I know that the plan is to make sure that the Keyhotee Blockchain is "lightweight and uses minimal bandwith" But does anyone have any estimates of how big it'll be?

Quote from: phoenix on November 20, 2013, 01:23:16 am

Quote from: Lighthouse on November 20, 2013, 01:08:13 am

I wish there was a way for mining to not be a lottery but rather a process that everyone who participates is rewarded for per their contribution.  We do that now, but it's like a game of bingo when it should be more like renting your computer by the hour to the needs of the protocol.   Solo mining and distribution that makes people happy are flatly at odds with mass adoption, so while the incentives line up all over this beast here they very much do not - For each new person who I convince to mine makes it that much harder for me to find a block, and past a certain point, say a million solo miners, it seems like an impossibility for everyone to find a block so you limit your potential success.

Correct me if i'm wrong, but isn't Keyhotee going to have a system where you get an increase in reputation points for both solving a block in the blockchain of Keyhotee ID's, and for getting close to solving a block? If this is correct, then it might be possible for Bitshares or some other crypto-currency to work like that, where people can earn coins both by solving a block, and by getting a difficulty close to the required difficulty.

Keyhotee ID has you merge-mine name registration transactions along with the block.   This is good for a network with no other incentive for mining, but would slow down payments if you had to spend 8 hours to merge-mine every transaction.  A down side to this is that it increases the size of every transaction and thus the block chain.

But I suspect there may be something along these lines that could be employed.

So what exactly is on the Keyhotee Block chain besides the name registrations?

Quote from: her0 on November 20, 2013, 01:03:50 am

Quote from: Stan on November 18, 2013, 02:24:20 pm

Quote from: Sy on November 18, 2013, 10:14:11 am

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

This should also be done before you fork protoshares into proto-domainshares so we can withdraw from trading platforms

Quote from: phoenix on November 19, 2013, 11:46:23 pm

Quote from: Stan on November 19, 2013, 11:25:31 pm

Thank you for an excellent, short, and sweet explanation.
Where can we send you a ProtoShare as a token of appreciation?

You're welcome. If you want to tip me you can send PTS to PjDesV4pDnExpfn7WnCHk95mWWfCa2ELq4.

7cc7df3f2f4d48fa64e193b6983622700606e64c5a29b13c554cbc6f4282d183

Recieved, thank you very much!

hmmm... As a somewhat religious/spiritual person I'm not sure how I feel about this. On the one hand, having a reliable source of religious texts in a digital format would be very useful, but trying to operate an entire Religion through a DAC could be difficult. Simply suggesting philosophies or ways of life could be done, although these generally aren't considered full religions by themselves

Thank you for an excellent, short, and sweet explanation.
Where can we send you a ProtoShare as a token of appreciation?

You're welcome. If you want to tip me you can send PTS to PjDesV4pDnExpfn7WnCHk95mWWfCa2ELq4.

Here's my attempt at some simplified explanations. It's not as short as I would like it to be, but I think it does a fairly good job of getting the idea across, especially to people with minimal technical knowledge. Let me know if anything is inaccurate or you think there's a better way of explaining things:

DACs:
DAC stands for Distributed Autonomous Corporation. The basic idea is that some service offered by normal corporations, run by humans, can be performed using software on computers. People who want to work for a particular DAC can download this software, and then run it on their computer. The more computing power that people give to the DAC, the more reliably the DAC can perform the service it offers for its customers. If somebody wants to buy the services of a particular DAC, they can pay the DAC directly for the service using some digital currency, such as Bitcoin or shares in the DAC, and then they receive the service from the DAC, and their payment is distributed to the people who ran the software for the DAC, corresponding to the computing power they gave to the DAC.

Protoshares:
Every DAC that Invictus Innovations plans on creating will have shares. The purpose of these shares is two-fold: they determine who gets to receive the payments given to a particular DAC (just like a major corporation would divide its profits among its shareholders), and they also function as a form of payment to the DAC. In other words, the DACs that Invictus Innovations will release will take shares in themselves as payment, and then re-distribute those shares among the remaining shareholders. Protoshares are a digital currency that turns into shares in all DACs created by Invictus Innovations. They are “mined” by running special mining software on your computer, and each time a DAC is released by Invictus Innovations, you will get one share in that DAC for every Protoshare you own. One advantage to using Protoshares to create the shares for the DACs before their release is that Invictus Innovations is able to determine valuable people expect shares in a particular DAC to be, since people know that every Protoshare they buy will effectively buy them a share in future DACs. In order to tell how much an individual DAC is valued by the market, Invictus Innovations will simply fork the current Protoshares, and say that the particular fork corresponds to a particular DAC. (Forking is essentially cloning something so that you can manipulate /change the clone, without affecting the original.)

Now, let’s take an upcoming DAC, and explain what problem it fixes, and how it solves that problem:

DAC name:
Bitshares
Problems it addresses:

Let’s say I want to trade digital currencies. In order to do it I need to log onto an online exchange, and then give them my email & password. Then, I send them my bitcoins, and start to trade. There are many things that could go wrong here: 1) they might sell my personal information, 2) they might take my coins and vanish, 3) If hackers compromise the exchange I could lose my bitcoins, 4) if I want to trade multiple currencies that aren’t all offered on one exchange, it’s very hard to manage all the different accounts and transferring the funds between them.

How Bitshares fixes this problem:
1)   I don’t give my personal info to anyone. I simply download the client, and then I can start trading, the only account I need is the Bitshares address that my computer can generate automatically
2)   As long as there are still people mining on the Bitshares blockchain, the DAC will continue to live. Also, Bitshares never actually takes your funds, it simply allows two people to trade with each other, knowing that the DAC will ensure that both sides send their funds to each other at the same time, thus your funds never actually leave your control, they’re simply traded for different funds (i.e., Bitshares for BitUSD
3)   There is no centralized server for hackers to attack. In order for them to actually steal your funds they would have to derive your private key (Which basically means doing a bunch of math that would take centuries to on a supercomputer, so you’re safe) and submit a false transaction using that key. Then they could steal your funds (remember, this is only a problem if they have access to a supercomputer more powerful than every supercomputer currently know). They could also try to block any transactions you submit by performing a 51% attack, where they gain 51% of the computing power in the DAC, and then do the work of verifying only some transactions so quickly that everyone else that’s trying to do work is unable to keep up with them, so only the people performing the 51% attack decide which transactions the DAC performs. Remember, in order to do this they need more computing power than everyone else combined, which is a LOT.
4)   No one Bitshares blockchain will cover every asset that you may want to trade. However, all Bitshares blockchains will trade the original Bitshares, which will make the exchange of funds between them much simpler.

I think this does an OK job of explaining things, I'd be happy to answer any questions you still have.