Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 635. (Read 1276928 times)

according to the instruction Without using counterpartydhttp://counterpartyd-build.readthedocs.org/en/latest/HowToBurn.html
e.g,I want to burn 1BTC from address A,so I should set the X=0.9999BTC, and set Miners fee=0.0001 BTC.

Why A addresss is exactly X + .001 BTC other than X + .0001 BTC(fee) ?
So what should I set the X and the fee?
Many thanks.

As far as I know, 21 BTC for Nxt and around 500 BTC for Mastercoin.

The point of XCP is not the coin, but the distributed exchange. If Counterparty can be the first distributed exchange in the market, it will attract many issuers. Coins can be copied easily, but not the exchange. Therefore, the key is to launch the exchange as soon as possible.

I agree there is no distribution that would satisfy everyone.

In terms of participation, so far 335.9079 BTC has been burnt. Ignoring the USD/BTC rate, how does this compare with the initial offerings from NXT and Mastercoin?

It is impossible to know how many different people have burnt BTC for XCP though...

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

Thank you ,got it.
But cannt found my transaction.

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

In that case, I would have to respectfully disagree. While exponential decay of rewards allows distribution by PoB to continue, it either ends up a) putting an artificial constraint on price or b) unfairly dilutes early contributors. For a continuous PoB scheme, I'm not sure that any distribution would manage to satisfy both early and late investors (correct me if I'm wrong). The establishment of a market to trade the coins along with useful services is more likely to foster adoption.

I have burned some BTC for XCP,but how to check the earned XCP?
Thanks.

Although this could be a good idea, but once the first investor burnt some BTC the contract should have been finalized. It will be unfair to people already burnt BTC if the contract is changed now.

great thx for the clarification.

and then?

Have fixed. Now the only requirement is 1) all input addresses are the same. 2) the first output goes to the burn address. 3) Not exceeding 1 BTC limit.

The same way that you would check that the one you brute-forced was correct... (It's just the first four bytes of a hash of the first part of the address.)

@PhantomPhreak can you share how the checksum is calculated directly? I looked through the tools, but didn't understand.

@led_lcd yes, indeed it's a fun mathematical exercise to calculate just how unlikely such an occurrence is. We're talking about "number of atoms in the universe" scales here.

I like the explanation. I just wanted to clarify though, the confidence we have that the BTC is unspendable is an expression of probability not an amount of time.

The probability of finding the private key for a single address is very low given the current knowledge about the algorithm and available computational power. Given the very low probability, the likelihood of finding the private key would on average take large amounts of time. Time is how vanitygen expresses the probability.

It is possible with very (very) low probability that someone could find the key after just one attempt.

That's pretty much what I did, except I didn't brute force anything for step 4---I just calculated the checksum directly.

After you get your burn confirmed, check http://www.counterparty-explorer.com/ to see if your address pops up. To actually claim your coins, you need a counterpartyd install and wait for bitcoin 0.9 to be released to spend.

Thanks for explaining

The problem can otherwise be expressed as the amount of time that would be required to generate a vanity address of that length (length 27 excluding the checksum). For each character in the vanity address, it takes 58x the computational power. Considering vanitygen rates, we're talking billions of years even with the entire power of the bitcoin network at your disposal. With that much hashpower, it would be vastly more profitable (by dozens of orders of magnitude) to mine.

http://bitcoin.stackexchange.com/questions/9408/how-does-vanitygen-calculate-difficulty

There's a difference between theoretically possible, and what can be considered a reasonable probability in the likely lifetime of human civilization. Note that as long as this address doesn't spend coins (it can't), even quantum computing will fail to make an appreciable difference. (See stackoverflow for more info).

Essentially how such addresses are generated:
1. Start with some sort of obviously nonrandom string (1CounterpartyXXXXXXXXXXXXXXX)
2. Append dummy checksum to string (e.g. 111111)
3. Base58 decode the above to get network version + RIPEMD160 hash + "checksum"
4. Try at most 16^8 ( = 2^32) (correct me on this) checksums to determine one that corresponds to a valid address; typical videocard (500 Mh/s) could probably do this in seconds.
5. Output the valid address, which has neither an associated pubkey or privkey.

It's quite interesting to say the least. I can't say I understand the technical details completely though, so people can correct me on this.

Essentially, if coins are spent from such addresses, then bitcoin as a while is broken and we should move on to something else.