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Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 118. (Read 284526 times)

hero member
Activity: 602
Merit: 501
Bounty :- 50K BCR (A BN) to create new Op based on updated information.

You can use existing info, parse the thread for more and also this snippet:-

BCR is meant to provide a wide range of finance tools and services, some of which already exist in the real world. The advantage of BCR over brick and mortar is that it is wide ranging and can be adapted to any model, from banking to stock trade. It does so over a blockchain and as such transactions are instantaneous and secure, BCR also provides an ecosystem/platform for online business to provide services and/or receive/make payments.

With the addition of asset classes to the system, businesses can begin to offer their shares, and/or make contracts with users. Additionally, users who do not have a business but wish to issue an asset or create contracts can do so through any Banknode of their choice.

Users of the ecosystem by default enjoy pseudo anonymity in that for most services, no registration is required, Just your wallet is enough. BCR has an internal engine that calculates each users trust and credit scores based on time and activity of the wallet. Additional factors are taken into account when calculating the rating creating a sound , balanced environment.

The system currently has a two tier system, the tiers are service and user, these are used to identify the purpose or job of the node. Using the core wallet , you can switch easily between the two modes. End user-SPV wallets are excatly that, user wallets. Services provided by nodes depend on the business model, some perform basic chain chores such as transaction relay while the more invested entities can run a Bank/Investment fund. The services one can provide on the chain will also continue to expand as we regulalry update and add new features.
Once the first full iteration goes live, the first services available will be Escrow, Insurance and Chain Maintenance, with Banking and Debt collection following soon after.

One of the main barriers to entry and exit form the crypto-world is the unnecessarily long procedure to acquire coins.

Take for example a user in South Africa who wishes to buy some BCR, be it for speculative purposes, access/issue assets or trade them. He/She has to approach a bank, convert their ZAR to USD , transfer the USD @ a charge of anywhere between 2-5 %. They then wait anywhere between 5 and 14 days for their balance to reflect on an exchange (longer for some users even), by then the price may have changed drastically, either in their favour or against. Once they have their funds, they purchase bitcoin @ a fee and then transfer it @ a fee to another exchange, (the wait for the transfer could be anywhere between 20 minutes to two days, depending on fee included, transaction backlog and block times)  where they now buy their alt @ a fee and withdraw it @ a fee to their local wallet.

See what's common there? Waiting and fees, endless waiting and fees.  Angry

BCR aims to close this gap by introducing a new distribution method. In it's simplest form, coins will be auctioned off every 24 hours with bids starting at 00:00 GMT going through the day. Users will be able to bid for BCR right off the blockchain using either crypto currencies , BTC, LTC, DASH or fiat (in a variety of up to 8 currencies). This means that if it is a crypto, only one transfer is required , or multiple transactions should you so desire. And with fiat much the same, once your transfer is reflected within the system it will be automatically credited and appear in your wallet. You can now freely use your fiat to function on the blockchain, be it to trade shares, bid for BCR or purchase things/ pay for services.

I'll think of more later, this is really not my forte.
hero member
Activity: 602
Merit: 501
All bidding structures now functional  Tongue, already pushed to the git https://github.com/bitcreditscc/bicreditsnew/commits/bidbased

Now working mostly on math, also going to try fix some issues with the trust engine. Either in this update or the next, we will start to see nodes broadcasting their trust rating as well as balance (basically health) of a BN. In this scenario we may add some code to the engine that color codes BNs slightly, with the most trusted (plus big fat balance) getting a green tint while untrusted ones tend towards the red.

Also in the next few days  Cheesy (weeks more like), we may start to see the first parts of block signing (prevent BNs producing consecutive blocks) as well as the initial proposals for how we will blacklist BNs for 1) Not producing blocks in a certain period of time (to be calculated based on # of BNs 2) Attempting to falsify payouts 3) Being down-voted for poor service by users.

Eventually, i'd like to do a quick funding round put together 20 BTC and hire someone truly gifted/learned to do a top down optimization of all code. While i can now bash away at the keyboard like any other code monkey, for optimal performance, we'll need a code gorilla.

vs


Note:- I've decided to denominate the bids in their $ value at the moment of inclusion into the payout block this is to ensure i won't have too much work when i add fiat based bidding.
hero member
Activity: 602
Merit: 501
Is there any particular reason for the amount of total coin supply?

Not sure i understand, do you mean the choice for a global cap of 210 million or current supply?

If it's the 210 issue then, it was a number i felt would best represent the scope of the project without having ridiculous decimals or zeros in a number in the later stages. While BCR will indeed be used as a currency, since it is the base measure of value in the system, i will tend to encourage people to use derived assets ie (colored coins), while any BN with an additional 1 BCR ie (50K +1) can issue an asset, there will be 3?5 default assets available on the chain, these will represent fiat assets, other assets (shares/metals) etc.

As for the current supply of coins, initially we had a ICO planned, this idea was scrapped in favour of focusing on actually delivering a product. The funds were placed in escrow and generally are ignored since we have no real use for them at the moment. There have been suggestions made about how to handle that nest egg :-

1) selling them to interested parties to acquire funding
2) Late ICO
3) Burn them
4) Filter them into the coin supply via the bidding process over time.
5) Keep ignoring.

So far we've gone with 5, but if you have ideas, i'd be willing to listen.

The funds have been in escrow , untouched for 204 days and can be seen here :- https://chainz.cryptoid.info/bcr/address.dws?4930.htm Escrow.

The funds are held by EmpoEX to avoid issues, drama and fud.
legendary
Activity: 1456
Merit: 1000
Is there any particular reason for the amount of total coin supply?
hero member
Activity: 602
Merit: 501
Meanwhile Dash bid structure just became a reality , pushing the code to the git now. Next step is LTC bidding then all that is left is calculating either $ or BTC value of all bids in all coins, calculating % of the days coins each bidder gets , guarding against bad decimal values then adding that info to a single ".dat" file and allowing the miner access to the file once a day. Seems simple doesn't it?
hero member
Activity: 602
Merit: 501
Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

Yes, I eventually figured it out after reading the code. But basically all is there... Just needs a couple more functions to bind it all together... maybe by using multi-threaded code it would help build things like multi-bank nodes.

If you have the time, i need someone to help with that and optimization of the new block creation process. Multi threading would be perfect there.

Hopefully starting from this point onwards, we will have both 32 and 64 bit windows builds as well as a Mac wallet. (if i can get the builds right)

sr. member
Activity: 313
Merit: 250
HGPUPC addicted!
Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

Yes, I eventually figured it out after reading the code. But basically all is there... Just needs a couple more functions to bind it all together... maybe by using multi-threaded code it would help build things like multi-bank nodes.
sr. member
Activity: 313
Merit: 250
HGPUPC addicted!
to increase the level of decentralization, i will need @ least 5 supportive users to submit their Bitcoin, Litecoin, BCR and Dash  addresses so i can create multisig addreses that will hold the funds. making it impossible for any one person to control them.

All BCR addresses must represent a BN.

Not sure what supportive means.. but I will be around supporting. Even if that means just being here all days, check news, have the wallet running... and be one more head checking for troubles.
legendary
Activity: 1246
Merit: 1005


While setting up my node I noticed this guy 198.52.160.64 with 47 nodes - totaling 11.75M or 64% of the supply, that's insane.. what is this? what am I missing?

Sorry very new to the thread but did read the ann.

It's 50,000 BCR per BN now not 250,000

ahhhh that explains it then. Thanks.
hero member
Activity: 1344
Merit: 502


While setting up my node I noticed this guy 198.52.160.64 with 47 nodes - totaling 11.75M or 64% of the supply, that's insane.. what is this? what am I missing?

Sorry very new to the thread but did read the ann.

It's 50,000 BCR per BN now not 250,000
legendary
Activity: 1246
Merit: 1005


While setting up my node I noticed this guy 198.52.160.64 with 47 nodes - totaling 11.75M or 64% of the supply, that's insane.. what is this? what am I missing?

Sorry very new to the thread but did read the ann.
hero member
Activity: 602
Merit: 501
to increase the level of decentralization, i will need @ least 5 supportive users to submit their Bitcoin, Litecoin, BCR and Dash  addresses so i can create multisig addreses that will hold the funds. making it impossible for any one person to control them.

All BCR addresses must represent a BN.

I shall submit my application to the pentumvirate tomorrow, after I've built a Bitcoin Core BTC and LTC wallet, as I have my doubts about multisig working with HD derived pubkeys. (I use electrum for BTC and haven't had a use for LTC since about a week after I got into crypto.)

Everyone else, don't forget to dumpprivkey for the addresses you're submitting and keep those privkeys safe, offline and in multiple locations. For example, 3 of 5 multisig means that if 3 of the 5 have lost their privkeys then all 5 are buggered because the remaining 2 privkeys aren't enough to access the loot.  Cheesy

edit: Lordy, I had forgotten how ugly the standard QT wallets are.




Can now see Asset balances in the wallet, auto update every hour or so. Have BTC bidding structure fully working, if we just wanted BTC only, this puppy would be ready. So now I am doing ltc and dash bid structures then some special math at the end. Will push this to github for those who like being in lock-step with what i am doing.

3 of 5 is perfect because it signifies that 3 of 5 reps agree on a course of action. can't wait to start integrating fiat bidding on the chain. if this was a nightmare then that will be original nightmare  Cheesy

edit:- don't worry about some of the values, they will be fixed, most was just to make sure it works
legendary
Activity: 966
Merit: 1000
to increase the level of decentralization, i will need @ least 5 supportive users to submit their Bitcoin, Litecoin, BCR and Dash  addresses so i can create multisig addreses that will hold the funds. making it impossible for any one person to control them.

All BCR addresses must represent a BN.

I shall submit my application to the pentumvirate tomorrow, after I've built a Bitcoin Core BTC and LTC wallet, as I have my doubts about multisig working with HD derived pubkeys. (I use electrum for BTC and haven't had a use for LTC since about a week after I got into crypto.)

Everyone else, don't forget to dumpprivkey for the addresses you're submitting and keep those privkeys safe, offline and in multiple locations. For example, 3 of 5 multisig means that if 3 of the 5 have lost their privkeys then all 5 are buggered because the remaining 2 privkeys aren't enough to access the loot.  Cheesy

edit: Lordy, I had forgotten how ugly the standard QT wallets are.

legendary
Activity: 1246
Merit: 1005
Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

I think it is disabled on crave, I couldn't make it work with a masternode.conf for multiple nodes. The closest and easiest thing I ended up doing was creating all the masternodes directly from the GUI via the 'create' button, gave it a name and the ip:port and just copied the conf from the 'getconfig' button. This way I only press one button to start the all masternodes remotely and that's it, very straightforward. Of course you still have to create one wallet per node, each with its own data folder.
hero member
Activity: 602
Merit: 501
to increase the level of decentralization, i will need @ least 5 supportive users to submit their Bitcoin, Litecoin, BCR and Dash  addresses so i can create multisig addreses that will hold the funds. making it impossible for any one person to control them.

All BCR addresses must represent a BN.
hero member
Activity: 602
Merit: 501
Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

Hopefully after i get the bidding working. Strange thing though, wallet on ubuntu (before strip) starts in 10 seconds, but on windows 7 and 10 takes a while  > 30 seconds.

Must say the flat wallet design merges well with windows 10 overall look.
legendary
Activity: 966
Merit: 1000
Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.
sr. member
Activity: 313
Merit: 250
HGPUPC addicted!
Anyone has a good .conf file for multi bank node? Thanks for sharing.
legendary
Activity: 1246
Merit: 1005
anyone willing to let go of a banknode worth at 200 pm me.

For anyone thinking of taking up proletariat on his offer, there's a bot on Bittrex that has a better offer for you. Apparently.   Lips sealed

hehe... yeah. well my offer stands at bid price.

***EDIT***

Nevermind, I thought each node required 250k.
legendary
Activity: 966
Merit: 1000
anyone willing to let go of a banknode worth at 200 pm me.

For anyone thinking of taking up proletariat on his offer, there's a bot on Bittrex that has a better offer for you. Apparently.   Lips sealed
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