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Author Topic: BATA (BTA) Barter And Trade Alternative | Scrypt PoW/PoS [HYBRID & MASTERNODES]  (Read 107372 times)

Bata.io

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  • Update Required! Mandatory Update - v10.5.1

    https://github.com/BTA-BATA/BATA-SOURCE/releases
    https://bata.io/wallets
    Win32 - Win64 - Linux ( MAC soon)

    This release addresses random crashing within Core 10, low peer/node connection count, and implements Bitcoin Firewall 1.2.1 to protect against network flooding and double-spend attacks.

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  • From Bata Slack:

    midnightminer
    @channel - TestNet v3 for MasterNode testing up and running.  I am setting things up so others can run wallets on the TestNet to help test the wallet.  More updates and instructions to follow.

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  • Come join us with the testnet:

    https://bata-blockchain.signup.team/

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  • Posted in Slack by Midnightminer:

    "an update on the wallet development.  I pushed ahead of myself and intergrated Masternode and Hybrid code together to speed up the development and release of features... I messed up the codebase a little too far. So I need to roll back some of my changes and strip down the code back to Masternode and PoW.  Get that masternode version ready for testing for next week. 

    The coding completed to date is not lost, I need to implement it into the wallet in steps and extend the development time line for adding other features such as Hybrid PoS.

    Some of the delay is avoiding some of the wallet and security issues that are happening in other coins.  Other delays are me distracted by real-life tasks and activities"

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  • For the non slack members and Bitcoin Garden community, below is a copy of some updates posted in Bata Slack:

    Bata Dev - Midnightminer:

    The last few days I was working with other coins with Masternode configurations.  I set-up a couple different wallets and masternodes to go through the configuration process.

    I can say that it was an interesting exercise.  It seems almost every type of wallet has different ways of configuring Masternodes. 

    I am now looking into how we can simplify or find the most suitable way to setup Masternodes in Bata.

    A proposal has come up in our planning and development discussions, that, instead of adding a development tax/fee like DASH and other coins we would use some of the develops funds to set up masternodes to put into the development wallets.

    Looking for feedback from the community on ideas.  This will not generate as much funds for the development but this does keep Bata more decentralized.  Having a development fee going to wallets written into the wallet code is not a truely decentralized system.

    Any thoughts?
    ----------------------------------


    Response from BTA Slack member:

    You would need to somehow "limit" the number of masternodes the core team operates, otherwise you'll end up in the same situation DASH found themselves in where Evan Duffield (and the rest of the CORE dash team at the time) controlled a majority of the Masternodes and could pass or reject any proposal presented.  That has since been rectified by Duffield turning down all his MN's as part of him taking an advisory role to the DASH DAO.
    I don't see that the standard MN model is excessive in anyway.  45% MN.  45% miners.  10% foundation.
    ----------------------------------


    Response from BTA Slack member:

    When the masternodes comes out, bata will still be mineable right?
    ----------------------------------


    Midnightminer:

    First release of Masternodes will be with PoW only.  PoS will be integrated later.

    I see your point, and I have considered that.  Between the 3 core developers hold just under 15% of the coins.  At most we could have 70 masternodes of a theoretical 500 ( I see 200 MN max) so we may could be close to >50% as a group. 

    I am looking at a standpoint of decentralization.  Even if we say we have no intention of influencing a vote, there is always the possibility of someone using their position to steer things to their advantage.

    But the same goes for the development fund as a 10% fee on the rewards.  If we hold the keys to the funds, votes are not really enforced by the code, the community would still be relying on the key holders of those wallets.

    That is why I put the idea out to the community.  I need different views on the possible situations.
    ----------------------------------


    Response from BTA Slack member:

    thanks for the answer. I have another question, total BTA supply is 5 million coins if I'm not mistaken, right now we are at 4.9mil coins, how will the Masternodes work after that?
    ----------------------------------


    Midnightminer:

    The coin supply will be expanded to 10 Mil over the next 10 yrs.

    The primary goal is to support the Barter Platform and trade for goods.  Since pure PoW coins are open to certain exploits, we are moving to Masternodes to secure the network.  Hybrid PoW/PoS to to add more security and stability to the coin.  With these additions we need to compensate the contribution of resources, so the extension of the coin supply.  However, to keep the focus on liquidity and a coin that is used for trade, the rewards for PoS are low compared to most coins (5.2% per annum), the the masternodes will be slightly higher.  Bata is not designed to be a bag holding coin, or a store of value.  It was designed for trade.
    ----------------------------------


    Response from BTA Slack member:


    if you look at pivx they are pos but they have yearly inflation that doesnt end

    just trying to figure out how the team is going to tackle the masternode agenda
    ----------------------------------


    Midnightminer:


    I am very familiar with PIVX.  I like what the coin is trying to do, but we are not in the same market.
    ----------------------------------

    Response from BTA Slack member:

    Yes I understand the market is different, I was referring to the structure. When I asked what would happen if we hit 5 mill coins, you said it would be raised to 10. Then what happens if when we hit 10 mil coins, it will be raised to 15? If that is the case, why not design it like pivx so that it's ongoing and the community and investors know what to expect. Just my opinion, it is your project and you can point it to whichever way you like. I'm just thinking long term.
    ----------------------------------


    Midnightminer:

    The current model I am using to build the coin rewards is on the expected growth of the coin to have a value of $1000 USD value per Bata before the coin supply of 10 Mil is reached.  What happened was that during the calculations we found 5 Mil was not enough to keep the liquidity in multiple exchanges and on the Bata platform.  It is still all theory, but also looking at coins that reach there coin supply before finding there full value or a useful market, killed the coin, there was no mining or staking to keep interest.

    Unlimited supply is a touchy plan at this point since there are many scam coins with huge amounts of diluted coin supply.  Our approach was to keep a limited supply, and planned an expansion with equal opportunity to participate (still no insta-mining, or ICOs in Bata).

    Another point with no set limit on coin supply, that if an exploit is found to generate extra coins, that exploit would ruin all value in the system if left unbounded by coin supply.  Its a long shot, but still possible.
    « Last Edit: September 29, 2017, 04:50:53 AM by Bata.io »

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  • Registration is ready at https://shares.bata.io  Additional development & large-scale testing will be done on the Buy/Sell shares functions in the next week before they will be available to the public for use.

    If you would like to be a ALPHA tester for the Buy/Sell(Live blockchain transactions) this week. Please post your username in #profit_shares channel on Slack https://bata-blockchain.signup.team/to be added to the permissions list.

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  • For the moment please be advised to remove your Bata from Bittrex as per Bittrex wallet message.

    We have not been advised what the issue actually is or had a response from Bittrex Management. If we do hear I will advise the community.

    A list of current exchanges:

    https://bata.io/exchange-bta

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #382 on: October 04, 2017, 07:01:45 AM »
    Update: BTA will not be used during the testing phase of V1 Profit Shares platform, Bitcoin will be integrated alongside Litecoin and Peercoin. Justin has been busy making improvements to the platform security features and user interfaces. More updates to be released later this week. Thanks to everyone that signed up as an ALPHA tester.

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #383 on: October 05, 2017, 06:44:33 AM »
    Just a quick update:

    Masternode development is ongoing and looking to meet the deadline, and talks with Bittrex are ongoing.

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #384 on: October 06, 2017, 05:07:16 AM »
    Bata has been listed on BarterDEX.

    Already with multiple successful atomic swaps, and order placements with BTA. Acually, we have an orderbook here: http://136.243.45.140:7783/api/stats/orderbook?base=BTA&rel=KMD

    http://barterdex.supernet.org/

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    Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #385 on: October 10, 2017, 02:50:26 AM »
    Just a quick update:

    Masternode development is ongoing and looking to meet the deadline, and talks with Bittrex are ongoing.

    What deadline?  The communication has been good but is anything really happening???  I've observed and advised multiple established coins that have launched masternodes in the last few months. 

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #386 on: October 13, 2017, 09:01:07 AM »
    Just a quick update:

    Masternode development is ongoing and looking to meet the deadline, and talks with Bittrex are ongoing.

    What deadline?  The communication has been good but is anything really happening???  I've observed and advised multiple established coins that have launched masternodes in the last few months.

    Yes, but this is a Scrypt Masternode, so it is not as easy.

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #387 on: October 13, 2017, 09:15:04 AM »
    Bata added to another exchange - CryptoBroker.io

    https://trade.cryptobroker.io/markets/btabtc

    https://bata.io/exchange-bta

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #388 on: October 15, 2017, 03:53:51 AM »
    Statement on BTA/BTC market removal Bittrex.com

    October 15, 2017 | Bata Cryptocurrency (BTA)

    Bata has been traded on Bittrex since 11/20/2015.

    October 3rd 2017 - a market deletion notice appeared on the Bittrex exchange for the Bata market.

    Bittrex asked Bata development to explain the shares concept - referring to a testing announcement Profit Shares. Explanation was provided directly to Bittrex contacts.

    Bittrex asked why Profit Shares was not considered as a security. Then proceeded to ask for a lawyer's memo.  Bittrex requested that a US Attorney was required to issue the Memorandum.

    It was made clear to Bittrex that Profit Shares is an independent project from BATA. Profit Shares is not a token. It's a private crowd-funding platform.

    We advised Bittrex that V1 Profit Share is not part of Bata cryptocurrency development project. This made no difference as then they proceeded to ask for a legal analysis on Bata, including clear details on how it will remain separate and independent from the Profit Shares Platform.

    We advised Bittrex that if the Bata developers paid for a security analysis on Profit Shares then the Bata project would no longer be separate, but a vested or interested party. Bata is separate from Profit Shares Platform and shall remain a separate project.

    After discussing with the Bata Dev team, various lawyers in Australia who also had offices in the USA, were contacted. The estimated legal expenses to initiate the process to satisfy Bittrex demands were not feasible, and there was no certainty that a positive and timely resolution would be possible.  The Bata development team along with the Bata community's support have decided that development funds would be invested in strengthening the Bata development project.

    Bata is a decentralised open source cryptocurrency project.  Bata development is made up of a small  team. No development funds were ever acquired, or requested. The members of the development team provide their own time and own funds for development.

    Profit Shares Platform is a closed source project under development by Biznatch Enterprises.

    Please withdraw all your BTA to an official wallet or other exchange/s as previously advised.

    Official wallets are available on https://bata.io/wallets
    Please visit our website for a list of 11 other exchanges. https://bata.io
     
    Bata Cryptocurrency
    Bata is an open source cryptocurrency that has been developed to replace trade dollars in a traditional barter system, changing way the way we trade, by introducing Barter on the Blockchain.  Barter Currency on a blockchain, decentralized, secure and widely available in the form of Bata, replacing a company issued trade dollar.

    Bata is traded under the symbol BTA on multiple cryptocurrency exchanges around the world.

    Contact Information: 

    Bata cryptocurrency project  - contact@bata.io
    Website: https://bata.io   


    Profit Share Platform

    Working towards collaboration with other blockchain projects to create a unique decentralized equity crowdfunding network. A project with nearly 10 years of private development using unique side-chain technology that can perform secure smart-contract agreements between investors and start-up businesses and their contractors. A proof of concept has been scheduled to be performed in the near future, once successfully tested and peer reviewed, will seek regulatory approval worldwide.

     Telegram: https://t.me/joinchat/GNJg7BBcs7g_DTDK844J0A
    Website: http://profitsharesplatform.net  (unfinished)

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  • Re: BATA (BTA) ◈ HYBRID ◈ MASTERNODES ◈ BARTER PLATFORM by BATA
    « Reply #389 on: October 22, 2017, 03:43:55 AM »
    Bata will be moving from Slack to Discord. Don't get left behind.

    Join now... https://discord.gg/vQUqCH   ..for the dev / news announcements.

     

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