Obyte: Totally new consensus algorithm + private untraceable payments

[friet]

I gave you solution to distribute the witnesses.

percentage fee

[1715248347]

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[1715248347]

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[1715248347]

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[tarmo888]

Fees is so hypothetical problem. There is bigger problems called scaling and witnesses distribution. As tarmo888 said it's only 30 tps. And as you can see it's only 1 of 12 distributed witness.

I agree about the lack of witnesses decentralization, I think that is the main problem for some users to take it seriously, but at the same time it has had some benefits too, mainly that Obyte has been able to iterate so fast because of this, this probably gets more difficult as Obyte becomes more decentralized.
I don't agree with scaling problem. If less than 1TPS is used and it can do 30FPS, where is the scaling issue? It can do 4-5 times as Bitcoin and 2 times more than Ethereum. For short peak times, it can do 10 times TPS too.

I gave you solution to distribute the witnesses.

percentage fee

If the witness joins because of fees, on the platform where most transactions are currently made by witnesses then it is not the witness Obyte is looking for. The whole point how witnesses work is that they need to post transactions themselves too and spend fees doing so. Your idea is basically to substitute witness fees, but not others. Where would those funds come from? From distribution fund that could be distributed to actual users instead?

[friet]

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?

[tarmo888]

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?

Have you tried to understand how Obyte actually works? https://obyte.org/Byteball.pdf
Do you understand what witnesses actually do?

[friet]

I'm not gonna explain it to you if I don't know what exactly you do not understand.

[Sellman]

Obyte, the topic should be managed better somehow.
I scanned around last five pages, that burried by boring discussion, out of context, and not really relate to Obyte project.
By the way, today I give you something relates to Obyte.
Chart, Obyte's chart, here:
https://coinmarketcap.com/currencies/obyte/
Look at this, please and you will see amazing magic to come soon.

[friet]

Oh yes.

Thank you for that remark.
we will do better so that our discussion is not boring to you.

[cybterpunk]

how is the exchange going?

also any plan for real life using for online business?

[cybterpunk]

only few coin have more than 1000 threads..

byteball is one of the few..

[UmerIdrees]

only few coin have more than 1000 threads..

byteball is one of the few..

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

[tarmo888]

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

Name changed from Byteball to Obyte, logo is temporary, no full rebranding yet (wallet name will be changed in next version).
The ticker on exchanges stayed GBYTE and hasn't changed. Currency units didn't change either, they are Bytes.
Obviously most coins are down from last 6 or more months, Obyte has gone up last 3 months.

This is what have been done during last 2 years https://press.obyte.org/timeline
Subscribe to newsletter, Twitter or Reddit to keep up what is coming next.

[friet]

Can you tell me what are the future plans for this coin to grow in value ?

There are no plans for this coin to grow in value.

There are only plans to prevent it from growing.

It could grow in value if witnesses are replaced. Witnesses would be replaced if they could get percentage of every transfer.
But byteball does not look for such witnesses. That prevents the coin from growing.

Another thing that prevents it from growing is that stupid fixed fee.

But these people who are not business oriented cannot understand that byteball with its stupid rules like:
"fee is fixed because it's the same as data size of transaction"
"byteball is not looking for such witnesses"
is less attractive to investors. The competition is very tough and you cannot have such a drawbacks. You cannot win with drawbacks. If real investors do not show up then byteball will run out of money and it's done.

And who is that byteball who does not look for such witnesses?
What kind of witness does byteball look for?

[tarmo888]

It could grow in value if witnesses are replaced. Witnesses would be replaced if they could get percentage of every transfer.
But byteball does not look for such witnesses. That prevents the coin from growing.

Another thing that prevents it from growing is that stupid fixed fee.

It seems you still haven't bothered to read the whitepaper. You don't even understand how things actually work and keep pushing your odd ideas. Witnesses do get a percentages of every transfer, 1/12 of the payload gets to every witness. Regular transfers have 400 bytes header and payload between 150-200 bytes, so every witness gets 12-17 bytes for every transaction. Transactions containing more messages ("payment" is just one type of message) get more fees to witnesses. If witness pick the transaction as parent, they get header commission too.

What you don't realize is that most of the time, witness transactions have had more payload in total that regular users (except in June and July 2018). So, your idea is meaningless because you haven't even figured out how it would actually work. https://stats.obyte.org/heartbeat.php

If you hire somebody who does something only for financial gain then there is more likely they will bail on you if there is no financial gain. Witnessing Obyte transaction should not be about financial gain, every witness should have enough other motivations (like having business that relies on working network) to be a witness. So, exchanges could be good examples of that kind of witnesses, they would not earn much from witnessing, but they could earn lot more from fees helping people to trade it on their exchange.

https://obyte.org/Byteball.pdf Chapter 13:

Payload commission goes to witnesses.  To incentivize witnesses to post frequently enough, we split payload commission equally among all witnesses who are quick enough to post within 100MC indexes after the paying unit(the faster they post, the faster this unit becomes stable).If all 12 witnesses have posted within this interval, each receives 1/12 of the payload commission.  If only one witness has posted, he receives the entire payload commission.  In the special case that no witness has posted within this interval, they all receive 1/12 of payload commission. If the division produces a fractional number, it is rounded according to mathematical rules.  Because of this rounding, the total commission paid out to witnesses may not be equal to the total payload commission received from the unit’s author(s), so the total money supply will change slightly as well.

We pay only the headers commission and not the entire commission to those who are quick to pick our unit as parent, for the following reason.  If we did pay the entire commission, we would have incentivized abusive behavior:split one’s data into several chunks and build a long chain of one’s own units storing one chunk per unit. All the commissions paid in a previous unit would then be immediately collected by the same userin the next unit.  As we pay only the headers commission, such behavior is not profitable because to produce each additional element of the chain one has to spend additional headers commission –roughly the same as one earns.

[friet]

It's very difficult to compete with other currencies. If no investors shows up this project is dead.
You should be bothered about this.
Not about that:
"there is more likely they will bail on you if there is no financial gain"

You create problem: "How to get witnesses? How to convince them they will benefit from byteball?"
You understand that this is one more problem that you create?

Instead of focusing on getting investors and compete with other cryptocurrencies you prefer to focus on solving problems that you create.

[tarmo888]

It's very difficult to compete with other currencies. If no investors shows up this project is dead.
You should be bothered about this.
Not about that:
"there is more likely they will bail on you if there is no financial gain"

No, exactly the opposite, if over half of the witnesses stop posting at once because it is not profitable anymore then it is dead and needs to be hard-forked to get up again. Read the whitepaper, please. Stop spreading uneducated opinions.

[friet]

If no investors nothing will help. Even hard fork will not help.

Does your educated opinion say something else?

[tarmo888]

If no investors nothing will help. Even hard fork will not help.

Does your educated opinion say something else?

What investors? There are already too many HODLers on Obyte who doesn't spend, just sit on their bytes. Obyte doesn't need investors right now, it didn't even need an ICO.

Yes, it needs witnesses who will also stay, so you can't bribe them with fees. Witnesses are not investors.

Obyte also needs developers and businesses who build more stuff using Obyte as a platform.

[friet]

Doesn't your educated opinion say that these:
- witnesses
-"developers and businesses who build more stuff using Obyte as a platform"
are investors ?

Are they hobbists?

[tarmo888]

Doesn't your educated opinion say that these:
- witnesses
-"developers and businesses who build more stuff using Obyte as a platform"
are investors ?

Are they hobbists?

You have some fiat money in wallet? Are you automatically central bank investor or central bank hobbyist? Or you could also be just an user?
The uneducated opinion part was a reference to you not knowing how fees and witnesses work, but it seems now that you lack of vocabulary too.

[friet]

They are investors.
They put something into it and expects to get something in return.

But if your educated opinion says something else then okay.
Let's say they are users.

Replace "investors" in my previous post that made you making off-topic with "investors and users".

Does it solve your naming problem?