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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1195187 times)
Odrak
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April 25, 2017, 09:07:54 AM
 #7241

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

Exchanges: Bittrex, Cryptox, Cryptopia, and trading bot (see the link at https://byteball.org)
Prediction markets (betting, binary options): #prediction_markets 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 will be issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.

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) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before any of the distribution rounds.  No investment required, you keep your bitcoins, plus receive the bytes and blackbytes.  See below how to receive the coins.
  • 1% I reserve for myself

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 4th rounds, we distributed another 6%, over 145,000 BTC was linked.

Participation in 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, you can multiply your holdings.  

The snapshots for the 5th round will be taken on the Full Moon of May, on May 10, 2017 at 21:42 UTC.  This is what you receive:
BTC to bytes: 1 BTC of proven balance gives you 62.5 MB (0.0625 GB)
BTC to blackbytes: 1 BTC of proven balance gives you 2.1111 * 62.5 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

To participate, link your Byteball and Bitcoin addresses before the 5th round:

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

2.  Visit https://byteball.org and click the link to chat with the Transition Bot.  The link will open the new wallet and start a chat.  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, both links are ignored.  If you did this by mistake, link another Bitcoin address.

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 May 10, 2017 at 21:42 UTC, after which we'll do the distribution in proportion to BTC and bytes balances on this date.

In the 5th round, we'll distribute as much as is linked and calculated by the above rules, the exact % is not known in advance.  

The 6th and subsequent rounds (yet to be announced) will follow similar rules, but the relative weight of bytes vs. BTC (i.e. which amount of bytes gives the same share in the new distribution as 1 BTC) in the 6th and further rounds will change and will gradually increase to 1 BTC=62.5 MB.  It will be selected 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.  The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.

We'll have as many rounds as is necessary until all 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.

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, zuqka.asuscomm.com/bb
  • 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

Translations: Chinese, French, German, Hindi, Indonesian, Italian, /forum/index.php?topic=11596]Japanese, Korean, Portuguese, Russian, Spanish, Turkish.
Twitter: https://twitter.com/ByteballOrg
Slack: http://slack.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.



So this is not a mining coin, is  only a altcoin stock market coin type thing , after the first 3 altcoins i did that with and lost get a share for $3.00 then it drops to below $0.003  never go's up i lose all .and $10.00 to start using it ? Whare do that $10.00 go ? it looks like that is just to start to use the wallet ,and you not even getting coins for it .Huh/ confusing is the dev getting that $10.00 ?


You make no sense my friend. Could you elaborate? There's no costs associated with participating in the Byteball distribution if you link your address via signing a message. Talk to the transition bot (can be found on byteball.org) for information in regards to linking your BTC balance.
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April 25, 2017, 09:27:29 AM
 #7242

So this is not a mining coin, is  only a altcoin stock market coin type thing , after the first 3 altcoins i did that with and lost get a share for $3.00 then it drops to below $0.003  never go's up i lose all .and $10.00 to start using it ? Whare do that $10.00 go ? it looks like that is just to start to use the wallet ,and you not even getting coins for it .Huh/ confusing is the dev getting that $10.00 ?


Man, do you really need to quote the entire OP just to post a question?
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April 25, 2017, 09:46:37 AM
 #7243

So this is not a mining coin, is  only a altcoin stock market coin type thing , after the first 3 altcoins i did that with and lost get a share for $3.00 then it drops to below $0.003  never go's up i lose all .and $10.00 to start using it ? Whare do that $10.00 go ? it looks like that is just to start to use the wallet ,and you not even getting coins for it .Huh/ confusing is the dev getting that $10.00 ?


Man, do you really need to quote the entire OP just to post a question?

He's trolling! Angry



BIG WINNER!
[15.00000000 BTC]


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camelia_ena
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April 25, 2017, 09:57:10 AM
 #7244

Hello
I hope someone cam help me. I've downloaded and installed the Android wallet for Byteball. I am trying to link my BTC adress with my Byteball adress, but there is no chatbot in the wallet I've downloaded. When I try to click the link of the chatbot on the website there's also no activity, the page just keeps refreshing.
Am I doing something wrong? Can someone please point me in the right direction?
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April 25, 2017, 10:18:37 AM
 #7245

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.
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April 25, 2017, 10:21:09 AM
 #7246

Hi,

Can anyone tell me when is the next airdrop and how can I claim it?

If i participate wth 1 btc how much bytes will I receive and can someone post the link for the steps?

thanks


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April 25, 2017, 10:31:46 AM
 #7247

Hi,

Can anyone tell me when is the next airdrop and how can I claim it?

If i participate wth 1 btc how much bytes will I receive and can someone post the link for the steps?

thanks

Your current linked Bitcoin address is 1ZFZPqhULD6SgFbLFmkFXGfXSiy9YBcR3.

Please make sure that 1ZFZPqhULD6SgFbLFmkFXGfXSiy9YBcR3 is indeed your address and move all your coins to this address. You receive 62.5 MB and 131,943,750 blackbytes for each 1 BTC of the total balance of this Bitcoin address on May 10.

Current balance of this address is X BTC.

For the bytes you hold on May 10 you receive 0.1 new byte for each 1 byte of your balance, even if your bytes are not on linked Byteball addresses.

You also receive 0.21111 blackbytes for each 1 byte of your balance on the linked Byteball address.

Move your bytes to the linked address in order to maximize the amount of blackbytes you receive.

More info can be found on byteball official site
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April 25, 2017, 10:53:29 AM
 #7248

Potential problem down the road, Bittrex only allows orders up to 2.00000000 BTC/GBYTE, clearly when we hit that limit there will be issues.
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April 25, 2017, 11:11:42 AM
 #7249

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.

It was never as low as 10$, the lowest BTC price was 0.03 (for a very short time) and usually it was between 0.04-0.06 (once it went up to 0.2 so the ATH is higher than the current price), now the price is 0.16 so its 4x of the all time low and about 2.5x of the yearly average. 5-10$ price implies up to 40x increase, which never happened (yet), not even 10x in BTC price at least (I'm not following fiat prices, only BTC).

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April 25, 2017, 11:14:13 AM
 #7250

200 dollars a price, I do not believe in it)))

party is not over yet.

and don't forget this is one ball man game.

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April 25, 2017, 11:19:06 AM
 #7251

Potential problem down the road, Bittrex only allows orders up to 2.00000000 BTC/GBYTE, clearly when we hit that limit there will be issues.

And we will hit soon !
Spratan
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April 25, 2017, 11:21:58 AM
 #7252

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.

Meanwhile Blackbytes is only 6$...
Strictly the same tech as Byteball + anon.
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April 25, 2017, 11:24:37 AM
 #7253

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.

It was never as low as 10$, the lowest BTC price was 0.03 (for a very short time) and usually it was between 0.04-0.06 (once it went up to 0.2 so the ATH is higher than the current price), now the price is 0.16 so its 4x of the all time low and about 2.5x of the yearly average. 5-10$ price implies up to 40x increase, which never happened (yet), not even 10x in BTC price at least (I'm not following fiat prices, only BTC).

Maybe you didn't witness it but the lowest on Cryptox was 0.007xx BTC and you could buy quite some at 0.008 BTC (on Cryptox and OTC), it was some days after the first distribution, early January I think. So 0.16 is actually 20 times all times low (if we don't count free coins). Anyway, we probably all think that it still has room to grow, and opportunity is still here Wink.

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April 25, 2017, 11:26:47 AM
 #7254

I thought I had a good amount until I converted my wallet to GB 0.00002 sad very sad moment in my life now
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April 25, 2017, 11:29:43 AM
 #7255

Hi,

Can anyone tell me when is the next airdrop and how can I claim it?

If i participate wth 1 btc how much bytes will I receive and can someone post the link for the steps?

thanks

it's all in the first post.

get the light wallet. chat to the bot for instructions on how to link your bitcoin address. it's on may 10th i think. you'll get 0.062gb with one btc. if you have more then you may as well link all of them. there's nothing at risk.
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April 25, 2017, 11:31:29 AM
 #7256

Is the initial micropayment for BTC address linking somehow payed back? Or is it regarded as some sort of fee?  Huh
Sorry if this has been already discussed. I couldn't find the discussions.  Cry
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April 25, 2017, 11:35:16 AM
 #7257

Is the initial micropayment for BTC address linking somehow payed back? Or is it regarded as some sort of fee?  Huh
Sorry if this has been already discussed. I couldn't find the discussions.  Cry

It's not paid back. Having said that, another way of linking is by signing your Byteball address with your Bitcoin address and giving the signature to the transition bot, it won't cost a dime Wink.

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April 25, 2017, 11:37:37 AM
 #7258

A must call the dev a genius as because of the mechanism of distribution what he chose which made it abuse free and dump proof by setting limits who can get benefit of the free distribution must hold either Bitcoin or bytes in his wallet and the ratio is fantastic. Who can afford to hold some good number will not dump so cheap and this is what took the market so high at these levels.
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April 25, 2017, 11:41:20 AM
 #7259

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.

It was never as low as 10$, the lowest BTC price was 0.03 (for a very short time) and usually it was between 0.04-0.06 (once it went up to 0.2 so the ATH is higher than the current price), now the price is 0.16 so its 4x of the all time low and about 2.5x of the yearly average. 5-10$ price implies up to 40x increase, which never happened (yet), not even 10x in BTC price at least (I'm not following fiat prices, only BTC).

Maybe you didn't witness it but the lowest on Cryptox was 0.007xx BTC and you could buy quite some at 0.008 BTC (on Cryptox and OTC), it was some days after the first distribution, early January I think. So 0.16 is actually 20 times all times low (if we don't count free coins). Anyway, we probably all think that it still has room to grow, and opportunity is still here Wink.

I don't remember those prices at all and I've been checking since the first day, maybe it was right after it got on the exchange, the first few hours the ATH was something like 0.3BTC but those numbers aren't real just insanely low volume trades, every coin starts like that. If bugfixing and updates will keep coming like this, we have a lot of room to grow for sure, price might drop to 0.08btc but I believe that will be the hard floor.

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April 25, 2017, 11:41:31 AM
 #7260

200 dollars a price, I do not believe in it))) At the beginning the price was about 5-10 dollars, and many who did get coins for free.

Meanwhile Blackbytes is only 6$...
Strictly the same tech as Byteball + anon.

Lol, noticed that and bought a bunch. Seems nobody wants them at the moment.
But down the road i'm betting there will be more demand for them.
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