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General Discussion / Re: Bitshares slogans
« on: July 24, 2014, 03:14:38 pm »
BitShares - 'Enriching lives'
BitShares - 'A code of honour'
BitShares - 'A code of honour'
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Do we have an announcement post at BTT?
I did start a thread about BitShares X myself, but it's literally just me talking to myself - https://bitcointalk.org/index.php?topic=675455.0
I think they are discussing starting some proper BTT threads here https://bitsharestalk.org/index.php?topic=6016.0
Edit: (In my defence this thread I started about PTS did generate more interest, with the help of Clout and others
https://bitcointalk.org/index.php?topic=664146.0 )
Would love some more input from this forum in this thread. If there is another thread other than the one friendofbitshares started I would love a link too.
This may be fixed in this release:
https://bitsharestalk.org/index.php?topic=6116.msg81695#msg81695
Binaries / GUI will probably be released after feedback from the delegates.
guess what...just downloaded the 2.2 version.....and........still crashed.....groan
When you talk about providing some good or service to the market what market are you talking about? Rich crypto-anarchists? Gold bugs? Who is the market? It's possible that the supply of crypto-anarchist money has dried up and we have to build a new market for ourselves.
Okay prove me wrong. Attract just one VC to Bitshares X without Bitshares X proving itself on the ROI stage.
Venture capital (VC) is financial capital provided to early-stage, high-potential, growth startup companies
Prove it's nonsense
I have long given up proving anything to you, as you know.
Then why make the statement?
At least my statement I can show the Litecoin chartshttp://www.cryptocoincharts.info/v2/pair/ltc/usd/btc-e/alltime (Litecoin is a miners cryptocurrency which is losing the mining demographic as it switches to ASICs) and the Bitcoin charts.
Both are successful in terms of ROI and have different marketing. Bitcoin is primarily being marketed to sophisticated investors, hedge fund managers and ETFs.
http://www.coindesk.com/6-new-hedge-funds-seeking-bitcoin-returns/
What makes you think they care about anything other than ROI? If you're an investor why wouldn't you care most about ROI? Miners care about this too which is why they stop mining with GPUs when it's no longer profitable and switch to something which is.
1.0 Background
Distributed transaction ledgers need to be secure, unambiguous and irreversible in as short of time as possible to facilitate the most robust and decentralized systems. In practice there are two different aspects to this process: selecting a unique node to produce the block and making the ledger irreversible.
1.1 Proof of Work
The first successful attempt at solving this problem was Bitcoin which used proof of work to make it computationally difficult to produce a longer ledger. Proof of work behaves like a lottery where on average one node finds a block every 10 minutes. If two nodes find a block at the same time then the network decides which block to build on top of based upon the decision of subsequent nodes. From a statistical perspective, a transaction is considered unambiguously confirmed and irreversible after 6 blocks (about 1 hour); however, the core developers require 120 blocks (about 1 day) before they consider the network sufficiently protected from the potential of a longer attack-chain emerging that the newly generated coins may be spent.
Despite it being unlikely that a longer chain could emerge, any actor with significant economic resources could potentially build a longer chain or gain enough hashing power to freeze user accounts.
1.2 Proof of Stake
There have been many variations on proof of stake, but the basic concept is that the difficulty of producing a block should be proportional to your stake (percent ownership) in the network. There have been two working systems deployed to date: Peercoin and Nxt. Peercoin uses a hybrid model where your stake adjusts your mining difficulty and Nxt uses a deterministic algorithm to select a random shareholder to generate the next block. Nxt’s algorithm adjusts the probability of being selected based upon your balance.
While Nxt and Peercoin have each solved the problem of who should generate the next block, they have not sufficiently solved the problem of making the block chain irreversibly secure in a timely manner. Peer coin requires at least 6 blocks (1 hour) and Nxt requires 10 blocks according to the information we could find. We could find no basis for the level of security provided by Nxt after 10 blocks.
We previously published a paper on Transactions as Proof of Stake in which every transaction includes the hash of the previous block in the chain. With this system the network becomes increasingly secure and irreversible by anyone as eventually every block is voted upon by every shareholder. The challenge with Transaction as Proof of Stake (TaPOS) is that it defines no way to decide who should generate the next block.
1.3 Ripple Consensus
The Ripple consensus algorithm allows a group of nodes to agree to reach consensus based upon the concept of a unique node list. The initial unique node list is like a club where 51% of the club members must vote to include a new member. Consensus will follow this core 51% and those outside have no influence. Because this club starts out “centralized” it will remain “centralized” and if it ever becomes corrupted there is nothing the shareholders can do. Like Bitcoin and Peercoin, Ripple separates shareholders from voting rights and is thus much more centralized than other systems.
2.0 Delegated Proof of Stake
Adopting the metaphor of a Decentralized Autonomous Company (DAC), decentralization means that each shareholder holds influence proportional to her stake and that a vote of 51% of the shareholders is irreversible and binding. The challenge is reaching the 51% approval threshold in a timely and efficient manner.
To achieve this goal, every shareholder may delegate their voting power to a delegate. The top 100 delegates by total votes take turns generating blocks on a defined schedule. Each delegate is allocated a time slot to produce a block. If they do not produce a block then their slot is skipped and the next delegate in line produces a block. All delegates receive pay equal to 10% of the transactions fees included in the average block. If the average block contains fees of 100 shares, a delegate will receive pay of 1 share.
It is possible that network latency could cause some delegates to fail to propagate their block in a timely manner and this would result in a chain fork. However, this is unlikely to occur because the delegate can establish direct connections to the delegate before and after them in the chain. The establishment of this direct connection to the delegate that follows you (and perhaps the one that follows him) is to make sure you get paid.
With this model new blocks can be produced every 10-30 seconds and under normal network conditions chain forks are highly unlikely or can be resolved in just a few minutes.
3.0 Attacks
There are generally two kinds of attacks that the network must defend against: denial of service and double spending. An attacker performs a denial of service by preventing some or all transactions from being included in the ledger and can be performed by anyone with 51% of the network (whether Bitcoin, Nxt, or others). A double spend attack is performed by gaining a short term advantage while the network is still attempting to reach consensus.
To defend against these attacks the network must get 51% shareholder agreement as quickly as possible.
3.1 Preventing Exclusion of Transactions
Having 100 delegates each elected by the shareholders and being required to take turns means that any transaction that is approved of by even 1% of the shareholders can be included in less than 30 minutes. This means that no delegate can benefit by excluding transactions that vote for other delegates.
3.2 Centralizing power in a few Delegates
Because each delegate has an equal vote and the top 100 are given equal weight regardless of votes delegated to them there is no ability to concentrate power by acquiring more than 1% of the vote in a single delegate.
It may be possible for a single individual or organization to control multiple delegates in the chain, but this process would involve deceiving a large percentage of the shareholders into supporting sock-puppets.
Even if 51 sock-puppets could be set up their power to disrupt the network would still be limited, quickly identified, and then remedied. Without the barriers to entry caused by proof of work, the honest majority would identify the attack and issue a fork of the code that ignored blocks produced by the attacker. It would be disruptive, but not fatal.
3.3 DDOS of Delegates
Because there are only 100 delegates it is conceivable that an attacker could perform a round-robin denial of service attack against each delegate when it was their turn to produce a block. Fortunately this particular attack is easily mitigated by the fact that the delegate is known by their public key and not their IP. This will make identifying the target for a DDOS more difficult. With the potential for direct connections between delegates it will be more difficult to interfere with the propagation of their blocks.
Grateful?
That's a very good plan, but shouldn't we wait for the success of BTSX, then carry out this plan?
At this moment, IMHO, we should think about how to improve the current buggy version, and do a better marketing, instead of enjoying the success...
Toast is probably right, but I can't find where it is written.
If that is right then basically the people who buy in now have no idea what they are paying for. This crowd sale can easily capture 50 000 BTC, leaving investors with slim to no return at launch in an inflationary currency..
http://www.ted.com/talks/malcolm_gladwell_the_unheard_story_of_david_and_goliath
It's not necessarily going to be better it's just more general purposed. If you wanted to build a distributed state for example you might be better off with the flexibility that Ethereum offers you. Ethereum offers you flexibility, options, and a place to experiment with the most cutting edge ideas and technologies.
The way to profit from ETH is because ETH is the gas/fuel and must be mined for running any contract. So if you're a miner you'll make a fortune if the popularity of smart contracts grows (and it's likely going to grow over time).