Brand new consensus algorithm (Proof of Signature)

Aright, I'm convinced. Gonna throw 2k on XBY, how the fuck do I buy this shit and rocket closer to lamboland?

This coin is the true definition of a gamble...it will either succeed, or it will not.

The pros are a brand new consensus system, that is a major technological breakthrough for the Blockchain - one we havent seen for the last 6 years. The last coin to invent a new consensus sytem was Peercoin (Proof of Stake)

It's all or nothing with XBY

c-cex, buy, profit.

This I do not follow, how is the network maintained? There's like 10 different guys holding nodes, how does anybody else benefit from using this network?

And we find this out in about 7 days when the 50k block is reached, the nodes go online, and it works or it doesn't?

There's already over 100 nodes: borzalom.hu/static-list.html

Better security than POS or POW, and then you can build lightning network etc. on it.

Oh yeah I see that but also that there's clearly individuals holding multiple. So at 50k these are locked in and there can be no more nodes ever? This system will be maintained by 100 guys or less?

No more nodes ever again after 50k blocks.

All a node has to do is maintain an internet connection. If BTC miners have the incentive to maintain those enormous mining farms, I'm sure a few people can maintain an internet connection.

I'm running my node of a Raspberry Pi off 100 Mbps internet. If my comp ever fails its only 45$ to restart my node.

How long did for dash to go from 0 to 100?
And what incentive is there to run a static node? I want to make money not stick my coins in a vault I can never access.

Transaction fees are split among nodes. You can cash out your static node at anytime by making a transaction with the wallet, but you lose node status forever.

If you still have 500k you can't re-register?

Nope. It's a security flaw otherwise->someone could buy all the nodes.

Yes, basically.

The nodes will be locked but Borzalom/CCr say that they will open registration up at a later date for more nodes. This is the initial test run.

This is what made me really interested in this coin
They would be able to do whatever they want with the coin once the nodes are up, such as add lightning network, segwit, etc, right?

Correct.

This is major
The future is looking very bright

OK this makes slightly more sense. I know the node lock sounds appealing seeing as it's so cheap to control say 1% of the network by buying one right now, but in reality once they're locked in this is really going to go against general interest in the project.

Now my other big question is where is the data stored? There's no fucking way the 100 nodes are to be expected to handle this so? In anyone running the wallet? How are they compensated / encouraged to maintain and keep data online? Or is this again stretched to a later release of many more nodes?

Losing your paper wallet key or toasting your PC which have crypto key on it without having any backup is not security flaw. It's a logic flaw and they deserve it.

The node lock is temporary and will be lifted.

Nodes do not play a role in storage, just transactions as far as I know. No mention of sharing storage was told to anyone setting up a node. I should know because I set up a node, and nowhere did it say that it would take my HD space in the future.

Alot of this is very new technology and alot of it we just dont fully understand yet, unless you are a hardcore tech enthusiast. I suggest asking on Slack how storage is going to be dealt with.

Oh and please take it slow in the XBY Slack, they deal with trolls on a regular basis. People are putting alot of faith on the line for Borzalom to pull through. It's really a do or die kind of thing.

This is not your normal ICO coin with a whitepaper, fleshed out roadmap and a finished website. This coin literally started like 2 weeks ago so we're all learning along with you.

how do i access the slack

Check the bitcoin talk thread

I cant setup a node after block 50.000?

Got 500k+ of these, if so I better be quick

Just read the thread nevermind

What does a node do? If you "own" one of course

125 nodes are already registered. It can handle it.

You get to collect 100 XBY transaction fees.

Motherfuckers are running this shit on RPis, it can't handle much, but if this is just the next phase of testing then it should be OK I guess

or ya know, 12 month free aws hosting

>>>> en.wikipedia.org/wiki/Péter_Szőr
>>> daily reminder that the man and programmer behind XBY was close friend with this man and they knew each other personally from way back when still living in Hungary
>> has 25 years of skills and experience in soft/hardware programming and also 7 years in cryptography
> trivia: wrote his own OS in the 80's as teenager

No further comments needed, you decide user

is this shit meme coin going to do anything or can I dump it for some doge while I still have time?

>>> has 25 years of skills and experience in soft/hardware programming and also 7 years in cryptography
no proof

> trivia: wrote his own OS in the 80's as teenager
no proof

spread the rumor, sell the fake news....

>investing in any shitcoin when BTC is going for 10k this year
Enjoy keeping your bags retard.

I set up my STaTic nodes last night. I'm thinking about vacationing on the Sea of Tranquility this summer.

got any strong evidence to support that bold claim, kiddo?

i bought 12522 coins on yobit a couple days ago because im a poor fag who is new to cryptocurrency
did i fuck up? tell me I didnt pls

If i did tell me how to unfuck up pls

aslong as you dont shove your life savings into it, you're fine desu

this might flop, or moon, no one knows

My kid's entire college fund is in this thing and I'm about to mortgage my house. Time for me to fix my shit life and start to make something of myself. Once these nodes go online I'm going to cash out and leave my BITCH wife for greener pastures.

when is the best time to buy to double your money?

Now, the price is stable

when do we expect next pump? also this, or syscoin?

Either right before block 50k or right after

So I need to buy 1M XBY and then I can set up a STaTic?

and when is block 50k approximately expected? sorry for the questions i just don't have much time to research right now

Is their website a joke?

Next week huge pump could be coming seeing that this Sunday the 50k blocks will be reached and then all static nodes will be activated and tested. If everything works out they will contact the big exchanges bittrex/polonix next week and let them add XBY and then we go straight to the moon

Damn, that's pretty inspiring user. Good luck.

2 days 15 hours aprox.

You need 500k to setup a static node

so once I have 500k in my yobit how do I create a static from it, dont see instructions on their site xtrabytes.tech/#

Also if I spend 500k into a sTatic , can I take the 500k out and sell it on yobit?

136 nodes are registered are you guys ready for the rush in the coming weeks?

Yes, check the bitcoin talk topic, it's all explained there

hm is it in altcoin discussion?

For people here trying to setup a Static node:

Do not get your "static wallet" above 500.100 or the step "Get new Keypairs" will be greyed out.

Had to make a new wallet where I transferred precisely 500.100 xby to get it to work.

also, video here on how to do it:

youtube.com/watch?v=pE_CR_ZX0Z0

What are the odds of this hitting $1?

thanks, just moved my entire portfolio to it (32k xby lol) . what price do we expect?

>$1
Geeze start small. I say 10 cents is a good target for now. If it does what it says then maybe $1 by the end of year. Or into 2018

.30 cents by the end of summer at a minimum if everything is running smoothly and we get on bittrex within 2 weeks.

...

if you dont buy this coin ur a faggot

Uh... Why?

do you not like guaranteed 200x returns within 2 years?

How can i buy them? I'm a newfag in coins.

ok about to dump 1200 in, ya'll better not be memeing me

1200s not enough for a STATIC, theres absolutley no reason to not get a static.

Let's talk about "PoSig" - how does it work, really? How many you pumping this have more than a basic understanding of this "revolutionary" consensus mechanism?

As far as I can tell, it's basically a horizontal PKI system where roots that are rejected by the consensus are "blacklisted". Can anyone point me to a more detailed explanation? I've looked quite a bit, also for info on this "Borzalom".

Aren't roots (static nodes) incentivized to go along with any blacklisting, as doing so will increase their relative control of the network? Or are new roots created to replace those that are blacklisted? If so, how are those new roots distributed so as to prevent them being accumulated by a single actor / pool? Seems like there's an inherent movement towards consolidation.

t. PKI engineer

>vaporware tech that convinces people to buy 500k coins so that they can make free money by hosting an internet connection
>no whitepaper
>no actual devs

holding 12k because its a good scam and gonna dump before the scammers dump

"Guys the coin was originally a scam but we saved it with a hard fork and now it's totally legit!" lol

Still might buy some

You actually think there's anyone on Veeky Forums who has any idea about anything that they shill on here?
absolute kek

A Veeky Forums post got me in on the Waves on Azure announcement before the pump and I made 40% on that so have hope

Even if it is 95% bullshit there are still 5% smart dudes here

Just probably not in an XBY thread I guess

I read the beginning and end of the Bitcointtalk and Googled for whatever else I could find, this shit is some for real vaporware

>with
12k coins or 12k usd. 12k coins is nothing lel

theres in deph explain in the bitcointalk thread pajeethooo fucker

THIS COIN WILL GO TO THE MOON!!!!

i got 30k coins

sure it aint much, but im not going all in on pennycryptos with no name to it yet

sure its a new thing, proof of signature, but so was peercoin at its time with proof of stake, and that shit is still worthless af

I got 100k for $50 before Veeky Forums caught onto this coin. What are the chances I'll become a millionaire off my $50 investment?

They are negative. Say goodbye to your $50

do the math, if it's valued a $1 you will make $100k. Do you think you are a millonaire with 100k?

kek this coin can only go up. value around 1 USD in december

If you are not larping hard user, I wish you the best of lucks and I do hope you get enough gains to tell her to go fuck herself and you get a really nice crash pad to fuck beautiful random bitches.

Lol I wouldn't say millionaire but I say you'll have a few thousand to play around with later on.

shiet

No theres not, I've read it. Nothing answers his questions, fuck off back to your slack safe space.

0%

We will use what is referred to as a chord overview network where the the STaTiC and nonSTaTic nodes connect to "chord nodes". The "chord network" is a "virtual overview" or in other words, the upper layer of the network and we will call it the Virtual Chord Network.

The STaTiC nodes and the nonSTaTiC nodes create the blocks... All nodes create the same block and all blocks have the same blockhash. Therefore, all block have the same ID (we will explain later why contain all blocks contain the same transactions).

Transactions work exactly the same as the block creation and so now we can see that all blocks will be the same in each STaTiC and nonSTaTiC and later you will see why this is, as we continue this explanation.

Each node (STaTiC and nonSTaTiC) is connected to one "virtual chord node" the chord nodes are only virtual, instead of being real nodes. If the block is ID=1 ( or if we create transaction then TR ID ) then this block will create the #1 virtual chord node and will then send the created block to the #2, #4, #8 nodes (this is an example of a network with just 16 virtual chord nodes) the #2 will send to #3 #5 #9 and so on...

The block creation time is not uncontrolled either. So, if we use 160sec block time (just an example because 160 seconds is easier to understand with a 16 virtual chord system).

Therefore, the chord nodes create blocks as follows:

#1 between 0-10 seconds
#2 between 10-20
#3 between 20-30

and continuing to #16 up to 160 seconds.

However, we will use more chords of course as this is just a simplified example so the process is more easily understood.

Therefore, no transaction or block conflicts occur and every peer knows who will create the block and who will first distribute the block.

Added question: But what if that creator block is down or attacked? Does it switch to a different STaTiC?

Since all chord nodes are virtual it is impossible to DDOS. There are no IPs or other relay identities available to attack.

Chord nodes are virtual, so they are never removed:

#1S = #1 STaTiC
#1C = #1 virtual chord node

If just #1S is online ( only one STaTiC ) then:

#1S will control #1C-#16

If #1S-#3S is online, then:

#1S will control #1C-#5C
#2S will control #6C-#10C
#3S will control #11C-#16C

If any STaTiC goes offline, for example #3S, then #11C-#16C will be shared between #1S and #2S

This is the reason why it is not important how many STaTiC nodes exist or how many STaTiC nodes are online or offline. The number of overview virtual network nodes is a constant. The block and transaction time are not part of the ID.

So, one of the key points to answer your question is that all STaTiCs and other nodes do not have to learn about the blocks simultaneously... The transactions distribute throughout our network, sequentially, over the 120 second block time in intervals that eventually get out to the entire network before the next block is created.

With regard to network lag, this is not relevant because the network is virtual. Therefore if lag exists it is equal across the entire virtual network. So, the virtual overview network or the Virtual Chord Network solves the problems you bring up.

To simplify this explanation for those less technical:

P2P (peer to peer file sharing type systems) is like water in a lake. The Virtual Chord Network is like a series of canals. We use water, just like in the lake, but the lake is uncontrolled.

Well the nodes are never 'locked'. If you stop your node all the xby gets freed.