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Offline cob

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Bitshares under the hood
« on: January 30, 2014, 04:02:13 AM »

Can anyone explain exactly how III is combining ripple's consensus mechanism with Proof of stake?
I've watched the ripple video. I'm not sure where proof of stake would fit in all this.
Anyone have mad explaining skills? Or maybe a nice explainer article and video?

I think it's important to understand how it all works under the hood if we are to explain it to people and spread the word.

thanks
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Offline MktDirector

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Re: Bitshares under the hood
« Reply #1 on: January 30, 2014, 05:01:49 AM »
There are two things that need to happen for a block chain to function:

1) Select the transactions that should be included in the next block
2) Make the transaction history irreversible.

#1 can be accomplished using "consensus" though I am tweaking Ripple's algorithm a bit and calling it Unity. 
#2 can be accomplished by using coin days destroyed to make the longest chain irreversible even by the nodes on the Unique Node List

The code will be fully implemented this week for both Unity and Proof of Stake :)

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Re: Bitshares under the hood
« Reply #2 on: January 30, 2014, 12:58:38 PM »
Is Daniel Larimer Brian Page, or is Brian Page Daniel Larimer?

Sent from my iPhone using Tapatalk
« Last Edit: January 30, 2014, 01:37:45 PM by bitbro »

Offline rysgc

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Re: Bitshares under the hood
« Reply #3 on: January 30, 2014, 02:20:39 PM »
I guess (hope) Daniel has access to Brian's account and jump in when needed since he's not working full time from what I've read.
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Offline bytemaster

Re: Bitshares under the hood
« Reply #4 on: January 30, 2014, 04:41:47 PM »
I guess (hope) Daniel has access to Brian's account and jump in when needed since he's not working full time from what I've read.

Brian is working more than full time these days.  Brian was using my laptop because his hard drive died and so I posted from my laptop which happened to be logged into his account ;) 

For the latest updates checkout my blog: http://bytemaster.bitshares.org
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Offline rysgc

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Re: Bitshares under the hood
« Reply #5 on: January 30, 2014, 05:00:21 PM »
got it!  +5%
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Offline cob

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Re: Bitshares under the hood
« Reply #6 on: January 31, 2014, 05:11:39 AM »
And how does the proof of stake differ fron NXT or peercoin?
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Offline bytemaster

Re: Bitshares under the hood
« Reply #7 on: January 31, 2014, 05:20:44 AM »
And how does the proof of stake differ fron NXT or peercoin?

NXT and Peercoin still use mining, proof of stake simply adjusts the mining difficulty for some users.  This proof of stake has no mining at all and EVERY transaction participates in confirming the network.

So while only a small percentage of the users of NXT or Peercoin participate in securing the network, every user of BTS participates when they send a transaction.
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 coolspeed

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Re: Bitshares under the hood
« Reply #8 on: February 01, 2014, 12:39:49 PM »
And how does the proof of stake differ fron NXT or peercoin?

NXT and Peercoin still use mining, proof of stake simply adjusts the mining difficulty for some users.  This proof of stake has no mining at all and EVERY transaction participates in confirming the network.

So while only a small percentage of the users of NXT or Peercoin participate in securing the network, every user of BTS participates when they send a transaction.

At last, I think I got it and getting more and more confident about what we are doing.
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Offline klatserahstib

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Re: Bitshares under the hood
« Reply #9 on: February 03, 2014, 06:02:43 AM »
I really understand it and I agree with the one above

 

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