[ANN] Lytix - PoS Maxnode Crypto Platform

[tybiboune]

Looks pretty good so far!
There is a lot of activity on the github regarding maxnodes,  I can't wait till they are active.
I heard that masternodes/staking will move to a 60/40 split at the same time as maxnodes are released.  Seems like a smart move.

Now is the time to buy! Lytix is still pretty cheap over on crex24.

It's a Pivx fork, but it's getting much further, as opposed to 90% of the others

As far as I'm concerned, I'd go 70/30 MN/PoS. Probably the best way to have more coins locked and increase scarcity.

[Blackstone1]

I have been following and an investor of the Lytix project for a while now and I have to say  I have never found a more committed and transparent  dev. You will always find an open and honest response from Faetos, no bs here, and always available to answer questions and explain the progress of the project.  Lytix is an opportunity for me, and others as well, to be involved in a open and honest crypto project.  When is the last time  you could say that.  Feel free to come and see for yourself.

[tybiboune]

I have a question for the dev: I'm brand new to this tier 1-2-3 system, and as I understood that one of those tiers will be used to keep storage of important files, would you mind explaining a bit more how this will work? will every MAXnode store the whole files, or each MAXnode one part of the file? I suppose this will define the technical requirements for those MAXnodes, because for now with 20 GB of disk you can easily run 20 masternodes, but in the case of a bank or insurance storing files in the blockchain, this weight can go nuts .

I'm thinking documents such as photos, reports... maybe even videos? Insurances need to keep those kind of documents quite often. So the storage requirement could be pretty high, don't you think? And will this be "for a lifetime", or with a limited life? I'm mentioning this because the blockchain is all about durability, BUT when you store some private files that concern people (which is the case with insurances and banks), aren't you supposed to keep those files for a limited amount of time? RGPD and stuff...

[chizzy1985]

Hey all

I just wanted to agree with blackstone on how active and transparent the dev faetos is. Anytime i have ever asked a question or needed any help with anything there is always a quick and timely reply back. Also the community behind the coin as well has been great at answering any questions i have as well. I have been around the discord since pow started i mined some with ease and been staking ever since the switch over to POS. Big believer this coin is going places simply because faetos works his butt off and is always active and not to mention the community has his back as well. Great Community Great Dev!!! 

[faetos]

you all are super nice. Out community is our strength for sure. We have probably the best folks involved that I have ever seen. Very positive, fun and engaging.

[tybiboune]

you all are super nice. Out community is our strength for sure. We have probably the best folks involved that I have ever seen. Very positive, fun and engaging.

sure, but that doesn't answer my question :p

[faetos]

I have a question for the dev: I'm brand new to this tier 1-2-3 system, and as I understood that one of those tiers will be used to keep storage of important files, would you mind explaining a bit more how this will work? will every MAXnode store the whole files, or each MAXnode one part of the file? I suppose this will define the technical requirements for those MAXnodes, because for now with 20 GB of disk you can easily run 20 masternodes, but in the case of a bank or insurance storing files in the blockchain, this weight can go nuts .

I'm thinking documents such as photos, reports... maybe even videos? Insurances need to keep those kind of documents quite often. So the storage requirement could be pretty high, don't you think? And will this be "for a lifetime", or with a limited life? I'm mentioning this because the blockchain is all about durability, BUT when you store some private files that concern people (which is the case with insurances and banks), aren't you supposed to keep those files for a limited amount of time? RGPD and stuff...

I intended it to just be used for simple data types such as text data to keep the footprint small. The last thing I would want is a super huge chain requiring multiple TBs to hold. I haven't quite gotten to building the API for it but the thought is to have a configurable API that business or private entities can use to store decisions, audit points, links, etc. to prove that it happened and can't be changed.

Knowing full well that most companies don't want to store private things in the clear I want to enable them to encrypt their data points using their client's keys which will be housed in the Lytix client. That way they can safely store data in the clear but in encrypted form.

For a solution like this there will undoubtedly be use cases where a company will want off site or private chains to store data. This is where you all will benefit as well. If that happens and we are approached to develop a custom chain then I will transfer the proceeds to the community via a buy back program. Also, if for some reason we are bought out completely I plan on doing the same. We are kind of equal partners in this venture.

So, depending on some of the initial testing and development of the API we may put maxnodes on a separate chain to ensure that the regular chain doesn't get overloaded and too heavy. Performance and stability is a key differentiator of our chain and I will not introduce something to the environment that will betray those hard fought wins.

The big thing is immutable - that means never change. So, that has also put me on a path of well, what if someone uploads something like porn, or criminal activity or possibly use it to funnel private messages for terror or something awful. That would be tough for me to swallow considering how clean we've been running our community and the good folks we have in it. So, that being said, we may have to put some scrubbing feature in to prevent that. It's a tough call, but working in ops for ever I understand that things will go wrong and there needs to be an out. I'll keep that in mind as I develop the API.

[tippytoes]

I have been following and an investor of the Lytix project for a while now and I have to say  I have never found a more committed and transparent  dev. You will always find an open and honest response from Faetos, no bs here, and always available to answer questions and explain the progress of the project.  Lytix is an opportunity for me, and others as well, to be involved in a open and honest crypto project.  When is the last time  you could say that.  Feel free to come and see for yourself.

We all know that this kind of developer is quite rare. However, what would it take for the Lytix project to increase its value in the exchange? Or is it because I couldn't find any other application other than trading?

[faetos]

I have been following and an investor of the Lytix project for a while now and I have to say  I have never found a more committed and transparent  dev. You will always find an open and honest response from Faetos, no bs here, and always available to answer questions and explain the progress of the project.  Lytix is an opportunity for me, and others as well, to be involved in a open and honest crypto project.  When is the last time  you could say that.  Feel free to come and see for yourself.

We all know that this kind of developer is quite rare. However, what would it take for the Lytix project to increase its value in the exchange? Or is it because I couldn't find any other application other than trading?

That is most likely the case. I had folks jump on the coin before I could get the "special" put together which will be the addition of the 3rd tier maxnodes. These will hold the data APIs that will store data (text initially) for decisions, audit, and other immutable statements that need to be stored in an unchanging environment. This is currently in development and will hopefully be released this month. I've been working hard to get this out and running so we can have our purpose and a reason to exist and hopefully thrive.


Discussion on discord is should we change the reward behavior to the following:

70% masternode operators
30% stakers

We have currently agreed to a 60/40 split, but the question is now open.

[tippytoes]

I have been following and an investor of the Lytix project for a while now and I have to say  I have never found a more committed and transparent  dev. You will always find an open and honest response from Faetos, no bs here, and always available to answer questions and explain the progress of the project.  Lytix is an opportunity for me, and others as well, to be involved in a open and honest crypto project.  When is the last time  you could say that.  Feel free to come and see for yourself.

We all know that this kind of developer is quite rare. However, what would it take for the Lytix project to increase its value in the exchange? Or is it because I couldn't find any other application other than trading?

That is most likely the case. I had folks jump on the coin before I could get the "special" put together which will be the addition of the 3rd tier maxnodes. These will hold the data APIs that will store data (text initially) for decisions, audit, and other immutable statements that need to be stored in an unchanging environment. This is currently in development and will hopefully be released this month. I've been working hard to get this out and running so we can have our purpose and a reason to exist and hopefully thrive.

Appreciate much your response. At least we know that this project has other things to offer. If you can establish your purpose in crypto, maybe the value of your coin will elevate someday. Good luck!

[tybiboune]

Thanks faetos for this detailed reply!

Tippytoes : yeah for now we're all super early adopters, betting on faetos capacity and will, and until now he's proven himself to be above all expectations (he can even be a bit too generous, but I guess after being burnt a few times he's learned the 'never trust him anyone but yourself' kind of lesson)

If you've ever seen so much work done by one man (check the discord, the code progress is all published real time!), feel free to keep me posted, I'm in active search of such gems

https://discord.gg/5UejzWf

I won't say 'buy it while it's cheap' but.... By the ways the hold volume is getting bigger, sell volume getting thinner... Scarcity is growing, people are more and more keeping their coins instead of trying to sell them at any price. That's a sign

[thefix]

Discussion on discord is should we change the reward behavior to the following:

70% masternode operators
30% stakers

We have currently agreed to a 60/40 split, but the question is now open.

I think that a 70/30 split wouldn't be a bad idea, but at the same time it might also be wise to raise the amount needed for a masternode maybe to 7000 or 10000 or more. I think anything that can encourage running no more than two masternodes per vps would also be a good idea.

[faetos]

just some fyi on where I am in this process of getting maxnodes going:

1. Main coding for maxnodes - complete
2. GUI work for maxnodes - complete
3. Test activation and proper working of maxnodes - we are here
4. API work on maxnodes for data API
5. Test chain and determine if a side chain is approrpiate
6. Research encrypting data insertions by default
7. Testing new client for encryption
8. Spork enforcement of maxnodes to cut over on a certain block/date
9. Test spork
10. Release client and maxnodes
Document and market

[Buttermellow]

Now this is a project that we are talking about. Being handled by a good rank user to which all of us know that an account is really precious and it is hard if it gets a red trust by posting a scam. project. Most.of the project in this sections were being brought by copper or jr..member and I do not like think that way on how a good project wi lost its credibilty due to the low rank users bringing the project.

[faetos]

Now this is a project that we are talking about. Being handled by a good rank user to which all of us know that an account is really precious and it is hard if it gets a red trust by posting a scam. project. Most.of the project in this sections were being brought by copper or jr..member and I do not like think that way on how a good project wi lost its credibilty due to the low rank users bringing the project.

yes, there are so many 1 commit wonders out there that want to solve world hunger with an ICO and a PIVX clone. It's just bananas what folks throw their money to. Cool thing about our effort is that all of our masternode operators earned their masternodes and our maxnodes owners will be the same. Our community is really good and full of high quality folks. We've been under the radar a bit because we're small and want to deliver some value before we do promotions and drop a lot of hot air without a product. Thank you for recognizing us. It's validation and fuel to make us want to work harder.

[tybiboune]

Discussion on discord is should we change the reward behavior to the following:

70% masternode operators
30% stakers

We have currently agreed to a 60/40 split, but the question is now open.

I think that a 70/30 split wouldn't be a bad idea, but at the same time it might also be wise to raise the amount needed for a masternode maybe to 7000 or 10000 or more. I think anything that can encourage running no more than two masternodes per vps would also be a good idea.

70/30 or collateral increase wouldn't change the maximum amount of masternodes per VPS. This would only be changed by the requirements of those masternodes (total number of transactions in the network or any kind of transaction involving those masternodes - maxnodes), depending on the type of resources.

[l3pox]

I'd still prefer to keep 60/40 as masternode / stake

it'll need a new wallet, right?

have you considered listing on a service like Gin or GTM for easy masternode setup faetos?
this would definitely be interesting for LYTX!

[tybiboune]

I'd still prefer to keep 60/40 as masternode / stake

it'll need a new wallet, right?

have you considered listing on a service like Gin or GTM for easy masternode setup faetos?
this would definitely be interesting for LYTX!

There are votes going on, so if you have masternodes you can participate, that's the way it works, the community can have a voice in almost every decision concerning this project!

I don't know about the wallet update, though...but if faetos plans to release this rewards split update + maxnodes at the same time, then a wallet update will definitely be required.

Thank you for the suggestion concerning GIN and GTM, do they have fees to list new coins/projects?

Besides, there is already IhostMN and crypos.io for masternodes hosting. Those ones work just fine


LYTX has been added to Delta Portfolio App!

Thanks for your votes

[faetos]

How much do our folks love Lytix? They won't sell you any they love it so much! https://crex24.com/exchange/LYTX-BTC … Only 67,471 for sale out of a total supply of 7,373.386. That's 0.915%. Yeah, good luck hopping on this train!

[faetos]

Lytix Chain Foundation is officially a recognized business in Texas. I filed paperwork today in San Antonio. So, we're a real legal entity. Small start to many good things to come.