Author Topic: BitShares X Status Update  (Read 198022 times)

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Offline emski

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Today I made progress on paying mining rewards and including extra transactions from your own wallet when there is insufficient CDD from 3rd party transactions. 
I have a few small bugs to work out before I can completely check this item off of my list.

Tomorrow I will be focused on getting the BitShares XT white paper out for everyone.   My goal is feature complete by Monday... actual milage may vary.

I will then produce some console captures for people that want to see what the command line experience is.

What happens if 2 miners with significant amounts of cash (and CDD) find blocks ?
How do you determine how much "extra transactions from your own wallet" a miner should include to a block?
What if the other miner outbids you? Do you try again including more "extra transactions from your own wallet"?

Offline HackFisher

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Today I implemented most of the code required to automate proof of stake mining.  All that remains on this task is to actually pay the mining reward to the miner for their CDD contributed to the block and to validate this mining reward.

Hi bytemaster,

Is the auto mine achieved by sending BTS to self addresses? I'm wandering whether it could cause the wallet.bts going large since new addresses are keeping being created when aotomine.
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline crazybit

Hi Daniel. When does the next testing phase start?  Feb 28?

Hopefully next week.

when will you initial the test chain again? has the p2p feature been implemented?

Offline Maxwell

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Today I implemented most of the code required to automate proof of stake mining.  All that remains on this task is to actually pay the mining reward to the miner for their CDD contributed to the block and to validate this mining reward.
I am a big fan of 3I and BTS , thank you for your hard work.    :)
Thanks to 3I's efforts, the permanent support 3I! ;D

Offline bytemaster

Hi Daniel. When does the next testing phase start?  Feb 28?

Hopefully next week.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline aasl

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Hi Daniel. When does the next testing phase start?  Feb 28?

Offline bytemaster

Today I made progress on paying mining rewards and including extra transactions from your own wallet when there is insufficient CDD from 3rd party transactions. 
I have a few small bugs to work out before I can completely check this item off of my list.

Tomorrow I will be focused on getting the BitShares XT white paper out for everyone.   My goal is feature complete by Monday... actual milage may vary.

I will then produce some console captures for people that want to see what the command line experience is.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline muse-umum

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i wonder whether it's possible to have some BTS screenshots posted here, since the test launch will come in half a month. may be no GUI right now, command line is also OK.

Offline CWEvans

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I am going to start with 0% in the first chain for simplicity, then experiment with alternatives by implementing the interest rate later.   Less things to go wrong in the initial release.

It should be [conceptually] easy to establish a loanable funds market. Consider that the price of an asset can be modeled as a function of the expected future benefit (F), the time that one has to wait for that benefit (t), and the prevailing interest rate (i), such that:

P = F / (1+i)^t

Note that F and t are fixed in the agreement; e.g., "Party A agrees to pay bearer $F t units of time from now.

BitShares determine P through the market process, leaving only i to be determined as the lone unknown.  Basically, set up a market for BitLoans, and i pops out automatically.

In the case of BitAssets they still require fees to be paid in BTS when they are transferred.  When trading on the market some of the bitassets are kept as fees.   This destroys the BitAssets and thus serves as a kind of dividend on bitassets.

This is an elegant solution that gets around taxation issues in jurisdictions that have income taxes.  If you pay a dividend, then that is a taxable event in many places, especially the places where BitShares early adopters live. However, if you burn BitAssets, then no one has receive a direct payment, and the gain takes the form of capital gains.

In places with 0% long-term capital gains, like Germany, this could result in a zero-tax gain for long-term BitAsset holders.

Offline Overthetop

Today I implemented most of the code required to automate proof of stake mining.  All that remains on this task is to actually pay the mining reward to the miner for their CDD contributed to the block and to validate this mining reward.
I am a big fan of 3I and BTS , thank you for your hard work.    :)
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Offline Markus

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In the case of BitAssets they still require fees to be paid in BTS when they are transferred.

If this is the case then there should be a way to buy enough BTS for the tx fee and perform the BitAsset transfer in one transaction, and the reference client should use that by default when you're only holding Assets

Most people will just want to hold BitCurrency and not worry about purchasing BTS for fees

Challenging task. 
For sure, I'm thinking that should happen the same time you make a GUI and/or web wallets, so not soon

This sounds similar to what Ripple is like. You run out of XRP and suddenly your account is frozen because you can't afford to pay for transactions.

Offline bytemaster

Today I implemented most of the code required to automate proof of stake mining.  All that remains on this task is to actually pay the mining reward to the miner for their CDD contributed to the block and to validate this mining reward.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline toast

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In the case of BitAssets they still require fees to be paid in BTS when they are transferred.

If this is the case then there should be a way to buy enough BTS for the tx fee and perform the BitAsset transfer in one transaction, and the reference client should use that by default when you're only holding Assets

Most people will just want to hold BitCurrency and not worry about purchasing BTS for fees

Challenging task. 
For sure, I'm thinking that should happen the same time you make a GUI and/or web wallets, so not soon
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline bytemaster

In the case of BitAssets they still require fees to be paid in BTS when they are transferred.

If this is the case then there should be a way to buy enough BTS for the tx fee and perform the BitAsset transfer in one transaction, and the reference client should use that by default when you're only holding Assets

Most people will just want to hold BitCurrency and not worry about purchasing BTS for fees

Challenging task. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline toast

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In the case of BitAssets they still require fees to be paid in BTS when they are transferred.

If this is the case then there should be a way to buy enough BTS for the tx fee and perform the BitAsset transfer in one transaction, and the reference client should use that by default when you're only holding Assets

Most people will just want to hold BitCurrency and not worry about purchasing BTS for fees
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.