BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[DeezCoinz]

So David, can you ELI5 how you are going to peg bitbay with wallet transaction scripts?

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[dzimbeck]

By the way not sure if I  mentioned this earlier but I DID find a way to test out pegging in Python before forking. It was a really good realization. I realized, I can add the rules needed to peg on the client side directly in the Halo wallet! Granted, only people running the client would follow the rules, but the transaction scripts would be essentially the same as they would when they become hard coded mining rules. This saves me the trouble of building in c++. Then when I finish and prove the concept, my merge into c++ should be much more trivial.

I will think of some ways people can help. Trello was my first attempt. I think it would be good to have a project manager for the bounties and somebody to help manage.

I'm not sure I follow, perhaps I'm a bit thick. By "pegging" we mean that we arbitrarily set the value of bitbay, in this case, to equal the value of some other object? As an example, let's peg bitbay to USD. Let's decide to peg bitbay at USD $0.25, a quarter. What does it mean that you can accomplish that in the wallet? The wallet is simply a container. It doesn't know anything about value. Even if it does transactions, if I buy a glove for 35 bitbay, the wallet doesn't care what value the coins have in USD or BTC or walnuts, it just sends or receives 35 bitbay coins. In order to peg a coin, you must be able to control the value that the coin trades for on the exchanges. You would need a very tight control on the money supply to do that.

Can you please explain to me how you can set the price of a bitbay coin anywhere by doing something in the wallet?

Doing it in the wallet i can force transaction scripts. Its just to prove the concept and then i bring those scripts into c++ as mining rules. Take a look at NuBits and BitUSD all variations on similar themes. The rules will control supply to reflect demand. Lots of people wanted this to be a peg that grows and moves so perhaps we add voting to allow the users to influence market conditions and have a default if no vote is casted.

Basically the rules allow deflation and inflation.

I'm still not following, NuBits is using trading bots on every exchange to keep the price stable near $1.00. bitUSD traders expect it to be near a dollar so they trade it on the exchanges in a way to keep it near a dollar. Both coins are Market Pegged. Neither is Wallet Pegged. A coin is a store of value, but the wallet doesn't know that or care. What do transaction scripts have to do with pegging the price? Why would you need to test pegging in wallets? My wallet doesn't care how much USD the incoming coins are worth. To peg bitbay you have to control the exchange price, I would think. Also, be careful thinking you can port python code into C++. It may not be as easy as you think, especially if you really have no knowledge of C++.

Yeah im not using trading bots its purely control over supply and demand. And most likely a buywall. There will probably not be a sell wall because I dont believe in custodial wallets although we can discuss it after the fork.

I think you are misunderstand the wallet peg. Because python is high level language, its easy to prove the concept in the wallet. The wallet can read the scripts the same way miners do. But it is not at all what i will be releasing. Think of it like a "testnet"... where we dont need to fork to try out new rules.

Then after im sure there is no way to use checklocktimeverify to hack your way out of having assets frozen or liquid, i can make it a hard coded rule.

As for the c++ implementation. I can use the same libraries for scripting in c++. Also, I use daemons to communicate (aka blackcoind bitbayd) so those RPC calls refer to libraries in the program itself.

Also, I do have some c++ experience granted years ago when i was in my teens. I'm self taught Python and from everything I've learned, reading the bitcoin source isn't too hard.

But yeah having a c++ guy on board would be nice. Its not needed. When I set out to do something, I do it. That is how Halo got built. I was determined and did lots of hard work.

With that said I'm in discussions with a guy who thinks he can port my python to c++ as a hard coded mining rule. My guys went out and looked for devs but so many of them are wishy washy. So I'm going to code everything I have to get to our milestones and go from there.

As for the "email tipping" update, its because I'm doing a major BitHalo release with a new UI. So this is basically the last few features that are not markets. So email tipping, sending to multiple simultaneous addresses (useful for joint accouns and tipping), automatic signing of joint payments (really useful for hackproof wallets), first time user wizard (completely needed for everyone who is new to Halo to set up email, wallets, everything)

When thats done, I can finish the markets. Bitmessage is already in the client so to get the markets coded its mostly very UI and template heavy. And i can give periodic updates.

If you want, i can explain in depth how the pegging is done from a scripting perspective.

[dzimbeck]

So David, can you ELI5 how you are going to peg bitbay with wallet transaction scripts?

On a protocol level I have been deliberating over a few ways to do it. Basically, you make the first rule a mining rule that makes it so transactions before the fork are all conditionally frozen to spend X% of the input.

Then the transaction is tagged much in the way a colored coin is tagged.

So, you can use checklocktimeverify to freeze the funds as a requirement, although i think that is overengineering it maybe.

Possible other ways are to tag it with a required script with a special meaning in OP_RETURN

another way is to require a script in the transaction that would be redundant, but meaningful to miners and require it in order to color the coin.

Shit, you can even burn an encoded coin as a requirement.

Then, you make the miners require you pay X% back to yourself as change and freeze it in the input (if it is deflation)
Or, you allow spending X% of the frozen input to any external address to be marked as liquid (inflation)

Also, any coins that stake must be forced to either freeze or include a script.

Then you can set a hard % from the fork. Lets say 10% of the supply becomes liquid. So 100 million liquid coins.
Any input before block X can only spend 10% in this example.

Then, in order to set the network variables we have two options and im leaning towards voting.

You set it so, simply pay coins to a voting address which gets counted every X blocks. Its possible to give a "master key" by letting one vote count for more. Or just make it purely democratic.

That vote determines if we are inflating or deflating.

Now, in order to peg, we just need to make sure the inflating and delfating amouns match the market price. However, i do like the idea of growing the coins value. So maybe we can just vote on deflating slowly for a while so the price can rise and put a buy wall below it. Its really up to you guys. Since there is a few people with a lot of coins, ironically it can keep a lot of coins off market too which i think is actually nice in the beginning.

miners would have to count votes and keep track of the rates for all the blocks. so the miners properly enfore the mandatory scripts.

[dzimbeck]

checklocktimeverify also allows parking as an elective to tighten supply more and it means i can do Halo escrows in one beautiful TX

[RJF]

checklocktimeverify also allows parking as an elective to tighten supply more and it means i can do Halo escrows in one beautiful TX

Elegant, right up to the part about miners counting votes. How would that be implemented?

[dzimbeck]

checklocktimeverify also allows parking as an elective to tighten supply more and it means i can do Halo escrows in one beautiful TX

Elegant, right up to the part about miners counting votes. How would that be implemented?

Its very easy you have a vote on increase or decrease of interest every 500 or so blocks.

They vote by paying to a voting address 5500 satoshis(the network minimum) perhaps one vote per address. It can for example be calculated based on balance of the sender like staking. Then the small 5500 satoshi votes are added up, they have the vote in the script or 3 different addresses are used.

The increase and decrease in interest for example can be like .1% for every 500 blocks. Obviously this can compound really fast so even that can be too high

so its +.1%
or     -.1%
or     even/not enough votes

[issie81]

checklocktimeverify also allows parking as an elective to tighten supply more and it means i can do Halo escrows in one beautiful TX

Elegant, right up to the part about miners counting votes. How would that be implemented?

Its very easy you have a vote on increase or decrease of interest every 500 or so blocks.

They vote by paying to a voting address 5500 satoshis(the network minimum) perhaps one vote per address. It can for example be calculated based on balance of the sender like staking. Then the small 5500 satoshi votes are added up, they have the vote in the script or 3 different addresses are used.

The increase and decrease in interest for example can be like .1% for every 500 blocks. Obviously this can compound really fast so even that can be too high

so its +.1%
or     -.1%
or     even/not enough votes

Looking good David!
Thumbs up, once the Marketplace is up thats why i believe in this coin just like you love freedom i like it also investing in your believe is way the go
are you also going to put up a review system based on wallets?

[DeezCoinz]

As for the c++ implementation. I can use the same libraries for scripting in c++.

What tool so you use to integrate the python and c++?

[boopy265420]

Keep it up David.
In the long run you can deliver . Community supports you so take your time to make some thing really big. 

[BitBaydev]

New Logo contest for BitBay
We plan to rebrand bitbay project.

We have 1 million baycoin(about 0.6btc)  bounties for our new logo contest winner.
First winner will get 0.5 million bitbay
Second winner will get 0.3 million bitbay
Third winner will get 0.2 million bitbay.
community will vote for this.
The contest will end at 10th Jan.

Design Brief

We are looking for something possibly abstract to represent BitBay which is both our currency, and also a decentralized service set that can enable blockchain based service, such as decentralized marketplace and decentralized smart contract applications.

We looking for something that can double as a logo for our decentralized service and a symbol for bitbay currency.

Good luck !
Thanks for your support.

you can post your logo in this thread.

[Kevinrasf]

New Logo contest for BitBay
We plan to rebrand bitbay project.

We have 1 million baycoin(about 0.6btc)  bounties for our new logo contest winner.
First winner will get 0.5 million bitbay
Second winner will get 0.3 million bitbay
Third winner will get 0.2 million bitbay.
community will vote for this.
The contest will end at 10th Jan.

Design Brief

We are looking for something possibly abstract to represent BitBay which is both our currency, and also a decentralized service set that can enable blockchain based service, such as decentralized marketplace and decentralized smart contract applications.

We looking for something that can double as a logo for our decentralized service and a symbol for bitbay currency.

Good luck !
Thanks for your support.

you can post your logo in this thread.

Ill pass this contest to 2 friends who are good at this .

Good to see some community challenges!

[Gizfreak]

Nice to see this logo contest as part of rebranding BitBay.
Any clue on color use? I guess a palette of blue and white, right?
Preferable format scalable vector graphics (.svg)?

[dzimbeck]

As for the c++ implementation. I can use the same libraries for scripting in c++.

What tool so you use to integrate the python and c++?

Well I can do it manually. And my friend tells me I can actually do python inside of c++. There is also cython. So there are 3 options. I'm going to do it in traditional c++ when I finish unless I find a really strong dev who wants to do it.

I'm talking to a "superdev" right now but I'm not sure if he will do it fast enough. But I'm doing markets first so we have a little time.

[dzimbeck]

New Logo contest for BitBay
We plan to rebrand bitbay project.

We have 1 million baycoin(about 0.6btc)  bounties for our new logo contest winner.
First winner will get 0.5 million bitbay
Second winner will get 0.3 million bitbay
Third winner will get 0.2 million bitbay.
community will vote for this.
The contest will end at 10th Jan.

Design Brief

We are looking for something possibly abstract to represent BitBay which is both our currency, and also a decentralized service set that can enable blockchain based service, such as decentralized marketplace and decentralized smart contract applications.

We looking for something that can double as a logo for our decentralized service and a symbol for bitbay currency.

Good luck !
Thanks for your support.

you can post your logo in this thread.

Damn! Nice bounty! Thats really a great way to distribute our sacks of BitBay. Lets do this so we can hit every milestone on Trello. 

[unusualfacts30]

New Logo contest for BitBay
We plan to rebrand bitbay project.

We have 1 million baycoin(about 0.6btc)  bounties for our new logo contest winner.
First winner will get 0.5 million bitbay
Second winner will get 0.3 million bitbay
Third winner will get 0.2 million bitbay.
community will vote for this.
The contest will end at 10th Jan.

Design Brief

We are looking for something possibly abstract to represent BitBay which is both our currency, and also a decentralized service set that can enable blockchain based service, such as decentralized marketplace and decentralized smart contract applications.

We looking for something that can double as a logo for our decentralized service and a symbol for bitbay currency.

Good luck !
Thanks for your support.

you can post your logo in this thread.

Sweet!

Here is my first attempt. 

[Gizfreak]

New Logo contest for BitBay
We plan to rebrand bitbay project.

We have 1 million baycoin(about 0.6btc)  bounties for our new logo contest winner.
First winner will get 0.5 million bitbay
Second winner will get 0.3 million bitbay
Third winner will get 0.2 million bitbay.
community will vote for this.
The contest will end at 10th Jan.

Design Brief

We are looking for something possibly abstract to represent BitBay which is both our currency, and also a decentralized service set that can enable blockchain based service, such as decentralized marketplace and decentralized smart contract applications.

We looking for something that can double as a logo for our decentralized service and a symbol for bitbay currency.

Good luck !
Thanks for your support.

you can post your logo in this thread.

Tweeted https://twitter.com/Gizfreaknl/status/549958763655213056 and I would recommend tweeting it also at the official BitBay Twitter account.

[Gizfreak]

That's art.
As much as I would like to have it hanging on my wall as a painting, it's no simple logo.

For me a logo would be something like this:

[Gizfreak]

Just my 2 BAY, but if you want to organize a logo contest, I think posting them into this thread isn't the best option.
I would consider starting a contest at http://www.battledesigns.com.
Or even better: opening a gallery at the official site.

[issie81]

i have sick friend killer designer,  he is making a logo for us as we speak will be ready one day
while i am here watch Bittrex 5BTC in 20min, have to transfer the BTC xD putting my BTC in NKT sorry will do the 5BTC next year again

haha 108mil bays is enough for now haha still love bay bigtime

[dzimbeck]

This was a great idea Steve, this kind of thing can not only help us disperse our Bitbay more evenly, but it can spark some community interest.