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Offline bytemaster


BitShares X rebrands itself as BitShares; adopts greater scope

In a controversial move the founders of BitShares have decided to combine features formally divided among multiple competing systems including BitShares X, VOTE, DNS, and all other future features they can conceive under a single Decentralized Autonomous Company (DAC) that will go by BitShares.

BitShares X which was originally designed to be a single decentralized exchange trading in collateralized derivatives of major currencies will join forces with domain name auctioning and voting applications.   These currency derivatives known as BitAssets such as BitUSD and BitGLD have all of the properties of Bitcoin with the price stability of the underlying asset and are considered the killer app of the BitShares ecosystem.

Smart Contracts with turing complete scripting environment has been added to the BitShares roadmap to facilitate growth and prototyping of new features.  This feature combined with BitAssets should give Ethereum some serious competition in the smart contract market.

Until recently the BitShares ecosystem was known for promoting many competing block chains (DACs) each with their own development team.   Each DAC would have had its own variation on BitUSD and would have competed for the same users and market cap.   This setup was designed to promote decentralization and robustness, but in reality it meant that the development team was fractured and divided against itself.    Under the new arrangement the development teams behind BitShares DNS, VOTE, and X have combined forces to focus on a single unified product.

Similar to corporate mergers, the result of combining forces is the elimination of redundant marketing, development, testing, and support resources.   The developers have prepared a roadmap that would gradually introduce new features to BitShares.

To align incentives and bring the communities together BTSX has decided to give a two year vesting stake to people who had a stake in  BitShares PTS, DNS, and VOTE as well as recognize those who gave funds to support the BitShares ecosystem.  In total BTS will “air drop”  7% PTS, 7% AGS, 3% VOTE, and 3% DNS.  This air drop is not a buyout or merger but a no strings attached gift to these communities to encourage them to contribute to BTSX rather than their own competitors.    This air drop will be made based upon ownership as of midnight UTC.   Users should remove all PTS and DNS from exchanges prior the air drop deadline. 

The leads of VOTE and DNS have already decided to join the BitShares bandwagon.  PTS and AGS will continue in their role and 3rd parties such as BitShares Music, BitShares Play among a few others still intend to airdrop on these communities in recognition of their role in bootstrapping the BitShares ecosystem and the bitshares toolkit.

BitShares X owners will simply download an upgrade and the BTSX block chain will become the BitShares block chain and be known on exchanges as BTS.    Owners of PTS, VOTE, and DNS will be able to import their wallets to receiving their vesting stake. 

The core BitShares team behind the development of the BitShares toolkit has committed not to compete against itself, but instead to focus on making BTS the best system it can be and will have their undivided support.   This marks a major turning point in the development of BitShares and is potentially a game changer in the crypto-currency market space. 

FAQ:
BTSX will become BTS and will be the same blockchain, BTSX will remain liquid and trading will not be interrupted.

Exchanges are not expected to honor the November 5th snapshot because the positions will not be liquid, you should remove all DNS and PTS from exchanges prior to November 5th. 

The combined client with rebranding to BTS will be released toward the end of November

PTS, AGS, VOTE and DNS stakes will vest linearly over 2 years, meaning that each day users will get to claim some of their stake.

BTSX will not have a vesting period.

BitAssets such as BitUSD / BitGLD should be unaffected 

User names allocated in DNS will not be migrated to BTSX

PTS will continue to circulate and trade; however, without I3 planning any future snapshots its value will be based upon the speculative value of 3rd party DACs such as Music, Play, and others. 

PTS block intervals will probably grow significantly and mining may stop all together.  PTS is maintained by Testz and not I3. 

A new blockchain "DevShares" will be used for testing the upgrade of BTS and future hard forks as well as experimental features and economic experiments.   This blockchain will be a 40/40/20 snapshot AGS/PTS/X taken on November 5th.    DevShares will not be considered a "safe store of value" but non-the-less will have value for those wishing to test their smart contracts or BTS integration on a low-value chain.   Details on DevShares will be provided over the coming month.

PTS / AGS holders will effectively receive 20% stake in all PAST and FUTURE blockchain ideas built by the Invictus team through this air drop, plus a much larger cut in DevShares, Play, and Music among others.

There is too much to cover in a single press release, so I hope to have the press release focus on the high level "good" and then direct users to a wiki page with the FAQ details.   Please post any unanswered questions you have here. 


   
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline bytemaster

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #1 on: October 26, 2014, 09:58:25 PM »
I know there are a TON of grammar issues... so if someone wants to help format the press release in google DOCs that would be very helpful. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline xeroc

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #2 on: October 26, 2014, 10:13:34 PM »
+5%

Can you confirm that shorts do not need to be covered prior to the upgrade?
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Offline bytemaster

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #3 on: October 26, 2014, 10:15:30 PM »
+5%

Can you confirm that shorts do not need to be covered prior to the upgrade?

Confirmed.. BTSX users have nothing to do prior to the upgrade..
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline matt608

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #4 on: October 26, 2014, 10:17:59 PM »
Nice!  +5%

A new blockchain "DevShares" will be used for testing the upgrade of BTS and future hard forks as well as experimental features and economic experiments.   This blockchain will be a 40/40/20 snapshot AGS/PTS/X taken on November 5th.    DevShares will not be considered a "safe store of value" but non-the-less will have value for those wishing to test their smart contracts or BTS integration on a low-value chain.   Details on DevShares will be provided over the coming month.

Is the 20 of the 40/40/20 devshares snapshot "X" BTSX? 


Offline onceuponatime

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #5 on: October 26, 2014, 10:20:12 PM »
+5%

I found a few of the grammar changes that might be helpful:


BitShares X rebrands itself as BitShares; adopts greater scope

In a controversial move the founders of BitShares have decided to combine features formally divided among multiple competing systems including BitShares X, VOTE, DNS, and all other future features they can conceive under a single Decentralized Autonomous Company (DAC) that will go by BitShares.

BitShares X which(,) was originally designed to be a single decentralized exchange trading in collateralized derivatives of major currencies(,) will join forces with domain name auctioning and voting applications.   These currency derivatives known as BitAssets such as BitUSD and BitGLD have all of the properties of Bitcoin with the price stability of the underlying asset and are considered the killer app of the BitShares ecosystem.

Smart Contracts with turing complete scripting environment has been added to the BitShares roadmap to facilitate growth and prototyping of new features.  This feature combined with BitAssets should give Ethereum some serious competition in the smart contract market.

Until recently the BitShares ecosystem was known for promoting many competing block chains (DACs) each with their own development team.   Each DAC would have had its own variation on BitUSD and would have competed for the same users and market cap.   This setup was designed to promote decentralization and robustness, but in reality it meant that the development team was fractured and divided against itself.    Under the new arrangement the development teams behind BitShares DNS, VOTE, and X have combined forces to focus on a single unified product.

Similar to corporate mergers, the result of combining forces is the elimination of redundant marketing, development, testing, and support resources.   The developers have prepared a roadmap that would gradually introduce new features to BitShares.

To align incentives and bring the communities together BTSX has decided to give a two year vesting stake to people who had a stake in  BitShares PTS, DNS, and VOTE as well as recognize those who gave funds to support the BitShares ecosystem.  In total BTS will “air drop”  7% PTS, 7% AGS, 3% VOTE, and 3% DNS.  This air drop is not a buyout or merger but a no strings attached gift to these communities to encourage them to contribute to BTSX rather than their own competitors.    This air drop will be made based upon ownership as of midnight UTC.   Users should remove all PTS and DNS from exchanges prior (to) the air drop deadline. 

The leads of VOTE and DNS have already decided to join the BitShares bandwagon.  PTS and AGS will continue in their role(s) and 3rd parties such as BitShares Music, BitShares Play among a few others still intend to airdrop on these communities in recognition of their role in bootstrapping the BitShares ecosystem and the bitshares toolkit.

BitShares X owners will simply download an upgrade and the BTSX block chain will become the BitShares block chain and be known on exchanges as BTS.    Owners of PTS, VOTE, and DNS will be able to import their wallets to receiv(e) their vesting stake. 

The core BitShares team behind the development of the BitShares toolkit has committed not to compete against itself, but instead to focus on making BTS the best system it can be and will have their undivided support.   This marks a major turning point in the development of BitShares and is potentially a game changer in the crypto-currency market space. 

FAQ:
BTSX will become BTS and will be the same blockchain, BTSX will remain liquid and trading will not be interrupted.

Exchanges are not expected to honor the November 5th snapshot because the positions will not be liquid, you should remove all DNS and PTS from exchanges prior to November 5th. 

The combined client with rebranding to BTS will be released toward the end of November

PTS, AGS, VOTE and DNS stakes will vest linearly over 2 years, meaning that each day users will get to claim some of their stake.

BTSX will not have a vesting period.

BitAssets such as BitUSD / BitGLD should be unaffected 

User names allocated in DNS will not be migrated to BTSX

PTS will continue to circulate and trade; however, without I3 planning any future snapshots(,) its value will be based upon the speculative value of 3rd party DACs such as Music, Play, and others. 

PTS block intervals will probably grow significantly and mining may stop all together.  PTS is maintained by Testz and not I3. 

A new blockchain "DevShares" will be used for testing the upgrade of BTS and future hard forks as well as experimental features and economic experiments.   This blockchain will be a 40/40/20 snapshot AGS/PTS/X taken on November 5th.    DevShares will not be considered a "safe store of value" but non-the-less will have value for those wishing to test their smart contracts or BTS integration on a low-value chain.   Details on DevShares will be provided over the coming month.

PTS / AGS holders will effectively receive 20% stake in all PAST and FUTURE blockchain ideas built by the Invictus team through this air drop, plus a much larger cut in DevShares, Play, and Music among others.

There is too much to cover in a single press release, so I hope to have the press release focus on the high level "good" and then direct users to a wiki page with the FAQ details.   Please post any unanswered questions you have here. 


 

Offline Method-X

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #6 on: October 26, 2014, 10:45:38 PM »
Can you post a Google docs link please.

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #7 on: October 26, 2014, 10:46:26 PM »
tl;dr : "So moon."

Offline Rune

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #8 on: October 26, 2014, 10:49:28 PM »
Looks great.

Offline Thom

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #9 on: October 26, 2014, 10:56:12 PM »
Been hearing this phrase turing complete mentioned lately, what does it mean?
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Offline tonyk

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #10 on: October 26, 2014, 11:06:13 PM »
Been hearing this phrase turing complete mentioned lately, what does it mean?

http://en.wikipedia.org/wiki/Turing_completeness
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline onceuponatime

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #11 on: October 26, 2014, 11:07:22 PM »
Been hearing this phrase turing complete mentioned lately, what does it mean?



From wikipedia:

    Turing completeness, named after Alan Turing, is significant in that every plausible design for a computing device so far advanced can be emulated by a universal Turing machine — an observation that has become known as the Church-Turing thesis. Thus, a machine that can act as a universal Turing machine can, in principle, perform any calculation that any other programmable computer is capable of. However, this has nothing to do with the effort required to write a program for the machine, the time it may take for the machine to perform the calculation, or any abilities the machine may possess that are unrelated to computation.

    While truly Turing-complete machines are very likely physically impossible, as they require unlimited storage, Turing completeness is often loosely attributed to physical machines or programming languages that would be universal if they had unlimited storage. All modern computers are Turing-complete in this sense.

I don't know how you can be more non-technical than that except by saying "turing complete means 'able to answer computable problem given enough time and space'".

Offline Rune

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Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #12 on: October 26, 2014, 11:09:41 PM »
Been hearing this phrase turing complete mentioned lately, what does it mean?

It means we are going to hire Vitalik ;)

Offline Thom

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #13 on: October 26, 2014, 11:14:46 PM »
I figured it was some esoteric relation to a turing machine. Just another buzz word with little to add over just saying "we're adding a scripting lanuage" to the client. It that statement is incorrect, pls explain the difference between "turing complete" scripting and just scripting.
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Offline Riverhead

Re: BitShares X rebrands itself as BitShares; adopts greater scope [DRAFT]
« Reply #14 on: October 26, 2014, 11:26:11 PM »
Quote
This air drop will be made based upon ownership as of midnight UTC.

Should have the date as well, though it is in the FAQ.

Reads well. I did not know about DevShares. Is this going be the, ah..resource, developers will need to acquire to test their new ideas? Always something new and cool around the corner :).

 

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