[ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement

[alphaBar]

************Updates****************

NEW CHAIN IS LAUNCHED:

NOTICE: Please upgrade to v2.0.1 (includes malleability fix from BTS 0.4.26)
Source: https://github.com/PTS-DPOS/PTS/tree/v2.0.1
Linux packages: http://software.opensuse.org/download.html?project=home%3Ap_conrad%3Abts&package=PTS
Windows build: https://github.com/PTS-DPOS/PTS/releases

************************************

Summary

* Upcoming snapshot will take place on December 14th
* New website is live: www.ptscrypto.com
* GUI client is nearing completion
* Testnet is stable, Dry Run #1 to be announced shortly


http://ptscrypto.com/images/logo_long.png

BitShares PTS (originally named “Protoshares”) is the original crypto-equity of the BitShares ecosystem. PTS was created prior to development of the BitShares Toolkit, a revolutionary blockchain technology using Dan Larimer’s Delegated Proof of Stake consensus algorithm (DPoS). PTS is a sharedrop instrument for future decentralized autonomous companies (DACs) built upon the Toolkit. Per the BitShares social consensus, PTS holders will receive at least a 10% share in all future DACs.

Now that development of the Toolkit is complete and the first DAC (BTS) is launched, the time has come to upgrade BitShares PTS away from the slow and inefficient proof of work protocol to a new DPoS blockchain using the BitShares Toolkit. We invite you to join us in celebrating the rebirth of BitShares PTS - a historic original, a pre-eminent sharedrop instrument, and now with unparalleled DPoS technology.


Snapshot

Block production in the current proof of work blockchain has slowed to a crawl. Therefore, the upgrade of BitShares PTS will use the last block produced and published to the network prior to the end of day on December 14, 2014 UTC. Exchanges should honor your stake in the new chain (specifics forthcoming).


Specifications

* 10 second block confirmation (!)
* Supply will be scaled to 1,000,000,000 (1 Billion) PTS
* Absolutely no inflation or dilution of the supply, now or ever
* Current PTS-holders will receive their exact proportion of stake in the new chain as of the snapshot date


Features

* Fair 100% proof of work distribution
* True anonymity using TITAN technology
* No ugly hash addresses (send and receive to usernames)


Social Consensus

The BitShares social consensus is a non-binding agreement and invitation to developers of future BitShares DACs to sharedrop at least 10% of their total allocation to PTS holders.

In this way, PTS holders receive a perpetual dividend in the form of ownership in every future BitShares DAC. And unlike Bitcoin, whose largest holders (the exchanges) would never honor a sharedrop, PTS-friendly exchanges such as Bter, Poloniex, and Btc38 have a track record of honoring ownership of PTS holders in new DACs. This makes PTS the ideal sharedrop instrument for developers who want dedicated DAC-friendly shareholders and wide distribution.


Principles

* simplicity - BitShares PTS is delegated proof of stake (DPOS). It is a pure implementation of the core DPOS protocol without the application-specific functionality of the many profitable DACs that will be built on top of it. In this way, PTS is the foundation layer of the BitShares ecosystem.

* openness - BitShares PTS is not only open-source, but also open strategy. PTS promotes open development and contribution to the BitShares platform by third party developers and investors. At the same time, PTS is agnostic to the features, technology, and business strategy of any particular DAC that is built on top of it. BitShares PTS is the Switzerland of DACs.

* collaboration - BitShares PTS will be built with extensibility and collaboration in mind. In addition to serving as the common core of profitable DACs, PTS will also serve as a launching pad and resource for developers of new DACs. In this way, any contribution to BitShares PTS is a contribution to the BitShares ecosystem. The mantra of PTS is: easy-to-use, easy-to-build, and easy-to-fork.

* stability - BitShares PTS is a stable, non-inflationary, and fairly distributed token. BitShares PTS is not a business and is not designed with the objective of maximizing profit. As the business environment changes, application-specific DACs will have to evolve to maintain their competitive advantage. PTS may also evolve, but only with a slow and steady hand that serves the interest of PTS holders and these principles.


BitShares PTS vs. Bitcoin

http://www.ptscrypto.com/images/DPOS2.jpg


Resources

* Website
* Forum
* BitShares Subforum
* Github
* Block Explorer
* Reddit


Future Goals

* After the upgrade, a complete rebrand.
* A suite of technical, marketing, and community resources for DAC developers to build on top of PTS.


Exchanges

www.bter.com
www.poloniex.com


Sincere thanks to pc and cube for the development work, testz for his support and feedback, cass for helping with the website, and I3 for returning all PTS donated funds back to the community and breathing new life into this project.

[Billyboy402]

* simplicity - BitShares PTS is delegated proof of stake (DPOS) ... this is the worst meaning of "simplicity" , BTSX delegate process was pretty much limited to high end nerds as it more avnance then simple downloading a miner and running it on your PC  .

[Billyboy402]

So are we going to miss out on the PLAY DAC snapshot ?

[Billyboy402]

I dont understand why we cant merge and delete one coin - do we need to have BTS and PTS which pretty much are the same thing now ?

[alphaBar]

* simplicity - BitShares PTS is delegated proof of stake (DPOS) ... this is the worst meaning of "simplicity" , BTSX delegate process was pretty much limited to high end nerds as it more avnance then simple downloading a miner and running it on your PC  .

Average users are not required to run delegates. The entire point of DPoS is to eliminate the friction required for network participation by "delegating" the job of securing the network to 101 democratically elected representatives. Now, instead of "downloading a miner and running it on your PC" you simply vote for the delegates you trust to do the hard work of reliably mining blocks. And if they have less than 100% pay rate you actually profit from the fees that they burn.

[TinEye]

Look at all the greedy people trying to extract as much money as they can from PTS.

Remember, this is not the real PTS, its a new coin with sharedrop on PTS. Anybody can start a new PTS and sharedrop on the real one.

[alphaBar]

I dont understand why we cant merge and delete one coin - do we need to have BTS and PTS which pretty much are the same thing now ?

BTS is a feature-packed coin with an aggressive business strategy. BTS aims to disrupt a variety of industries including banking, DNS, and voting. PTS on the other hand is a reference implementation of DPoS and is agnostic to the features and business strategy of any particular DAC. It is intended to be a launching pad and sharedrop instrument for a variety of future DACs, some of which may compete directly or indirectly with BTS.

[alphaBar]

Look at all the greedy people trying to extract as much money as they can from PTS.

Remember, this is not the real PTS, its a new coin with sharedrop on PTS. Anybody can start a new PTS and sharedrop on the real one.

The same can be said about any hard fork, including those of Bitcoin in the early days, or even of Bitshares very recently. The so-called "real" PTS is producing blocks at a rate of about 1 block per day, and will cease to exist shortly. This is why the custodian of PTS (testZ) and a long list of BitShares community members and developers are supporting the upgrade. It is not a "new coin" any more than almost every new client version of Bitshares X was a "new coin". What you are referring to is otherwise known as a hard fork - one that is supported by the community.

[TinEye]

Look at all the greedy people trying to extract as much money as they can from PTS.

Remember, this is not the real PTS, its a new coin with sharedrop on PTS. Anybody can start a new PTS and sharedrop on the real one.

The same can be said about any hard fork, including those of Bitcoin in the early days, or even of Bitshares very recently. The so-called "real" PTS is producing blocks at a rate of about 1 block per day, and will cease to exist shortly. This is why the custodian of PTS (testZ) and a long list of BitShares community members and developers are supporting the upgrade. It is not a "new coin" any more than almost every new client version of Bitshares X was a "new coin". What you are referring to is otherwise known as a hard fork - one that is supported by the community.

Really? By community you mean a few of your buddies who bought up all on the cheap?

If you do not burn the PTS ( the original POW, PTS)  at launch, 2 weeks later I will launch the  real DPOS PTS...

https://bitsharestalk.org/index.php?topic=11877.msg156282#msg156282

[alphaBar]

Look at all the greedy people trying to extract as much money as they can from PTS.

Remember, this is not the real PTS, its a new coin with sharedrop on PTS. Anybody can start a new PTS and sharedrop on the real one.

The same can be said about any hard fork, including those of Bitcoin in the early days, or even of Bitshares very recently. The so-called "real" PTS is producing blocks at a rate of about 1 block per day, and will cease to exist shortly. This is why the custodian of PTS (testZ) and a long list of BitShares community members and developers are supporting the upgrade. It is not a "new coin" any more than almost every new client version of Bitshares X was a "new coin". What you are referring to is otherwise known as a hard fork - one that is supported by the community.

Really? By community you mean a few of your buddies who bought up all on the cheap?

I am a longtime PTS investor and supporter of I3. Dan, Stan, testz, fuzzy and a long list of other folks, both inside and outside of I3 are in support of the project. If you want to call them my friends then so be it, but there is no need to disparage the hard work of others. We're working hard to build something great, but if you don't see the value then simply don't invest.

[TinEye]

Look at all the greedy people trying to extract as much money as they can from PTS.

Remember, this is not the real PTS, its a new coin with sharedrop on PTS. Anybody can start a new PTS and sharedrop on the real one.

The same can be said about any hard fork, including those of Bitcoin in the early days, or even of Bitshares very recently. The so-called "real" PTS is producing blocks at a rate of about 1 block per day, and will cease to exist shortly. This is why the custodian of PTS (testZ) and a long list of BitShares community members and developers are supporting the upgrade. It is not a "new coin" any more than almost every new client version of Bitshares X was a "new coin". What you are referring to is otherwise known as a hard fork - one that is supported by the community.

Really? By community you mean a few of your buddies who bought up all on the cheap?

I am a longtime PTS investor and supporter of I3. Dan, Stan, testz, fuzzy and a long list of other folks, both inside and outside of I3 are in support of the project. If you want to call them my friends then so be it, but there is no need to disparage the hard work of others. We're working hard to build something great, but if you don't see the value then simply don't invest.

I have PTS, thanks for the free coins. Please pump it up so I can sell for free money. In a few days someone else will again release another upgrade so more for me.

[Billyboy402]

* simplicity - BitShares PTS is delegated proof of stake (DPOS) ... this is the worst meaning of "simplicity" , BTSX delegate process was pretty much limited to high end nerds as it more avnance then simple downloading a miner and running it on your PC  .

Average users are not required to run delegates. The entire point of DPoS is to eliminate the friction required for network participation by "delegating" the job of securing the network to 101 democratically elected representatives. Now, instead of "downloading a miner and running it on your PC" you simply vote for the delegates you trust to do the hard work of reliably mining blocks. And if they have less than 100% pay rate you actually profit from the fees that they burn.

what so only the greedy ppl with the skill should earn that a bit unfair

[biophil]

So are we going to miss out on the PLAY DAC snapshot ?

What do you mean? The PLAY snapshot of PTS was on November 5th.

[biophil]

I strongly support this upgrade, and I will absolutely adopt the new DPOS PTS and abandon the old PoW PTS. I'll be fairly surprised if the market doesn't do this.

Non-snapshot-honoring exchanges like Cryptsy are going to be a serious problem. Maybe you could convince them to delist PoW PTS before the upgrade happens? That would really significantly aid adoption of the the DPOS version.

[Billyboy402]

So are we going to miss out on the PLAY DAC snapshot ?

What do you mean? The PLAY snapshot of PTS was on November 5th.

NO PLAY dac is on the 15th dec ,,, so there no way in hell i will be removing my PTS to my wallet ....( which will prob take 2 week for confirmations )

you should be asking all exchange to honor the snapshot

[CLains]

So are we going to miss out on the PLAY DAC snapshot ?

What do you mean? The PLAY snapshot of PTS was on November 5th.

NO PLAY dac is on the 15th dec ,,, so there no way in hell i will be removing my PTS to my wallet ....( which will prob take 2 week for confirmations )

you should be asking all exchange to honor the snapshot

No, Play is on 8th December for BitShares. For PTS it was 5th november.

http://bitsharesplayfoundation.org/en/

If you want to move your PTS around, then just try first with a small amount to see if it gets to the other side.

[alphaBar]

Absolutely we are in contact with the exchanges (including Cryptsy) to ensure that the snapshot is honored. If you have connections at any particular service or exchange please reach out to me.

[alphaBar]

Dry Run #1 is announced with new import by signed message feature: https://bitsharestalk.org/index.php?topic=11980
This is also a call for testers and "initial" delegates (details in the thread).

[o3u]

So are we going to miss out on the PLAY DAC snapshot ?

What do you mean? The PLAY snapshot of PTS was on November 5th.

NO PLAY dac is on the 15th dec ,,, so there no way in hell i will be removing my PTS to my wallet ....( which will prob take 2 week for confirmations )

you should be asking all exchange to honor the snapshot

No, Play is on 8th December for BitShares. For PTS it was 5th november.

http://bitsharesplayfoundation.org/en/

If you want to move your PTS around, then just try first with a small amount to see if it gets to the other side.

damn it i tried a large TX and it's not going anywhere, doesn't seem to have been broadcast yet, anyway to stop this?

[alphaBar]

damn it i tried a large TX and it's not going anywhere, doesn't seem to have been broadcast yet, anyway to stop this?

Unfortunately there is no way to stop a transaction that has already been broadcast (if it was picked up by the network, which you may not yet see). Was this a withdrawal from an exchange? You have about a week left until the snapshot, so chances are that the transaction will confirm in that time. If you are using Bter they will honor the snapshot anyway, so you should have nothing to worry about, even if the transaction is not confirmed.