Author Topic: IOTA + Bitshares  (Read 16237 times)

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Offline Ben Mason

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Thanks for the warm welcome everyone!

Welcome David. Your website looks very nice and the project sounds very intriguing. Would you mind explaining a little bit about the governance architecture of IOTA please? How trust in the system established and maintained?

Thanks for the kinds words.
For sure, so in IOTA there is no mining and there are no fees, instead transactions are confirmed by very lightweight PoW which is established by an unique alloy of techniques whose combination gives an unprecedented result. If you have read the whitepaper you will get a better idea. The details are quite challenging to explain in layman terms.  But if you are an experienced programmer it will be easier to grasp. In short: Iota client doesn't need to order transactions, it doesn't need to track balances, it doesn't need to validate transactions most of time except lightning-fast verification of a PoW token.

If you have any specific technical questions we'll try to answer them as clear as possible

I'm afraid i'm not a programmer...maybe one day!  I will indeed read the whitepaper, however, what i'm getting at is how your system ensures transaction processors remain honest?  If you could articulate this concept in as simple terms as possible, i would very much appreciate it.

Offline luckybit

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Hello,

I'm David from the IOTA project (www.iotatoken.com). In short: iota is a lightweight, blockless micro-transactions token aimed specifically at Internet-of-Things (IoT). My co-founder, Come-from-Beyond, posed a few questions here a couple weeks back regarding Bitshares 2.0 and micro-transactions in this thread: https://bitsharestalk.org/index.php/topic,18784.0.html

It seems that Bitshares is not aiming for micro-transactions and instead focusing on its strengths. One of IOTA's goals is to find overlap and collaborate with the serious blockchain projects as we see no reason to 'compete', instead we rather compliment the blockchain projects.

I am opening this thread to start discussion about how IOTA and Bitshares can find  some overlapping use-cases which will benefit both projects.

Come From Beyond is a prolific Bitcointalk personality. I've interacted with the person before on several occasions. https://bitcointalk.org/index.php?action=profile;u=46556

My thoughts are that microtransactions may be possible through payment channels or something like off-chain transactions, but due to the necessarily higher than average transaction fees and the design of Bitshares to be a decentralized exchange it might not be as good at doing on-chain microtransactions.

This is a disappointment to me because I think microtransactions are critical to getting more people and things into the economy, but I also realize that it's not really about what I want. It's about what is best for Bitshares in the here and now.

Bitshares at this time needs to focus on being a good exchange more than it needs to focus on handling microtransactions or being a good digital currency service. Centralized exchanges keep getting hacked or arbitrarily shut down. Microtransactions could still be possible even with an optimized Bitshares, but it's a question of how.

Well...seraph just had a great proposal to ensure that many of the Crypto-based tokens that are exchanged on bts would also be backed by the actual tokens (like peercoin, quark, litecoin...etc).

People didn't seem interested in it...so I'm not sure how that is going to happen until we are all willing to sacrifice a little to make sure amazing things are built for bts' ecosystem :/
TradeBTC is backed right? The issue is the gateway services or anything backing something else represents a risk, and requires some sort of legal structures with compliance so people can know for certain they'll get real tokens.

Generally, I don't see why we need the tokens to be backed by anything real because IOUs can trade millions of times virtually before someone decides to withdraw. The withdraw should trade their virtual IOU for actual tokens. I think this is the most dangerous and risky part of the whole process because what if the person runs off with the IOUs and doesn't provide the Peercoins?

So I would say we'd be better off approaching big regulated companies like Coinbase so they can offer CoinbaseBTC so people can trade 1:1 bitBTC for CoinbaseBTC. It's not an advantage to trade real BTC around.

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Offline iota

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Thanks for the warm welcome everyone!

Welcome David. Your website looks very nice and the project sounds very intriguing. Would you mind explaining a little bit about the governance architecture of IOTA please? How trust in the system established and maintained?

Thanks for the kinds words.
For sure, so in IOTA there is no mining and there are no fees, instead transactions are confirmed by very lightweight PoW which is established by an unique alloy of techniques whose combination gives an unprecedented result. If you have read the whitepaper you will get a better idea. The details are quite challenging to explain in layman terms.  But if you are an experienced programmer it will be easier to grasp. In short: Iota client doesn't need to order transactions, it doesn't need to track balances, it doesn't need to validate transactions most of time except lightning-fast verification of a PoW token.

If you have any specific technical questions we'll try to answer them as clear as possible

Offline xeroc

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Arent IOUs fees adjustable by the issuer? I thought they were and that they could make them as low as possible. If thats True, any business can create a business.usd iou lile bitstamp.usd, back it by showing proof of an account sith the same amount of bitusd for transparency's sake and then that same business can provode us with microtransactions.
The network fee has to be payed by someone .. either by the customers or by whoever pays into the fee pool ..

Offline Akado

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Arent IOUs fees adjustable by the issuer? I thought they were and that they could make them as low as possible. If thats True, any business can create a business.usd iou lile bitstamp.usd, back it by showing proof of an account sith the same amount of bitusd for transparency's sake and then that same business can provode us with microtransactions.
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Offline testz

Hello,

I'm David from the IOTA project (www.iotatoken.com). In short: iota is a lightweight, blockless micro-transactions token aimed specifically at Internet-of-Things (IoT). My co-founder, Come-from-Beyond, posed a few questions here a couple weeks back regarding Bitshares 2.0 and micro-transactions in this thread: https://bitsharestalk.org/index.php/topic,18784.0.html

It seems that Bitshares is not aiming for micro-transactions and instead focusing on its strengths. One of IOTA's goals is to find overlap and collaborate with the serious blockchain projects as we see no reason to 'compete', instead we rather compliment the blockchain projects.

I am opening this thread to start discussion about how IOTA and Bitshares can find  some overlapping use-cases which will benefit both projects.

Come From Beyond is a prolific Bitcointalk personality. I've interacted with the person before on several occasions. https://bitcointalk.org/index.php?action=profile;u=46556

My thoughts are that microtransactions may be possible through payment channels or something like off-chain transactions, but due to the necessarily higher than average transaction fees and the design of Bitshares to be a decentralized exchange it might not be as good at doing on-chain microtransactions.

This is a disappointment to me because I think microtransactions are critical to getting more people and things into the economy, but I also realize that it's not really about what I want. It's about what is best for Bitshares in the here and now.

Bitshares at this time needs to focus on being a good exchange more than it needs to focus on handling microtransactions or being a good digital currency service. Centralized exchanges keep getting hacked or arbitrarily shut down. Microtransactions could still be possible even with an optimized Bitshares, but it's a question of how.

As an idea, microtransactions can be implemented in BitShares by cointing time of last transaction to/from specific address and if configurable amount of time was passed since last transaction for to and from accounts, let's say 10 minutes for example, fee for this transaction can be 0. Next transaction within 10 minures will get regular network fee. So this will allow to send microtransactions at least once in 10 minutes. This also prevent network spamming, because spammer will need to register many account, which also cost money or send small transactions from different accounts to different existing network members.
As additional limitation microtransactions can be allowed only for lifetime members and only for BTS and market pegged assets.

Offline fuzzy

Hello,

I'm David from the IOTA project (www.iotatoken.com). In short: iota is a lightweight, blockless micro-transactions token aimed specifically at Internet-of-Things (IoT). My co-founder, Come-from-Beyond, posed a few questions here a couple weeks back regarding Bitshares 2.0 and micro-transactions in this thread: https://bitsharestalk.org/index.php/topic,18784.0.html

It seems that Bitshares is not aiming for micro-transactions and instead focusing on its strengths. One of IOTA's goals is to find overlap and collaborate with the serious blockchain projects as we see no reason to 'compete', instead we rather compliment the blockchain projects.

I am opening this thread to start discussion about how IOTA and Bitshares can find  some overlapping use-cases which will benefit both projects.

Come From Beyond is a prolific Bitcointalk personality. I've interacted with the person before on several occasions. https://bitcointalk.org/index.php?action=profile;u=46556

My thoughts are that microtransactions may be possible through payment channels or something like off-chain transactions, but due to the necessarily higher than average transaction fees and the design of Bitshares to be a decentralized exchange it might not be as good at doing on-chain microtransactions.

This is a disappointment to me because I think microtransactions are critical to getting more people and things into the economy, but I also realize that it's not really about what I want. It's about what is best for Bitshares in the here and now.

Bitshares at this time needs to focus on being a good exchange more than it needs to focus on handling microtransactions or being a good digital currency service. Centralized exchanges keep getting hacked or arbitrarily shut down. Microtransactions could still be possible even with an optimized Bitshares, but it's a question of how.

Well...seraph just had a great proposal to ensure that many of the Crypto-based tokens that are exchanged on bts would also be backed by the actual tokens (like peercoin, quark, litecoin...etc).

People didn't seem interested in it...so I'm not sure how that is going to happen until we are all willing to sacrifice a little to make sure amazing things are built for bts' ecosystem :/
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Offline alt

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I want to say it again, don't give up micro-transactions.

Offline luckybit

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Hello,

I'm David from the IOTA project (www.iotatoken.com). In short: iota is a lightweight, blockless micro-transactions token aimed specifically at Internet-of-Things (IoT). My co-founder, Come-from-Beyond, posed a few questions here a couple weeks back regarding Bitshares 2.0 and micro-transactions in this thread: https://bitsharestalk.org/index.php/topic,18784.0.html

It seems that Bitshares is not aiming for micro-transactions and instead focusing on its strengths. One of IOTA's goals is to find overlap and collaborate with the serious blockchain projects as we see no reason to 'compete', instead we rather compliment the blockchain projects.

I am opening this thread to start discussion about how IOTA and Bitshares can find  some overlapping use-cases which will benefit both projects.

Come From Beyond is a prolific Bitcointalk personality. I've interacted with the person before on several occasions. https://bitcointalk.org/index.php?action=profile;u=46556

My thoughts are that microtransactions may be possible through payment channels or something like off-chain transactions, but due to the necessarily higher than average transaction fees and the design of Bitshares to be a decentralized exchange it might not be as good at doing on-chain microtransactions.

This is a disappointment to me because I think microtransactions are critical to getting more people and things into the economy, but I also realize that it's not really about what I want. It's about what is best for Bitshares in the here and now.

Bitshares at this time needs to focus on being a good exchange more than it needs to focus on handling microtransactions or being a good digital currency service. Centralized exchanges keep getting hacked or arbitrarily shut down. Microtransactions could still be possible even with an optimized Bitshares, but it's a question of how.

« Last Edit: October 28, 2015, 05:55:43 am by luckybit »
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Offline fuzzy

Welcome David. Your website looks very nice and the project sounds very intriguing. Would you mind explaining a little bit about the governance architecture of IOTA please? How trust in the system established and maintained?

 +5%
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Offline Ben Mason

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Welcome David. Your website looks very nice and the project sounds very intriguing. Would you mind explaining a little bit about the governance architecture of IOTA please? How trust in the system established and maintained?

Offline liondani

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Offline testz

Welcome aboard.  +5%

Offline mike623317

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That sounds interesting. Welcome aboard.
M

Offline iota

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Hello,

I'm David from the IOTA project (www.iotatoken.com). In short: iota is a lightweight, blockless micro-transactions token aimed specifically at Internet-of-Things (IoT). My co-founder, Come-from-Beyond, posed a few questions here a couple weeks back regarding Bitshares 2.0 and micro-transactions in this thread: https://bitsharestalk.org/index.php/topic,18784.0.html

It seems that Bitshares is not aiming for micro-transactions and instead focusing on its strengths. One of IOTA's goals is to find overlap and collaborate with the serious blockchain projects as we see no reason to 'compete', instead we rather compliment the blockchain projects.

I am opening this thread to start discussion about how IOTA and Bitshares can find  some overlapping use-cases which will benefit both projects.