BitShares Forum

Other => Graveyard => Keyhotee => Topic started by: MaxPWR on January 20, 2014, 10:12:15 am

Title: Keyhotee Economics
Post by: MaxPWR on January 20, 2014, 10:12:15 am
Watched the video, browsed some forum posts, but still big gaps in my understanding regarding economics for operation / mining / pricing / etc...

It seems like keyhotee is basically a wallet address with a client behind it that can push / pull commands onto a distributed blockchain?

Will there be mining? What algorithm / hardware wrt network security and 51%?  Would there be a market to re-sell to keep miners mining? Would that market only be based on "buying an ID to use with keyhotee"? Would there be transaction fees, user sign-up or site license fees, etc?

Kind of just trying to figure out "who's gonna pay for all this, and how?"


Title: Re: Keyhotee Economics
Post by: legendface66 on January 26, 2014, 01:45:22 pm
The idea is you need to mine to maintain your ID or it will vanish. The purchased founder IDs were a one-off. Due to the need for ubiquitous compatibility, I would imagine that a CPU oriented miner will be utilised. Presumably the protoshares miner was a release candidate. The recent advances in proof of stake made by by the team mean that mining based 51% will be difficult/impossible should they choose to design the chain that way. In reality though, without the profit motive of a finance or equity oriented chain it is hard to imagine someone bothering. However should a 51% attack occur, it would no be difficult for the developers to just fork back to the pre-attack chain. It's not like there is any money to double spend and all of the data is encrypted in public view.
The private keys of wallets will be kept in the chain and used to conduct transfers through the native cryptocurrency wallet software - the "coins" themselves are not located in the Keyhotee chain - just the encrypted wallets.

Keyhotee is an address book and dossier as well as a kind of multipurpose data safe. It is designed to allow the user to pass the stored data to applications securely . . .

. . . as I understand it.