[ANN] Obyte.org - Totally new consensus algorithm + private untraceable payments

[wudackprod 81]

For full technical description, read the whitepaper: https://obyte.org/Byteball.pdf
Former name: Obyte (ex. Byteball)

Exchanges: Bittrex, Cryptox, Bit-Z, Stealthex - look for additional exchanges on the main page of the site
If you are trading large blocks and don't want to move the price, trade P2P via smart contract (without human escrow)
Prediction markets (sports betting, binary options): find a peer on our discord https://discord.gg/qHHST4e
Insurance: find a peer on our discord https://discord.gg/qHHST4e
Explorer: https://explorer.obyte.org

Download the wallet:

iOS   Android   Mac   Windows   Linux
or build from source at github
 

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

If you want to experience the wallet without paying a penny, visit https://obyte.org/testnet.html to install testnet wallet and click the link to receive free bytes to play with.  The link will open your wallet:
 

The design
There are no blocks in O_byte, 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😞



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 original name of the platform 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:



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 O_byte database are equal to the size of the data being stored.  If the size of your transaction data is 500 bytes, you pay exactly 500 bytes (the native currency of O_byte) 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 were issued in the genesis transaction. Since the fees paid are returned into the circulation, the money supply will remain the same.

Exchanges list the currency as gigabytes (GB, GBYTE), 1 gigabyte is 1 billion bytes.  The total money supply in gigabytes is 1,000,000.

Deterministic finality
In O_byte, 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 O_byte.  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 O_byte 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 O_byte 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 https://bitcointalk.org/index.php?topic=1617816.0
- 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.
- Attestation of real name, which is important for applications that require real-world identity, e.g. ICOs that require KYC.

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 Bytes to be in the hands of as many people as possible:
 

• 98% of all bytes and blackbytes (the private untraceable currency) are to be distributed for free.
• 1% I reserve for myself

Free distribution
We currently use 4 methods of free distribution, see https://obyte.org/#dist.

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/obyte-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/obyte-hub.  Alternative hubs already running: byteball.fr/bb, byteroll.com/bb, byteball-ua.net/bb, byteball.me/bb, blackbytes.me/bb.  Hubs and full wallets on the world map: https://stats.obyte.org/worldmap.php
• 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 O_byte users
• spread the word about O_byte and remember that its value is proportional to the square of the number of active users

Community fund
We have a community fund for financing bounties and other useful work. More information about the fund: https://wiki.obyte.org/byteball-community-fund.  Donation addresses: KREOV5Y57FRWQKDHJ7BD3SFQBEVVPAG3 (for bytes) and 39zeGpu4nG6BqB9ARxd9xM9XThX9JCmx8t (for BTC).

Twitter: https://twitter.com/ObyteOrg
Discord: https://discord.gg/qHHST4e
Medium: https://medium.com/obyte
Wiki: https://wiki.obyte.org
Telegram: https://telegram.me/obyteorg
Russian Telegram: https://telegram.me/obyte_ru

Edited May 21, 2020 by wudackprod

[wudackprod 81]

 

In this manual, you will learn how to buy GByte tokens on the Bittrex.com exchange

https://docs.google.com/document/d/1tjT7-qzRT9uAjkqTTKVWqZiZ8W9GVyT-B1F2a1BrZ9Q/edit

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Obyte is now posted at the Forklog Hub. Forklog is one of the top Russian news channels in the world. With Forklog, relevant high quality content in Russian will be published and Forklog helps with marketing to increase visibility  

Be sure to check out: https://hub.forklog.com/companies/obyte/

[Upright 2688]

One thing as when we talk of untraceable payments, the first thing which came to mind was on the aspect of the coin being on they frames of being a private feature like coin. As from the general introduction, we some  different aspect and how the model of this Obyte coin is created to implement and work on. As that of the consensus infrastructure just paint a picture on what this coin is actually going at, as it's unique and innovative

[wudackprod 81]

Thank you for your opinion, what exactly do you like about Obyte?

20 hours ago, Upright said:

One thing as when we talk of untraceable payments, the first thing which came to mind was on the aspect of the coin being on they frames of being a private feature like coin. As from the general introduction, we some  different aspect and how the model of this Obyte coin is created to implement and work on. As that of the consensus infrastructure just paint a picture on what this coin is actually going at, as it's unique and innovative

Thank you for your opinion, what exactly do you like about Obyte?

 

OSwap.cc altcoin exchange bot is available in the Bot Store of Obyte wallet now. OSwap.cc bot is an easy-to-use exchange bot for GByte, which enables you to exchange GByte with several hundreds of cryptocurrencies, two-way. Here is an usage tutorial: https://docs.google.com/document/d/1ADvzQC5ZGSem9MWQK-J0RRA8BHyuiulzh1ahR6eM6Uw/edit?usp=sharing

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Obyte Introduction Talk on June 3 at 21:00 CEST Help us spread the word! 

Click the link and SignUp: https://blog.obyte.org/obyte-talks/

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Did you know that the total capitalization of stablecoins has surpassed the mark of $ 10 billion? The share of Tether (USDT) is 85%!
 
You can right now start trading Obyte discount stablecoin at https://cryptox.pl/

More details about our stablecoin: https://ostable.org/

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Hello everyone! Don't forget that our community is also very active in Discord!
In order to be with us, you need to join the Obyte server: https://discord.obyte.org/

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Did you know that the Obyte Grants program, launched in 2017, is still active?

 

We pay for work that improves the ecosystem. We want that participants to propose new ideas and implement them. Similar programs worked in other projects, such as Dash and Ethereum, and proved their success, for example, Kasper and MetaMask left from the Ethereum DEVgrants program.

 

How to participate in the Obyte grant program in the article: https://medium.com/obyte/byteball-grants-program-906a71b93d3c

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To fully test the Obyte platform, you need to download Obyte Wallet. It is available on all devices: Windows, MAC, Linux, Android and IOS! 
Download link (safe): https://docs.google.com/document/d/1ZhwXQDhEzsgew0WqwhoezU4CzDjVeuKKpt_r2yEuYPU

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In Obyte: when necessary - you are public, when not necessary - anonymous.

Transactions in our network can be confirmed by a third party. This allows you to use the existing legal system to prevent fraud. Banks can open accounts that are tracked in the Obyte database (and not in the bank’s internal database) and still meet existing KYC / AML requirements.
In another case, the transaction can, on the contrary, be completely hidden, and only its hash will appear in the DAG, while the rest of the data will be transferred directly from the payer to the recipient

[wudackprod 81]

Obyte version 3.1.0 released, this version introduces major enhancements in Autonomous Agents. The changes are scheduled to get activated at MCI 5494000 which is expected around July 1st. All full nodes need to upgrade before that date.

New Github release: https://github.com/byteball/obyte-gui-wallet/releases

[wudackprod 81]

Created an step to step usage tutorial for OSwap bot in Obyte Wallet: https://docs.google.com/document/d/1ADvzQC5ZGSem9MWQK-J0RRA8BHyuiulzh1ahR6eM6Uw/edit?usp=sharing

[wudackprod 81]

Want to make for friend a unique gift?

You can send Obyte Cryptocurrency (GByte) by email or chat. Even if a person doesn't have Obyte wallet, he doesn't know what cryptocurrencies are and how to use them: the unique Textcoin service will offer to immediately create a wallet and receive Gbyte tokens!
Information: https://wiki.obyte.org/Textcoin

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Wallet update:
Version 3.2.0 released.
This is a mandatory upgrade that fixes a bug in transaction size calculation that could allow sending data for free.

Both full and light nodes need to upgrade.
All headless nodes need to npm update to update to the latest core version and restart.
The updated version is scheduled to be activated at MCI 5530000 which is expected around July 18. This is the deadline for the upgrade.

Also in this release:
- improved translations
- added human readable display of some smart contract clauses used by PolloPollo

https://github.com/byteball/obyte-gui-wallet/releases

[wudackprod 81]

We are continuing new integrations. A few days ago, Gbyte was added to the Finexbox exchange, liquidity is just starting to gain momentum, why don't you join its support?

Look for a pair of Gbyte / BTC: https://www.finexbox.com/
More exchanges you can find on the official website: https://www.obyte.org

[wudackprod 81]

DECENTRALIZATION is here! Obyte is the first DAG to become fully DECENTRALIZED!

The 7th Poll has ended and the chosen new Order Provider is the Institute For the Future (IFF) of the University of Nicosia.

Now 7 out of 12 Order Provider nodes are independent.

Thank you Rogier Eijkelhof, Fabien Marino, Bosch Connectory Stuttgart, PolloPollo, Bind Creative, Cryptoshare,  University of Nicosia, and everyone who voted in order provider polls for getting us here!

https://medium.com/obyte/obyte-achieves-full-decentralization-by-adding-university-of-nicosia-as-an-independent-order-baaef0505392

[wudackprod 81]

Are you a developer or are interested in building an app or project on Obyte?🖥

Check out Obyte Github and find docs, tutorials, code and comments from Obyte's devs and collaborators.
Link: https://github.com/byteball
Discord: http://discord.obyte.org/

[wudackprod 81]

Obyte's Public Native Currency is "Bytes" ...but, Do you know Why?
The amount you pay is equal to the amount of data you want to store. Obyte's transaction fees are very low and accesible to everyone.

https://wiki.obyte.org/Overview#Native_currencies

[wudackprod 81]

Find us on GetBlock!
You can now access Obyte full node through their platform.
GetBlock is a platform where you can get nodes of the most popular cryptocurrencies, now including Obyte.

Check it out here: https://getblock.io/#access

[wudackprod 81]

🎯 We have released a new update on MadeOnObyte. Advising to everyone to read about it!
https://madeonobyte.org/news/madeonobyte-v1-5-replies-on-comments-and-more-lvrjbw9pn6w

We also remind you about the ongoing crowdfunding campaign from PolloPollo!
📈 The progress of their campaign is already 83%!
📰 Who else hasn't seen what they want to make, you can read about it here:
https://madeonobyte.org/funding/pollopollo-feedback-module-14qaq3qqzze

[wudackprod 81]

18 hours ago, ndadukun12 said:

This is the type of wallet that I like. A wallet that can accessible everywhere. Both in mobile and computer. This wallet is very good as it has a lot of useful functionalities.

Thank you, I think Obyte wallet with DAG have perfect functionality!

 

Need to access your Wallet from different devices🖥📱?

Multi-Signature Wallet is the option for you!
Also, It helps you protect your funds, If you have 3 devices, you need the approval of 2 to make a transaction.

Keep Learning about the Wallet here: https://wiki.obyte.org/Wallet#add_wallet
Official Website: https://obyte.org/

[wudackprod 81]

Did you know that Bytes can be sent over any medium?
This includes popular chat apps such as Whatsapp, Telegram, etc.

The only limit for sending Bytes using textcoins is your imagination. It is just a click away.
Download the wallet here: https://obyte.org

[wudackprod 81]

Are you a developer?💻 We are running a Poll among devs, Please take couple minutes to answer it😉
Your opinion is really appreciated!

Link: https://docs.google.com/forms/d/e/1FAIpQLSfBYRH_U6pbHaOqbNLqwrIQBpJycsIPwXnTSOdhOacWZ3ZIog/viewform

[wudackprod 81]

Did you know about the unique opportunity to get Bytes from Obyte? You will need to join the World Community Grid.

It’s very simple: you let your computer do some computational work, and receive some Bytes. Sounds like mining, but it is not. Because the work itself, not just its proof, is useful in the outside world. There is also a grant program, but today more details about WCG: https://medium.com/obyte/computing-for-good-again-3795336bdaed