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General Discussion / Re: Account Registration and Delegates
« on: September 08, 2014, 07:07:34 am »
Thanks much. Really appreciate the detailed responses.
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The client .. and all transactions are currently based on TITAN. In TITAN you do not send your funds to an address but you generate a stealth address everytime you send funds to an account. Theses sealth addresses have the purpose to anonymize transactions and hide yuor balance from other users. But in order for you to access the funds, the stealth addresse have to be generated in a very particular (mathematical) way and thus use YOUR public key to derive the stealth address ..
All stealth addresses that are derived from your public key can be accessed by your private key (taht corresponds to the public key) ... however the public keys are ugly and longer than bitcoin addresses ... so what you do in TITAN is you register an (almost) arbitrary name with a public key on the blockchain ..
if you want to send funds to a name .. the client crawls the blockchain and searched the registration of the name, gets the public key (much like domain lookup), generates the stealth address and send the funds to a newly generated address ..
In theory you can also send funds to the address that corresponds to the public key .. however the client does not have a call for that .. the devs want to hide addresses completly from the users as they are solely used by TITAN ..
PTS will represent 10% of the money supply of new coins in the genesis block.
BitSares, DAC is one of the DACs that will be launched in the future. BitShares, DAC will have a total of 20 million BitShares. The BitShares, DAC will honor the social contract it has with PTS, so that 10% of the BitShares will be given to PTS holders.
In the case of BitShares a 1:1 ratio is being used (because BitShares has 20 million shares and there are going to be 2 million PTS). So if you own 100PTS you will get 100 BitShares. The reward is given once in the life-time of a DAC (upon launch of the company/genesis block).
After this point in time you can sell PTS and you will still have your BitShares and vica verse.
Hope that helps
I have a comprehension question:
Let's say I have 10 ProtoShares.
In a few weeks/months/years there are 10/100/1000 different DACs.
What will be my "share" of every DAC?
Will I have 10 "BitShares" in each of the 10/100/1000 DACs (and in every future DAC) just by holding my 10 PTS?
Will my 10 PTS be converted into 10 BTS for every DAC?
If so:
If I hold 10 PTS until there are 100 DACs and I thereby have 10 BTS in each of those 100 DACS - and then I sell 5 of my PTS.
Will I have 5 BTS in every DAC created after the 100 DACs and keep the 10 BTS in each of the first 100 DACs?
If so:
selling PTS - ever - would be a no-go, wouldn't it?
As PTS are "all-purpose" and there will be only about 2 million PTS - their price MUST skyrocket if DACs will be successful?
BTS instead are not "all-purpose", you can buy them (you can mine them?) but only put them into a chosen DAC "once" and they are "gone" (into that DAC), until you pull them out of that DAC und put them into another DAC right?
By George, I think he's got it!
ProtoShares are an investment in an entire DAC product line - perhaps an entire DAC industry.