Topic: [ANN][LBTC]Lightning Bitcoin | First DPoS fork of BTC | Claim FREE coin now (Read 16190 times)

Milestones
LBTC completed the development of the SGS (Spark Governance System).
After the SGS integration, the first proposal has been successfully passed and implemented on LBTC chain. The proposal suggested: [Remove the block high data before the fork, and forbid claiming the remaining LBTC by bitcoin holders]. At present, LBTC has completed the upgrade according to the content of the proposal. On October 11, 2018, LBTC officially entered a new era!

Tech progress
SGS launch;
LBTC main network upgrade according to the passed motion;
Update the Full-node wallet and Light wallet to the latest versions v2.0.0 and v0.1.0.;
Upgrade of the mobile wallet.

Full-node wallet
Single address mode:
One wallet corresponding to one address, and only one address of the coin can be used for each transaction. Before update one wallet was corresponding multi-address mode. After the update, the operation page of the wallet client is more concise, efficient, and more user-friendly.
Forging node algorithm modification:
The forging node algorithm is updated. Under the new algorithm, the order of forging nodes is more random, what is further reducing the risk of human manipulation.
Delete old data:
According to the passed proposal old data was deleted and code was modified. Removed the block high data before the fork, claiming remaining LBTC is not possible.

Light wallet
Switch to single address mode, i.e. wallet only generates one address

Mobile wallet
Android wallet development test;
1. completed the forging node registration, voting, cancellation transaction signature and corresponding bug fixes;
2. solved the problem of sending signatures for forged node coinbase transaction;
3. optimised the consolidation, storage and unspent calculation of historical transaction data;
4. modify the tested user interaction and other bugs.

Announcement
LBTC chain governance voting results released
During this month of integrating on-chain governance, LBTC community members actively joined the board and issued three proposals.
Proposal 1: Lower the threshold of the node and adjust the number of user votes to 21 votes
Proposal 2: Remove the block high data before the fork, and prohibit the claiming of LBTC
Proposal 3: Implement Dynamic Fees System
As for the afternoon of September 30, thousands of addresses participated in the voting on the chain governance proposal. The final proposal was voted on and became the final proposal.

LBTC main network upgrade on October 10
The LBTC upgraded the main network on October 10 and completed the upgrade on October 11. The latest version of the wallet can now be downloaded from the official website.

Pay attention to these changes:
1) The original node data will be cleared before the upgrade, so the original node needs to be re-registered and voted after the update is completed.
2) This upgrade will update light wallet corresponding multi-address mode in the old version to a single-address wallet, and only one address can be used for transactions.

LBTC chinese WeChat account migrate to 知识星球.
LBTC Chinese social account migrates from the WeChat to the Knowledge Planet (知识星球) and LBTC Chinese Medium blog, all the links will be updated in the mobile wallet information bar.

On October 11, 2018, Lightning Bitcoin has entered a new era!  Upgrade of LBTC main network has been successfully completed, as well as the latest versions of Full-node and Light wallets.  After the integration of the SGS system, the first proposal [Remove the block high data before the fork and prohibit the claiming of the remaining LBTC] has been completed.

According to proposal, mainnet upgrade initiated modifications in LBTC network thus impacting in changes of the following aspects:

1.After the upgrade, and termination of LBTC claiming. What is the current LBTC circulation of the?
According to the Block Explorer:http://explorer.lbtc.io:9334/blockinfo?param=1&from=search
The current LBTC circulation can be estimated around 3590926 LBTC.

2.What is the current total amount of LBTC?
The existing circulation + un-claimed coins (3590926+3690000 = 7280926)

3.What is the total amount of LBTC to be forged?
The remaining forging amount cycles are consistent with Bitcoin blockchain.

4.What is the reward for each block of LBTC now?
0.0625LBTC.

5.How can I get the transaction data created prior the network upgrade?
Currently, the official block explorer provides the transaction data only after the upgrade. For checking “prior-upgrade” transaction data visit Last Explorer https://last-explorer.lbtc.io/

6.Is there any other important information I should know about this network upgrade?
- Light wallet has been updated from multi-address mode to the single-address mode. After the upgrade, original wallet with imported private key and multi-address addresses will be converted into multiple wallets. We recommend sending coins from multiple addresses into one address and then imported into the new wallet.

- The original node data will be cleared before the upgrade, forging nodes need to be re-registered and reelected.

Feel free to ask any questions regarding the network upgrade at the official LBTC forum: http://chat.lbtc.io.

LBTC Network upgrade embark a new development stage of the project! Let us look forward to the new direction that SGS brings to LBTC! Thanks to all community members, cooperative exchanges and cooperation wallets for their support on this important stage of LBTC development!

Inc thinks Lightning Bitcoin is a major altcoin that completes with Bitcoin. Click the link to read the full article: https://www.inc.com/larry-alton/can-you-retire-on-cryptocurrency.html

[Weekly Report] September 25

Link: https://medium.com/lightning-bitcoin-blog/weekly-report-september-25-637278a403cb

LBTC on-chain governance — Spark Governance System (2)

For sustainability, every successful blockchain project should be able to adopt and change in the ongoing social environment. The SGS (Spark Governance System) of LBTC, which is an on-chain governance system, was designed to provide Lightning Bitcoin with that ability for a stronger vitality.

LBTC on-chain governance system — SGS

“Lightning” in Lightning Bitcoin symbolises not only the lightning speed of LBTC transactions, but also the desire that LBTC will illuminate the existing payment and remittance field bringing a brighter future.

As lightning large-scale sparks, the spark in the SGS system (Spark Governance System) will have enough power to shake the world. In Lightning Bitcoin Network, sparks represent a proposal from the community. Unlike the conservative governance concept of Bitcoin, LBTC will have the foundation to rapidly develop and accept the necessary technological improvements by implementing a complete on-chain governance (SGS system).

A clear decentralization framework prevents defects caused by early-stage projects focusing on under-chain governance, such as community fragmentation. The sub-chain governance has been proven to be unstable, the inconsistency of community opinions leads to permanent splitting in the chain. The creation of future proposals governance will promote the better decentralization of Lightning Bitcoin project.

Voting process

On-chain governance process

On-chain governance implies that the LBTC Community have a right to submit proposals and push it through the community referendum. This gives the community both voting rights and the right to participate in the project management.

There are two kinds of auditing mechanisms:


Start initial review of proposals → find problems →publish them to the community;
Publish the proposal to the community → ask questions and vote on the options.
The two review mechanisms both involve committee members in the process so to balance the rights. This process is not currently added in the initial release since there are not many of proposals in the early stages of the project.

[Rules] On-chain governance

Roles division

• LBTC Holder: owner of LBTC Network Rights;
  Forging node: responsible for network stability, not involved in governance;
  Committee member: responsible for network block parameters, participation in governance;
  Proposer: the role is open for the entire community, anyone in the community has the right to make a proposal;
  Executive developer: responsible for the implementation of the proposal and the development of the new budget through the project.

Fees

• The entire voting process and its results will be recorded on the LBTC blockchain, and will cost 0.01 LBTC per vote;
  Committee member registration fee is 1 LBTC;
  A proposal submission fee is 3 LBTCs.
  
  Proposal approval
  The proposal needs to reach the required threshold and the total number of votes;
  The proposal should contain multiple-choice options, (including the form of judgment questions, Yes or No).
  

For example, Yes is required to account for more than 60% of the total, and the total number of votes must be 300,000.
* This number of votes is based on the number of votes of the current mining node. In the future, it may be adjusted accordingly. The purpose of the adjustment is only to make the voting situation more reasonable.

How to submit a proposal
Check the Light wallet and the Full-node wallet on-chain governance tutorial here:
https://medium.com/lightning-bitcoin-blog/tutorial-lbtc-light-wallet-and-full-node-wallet-on-chain-governance-instructions-e955a3e92f1a

• After the proposal is submitted, it is necessary to keep it updated till the end of the community referendum.
  Once the proposal is passed, it will be implemented by the LBTC team. In the future, the proposal will be fully completed through the contract execution.

Outlook
Decentralization has always been the main goal of Lightning Bitcoin, and on-chain governance is an promising step to achieve it. LBTC is aiming to create a community-based project that would provide sufficient basement for decentralization.

Looking into the future, we desire to create an ecosystem that uses technology-based democracy to serve the society.

A Letter to The LBTC Community,

The price of bitcoin is proportional to the number of users, the number of merchants accepted, and the number of transactions. In a simpler language, “Transaction generates value”. Any software needs to be updated and upgraded. In order to solve bitcoin’s network congestion issue, the community has two different approaches: BCH, which is led by big miners, and Lightning Network, which is led by Bitcoin Core. Even though BCH experienced a major surge since its birth, the BCH community is currently facing a hard fork situation due to lack of consensus. Similarly, Bitcoin also experienced a major price drop because Lightning Network failed to reach wide adoption.

LBTC was born under this environment. LBTC adopts DPoS consensus mechanism, which allows voting and bookkeeping rights remain separated within the LBTC ecosystem in order to prevent any potential community split. However, adopting DPoS is only the very first step. LBTC has also been facing many problems of its own. In the past few months, there were two major ways to solve these problems: one way was to solve the problems directly which led to centralization issue; the other way was to build a decentralized decision-making system, which we believe it’s very important. We believe that a blockchain project’s moat is irreversibility and decentralization. Thus, we have picked decentralized governance approach which is a road less travelled. We are actively developing the on-chain governance system, which will make LBTC a decentralized, sustainable, and self-ruling currency.

Currently, the initial version of LBTC on-chain governance system has completed. In the future, through the LBTC on-chain governance system, all the important technical parameters, such as block size, block time, project expenditure and development direction, will be voted by the whole LBTC community and implemented right after. Solving problems while promoting decentralization has always been our main goal. A centralized blockchain does not make sense. Also, a cryptocurrency that nobody use also does not create any value. On-chain governance and self-amending have always been LBTC's development goals, which also represent Blockchain’s future direction.

In the end, I hope that everybody contribute to the LBTC ecosystem and participate in the on-chain governance system. You are welcome to check the LBTC forum and join the related discussions. LBTC’s future will be much more brighter with all your support and contributions! Let’s make a concerted effort!

Yours,
Jack Zhang

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[Weekly Report] September 10th

Technological updates

This past week the Lightning Bitcoin team was busy with the blockchain features upgrade: integration of on-chain governance capabilities into Full-node/Light wallets and LBTC explorer. Decentralization is the goal of Lightning Bitcoin, and on-chain governance is an excellent step towards achieving it. On-chain governance will allow LBTC community to participate in the development of Lighting Bitcoin through voting for proposals. After the launch of a wallets’ new version, it will completely change your experience, so stay tuned!


The Full-node wallet chain management commands:

• cancelvotecommittee address committeename
  getbill billid
  getcommittee address
  listbills
  listbillvoters
  listcommitteebills committeename
  listcommittees
  listcommitteevoters committeename
  listvoterbills address
  listvotercommittees address
  registercommittee address name
  submitbill address title detail url endtime options
  votebill address billid billoptionindex
  votecommittee address committeename

LBTC Explorer adds new viewing capabilities: Proposals and Committees

DigiFinex & LBTC deposit competition EXTENDED to September 10th

LBTC and DigiFinex exchange have just finished “Deposit competition, 45,000$ worth of LBTC give away”. The competition has been extended for additional three days. It will finish on September 10th, 2018 (GMT+8).

Bonus details:

Rewards distribution period: 10 days after your deposit and by Sep 17th.

1. Deposit bonus: During event period, 3999 LBTCs will be distributed among all the LTBC deposit accounts according to net deposit proportion. (net deposit amount= total deposit-total withdrawal)

2. Top deposit rewards: 695 LTBCs will be distributed among top 20 net deposit accounts. (Net deposit should ≥500 LBTCs)

Ranking Rewards (LBTC) Estimated value in DFC. DFC: DigiFinex Cash. It is a stable coin has fixed rate to Chinese yuan at 1:1

3. Lucky draw: 1 LTBC will be given to below 20 lucky deposit accounts:

The number 1st 11th 22nd 33rd 44th 55th 66th 77th 88th 99th 111th 122nd 133th 144th 155th 166th 177th 188th 199th and the last account who made deposit during the event based on deposit time.

All the rewards are independent from each other so you can claim more than one rewards in the same time.

Reminder: During this event, the additional condition to claim the rewards is that the deposit should stay in the account for 10 days after deposit without trade off or withdrawal.

Community

- Unified response to community FAQs [In Chinese]
LBTC community member Xiao Ning published an article in the official forum “Lbtc and AMA”, which answers 20 questions related to LBTC. Later The LBTC team has recapped to all questions.

- FAQs are posted on the WeChat community [In Chinese]
The LBTC community responded to 19 common LBTC related questions in the WeChat community, and compiled the documents into various WeChat groups. You can find files in group message records or check files in Baidu cloud. Have a look: Baidu network disk link Password: qs0d

Monthly reports
The LBTC will start to publish monthly summary with month highlights and achievements, in an easy reading form so it will be easy for members to catch up with the development progress. The monthly report will be released in the beginning of every month.

READINGS

Golden Finance released the article “When we are talking about the blockchain, what are we talking about? “ [Cn]
The article discuss the problem of centralisation in blockchain, mentioning on chain governance of Dfinity, EOS, Tezos, and LBTC as a solution to that problem.

TheBitcoinNews publish the article “Lightning Bitcoin: Flashing Bitcoins on Incredible Speed with DPoS” [Eng]
Very detailed overview of Lighting Bitcoin and the intentions behind it.

Community Art

Here are some cute Instagram images from LBTC official account. Check the image for more LBTC art. Welcome enthusiasts to contribute and express their talents and crypto-art vision!

https://cdn-images-1.medium.com/max/800/1*3AHhCeS4zMgoN3g9tdvFEw.png
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CCN: Crypto Rollercoaster: Explaining the Recent Market Performance

Read the full article: https://www.ccn.com/crypto-rollercoaster-explaining-the-recent-market-performance/

Thank you for your interest in Lightning Bitcoin! It gives us more motivation to make the project better!

Lightning Bitcoin: Flashing Bitcoins on Incredible Speed with DPoS

Read more: https://thebitcoinnews.com/lightning-bitcoin-flashing-bitcoins-on-incredible-speed-with-dpos/

Digifinex and Lightning Bitcoin have something for you! Participate in net deposit competition and get LBTC on your DigiFinex Account!

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[Weekly report] August 27th

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Milestones
Listing on the Exrates.me Exchange

The Exrates.me Exchange is located in New York, USA, and has a legal trading license and supports USD (United States of America legal tender)transactions. Due to the stricter regulatory regime imposed by the State of New York on digital currency exchanges, only a few exchanges have obtained licenses. Lightning Bitcoin will continue working hard to gain recognition in the mainstream international digital currency exchanges!

KKEX Open LBTC Deposit/Withdrawal Service

KKEX has opened deposit and withdrawal service for LBTC, LBTC/BTC trading pair is now available. Listing on the KKEX is the result of LBTC community efforts.

Many thanks to the community members for their consistent supports!
For more details, please refer to the official announcement.

Tech Progress

* The LBTC Windows version of the full-node wallet development and testing have been completed. The code has been submitted to Github for open source. Windows version Full Node Wallet code

* Release of Linux Full-node wallet V1.2.1, added the new commands getcoinrank, getcoindistribution, and the extended command getaddresstxids.

Announcement
Linux Full-node wallet V1.2.1 Release

The latest version of Linux Full-node wallet V1.2.1 has been released. Please go to the LBTC official website for download: https://lbtc.io/

Prior to the release, the code has been upgraded to improve data sync speed. In addition, the latest version also has the LBTC distribution summary and top rich list with customized parameters.

Listing on Forkonex

Forkonex announced the listing of LBTC on Telegram and Twitter. Forkonex is an overseas exchange established in 2018 and has not yet been included in Coinmarketcap.com. LBTC users should pay additional attention to prevent risks.

Community

Financemagnates Featured Lightning Bitcoin
The article introduces LBTC’s commitment to creating a decentralized Internet-of-Value protocol. LBTC is compared with Ripple, which also uses gateway technology, and Stellar, which uses lightning network, although the goal of LBTC lays within the payment field. The article suggests that LBTC has lots of room for growth and the realization of multiple functions in the future.

https://www.financemagnates.com/thought-leadership/lightning-bitcoin-redefining-fast-transactions-and-payments/

[Menu bar] New feature in LBTC WeChat public account

Click to enter the official LBTC public account, add the LBTC profile in the LBTC menu bar at the bottom left, click to get the corresponding details graphic message. Menu bar includes LBTC’s official community, social media, project introductions, related issues, and how to apply to join WeChat groups. The information will be updated if any changes appear.

Updated information on MyToken


Lightning Bitcoin has now added an information bar to MyToken, which will help MyToken users to familiarize with LBTC related news.

[Community art] LBTC structure infographic

Wow! The LBTC community members created the LBTC structure infographic called “Lightning Bitcoin in A Nutshell”, which includes LBTC’s 2M block size, 3S block, DPoS mechanism, UXTO model’s “bottom area” and chain management, decentralized exchanges, smart gateways, and etc. It helps the community members to identify LBTC’s key characteristics.

Community

Golden Finance released an article “Why does the Ethereum plunging, how to lay down and make money?”
The article analyses the market of Ethereum and believes that the bear market will continue. Under this premise, buying LBTC and putting it into the wallet to earn mining revenue is one of the more secure ways. Article [Written in Chinese]

WeChat Public Account “BlockHunt” published article “Blockchain On-Chain Governance vs Off-Chain Governance”
The article believes that high-quality projects such as Lightning Bitcoin and Tezos that promote on-chain governance are worthy of attention. They are a force that cannot be underestimated in the reform of blockchain governance.
Article [Written in Chinese]

Babbitt writes “LBTC: Do the most attitude forked coins”
“LBTC: Being the Most Attitude Forked Coin” introduces LBTC from a technical perspective and a development perspective. The article mentioned that LBTC relies on “combination boxing one: speed + safety + nearly free” and “combination boxing two: on-chain chain governance + smart gateway + smart contract” to walk in the forks of the rivers and lakes. Article [Written in Chinese]

Lightning Bitcoin on TikTok
The LBTC community recently created an account on TikTok: 117 345 6065. Please take a look! After getting a certain amount of watchings, the account will be pushed to a broader audience!

[Design Challenge]
Here are some of the best community art pieces for the past two weeks in LBTC’s instagram account. Welcome everybody to contribute and express their talents for LBTC!

Here are all the news. For more information, please visit our Website, check GitHub, ask questions on Reddit and follow us on Twitter: @LightningBTC

Stay tuned for our Brand New Bounty Program!
Ask us any questions on Reddit: https://www.reddit.com/r/LightningBTC/

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With the continuing support from our community, KKEX exchange has enabled the LBTC deposit and withdrawal!

Click here to trade LBTC/BTC: https://kkex.com/trading?symbol=LBTCBTC

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Lightning Bitcoin Redefining Fast Transactions and Payments

https://www.financemagnates.com/thought-leadership/lightning-bitcoin-redefining-fast-transactions-and-payments/

The team is actively developing the mobile version of LBTC wallet. It will provide the maximum security and voting functionality. Stay Tuned!

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Lightning Bitcoin is officially listed on Exrates.me!
LBTC/BTC, LBTC/ETH, LBTC/USD trading pairs are available!
click here to trade LBTC: https://exrates.me/dashboard

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There won't be any airdops. The community members need to complete certain tasks on the bounty website in order to receive rewards.

[Weekly report] August 13th

Lightning Bitcoin network upgrade completed

On August 9th, the Lightning Bitcoin team completed an upgrade of main network code. The upgrade applies multi-signature technology for adding wallet lock-up function to node mining, ensuring asset security in all aspects. According to the established rules, lock-up of 5,000 LBTCs will be one of the necessary requirements for joining mining nodes.

Currently, the partnering exchanges will suspend the replenishment service and will reopen the replenishment after 1–2 days. Please refer to the exchange announcements or transaction pages for specific information.

Tech progress
1. Windows version of the full-node wallet has entered the final testing phase.

Pushing hard to expand our user base:) Please spread the news!

2. For Token issue within Lightning Bitcoin Network, the user needs to determine the Token function requirements and the technical solution investigation.

Announcement

Listing of LBTC on the Exrates.me exchange
LBTC has been listed on the Exrates.me exchange, LBTC/BTC, LBTC/ETH, LBTC/USD trading pairs have been available so far.

Exrates.me is an American international exchange designed to charge the lowest fees and provide maximum security. Check the link: https://exrates.me/dashboard

Bounty program [Lightning Plan PLUS] is coming soon!

The lightning program has attracted more community members during the 8-month of operation. The Lightning Bitcoin team is about to launch a more complete bounty program, which can be tailored to each step, while enriching the reward mechanism.

The lightning program will be more comprehensive and rewards distribution will be more open and transparent. Let’s work together and build a more active Lightning Bitcoin community!

Community progress

[Zning] Lightning Bitcoin got account on Bihu 币乎
Community members created account for Lightning Bitcoin on Bihu. Shout out to three LBTC community members Xiaoning, Dawenwen, and Flash Gathering who have established accounts to promote LBTC. All of them have published lots of LBTC related articles on the platform.

More LBTC supporters are welcome to join the lightning program to promote LBTC on more platforms!

New Lightning Bitcoin video!
A community member has created a LBTC video. The video introduces the LBTC development roadmap and major event records, which is currently published on Youtube. Check the link: https://youtu.be/K6ejU-CGQDo

Lightning Bitcoin Reddit is getting its audience!

The Lightning Bitcoin team is working hard on expanding the audience and exposure around our projects. A few weeks ago, we launched the official account on Reddit and so far it has reached 1.1k subscribers! Good job:) We know that Reddit is an important platform in the world of global tech community. Welcome to Reddit, ask us any questions there, and share your opinions. Check the link: https://www.reddit.com/r/LightningBTC/

By the way, Lightning Bitcoin also expends its presence on Instagram! Follow us @lightningbitcoin_official

LBTC reading list:
English articles

https://www.techinasia.com/talk/segwit-doesnt-work
https://www.newsbtc.com/2018/05/28/lightning-bitcoin-implements-dpos-set-become-best-blockchain-protocol/
https://www.entrepreneur.com/article/317074
https://nulltx.com/lightning-bitcoin-the-dpos-based-forked-bitcoin/

Here all the news for the past 2 weeks
Contact us: [email protected]

Instagram’s good publicity helps more cryptocurrency enthusiasts understand LBTC’s mission.