Topic: ProtoShares Bounty - 30 BTC Start Mining BitShares in November! - page 5. (Read 10772 times)

20 million bts. Up to 10% max allocated by proto shares.  Bts will have 12 year mine.   

Can you advise the total number of bitshares to be issue?

Interested to know what percentage of bitshares you intend to allocate to protoshare owners? Will there be 2 million or 200 million bitshares?

The network effect is powerful and the only thing keeping Bitcoin on top.   Sure someone could fork it and 'start from scratch'.... but everyone who has been following the project from early on including 100% of developers, partners, and speculators would have been mining.   I will take my chances with the market.

I don't assume people will honor them as 'equal'.... in fact, they will not be equal because ProtoShares will be the foundation of many future AltShares where as BitShares will just be the currency exchange.  If ProtoShares have any value at all it will be because people understand the network effect.  When BitShares do come out they would have to bet that the social contract was too weak and everyone would adopt a new chain starting from 0 rather than honor the contract....  very dubious.

You can't just assume that everyone will honor the "protoshares" as equal to "bitshares" when they are released though. That's a big part of open source software, people can change it as they see fit at any point in the future. It's at least equally likely that once you release the source code for Bitshares everyone will simply use a version which strips out any sort of previous mining or initial coins. There's actually a big incentive for future miners to ignore pre-mines like this. Imagine if Bitcoin had had a pre-mine of some sort (even in the form of another currency that gets hard coded in to be equal to Bitcoins); likely the first action of the community would have been to hard fork and start from 0 coins.

I have been skeptical of your project from the beginning since you seem to assume that the market is magic and will do whatever you want it to regardless of profit motive. However I was planning on mining Bitshares once you got things figured out. Mining protoshares just seems like a waste of time and effort for everyone involved. I encourage you to scrap this idea and work harder on Bitshares themselves (since any real attachment to a currency only comes from its unique utility). At least you are going about this whole thing more honestly than Dacoinminister with his demands of money up front in exchange for a 100% pre-mined non-functional alt-coin.

Memory Bandwidth is designed to be the bottleneck ultimately.   I estimate you will want about 2 GB of RAM per core and a fast memory bus and a CPU able to saturate it. 

Whether or not there can be any tangible performance gains by performing SHA512 on the GPU and copying all of the results back across the PCI-E bus to perform check for birthday collisions is something that I am sure enterprising developers will find out for us.  

Any idea of what sort of hardware is needed to mine protoshares? What exactly is proof of momentum friendly?

If you have one proto share then you will be given 1 bitshares in genesis block automatically

Proto shares will live on as the basis of comodityShares and then techShares and every bitshares based chain released in the future.

Does this mean the ProtoShares mining will stop at the moment of BitShares releasing?

Will the already MINED ProtoShares be converted to some value of BitShares or the holders can profit in terms of BitShares operation?

Introducing ProtoShares - Coming November 2013

ProtoShares is our way to enable BitShares to be mined while they are still under development.   If you are not familiar with BitShares watch this video: http://www.youtube.com/watch?v=5BV55IrZi7g and read our white paper (in my sig)

Here is how it works:

1) We launch a Bitcoin-based altcoin that allows you to mine and trade ProtoShares
2) When BitShares is released the genesis block will contain all of the unspent output balances from ProtoShares chain.
3) You will be able to import your ProtoShares wallet into BitShares and start trading right from the genesis block.

ProtoShares is a social contract that can be enforced by anyone who can modify the open source BitShares code on release.  You do not have to trust us to ensure we will honor these positions because the user base will migrate to the BitShares network that honors the social contract.  Note that it doesn't even matter who implements BitShares because any open source implementation can be made to honor the social contract set forth in ProtoShares.

What this means is that we are creating a financial incentive to ensure that BitShares does get implemented and everyone who acquires ProtoShares can profit by contributing to the open source effort to build and deploy BitShares as quickly as possible.  

Something to consider about BitShares:
BitShares is not just one chain, but a whole family of chains trading in different sets of BitAssets.  The ProtoShares social contract will be good for any and all AltShares networks and therefore represents an opportunity to get a cut in not just one block chain, but all of them.


30 BTC ProtoShares Development Bounty
To kick-off the development of ProtoShares I am starting a bounty to get ProtoShares built as quickly as possible without distracting our internal development team from building the Real BitShares.

I am looking for an AltCoin developer who can implement the new Momentum proof-of-work and help us Launch the ProtoShares chain.  Here are the requirements on the chain:

1) Momentum Proof-of-Work based upon    https://github.com/InvictusInnovations/BitShares/blob/master/src/momentum.cpp
2) 2 million coin maximum (in 4 years)
3) 5 minute block intervals
4) 512 KB max block size.
5) halve the block reward every 3 months
6) Derived from very recent version of Bitcoin Qt
7) Mining Supported via GUI menu

Out of the 30 BTC bounty, I am reserving 2 BTC for the creator of the ProtoShares logo which I like the best.  
  - The Logo Must be well suited to serve as the Icon
  - ProtoShares are 'place holders' or like gold/silver 'blanks' that eventually take their final form.
  - They are like ProtoTypes...
  - Post other analogies / ideas below...

Out of the 30 BTC bounty, I am reserving 10 BTC for the creation of a ProtoShares mining pool deployed to one of my servers.  

The remaining 18 BTC I am reserving for the creation of ProtoShares Qt Client  
UPDATE 10/23/2013:  FreeTrade has contracted to deliver this product. 18 BTC Bounty is off the table.

Deadline for Code Completion: November 5th, 2013

The bounty will be paid 1 month after the chain has launched with no fatal bugs.  

Note: The terms of this Bounty are open for discussion until someone contacts me and commits to get this done and we have had a meeting of the minds.  This bounty replaces the 5 BTC bounty for the Momentum Proof of Work alt-coin.