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Offline bytemaster

BitShares X Status Update
« on: January 02, 2014, 07:41:36 PM »

There has been an incredible amount of innovation over the past 2 months since we launched PTS and the ideas are scattered around the forum in many different threads.   This thread is to bring it all home to one place and summarize what has changed over the past 2 months.

1) BitShares will no longer be mined nor will it use Proof of Work, instead it will use Consensus + Proof of Stake
    a) This means that BTS will now pay 2x the dividend rate that the original spec called for.
    b) This means that PTS holders stake in BTS will no longer be diluted by 45% due to mining rewards
    c) This means that PTS holders benefit from allowing us to raise capital with the money previously spent on mining.
2) BitAssets will now receive a predictable, hardcoded 5% interest return, and short positions will pay a 5% borrowing cost.
3) Consensus algorithm means that confirmation times will be as quick as 30 seconds and no one node can manipulate the market.
4) We have identified a much simpler approach to implementing dividends
5) 50% of first BTS money supply will be allocated to PTS holders
6) 50% of first BTS money supply will be allocated to AGS holders.     
7) Each BTS chain will support trading in about 16 assets
8) AGS and PTS will be used to initialize all BTS chains each trading in a subset of assets.  Therefore, AGS and PTS is more valuable than owning a single BTS chain.  They get you rights to all chains. 
9) At the rate AGS is being funded we will have $3 million per month to spend developing BTS and are rapidly moving to accelerate the process.


Thanks everyone!

« Last Edit: March 24, 2014, 08:06:30 PM by bytemaster »
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 CryptoN8

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Re: BitShares Status Update
« Reply #1 on: January 02, 2014, 10:17:38 PM »
Thank you for doing this consolidation of info.

Offline phoenix

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Re: BitShares Status Update
« Reply #2 on: January 02, 2014, 11:28:44 PM »
What I go out of this was: Everyone who holds even a few PTS will see their investment grow incredibly with a single DAC. I'm looking forward to Bitshares! 8)
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
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Offline her0

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Re: BitShares Status Update
« Reply #3 on: January 03, 2014, 07:09:46 AM »

9) At the rate AGS is being funded we will have $3 million per month to spend developing BTS and are rapidly moving to accelerate the process.

AGS uses should be cautious.It sounds like burning money.

Offline kmtan

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Re: BitShares Status Update
« Reply #4 on: January 03, 2014, 08:06:55 AM »
thanks for the update..now thing getting more clear...

Offline JustHayden

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Re: BitShares Status Update
« Reply #5 on: January 03, 2014, 08:08:11 AM »
What I go out of this was: Everyone who holds even a few PTS will see their investment grow incredibly with a single DAC. I'm looking forward to Bitshares! 8)

What if you own less than a few? I only have 2.5 lol :( Wish I mined on day 1
PTS: PjUAPsLu76Yi9516zFgHqtFYs2sBbAMwUx
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lzr1900

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Re: BitShares Status Update
« Reply #6 on: January 03, 2014, 08:38:21 AM »
Do Not splash the funded money.

Offline arubi

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Re: BitShares Status Update
« Reply #7 on: January 03, 2014, 11:36:18 AM »
I'm really confused...

No more solo mining for Protoshares, unless you have some magic to actually build the pool code.
No mining for Bitshares, this is oing to lock out a lot of the crypto crowd.
What will be the total number of Bitshares?
How are AGS different from PTS, aside from that AGS are centrally issued?     <--- This is the most important question.

Thanks

Offline lib

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Re: BitShares Status Update
« Reply #8 on: January 03, 2014, 11:50:15 AM »

What will be the total number of Bitshares?


400W = 200W(for PTS holders) + 200W(for AGS holders)

4M = 2M(for PTS holders) + 2M(for AGS holders)

How are AGS different from PTS, aside from that AGS are centrally issued?     <--- This is the most important question.
Thanks

Guess you can find official answer here. http://invictus-innovations.com/social-concensus
« Last Edit: January 03, 2014, 12:22:34 PM by lib »
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Offline arubi

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Re: BitShares Status Update
« Reply #9 on: January 03, 2014, 12:12:12 PM »

What will be the total number of Bitshares?


400W = 200W(for PTS holders) + 200W(for AGS holders)



Sorry, what does the W notation stand for?

Offline alt

Re: BitShares Status Update
« Reply #10 on: January 03, 2014, 12:16:54 PM »
It's Chinese
1W=10 thousand

What will be the total number of Bitshares?


400W = 200W(for PTS holders) + 200W(for AGS holders)



Sorry, what does the W notation stand for?

Offline arubi

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Re: BitShares Status Update
« Reply #11 on: January 03, 2014, 12:23:17 PM »
It's Chinese
1W=10 thousand


Thank you.

Offline lib

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Re: BitShares Status Update
« Reply #12 on: January 03, 2014, 12:24:18 PM »

What will be the total number of Bitshares?


400W = 200W(for PTS holders) + 200W(for AGS holders)


Sorry, what does the W notation stand for?

Errrr... 1W=10k in Chinese.
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Offline MrJeans

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Re: BitShares Status Update
« Reply #13 on: January 03, 2014, 06:44:38 PM »
I am not understanding number 8

8) AGS and PTS will be used to initialize all BTS chains each trading in a subset of assets.  Therefore, AGS and PTS is more valuable than owning a single BTS chain.  They get you rights to all chains.

Could someone please explain this or point me to a thread that explains this.

Thanks

Offline arcke

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Re: BitShares Status Update
« Reply #14 on: January 03, 2014, 07:45:53 PM »
I am not understanding number 8

8) AGS and PTS will be used to initialize all BTS chains each trading in a subset of assets.  Therefore, AGS and PTS is more valuable than owning a single BTS chain.  They get you rights to all chains.

Could someone please explain this or point me to a thread that explains this.

Thanks

I think this works because every BitShares-chain is a separate DAC which will stick to the social contract and give shares to AGS and PTS holders.
OpenPGP: 0x22d7e9cc35375665
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