Obyte: Totally new consensus algorithm + private untraceable payments

[yvv]

From the blog

Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

[1713296603]

1713296603

[1713296603]

1713296603

[SatoNatomato]

Do I understand this correctly that to use this betting feature one must find:

1. some other user eager to be a counterparty to the betting contract
2. find out the other user's device address
3. pair the wallet with the other user's device
4. start a chat and set up a contract as described in the medium post

If that's correct we need some community forums to find possible counterparty users to bet with.

Slack channels is good short-term solution, similar to finding trading partners to exchange any other asset or currency, there should be a channel to find prediction-market betters.
 

[SatoNatomato]

As an alternative to Cryptox.pl you could try to use the Bitcoin oracle in order to exchange Bitcoin and Byteballs with someone else. Of course it is not an exchange replacement but it is a new save way to trade.

can we get byteball on bittrex so I dont have to use a janky ass exchange?

I am just playing a little bit around with Byteball and I am wondering if there is an API I can use to access DAG data on localhost? Couldn't find any information on the web.

Other users have said they take a copy of the byteball.sqlite file and access it with any sqlite browsers, even the CLI sqlite3 works well.

Alternative is, you could run the byteball-explorer yourself locally, and thus explore the DAG with that nice interface.

[ParmaBTC]

COUNTDOWN TO NEXT SNAPSHOT
11th APR 2017 06:08 UTC

[tonych]

From the blog

Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

[yvv]

From the blog

Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

There is a minimum collateral defined by maintenance collateral ratio. When collateral value drops below this ratio, position gets margin called by a smart contract. There is no 100% guarantee against black swan event (when collateral value goes to shit instantly), but risk of such event can be reduced by setting high enough MCR. This works in practice on bitshares DEX.  Everything works pretty much similar to how brokerage firms do it, but implemented through a smart contract.

[tonych]

From the blog

Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

There is a minimum collateral defined by maintenance collateral ratio. When collateral value drops below this ratio, position gets margin called by a smart contract. There is no 100% guarantee against black swan event (when collateral value goes to shit instantly), but risk of such event can be reduced by setting high enough MCR. This works in practice on bitshares DEX.  Everything works pretty much similar to how brokerage firms do it, but implemented through a smart contract.

Does it mean there is trade-off between being overcollaterized (thus wasting capital) and bearing the risk of margin call?
What brokerage firms do seems like the opposite: they lend you 100x of what they hold in collateral, thus increasing money supply.

position gets margin called by a smart contract

Byteball smart contracts are just constraints.  They just tell you the conditions when this contract can be spent.  They can't sell a position.  This also assumes presence of a market which is not a protocol-level thing.

[yvv]

Does it mean there is trade-off between being overcollaterized (thus wasting capital) and bearing the risk of margin call?
What brokerage firms do seems like the opposite: they lend you 100x of what they hold in collateral, thus increasing money supply.

Yes, there is a trade of between being overcollateralized and margin called. No, it is not the opposite to brokerage firms. Borrower's position at bitshares gives leverage, although  lower than brokers usually give, but this is just a parameter of smart contract.

Byteball smart contracts are just constraints.  They just tell you the conditions when this contract can be spent.  They can't sell a position.  This also assumes presence of a market which is not a protocol-level thing.

Well, it is worth to think about how to implement CDOs in trustless way outside the protocol level, because this opens quite amazing opportunities.

[joeydangerous]

Byteball is one of the projects that have various bounties and pays out 100% of the time. Since this project has been alive for a while, this one is nothing that you would want to miss out on.

[davidoski]

What is the pairing code of the CoinMarketCap oracle?

It doesn't accept pairing requests.
What for?

Don't I have to pair with CoinMarketCap oracle to use it with contracts? The previous oracle (BTC Oracle) had a pairing code. I thought this one has too.

[tobsnn]

COUNTDOWN TO NEXT SNAPSHOT
11th APR 2017 06:08 UTC

ooohweeh

looking forward to it

[6436346346]

Anyone know if this coin has a logo?

[Krypt]

Anyone know if this coin has a logo?

Yes
|
|
V

[ETCethereum]

byteball coin not open signature campaign agan dev
ussualy every airdrop distribution byteball coin open twitter campaign and signature campaign

[ByteFan]

Hi,

Love the project, however any command line version for unix systems ?

$ ../nwjs-v0.14.7-linux-x64/nw .
[23625:23625:0406/110342:ERROR:browser_main_loop.cc(271)] Gtk: cannot open display:

Thanks

[szachta]

Working wallet in win10 works ass well.

[tonych]

What is the pairing code of the CoinMarketCap oracle?

It doesn't accept pairing requests.
What for?

Don't I have to pair with CoinMarketCap oracle to use it with contracts? The previous oracle (BTC Oracle) had a pairing code. I thought this one has too.

No, they are a bit different.
The price oracle posts prices explicitly: https://explorer.byteball.org/#XCHNbbG+lG2as/ZIDSsq1TM/6SDcnhAHLiyAsfnFfPA=
The BTC oracle posts only Merkle root https://explorer.byteball.org/#YQiZd+FA3Urbm5vykIjZXprObuqpedaZwkZkm7Qgar4= (it would be insane to post every output of every 1MB block), so you have to talk with the BTC oracle to obtain a Merkle proof for your transaction and then use it to redeem the contract.

[SatoNatomato]

Hi,

Love the project, however any command line version for unix systems ?

$ ../nwjs-v0.14.7-linux-x64/nw .
[23625:23625:0406/110342:ERROR:browser_main_loop.cc(271)] Gtk: cannot open display:

Thanks

There is a headless-wallet which you can use as "command-line" interface, but if you only like to start the GUI Wallet from command line, the binary is called Byteball, so unzip it then ./Byteball. Working with the headless-wallet is tedious and not like a normal command-line interface.

The above error "cannot open display" is due to running it without Xorg server, or without X11 forwarding with ssh, or as another user which doesnt have ~/.Xauthority and DISPLAY env set.

[ByteFan]

Hi,

Love the project, however any command line version for unix systems ?

$ ../nwjs-v0.14.7-linux-x64/nw .
[23625:23625:0406/110342:ERROR:browser_main_loop.cc(271)] Gtk: cannot open display:

Thanks

There is a headless-wallet which you can use as "command-line" interface, but if you only like to start the GUI Wallet from command line, the binary is called Byteball, so unzip it then ./Byteball. Working with the headless-wallet is tedious and not like a normal command-line interface.

The above error "cannot open display" is due to running it without Xorg server, or without X11 forwarding with ssh, or as another user which doesnt have ~/.Xauthority and DISPLAY env set.

Hi SatoNatomato,

Thank you for your answer.

I would like to set up a node on a distant serveur (with no X11 only root ssh) to operate as a witness. What should I run actually ?

Headless Byteball - headless wallet, primarily for server side use.
Byteball Relay - relay node for Byteball network. It doesn't hold any private keys.
Byteball Hub - hub for Byteball network. Includes the relay, plus can store and forward end-to-end encrypted messages among devices on the Byteball network.

Thank you

[q52778192td]

Interesting project, I have a few ball