BitShares X Status Update

[bytemaster]

So I now have unit tests mining everything, charging fees, and validating.   I need to check in with our developers that are implementing the P2P code to make sure that is on track. 

Items left to do prior to making XTS liquid:

1) Integrate P2P code
2) Update RPC interface to match bitcoin's as closely as possible while abstracting it so that BitShares DNS / ME / Lotto can simply add a few new methods.
3) Update CLI interface to be extensible so that BitShares DNS / ME / Lotto can use it as well and just add a few new commands
4) Implement a large-scale simulation with 1000 wallets, with random initial balances, each making random transactions to other wallets with simulated mining
      - goals: evaluate CPU usage
      - validate that the blockchain can run for over a year without 'stalling' for lack of available coindays
      - validate that unspent coins are charged proper fee (5%) after 1 year.
5) Integrate P2P code with large-scale simulation and real mining.
      - validate network latency doesn't impact simulated behavior
      - catch network bugs
      - verify performance

Much work to do.. but steady progress is being made.

[JoeyD]

And then we have the future possibilities to combine several of these DACs to form the building blocks of other DACs.

One of my pet projects for over 20 years was trying to create a school/educational center without the inbuilt problems I encountered growing up (inflexibility, coercion, incompetence, preconceived static concepts, lack of oversight, power struggles, corruption etcetera). I've been trying ways for over 20 years to get rid of personal bias, corruption and power struggles in organizations, but was never more than partly successful.

I first thought that principles of opensource en Gnu(Linux) were the way forward, but I was not able to figure out or find practical examples of implementing those same principles with similar success outside of the realm of software. To be more precise I was unable to convince people of the viability of that approach.

To be fair to the opensource bazaar approach, my progress was primarily stopped because I had an accident and the following health and legal problems have shall we say distracted me a bit. Also there have been very interesting ventures in crowdsourcing and crowdfunding, but I still felt there were some essential parts missing. It wasn't until I encountered bitcoin and read about DAC(/O/X) that I finally realized what the missing links were and I really feel we're getting close to improving how we organize ourselves and how we do things. It's been a frustratingly long wait for me, but I've never felt as tantalizingly close to solutions as right now.

Even though bitcoin and initiatives like these from Invictus are only the first small steps for man, I'm finally seeing some light at the end of the tunnel, I now realize that I was getting quite depressed at the lack of progress I was witnessing. Even just seeing projects like this even if they might fail, they have given me back hope for the future and improved my life noticeably already.

So while I can empathize with the impatience wholeheartedly, I also appreciate the fact that Invictus is trying to do things right instead of doing a rush job.

[Stan]

thanks，daniel and stan，things get more interesting now.

one more doubt：will all the lotto dacs use the same snapshot taken at specific time or the individual third party launched lotto dacs use different snapshots taken at different time ？

Great question!
Let's think this through together:

Initially there's a snapshot for BitSharesLOTTO and all PTS/AGS holders now have a new kind of coin in their wallets.  It works just like PTS, only focused exclusively on interest in future gaming DACs.

Now, somebody who doesn't like the gaming business sector for any number of valid reasons, sells his LTS to someone who sees robotically honest gaming as the investment of a lifetime.

Who should own the shares of the LuckyStrikeCasino DAC when it comes out?  Should it be the initial LTS snapshot or a snapshot of the latest block in the LTS chain?

Obviously, it should be the latest block since the whole point of a proto-chain is to trade stakes in future DACs in that business sector.

Now fast forward to a time far in the future, maybe August, when somebody wants to launch a competing EvenMoreLuckyCasino.  What is their best strategy?

Do they take a snapshot of the current LTS chain to appeal to all investors in this industry sector?

Or do they take a snapshot of their competitor's chain in an attempt to lure away all of its stakeholders?

Now imagine a short time later when there are hundreds of gaming DACs filling every possible ecological niche.  Someone wants to enter the business - where do they take their snapshot?

This is a free market.  They could do any combination.  I am sure many things will be tried.  What will the free market accept?

i just had a feeling the whole bts project is not as simple as i frist thought. but i do think i should offer my suggestion, which is keep things simple. it's human nature that ppl like things to be simple and straight forward. i really sense a lot complications going on with bts right now.

bts me is good, but is it enough or there are more complications to come?

a example between simple and complication is just like how our memory system works with psycho nerves, prone to remember easy things, resistence to remember complex elemets.

hope stan and bytemaster consider my little thoughts
 

"Keep it simple" is good advice.  How do we keep "reimagining everything" simple?

[kickky]

thanks，daniel and stan，things get more interesting now.

one more doubt：will all the lotto dacs use the same snapshot taken at specific time or the individual third party launched lotto dacs use different snapshots taken at different time ？

Great question!
Let's think this through together:

Initially there's a snapshot for BitSharesLOTTO and all PTS/AGS holders now have a new kind of coin in their wallets.  It works just like PTS, only focused exclusively on interest in future gaming DACs.

Now, somebody who doesn't like the gaming business sector for any number of valid reasons, sells his LTS to someone who sees robotically honest gaming as the investment of a lifetime.

Who should own the shares of the LuckyStrikeCasino DAC when it comes out?  Should it be the initial LTS snapshot or a snapshot of the latest block in the LTS chain?

Obviously, it should be the latest block since the whole point of a proto-chain is to trade stakes in future DACs in that business sector.

Now fast forward to a time far in the future, maybe August, when somebody wants to launch a competing EvenMoreLuckyCasino.  What is their best strategy?

Do they take a snapshot of the current LTS chain to appeal to all investors in this industry sector?

Or do they take a snapshot of their competitor's chain in an attempt to lure away all of its stakeholders?

Now imagine a short time later when there are hundreds of gaming DACs filling every possible ecological niche.  Someone wants to enter the business - where do they take their snapshot?

This is a free market.  They could do any combination.  I am sure many things will be tried.  What will the free market accept?

i just had a feeling the whole bts project is not as simple as i frist thought. but i do think i should offer my suggestion, which is keep things simple. it's human nature that ppl like things to be simple and straight forward. i really sense a lot complications going on with bts right now.

bts me is good, but is it enough or there are more complications to come?

a example between simple and complication is just like how our memory system works with psycho nerves, prone to remember easy things, resistence to remember complex elemets.

hope stan and bytemaster consider my little thoughts
 

[yellowecho]

Now fast forward to a time far in the future, maybe August, when somebody wants to launch a competing EvenMoreLuckyCasino.  What is their best strategy?

Do they take a snapshot of the current LTS chain to appeal to all investors in this industry sector?

Or do they take a snapshot of their competitor's chain in an attempt to lure away all of its stakeholders?

Now imagine a short time later when there are hundreds of gaming DACs filling every possible ecological niche.  Someone wants to enter the business - where do they take their snapshot?

This is a free market.  They could do any combination.  I am sure many things will be tried.  What will the free market accept?

Great point! 
This makes me even more excited about the success of forks 

[vlight]

http://www.youtube.com/watch?v=yzCWGGG2gQc

[Stan]

thanks，daniel and stan，things get more interesting now.

one more doubt：will all the lotto dacs use the same snapshot taken at specific time or the individual third party launched lotto dacs use different snapshots taken at different time ？

Great question!
Let's think this through together:

Initially there's a snapshot for BitSharesLOTTO and all PTS/AGS holders now have a new kind of coin in their wallets.  It works just like PTS, only focused exclusively on interest in future gaming DACs.

Now, somebody who doesn't like the gaming business sector for any number of valid reasons, sells his LTS to someone who sees robotically honest gaming as the investment of a lifetime.

Who should own the shares of the LuckyStrikeCasino DAC when it comes out?  Should it be the initial LTS snapshot or a snapshot of the latest block in the LTS chain?

Obviously, it should be the latest block since the whole point of a proto-chain is to trade stakes in future DACs in that business sector.

Now fast forward to a time far in the future, maybe August, when somebody wants to launch a competing EvenMoreLuckyCasino.  What is their best strategy?

Do they take a snapshot of the current LTS chain to appeal to all investors in this industry sector?

Or do they take a snapshot of their competitor's chain in an attempt to lure away all of its stakeholders?

Now imagine a short time later when there are hundreds of gaming DACs filling every possible ecological niche.  Someone wants to enter the business - where do they take their snapshot?

This is a free market.  They could do any combination.  I am sure many things will be tried.  What will the free market accept?

[SuanBing]

thanks，daniel and stan，things get more interesting now.

one more doubt：will all the lotto dacs use the same snapshot taken at specific time or the individual third party launched lotto dacs use different snapshots taken at different time ？

I thought that snapshot time of third pardty dacs would decided by their creators.

[muse-umum]

thanks，daniel and stan，things get more interesting now.

one more doubt：will all the lotto dacs use the same snapshot taken at specific time or the individual third party launched lotto dacs use different snapshots taken at different time ？

[yellowecho]

The fact is that it is already March 17, and there is still no functional Bitshares X. Basically, the developers realized that there are several exploits possible. So, if BTSX would enter the real world in its current condition it will very possibly fail, imho.

If BTSX will be released without BitAssests functionality, we will be stuck with just another altcoin. All the Bitcoin 2.0 features will remain just a theory and will not be implemented in practice, and nobody knows if and when it will be.

All we are left with is just a dream. In the meantime, I3 have another dreams in the pipeline. Why have only one dream? Let's have many! 

Much for all!

 

Actually I have one dream... BTS X *is* what I want more than anything... everything between now and then is parallel development or incremental steps toward BTS X.

How confident are you that we'll see a completed, feature-rich XT by the end of Q2?

[bytemaster]

The fact is that it is already March 17, and there is still no functional Bitshares X. Basically, the developers realized that there are several exploits possible. So, if BTSX would enter the real world in its current condition it will very possibly fail, imho.

If BTSX will be released without BitAssests functionality, we will be stuck with just another altcoin. All the Bitcoin 2.0 features will remain just a theory and will not be implemented in practice, and nobody knows if and when it will be.

All we are left with is just a dream. In the meantime, I3 have another dreams in the pipeline. Why have only one dream? Let's have many! 

Much for all!

 

Actually I have one dream... BTS X *is* what I want more than anything... everything between now and then is parallel development or incremental steps toward BTS X.

[bytemaster]

To be clear... Lotto DAC that Arlen will be working on will only be done to the point necessary for him to complete the documentation that will help others launch DACs.  Arlen will not be the 'point man' behind Lotto... he is just using it as a learning exercise to make sure we have all of the extension points right in our API.

[Stan]

We like to start each proto-family franchise with the simplest possible instance to be the protocoin for the rest.  Lotto was the simplest we could think of.  Who wants to be the developer/promoter/maintainer to launch the first instance of it?  There are bound to be different instances for different regions, cultures, and legal jurisdictions.  Pick one, announce your social contract proposal to the community and get underway.

Please don't think BitShares is us trying to "own" this DAC - or any DAC.  We are trying to stimulate other third parties to "get in the game" by making the first prototype available as an example.

I'm sure third parties will also be all over every other game you can think of.  Don't wait for us to give you permission or a roadmap!

Stan, do you mean that I3'll offer the stander proto but instead of launching Bitshares Lotto directly you guys would like to have others finished this part ?

Ideally, every DAC should have two champions:

• The developer - a steely-eyed geek that builds the block-chain back-end.
• The entrepreneur - a business-savant who figures out a compelling front-end and sells it to the world.

We are looking for both.  We tend to sponsor developers until a 3rd party entrepreneur steps forward and says "I'll take that DAC to the moon!"  We leave the decision on how to allocate shares (10/10/80?, 40/40/20?, 50/50?) to this pair of individuals based on what they think it will take to develop, promote, and sustain a viable DAC - (and what their competitors might do if they don't get that mix right!)

Ideally, all DACs have such an independent developer/entrepreneur pair to champion them.  Once they do, we can let go, and return to the lab and invent something else to grow the industry.

So yes!  Arlen is the initial developer behind Lotto, but he could use a partner: an entrepreneur with domain-specific expertise (perhaps having run a traditional lottery business somewhere).  He could also use a successor who could eventually take over and allow Arlen to get back to his VP of Software duties.

There are many opportunities - and this revolution will be decentralized!

[vlight]

The fact is that it is already March 17, and there is still no functional Bitshares X. Basically, the developers realized that there are several exploits possible. So, if BTSX would enter the real world in its current condition it will very possibly fail, imho.

If BTSX will be released without BitAssests functionality, we will be stuck with just another altcoin. All the Bitcoin 2.0 features will remain just a theory and will not be implemented in practice, and nobody knows if and when it will be.

All we are left with is just a dream. In the meantime, I3 have another dreams in the pipeline. Why have only one dream? Let's have many! 

Much for all!

 

[jwiz168]

Stan has already gave a glimpse on what is in store for AGS/PTS holders. So just relax and eventually Bitshare X will be something to look forward.