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Offline alphaBar

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[ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« on: November 30, 2014, 04:28:23 AM »

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




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




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.
« Last Edit: December 16, 2014, 02:49:08 PM by alphaBar »

Offline nomoreheroes7

Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #1 on: November 30, 2014, 04:35:49 AM »
...the name shouldn't be BitShares PTS. That just brings about the same confusion the merger was set up to eliminate.

zerosum

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #2 on: November 30, 2014, 04:39:47 AM »
If you do not burn the PTS ( the original POW, PTS)  at launch, 2 weeks later I will launch the  real DPOS PTS...

Offline Ander

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #3 on: November 30, 2014, 04:40:02 AM »
...the name shouldn't be BitShares PTS. That just brings about the same confusion the merger was set up to eliminate.

Yeah, better rename it sparkle. :P
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Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #4 on: November 30, 2014, 04:40:35 AM »
...the name shouldn't be BitShares PTS. That just brings about the same confusion the merger was set up to eliminate.

Agreed. Hence the following:

Quote from: alphaBar
* After the upgrade, a complete rebrand.

Offline nomoreheroes7

Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #5 on: November 30, 2014, 04:43:16 AM »
...the name shouldn't be BitShares PTS. That just brings about the same confusion the merger was set up to eliminate.

Agreed. Hence the following:

Quote from: alphaBar
* After the upgrade, a complete rebrand.

 +5% didn't catch that part.

Offline donkeypong

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #6 on: November 30, 2014, 04:45:42 AM »
I feel better about this, knowing that you'll jettison the name after it's launched.

Might I suggest FounderShares?

zerosum

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #7 on: November 30, 2014, 04:52:09 AM »


So you are saying sharedrop on PTS, is all it is?

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #8 on: November 30, 2014, 05:02:56 AM »


So you are saying sharedrop on PTS, is all it is?

No, this may be semantics but it is an upgrade. The PoW chain is nearly dead and producing about 1 block per day.

Offline testz

Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #9 on: November 30, 2014, 05:08:15 AM »
 +5% I like it.  :)

zerosum

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #10 on: November 30, 2014, 05:14:10 AM »


So you are saying sharedrop on PTS, is all it is?

No, this may be semantics but it is an upgrade. The PoW chain is nearly dead and producing about 1 block per day.

No, it is a sharedrop on it!

Nearly dead is still alive! I am upgrading it to POS in 2 weeks.

So be informed...

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #11 on: November 30, 2014, 05:25:37 AM »


So you are saying sharedrop on PTS, is all it is?

No, this may be semantics but it is an upgrade. The PoW chain is nearly dead and producing about 1 block per day.

No, it is a sharedrop on it!

Nearly dead is still alive! I am upgrading it to POS in 2 weeks.

So be informed...

Tony, you're a hoot. ;)

Offline Riverhead

Re: [ANN] BitShares PTS Mandatory Client Upgrade & Snapshot Announcement
« Reply #12 on: November 30, 2014, 05:28:16 AM »


So you are saying sharedrop on PTS, is all it is?

No, this may be semantics but it is an upgrade. The PoW chain is nearly dead and producing about 1 block per day.

No, it is a sharedrop on it!

Nearly dead is still alive! I am upgrading it to POS in 2 weeks.

So be informed...

This is indeed a sharedrop. However it is also a proof of concept of sorts. If BTC was to "upgrade" to DPoS how would they do it? The same as any other fork: Create something new and try to convince people to follow.

The first attempt was the share drop on BTS but that didn't take because BTS is not PTS (as evidenced by the sheer complexity of trying to figure out who gets what in a product as complex as Bitshares).

This attempt is to hard fork PTS to DPoS. People will either get on board or continue to mine on the old chain. The free market will decide.
 

Offline toast

Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #13 on: November 30, 2014, 05:46:04 AM »
Just call it "protoshares". Calling it "bitshares-PTS" was an unfortunate necessity because I3 was a company that could get sued.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #14 on: November 30, 2014, 05:56:30 AM »
Just call it "protoshares". Calling it "bitshares-PTS" was an unfortunate necessity because I3 was a company that could get sued.

Yes, the branding is a bit of an awful mess but our intention is to address one issue at a time. The current focus is 100% on an upgrade to DPoS. Same coin, same name, same allocation, same exchanges, with only one simple upgrade.

 

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