Re: [ANN] BitcoinDark (BTCD)--Sha-256/PoW-PoS hybrid/Bounty Opportunities

Hello!

I am part of BTCD community now and I happen to be developing a cryptonote fork to add anon features to NXT. It turns out that my methods should apply to BTCD also. I will be working on integrating cryptonote tech into BTCD, but it is more than "just" cryptonote anon tech as I am also making my solution include a near realtime exchange (InstantDEX) so people can directly trade just by running the coin.

How will all this work you ask?
https://github.com/jl777/pNXT has the current source code and it is rapidly being developed.

Once InstantDEX is done, I will be adding Privatebet (peer to peer sportsbook) to the pNXT framework, plus the way it is implemented there is no reason any other number of useful services cant be added.

My efforts are in parallel with all the other BTCD coders and I try to design a clever way to integrate to require minimal changes to the BTCD codebase. So, if I succeed, then all the peoples selling at current prices will not be so happy.
There is no reason that other anon tech in BTCD can't combine with the cryptonote tech, in fact pushing tx through two independent anon algos would only help if it is done properly. So, I bring very good news to BTCD and now I expect a massive in increase in the FUD level

James

P.S. I am not so active on BTT, but you can find out more about me on NXT forums and jl777.org

Will the cryptonote tech lead to any issues with blockchain bloat?

yes,blockchain bloat is an issue for all cryptonote coins, however I chose the boolberry fork to base my work on as it was the most advanced as far as blockchain pruning and just being more efficient. However, I have a plan to use a blockchain FIFO to deal with whatever bloat issues we get. There is no reason to store the entire blockchain, but you do have to process it once. A FIFO is perfect for that, just set the FIFO size to the max lookback window into the blockchain dataset you need (of course you need to store all the keyimages, but that is smaller than the full blockchain). Then after loading the blockchain the first time, all that is left in memory is the FIFO. So as long as you have HDD space you are fine, not limited by system RAM

James

P.S. I am also toying with the idea of using the cryptonote blockchain as a sidechain and maintaining a decentralized ledger. Then we can simply toss the blockchain as soon as there is consensus. However, this is pretty tricky, so most likely not for the first version.

It hasn't been done yet because you if you ever need to revert the blockchain because of a fork, or if an exchange is hacked, then you cannot.

This just encourages hackers to infiltrate exchanges, or even exchanges themselves to take the coins because they know they have them permanently.

Cool idea though.

Well klee lost over 1000 bitcoins last week when he was hacked, no mention of reverting the blockchain then. Fork idea ill let someone else answer. I dont agree with what vericoin did on that fork. It should of been mintpals responsibility to pay everyone back even if it put them out of business.

If someone isn't responsible keeping their coins secure it is there fault

The vericoin protocol was to blame not the exchange. Otherwise the hackers would have just attacked bitcoin or litecoin.

If the vericoin developer had done what the BTCD developer is proposing (blockchain ledger), then everyone would have lost their money, and the hacker wins.

You need to be able to roll back the chain if something as significant as an exchange getting hacked happens, look at MTgox, that is what happens when they don't roll back the blockchain.

CryptoNote inevitably bloats the blockchain at an exponential rate. Period.