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Author Topic: ProtoShares Bounty - 30 BTC Start Mining BitShares in November!  (Read 10756 times)
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bytemaster (OP)
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October 22, 2013, 05:39:47 AM
Last edit: October 23, 2013, 08:01:08 PM by bytemaster
 #1

Introducing ProtoShares - Coming November 2013

ProtoShares is our way to enable BitShares to be mined while they are still under development.   If you are not familiar with BitShares watch this video: http://www.youtube.com/watch?v=5BV55IrZi7g and read our white paper (in my sig)

Here is how it works:

1) We launch a Bitcoin-based altcoin that allows you to mine and trade ProtoShares
2) When BitShares is released the genesis block will contain all of the unspent output balances from ProtoShares chain.
3) You will be able to import your ProtoShares wallet into BitShares and start trading right from the genesis block.

ProtoShares is a social contract that can be enforced by anyone who can modify the open source BitShares code on release.  You do not have to trust us to ensure we will honor these positions because the user base will migrate to the BitShares network that honors the social contract.  Note that it doesn't even matter who implements BitShares because any open source implementation can be made to honor the social contract set forth in ProtoShares.

What this means is that we are creating a financial incentive to ensure that BitShares does get implemented and everyone who acquires ProtoShares can profit by contributing to the open source effort to build and deploy BitShares as quickly as possible.  

Something to consider about BitShares:
BitShares is not just one chain, but a whole family of chains trading in different sets of BitAssets.  The ProtoShares social contract will be good for any and all AltShares networks and therefore represents an opportunity to get a cut in not just one block chain, but all of them.


30 BTC ProtoShares Development Bounty
To kick-off the development of ProtoShares I am starting a bounty to get ProtoShares built as quickly as possible without distracting our internal development team from building the Real BitShares.

I am looking for an AltCoin developer who can implement the new Momentum proof-of-work and help us Launch the ProtoShares chain.  Here are the requirements on the chain:

1) Momentum Proof-of-Work based upon    https://github.com/InvictusInnovations/BitShares/blob/master/src/momentum.cpp
2) 2 million coin maximum (in 4 years)
3) 5 minute block intervals
4) 512 KB max block size.
5) halve the block reward every 3 months
6) Derived from very recent version of Bitcoin Qt
7) Mining Supported via GUI menu

Out of the 30 BTC bounty, I am reserving 2 BTC for the creator of the ProtoShares logo which I like the best.  
  - The Logo Must be well suited to serve as the Icon
  - ProtoShares are 'place holders' or like gold/silver 'blanks' that eventually take their final form.
  - They are like ProtoTypes...
  - Post other analogies / ideas below...

Out of the 30 BTC bounty, I am reserving 10 BTC for the creation of a ProtoShares mining pool deployed to one of my servers.  

The remaining 18 BTC I am reserving for the creation of ProtoShares Qt Client  
UPDATE 10/23/2013:  FreeTrade has contracted to deliver this product. 18 BTC Bounty is off the table.

Deadline for Code Completion: November 5th, 2013

The bounty will be paid 1 month after the chain has launched with no fatal bugs.  

Note: The terms of this Bounty are open for discussion until someone contacts me and commits to get this done and we have had a meeting of the minds.  This bounty replaces the 5 BTC bounty for the Momentum Proof of Work alt-coin.

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October 22, 2013, 01:26:08 PM
 #2

Quote
2) When BitShares is released the genesis block will contain all of the unspent output balances from ProtoShares chain.

Does this mean the ProtoShares mining will stop at the moment of BitShares releasing?

Will the already MINED ProtoShares be converted to some value of BitShares or the holders can profit in terms of BitShares operation?

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October 22, 2013, 02:11:11 PM
 #3

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Proto shares will live on as the basis of comodityShares and then techShares and every bitshares based chain released in the future.

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October 23, 2013, 01:33:53 AM
 #4

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Proto shares will live on as the basis of comodityShares and then techShares and every bitshares based chain released in the future.
Any idea of what sort of hardware is needed to mine protoshares? What exactly is proof of momentum friendly?
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October 23, 2013, 01:38:51 AM
 #5

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Proto shares will live on as the basis of comodityShares and then techShares and every bitshares based chain released in the future.
Any idea of what sort of hardware is needed to mine protoshares? What exactly is proof of momentum friendly?

Memory Bandwidth is designed to be the bottleneck ultimately.   I estimate you will want about 2 GB of RAM per core and a fast memory bus and a CPU able to saturate it. 

Whether or not there can be any tangible performance gains by performing SHA512 on the GPU and copying all of the results back across the PCI-E bus to perform check for birthday collisions is something that I am sure enterprising developers will find out for us.  

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October 23, 2013, 06:43:28 AM
 #6

You can't just assume that everyone will honor the "protoshares" as equal to "bitshares" when they are released though. That's a big part of open source software, people can change it as they see fit at any point in the future. It's at least equally likely that once you release the source code for Bitshares everyone will simply use a version which strips out any sort of previous mining or initial coins. There's actually a big incentive for future miners to ignore pre-mines like this. Imagine if Bitcoin had had a pre-mine of some sort (even in the form of another currency that gets hard coded in to be equal to Bitcoins); likely the first action of the community would have been to hard fork and start from 0 coins.

I have been skeptical of your project from the beginning since you seem to assume that the market is magic and will do whatever you want it to regardless of profit motive. However I was planning on mining Bitshares once you got things figured out. Mining protoshares just seems like a waste of time and effort for everyone involved. I encourage you to scrap this idea and work harder on Bitshares themselves (since any real attachment to a currency only comes from its unique utility). At least you are going about this whole thing more honestly than Dacoinminister with his demands of money up front in exchange for a 100% pre-mined non-functional alt-coin.
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October 23, 2013, 07:05:06 AM
 #7

You can't just assume that everyone will honor the "protoshares" as equal to "bitshares" when they are released though. That's a big part of open source software, people can change it as they see fit at any point in the future. It's at least equally likely that once you release the source code for Bitshares everyone will simply use a version which strips out any sort of previous mining or initial coins. There's actually a big incentive for future miners to ignore pre-mines like this. Imagine if Bitcoin had had a pre-mine of some sort (even in the form of another currency that gets hard coded in to be equal to Bitcoins); likely the first action of the community would have been to hard fork and start from 0 coins.

I have been skeptical of your project from the beginning since you seem to assume that the market is magic and will do whatever you want it to regardless of profit motive. However I was planning on mining Bitshares once you got things figured out. Mining protoshares just seems like a waste of time and effort for everyone involved. I encourage you to scrap this idea and work harder on Bitshares themselves (since any real attachment to a currency only comes from its unique utility). At least you are going about this whole thing more honestly than Dacoinminister with his demands of money up front in exchange for a 100% pre-mined non-functional alt-coin.

The network effect is powerful and the only thing keeping Bitcoin on top.   Sure someone could fork it and 'start from scratch'.... but everyone who has been following the project from early on including 100% of developers, partners, and speculators would have been mining.   I will take my chances with the market.

I don't assume people will honor them as 'equal'.... in fact, they will not be equal because ProtoShares will be the foundation of many future AltShares where as BitShares will just be the currency exchange.  If ProtoShares have any value at all it will be because people understand the network effect.  When BitShares do come out they would have to bet that the social contract was too weak and everyone would adopt a new chain starting from 0 rather than honor the contract....  very dubious.

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October 23, 2013, 08:32:21 AM
 #8

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Can you advise the total number of bitshares to be issue?

Interested to know what percentage of bitshares you intend to allocate to protoshare owners? Will there be 2 million or 200 million bitshares?

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October 23, 2013, 11:43:35 AM
 #9

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Can you advise the total number of bitshares to be issue?

Interested to know what percentage of bitshares you intend to allocate to protoshare owners? Will there be 2 million or 200 million bitshares?


20 million bts. Up to 10% max allocated by proto shares.  Bts will have 12 year mine.   

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October 23, 2013, 03:32:05 PM
 #10

Does the logo contest also end on Nov 5th? I'll make a design. Do you want it to have specific colours?

Logo contest ends once I have a logo I like and pay out.   

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October 23, 2013, 04:24:26 PM
 #11

Quote
Would you like the logo with/without text and do you want a specific shape to come out in the logo?

I am looking for multiple submissions and will ask the community to give feedback on what makes the most sense for the icon.   I am using all of my creative energy elsewhere so my real aim is to see something I love when I look at it.   If I like to look at it, then so will many others and that is good enough for me.

Some ideas:

Imagine a Bitcoin under construction like the Death Star or a Sky Scrapper...
Imagine a blue print or schematic feel. 
Imagine a mold or cast.
Imagine a draft stock certificate...
Imagine a IPO stock graph
Imagine an Under Construction theme...

Something that captures some aspect of the idea and purpose of the coin more than just the letters P S or Shares.

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October 23, 2013, 06:14:36 PM
 #12

Second one looks good, keep' em coming!  Roll Eyes
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October 23, 2013, 06:48:00 PM
 #13

Second one looks good, keep' em coming!  Roll Eyes
Did you mean to roll your eyes?   

I like the way the second one looks as well, though it seems to lack the square aspect ratio of most icons. 

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October 23, 2013, 06:49:26 PM
 #14

Second one looks good, keep' em coming!  Roll Eyes
Did you mean to roll your eyes?   

I like the way the second one looks as well, though it seems to lack the square aspect ratio of most icons. 
Yeap, it looks upthread at the logo!  Smiley
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October 23, 2013, 06:52:19 PM
 #15

Try to make it look less like a 'B' I think..
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October 23, 2013, 06:57:46 PM
 #16

I am about to strike a deal with FreeTrade to build the BitcoinQt fork.   If anyone else is interested, speak now or forever hold your peace. 

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October 23, 2013, 07:24:45 PM
 #17

Try just a P...

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October 23, 2013, 08:04:36 PM
 #18

FreeTrade has contracted to build the BitcoinQt ProtoShares network so the 18 BTC bounty is off the table.   Terms of the agreement are posted here for reference.

Quote
Client
Scope is for a Windows-QT client, compilation of windows binaries, genesis block construction, launch support. Other platforms expressly outside the scope.

Proof of Work
1) Momentum Proof-of-Work based upon    https://github.com/InvictusInnovations/BitShares/blob/master/src/momentum.cpp
Modification to support very low end miners ->
1. Require between 256MB - 1GB memory
->To allow for use on very low end equiment
2. Limit A and B such that all possible matches are exhausted in less than 1 second - H would need to change every second and could include new transactions.
->So that faster computers are not disproportionately advantaged over slower ones.
3. Change
Hash(H + A + B) < TargetDifficulty
to
Hash(H + A + B + MemoryHash(A) + MemoryHash(B)) < TargetDifficulty
->To prevent GPUs evaluating this step before adding B to memory.
Aim for following parameters
     50 Bit  Birthdays 
     2^26   Max Nonce
     sha512 generates 8, 50 bit birthdays or if we do some bit math we could get 10, 50 bit birthdays out of it.
     A core i7 can generate about 768 MB of SHA512 hashes / second with OpenSSL which means that if you store the nonce + birthday the throughput would be about 1 GB/sec at peak performance. 

Minting Schedule
2) 2 million coin maximum (in 4 years)
5) halve the block reward every 3 months
5% reward block reduction each week until approx 2 million coins issued over 2 years or so, followed by 1% yearly inflation (recomputation of percentage reduction each block would be prone to rounding errors which would cause forks)

Block Interval and Size
3) 5 minute block intervals
Fine.
4) 512 KB max block size.
Fine

Bitcoin Version
6) Derived from very recent version of Bitcoin Qt
Based on 0.8.5 - Lastest Bitcoin-Qt Stable release (2013-09-13 - Bitcoin-Qt version 0.8.5 released)
7) Mining Supported via GUI menu
Fine,
but interface for pooled mining should be considered part of the mining pool project 

Launch
Cool The bounty will be paid 1 month after the chain has launched with no fatal bugs.
Require 5 BTC at outset - used for purchase of i7-4770 based computer to be used for mining during testing and minimum of 1 month after launch.
Remaining 13BTC paid 1 month after the chain launched with no fatal bugs.
Amounts are fixed in BTC. Developer bears currency exchange risk of loss or appreciation of BTC in this time period.

Launch Time
Genesis block time and text to be decided by Invictus (assuming non-odious)
uPnP
I had some trouble compiling uPnP into QT clients before - so we'll consider this outside the scope of the project. Resolving configuration issues like this can take days but might be we can find someone who can help with config. Note, there's a crazy guy who stalks the forums accusing any non uPnP client of being a scam, fraud, high treason, etc. Expect him to show up.
DL: 4) I can handle the uPnP issues.
Miner Crashes
I found with MemoryCoin that computers mining 24/7 at max capacity would hard crash randomly, with a frequency of every 24hrs or so. Not sure if this is due to something in the Scrypt code that is hit occassionally, or a consequence of pushing the memory/memorybus so hard. This may be an unresolvable issue (common and hardware based) and unpredictable crashes may have to be regarded as a cost of mining.
DL: 5) Miner crashes are ok so long as the blockchain logic is solid, I can fix those myself.

Conversion To Bitshares
There is a 1-1 conversion rate between ProtoShares and BitShares. Bitshares to be limited to approx 20,000,000 so that ProtoShares miners ownership of Bitshares is not diluted.

https://fractally.com - the next generation of decentralized autonomous organizations (DAOs).
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October 23, 2013, 08:16:28 PM
 #19

picking up the "blueprint" idea:

http://imgur.com/uCqQ1md
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October 23, 2013, 08:28:03 PM
 #20

picking up the "blueprint" idea:

http://imgur.com/uCqQ1md

Great... perhaps instead of the sharp square edges, you could put the blueprint on a sheet of paper with curled up edges?  Something that gives it a nicer 'edge'?

https://fractally.com - the next generation of decentralized autonomous organizations (DAOs).
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