Obyte: Totally new consensus algorithm + private untraceable payments

[biggernugs]

So when distribution happens, would we need to consolidate all bitcoins to a certain address before a certain block? How would sending from a coinbase wallet work - if a user sent maybe 0.0001 BTC from an address to your address and the Coinbase address contains 100 BTC, would he/she have a weight of 100 BTC during distribution?

great question because there are quite a few places that use similar systems. It's almost like ETC distribution where exchanges will have large wallets with multiple customers funds that they need to personally allocate. Definitely interested in the answer.

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[samantadegrenet]

Dont think is great way to distribute to people this coin! But off course everyone can say what they like to say!

[CryptKeeper]

So when distribution happens, would we need to consolidate all bitcoins to a certain address before a certain block? How would sending from a coinbase wallet work - if a user sent maybe 0.0001 BTC from an address to your address and the Coinbase address contains 100 BTC, would he/she have a weight of 100 BTC during distribution?

IMHO a snapshot of the bitcoin blockchain must be taken at a defined block height to verify the address amounts. Without a snapshot one could easily move his bitcoins around and claim bytes multiple times.

[dsattler]

What a great project, very interesting!
Keep up the good work and it will become very famous!
I will follow this.

[1btcdream]

So when distribution happens, would we need to consolidate all bitcoins to a certain address before a certain block? How would sending from a coinbase wallet work - if a user sent maybe 0.0001 BTC from an address to your address and the Coinbase address contains 100 BTC, would he/she have a weight of 100 BTC during distribution?

IMHO a snapshot of the bitcoin blockchain must be taken at a defined block height to verify the address amounts. Without a snapshot one could easily move his bitcoins around and claim bytes multiple times.

Snapshot at a certain block height is good but combining those bitcoins into one address in order to claim would become impossible.

[provenceday]

that's some cool idea.

[CryptKeeper]

So when distribution happens, would we need to consolidate all bitcoins to a certain address before a certain block? How would sending from a coinbase wallet work - if a user sent maybe 0.0001 BTC from an address to your address and the Coinbase address contains 100 BTC, would he/she have a weight of 100 BTC during distribution?

IMHO a snapshot of the bitcoin blockchain must be taken at a defined block height to verify the address amounts. Without a snapshot one could easily move his bitcoins around and claim bytes multiple times.

Snapshot at a certain block height is good but combining those bitcoins into one address in order to claim would become impossible.

Yes but I don't see any alternative to a snapshot, the risk that you can game the distribution is too high and this must be prevented at all costs. What's the advantage to combine your bitcoin adresses anyway? In bitcoin best practice is to not re-use addresses. I think it would be better to claim with multiple addresses from your wallet without moving coins around.

[tonych]

So when distribution happens, would we need to consolidate all bitcoins to a certain address before a certain block? How would sending from a coinbase wallet work - if a user sent maybe 0.0001 BTC from an address to your address and the Coinbase address contains 100 BTC, would he/she have a weight of 100 BTC during distribution?

IMHO a snapshot of the bitcoin blockchain must be taken at a defined block height to verify the address amounts. Without a snapshot one could easily move his bitcoins around and claim bytes multiple times.

Snapshot at a certain block height is good but combining those bitcoins into one address in order to claim would become impossible.

Yes but I don't see any alternative to a snapshot, the risk that you can game the distribution is too high and this must be prevented at all costs. What's the advantage to combine your bitcoin adresses anyway? In bitcoin best practice is to not re-use addresses. I think it would be better to claim with multiple addresses from your wallet without moving coins around.

The snapshot will be taken on block 437000 in early November (subject to change).

Answering the original question, consolidating all bitcoins to a single address is recommended for convenience, otherwise you'll have to claim for each individual address.  If concerned about what blockchain analysts can uncover about you, pass the coins through a mixer prior to consolidating.

Coinbase users will need to create a coinbase vault with the option "I will manage security myself Advanced" and move their coins to this vault.  With this option, your BTC will be on your address, not on coinbase's.

[CryptKeeper]

Reposted [ANN] here: https://forum.bitcoin.com/alternative-cryptocurrencies-altcoins/byteball-totally-new-consensus-algorithm-private-untraceable-payments-t10557.html
Twitter: https://twitter.com/CryptKeeperBTT/status/774932018434043904
Facebook: https://www.facebook.com/permalink.php?story_fbid=1798261650460580&id=100008302879126
And posted the link in various slacks.

[yvv]

The snapshot will be taken on block 437000 in early November (subject to change).

Pick a block number randomly out of range of blocks, e.g. 437000-438000, after the last block in the range is closed.

[bitcoinuserz]

I am reading the whitepaper and why do i feel like satoshi is back?  
Btw, how does this witness thing work? Does witness get fees from maintaining the network?

[yassin54]

Reposted [ANN] here: https://forum.bitcoin.com/alternative-cryptocurrencies-altcoins/byteball-totally-new-consensus-algorithm-private-untraceable-payments-t10557.html
Twitter: https://twitter.com/CryptKeeperBTT/status/774932018434043904
Facebook: https://www.facebook.com/permalink.php?story_fbid=1798261650460580&id=100008302879126
And posted the link in various slacks.

Rtd!! 

[CryptKeeper]

Reposted [ANN] here: https://forum.bitcoin.com/alternative-cryptocurrencies-altcoins/byteball-totally-new-consensus-algorithm-private-untraceable-payments-t10557.html
Twitter: https://twitter.com/CryptKeeperBTT/status/774932018434043904
Facebook: https://www.facebook.com/permalink.php?story_fbid=1798261650460580&id=100008302879126
And posted the link in various slacks.

Rtd!!  

Yassin, I'm glad you're here! Now the fun can start...  

BTW I'm just answering questions in the supernet slack.

[John_Paul]

Since there will be no ICO, how do you plan to fund this project in short term and long term?

Like I did before for the previous 22 months, plus I allocate 1% for myself.

Did you mean that you will not hire any additional devs in the future? How long can you sustain with your own funds? I am not a skeptic. I just want to understand and evaluate the project's financial situation.

[EpyxZ]

If you dont see bounties it would make sense to not post asking about them continuously.. Cant wait till september

[tonych]

Since there will be no ICO, how do you plan to fund this project in short term and long term?

Like I did before for the previous 22 months, plus I allocate 1% for myself.

Did you mean that you will not hire any additional devs in the future? How long can you sustain with your own funds? I am not a skeptic. I just want to understand and evaluate the project's financial situation.

I might move one of my employees to this project.  Don't worry about funding, I can afford building something long term, even if the community is slow to join development.

[tonych]

Reposted [ANN] here: https://forum.bitcoin.com/alternative-cryptocurrencies-altcoins/byteball-totally-new-consensus-algorithm-private-untraceable-payments-t10557.html
Twitter: https://twitter.com/CryptKeeperBTT/status/774932018434043904
Facebook: https://www.facebook.com/permalink.php?story_fbid=1798261650460580&id=100008302879126
And posted the link in various slacks.

Thanks a lot!

[tonych]

The snapshot will be taken on block 437000 in early November (subject to change).

Pick a block number randomly out of range of blocks, e.g. 437000-438000, after the last block in the range is closed.

What for?

[tonych]

I am reading the whitepaper and why do i feel like satoshi is back?  
Btw, how does this witness thing work? Does witness get fees from maintaining the network?

Yes, they get part of the fees paid by users.

[luey]

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.

Why did you choose around this block, why not push this distribution process few more months all the way to new years. Then we can countdown for new years and byteball.
current expected distribution is only a month and a bit to two months most. That is not very long, especially since you wanted get as big of a distribution as possible.
stretch out few more months and maybe pay bounty for people to advertise out.