other data) in the Byteball database are equal to the size of the data being stored.  If the size of your transaction data is 500 bytes, you pay exactly 500 bytes (the native currency of Byteball) in fees.  This means there is intrinsic value in bytes: it is the utility of permanently storing that size of data in a decentralized immutable database.  For data that represents financial transactions, the value is social rather than personal, because you absolutely need to store the full coin history in order to be able to prove the value and authenticity of the coin to each subsequent owner.

The fees are collected partially by those who are first to reference your transaction as parent and partially by witnesses.  The former incentivizes referencing the most recent transactions as parents, which results in the DAG growing in one direction only, like the trunk of a tree, and being as narrow as network latency permits.  If new transactions are rare enough, such that all nodes have enough time to sync before a new transaction appears, the DAG will look almost like a chain, with only occasional forks and quick merges.

Money supply

The total number of bytes is 1015, all bytes were issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.

Exchanges list the currency as gigabytes (GB, GBYTE), 1 gigabyte is 1 billion bytes.  The total money supply in gigabytes is 1,000,000.

Deterministic finality

In Byteball, there is a protocol rule that a transaction must include the previous transaction (if any) sent from the same address, i.e. there must be partial order between subsequent transactions from the same address.  Breaking this rule is considered equivalent to double-spending, therefore at least one of such unordered transactions will become void.  If we assume that most witnesses follow this rule (that’s what they are elected for), they have to reference only sufficiently recent transactions as parents and can’t inherit from old enough parents.  Therefore, they can no longer influence the MC (which is attracted to witnesses) in the old enough part of the DAG, and that part of the MC becomes stable, hence the total order relative to this MC also becomes stable.  See the white paper for discussion of exact criteria of reaching stability, here it is important that the criteria are deterministic, and once a transaction appears on the stable part of the MC, it is final, and, unlike all other cryptocurrencies, no re-orgs are possible.  

This is extremely important for applications in financial industry and for wider adoption in general, as most people are used to expect certainty in matters of money and property ownership, and the concept of probabilistic finality is a difficult sell.

Assets and on-chain exchange

Bytes is the native currency of Byteball.  Users can issue any other tokens (assets), e.g. to represent debt.  The debt can be expressed e.g. in fiat currencies or in natural units (barrels, ounces, kWh, etc).  The issuers of the debt can reveal their real-world identities and/or be voluntarily attested (i.e. their real-word identities be verified by a well known third party such as CA).  This enables the use of the existing legal system to secure against fraud.

The issued assets can be used as means of payment, along with bytes.  Assets can be exchanged against bytes and other assets by both parties signing a single unit that executes both legs of the exchange, thus the two transactions either happen simultaneously or don't happen at all.  This kind of signing is called multilateral signing.  No centralized exchange is needed, hence no trust is necessary and no exchange fees (apart from the usual fees for the size of the data).

Private untraceable payments

Assets can be either public or private.  All transactions in public assets are visible to everyone on the public decentralized database, just like Bitcoin.  Bytes is a predefined public asset.

Payments in private assets are not published to the public database.  Instead, only the hash of the transaction is stored to the database, while the plaintext of the transaction is sent directly from the payer to the payee.  To protect against double-spends, a spend proof is also published to the Byteball database.  The spend proof is constructed as a hash of the output being spent, so that if the same output is spent twice, the spend proofs will be necessarily the same.

I’ve already described this design at https://bitcointalk.org/index.php?topic=1574508.0, see more details in the white paper.

Regulated assets

Regulated institutions can issue assets that are compatible with KYC/AML requirements. Every transfer of such asset is to be cosigned by the issuer, and if there is anything that contradicts the regulations, the issuer won't cosign.

This way, banks can issue fiat-pegged assets and stay fully compliant.  They can open demand deposit accounts and track them on Byteball as assets.  These assets are easily exchangeable against bytes and other assets (with bank’s approval).

Other features

- Spending conditions (AKA smart contracts) in an easy to understand declarative language https://bitcointalk.org/index.php?topic=1617816.0
- Multisig: a special case of spending conditions
- On-chain oracles can post data (such as timestamps, exchange rates, weather, various events) directly to the database, then that data can be referenced from spending conditions
- Private end-to-end encrypted messaging: used to convey private payment data, communicate in multisig scenarios, and chat with a merchant’s bot.

Initial distribution

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalk.org/index.php?topic=572106.0, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

  • 98% of all bytes and blackbytes (the private untraceable currency) are to be distributed for free.
  • 1% I reserve for myself

Free distribution

There are two ways to participate in the free distribution:
  • Make purchases at the merchant stores we partner with and receive 10% cashback on the amount of your purchase, in Bytes.  The cashback program has just started, follow our announcements to learn about merchants who join the program.  If you are a merchant and want to join, contact us.
  • Hold bytes and/or BTC and receive additional bytes proportional to your holdings.  No investment required, you keep your bitcoins and bytes, plus receive new bytes and blackbytes.  See below how to receive the coins.

Current status

The network was launched on December 25, 2016, and 10% of bytes and blackbytes distributed to those who linked their Bitcoin and Byteball addresses.  The total balance linked was over 70,000 BTC.  In the 2nd to 9th rounds, we distributed another 48.4%, almost 1,400,000 BTC was linked.

Proving your holdings for Byteball distribution

If you missed earlier rounds of distribution, you can still participate in the further rounds.  
If you already participated or bought bytes on an exchange or received as cashback from a participating merchant, you can multiply your holdings with 10% monthly interest.  

What you receive, is proportional to your balances in BTC and Bytes on the Full Moon of November, on November 4, 2017 at 05:23 UTC:
BTC to bytes: 1 BTC of proven balance gives you 6.25 MB (0.00625 GB)
BTC to blackbytes: 1 BTC of proven balance gives you 2.1111 * 6.25 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 0.1 new bytes
Bytes to blackbytes: 1 byte on linked Byteball address gives you 0.21111 blackbytes

Putting this another way, to receive 1 GB from the distribution, you need to already hold 160 BTC or 10 GB.  These same holdings also give you 2.1111 GBB (giga-blackbyte).

To participate, link your Byteball and Bitcoin addresses before the 10th round:

1.  Download and install the wallet by following the above links.

2.  Start a chat with the Transition Bot (you find it in the Bot Store in the wallet).  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 by sending a micropayment, both links are ignored.  If you did this by mistake, link another Bitcoin address or link by signing a message.

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 November 4, 2017 at 05:23 UTC, after which we'll do the distribution in proportion to BTC and bytes balances on this date.

In the 10th round, we'll distribute as much as is linked and calculated by the above rules, the exact % is not known in advance.  

The 11th and subsequent rounds (yet to be announced) will follow similar rules.  The rules and speed of distribution will be adjusted 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.

We'll have as many rounds as is necessary until all 98% of 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.
More information at https://wiki.byteball.org/airdrop

How you can help

  • play with the wallets, install them on multiple devices, pair them for multisig.  If you find bugs, report them.
  • run a relay on your cloud server to help the network. The relay doesn’t hold any private keys, so you don’t have to worry too much about security.  Get relay source code from https://github.com/byteball/byteball-relay
  • run a hub to better decentralize the delivery of private payments (the hub also includes a relay).  Again, the security doesn’t matter much as all messages are end-to-end encrypted.  Hub address can be changed by users in their wallet settings.  Get hub source code from https://github.com/byteball/byteball-hub.  Alternative hubs already running: byteball.fr/bb, byteroll.com/bb, byteball-ua.net/bb, byteball.me/bb, blackbytes.me/bb.  Hubs and full wallets on the world map: https://byteball.fr/byteballworldmap.php
  • fix bugs, contribute improvements in our github repositories https://github.com/byteball.  In particular, we need faster syncing and faster UI.  Before now, I prioritized simplicity of algorithms over performance, now we need speed too.  A 10x improvement should come easy enough, the next 10x will be probably harder.  Discuss any major changes before actually implementing them.
  • develop new tools/apps that you think will be useful for Byteball users
  • spread the word about Byteball and remember that its value is proportional to the square of the number of active users

Community fund

We have a community fund for financing bounties and other useful work, its reports are published at https://docs.google.com/spreadsheets/d/1foYdri-vadnq8Kbr51QVhBlXiswHtiDpaShVaWO060s/edit?usp=sharing.  More information about the fund: https://wiki.byteball.org/byteball-community-fund.  Donation addresses: KREOV5Y57FRWQKDHJ7BD3SFQBEVVPAG3 (for bytes) and 39zeGpu4nG6BqB9ARxd9xM9XThX9JCmx8t (for BTC).

Translations: Chinese, French, German, Hindi, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Turkish.
Twitter: https://twitter.com/ByteballOrg
Slack: http://slack.byteball.org
Medium: https://medium.com/byteball
Wiki: https://wiki.byteball.org
Telegram: https://telegram.me/byteball
QQ: 326176030
WeChat: Byteball 中国 https://twitter.com/ByteballOrg/status/830071965188812800

-----------------------------

One last thing.  The remaining 1% will be given away to the first 100m users who install Byteball wallet, 100 Kbytes to each user.  This will start 6 months from now or later, after we get ready for that scale.


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killerjoegreece
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Translations from English to Greek of ANN threads


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September 05, 2016, 04:05:08 PM
 #2

Any translation bounties dev? If so I can translate the ann to Greek

★★★ 295+ GREEK★★★TRANSLATIONS ★★★
FAST ★★★ FLAWLESS ★★★ CHEAP ★★★ https://bitcointalk.org/index.php?topic=1175769.new#new
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September 05, 2016, 04:06:10 PM
 #3

wallet windows 32bit ?

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run and fun, Go Sport !


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September 05, 2016, 04:07:46 PM
 #4

interesting . so its a NEW Crypto based killer APP ? Cheesy

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ANN and White Paper Translator into Filipino...


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September 05, 2016, 04:10:01 PM
 #5

i can translate this ANN into Filipino language if you have plan for bounty translation.
please reserve the job for me.

.
.

icoico
icoico
icoico
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icoico
icoico
icoico
.
.
.
.

icoico
icoico
icoico
.
.
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September 05, 2016, 04:18:47 PM
 #6

any wallet for win 32 dev?
I have already download but win 64.
its not compatibel for 32bits.  Angry

cointron
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September 05, 2016, 04:19:56 PM
 #7

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-
tonych
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September 05, 2016, 04:45:15 PM
 #8

any wallet for win 32 dev?
I have already download but win 64.
its not compatibel for 32bits.  Angry

Will build for win32 in a few hours.

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September 05, 2016, 06:35:53 PM
 #9


Another abandoned project?
tonych
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September 05, 2016, 06:39:20 PM
 #10

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-

This link?
byteball:A0tstvWkG9GL1LZxMXM1Bo9oxylL124V1puEr4ulyCUb@byteball.org/bb#0000

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September 05, 2016, 06:41:25 PM
 #11

any bounty tweeter? Cool

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September 05, 2016, 06:45:24 PM
 #12

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-

This link?
byteball:A0tstvWkG9GL1LZxMXM1Bo9oxylL124V1puEr4ulyCUb@byteball.org/bb#0000


Yes, that one.-
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September 05, 2016, 06:51:33 PM
 #13

I would like to reserve portuguese translation!

Just pm me if you want this.

CYA

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September 05, 2016, 06:51:39 PM
 #14

interesting project with new distribution system. if anyone holding a lots of btc,he'll receive a big share of BYTEBALL Cheesy

tonych
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September 05, 2016, 06:58:34 PM
 #15

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-

This link?
byteball:A0tstvWkG9GL1LZxMXM1Bo9oxylL124V1puEr4ulyCUb@byteball.org/bb#0000


Yes, that one.-

When the wallet is installed, it sets up itself as handler of all byteball: URLs.  What platform?

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Crypto Mentat


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September 05, 2016, 07:00:22 PM
 #16

interesting project with new distribution system. if anyone holding a lots of btc,he'll receive a big share of BYTEBALL Cheesy

not so new  - eg recently Stellar used the similar way to distribute a part of its Lumens

someone who had BTC in his wallet on the 4th of July still can claim his share  Smiley

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September 05, 2016, 07:04:03 PM
 #17

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-

This link?
byteball:A0tstvWkG9GL1LZxMXM1Bo9oxylL124V1puEr4ulyCUb@byteball.org/bb#0000


Yes, that one.-

When the wallet is installed, it sets up itself as handler of all byteball: URLs.  What platform?

Windows x64
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★YoBit.Net★ 350+ Coins Exchange & Dice


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September 05, 2016, 07:08:15 PM
 #18



Initial distribution

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalk.org/index.php?topic=572106.0, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

  • 98% of all bytes and blackbytes (the private untraceable currency) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before the launch.  No investment required, you keep your bitcoins, plus receive the bytes and blackbytes.
  • 1% I reserve for myself

To link your byteball and bitcoin addresses, you’ll need to make a small BTC payment to a one-time bitcoin address created specifically for you.  Next, you consolidate all your bitcoins on the one address you paid from that we know is controlled by you (if you have only one bitcoin address, you skip this step as all your bitcoins are already on a single address).  Then the number of bytes and blackbytes you receive on the launch date will be proportional to the BTC amount on your linked address in a specific bitcoin block (e.g. in block 437000 which is expected late October - early November).  The detailed instructions and the exact block number will be posted later when we get ready for launching the livenet.


See if I am getting this right. I link my byteball to a btc address and when livenet is launched i receive blackbytes proportionate to my bitcoin amount. then I can move/use/sell my btc and still have = value in blackbytes?

 

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September 05, 2016, 07:08:54 PM
 #19

After installing, click this link to receive free bytes to play with.-

Link doesn´t works.-

This link?
byteball:A0tstvWkG9GL1LZxMXM1Bo9oxylL124V1puEr4ulyCUb@byteball.org/bb#0000


Yes, that one.-

When the wallet is installed, it sets up itself as handler of all byteball: URLs.  What platform?

Windows x64

Worked fine. I did reinstall the app.-
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September 05, 2016, 07:10:04 PM
 #20

any wallet for win 32 dev?
I have already download but win 64.
its not compatibel for 32bits.  Angry

Try this: https://byteball.org/downloads/Byteball-test-win32.exe.
This 32bit version works on my win64, you will be the first to try it in win32.

Simplicity is beauty
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