synechist (OP)
Legendary
 Offline
Activity: 1190
Merit: 1000
To commodify ethicality is to ethicise the market
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August 04, 2017, 01:46:19 PM |
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Hi all
A Blocknet service node is not a Dash (coinjoin) masternode.
They share some functions but have essentially different purposes, and so the security situation is different.
Service nodes function to prevent spam and DOS attacks on the order book. They don't mix transactions and they don't handle traders' coins in any way.
Too many service nodes has security disadvantages:
- not enough stakers
- easier to create bad nodes
- less investment in the system, thus greater incentive, on balance, to act maliciously.
Finally, while the 5000 BLOCK requirement is in place, it is changeable via a formal BIP, which would then be voted for on our upcoming production blockchain. The voting system is from PivX, so feel free to check it out there.
First build of the production wallet comes out on testnet this week, so be ready to check it out!
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Co-Founder, the Blocknet
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lijoe408
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August 04, 2017, 02:00:18 PM |
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Even if there is only 1 node it is fully decentralized!
 If one node, then the services provided by node goes down 100% if that one node goes down. More nodes or a healthy threshold of nodes is always better for the network to my understanding. I don't think you know what your talking about. |
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BrotherJ
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August 04, 2017, 02:08:12 PM |
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What's the utility/purpose of the Blocknet coin within the Blocknet decentralized exchange?
Been looking for documentation on this and haven't found any.
Thanks
1. You can use it to stake for more coins. 2. You use block as fees to pay to the service node for making trades. 3. You can have 5000 block to run a service nodes and earn those fees. Service node is 5k block? Yes, for now they set it at 5K. Cheap still. I would hardly call 55k cheap. The amount of required coins is too much compared to total supply imo. This will greatly limit the amount of servicenodes. It should be 500-1000 imo The price of a single Block was 10 cents for 2 years. A node was cheap back then. Many many people who purchased during this period have enough block to run nodes. And the thing is... It's cheap still now because... once this is launched with the user friendly UI being developed by a world class company, $55k will be ultra cheap when you look back when it becomes possibly $550k... 55K is expensive as it is. Very few people entering from this point will commit 50k+ to owning a Node for a coin with a marketcap at this level. The result will be not that many nodes. The Node/Total supply ratio seems unbalanced. Consider Dash has 20M supply and requires 1K coins to run a masternode. Blocknet has 4M Supply and requires 5K coins to run a masternode. Dash currently has thousands of masternodes running. If you locked up half the supply of Blocknet, it's not enough for even 500 Nodes. The result of all this will be that the network does not have many nodes. I can't speak to whether this will have any effect on the network, so i'm interested to hear what a dev has to say about this. Are you aware that it costs $200k to own a DASH MN? |
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lijoe408
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August 04, 2017, 02:13:47 PM |
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Too many service nodes has security disadvantages:
- not enough stakers
- easier to create bad nodes
- less investment in the system, thus greater incentive, on balance, to act maliciously.
OK thanks for the clarification. I just have one question regarding the token requirements for node. Was it always planned to be 5k from inception and the requirement take into account that 6M of the tokens would be burned? I see the rationale in the points you posted above, my concern is that with the rapid price rise, the members that got in at a few pennies will sell off at some point. In turn this is by far the most expensive Node/Marketcap ratio. I can see a situation where the the number of people selling off due to rapidly rising prices will not balance the amount of new nodes being created due to rapidly increasing price of the nodes. If this occurs, would the node requirements be rebalanced in the future? |
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PokerStein1
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August 04, 2017, 02:16:05 PM |
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Blocknet project looks so promising , it is a long term hold coin i think.
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lijoe408
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August 04, 2017, 02:22:06 PM |
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What's the utility/purpose of the Blocknet coin within the Blocknet decentralized exchange?
Been looking for documentation on this and haven't found any.
Thanks
1. You can use it to stake for more coins. 2. You use block as fees to pay to the service node for making trades. 3. You can have 5000 block to run a service nodes and earn those fees. Service node is 5k block? Yes, for now they set it at 5K. Cheap still. I would hardly call 55k cheap. The amount of required coins is too much compared to total supply imo. This will greatly limit the amount of servicenodes. It should be 500-1000 imo The price of a single Block was 10 cents for 2 years. A node was cheap back then. Many many people who purchased during this period have enough block to run nodes. And the thing is... It's cheap still now because... once this is launched with the user friendly UI being developed by a world class company, $55k will be ultra cheap when you look back when it becomes possibly $550k... 55K is expensive as it is. Very few people entering from this point will commit 50k+ to owning a Node for a coin with a marketcap at this level. The result will be not that many nodes. The Node/Total supply ratio seems unbalanced. Consider Dash has 20M supply and requires 1K coins to run a masternode. Blocknet has 4M Supply and requires 5K coins to run a masternode. Dash currently has thousands of masternodes running. If you locked up half the supply of Blocknet, it's not enough for even 500 Nodes. The result of all this will be that the network does not have many nodes. I can't speak to whether this will have any effect on the network, so i'm interested to hear what a dev has to say about this. Are you aware that it costs $200k to own a DASH MN? Yes i'm fully aware it costs almost 200k to own a Dash MN. I mentioned the coin requirements above. Dash also has a 1.5Billion dollar marketcap. The higher the marketcap of a coin then generally the more stable the price. This is why you don't see 20% price swings in BTC now like in some of these other coins. It takes alot more money to move the price, therefore people feel more comfortable investing larger amounts of money. Look at the stock market, do you think an investor feels safer putting 100K into Apple stock or 100K into a penny stock? |
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synechist (OP)
Legendary
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Activity: 1190
Merit: 1000
To commodify ethicality is to ethicise the market
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August 04, 2017, 02:24:53 PM
Last edit: August 05, 2017, 02:56:51 PM by synechist |
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Hi all
We're excited to release our roadmap! Details below. Comments welcome.
Done
- Oct - Nov 2014: ITO ("initial token offering")
- Dec 2014: first messages sent across blockchains (data transport proof-of-concept)
- March 2015: partnership with Bitnation forged
- March 2015: Decentralized exchange UI/UX: business logic and mockups
- April 2015: Blocknet Think Tank launched; breadth of scope of the Blocknet seen to extend to the entire token ecosystem
- May 2015: Ethereum collaboration; commitment to integrate ETH
- October 2015: Decentralized exchange v.1 (proof-of-concept)
- December 2015: Blockchain router v.1
- March 2016: Decentralized exchange v.2 (TierNolan's algo, no CLTV)
- August 2016: Decentralized exchange v.3 (CLTV: nonmalleable design)
- Sept 2016: Debugging and testing; order book
- May 2017: Service node design: QoS provider concept
- June 2017: Decentralized exchange app: specification documentation (for UI/UX partner)
- July 2017: Production blockchain: work commences
Coming up
note: upcoming milestones are subject to change, and some require new ground be broken in crypto, and thus are to be interpreted as intents, not commitments. Development is in an agile manner and so is not to deadlines; Rather, continual progress is to be expected.
- Production blockchain launch
- Service nodes launch on mainnet
- Design specification document ("white paper")
- Decentralized exchange app ("UI")
- Decentralized exchange SPV multiwallet (no full blockchains)
- Chain relay: trust-minimised data verification
- Mobile Blocknet wallet app
- Mobile decentralized exchange app
- "Offline orders" feature (orders stay live after wallet is closed)
- Decentralized leveraged trading (p2p loan swaps locked to longs/shorts)
- Decentralized ICO dapp
- Browser-based exchange
- Modularisation of core components (network overlay, blockchain router and data transport)
- Abstraction of core services into dedicated APIs (service lookup, inter-chain messaging, and decentralized exchange) (edited)
- Service delivery: proof-of-legitimacy (trustless exchange of non-currency)
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Co-Founder, the Blocknet
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ENvader
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Activity: 33
Merit: 0
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August 04, 2017, 02:46:13 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price.  |
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imconfusedman
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Activity: 114
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August 04, 2017, 03:02:22 PM |
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So when can we use the BlockNet decentralized exchange? Within the next 6 months?
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Bigbobbasher
Full Member
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Activity: 238
Merit: 101
Crypto connoisseur.
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August 04, 2017, 03:07:08 PM |
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Nice roadmap!
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danielwwt
Member
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Activity: 122
Merit: 10
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August 04, 2017, 03:07:49 PM |
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So when can we use the BlockNet decentralized exchange? Within the next 6 months?
it is working now. |
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Xaltotun
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August 04, 2017, 03:50:13 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price. Timelines with dates suck. They seem to only set developers up for failure. We see that all the time in crypto. Also, price went down before the release. I like this timeline and glad is just an outline instead of some graphic flowchart. Simple and to the point. They clearly have lots planned and I'm looking forward to mainnet release just around the corner. That's when the fun starts. |
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danielwwt
Member
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Activity: 122
Merit: 10
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August 04, 2017, 03:59:30 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price. Timelines with dates suck. They seem to only set developers up for failure. We see that all the time in crypto. Also, price went down before the release. I like this timeline and glad is just an outline instead of some graphic flowchart. Simple and to the point. They clearly have lots planned and I'm looking forward to mainnet release just around the corner. That's when the fun starts. can't agree more |
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truxton
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August 04, 2017, 04:02:15 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price. This is not true. The slow dump started about an hour before. Deadlines are not efficient because of the unnecessary pressure and this can sometimes compromise the work and the code and so on. With groundbreaking tech such as The Blocknet, the correct amount of time needs to be taken. The 10 year comment I feel is an unnecessary knee jerk. No one thinks its going to take 10 years!  The devs have already delivered amazing tech. Have a little faith and patience. All the best.  |
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CryptoXMan
Member
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Activity: 119
Merit: 10
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August 04, 2017, 07:16:53 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price. This is not true. The slow dump started about an hour before. Deadlines are not efficient because of the unnecessary pressure and this can sometimes compromise the work and the code and so on. With groundbreaking tech such as The Blocknet, the correct amount of time needs to be taken. The 10 year comment I feel is an unnecessary knee jerk. No one thinks its going to take 10 years! The devs have already delivered amazing tech. Have a little faith and patience. All the best. Exactly... if this was posted from a branch new coin with nothing to show for it, sure, but blocknet has proven that it can deliver working tech. People dumping now are really not smart lol. |
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vsyc
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August 04, 2017, 07:28:43 PM |
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How is this a roadmap with no dates? It's more of a "Things we would like to do in the future whether it's a month from now or 10 years from now." This lackluster roadmap just tanked the price. This is not true. The slow dump started about an hour before. Deadlines are not efficient because of the unnecessary pressure and this can sometimes compromise the work and the code and so on. With groundbreaking tech such as The Blocknet, the correct amount of time needs to be taken. The 10 year comment I feel is an unnecessary knee jerk. No one thinks its going to take 10 years! The devs have already delivered amazing tech. Have a little faith and patience. All the best. Exactly... if this was posted from a branch new coin with nothing to show for it, sure, but blocknet has proven that it can deliver working tech. People dumping now are really not smart lol. Noone dumping, expected downtrend before upcoming bigger uptrend, relax. |
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imconfusedman
Copper Member
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Activity: 114
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August 05, 2017, 02:00:35 AM |
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So when can we use the BlockNet decentralized exchange? Within the next 6 months?
it is working now. So where do I get it? How do I download it? I downloaded the BlockNet wallet so I've got the "BlockNet Decentralized Application Platform" but it doesn't look like I can do anything with it. Am I missing some instructions here? |
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truxton
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August 05, 2017, 10:01:04 AM |
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Block reaches new ATH.  |
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Lautrer
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August 05, 2017, 10:03:22 AM |
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@imconfusedman: at the moment its not so easy to trade, because first it is only on testnet and second you need a lot of setups to make it work as a testuser. But as you can see in the vids its working fine. There is a setup information around here somnewhere. But to really easy trade you have to wait several more weeks!
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