Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 984. (Read 1234271 times)

Hi guys,

A question about the remaining distribution of 90%.

If I understood well until now only 10% of all Byteballs are distributed.
Additionally I have read that on the receiving address for every Byte received 0.1 Byte will be added.

How long exactly shall take the distribution of all Byteballs. There must be monthly distributions rounds for years if on every round only 1/10 of the initial distribution takes place.

How is taken into account the Byteball amount on one Byteball address for futur distribution rounds.

I think I have missed some key information.

Tks

Money supply

The total number of bytes is 10¹⁵, all bytes will be issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.

Initial distribution

There will be no ICO, no crowdsale.  I believe the success of a currency depends on the number of people who own it, in fact Peter R’s research suggests that historical marketcap of Bitcoin follows Metcalfe's law: https://bitcointalksearch.org/topic/empiricalmathematical-method-to-choose-which-cryptocurrency-community-to-join-572106, i.e. it is proportional to the square of the number of active users.  That’s why I want Byteball to be in the hands of as many people as possible:

• 98% of all bytes and blackbytes (the private untraceable currency) will be distributed among bitcoin holders who link their bitcoin and byteball addresses before any of the distribution rounds.  No investment required, you keep your bitcoins, plus receive the bytes and blackbytes.  See below how to receive the coins.
• 1% I reserve for myself

Current status

The network was launched on December 25, 2016, and 10% of bytes and blackbytes distributed to those who linked their Bitcoin and Byteball addresses.  The total balance linked was over 70,000 BTC.

Participation in Byteball distribution

If you missed the 1st round of distribution, you can still participate in the further rounds.  If you were in the 1st round, you can multiply your holdings.  In the second round, which is expected in mid-February, you receive:
- 62.5 MB for every 1 BTC of proven balance
- 0.1 new bytes for every 1 byte (received in the 1st round)

To participate, link your Byteball and Bitcoin addresses before the second round:

1.  Download and install the wallet by following the above links.

2.  Visit https://byteball.org and click the link to chat with the Transition Bot.  The link will open the new wallet and start a chat.  Follow the instructions of the Transition Bot to prove your Bitcoin balance.

You have two options to prove your Bitcoin balance:
a.  By making a micropayment.  The bot will see your address the payment came from, will know that it is your address, and will instruct you to move your Bitcoins to this address.  By making several micropayments, you can link several Bitcoin addresses to the same Byteball address.
b.  By signing a message (if your Bitcoin wallet supports this function).  You tell the bot your Bitcoin address and sign your Byteball address with the Bitcoin address.  After you prove one address (a typical Bitcoin wallet has dozens of them), you can either move all your coins to this single proven address or prove all other addresses in the same way -- by signing a message. 

If you try to link the same Bitcoin address to multiple Byteball addresses, both links are ignored.  If you did this by mistake, link another Bitcoin address.

If you prove by micropayment, remember to check that the Bitcoin address that the bot received the micropayment from, is indeed your address.  An attacker might see your payment on the blockchain and repeat the same micropayment from his address trying to trick you to move your funds to him.

3.  If you make any Bitcoin payment, your coins will most likely be moved to a new change address.  Chat with the bot again, see the balance on your linked address(es) and move the coins back to the linked address(es) if necessary.

The linking phase will end in mid February (exact date to be announced later), after which we'll do the distribution in proportion to BTC and bytes balances on the distribution date.

In the second round, we'll distribute as much as is linked and calculated by the above rules, the exact % is not known in advance. 

The 3rd and subsequent rounds (yet to be announced) will follow similar rules, but the relative weight of bytes vs. BTC in the 3rd and further rounds will change and will gradually increase to 1 BTC=62.5 MB.  It will be selected to maximize the value of bytes and keep the speed of distribution in sync with the growth of user base and the actual use of the network.  The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (10¹⁵) and the total number of BTC in circulation (16,000,000) are equivalent.

We'll have as many rounds as is necessary until all bytes are distributed, the rounds will be spaced 1 to 2 months.

My 1% doesn't participate in the 2nd and further rounds.

Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in the previous rounds.  You are effectively multiplying your stake in each additional round you take part in.

Track the progress of linking at http://transition.byteball.org.

When doing "express" transfer you may need 0.0005 bitcoin as the fee, so 0.5 BTC is for 1000 transfers. With that, the byteball 100KB = 0.0001 - 0.0005 BTC. Which is 1GB = 1BTC, lol.

What do you mean? Please elaborate on that, I don't see how you got that number. Did you mean 100 transactions? Even then, this number looks strange... taking into account 0.0001 "normal" btc tx fee.

Its more like 0.5BTC, at current price of 1000USD.

With 100 kilobytes, you can make about 100 transactions of 512 bytes each.

Today, if you have 0.5BTC, you can make about 10 transactions before your fees are too low to be processed.

100 kilobytes is maybe 100 satoshi. It is a symbolical amount. This is like a faucet in the wallet.

What does this mean:  ..."One last thing.  The remaining 1% will be given away to the first 100m users who install Byteball wallet, 100 Kbytes to each user.  This will start 6 months from now or later, after we get ready for that scale."  

  Do I just have to install byteball wallet and I"ll get some free byteballs or what

Just got back home from holiday vacation and I am checking my lite wallet and I see not byteballs. So how and where do I redeem them?

What does this mean:  ..."One last thing.  The remaining 1% will be given away to the first 100m users who install Byteball wallet, 100 Kbytes to each user.  This will start 6 months from now or later, after we get ready for that scale." 

Do I just have to install byteball wallet and I"ll get some free byteballs or what

Adding exchange link on OP require a lot of work to do.
Open thread,write cryptox link, press save.
At least 1 week time needed.

I have spoken with tonych about adding it, and he promised to add it. But it was few days ago, and I still can't see it

Just got back home from holiday vacation and I am checking my lite wallet and I see not byteballs. So how and where do I redeem them?

The OP doesn't have a link to the exchange byteball is traded on yet. If there was a link to https://cryptox.pl/ near the top of the OP more people might buy it. Newbies will assume it's not on an exchange unless there's a link to one in the OP.

I see. Thanks tonych: I should have been more clear though. Fine that I'll keep this wallet but what about balances? What if my previously linked addy is empty: will I receive my share?
Whatever your answer please add it to OP since many will probably have similar questions. Keep it up!

If you didn't remove your wallet, you still have the old BB address (but your receiving BB address constantly changes, same as in Bitcoin wallets).  If you have a new wallet, you'll have to link again.  I'll announce all the details when we start the linking phase for the 2nd round.

Here is a question about the second distribution phase: what if I change my Byteball address? Do I lose my 0.1 new byte per 1 byte received in the first round?