Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments

Quote from: Freefactomizer on November 09, 2017, 11:16:17 PM

Quote from: forensick on November 09, 2017, 10:15:41 PM

Does this mean that every time I receive Blackbytes I have to do a full backup? If I will recover from seed, will I have 0 blackbytes?

Yes.
Best way to be safe is to use a multi-device wallet, then each time you receive blackbytes the private data are replicated among all your devices.

Use a 1 out of 2 multisig wallet to have a "live backup", see Byteball: Blackbytes FAQ for details.

My favourite analogy:
Think of Blackbytes as a post-it handed to you by the previous owner. The post-it says: "you are now the new owner". Together with handing you the post-it, the DAG registers that the previous owner is no longer the owner of these Blackbytes. The DAG does not register who received the post-it.
Now, if you lose this post-it, the previous owner can simply give you another post-it that says: "you are now the new owner".
If you want to give your Blackbytes to someone else, your post-it contains all the information you need to create a new valid post-it for the receiving user, and to register the change of ownership in the DAG.
Note that there's nobody to give you a new post-it if you sent part of your blackbytes, and lose the post-it that holds your change!