Topic: [Announce] Project Quixote - BitShares, BitNames and 'BitMessage' - page 23. (Read 48297 times)

From bytemaster:

October at C3 release I think.

What they wrote on Github just now might shed some light with their strategy for interworking with the Bitcoin ecosystem:
In any case, this thread belongs in alternative cryptocurrencies, not project development.  Cheers.

Seriously just wow.

Have you got some rough list of tasks/milestones/priorities. Github? How can a volunteer get stuck in and help make this happen?

Colored coins have no value beyond the bitcoin backing them without an issuer using the colored coin as a bearer bond.    BitShares has no issuers, BitUSD is not a promise to pay.  Colored coins cannot do this.

Secondly, the Bitcoin blockchain is fatally flawed in several ways:

1) full nodes will soon be beyond the reach of the average user who cares about having spare bandwidth and disk space.
2) mining is being specialized by extremely wealthy VC firms which are building ASICs for their own use and ultimately the 'decentralization of mining' depends upon pools of one form or the other. Pools are 'centralized' and the hardware required to even participate in a pool is also specialized.   
3) colored coins do no enable 'margin calls' in a decentralized manner.   Ultimately colored coins are not decentralized any more than Open Transactions which is far more effecient.
4) the bitcoin block chain does not have a reliable block production rate, it is currently over 55 days ahead of schedule and thus fundamentally broken from an inflation control perspective and thus not a reliable time source for options expiration.
5) the transaction size and bandwidth requirements of bitcoin are larger than necessary
6) bitcoin does not support merged mining
7) cross-chain-trading with bitcoin is not currently supported as a 'standard transaction'
bitcoin can not handle the transaction volume of an exchange
9) there will be more than 1 BitShares chain to enable scalability and offer a wide variety of BitAssets each with a decentralized market.
10) I need data maintained with every block header beyond the data stored in transactions.

I could go on, but I think I have made my point.   Please demonstrate how you can achieve everything BitShares does with colored coins and you will quickly understand the problems.

While I appreciate what you try to achieve I still don't understand why did you decide to create new blockchain? Why colored coins over bitcoin blockchain is not sufficient for your project?

Very interesting, I like that it has a mining aspect to it, will be watching the project for sure

 C++, Qt, Boost, Java Script, PHP, Browser Extensions, CSS, HTML5

Our team currently has a part-time drupal developer handling the web work.   We are hoping to leverage the work that Joe Cascio has done with Bitcoin ID as the model / template for our implementation.  He already has a proof-of-concept chrome extension.

Send me a PM with your contact information if you have skills that could help.

While there are some paid positions at the moment, there is amble opportunity to get involved via open source contributions.  We are likely to pull from the pool of volunteers before hiring outsiders as we grow so get involved.

Our company is based on very deep philosophical foundation of freedom, voluntary association, and the principle that the free market should be able to provide all of the services traditionally "provided" by governments without relying on the initiation of force.   Our IP philosophy is relative unique in that we view Intellectual Property as a government granted privilege backed by force and that violates the rights of others to produce and express themselves.  We are committed to only use Intellectual Property as 'self defense' against those who would attempt to claim they 'own' IP and may exclude us from the market.  Thus if you Live by IP.... well you know the rest.   

Our profit model is not based upon vendor lock-in nor do we intend on relying on licensing IP.   To compete with our business you must be equally as open and decentralized.   In fact, our goal is to keep Invictus Innovations as decentralized as possible because corporations are themselves creatures of the state and represent yet another form of centralization and control that we hope to decentralize.

Joining our team with BitShares is just the beginning of what we have planned because by the time we are done you will no longer have to rely on the government to defend your life, liberty, and property....

This software will be released in phases testing the less critical aspects throughly with a large user base of 'Bit Message' and 'BitShares ID' users who can use it for communication without really risking much financial value.   The goal is to have the Test Network up by Thanksgiving and hopefully launch the live network as soon as we can go a month without any major new bugs showing up.    The blockchain should support short/long, options, and cross-chain trading, multi-sig, and simple escrow at launch, though full support for the escrow system will be built out over coming year.  

While the block chain will be ready and usable with an RPC / command line interface, the GUI will take longer to mature.   Our schedule is highly dependent upon finding good developers and testers!

Will be watching  best of luck!

Hi bytemaster,

I finally took a look at your whitepaper; this latest version of your project is much more ambitious than I had imagined! The sheer scope of what you are attempting boggles my mind. The name you have chosen, "Project Quixote", definitely seems appropriate given those grand ambitions.

Do you have a feeling for when mining of bitshares will begin? Am I correct in assuming that mining will begin well before the planned feature set is complete? How much code has been written so far?

I'm frequently amazed at how unimaginative people can be when they try guess where distributed currency might be going and what might be possible. Your project definitely does not have that problem.

Best of luck!

I don't know how i would ever get anything done hanging out in an IRC channel all day.     We have our web developer actively working to setup forums dedicated to this project and until then this thread will be the one were conversation on this topic will be focused.

and/or a reddit?

Damn. I'm so looking forward to this!! Excited 
Do you guys have some IRC-channel? 

Thanks Danny.     You did a great job explaining the concept in readily understandable terms.

I had a chat with the Invictus founders this morning and confirmed that there were indeed a couple of errors in the article:

1) Users don't spend BitShares to earn BitNames (they're free).
2) CPUs and GPUs don't in fact rely on branch prediction.
3) We said that  positions are closed out in a move called a 'short squeeze'. I should have said 'margin call'. And I said that if a trade doesn’t have a suitable counterparty, and it leaves a short position that can’t be covered, the miner automatically exercises a margin call. In fact, short positions can be covered when a margin call is issued, because the protocol issues the margin call before there are insufficient funds to cover it.

These have now been corrected. I also added one piece of information about the block chain to clarify that you can simply start your client once a year to avoid being charged a 5% transaction fee for having your old outputs automatically moved forward in the chain.

Thanks for your patience and I apologize for the errors.

Danny Bradbury
Coindesk

It's open sourse.  Hopefully someone will add it

You're hiring?  What jobs and skills are you looking for?

Great to hear that. I hope that more developers will join your cause. I think that you should update http://invictus-innovations.com/ website adding information who in the team is developer, and who is the lead developer. Not just "director". That will give people more confidence in the project.

What do you think about that p2p email that I decribed in earlier post?

If I understood http://www.coindesk.com/bitshares-p2p-trading-platform-to-offer-dividends-on-bitcoins/ correctly you are seriously looking into a peer to peer, blockchain based email system too. The real challenge will be to make it work with existing email infrastructure, so that a person can send email from yahoo or gmail to BitName of a particuler person. I think it implies that each BitShares node must have open port 25 so that anyone can connect and send an email into the p2p network. Fighting spam in this case is a challenge as usual, since you cannot expect somebody sending from yahoo to do "some CPU work" in order to get his email accepted. I think we could only use whitelisting plus optional small BTC fee in order to get the email into the p2p system.



Oh yes. A decentralized DNS would be great. But we still need to get BitShares p2p email to work with existing email infrastructure and existing DNS system. So that for example PJ Groklaw will have email in BitShares and anyone on the world will be able to send her an email and be not afraid that it will get into wrong hands, because once it reaches BitShare node through SMTP port 25 it gets encrypted. I hope you understand that working with "legacy" email is the "killer" feature.

If you don't work with legacy email it won't be much different than retroshare, or any other "closed" system, which only geeks join and use only among themselves.

If BitShares email works with legacy email, then geeks join it, but still can talk with non-geeks. And eventually can get them to join BitShares too. That's how getting virally popular works...

What about Mozilla Firefox support ?

I think you are still revealing the meta info in the emails to enable your routing and dependent on Dns.  You still need a decentralized name registration system.