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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1182411 times)
tonych
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November 07, 2019, 05:41:54 PM
Merited by aigeezer (1), tbct_mt2 (1)
 #22061

A recent presentation I gave at Decentralized conference in Athens:

https://medium.com/obyte/from-blockchain-to-dag-getting-rid-of-middlemen-28afa7563545




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tbct_mt2
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November 08, 2019, 01:42:53 AM
 #22062

It is a very detailed, succint and interesting presentation, I like it. Congratulations, tonych!

I am interested in the confirmation time that presented in Obyte's Whitepaper (at the page #19) as below
We estimate the best confirmation times to be around 30 seconds; this   is only reachable   if the   flow of new units is large enough so that   the witnesses earn more from witnessing commissions than they spend for posting their own units.
So in real time, and in average speed, how long does it takes to get confirmation for one transaction with Obyte?
I wonder that the DAG-based blockchain still has risks of network congestions, right? Temporarily, network congestion maybe not a big problem with Obyte network but in the future the team should have plans to prevent it happens.

Suggestion:
The list of exchanges in OP should be updated.

Volume of Obyte is too low and concentrated on the Bittrex exchange. I hope that Obyte team can spread the coin to other exchanges with good volume. Volume is source of growth for any coin, and it is extremely ridiculous to see the very low daily volume of a good coin like Obyte

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|ROULETTE
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TOWERS
DICE
CRASH
──── ─── ─
tarmo888
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November 08, 2019, 05:20:00 AM
 #22063

I am interested in the confirmation time that presented in Obyte's Whitepaper (at the page #19) as below
We estimate the best confirmation times to be around 30 seconds; this   is only reachable   if the   flow of new units is large enough so that   the witnesses earn more from witnessing commissions than they spend for posting their own units.
So in real time, and in average speed, how long does it takes to get confirmation for one transaction with Obyte?
I wonder that the DAG-based blockchain still has risks of network congestions, right? Temporarily, network congestion maybe not a big problem with Obyte network but in the future the team should have plans to prevent it happens.
I could be wrong, but I understand that 30 seconds confirmation speed needs around 3 serially posted transactions per second, continuously. I think the witnesses are coded that they will not post themselves faster than once in 30 seconds and they are also coded that if there is not enough transactions then they post at least once in 10-20 minutes. So, the current confirmation speed we see is purely because there is not enough constant usage on Obyte network even though Obyte nodes can handle constantly 30 TPS (and much higher temporary peaks). There is no hard-coded limits how much TPS Obyte network can handle, just SSD and CPU are the limits.

Suggestion:
The list of exchanges in OP should be updated.

Volume of Obyte is too low and concentrated on the Bittrex exchange. I hope that Obyte team can spread the coin to other exchanges with good volume. Volume is source of growth for any coin, and it is extremely ridiculous to see the very low daily volume of a good coin like Obyte

Yeah, OP probably needs to be updated, but the most up-to-date exchanges are on English language page, some other languages are not even rebranded to Obyte. https://obyte.org/#exchanges

Volume is kind of catch-22, without volume, there is little interest and can't get more volume because there is not enough interest. Adding a coin to random exchange won't magically make more volume, unless you pay for wash trading service, which many un-regulated exchanges offer. The more people use available coin swapping services, the more volume there will be on Bittrex because most of them are connected to Bittrex anyways.
tbct_mt2
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November 08, 2019, 08:06:46 AM
 #22064

There is no hard-coded limits how much TPS Obyte network can handle, just SSD and CPU are the limits.
It means when Obyte becomes more common in crypto, and more people use the coin for their transactions beside trading, I think there are minor risks of network congestion. Technically, the quality of hardware partially determine speed of confirmation. I consider it as minor risks because I think nowadays most of people and crypto enthusiasts in particular use devices that are good enough to process required things, on Obyte network, in particular.
Quote
Yeah, OP probably needs to be updated, but the most up-to-date exchanges are on English language page, some other languages are not even rebranded to Obyte. https://obyte.org/#exchanges

Volume is kind of catch-22, without volume, there is little interest and can't get more volume because there is not enough interest. Adding a coin to random exchange won't magically make more volume, unless you pay for wash trading service, which many un-regulated exchanges offer. The more people use available coin swapping services, the more volume there will be on Bittrex because most of them are connected to Bittrex anyways.
Exchanges themselves can not help price and volume increasing but there is a mutual correlation between volume, price and interests from community. Without interest, people will not buy, invest or trade that do affect volume; without volume people will hesitate to buy, trade and invest that in turn will affect back to volume. Volume and interests together will affect price of Obyte.

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tarmo888
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November 08, 2019, 11:48:26 AM
 #22065

There is no hard-coded limits how much TPS Obyte network can handle, just SSD and CPU are the limits.
It means when Obyte becomes more common in crypto, and more people use the coin for their transactions beside trading, I think there are minor risks of network congestion. Technically, the quality of hardware partially determine speed of confirmation. I consider it as minor risks because I think nowadays most of people and crypto enthusiasts in particular use devices that are good enough to process required things, on Obyte network, in particular.

No, the quality of the hardware doesn't affect the confirmation speed.
Confirmation speed is linked to how fast the main chain index grows, basically how many serial transactions are made by different wallets.
Quality of hardware doesn't affect the TPS either, type of disk, database, CPU and optimizations of the software code determine that. At the moment, current tech stack is fine because we don't use even 1/30 of the capability. In the future, other implementations using different tech stack can be written for Obyte protocol.
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