[PRE-ANN] Stone - DAG Data-Structured Private Cryptocurrency

[Jones2020]

Watching this, OP said he could finish it in 2 months. RaiBlocks colin worked on the project on his own with no major exchanges look now. This is very promising, will be watching this.

[PrinceOfPersia711]

In Raiblocks, when there is a fork,  balance-weighted vote is used to determine the outcome through use of representatives.

How would balance-weighted vote work in Stone? cos certain amount of balances will be shielded if zsnarks are used

Requoting as I would definitely donate if you can answer this question.

From my findings with drafts between the balanced-weighted vote & sk-SNARKs, unfortunately the implementation will not transact in-line in the manner i originally set out to achieve, therefor i have played with the idea of off-chain addresses, t-addresses (Stone) for standard transactions & z-addresses (zStone), with an exact exchange between paired wallets for a private untraceable transaction. My idea further extends to to have Stodes (Nodes), which act as a direct atomic swap 1:1 with Stone & zStone, anyone would be able to see the the swap 1:1 between the two, but no one would be able to see where you have received the zStone as it was transacted off-chain.

                           OFF-CHAIN
        Bob                    ->           Alice
(zStone) Transactions    ->    (zStone)  Received


                              SWAP
         Alice                    ->            Ted (Node)      ->          Alice
(zStone) Swap 1:1        ->            Receive/Send       ->    (Stone) Received

Alice receives a private transaction from Bob via zStone, Alice now has 100 zStone, Alice now wants standard Stone, she swaps the 100 zStone for Stone 1:1 via a Stone node. The end result is Alice successfully has completed a private transaction with Bob, and swapped back into the base currency, all within the wallet, this method allows the DAG protocol to still function with its representative method.

Apologies in advance for the rough draft schematics, this is not anywhere near complete and is subject to change.

zStone would not be a separate currency and not tradable on an exchange, its simply the channel to achieve completely private transactions, with a swap 1:1 with Stone, they would not be worth anymore or any less.



felixando

Wow, that sounds great. Looks like progress is being made.

[cryptopathshala]

Also, distribution is fine, we can discuss.

But have you decided anything on how much you will keep for yourself or future development fund?

[MsCollec]

Look forward seeing the finished product. No ICO right?

[Capsaicin]

Following with interest. But I won't pay before seeing the actual product.

[felixando]

Also, distribution is fine, we can discuss.

But have you decided anything on how much you will keep for yourself or future development fund?

Hi, the community can decide if i need a long term development fund, i do not wish to upset anyone, i'm happy having 0%, i can purchase Stone with my personal savings.

Look forward seeing the finished product. No ICO right?

Thank you for your support, no ICO, there is however an optional donation fund, however that is not necessary for a share, as a community we have not finalized a method for the remaining 70% of distribution, however i can assure you it will be fair, and be something that the community chooses.





felixando

[Everipedia]

Also, distribution is fine, we can discuss.

But have you decided anything on how much you will keep for yourself or future development fund?

Hi, the community can decide if i need a long term development fund, i do not wish to upset anyone, i'm happy having 0%, i can purchase Stone with my personal savings.

Look forward seeing the finished product. No ICO right?

Thank you for your support, no ICO, there is however an optional donation fund, however that is not necessary for a share, as a community we have not finalized a method for the remaining 70% of distribution, however i can assure you it will be fair, and be something that the community chooses.





felixando

Hey Felix, I donated to you because I like what you are doing. Good luck on this.

But please consider trying very hard to make the entire system private. I know that you are thinking of doing off chain transactions as the zk portion, but I personally think if there's another method to implement full private transactions by default, this currency can give monero true competition. If not, it is not as interesting for real world usage.

Do you need any help? I am interested what you think the most difficult portion of the project is. My guess is probably trying to do a zk proof while keeping the RaiBlocks representative system in tact?

[moneroguru]

Hey Felix, I donated to you because I like what you are doing. Good luck on this.

But please consider trying very hard to make the entire system private. I know that you are thinking of doing off chain transactions as the zk portion, but I personally think if there's another method to implement full private transactions by default, this currency can give monero true competition. If not, it is not as interesting for real world usage.

Do you need any help? I am interested what you think the most difficult portion of the project is. My guess is probably trying to do a zk proof while keeping the RaiBlocks representative system in tact?

Agreed. It should be private/fungible by default, if possible. It will come at a cost with increased transaction size potentially, but if it's technically possible, it'd be a fundamental addition to its privacy.

[iCEBREAKER]

would anyone like to suggest a fair method of distribution? I'm not interested in large holders gaining most of the supply, i don't approve of these pump schemes. I've been pondering around a multi-method distribution, similar to a bitcoin airdrop, but with using multi currency snapshot 70% to XRB/BTC, and with the remaining 30% to donators. This is just a thought, please don't be afraid to suggest idea's.

Sounds good to me.  Ouroboros research shows how crucial an honest staking community is to keeping the system functional.

My idea is to piggyback on existing patterns of well-distributed coins.  So Stone enjoys as long and fat a tail of initial stake hodlers as reasonably feasible.

20% Donators
20% XRB hodlers
20% BTC hodlers
20% LTC hodlers
20% DCR holders (well-executed airdrop, "8,793 entrants. 3,244 successful participants" https://forum.decred.org/threads/airdrop-rundown.313/ plus years of very cheap coins)

[TheHas]

Looks great. Also appreciate the honesty of this being a work in progress, subject to change, as the ideas get more developed. It gets old when whitepapers promise the world, when really, it is a coin and team that is just starting out.

It could still be a good idea to do a bounty type program as a way to distribute some coins. The bounty could be more of a 'payment' that actually focuses on the things you've mentioned you don't currently have or aren't interested in doing right away - like an airdrop of coins for doing up website or pulling together some basic infographics. Understand that this is probably something that makes more sense once the direction for Stone has firmed up a bit.

[shixd8899]

Watching this, OP said he could finish it in 2 months. RaiBlocks colin worked on the project on his own with no major exchanges look now. This is very promising, will be watching this.

Stone promises to deliver quality products in time. Although the price rise is determined by the market, I think it should not be bad. I can consider buying some of them.

[aintnopassincraze]

Also, distribution is fine, we can discuss.

But have you decided anything on how much you will keep for yourself or future development fund?

Hi, the community can decide if i need a long term development fund, i do not wish to upset anyone, i'm happy having 0%, i can purchase Stone with my personal savings.

Look forward seeing the finished product. No ICO right?

Thank you for your support, no ICO, there is however an optional donation fund, however that is not necessary for a share, as a community we have not finalized a method for the remaining 70% of distribution, however i can assure you it will be fair, and be something that the community chooses.

felixando

As long as their is no ICO and the distribution is fair and known ahead of time then I am 100% on board with this idea and coin. Not only will I have this thread bookmarked but I have been actively looking for coins to compete with the current DAG coins and Stone looks like a proper competitor .

[EsanCat]

I agree with longtimelurker.

Airdrops is so 2017

If you want champions for your coin, find them, challenge them, charge them. Personally, I'm bored with all the stupid bounties and silly airdrops and massive discounts for whales. Many projects talk about giving power to the people, getting more users, but they all end up doing the same thing, casting coins (airdrops) into the wind and handing huge bags to whales who will dump as soon as it looks profitable.

I usually just lurked, then when I tried to log in for the first time in years (must have been back in 2013) I guess my account was locked...so that's why I'm a newcomer despite being an..."old comer?" Anyway I remember feather coin and aurora coin and all those random alts lol. Funny how some survive and some don't.

Anyway, I was really impressed with raiblocks but my main concern was security. I'm glad this looks to be more privacy oriented than raiblocks however I'd strongly advocate for expanding the team somewhat. If I'm not mistaken you've received >50k+ in donations (and counting). Congratulations. This, if used properly, can speed development as well as increase your personal gain from this venture.

As far as distribution goes, airdrops are a horrible way to go. They manage to simultaneously raise 0 money for the actual project in question, and yet favor whales over people that actually grow the overall value of the coin by getting the word out. Whales aren't bad people or anything, but if you want marketshare you want more people with a vested interest in your coin, not 10 dudes with 50% of the coins.

A far better solution is to pre-sell coins. What about whales you say? Well, make a cap, and only sell to people that commented on this thread before a certain timeframe. Ex. max donation is 500 bucks (or half an ether or whatever), and you must have a bitcoin talk account associated with the donation or you get nothing.

Again, seriously consider expanding the team. The good news is you have a ton of interest because of the underlying tech + strong demand. The bad news is that you have a limited window of opportunity to capitalize on that hype.

Best of luck,
A long time lurker.

[Jester.]

would anyone like to suggest a fair method of distribution? I'm not interested in large holders gaining most of the supply, i don't approve of these pump schemes. I've been pondering around a multi-method distribution, similar to a bitcoin airdrop, but with using multi currency snapshot 70% to XRB/BTC, and with the remaining 30% to donators. This is just a thought, please don't be afraid to suggest idea's.

Sounds good to me.  Ouroboros research shows how crucial an honest staking community is to keeping the system functional.

My idea is to piggyback on existing patterns of well-distributed coins.  So Stone enjoys as long and fat a tail of initial stake hodlers as reasonably feasible.

20% Donators
20% XRB hodlers
20% BTC hodlers
20% LTC hodlers
20% DCR holders (well-executed airdrop, "8,793 entrants. 3,244 successful participants" https://forum.decred.org/threads/airdrop-rundown.313/ plus years of very cheap coins)

Hey i like this idea! hey arent you the Monero developer?

[GTTIGER]

Airdrop to other privacy coin communities.

[BitPotus]

People.

This is a scam.

There's a well known scammer who goes by the name of David Wilkinson who usually does this.

He will jump on the latest hype train and then always say he will implement privacy features into a clone of a successful coin.

He also asks for "donations"

One of his most well known scams was Zion.

Another one was Mentrio.

https://bitcointalk.org/index.php?topic=1609701.0

https://bitcointalk.org/index.php?topic=1508574.0

There are also countless others if you've been on bitcointalk long enough.

Just be wary.

If this is actually legit, then I'm happy to be proven wrong but be aware of this fact.

Don't let greed get the better of you.

PS: There will also never be any code. He will just copy ideas from other successful projects and pass them off as if he will be working on it. But you will never see any real implementation of his "code".

[moneroguru]

Thanks bitpotus.

[Alohaboy?!]

looking forward to a sneak peak of the code.

[Florg]

People.

This is a scam.

There's a well known scammer who goes by the name of David Wilkinson who usually does this.

He will jump on the latest hype train and then always say he will implement privacy features into a clone of a successful coin.

He also asks for "donations"

One of his most well known scams was Zion.

Another one was Mentrio.

https://bitcointalk.org/index.php?topic=1609701.0

https://bitcointalk.org/index.php?topic=1508574.0

There are also countless others if you've been on bitcointalk long enough.

Just be wary.

If this is actually legit, then I'm happy to be proven wrong but be aware of this fact.

Don't let greed get the better of you.

PS: There will also never be any code. He will just copy ideas from other successful projects and pass them off as if he will be working on it. But you will never see any real implementation of his "code".

I agree these seem like quite large red flags.  Good looking out!

[Jester.]

and the trolls arrive! ready to attempt to ruin another project! get out of here   there's the scam-callers in every thread, my favourite current one is the scam-callers in the Raiblocks thread; Raiblocks is the most unscammiest coin out, yet we still have the trolls.

My suggestion: set the trolls to ignore in there profile.