Author

Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 685. (Read 1234317 times)

legendary
Activity: 2156
Merit: 1131
 
Byteball is such a success story. Well done tonych.

sr. member
Activity: 378
Merit: 250
I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness was running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings to itself.
MEJ witness is redistributive, 50% sent back to its users.

The other 7UL... Witness has pledged to support EFF Wikipedia and others.
full member
Activity: 346
Merit: 107
How much we get for 1BTC in wallet?


0.0625 GB per BTC you own.
sr. member
Activity: 510
Merit: 260
I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness was running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings to itself.

A redistributive witness already exists :


newbie
Activity: 4
Merit: 0
How much we get for 1BTC in wallet?
sr. member
Activity: 297
Merit: 250

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.


at your assumption price of 40.000$/GB, 1500KB = 60$ (which is then 12% of earnings and is not so negligible).

But the most important is that witnesses will earn 150.000KB/day which, with a GB at 1000$ (not so bad!), would just represent 0.15$/day.

In fact that is your assumption of a 40.000$ value of GB which make the witness earning so huge.

You are right, I missed one decimal point. Nevertheless I still don't see $60 (12%) as a big cost. This can be of course taken into account in my previous calculations but does not change the overall conclusion regarding a witness' earnings. My point is to show that with the current setup witnesses will gradually become something akin to "too big to fail banks" - one of the problems that Bitcoin was intended to solve in the first place. Witnesses will be accumulating lots of profits and not giving back to society/community anything comparable to their earnings therefore my suggestion to force them at least partially donate to funds via smart contracts.
newbie
Activity: 41
Merit: 0
For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?

You need to have all your bytes in your wallet in order to qualify for free distribution. Having your bytes on any exchange isn't going to help you either way. You can get nice percentage and still there is lot of time to move your bytes. You can also use Bitcoin as well to get more from the next distribution.


Ha, how is using bitcoin more advantageous ?

Btw is it a snapshot of your bitcoin or are they used ?

Thanks
newbie
Activity: 82
Merit: 0

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.


at your assumption price of 40.000$/GB, 1500KB = 60$ (which is then 12% of earnings and is not so negligible).

But the most important is that witnesses will earn 150.000KB/day which, with a GB at 1000$ (not so bad!), would just represent 0.15$/day.

In fact that is your assumption of a 40.000$ value of GB which make the witness earning so huge.
sr. member
Activity: 297
Merit: 250
The other thing that I think is worth considering is how to prevent witnesses from forming a cartel. The only way of achieving this that comes to my mind is to enforce a change in the witness list every a while (every 6 months or any other period that achieves the desired goal - preventing witnesses from forming a cartel. The enforced change would gradually replace every witness one by one so no witness would be running for more than a given time period. In this way it would be at least harder for witnesses to form a cartel. The only thing that would have to be contrived is a way in which a new witness would be chosen. A new witness could be chosen in random manner or through voting. If all this is technically possible I have no idea but that's the way I see to prevent witnesses from forming a cartel.

If no preventive measures are taken the cartel will be formed sooner or later especially as it is a profitable activity and there's a strong incentive to form a cartel.
legendary
Activity: 1372
Merit: 1001
For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?

You need to have all your bytes in your wallet in order to qualify for free distribution. Having your bytes on any exchange isn't going to help you either way. You can get nice percentage and still there is lot of time to move your bytes. You can also use Bitcoin as well to get more from the next distribution.
newbie
Activity: 82
Merit: 0

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

Is there anyone willing to explain this Witness mechanics in a few works and without acronyms? What are MCIs? What does "post at least 3000 unit/day" mean? So in other words who do you become a witness?

MCI = "main chain index"
newbie
Activity: 41
Merit: 0
For the distribution, do I need to have the Byteball on my wallet or can I keep them on platform like bittrex ?
sr. member
Activity: 1148
Merit: 307

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.

Is there anyone willing to explain this Witness mechanics in a few works and without acronyms? What are MCIs? What does "post at least 3000 unit/day" mean? So in other words who do you become a witness?
sr. member
Activity: 297
Merit: 250

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.

That's just $6 a day compared to $500 of earnings... which is .... negligible.
sr. member
Activity: 361
Merit: 250
What is the exchange of bytes to black bytes now? Black bytes are taken into account in the calculation of capitalization?
sr. member
Activity: 297
Merit: 250
I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness would be running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings from fees to itself.
The charity itself can run a witness.
Yeah, how about starting running a witness as a charity (a ruse) and then stop bothering with charity thing and keep running the witness? Expelling a witness like this from the network is not an easy job as plenty of users need to do this. A smart contract concept is more reasonable to me.
newbie
Activity: 82
Merit: 0

- I don't take into account the cost of posting units as it is negligible



No it is not.

Witnesses have to post at least every 100 MCI if they want to get their payload fees.

So, taking the same assumptions as yours, witnesses will have to post at least 3000 unit/day, which will cost them 0,5KB x 3000 = 1500KB/day.
newbie
Activity: 5
Merit: 0
I'm using the light wallet and just moved my byteballs to a new address, but when trying to use the "send all" function it did not work as expected and instead just moved around small chunks at seemingly random numbers (even though my "available balance" was much higher than what was actually sent!). I tried it two or three times but just random numbers. So I couldn't get them all in one address. I tried to use a new address I had just generated and send 0.1 gb to it but then it just said "sent" instead of moved and it disappeared from my balance. Then I made yet another new address to which I sent the rest of my bytes to, this time also skipping using the "send all" button and just typed it in manually. Now it worked.

So "send all" seemed to bug for me and I won't dare to use it again for now. But now it's all good except from my missing 0.1 gb. They do however show up in the transition bot, it lists the address with 0.1 gb as my address...then my other address with x gb. but my actual balance does not count the first one with 0.1 gb. Any ideas?
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness would be running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings from fees to itself.
The charity itself can run a witness.
sr. member
Activity: 297
Merit: 250
I would be happy to see some form of a self-executing smart contract that would put at least part of fees earned by a witness to any beneficial purpose we choose - like charity or any fund beneficial to society or community. If a witness was running on condition to such contract it would be much more acceptable to our community to choose it instead of a witness that keeps all earnings to itself.
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