All the coins, we will distribute 95% with the ICO and as you can find in the specifications we have 3% annual interest.
I'm not much familiar with altcoins but extrabyte when you have time please explain to us in details what does "3% annual interest" mean because I don't understand it well.
Hi, take a look and feel free to ask me if you have another question:
"Proof of Stake is a proposed alternative to Proof of Work. Like proof of work, proof of stake attempts to provide consensus and doublespend preventio. Because creating forks is costless when you aren't burning an external resource Proof of Stake alone is considered to an unworkable consensus mechanism.
It was probably first proposed by Quantum Mechanic. With Proof of Work, the probability of mining a block depends on the work done by the miner (e.g. CPU/GPU cycles spent checking hashes). With Proof of Stake, the resource that's compared is the amount of Bitcoin a miner holds - someone holding 1% of the Bitcoin can mine 1% of the "Proof of Stake blocks".
Some argue that methods based on Proof of Work alone might lead to a low network security in a cryptocurrency with block incentives that decline over time (like bitcoin) due to Tragedy of the Commons, and Proof of Stake is one way of changing the miner's incentives in favor of higher network security."
Source and more info:
https://en.bitcoin.it/wiki/Proof_of_Stake we all can not be sure that the creation keys are destroyed.
And about that, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But the guys behind Zcash were working a lot of time to be prepare for that "ceremony" and they are working with people with the knowledge necessary for that task.
The option 1 looks like the safest and easiest way, Im ok with that.
I do agree also with option 1.
Interesting idea with Ebitz taking the Zcash concept in a different direction, I have just e-mailed the Ebitz group about it via their page.
One comment, though, the Zcash setup cannot be assumed to be any good until it the results of it are audited - something that Peter Todd himself has acknowledged.
Specifically, he said, and I quote, "Until the software and deterministic builds are audited, the entire ceremony is a bunch of crypto hocus pocus that means nothing." (1)
(1)
https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony#single-point-of-failureYes, thanks for your contact. We already know that, but still that option is the best for the moment.
Joskye, welcome aboard!
1. How do you plan to manage the ICO so that distribution of coins is even or at least even enough to prevent a 51% monopoly on coin ownership occurring in the hands of a small cabal of owners.
- 19.95 million coins for 500btc isn't much for some people and whale dominance can completely override the benefits that PoS otherwise brings.
We receive a lot of pm and mails asking us to remove the limit of 500 btc and make the sale unlimited, but for the moment we dont have plan to change our initial idea. Yes, we have 19,95 million of coins but can be divided into smaller measures (satoshis, bits).- Is there going to be a maximum limit per individual investor?
No. Its a good idea, but anyone can make a new account and deposit btc from another address.- Do you think whale accumulation will damage community confidence in ebitz?
No.- Do you have any other mechanisms in place to limit whale accumulation (e.g. single person ownership >15% total supply).
As we said before, any attempt to avoid accumulation will be unsuccessful. Our opinion is that the best would be to make limit per individual investor (but as I said before, it will not be efficient) and after the sale its the free market, anyone can buy or sell his coin without limitation.2. Why don't you have your own dedicated whitepaper?
- Yes you explain the differences between zcash and ebitz nicely but you haven't explained how you are going to convert the zcash anonymity protocols to work on PoS.
We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.- Where is the code for ebitz to explain how the PoS switch will be handled and scaled?
We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.3. What is the method by which you will be receiving funding?
- I appreciate you are accepting bitcoin but having signed up to your wordpress website I see no explanation of how the ICO funds will be received/sent and how the tokens will then be issued after.
Remember that the ICO (http://www.ebitz.org/invest/) and Stats (http://www.ebitz.org/stats/) page will be available when the ICO starts. - Is there an escrow service?
We will announce our decision during the weekend because in our group are different views about this but we have not made our final decision yet (some of us are not 100% comfortable with the idea to use an escrow). For the nature of our project and our plans we will make some enemies and that can become a witch hunt that we want to avoid. Read this: https://bitcointalk.org/index.php?topic=1681965.msg16886493#msg16886493- How do I know this isn't just a scam to steal my money?
You must do your own due diligence and decide if the information provided by us gives you the confidence to invest in our proposal. I can say a thousand words, but they would be just that, words.4. Does this implementation still require a trusted setup?
Yes, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But we will use the same parameters from Zcash (we will not generate our own trusted setup). This the most reliable and safe, because the guys behind Zcash were working a lot of time to be prepare for the "ceremony" and they are working with people with the knowledge necessary for that task. Take a look: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony.
Thanks for your questions, feel free to participate here or on our slack.
Bye
