the concept seems cool but the creator doesn’t inspire much hope to me
RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
11–20 of 44 posts
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#12I would love to see a balanced discussion of pros and cons of the unusual lattice design used by raiblocks.
I would too, but this is the Cryptocurrency space; When has anything ever been balanced?
Bitcoin was pretty balanced in the beginning, then money took over. Lets hope we can one day disentangle the technology from its potential for speculation.
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#13the concept seems cool but the creator doesn’t inspire much hope to me
why's that?
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#14Glad to see a coin that has it's own codebase (not some fork). And the lattice approach sure is innovative :)
For the curious, the repo is here: https://github.com/clemahieu/raiblocks
Looking at the commit stats, it looks like almost all the work so far is by clemahieu. It'll be interesting to see if his codebase is solid enough to allow more contributors to easily hop in.
I thought their wiki page listing potential attacks was also pretty interesting: https://github.com/clemahieu/raiblocks/wiki/Attacks
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#15Can someone help me understand. If a block chain (or whatever you want to call your token of choice) doesn't have any fees, how is it different from just having a database. No fees mean that every transaction has the same value so there is no transaction prioriization other than time. This seems like a glorified eventually consistent database synchronization algorithm. In a fee based blockchain, I can pay more to get…
Blockchains (e.g. bitcoin) and block lattice (e.g. RaiBlocks) are two approaches to implementing distributed ledgers. A distributed ledger is a type of distributed database. This article from last year I think sums up nicely the distinction between a distributed ledger and a distributed database.
https://medium.com/@sbmeunier/blockchain-technology-a-very-s...
> Distributed Ledgers (DL) are DDBMS that leverage cryptography to provide a decentralized multi-version concurrency control mechanism and to maintain consensus about the existence and status of shared facts in trustless environments (i.e. when the participants hosting the shared database are independent actors that don’t trust each other). Consensus is not a unique feature of DL per se: other distributed databases also use consensus algorithms such as Paxos or Raft. Same for immutability: immutable databases exist outside DL (Google HDFS, Zebra, CouchDB, Datomic, etc.). The two differentiators of DL in my opinion: (a) the control of the read/write access is truly decentralized and not logically centralized as for other distributed databases, and corollary (b) the ability to secure transactions in competing environments, without trusted third parties.
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#16So - the currency is entirely "mined" and distributed already? And that period is over? So is a small handful of a few developers/early-adopters that are trying to sell off a currency that they already own in its entirety? Okay.
RaiBlocks was distributed using a captcha faucet. https://bitcointalk.org/index.php?topic=1381323.msg14252334#...
Which in itself is a mechanism that just spreads the incentive to hype and post to all social media channels trying to pump a coin amongst a larger pool of individuals, many of whom are desperate enough to get rich that they are willing to sit and click through captchas for pennies.
Or in other words, just gets you a larger initial pool of astroturfers online.
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#17So - the currency is entirely "mined" and distributed already? And that period is over? So is a small handful of a few developers/early-adopters that are trying to sell off a currency that they already own in its entirety? Okay.
Is it really a currency if there isn't inflation? What prevents hyperdeflation and the inevitable death of the "currency" without inflation?
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#18So - the currency is entirely "mined" and distributed already? And that period is over? So is a small handful of a few developers/early-adopters that are trying to sell off a currency that they already own in its entirety? Okay.
RaiBlocks was distributed using a captcha faucet. https://bitcointalk.org/index.php?topic=1381323.msg14252334#...
I.e. indian captcha solving shops.
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#19Can someone help me understand. If a block chain (or whatever you want to call your token of choice) doesn't have any fees, how is it different from just having a database. No fees mean that every transaction has the same value so there is no transaction prioriization other than time. This seems like a glorified eventually consistent database synchronization algorithm. In a fee based blockchain, I can pay more to get…
The nodes are paid from "created coins", at the expense of everyone diluting. Could call it artificial inflation. > This seems like a glorified eventually consistent database synchronization algorithm. To some extend that is what a blockchain is. Also: immutable, no-need-to-trust-every-node, KV, and sometimes with the ability to perform smart contracts. > In a fee based blockchain, I can pay more to get my transactio…
Ah okay thanks for helping. I guess in the case of RaiBlocks, since you're only transacting currency (not Turing complete smart contracts) there isn't really a need for fees to prevent the halting problem like you have with Ethereum.
I've made a list of tokens that I'm trying to categorize[1] so I think I've got RaiBlocks in the right place.
Is Bitcoin slightly over designed in how the fee structure is implemented for the problem it's solving?
Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]
#20the concept seems cool but the creator doesn’t inspire much hope to me
why's that?