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[ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sun Sep 11, 2016 1:21 pm

For full technical description, read the white paper: https://byteball.org/Byteball.pdf

Testnet is already online.  Try it out by downloading the wallet:
Image
iOS   Android   Mac   Windows   Linux
or build from source at github

Desktop wallets are full nodes (will take a while syncing with the network after the first start).  Mobile wallets are light clients.

After installing the wallet, visit https://byteball.org and click the clink to receive free bytes to play with.  The link will open your wallet:
Image The design

There are no blocks in Byteball, and no block size issue.  Instead, every new transaction references one or more earlier ones (parents) by including and signing their hashes.  The links among transactions form a DAG (directed acyclic graph):

Image

By including its parents, each new transaction also indirectly includes and confirms all parents of the parents, parents of the parents of the parents, and so on.  As more transactions are added after your transaction, the number of confirmations you receive grows like snowball, that’s why the name Byteball (our snowflakes are bytes of data).

Consensus

There is no PoW, no PoS, and no mining.  Instead, we have the DAG, which already establishes partial order between transactions, plus we add the main chain within the DAG:

Image

The main chain (MC) allows to define total order between transactions: the transaction which gets included (directly or indirectly) earlier on the MC, is deemed earlier in the total order.  When there is a double-spend, the version of the transaction that comes earlier in the total order is deemed valid, all others are deemed void.

The main chain is defined deterministically based on the positions of transactions in the graph.  Refer to the white paper for details, but as a general rule, the MC gravitates towards transactions authored by well known users, which we call witnesses.  The list of witnesses is defined by users themselves as they include the list in every transaction they post.  The MC then follows the path within the DAG such that:
1. the witness lists of the neighboring transactions on the chain are either identical or differ by only one mutation,
2. the chain goes through the most number of witness-authored transactions, compared with alternative chains.

The above is very brief and sketchy description with many important details omitted, refer to the white paper for a full technical story.

Fees and intrinsic value

The fees paid for storing one’s transactions (or any other data) in the Byteball database are equal to the size of the data being stored.  If your transaction size is 500 bytes, you pay exactly 500 bytes (the native currency of Byteball) in fees.  This means there is intrinsic value in bytes: it is the utility of permanently storing that size of data in a decentralized immutable database.  For data that represents financial transactions, the value is social rather than personal, because you absolutely need to store the full coin history in order to be able to prove the value and authenticity of the coin to each subsequent owner.

The fees are collected partially by those who are first to reference your transaction as parent and partially by witnesses.  The former incentivizes referencing the most recent transactions as parents, which results in the DAG growing in one direction only, like the trunk of a tree, and being as narrow as network latency permits.  If new transactions are rare enough, such that all nodes have enough time to sync before a new transaction appears, the DAG will look almost like a chain, with only occasional forks and quick merges.

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.

Deterministic finality

In Byteball, there is a protocol rule that a transaction must include the previous transaction (if any) sent from the same address, i.e. there must be partial order between subsequent transactions from the same address.  Breaking this rule is considered equivalent to double-spending, therefore at least one of such unordered transactions will become void.  If we assume that most witnesses follow this rule (that’s what they are elected for), they have to reference only sufficiently recent transactions as parents and can’t inherit from old enough parents.  Therefore, they can no longer influence the MC (which is attracted to witnesses) in the old enough part of the DAG, and that part of the MC becomes stable, hence the total order relative to this MC also becomes stable.  See the white paper for discussion of exact criteria of reaching stability, here it is important that the criteria are deterministic, and once a transaction appears on the stable part of the MC, it is final, and, unlike all other cryptocurrencies, no re-orgs are possible.  

This is extremely important for applications in financial industry and for wider adoption in general, as most people are used to expect certainty in matters of money and property ownership, and the concept of probabilistic finality is a difficult sell.

Assets and on-chain exchange

Bytes is the native currency of Byteball.  Users can issue any other tokens (assets), e.g. to represent debt.  The debt can be expressed e.g. in fiat currencies or in natural units (barrels, ounces, kWh, etc).  The issuers of the debt can reveal their real-world identities and/or be voluntarily attested (i.e. their real-word identities be verified by a well known third party such as CA).  This enables the use of the existing legal system to secure against fraud.

The issued assets can be used as means of payment, along with bytes.  Assets can be exchanged against bytes and other assets by both parties signing a single unit that executes both legs of the exchange, thus the two transactions either happen simultaneously or don't happen at all.  This kind of signing is called multilateral signing.  No centralized exchange is needed, hence no trust is necessary and no exchange fees (apart from the usual fees for the size of the data).

Private untraceable payments

Assets can be either public or private.  All transactions in public assets are visible to everyone on the public decentralized database, just like Bitcoin.  Bytes is a predefined public asset.

Payments in private assets are not published to the public database.  Instead, only the hash of the transaction is stored to the database, while the plaintext of the transaction is sent directly from the payer to the payee.  To protect against double-spends, a spend proof is also published to the Byteball database.  The spend proof is constructed as a hash of the output being spent, so that if the same output is spent twice, the spend proofs will be necessarily the same.

I’ve already described this design at https://bitcointalk.org/index.php?topic=1574508.0, see more details in the white paper.

Regulated assets

Regulated institutions can issue assets that are compatible with KYC/AML requirements. Every transfer of such asset is to be cosigned by the issuer, and if there is anything that contradicts the regulations, the issuer won't cosign.

This way, banks can issue fiat-pegged assets and stay fully compliant.  They can open demand deposit accounts and track them on Byteball as assets.  These assets are easily exchangeable against bytes and other assets (with bank’s approval).

Other features

- Spending conditions (AKA smart contracts) in an easy to understand declarative language
- Multisig: a special case of spending conditions
- On-chain oracles can post data (such as timestamps, exchange rates, weather, various events) directly to the database, then that data can be referenced from spending conditions
- Private end-to-end encrypted messaging: used to convey private payment data, communicate in multisig scenarios, and chat with a merchant’s bot.

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://bitcointalk.org/index.php?topic=572106.0, 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 the launch.  No investment required, you keep your bitcoins, plus receive the bytes and blackbytes.
  • 1% I reserve for myself
To link your byteball and bitcoin addresses, you’ll need to make a small BTC payment to a one-time bitcoin address created specifically for you.  Next, you consolidate all your bitcoins on the one address you paid from that we know is controlled by you (if you have only one bitcoin address, you skip this step as all your bitcoins are already on a single address).  Then the number of bytes and blackbytes you receive on the launch date will be proportional to the BTC amount on your linked address in a specific bitcoin block (e.g. in block 437000 which is expected late October - early November).  The detailed instructions and the exact block number will be posted later when we get ready for launching the livenet.

Current status and plans

Currently, the first testnet is online and fully operational. You can use it to send and receive coins, create multisig wallets, and even buy pizza by talking with a chatbot https://bitcointalk.org/index.php?topic ... sg16330266.

New testnet will be launched in late November based on distribution that is proportional to balances on linked Bitcoin testnet addresses. To take part in the distribution, see https://bitcointalk.org/index.php?topic ... sg16837694.

Since early December you'll be able to link your livenet bitcoin and byteball addresses. Livenet launches on December 25, snapshot will be taken from the first block of this day, and the distribution will be proportional to BTC balances on the linked Bitcoin addresses in this block. 10% of bytes and blackbytes will be distributed on this date, the remaining 88% will be distributed in subsequent rounds, see https://bitcointalk.org/index.php?topic ... sg16569906.

How you can help
  • play with the wallets, install them on multiple devices, pair them for multisig.  If you find bugs, report them.
  • run a relay on your cloud server to help the network. The relay doesn’t hold any private keys, so you don’t have to worry too much about security.  Get relay source code from https://github.com/byteball/byteball-relay
  • run a hub to better decentralize the delivery of private payments (the hub also includes a relay).  Again, the security doesn’t matter much as all messages are end-to-end encrypted.  Hub address can be changed by users in their wallet settings.  Get hub source code from https://github.com/byteball/byteball-hub
  • fix bugs, contribute improvements in our github repositories https://github.com/byteball.  In particular, we need faster syncing and faster UI.  Before now, I prioritized simplicity of algorithms over performance, now we need speed too.  A 10x improvement should come easy enough, the next 10x will be probably harder.  Discuss any major changes before actually implementing them.
  • develop new tools/apps that you think will be useful for Byteball users
  • spread the word about Byteball and remember that its value is proportional to the square of the number of active users
Translations: Chinese, German, French, Italian, Portuguese, Russian, Spanish.
Twitter: https://twitter.com/ByteballOrg
Slack: http://slack.byteball.org

-----------------------------

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.


Source: https://bitcointalk.org/index.php?topic=1608859.0
Last edited by CryptKeeper on Fri Nov 18, 2016 4:25 pm, edited 3 times in total.
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Sep 15, 2016 6:05 pm

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Sep 15, 2016 6:06 pm

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Sep 15, 2016 6:09 pm

Declarative smart contracts in Byteball:
alternative-cryptocurrencies-altcoins/d ... 10684.html
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sat Sep 17, 2016 12:07 am

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Tue Sep 20, 2016 8:15 am

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Sep 23, 2016 6:46 pm

I think this test is still in testing, when this immediate release saw it looks like it will be great
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Sep 23, 2016 7:24 pm

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Sep 23, 2016 9:06 pm

Great work on all the additions and updates!!!!!!
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If you are running a version of Bitcoin Core, stop using it. Upgrade to Bitcoin Unlimited or Classic immediately.

Fix Your Unconfirmed Transaction.

Vote for the future of our Bitcoin network!

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sun Sep 25, 2016 7:05 am

Lol, I was banned from a slack for posting this! Must be something dangerous... ;)
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Oct 07, 2016 12:13 am

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Oct 07, 2016 1:56 am

Byteball is interesting to consider because coin distribution happens by confirming Bitcoin in address. Besides privacy concerns, it sounds like a basically free way to get involved in a coin, who in theory will have some value on the market. :)
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Wed Oct 12, 2016 8:10 am

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 13, 2016 5:45 am

i really like this concept
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 13, 2016 6:19 am

i think they have the same characteristics of XMR (Monero) in terms of anonymity but monero is commonly used on darknet and i think this byteball would really have also the potential.
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 13, 2016 8:02 am

i think they have the same characteristics of XMR (Monero) in terms of anonymity but monero is commonly used on darknet and i think this byteball would really have also the potential.
Agreed, but untraceable payment is only one use case of Byteball, there are several others like assets and coloured coins etc. which makes it a swiss-army-knife of cryptocurrencies! :D
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 13, 2016 8:03 am

Live interview with the Byteball developer in two days tomorrow (friday):
https://www.youtube.com/watch?v=zjT7wQNg_s4
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 13, 2016 12:49 pm

Live interview with the Byteball developer in two days tomorrow (friday):
https://www.youtube.com/watch?v=zjT7wQNg_s4
sounds good I want to really ByteBall have a good future, considering I've tested the wallet and it was cool
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Oct 14, 2016 12:28 am

Definitely check this out if you haven't yet. This one is well worth watching.

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sun Oct 16, 2016 6:25 am

Important announcement from the Byteball developer:

1. I've significantly underestimated the amount of time and work required to build a large enough community around Byteball. Also, there is development work to be done that's unlikely to be completed and properly tested before the originally planned launch date in early November. That's why I'm pushing back the launch date to Christmas. The snapshot will be taken on the first Bitcoin block timestamped on or after December 25, 2016 00:00:00 UTC (Christmas block). I’ll begin to send out bytes in the afternoon of Dec 25, unless there are major reorgs on the Bitcoin network.

2. I stay true to my original intention to distribute 98% for free, but find it useful to split the distribution into several pieces. On December 25, we’ll distribute only 10%. A month later, we’ll make a new snapshot and distribute another 20%. Two months later, the next 30%. Three months later, the remaining 38%. The exact numbers may me adjusted depending on the results of previous rounds and the progress of the address linking campaign.

The reason I chose to split the distribution into several rounds is that it gives more people an opportunity to participate. It is impossible to reach every Bitcoin holder before livenet is launched. We’ll make news by distributing the first 10%, the network will become fully functional, hopefully we’ll get listed on exchanges, all that will help many more people notice Byteball. Each subsequent distribution round will have similar effect.

In each distribution round, we take a new snapshot. Exactly as previously advertised, the amount of bytes you receive in the 1st round will be proportional to the BTC balances that you show on the linked Bitcoin addresses in the Christmas block.

The 2nd and subsequent rounds are slightly different. You show both your BTC balances (as before) and your balance in bytes. You have a sort of basket that consists of a mixture of BTC and bytes. To determine the weight of the basket, every 62.5 MB are counted as 1 BTC. For example, if you have 125 MB and 3 BTC, the weight is 2+3=5 BTC. The distribution of new bytes on the 2nd and subsequent stages is proportional to the weight of your basket.

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.

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 previous rounds. You are effectively doubling your stake in each additional round you take part in.

3. The linking phase (when you link your Byteball and Bitcoin addresses) of the 1st round will start in early December or late November.

4. We’ll run more active marketing in the coming months to grow our community before the 1st distribution round.

5. We doubled our development team: my colleague https://github.com/kakysha (not a real photo) is already helping me improve the wallet.

6. We’ll run a test flight of the distribution in November. You will be able to link your Bitcoin testnet address to your Byteball testnet address, and the distribution will be proportional to your BTC testnet balance.
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 20, 2016 6:29 pm

how byteball will be launched and announced ICO
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Oct 21, 2016 7:52 am

how byteball will be launched and announced ICO
There is no ICO. The coins will be distributed by several rounds (airdrops) for free, if you have bitcoins. The linking phase (when you link your Byteball and Bitcoin addresses) of the 1st round will start in early December or late November.
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Oct 27, 2016 8:16 am

Byteball article on coremedia!
BYTEBALL: Totally New Consensus Algorithm and Untraceable Payments

Byteball is a decentralized cryptocurrency system that is unlike none seen before it. It’s not based on blockchain technology nor on proof of work mining. There are no blocks in Byteball, instead transactions are their own blocks. Byteball allows the transfer of value in the form of its own native currency, Bytes or in user issued assets that can represent currencies, property titles, debt, shares, bonds, and so on. Furthermore, Byteball allows transfers to be transparent or completely anonymous without the need to recur to zero knowledge proofs.
Read more: http://coremedia.info/index.php/blockch ... e-payments
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Fri Oct 28, 2016 8:08 am

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sun Oct 30, 2016 9:04 am

BitcoinRush featured Byteball in his recent show:

https://www.youtube.com/watch?v=kxBCG9AbTdc
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Sun Oct 30, 2016 9:06 am

Byteball v0.5.0 released https://github.com/byteball/byteball/releases

* Light wallet option for desktop wallets (the option is available only in new installs), now you don't have to wait that the sync completes and can start using the wallet immediately
* Show current percentage of sync
* Show more details in transaction history: unit and from address
* Multi-line input in chat
* On Windows and Mac, a badge is displayed on the app icon when a new chat message is received while the app is in the background, so you won't miss a message
* Fixed database locking issues on Android
* Fixed crashes when working with a multisig wallet that is not yet approved by all parties
* Better UI when trying to send private assets outside chat
* Protocol changed from byteball: to byteball-test: to allow future livenet wallet to co-exist with testnet wallet on the same device

Please upgrade desktop clients using the link above. New version of android client was submitted to Google Play an hour ago, should update automatically unless you disabled autoupdates.

The next big step will be testnet-to-testnet linking, after which we'll launch a new testnet with distribution proportional to Bitcoin testnet balances.

Please retweet https://twitter.com/ByteballOrg/status/ ... 9966241793
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Wed Nov 09, 2016 12:23 pm

Version 0.6.0 released https://github.com/byteball/byteball/releases

Important bugfixes:
* Fixed bugs that caused all newly created wallets to be broken after turning password protection on (thank you galaxiekyl!)
* Fixed crashes while trying to receive private payments with long history

Please upgrade.
Android release is already in Google Play.
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Wed Nov 09, 2016 2:27 pm

this app is really interesting .. I already tried it for several weeks now , on testnet, and it seems working like a charm.. :)
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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Nov 10, 2016 7:46 pm

#Byteball version 0.6.0 released. Important bugfixes https://github.com/byteball/byteball/releases

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Re: [ANN] BYTEBALL: Totally new consensus algorithm + private untraceable payments

Thu Nov 10, 2016 10:01 pm

#Byteball version 0.6.0 released. Important bugfixes https://github.com/byteball/byteball/releases
Nice work for an update, I see now for the latest version
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