Topic: [ANN] Lytix - PoS Maxnode Crypto Platform - page 7. (Read 24786 times)

just some fyi on where I am in this process of getting maxnodes going:

1. Main coding for maxnodes - complete
2. GUI work for maxnodes - complete
3. Test activation and proper working of maxnodes - we are here
4. API work on maxnodes for data API
5. Test chain and determine if a side chain is approrpiate
6. Research encrypting data insertions by default
7. Testing new client for encryption
8. Spork enforcement of maxnodes to cut over on a certain block/date
9. Test spork
10. Release client and maxnodes
Document and market

I think that a 70/30 split wouldn't be a bad idea, but at the same time it might also be wise to raise the amount needed for a masternode maybe to 7000 or 10000 or more. I think anything that can encourage running no more than two masternodes per vps would also be a good idea.

Thanks faetos for this detailed reply!

Tippytoes : yeah for now we're all super early adopters, betting on faetos capacity and will, and until now he's proven himself to be above all expectations (he can even be a bit too generous, but I guess after being burnt a few times he's learned the 'never trust him anyone but yourself' kind of lesson)

If you've ever seen so much work done by one man (check the discord, the code progress is all published real time!), feel free to keep me posted, I'm in active search of such gems

https://discord.gg/5UejzWf

I won't say 'buy it while it's cheap' but.... By the ways the hold volume is getting bigger, sell volume getting thinner... Scarcity is growing, people are more and more keeping their coins instead of trying to sell them at any price. That's a sign

Appreciate much your response. At least we know that this project has other things to offer. If you can establish your purpose in crypto, maybe the value of your coin will elevate someday. Good luck!

That is most likely the case. I had folks jump on the coin before I could get the "special" put together which will be the addition of the 3rd tier maxnodes. These will hold the data APIs that will store data (text initially) for decisions, audit, and other immutable statements that need to be stored in an unchanging environment. This is currently in development and will hopefully be released this month. I've been working hard to get this out and running so we can have our purpose and a reason to exist and hopefully thrive.

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Discussion on discord is should we change the reward behavior to the following:

70% masternode operators
30% stakers

We have currently agreed to a 60/40 split, but the question is now open.

We all know that this kind of developer is quite rare. However, what would it take for the Lytix project to increase its value in the exchange? Or is it because I couldn't find any other application other than trading?

I intended it to just be used for simple data types such as text data to keep the footprint small. The last thing I would want is a super huge chain requiring multiple TBs to hold. I haven't quite gotten to building the API for it but the thought is to have a configurable API that business or private entities can use to store decisions, audit points, links, etc. to prove that it happened and can't be changed.

Knowing full well that most companies don't want to store private things in the clear I want to enable them to encrypt their data points using their client's keys which will be housed in the Lytix client. That way they can safely store data in the clear but in encrypted form.

For a solution like this there will undoubtedly be use cases where a company will want off site or private chains to store data. This is where you all will benefit as well. If that happens and we are approached to develop a custom chain then I will transfer the proceeds to the community via a buy back program. Also, if for some reason we are bought out completely I plan on doing the same. We are kind of equal partners in this venture.

So, depending on some of the initial testing and development of the API we may put maxnodes on a separate chain to ensure that the regular chain doesn't get overloaded and too heavy. Performance and stability is a key differentiator of our chain and I will not introduce something to the environment that will betray those hard fought wins.

The big thing is immutable - that means never change. So, that has also put me on a path of well, what if someone uploads something like porn, or criminal activity or possibly use it to funnel private messages for terror or something awful. That would be tough for me to swallow considering how clean we've been running our community and the good folks we have in it. So, that being said, we may have to put some scrubbing feature in to prevent that. It's a tough call, but working in ops for ever I understand that things will go wrong and there needs to be an out. I'll keep that in mind as I develop the API.

sure, but that doesn't answer my question :p

you all are super nice. Out community is our strength for sure. We have probably the best folks involved that I have ever seen. Very positive, fun and engaging.

Hey all

I just wanted to agree with blackstone on how active and transparent the dev faetos is. Anytime i have ever asked a question or needed any help with anything there is always a quick and timely reply back. Also the community behind the coin as well has been great at answering any questions i have as well. I have been around the discord since pow started i mined some with ease and been staking ever since the switch over to POS. Big believer this coin is going places simply because faetos works his butt off and is always active and not to mention the community has his back as well. Great Community Great Dev!!! 

I have a question for the dev: I'm brand new to this tier 1-2-3 system, and as I understood that one of those tiers will be used to keep storage of important files, would you mind explaining a bit more how this will work? will every MAXnode store the whole files, or each MAXnode one part of the file? I suppose this will define the technical requirements for those MAXnodes, because for now with 20 GB of disk you can easily run 20 masternodes, but in the case of a bank or insurance storing files in the blockchain, this weight can go nuts .

I'm thinking documents such as photos, reports... maybe even videos? Insurances need to keep those kind of documents quite often. So the storage requirement could be pretty high, don't you think? And will this be "for a lifetime", or with a limited life? I'm mentioning this because the blockchain is all about durability, BUT when you store some private files that concern people (which is the case with insurances and banks), aren't you supposed to keep those files for a limited amount of time? RGPD and stuff...

I have been following and an investor of the Lytix project for a while now and I have to say  I have never found a more committed and transparent  dev. You will always find an open and honest response from Faetos, no bs here, and always available to answer questions and explain the progress of the project.  Lytix is an opportunity for me, and others as well, to be involved in a open and honest crypto project.  When is the last time  you could say that.  Feel free to come and see for yourself.

It's a Pivx fork, but it's getting much further, as opposed to 90% of the others

As far as I'm concerned, I'd go 70/30 MN/PoS. Probably the best way to have more coins locked and increase scarcity.

I was a little sad that I found out about this project at the tail end of the pow period.  I only mined about 3k.

I'm pretty happy now that they are on Crex and I've been able to score a decent bag.
It's one of the few projects that look promising. 
-low market cap
-low supply
-decent goals
-great dev
Seems like a recipe for huge gains if I've ever seen one.

Looks pretty good so far!
There is a lot of activity on the github regarding maxnodes,  I can't wait till they are active.
I heard that masternodes/staking will move to a 60/40 split at the same time as maxnodes are released.  Seems like a smart move.

Now is the time to buy! Lytix is still pretty cheap over on crex24.

I really admire the hard work and humility that you put into this project.
If this one doesn't meet success, I'll cut my right hand! ... or my pinky... alright, I'll cut the top of my nails!!

Kidding here, but seriously you deserve the best with your project, faetos.

That would deserve a LOT more hype!

By the way, there are already tier 1 - 2 - 3 masternode systems but I haven't checked whether those ones are only a matter of collateral/reward difference, or if each tier has a very different and complementary role in the network, like what you're developing now.

I don't know of anyone out there that actually has a tiered system. It's possible someone has one, but with a new shtcoin every hour anything is possible. What I am currently testing is the reward system. I am adding this in addition to the current allocated rewards:


I will test this to see if it works. It's currently in main.cpp.

As far as emissions go, this reward system will most likely undergo a lot of change. For the regular masternode staker rewards they will remain on the same track and not change at all. For each data put and pull there will be a cost that will be awarded to the maxnode owner. I am thinking along the lines of 0.1 LYTX for a put and 0.05 LYTX for a pull. Transactions could be heavy and with a limited supply of LYTX (100 mil) enterprises may run out. This will undoubtedly be under revision as we start to get use cases together and make partners to use the system.

The Maxnode system is unique to Lytix. Maxnodes will hold the open APIs that entities will be able to use to store data,
decisions, or any other configurable items into the blockchain. They will come in 3 tiers and cost 50,000 LYTX for Tier 1,
75,000 for Tier 2 and 100,000 for Tier 3. They will also receive 10x for tier 1, 15x for tier 2 and 20x for tier 3 of the
rewards for each block.
They will be the only points of entry to the data storage and decisioning matrix with the Lytix blockchain. Max nodes are
unique and identified by a cryptographic signature that will tie it to the clients that own and use that Max node. Max nodes
can also be private and the information stored and the decisions tracked can also be private. If the entries are deemed private
they will be signed with the cryptographic signature and encrypted before placement into the blockchain. Only key holders
that are part of that group will be able to view and decrypt that information.
Maxnodes will also receive LYTX for each storage transaction. The cost of these transactions is still in development, but the
current thought is to be 1 LYTX or a fraction of a LYTX. As maxnodes move through testing we will have a better idea of
how much it will cost to insert and retrieve data elements. Maxnodes will uniquely be able to process these transactions.
Maxnodes will not process regular transactions like Masternodes and will nto be part of their network. The maxnode
network will be the third tier in the ecosystem.
Maxnodes will also differ from Masternodes in that they will not participate in the budget voting or proposal submission
process. That will stay a Masternode function and not be a part of the maxnode system now or in the future. Reasoning
behind this is to keep the systems separate and the functions specialized for each tier.
The maxnode tiered system is still in development to decide which functionality will be housed in each tier. Some proposals
have defined the following:
TIER 1 - 50000 collateral - secure node for read-only API functionality
TIER 2 - 75000 collateral - node with atomic swap capabilities for dex functionality and partial API functionality
TIER 3 - 100000 collateral - node with atomic swap capabilities for dex functionality and full API functionality

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those are what we are working with at the moment. It can certainly change through testing

any info on what will be the price and metrics for Maxnodes already?