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RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

raiblocks.net

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Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#21

Post by frgtpsswrdlame »

vorotato wrote: post #17
Mizza wrote: post #9

So - 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?

It's not about 'inflation' it's about hyperinflation. Nobody is treating crypto-currencies as currencies, they're treating them as investment vehicles so the current trend is to create a hyper-deflationary 'currency' so you can tell your original investors that they're 'in on the ground floor' and they have a reason to believe it. You get those guys in, they're incentivized to spread the word, they do so and boom we get what we keep seeing, the fear of missing out and greater fools driving speculation bubbles.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#23

Post by stale2002 »

vorotato wrote: post #17
Mizza wrote: post #9

So - 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?

Inflationary currencies is a new development.

We've had deflationary and gold backed currencies for thousands of years and it worked out fine for people who used them.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#24

Post by SimbaOnSteroids »

EthanHeilman wrote: post #8
mooneater wrote: post #2

I would love to see a balanced discussion of pros and cons of the unusual lattice design used by raiblocks.

I often find myself judging cryptocurrency whitepapers by the number and breath of citations. Has the author's read previous attack papers and developed appropriate countermeasures. How does it compare to other schemes? Are the authors aware of the definitions and methods used in distributed systems? However this approach should be tempered by the fact that the Bitcoin whitepaper would score poorly on this metric.

BTC was also closer to the ground floor of this research, you wouldn't expect it to be able to cite too many papers in similar subjects.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#25

Post by mattnewton »

frgtpsswrdlame wrote: post #21
vorotato wrote: post #17

Earlier quoted context omitted.

Is it really a currency if there isn't inflation? What prevents hyperdeflation and the inevitable death of the "currency" without inflation?

It's not about 'inflation' it's about hyperinflation. Nobody is treating crypto-currencies as currencies, they're treating them as investment vehicles so the current trend is to create a hyper-deflationary 'currency' so you can tell your original investors that they're 'in on the ground floor' and they have a reason to believe it. You get those guys in, they're incentivized to spread the word, they do so and boom we…

Sounds a lot like a fancier pyramid scam.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#26

Post by pgt »

The RAIblocks whitepaper is worth reading just as a reference on how a technical paper should be written.

(Disclosure: I became interested in RAI on NYE and recently invested some money in it)

The RAI secret sauce is the "block lattice" design where each account is its own blockchain and you only need to care about the chains you want to do business with, unless you encounter conflicts. Conflicts are resolved by proof-of-stake voting. If you don't run a full node, you choose a representative to vote on your behalf.

Today I spent the afternoon playing around with a conceptual design in ClojureScript for a better desktop wallet: http://petrustheron.com/posts/xrb-wallet-concept/

From a contrarian investor point-of-view, RAIBlocks is interesting because it is at the juncture of a terrible wallet experience, a weird name, dubious exchanges (at least UI wise), an okay website - but an excellent whitepaper and a working protocol that's free to transact on.

If it scales, I predict it will do well. My biggest concern is C++ as an implementation language, compared to, say OCaml that is easier to verify. I also don't have a strong feel for the robustness of the conflict resolution mechanism. However, the author is proficient and the codebase is readable.

The closest DAG impl. AFAIC, is Hashgraph, based on supermajority consensus that counts transactions that were "strongly witnessed", but it is patented with no coin presently for sale.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#28

Post by XR0CSWV3h3kZWg »

cies wrote: post #5
joeblau wrote: post #3

Can 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…

Where is it specified how much people get paid in created coins?

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#29

Post by vorotato »

stale2002 wrote: post #23
vorotato wrote: post #17

Earlier quoted context omitted.

Is it really a currency if there isn't inflation? What prevents hyperdeflation and the inevitable death of the "currency" without inflation?

Inflationary currencies is a new development. We've had deflationary and gold backed currencies for thousands of years and it worked out fine for people who used them.

fine is relative. There was a tremendous amount of lost productivity due to the rising cost of gold. Also gold is traditionally a commodity, not a currency. If the value of your thing is that it functions as a transfer medium, and everyone is incentivized not to transfer it, it certainly sounds like it's bad at what it does.

Re: RaiBlocks: A Feeless Distributed Cryptocurrency Network [pdf]

#30

Post by XR0CSWV3h3kZWg »

pgt wrote: post #26

The RAIblocks whitepaper is worth reading just as a reference on how a technical paper should be written. (Disclosure: I became interested in RAI on NYE and recently invested some money in it) The RAI secret sauce is the "block lattice" design where each account is its own blockchain and you only need to care about the chains you want to do business with, unless you encounter conflicts. Conflicts are resolved by proo…

One thing that I don't get is what is the incentive to vote on tx?
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