Byteball - Round 9 - full moon of September 6, 2017 at 07:02 UTC

[mimitan]

Thank you for everything.

[bittzy78]

I am so looking forward to this coins release.

 

[coremedia]

BYTEBALL: Totally New Consensus Algorithm and Untraceable Payments

http://coremedia.info/index.php/blockchain-news/item/341-byteball-totally-new-consensus-algorithm-and-untraceable-payments

[NewsCrawler·]

Byteball Featured on Bitcoin Rush:

[tonych]

Byteball v0.5.0 released https://github.com/byteball/byteball/releases

* Light wallet option for desktop wallets (the option is available only in new installs), now you don't have to wait that the sync completes and can start using the wallet immediately
* Show current percentage of sync
* Show more details in transaction history: unit and from address
* Multi-line input in chat
* On Windows and Mac, a badge is displayed on the app icon when a new chat message is received while the app is in the background, so you won't miss a message
* Fixed database locking issues on Android
* Fixed crashes when working with a multisig wallet that is not yet approved by all parties
* Better UI when trying to send private assets outside chat
* Protocol changed from byteball: to byteball-test: to allow future livenet wallet to co-exist with testnet wallet on the same device

Please upgrade desktop clients using the link above.  New version of android client was submitted to Google Play an hour ago, should update automatically unless you disabled autoupdates.

The next big step will be testnet-to-testnet linking, after which we'll launch a new testnet with distribution proportional to Bitcoin testnet balances.

Please retweet https://twitter.com/ByteballOrg/status/792410189966241793

[vindyne8]

#Byteball version 0.6.0 released.  Important bugfixes https://github.com/byteball/byteball/releases

[tonych]

Finally, you can experience the pre-distribution linking of Byteball and Bitcoin addresses.

We are launching a new testnet, and you'll be able to get a portion of its distribution in proportion to your balance in Bitcoin testnet.

0.  Get your Bitcoin testnet wallet ready and funded.

1.  Download and install the wallet for the new Byteball testnet: https://github.com/byteball/byteball/releases
You will have two Byteball wallets - one for the old testnet that you already have, the other for the upcoming new testnet.

2.  Visit https://byteball.org and click the link to chat with the Transition Bot.  The link will open the new wallet and start a chat.  Follow the instructions of the Transition Bot to prove your Bitcoin balance.


You have two options to prove your Bitcoin balance:
a.  By making a micropayment.  The bot will see your address the payment came from, will know that it is your address, and will instruct you to move your Bitcoins to this address.  By making several micropayments, you can link several Bitcoin addresses to the same Byteball address.
b.  By signing a message (if your Bitcoin wallet supports this function).  You tell the bot your Bitcoin address and sign your Byteball address with the Bitcoin address.  After you prove one address (a typical Bitcoin wallet has dozens of them), you can either move all your coins to this single proven address or prove all other addresses in the same way -- by signing a message.

If you try to link the same Bitcoin address to multiple Byteball addresses, only the last linking counts.

If you prove by micropayment, remember to check that the Bitcoin address that the bot received the micropayment from, is indeed your address.  An attacker might see your payment on the blockchain and repeat the same micropayment from his address trying to trick you to move your funds to him.

3.  After linking, there is no use of the new wallet before the distribution, just keep it installed (backup if necessary).  It will receive the bytes on the distribution day.  If you make any Bitcoin payment, your coins will most likely be moved to a new change address.  Chat with the bot again, see the balance on your linked address(es) and move the coins back to the linked address(es) if necessary.

The linking phase will end in late November, after which we'll do the distribution for the new testnet.  Those who linked their Byteball and Bitcoin addresses will receive new test bytes in proportion to their Bitcoin testnet balances on the distribution day.

If all goes well, we'll do exactly same linking, but with real Bitcoin addresses, from early December to December 25 before the upcoming livenet launch and distribution.

[vindyne8]

A few Q & A from the past week:





Join #Byteball on slack to keep up on current events!

[vindyne8]

Byteball version 0.7.0t released: huge performance improvements and new testnet.
Get it here: https://github.com/byteball/byteball/releases

[vindyne8]

From the Byteball dev:

Starting now, you can link your Byteball and Bitcoin addresses for the upcoming distribution.

1.  Download and install the wallet for Byteball live network:

• Desktop: https://github.com/byteball/byteball/releases
• Android: https://play.google.com/store/apps/details?id=org.byteball.wallet

* You will have two Byteball wallets - one for the testnet that you already have, the other for the upcoming live network.

2. Visit https://byteball.org and click the link to chat with the Transition Bot.  The link will open the new wallet and start a chat.  Follow the instructions of the Transition Bot to prove your Bitcoin balance.

You have two options to prove your Bitcoin balance:

• a.  By making a micropayment.  The bot will see your address the payment came from, will know that it is your address, and will instruct you to move your Bitcoins to this address.  By making several micropayments, you can link several Bitcoin addresses to the same Byteball address.
• b.  By signing a message (if your Bitcoin wallet supports this function).  You tell the bot your Bitcoin address and sign your Byteball address with the Bitcoin address.  After you prove one address (a typical Bitcoin wallet has dozens of them), you can either move all your coins to this single proven address or prove all other addresses in the same way -- by signing a message.

 

If you try to link the same Bitcoin address to multiple Byteball addresses, only the last linking counts.  This rule might be adjusted if we see attempts to link exchange-owned addresses.

If you prove by micropayment, remember to check that the Bitcoin address that the bot received the micropayment from, is indeed your address.  An attacker might see your payment on the blockchain and repeat the same micropayment from his address trying to trick you to move your funds to him.

3.  After linking, there is no use of the new wallet before the distribution, just keep it installed (backup if necessary).  It will receive the bytes on the distribution day.  If you make any Bitcoin payment, your coins will most likely be moved to a new change address.  Chat with the bot again, see the balance on your linked address(es) and move the coins back to the linked address(es) if necessary.

The linking phase will end on December 24 at 23:59:59 UTC, after which we'll do the distribution in proportion to Bitcoin balances in the first block timestamped after December 25 00:00:00 UTC (Christmas block).  I'll announce the exact block number several hours after this block is mined (the waiting time is to exclude the slightest chance of reorg).  The bytes and blackbytes will be sent out in the afternoon of December 25.

During this distribution we'll distribute 10% of the total supply of bytes and blackbytes.  The remaining 88% will be distributed during subsequent distribution rounds, exact dates to be announced later.  The planned distribution percentages (subject to change):

2nd round: 20%
3rd round: 30%
4th round: 38%

The rounds will be spaced 1 to 2 months.

In each subsequent distribution round, we'll take a new snapshot.  The distribution rules in the 2nd and further rounds will be slightly different from the 1st.  You'll show both your BTC balances (as in the 1st round) and your balance in bytes (which you received in earlier rounds or bought from other users).  You have a sort of basket that consists of a mixture of BTC and bytes.  To determine the weight of the basket, every 62.5 MB are counted as 1 BTC.  For example, if you have 125 MB and 3 BTC, the weight is 2+3=5 BTC.  The distribution of new bytes in the 2nd and subsequent phases will be proportional to the weight of your basket.

My 1% doesn't participate in the 2nd and further rounds.

The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (10¹⁵) and the total number of BTC in circulation (16,000,000) are equivalent.

Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in previous rounds.  You are effectively doubling your stake in each additional round you take part in.

Please retweet https://twitter.com/ByteballOrg/status/806290785486467073

[secco]

Some distributions stats: http://transition.byteball.org/

Total balance linked: 5669.06940797 BTC

Current transition rate: 0.05669069 BTC/gigabyte

[secco]

Distributions stats update: http://transition.byteball.org/

Total balance linked: 11046.67590134 BTC

Current transition rate: 0.11046676 BTC/gigabyte

[vindyne8]

secco on point, bumpz.

[vindyne8]

Questions from the community, and answers from the dev, from the main BCT thread.

Question:

Hi tonych,
After this 25th snapshot, byteball and blackbytes will be distributed as per the rules you announced.
Byteball will be send to linked byteball addresses that reside on "byteball public DAG", I can understand this is completely asynchronous process..
What I cannot understand is about blackbytes distribution:
1) Is it an automatic or interactive process (need human intervention)?
2) Will byteball client with the linked keys on peoples computers need to be left running to receive these coins?
Thanks again.

Answer:

1) It is automatic.
2) Not necessary, you'll see both bytes and blackbytes as soon as you start the wallet after the coins are sent out.
- tonych

Question:

Tonych, is the model sort of proof of service? Those that relay the activity and transactions get rewarded some bytes? I read the whitepaper but still am looking for some sort of understanding of this.

Answer:

It is not a proof-of.
The collected fees are split between regular users who are first to extend the DAG and witnesses who help define the order of transactions.
-tonych

Question:

Why it is not instant? say if there are 1000 tx per second in the network, my transaction once done will be covered within a second by 50 other transactions, isn't that after 1 second my transaction will have 50 confirmations? If we put 10 confirmations as confirmed, isn't my tx is confirmed after less than 1 sec?

Answer:

Perhaps you got used to hear about N confirmations in Bitcoin.  There is no such thing here, your transaction is either final or not.  And getting covered advances it to being final.  Getting covered by witnesses matters most (the structure of the DAG after your transaction also matters for finality).  Witnesses earn fees from transactions they cover, and the more transactions per second there are in the network, the more frequently witnesses will post with positive ROI (they pay fees like everybody else).

You will never get sub-second confirmation times because of network latency.
-tonych

Question:

OK so if I got it correctly, then if the transaction are covered by more than half witnesses' transactions it will be final thus confirmed? Are witnesses always emit transactions? What if none of the witness are doing tx? my tx will never get confirmed?

Answer:

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.
-tonych

Question:

This is interesting question. Suppose, each of 12 witnesses run a script which submit transactions at crazy rate, but nobody else is using the network at this time. What happens then? Do witnesses end up loosing money?

Answer:

Witnesses do post transactions automatically but do it in a bit more reasonable way https://github.com/byteball/byteball-witness/blob/master/start.js
-tonych

Question:

is there any way planned to increase marketing apart from the sig campaign ?

I think this project will only succeed if we have a lot of users.

Answer:

Any suggestions are welcome.
We have sig campaign, twitter campaign, and a recent press release which resulted in a few publications.
-tonych

Question:

Quick Question; can we link multiple BTC addresses to our one Byteball address by sending the micro transaction from each BTC address, and do we have to run the Transition Bot each time?

Answer:

You can (if you can control which address the payment is sent from, this is an advanced feature).  You just send the same micro-amount to the same address.
-tonych

Reply:

Incidentally, I finished developing our trustless exchange bot a day ago, just when you started this discussion.  How did you know?
It will exchange only internal assets, not a replacement for poloniex etc.
-tonych

Question:

Please provide some more details? how to use it? what internal assets you meant? Is it blackbyte? I don't see any other internal assets...

Answer:

I'll release it in a few days, need to make a few changes to the wallet too.
This version of the exchange will work with public assets only, blackbytes are private.
tonych

[vindyne8]

Less than 2 days  remain to link your BTC address for Byteball distribution!
Don't miss out, visit https://byteball.org/ and https://bitcointalk.org/index.php?topic=1608859.0 for more information!

Recent updates from the dev: tonych are quoted below

Two news for today: version 0.8.0t is released and trustless exchange is launched.

Both are for testnet.
Download the new version from https://github.com/byteball/byteball/releases, Android should auto-update, and the link to the exchange is at https://byteball.org.  Only the new version will work with the exchange.

The exchange allows to exchange public assets issued on Byteball platform, including bytes.  Blackbytes are not covered as they are a private asset.

The exchange is not built-in (as in Nxt, Ripple, and Bitshares), it is an application built on smart contracts.  It is the first application on our network that uses smart contracts.  By keeping the exchange out of the core, we achieve that we don't have to add complexity to the core, as well as greater flexibility in how the exchange can work.

The exchange is centralized and trustless.  Centralized means that there can be many centralized exchanges competing with each other and trying to deliver better product.  Centralized also means that it is run as a business and can be properly managed and marketed.  Trustlessness means that the exchange operator can't steal customer's money, nor can he lose it if the exchange is hacked or mismanaged.  This is achieved by very simple smart contracts that every user can see and verify, and he doesn't need to be a developer to understand them:

To create an order to exchange asset A to asset B, a customer sends his asset A to an address that can be spent:
- by the customer himself after a timeout, or
- by the exchange operator if the same transaction simultaneously sends asset B to the customer (in the specified amount)

The first clause allows the customer to cancel the order and take his money back.  The 2nd clause doesn't give the operator arbitrary control over asset A: the operator can use asset A only if he simultaneously pays asset B to the customer.  This is the key difference from conventional trustful exchanges -- the operator is bound by the contract.

The operator then matches this order with a reverse order from another customer and signs for both sides of the deal simultaneously.

This is what a typical dialog with exchange operator looks like (yes, it is a chatbot, you've already got used to):



Before paying, the customer is presented with a user readable description of the contract:

HXY5... is the asset we are buying (chips).
W272... is the exchange address (actually, it doesn't matter who owns this address as long as the asset is sent to us).

Before the order is executed, the customer can see everything about this smart contract address in his wallet -- its balance and history, and can spend from this address (after the timeout specified in the contract).  The address is presented as a subwallet, it is easy to navigate to and from.

For those who have experience with conventional exchanges, there are a few differences that may seem odd.  Due to how the smart contracts work, there is no partial matching of orders.  To overcome this, orders are split into a small number of standard sized orders.  The standard lot sizes are powers of 2, which allows to match equal-sized orders, as well as some common combinations thereof, such as one large order against two half-sized orders (e.g. 32=16+16).  (Instead of powers of 2, we could also use Fibonacci numbers as standard lot sizes because each size would be equal to the sum of two smaller sizes, e.g. 13=8+5).  That's why when you create an order you usually pay to several addresses.  These sub-orders can match at different time and you'll receive your assets in several standard-sized portions.  Also, placing an order is not instant, you have to wait that the transaction that funds it becomes final.  Obviously, there is no margin trading, and there are no charts in chat.  So, if you are a day trader, it is not for you.  If you need to occasionally buy or sell assets, I think this tool is quite good for you.

Try it for yourself, the new UI is available after upgrading to 0.8.0t, and the link to start a chat with the exchange bot is at https://byteball.org.  Remember, this will work with testnet wallet only.

Please retweet https://twitter.com/ByteballOrg/status/811007135148572672

Transaction explorer is online https://explorer.byteball.org

It is the coolest transaction explorer in crypto, isn't it?