[ANN] BitBean | Innovative PoS | Scalability | No IPO | No premine

[nokat]

how many total coin ?

Current outstanding coins: 606,647,000 BITB
Increases by 1000 coins each block
The the target block time is 1 minute

Is this a constant rate of generation or will it eventually half like conventional PoW block rewards?

It is constant but that can be changed if people want it, but the 1000 coins per block goes to people staking their coins so if you stake you won't lose your % of total coin value, actually you would gain since not everyone stakes.

[Equate]

Buy orders 49.679 BTC now nice.
For bitbean to be top 30 on coinmarketcap that needs price to be 739 satoshi.
We are going to be rich guys hold your coins

I would suggest intelligent trading rather than holding coins.

[provenceday]

can anybody write a bot to test how many transactions can bitbean network handle per second?

i remember bitcoin network can only handle    7 transactions/second and current blocksize is 1MB.

[provenceday]

this is the method how to add 20MB blocksize to bitcoin network by Gavin Anderson.


Looking before the Scaling Up Leap

I've been busy the last few weeks filling up my hard disk with copies of the main Bitcoin blockchain.

My goal is to prove that it is safe to raise the maximum block size from 1MB to at least 20MB, with the existing Bitcoin Core code (no fancy invertible bloom filters, no hyper-optimized-for-the Bitcoin-elliptic-curve verification code).

If the existing code can handle 20 megabyte blocks, then I'll argue we should schedule a hard fork to raise the block size. Ideally, we would never run into the maximum block size limit -- we would always have a situation like we do today, where miners decide how large or small to make their blocks, and people using the blockchain decide whether they're willing to pay miners transaction fees to include their transactions.

So I've been testing the existing code with much larger blocks -- 20MB and 200MB.

I could create artificial tests that fill up blocks with randomly generated transactions, but it would be much better to test with real-world transactions packaged into bigger blocks. I'm running a couple of full Bitcoin nodes, so I have 20 or so gigabytes of real-world transactions.

I just had to figure out how to repackage them into bigger blocks. After a couple of false starts over a couple of frustrating days (wouldn't it be nice if our ideas always worked perfectly the first time?), I came up with the following scheme:

First, I hacked the reference implementation and changed some constants related to the block size (MAX_BLOCK_SIZE, DEFAULT_BLOCK_MAX_SIZE, MAX_BLOCKFILE_SIZE). That part is easy.

The tricky bit is how to take transactions from the 1-MB and repackage them in bigger blocks. For most transactions, it is trivial, because ordinary transactions don't care what block they are in.

There are two exceptions:

1. Transactions that use the 'locktime' feature so they are not valid until a particular block height or date. I dealt with these by simply treating all transactions as 'final'.

2. There are special rules for 'coinbase' transactions: there can be only one coinbase transaction per block, it must be the first transaction, etc. My first couple of false starts went down the path of relaxing those rules, but I gave up that approach because I found myself changing more and more code. I think if I was 22 years old I probably would have just forged ahead, unwilling to let go of a couple of days of programming effort because "just one more change and it will probably all start to work..."

I wonder if old programmers throw away more code than young programmers. I bet we do.

Anyway, after a rethink I came up with a much cleaner solution for handling coinbase transactions from the real blockchain: I write them to a 'coinbasetx.dat' file which the hacked bitcoind reads at startup and stores in memory (there are only 73 megabytes of them). As blocks are added to the big-block chain, those coinbases are added to the "unspent transaction output set" so they are available to be spent (and I set the COINBASE_MATURITY constant to zero instead of 100, so they can be spent right away, in the same big block).

I wrote a tool ("gen_megablocks") that creates the coinbasetx.dat file and blk*.dat files that are valid-but-oversized, -regtest-mode blocks.

Those big blocks are then loaded into the bigger-block-capable bitcoind using the -loadblock command-line option, where they go through full transaction and block validation and indexing.

The end result is a fully-indexed blockchain with real transactions arranged into much larger blocks. I can import some of my main-chain wallet private keys and create transactions that spend them; those transactions are valid on both the hacked big-block chain and the main Bitcoin 1-MB blockchain (because ordinary transactions are completely independent of blocks).

So far, the results are very good-- the time to process a block scales up linearly with the size of the block, there are no hidden O(n^2) gotchas waiting to bite us. My desktop machine (a quad-core, 16GB-memory, "Late 2012" iMac) can easily keep up with a 20-MB-per-block blockchain, and could even keep up with a 200-MB-per-block chain if run with bigger -maxsigcachesize and -dbcache settings.

Today I'm generating alternate chains (I added an option to gen_megablocks to skip one or more transactions and their descendants); I'll be testing long and short blockchain re-orgs, measuring CPU time and memory usage. Once that is done I'll try syncing these 'megablock' chains across the internet and will measure real-world network bandwidth usage and time. And along the way I'll import a few keys and make sure the Bitcoin-Qt wallet works properly with big blocks (it should, it doesn't contain any code that cares about the block size).

Once all that is done, I will write up the results, write up a detailed specification for increasing the block size, and will start working on a patch (and lots more tests) to make it happen.

And I'm bracing myself for  endless re-hashing of arguments about why a maximum block size tied to transaction volume or difficulty or exchange rate or total transaction fees or the phase of the moon would be better than some dumb, predictable formula....

[Fielding]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

[popolite11]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

I am also curious to know the same , I hope we get answers from dev.

[nokat]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

[kcanup]

Looking great 

Buckle up!! We're going to 40 satoshi today 

[Fielding]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

[MadGhost]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

[tm2013]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

[nokat]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

[tm2013]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

I'm not advanced enough with the nity-grity of coding P2P cryptographic systems in order to know how to implement this, but another idea I had would be to implement a system of funds or even data transfer via the tunneling of a private key across the network from wallet to wallet. So rather than broadcast transactions from node to node, you would in practicality be sending a digital "paper" wallet (similar to writing a check). This system could solve for a ease of use, as well as adding an extra level of anonymity. Not stopping at the transfer of BITB with the private key tunneling, in the future you could conceivably tunnel other cryptocurrency private keys across the network, allowing for the nearly free, instant transfer of any currency with ease of use and privacy.

[nokat]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

I'm not advanced enough with the nity-grity of coding P2P cryptographic systems in order to know how to implement this, but another idea I had would be to implement a system of funds or even data transfer via the tunneling of a private key across the network from wallet to wallet. So rather than broadcast transactions from node to node, you would in practicality be sending a digital "paper" wallet (similar to writing a check). This system could solve for a ease of use, as well as adding an extra level of anonymity. Not stopping at the transfer of BITB with the private key tunneling, in the future you could conceivably tunnel other cryptocurrency private keys across the network, allowing for the nearly free, instant transfer of any currency with ease of use and privacy.

I was thinking of something that gives a similar goal, but with the use of multi-sig and signing transactions instead of giving the private key.
For funds transfer though. Don't have any plans for data transfer as there are many services for that.

[tm2013]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

I'm not advanced enough with the nity-grity of coding P2P cryptographic systems in order to know how to implement this, but another idea I had would be to implement a system of funds or even data transfer via the tunneling of a private key across the network from wallet to wallet. So rather than broadcast transactions from node to node, you would in practicality be sending a digital "paper" wallet (similar to writing a check). This system could solve for a ease of use, as well as adding an extra level of anonymity. Not stopping at the transfer of BITB with the private key tunneling, in the future you could conceivably tunnel other cryptocurrency private keys across the network, allowing for the nearly free, instant transfer of any currency with ease of use and privacy.

I was thinking of something that gives a similar goal, but with the use of multi-sig and signing transactions instead of giving the private key.

And in doing that, BitBean would be the first coin to solve atomic cross-chain transfers without the need for sidechains. Something never done before  

Edit: And I was thinking the possible required coins for a "staking node" could be something on the order of 1 Million, giving the coin a good demand v.s. supply.

[bhokor]

come on guys, we need reliability in the altcoin world, please keep up the good work, i would like trust Bitbeans

[nokat]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

I'm not advanced enough with the nity-grity of coding P2P cryptographic systems in order to know how to implement this, but another idea I had would be to implement a system of funds or even data transfer via the tunneling of a private key across the network from wallet to wallet. So rather than broadcast transactions from node to node, you would in practicality be sending a digital "paper" wallet (similar to writing a check). This system could solve for a ease of use, as well as adding an extra level of anonymity. Not stopping at the transfer of BITB with the private key tunneling, in the future you could conceivably tunnel other cryptocurrency private keys across the network, allowing for the nearly free, instant transfer of any currency with ease of use and privacy.

I was thinking of something that gives a similar goal, but with the use of multi-sig and signing transactions instead of giving the private key.

And in doing that, BitBean would be the first coin to solve atomic cross-chain transfers without the need for sidechains. Something never done before  

Edit: And I was thinking the possible required coins for a "staking node" could be something on the order of 1 Million, giving the coin a good demand v.s. supply.

What about 100k
That would allow more people to stake and make it more decentralized.
1 million might become unaffordable.

[tm2013]

dev has done a lot of work to complete that big 20MB blocksize..

that's so amazing.

Honestly it was a very easy change. No need to make a big deal out of it.

can you give more details how can network handle that big blocksize?
does that also mean bitbean network can handle more transactions/second than bitcoin and other altcoins?

Thanks

The network could in theory handle even a bigger size.
For Bitbean, the target block time is 1 minute . so 1/10 the block time of Bitcoin but 20x the maximum block size.
So, atleast over a thousand transactions per second. yes more than other coins.
But please keep in mind this is only a part of Bitbean it is not the main detail about it.

But please keep in mind this is only a part of Bitbean it is not the main detail about it.

so what's the future plan?

Who will put light on the next plans.

Well, with the experiment 10k showing that it is possible for a normal PoS blockchain to support a very rapid supply of blocks, maybe we could adapt to a similar system. We would adapt the block reward schedule in such a manner that there is still the same level of minting in 1 minute, but the blocks would come at a much faster rate, at the same time allowing for a 20MB max size. In order to spice up the incentive of demand, we could create a decreasing block reward schedule in so that it could half at 6 months to a year. Added to this decreasing format, it may be possible to implement a minimum stake level, giving an incentive to hold more coins to stake (aka a "staking node" of sorts).

Just some ideas  

I really like "staking nodes" idea.
The decreasing reward with time idea also.

I'm not advanced enough with the nity-grity of coding P2P cryptographic systems in order to know how to implement this, but another idea I had would be to implement a system of funds or even data transfer via the tunneling of a private key across the network from wallet to wallet. So rather than broadcast transactions from node to node, you would in practicality be sending a digital "paper" wallet (similar to writing a check). This system could solve for a ease of use, as well as adding an extra level of anonymity. Not stopping at the transfer of BITB with the private key tunneling, in the future you could conceivably tunnel other cryptocurrency private keys across the network, allowing for the nearly free, instant transfer of any currency with ease of use and privacy.

I was thinking of something that gives a similar goal, but with the use of multi-sig and signing transactions instead of giving the private key.

And in doing that, BitBean would be the first coin to solve atomic cross-chain transfers without the need for sidechains. Something never done before  

Edit: And I was thinking the possible required coins for a "staking node" could be something on the order of 1 Million, giving the coin a good demand v.s. supply.

What about 100k
That would allow more people to stake and make it more decentralized.
1 million might become unaffordable.

True, that seems more fair as well... around 6,000 nodes versus only 600.

[real789]

no pool how to mining?

[tiggytomb]

100k would allow more adoption