[ANN+IPO]Storagecoin-A Nxt Parallel chain Based Proof-of-Storage Cryptocurrency

[John_Paul]

Though it was interesting to see his move, right? It reminded me of some of the children's psychology. I will be watching.

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[Taek]

Hi, David Vorick here. I'm a developer of Sia, which can be found at https://github.com/Siacoin/Sia. "Storagecoin" is pretty much a copy-paste of the old, broken whitepaper for Sia (then called 'Bytecoin').

We are a very early stage storage based cryptocurrency. The first post of this thread is pretty much a direct copy-paste of our old, broken whitepaper. We don't really have a new whitepaper, but we're a lot further along in development than we were previously. We're at a minimum a few months away from launching. We introduce a lot of new ideas and many of them are probably cryptographically broken at this point. I'll be making a separate post for Sia.

In the mean time, I'm happy to answer any questions in this thread. It seems like some people have been scammed out of money? I haven't had a chance to read the whole thread yet but I intent to, and I'll re-answer any questions that this guy addressed.

I'm also happy to log onto IRC if someone can tell me a host/channel to join.

So sorry about this, also sorry about not being a familiar face on the bitcointalk forums for having worked so hard on an altcoin. We tried to publish once a few months ago but realized we really weren't ready. At this point we're further so we'll be trying again tonight. I'll be up for a few more hours and then be around all day tomorrow.

Thanks and again apologies for the scam.

edit: Sia thread here: https://bitcointalk.org/index.php?topic=591283

[Taek]

Can someone comment on the technical aspect of this coin?
Any innovations?

Yea. Plenty if its real. It is similar to Datacoin and Skycoin to put in simple comparison. Except for it is a scam and nothing but a scam and only a fool would invest in here. Any poster that tells you to invest are either part of his crew and most likely a newbie status. DO NOT TRUST!

Well, StorageCoin is a scam. Siacoin is not. Wish I had seen this back in February when he made the first post. The technology is real (only starting to be implemented).

Just at today, the Poscoin ran away, took all the investor's BTC away.
I just want to say, be careful with IPO, though I really like STC's idea.

Thanks! I've worked hard on it.

Are you sure Nxt parallel chains will work the way you described it? https://nxtforum.org/parallel-blockchains/what-the-status-of-parallel-blockchain-for-nxt/

The Storagecoin Parallel Chain
Each node in the Nxt Parallel Chain is a blockchain. Each blockchain tracks a random subset of the wallets on the network, and each wallet belongs to only a single blockchain. Each parent node has aggregate information about it’s children, as in the following example:

In the diagram you can see that blockchain 1.1 tracks wallets 1.1.w1 and 1.1.w2. The combined balances of all the wallets in 1.1 is 4, so 1.1 reports its aggregate balance as 4. Similarly, blockchain 1 tracks the two blockchains 1.1 and 1.2, which have a combined balance of 14. Blockchain 1 then reports its aggregate balance as 14.

When sending a transaction, transactions travel through the Parallel Chain:

Here we have two example transactions. The first is from 2.w1 to 2.w2. Blockchain 2 confirms that 2.w1 has sufficient balance, and then confirms the transaction. In this case, only a portion of the network knows about the transaction, as the aggregate balance of blockchain 2 did not change.
In the second example, 1.w1 sends money to 2.w2. First blockchain 1 confirms that 1.w1 has sufficient balance. Then, the root blockchain confirms that blockchain 1 has enough aggregate coins to send the transaction to 2.w2. The root blockchain does not know about wallet 1.w1, it only knows that blockchain 1 has a large enough aggregate balance to send money to 2.w2. Finally, blockchain 2 receives the transaction and allocates the coin to wallet 2.w2.

Uhh, we don't rest on top of Nxt. I'm not sure why the guy added that in, maybe to sound more credible? Regardless Nxt is an entirely separate project and we don't rely on it in any way.

Maybe, you can outline the following issues:

1) What is the purpose of the blockchain tree?

2) What is the root supposed to be?

3) Why focusing on the hosts for providing storage?
In the Nxt realm, we focus on accounts as the primary subject. They might have several hosts associated with them but that is all. In case of StorageCoin, the hosts attribute of a Nxt account would be available for the network to send requests directly to specific hosts (to query data or store data).

1. The purpose of the tree is to spread out the load. Sia hopes to house billions or more files. If you have 1 billion hashes on your machine... that's a lot of overhead data. We needed a way to spread things out and a tree seemed like a reasonable approach.

2. Not sure how to answer this, because I'm not sure what you are asking. The root is the highest level of the tree and it manages the most aggregate info. It also makes the decisions like the price of storage.

3. The focus is hosts because we're trying to store files at extreme efficiency. I believe that Sia can be hyper-competive with S3, being cheaper than Amazon Glacier, more secure (colocated), faster, and equally low-latency as S3. I'm somewhat ashamed to admit it, but I don't really know much about Nxt. There's a lot of noise in the bitcoin world and it's hard to tell what's legitimately innovative.

[MadCow]

Hi, David Vorick here. I'm a developer of Sia, which can be found at https://github.com/Siacoin/Sia. "Storagecoin" is pretty much a copy-paste of the old, broken whitepaper for Sia (then called 'Bytecoin').

We are a very early stage storage based cryptocurrency. The first post of this thread is pretty much a direct copy-paste of our old, broken whitepaper. We don't really have a new whitepaper, but we're a lot further along in development than we were previously. We're at a minimum a few months away from launching. We introduce a lot of new ideas and many of them are probably cryptographically broken at this point. I'll be making a separate post for Sia.

In the mean time, I'm happy to answer any questions in this thread. It seems like some people have been scammed out of money? I haven't had a chance to read the whole thread yet but I intent to, and I'll re-answer any questions that this guy addressed.

I'm also happy to log onto IRC if someone can tell me a host/channel to join.

So sorry about this, also sorry about not being a familiar face on the bitcointalk forums for having worked so hard on an altcoin. We tried to publish once a few months ago but realized we really weren't ready. At this point we're further so we'll be trying again tonight. I'll be up for a few more hours and then be around all day tomorrow.

Thanks and again apologies for the scam.

Thanks for posting here David. I'm looking forward to learning more about your plans for Sia.

[johnsans]

Can someone comment on the technical aspect of this coin?
Any innovations?

Yea. Plenty if its real. It is similar to Datacoin and Skycoin to put in simple comparison. Except for it is a scam and nothing but a scam and only a fool would invest in here. Any poster that tells you to invest are either part of his crew and most likely a newbie status. DO NOT TRUST!

Well, StorageCoin is a scam. Siacoin is not. Wish I had seen this back in February when he made the first post. The technology is real (only starting to be implemented).

Just at today, the Poscoin ran away, took all the investor's BTC away.
I just want to say, be careful with IPO, though I really like STC's idea.

Thanks! I've worked hard on it.

Are you sure Nxt parallel chains will work the way you described it? https://nxtforum.org/parallel-blockchains/what-the-status-of-parallel-blockchain-for-nxt/

The Storagecoin Parallel Chain
Each node in the Nxt Parallel Chain is a blockchain. Each blockchain tracks a random subset of the wallets on the network, and each wallet belongs to only a single blockchain. Each parent node has aggregate information about it’s children, as in the following example:

In the diagram you can see that blockchain 1.1 tracks wallets 1.1.w1 and 1.1.w2. The combined balances of all the wallets in 1.1 is 4, so 1.1 reports its aggregate balance as 4. Similarly, blockchain 1 tracks the two blockchains 1.1 and 1.2, which have a combined balance of 14. Blockchain 1 then reports its aggregate balance as 14.

When sending a transaction, transactions travel through the Parallel Chain:

Here we have two example transactions. The first is from 2.w1 to 2.w2. Blockchain 2 confirms that 2.w1 has sufficient balance, and then confirms the transaction. In this case, only a portion of the network knows about the transaction, as the aggregate balance of blockchain 2 did not change.
In the second example, 1.w1 sends money to 2.w2. First blockchain 1 confirms that 1.w1 has sufficient balance. Then, the root blockchain confirms that blockchain 1 has enough aggregate coins to send the transaction to 2.w2. The root blockchain does not know about wallet 1.w1, it only knows that blockchain 1 has a large enough aggregate balance to send money to 2.w2. Finally, blockchain 2 receives the transaction and allocates the coin to wallet 2.w2.

Uhh, we don't rest on top of Nxt. I'm not sure why the guy added that in, maybe to sound more credible? Regardless Nxt is an entirely separate project and we don't rely on it in any way.

Maybe, you can outline the following issues:

1) What is the purpose of the blockchain tree?

2) What is the root supposed to be?

3) Why focusing on the hosts for providing storage?
In the Nxt realm, we focus on accounts as the primary subject. They might have several hosts associated with them but that is all. In case of StorageCoin, the hosts attribute of a Nxt account would be available for the network to send requests directly to specific hosts (to query data or store data).

1. The purpose of the tree is to spread out the load. Sia hopes to house billions or more files. If you have 1 billion hashes on your machine... that's a lot of overhead data. We needed a way to spread things out and a tree seemed like a reasonable approach.

2. Not sure how to answer this, because I'm not sure what you are asking. The root is the highest level of the tree and it manages the most aggregate info. It also makes the decisions like the price of storage.

3. The focus is hosts because we're trying to store files at extreme efficiency. I believe that Sia can be hyper-competive with S3, being cheaper than Amazon Glacier, more secure (colocated), faster, and equally low-latency as S3. I'm somewhat ashamed to admit it, but I don't really know much about Nxt. There's a lot of noise in the bitcoin world and it's hard to tell what's legitimately innovative.

let's see the feedback from the dev of stc...lol...

[Taek]

Maybe, you can outline the following issues:

1) What is the purpose of the blockchain tree?

2) What is the root supposed to be?

3) Why focusing on the hosts for providing storage?

+1, would like to hear from Dev on this one.

<some nonsense>

Maybe, I expressed myself not well enough. Let me clarify.

1) I see, that trees could help here. Why exactly this type of tree? There are many other types of tree(-like) structure?

2.0) Node = Blockchain?
2.1) So, StorageCoin will not only use 1 parallel Nxt blockchain but many?
2.2) Each child node needs to implement the master/slave protocol?
2.3) How deep will that tree structure supposed to be? Will is build up dynamically?

3) Err, wait. Account != Node. Node = physical device; Account = virtual entity. What is a host? I cannot be both.

3.

So, Sia is broken up into hosts (now called 'participants') and accounts, or 'wallets'. Participants provide storage and participate in the quorums that compose the blocktree. (eh sorry for all the vocabulary). They also manage transactions. Wallets are clients that upload files to the network and pay for the files. I have no idea what this guy was saying.

We should continue this discussion in the Sia thread.

Updated storagecoin on bitbucket

That's my code. See the github page from above post. Well, it's mostly my code. Not sure what nonsense he's added to it.

are you kidding?a hand-draw plan?

I don't know how to use graphical tools, and was eager to release something. Those are my drawings, and yeah I penned them onto a notebook and took a photo with my phone. Hopefully have something cleaner in the future.

STC long time no see what progress? Now what

Updated storagecoin on bitbucket

which language used in programming？golang？

Yeah it's golang. They have some great support for production level scaling and testing. Initially I was opposed to the idea (I usually use C) but I think golang was the right choice for the project.

=================

Alright I think that covers most everything. Completely new here, not really sure where to post next. I guess in the same sub-forum? anyway, working on a post. Thanks for all the support and expect to hear more soon.

[MadCow]

Alright I think that covers most everything. Completely new here, not really sure where to post next. I guess in the same sub-forum? anyway, working on a post. Thanks for all the support and expect to hear more soon.

You might want to post in the StorageCoin thread on the NXT forum too.

https://nxtforum.org/parallel-blockchains/storagecoin/


This forum has a scam accusation board, but you should probably post your Sia thread in the altcoin announcement board. That's where this StorageCoin thread is.

https://bitcointalk.org/index.php?board=159.0

[notsoshifty]

Hi, David Vorick here. I'm a developer of Sia, which can be found at https://github.com/Siacoin/Sia. "Storagecoin" is pretty much a copy-paste of the old, broken whitepaper for Sia (then called 'Bytecoin').

Great to hear from you David. If you do make an announcement or discussion thread on this board (or another), be sure to link to it here so those of us interested in your technologies can follow it.

[Taek]

Sia Thread Here: https://bitcointalk.org/index.php?topic=591283

 

Thanks guys

[Ramone Estavez]

Is there any chance Sia might offer a discount to the StorageCoin IPO victims if they invest in SiaCoin? Obviously Sia had nothing to do with the StorageCoin scam, but it might be a good PR move. I invested in StorageCoin, so I know I'm biased

@StorageCoin, Karma will take care of you.

[escrowguy]

We received another 0.03 BTC for joining IPO.

refund every investor scammer!

[johnsans]

We received another 0.03 BTC for joining IPO.

refund every investor scammer!

dev said no refund at the beginning .  lol
all investor lost theirs money....

[KyLins]

Hello,I'm very interested in Storagecoin
I send private messages to you
I hope to have better development Storagecoin
Best wishes

[escrowguy]

Hello,I'm very interested in Storagecoin
I send private messages to you
I hope to have better development Storagecoin
Best wishes

do you even read?

[Taek]

We're planning on doing giveaways at some point (using our own coins - Sia is not premined but we'll have coins nonetheless) so we'll try and hit all the investors in this thread.

Unfortunately the giveaways will not amount to more than a few dollars each =/. Terribly sorry for what happened but we can't take responsibility.

[kunac]

@Storagecoin

Good luck with my money.

[nergpchen]

scam? I hope it's not ,@StorageCoin , say something

[ripplebtc]

scam? I hope it's not ,@StorageCoin , say something

Dev has disappeared for two days 

[Münzpräger]

I'm sure he's just on a weekend trip or something... 

not!

[Storagecoin]

I'm sure he's just on a weekend trip or something... 

not!

We are neither on weekend trip nor leaving away,we are just focusing on codes of STC for fighting those who not invest STC but post with scam.