Obyte: Totally new consensus algorithm + private untraceable payments

[stkuser1]

An update about future distribution plans.

So far, bytes were mainly distributed via airdrops to holders of BTC and Bytes, and a relatively small portion was distributed through the cashback program.  We started this free distribution with the purpose of getting the currency as wide spread as possible, and while the purpose stays the same, methods can change.  The airdrop method worked well to get the initial user base, but it also proved to be the least efficient in terms of user acquisition cost.

Over the next few months, we'll add more methods of free distribution.  One of them is already being developed, I expect it to be ready in the first half of December.  

The new methods are designed to grow our user base faster than the money supply.

While the new methods are still untested, it is early to drop the airdrops.  That's why the next round of distribution to Bytes and BTC holders is tentatively planned for the full moon of March 2, 2018.  The rules are the same as in the previous round:

For every 16 BTC you receive 0.1 GB,
For every 1 GB you receive additional 0.1 GB,

and similar rules for blackbytes.

This round can be postponed or even canceled depending on performance of other distribution methods.

As I said before, airdrops to holders of BTC and Bytes, which we did on full moons, were a good way to bootstrap the network and get initial attention.  But last few airdrops failed to attract any significant number of new users while quickly consuming the undistributed pool.  We had to pivot to other distribution methods, but at the time I was writing the above post they were not ready yet, and I had to tentatively put another old-style airdrop on the calendar.

Now that the new distribution methods are ready and proven, and we've added even more methods than originally planned, the March airdrop is cancelled.  November airdrop was the last one that paid to holders in proportion to their balances.

This is the list of the current distribution methods (in no particular order) that we'll continue to use and improve:

1. Cashback.

2. Verification rewards and referral rewards to those who verify their real name.  It is true that the referral system didn't work quite well for new users who have no Bytes yet, and we are going to introduce a new scheme which will allow to refer new users without sending them any Bytes.

3. Giveaways, such as those that Rafael does to his youtube subscribers.

4. Mass sending of textcoins to subscribers of our partners.  We have done two so far https://docs.google.com/spreadsheets/d/1heT6TUSpTJgRW-FUM0LbcoVjXZRCb3PbXQQLmzvNRvM/edit#gid=323859176 and will work on improving conversion in the future campaigns.

Other similar methods will be added over time, the purpose is to use the remaining undistributed coins most efficiently to acquire as many new users as possible.

There were multiple suggestions to redirect a part of undistributed funds from free distribution, i.e. from acquiring users, and spend it for hiring more people, paying contractors, etc.  While I understand the reasoning behind these suggestions, it is also important that we learn to spend money wisely, with the maximum effect per spent $, before (and if) we scale up the budget.  Anyway, it is unnecessary to repurpose the undistributed funds now as we have enough funds in the Community Fund to fund the current operations in the near future: it is over $1m in Bytes (plus another $1m in less liquid blackbytes).

Thanks for the updates. I think it would be better to have more transparency of the future distribution.
BTW, is there any plan to reband the project to attract more audiences as a marketing strategy as NEO(Antshare)/NANO(Railblocks) did?

[1713571237]

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[1713571237]

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[Malek17]

Now that the new distribution methods are ready and proven, and we've added even more methods than originally planned, the March airdrop is cancelled.  November airdrop was the last one that paid to holders in proportion to their balances.

This is the list of the current distribution methods (in no particular order) that we'll continue to use and improve:

1. Cashback.

2. Verification rewards and referral rewards to those who verify their real name.  It is true that the referral system didn't work quite well for new users who have no Bytes yet, and we are going to introduce a new scheme which will allow to refer new users without sending them any Bytes.

3. Giveaways, such as those that Rafael does to his youtube subscribers.

4. Mass sending of textcoins to subscribers of our partners.  We have done two so far https://docs.google.com/spreadsheets/d/1heT6TUSpTJgRW-FUM0LbcoVjXZRCb3PbXQQLmzvNRvM/edit#gid=323859176 and will work on improving conversion in the future campaigns.

IMO this is very bad news. None of these methods are "proven" as you say, and they are all far more opaque than distributing to addresses with balances that can be checked on the networks.

How many dollar-equivalents have been spent in the cashback program so far? What's there been like 50 people send their passport to Juobi or whatever now? Youtube crypto scam videos? Really?

There are still 40% of coins to distribute, and now they are basically completely able to be distributed by shady backroom deals or not at all. There is no way to validate distribution beyond this point. So long and thanks for all the fish.

it seems the beginning of the End to Byteball, none of the distribution method mentioned above impress me

[rif21]

Do you guys have already fixed the Segwit claim problem with the transition bot??

[Malek17]

Do you guys have already fixed the Segwit claim problem with the transition bot??

there is not more distribution to Bitcoin or Byteball holders so there is not need to link your segwit/legacy Bitcoin address.

[Big Naturals]

IMO this is very bad news. None of these methods are "proven" as you say, and they are all far more opaque than distributing to addresses with balances that can be checked on the networks.

How many dollar-equivalents have been spent in the cashback program so far? What's there been like 50 people send their passport to Juobi or whatever now? Youtube crypto scam videos? Really?

There are still 40% of coins to distribute, and now they are basically completely able to be distributed by shady backroom deals or not at all. There is no way to validate distribution beyond this point. So long and thanks for all the fish.

I agree, with so many coins still to distribute, new and better schemes need to be added asap, and transparency is essential. I'm not saying Tony can't do this, just that old system worked fine, just needed to remove exchange addresses etc

Finishing distribution asap is more critical than driving adoption now, in a bull market good crypto get adopted, and since 2017 crypto adoption is moving forward. I really hope Tony appreciates the need to be transparent, and that's difficult when third parties are involved in some of these distro methods.

Old school crypto people will hear bullshit detectors going off now, fud elert, exit scam accusations etc  Did not have to be this way, could have just stuck with full moons for another 6 months, anyone is free to buy BB and get some free airdrop. Simple is better than complicated, and these other methods will take years, and be prone to abuse.

[Rackot]

Ehh, cancelation of aitdrop, Have to re-evaluate my trades for Gbyte. Short-term bearish, Long-term Bullish  

[Atdhe]

This means that the March airdrop is cancelled or that it is the last one? Somehow I do not get it, but leaving home tmr and I wanna know if I have to sign the BTC addresses.

[SHBlizzard]

Now that the new distribution methods are ready and proven, and we've added even more methods than originally planned, the March airdrop is cancelled.  November airdrop was the last one that paid to holders in proportion to their balances.

This is the list of the current distribution methods (in no particular order) that we'll continue to use and improve:

1. Cashback.

2. Verification rewards and referral rewards to those who verify their real name.  It is true that the referral system didn't work quite well for new users who have no Bytes yet, and we are going to introduce a new scheme which will allow to refer new users without sending them any Bytes.

3. Giveaways, such as those that Rafael does to his youtube subscribers.

4. Mass sending of textcoins to subscribers of our partners.  We have done two so far https://docs.google.com/spreadsheets/d/1heT6TUSpTJgRW-FUM0LbcoVjXZRCb3PbXQQLmzvNRvM/edit#gid=323859176 and will work on improving conversion in the future campaigns.

IMO this is very bad news. None of these methods are "proven" as you say, and they are all far more opaque than distributing to addresses with balances that can be checked on the networks.

How many dollar-equivalents have been spent in the cashback program so far? What's there been like 50 people send their passport to Juobi or whatever now? Youtube crypto scam videos? Really?

There are still 40% of coins to distribute, and now they are basically completely able to be distributed by shady backroom deals or not at all. There is no way to validate distribution beyond this point. So long and thanks for all the fish.

it seems the beginning of the End to Byteball, none of the distribution method mentioned above impress me

yeahhh... its not all that great, but i understand why they want to remove the full moon distribution
how about an exchange airdrop? Tron airdropped 500 coins to each Binance user in a deal with Binance. Perhaps Byteball can do something similar?

[SHBlizzard]

This means that the March airdrop is cancelled or that it is the last one? Somehow I do not get it, but leaving home tmr and I wanna know if I have to sign the BTC addresses.

March airdrop is cancelled. confirmed on their twitter.

[Malek17]

Ehh, cancelation of aitdrop, Have to re-evaluate my trades for Gbyte. Short-term bearish, Long-term Bullish  

it won't be bullish before it mature and the coin won't mature before it's fully distributed and decentralized i can see a very long way to a fully distributed fully decentralized mature Byteball by then many coins will come and go so it's very hard to predict a bullish Byteball for now.

[syclone]

Ahh bummer, was hoping to get another airdrop in March.  Guess I'll just have to hold for a few more months to a year.  No biggy

[byteball3r]

Glad to see the March airdrop was cancelled. There is still way too much uncertainty in how the remaining bytes will be distributed though. That's why the price is collapsing. Giving bytes away is not the only way to "acquire users". People can afford to buy $20 worth themselves to use the network.

You should really focus on listing on Fiat exchanges. I'd say you should distribute 50% of the remaining bytes to bytes holders as a one-time thing, save 25% for the project, and save 25% to give away. $2m for development is really not much compared to the $200m you're saying you will give away for free.

[Punqtured]

I fail to see the reason of some people's concern.

Funds are still distributed for free. Past has shown that target group of previous airdrops just dumps it. It's a natural choice to switch strategy.

I really love this quote:
"Insanity: doing the same thing over and over again and expecting different results"

[Wekkel]

Insanity: take 3 months, do nothing, schedule ‘tentative’ Airdrop, cancel just before due date.... via Twitter...

And people wonder what’s wrong with the marketing of this coin...

Can you believe this total absence of a visible resemblance of an actual plan? For people less versed in Byteball ‘s particular idea of ‘marketing’, this is a disaster.

Good thing is that Cryptopia has more days for my GBYTE to remain stuck 

[Big Naturals]

I fail to see the reason of some people's concern.

Funds are still distributed for free. Past has shown that target group of previous airdrops just dumps it. It's a natural choice to switch strategy.

The problem is most people don't like investing in coins with ~40% of supply undistributed, makes people nervous. The moon drops provided certainty, now there is uncertainty ... how long will the remaining coins take to distribute, will everything be transparent, will there be any surprises that make people dump etc

Tony is a smart guy, and has done extremely well so far, so I'm still hopeful, but I'd have preferred ending distribution asap.

[jjacob]

Insanity: take 3 months, do nothing, schedule ‘tentative’ Airdrop, cancel just before due date.... via Twitter...

And people wonder what’s wrong with the marketing of this coin...

Can you believe this total absence of a visible resemblance of an actual plan? For people less versed in Byteball ‘s particular idea of ‘marketing’, this is a disaster.

Good thing is that Cryptopia has more days for my GBYTE to remain stuck 

In defense of the airdrop getting cancelled, there was a disclaimer that this 'tentative' airdrop might be postponed or cancelled. So news of the shift to other distribution methods should not come as a surprise to anybody.
For existing byte holders, this should come as a positive news. The price invariably tanks after every distribution (which more than compensates for the free bytes they receive.)

[Lydian]

The March Airdrop is canceled. Too bad. I still have not understood how the bytes should be distributed in the future? Bytes holder will not get anything in the future, at least not from Airdrops?

[blm]

Haha, figures the airdrop would be cancelled, I *just* got the client running and figured out how to sign a message with my BTC private key so I could do the Transition Bot conversionation. My usual luck

[vlom]

The March Airdrop is canceled. Too bad. I still have not understood how the bytes should be distributed in the future? Bytes holder will not get anything in the future, at least not from Airdrops?

or just keep the supply low.... who needs new coins.

[fritzi]

Tony should burn the remaining coins the same way Nano (railblocks) dev did. Thus, resulted to exponential increase in price.