181
MemoryCoin / Re: MMC -> LottoShares
« on: May 25, 2014, 11:34:05 am »will the snapshot be taken as scheduled(end of May)?
Yes. Snapshot date remains the same.
Show Posts
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Yes. Snapshot date remains the same.
182
LottoShares / Re: LottoShares DAC - Launch Suspended
« on: May 24, 2014, 04:20:01 pm »
I've been made aware of a similar project called ChanceCoin (thanks ABL). I'm not sure how I missed it, but it is a very similar project. In some ways, it is better than what I'm working on and yet seems to be failing to attract a high valuation in the marketplace.
For these reasons, I'm suspending the planned launch while I fully review this project and any lessons that can be learned.
For these reasons, I'm suspending the planned launch while I fully review this project and any lessons that can be learned.
183
LottoShares / Re: Comparison to ChanceCoin
« on: May 24, 2014, 03:38:19 pm »How similar is this to CHA? http://chancecoin.com/ They have a 1% rake and launched recently.
Chance coin uses the bitcoin blockchain and a trusted data feed for the random numbers.
I'm quite impressed with what they've done there and also quite disillusioned that's it's not doing well in the marketplace.
184
LottoShares / Re: Comparison to ChanceCoin
« on: May 24, 2014, 02:49:25 pm »How similar is this to CHA? http://chancecoin.com/ They have a 1% rake and launched recently.
Thanks, very interesting, and I was quite unaware of it. Looking into it now.
185
LottoShares / Re: LottoShares DAC - June 5th
« on: May 24, 2014, 12:25:54 pm »
Updated to add AGS to shares distribution
186
LottoShares / Re: Honoring AGS
« on: May 24, 2014, 12:22:00 pm »
I've reconsidered the issue following the feedback from the community and decided to honor the AGS holders with 10%. Thanks for the feedback on this issue and apologies for any divisiveness created.
187
LottoShares / Re: Provably fair algorithm.
« on: May 23, 2014, 05:55:00 pm »
Thanks for this. The RNG is an area I'm still unhappy with, even having given it much thought so I very much welcome proposals for improving it.
My current proposal is that I will sign the blockhash that first appears on the network with a pre-determined key. The signed hash will be used to generate the random numbers is a pre-determined way. Without any choice over the key, nor the block, nor the signing method, I'll have no control over the signed hash and thus the numbers.
Of course, there are two possible attacks I might undertake - Firstly, I might prefer blocks that are favourable to my bets to sign, and so market participants should verify that blocks that appear first on the network are the ones that are signed. Secondly, I might generate blocks myself, but discard unfavourable blocks - this would require a large amount of the hashing power and would incur the cost of discarding blocks. I think it would leave an obvious betting pattern and would be uncovered by statistical methods.
I don't think it would be rational for me to undertake either of these attacks even if I were so inclined. However, I'd still like to remove either or both as a possibility so that less trust/verification is required.
My current proposal is that I will sign the blockhash that first appears on the network with a pre-determined key. The signed hash will be used to generate the random numbers is a pre-determined way. Without any choice over the key, nor the block, nor the signing method, I'll have no control over the signed hash and thus the numbers.
Of course, there are two possible attacks I might undertake - Firstly, I might prefer blocks that are favourable to my bets to sign, and so market participants should verify that blocks that appear first on the network are the ones that are signed. Secondly, I might generate blocks myself, but discard unfavourable blocks - this would require a large amount of the hashing power and would incur the cost of discarding blocks. I think it would leave an obvious betting pattern and would be uncovered by statistical methods.
I don't think it would be rational for me to undertake either of these attacks even if I were so inclined. However, I'd still like to remove either or both as a possibility so that less trust/verification is required.
188
LottoShares / Re: Honoring AGS
« on: May 23, 2014, 05:22:23 pm »Thanks for all you are doing and for honoring PTS!
Honoring AGS also would free us up to include promoting your DAC as part of our media blitz planned to coincide with our big summer-long DAC coming out party. We are promoting an industry, not one company, and are delighted to promote any third party DACs that the BitShares Social Consensus allows us to support.
Possible synergies abound! Joint interviews and videos that people will consume just because they are joint interviews and videos, for example. You can be a part of every promotion we produce that talks about the Summer Cambrian Explosion of DACs. Let us bask in each others brilliance! The whole can be greater than the sum of its parts!
While Denny's DACs and your DACs may look like competitors, the real competitors are established on-line gaming businesses. You and Denny will drive more awareness to each other's DACs than you will take away from each other. It's the same reason competing car dealers and hardware stores tend to cluster on the same street. Get the traffic to come to your neighborhood and then compete!
Thanks Stan. I agree with your point about synergies, and I hope LottoShares will be a stepping stone to help altcoiners understand the DAC concept.
Regarding AGS, I do feel that the 'BitShares Social Consensus' has been subject to 'proportion creep'. The 10% distribution initially suggested with the launch of PTS seemed fair to me and a workable model, and AGS seems like a reasonable way for I3 to raise funds for in-house projects, but a 20% distribution from 3rd party BSD licensed DACs seems excessive. I'd probably feel differently if I was using I3's code from the start - but I'm not.
189
LottoShares / Re: Effect on MemoryCoin price
« on: May 23, 2014, 04:32:46 pm »Make no mistake the top priority in this launch is pumping FreeTrade's large stake in the depressed MMC, not the users of the Lotto. It's almost like the MaidSafe price fixing for MSC vs BTC, except this one is deliberate. Good luck, just make sure to dump before FreeTrade when/if MMC pops.
Yes, lots of people here own MMC, let's hope it gives a boost to MemoryCoin's community and price.
190
LottoShares / Re: LottoShares DAC - June 5th
« on: May 23, 2014, 04:25:24 pm »For #2 I'm talking about our own Denny Wang aka HackFisher in the "charity" subforum. There are two Denny's lottos =P
Ah I see. I haven't seen any plans about the naming for that - is it to be BitSharesLotto? Hopefully we won't have a naming conflict.
Regarding the RNG, I'm hesitant to try to implement or adopt anything based on DPOS until it's more weathered. My approach to DAC's is an incremental one and that's especially true with a target as big as a lottery. The changes to the code and protocol are as limited as possible to reduce the potential attack surface of new code. I'm still looking for an improved way to generate randomness, but my instinct is that the solution will be a simple, brilliant idea rather than a convoluted complex one.
191
LottoShares / Re: How to play a Lottery Ticket
« on: May 23, 2014, 04:05:03 pm »
The QT GUI has a panel where the numbers can be selected and ticket played, however the transaction is very straightforward to create so I'd hope to see other interfaces emerge for it too.
A ticket is simply a transaction of a specific format.
It must have 8 outputs.
The first six contain the numbers played, in satoshi, the seventh contains the stake.
The address for the first 7 inputs must be the same - LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn
The eight must be a change address. The prize is sent to the change address.
example
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 1
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 2
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 3
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 4
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 5
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 6
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 1000
LeYn5jtB4xuZGCBzzaSsszZEUvJNPkvHFR 500
Be careful not to play a ticket without a change transaction - it is not a valid ticket.
Note: Updated 16/07/2014 with latest information
A ticket is simply a transaction of a specific format.
It must have 8 outputs.
The first six contain the numbers played, in satoshi, the seventh contains the stake.
The address for the first 7 inputs must be the same - LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn
The eight must be a change address. The prize is sent to the change address.
example
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 1
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 2
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 3
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 4
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 5
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 6
LTSLTSLTSLTSLTSLTSLTSLTSLTSLUWUscn 1000
LeYn5jtB4xuZGCBzzaSsszZEUvJNPkvHFR 500
Be careful not to play a ticket without a change transaction - it is not a valid ticket.
Note: Updated 16/07/2014 with latest information
192
LottoShares / Re: Honoring AGS
« on: May 23, 2014, 03:57:52 pm »Very cool! Good job. Thoughts:
1) Non-proportional awards for DOGE and BTC... Dogecoin's about to get dusted!
2) Secure distributed RNG, I'm pretty sure Denny's DPOS approach solves that. Any plans to play nice regarding possible name collisions? I'm sure you would not appreciate it if he called his "LottoShares 2.0"
3) Not honoring AGS... Might be reasonable if you're making a point about how they didn't give you any funds, but the point is the distribution list and not shows of allegiance. I don't think a fork is a threat because of Denny's lotto DAC and there is no precedent to show AGS is a good target.
1. The BTC and DOGE block distribution points have already passed.
2. I don't think it solves the problem sufficiently for very large prizes - not sure about name collisions - he seems to be calling it Lotto Dapp . . i've got the lottoshares.org domain and google says 'No results found for +lottoshares'
3. I'm not making any point here, certainly not expecting any funds from AGS. I haven't had any involvement with AGS so it doesn't feel appropriate to distribute shares to AGS holders. My involvement is with MMC and PTS so want to ensure those holders are supported. The intention with BTC and DOGE is to get a free lottery ticket into everyone's hands for maximum involvement.
193
LottoShares / LottoShares, You probably wouldn't be interested in this™ - It's Live!
« on: May 23, 2014, 01:26:32 pm »
This information may be outdated - latest information here -
http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th
-----------
I'll shortly be launching an experimental Distributed Autonomous Corporation - LottoShares DAC.
LottoShares allows shareholders to use their shares to play a lottery style game, choosing 6 numbers from 42.
Players can choose the size of their stake and prizes are fixed-odds -
6 numbers = 1,000,000 X stake
5 numbers = 5,000 X stake
4 numbers = 100 X stake
3 numbers = 10 X stake
How will the DAC turn a profit?
When a lottery ticket is played, the shares used as a stake are destroyed. Prizes are paid from the coinbase and provide an 85% average return. Thus as the lottery is played 15% of the total stake is destroyed, giving non-playing shareholders a greater stake in the DAC.
See Dividends 2.0 for more explanation - https://bitsharestalk.org/index.php?topic=1169.0
How will the DAC protect its blockchain?
LottoShares is merge-mined with Scrypt based coins. Thus anyone mining Litecoin, Dogecoin etc can process LottoShares tickets and transactions with little additional cost. The processor retains a small percentage of the ticket stakes, and a small percentage subsidy for processing prizes. LottoShares allows for a small subsidy while blockchain difficulty is low to ensure bootstrapping and continuity.
How will the numbers be drawn and prizes awarded?
As soon as a new block is seen on the network, its timestamp will be signed and broadcast to the network. The next set of NY state lottery quick pick numbers drawn will be used as a seed. This seed will be broadcast as a transaction and a block including the transaction must also deterministically generate the pseudo random numbers and award the prizes in the same block.
Isn't that a bit centralized?
Yes. The problem of provably fair distributed random numbers has not been solved yet, so block hashes together with NY lottery numbers will be used. Where the problem of provably fair distributed random numbers is solved, LottoShares DAC will incorporate it.
Who will own the shares?
10% will be proportionally distributed to MemoryCoin (MMC) holders (Block #39,983)
10% will be proportionally distributed to ProtoShares (PTS) holders (Block #65,959)
10% will be proportionally distributed to AngelShares (AGS) holders
30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email memorycoincc@gmail.com to make a pitch, full list to be provided at launch)
This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address. Distribution date for ProtoShares and MemoryCoin will be the last block before the end of May 2014 UTC. Where it is possible to identify exchange holdings for PTS/MMC, these will not be eligible for any distribution. AngelShares distribution will be undertaken the advisement of I3.
20% will be airdropped on the top 1,000,000 Bitcoin addresses (excluding coinbase transactions) (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (excluding coinbase transactions) (Block 232,000)
This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.
Launch Date
Test network live.
Launch date July 15th
http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th
-----------
I'll shortly be launching an experimental Distributed Autonomous Corporation - LottoShares DAC.
LottoShares allows shareholders to use their shares to play a lottery style game, choosing 6 numbers from 42.
Players can choose the size of their stake and prizes are fixed-odds -
6 numbers = 1,000,000 X stake
5 numbers = 5,000 X stake
4 numbers = 100 X stake
3 numbers = 10 X stake
How will the DAC turn a profit?
When a lottery ticket is played, the shares used as a stake are destroyed. Prizes are paid from the coinbase and provide an 85% average return. Thus as the lottery is played 15% of the total stake is destroyed, giving non-playing shareholders a greater stake in the DAC.
See Dividends 2.0 for more explanation - https://bitsharestalk.org/index.php?topic=1169.0
How will the DAC protect its blockchain?
LottoShares is merge-mined with Scrypt based coins. Thus anyone mining Litecoin, Dogecoin etc can process LottoShares tickets and transactions with little additional cost. The processor retains a small percentage of the ticket stakes, and a small percentage subsidy for processing prizes. LottoShares allows for a small subsidy while blockchain difficulty is low to ensure bootstrapping and continuity.
How will the numbers be drawn and prizes awarded?
As soon as a new block is seen on the network, its timestamp will be signed and broadcast to the network. The next set of NY state lottery quick pick numbers drawn will be used as a seed. This seed will be broadcast as a transaction and a block including the transaction must also deterministically generate the pseudo random numbers and award the prizes in the same block.
Isn't that a bit centralized?
Yes. The problem of provably fair distributed random numbers has not been solved yet, so block hashes together with NY lottery numbers will be used. Where the problem of provably fair distributed random numbers is solved, LottoShares DAC will incorporate it.
Who will own the shares?
10% will be proportionally distributed to MemoryCoin (MMC) holders (Block #39,983)
10% will be proportionally distributed to ProtoShares (PTS) holders (Block #65,959)
10% will be proportionally distributed to AngelShares (AGS) holders
30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email memorycoincc@gmail.com to make a pitch, full list to be provided at launch)
This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address. Distribution date for ProtoShares and MemoryCoin will be the last block before the end of May 2014 UTC. Where it is possible to identify exchange holdings for PTS/MMC, these will not be eligible for any distribution. AngelShares distribution will be undertaken the advisement of I3.
20% will be airdropped on the top 1,000,000 Bitcoin addresses (excluding coinbase transactions) (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (excluding coinbase transactions) (Block 232,000)
This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.
Launch Date
Test network live.
Launch date July 15th
194
MemoryCoin / Re: My investment is in FreeTrade
« on: April 23, 2014, 11:04:16 am »
I'll just leave this here in case anyone want to run with it . . .
http://www.dummies.com/how-to/content/the-canonization-process-for-sainthood.html
http://www.dummies.com/how-to/content/the-canonization-process-for-sainthood.html
195
MemoryCoin / Re: [CEO] Report on activities (FreeTrade)
« on: April 15, 2014, 05:12:59 pm »
I officially withdraw my candidacy for position of CEO. I'll be around and about though.
