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    Author Topic: I just did a smart contract in Byteball : mind blow.  (Read 5604 times)

    • superresistant (OP)
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    March 07, 2017, 11:17:33 AM
     #1
     
    Smart contract isn't something new, far from it. So many people has been learning solidity scripting language in the past years but the only time I was given the opportunity of using a smart contract, I didn't and saved myself from one of the biggest fiasco ever in crypto : the DAO.

    Right now I just did a smart contract unexpectedly for a real use case and it went like :




    That's it. I literally had no idea I was doing a smart contract if I wasn't told it's a smart contract.
    I needed to trade with a total stranger on the Internet, the escrow wasn't available so we just did a smart contract through the chat box.

    That's how smart contracts should works : for a real use without being aware you're doing a smart contract.

  • houlala1
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    March 07, 2017, 12:38:53 PM
     #2
    It's funny cause Ethereum is here since more than a year and i never be able to install the wallet

    Yesterday i did my first transaction by smart contract, not with ETH but Byteball and i'm still shocked by the tech i don't know what to say. I think Superresistant summarized well

    The best is that you try it by yourself


  • XbladeX
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    March 07, 2017, 03:09:30 PM
     #3
    Quote from: houlala1 on March 07, 2017, 12:38:53 PM
    It's funny cause Ethereum is here since more than a year and i never be able to install the wallet
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    yea Etherum takes 1-2days to synch to network i wonder how long in year will be with Byteball over 2 years
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  • thejaytiesto
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    March 07, 2017, 04:49:04 PM
     #4
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

  • iamnotback
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    March 07, 2017, 06:39:54 PM
     #5
    Quote from: thejaytiesto on March 07, 2017, 04:49:04 PM
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

    You also know that I told you (and others in private) that Byteball might be one of the most intriguing of tiny marketcaps to speculate on. If they had given away Bytes to every Bitcoin HODLer, I expected a selloff. But instead apparently what they did is only distributed to a very few who bothered to show up on time, so the coins have been concentrated amongst for example ICONOMI got roughly 9% of all Byteball issued. So perhaps the selloff won't be forthcoming. I dunno because I haven't been following it in detailed study since.

    Nothing is perfect. And they could potentially improve over time.

    But the flaws I outlined are somewhat onerous, especially their transaction fee design appeared entirely unscalable to me unless they've since changed it or clarified something I didn't know.


    @superresistant, seems what you are calling a "smart contract" could possibly be done with Bitcoin's scripting?

  • superresistant (OP)
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    March 07, 2017, 06:43:45 PM
     #6
    Quote from: thejaytiesto on March 07, 2017, 04:49:04 PM
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

    Don't get me wrong. I am not doing any investment advice.
    I was doing my everyday business in investing and trading crypto and I've been really amazed with that easy smart contract on a chat window from Byteball's client.
    I have no idea if Byteball is technically flawless and will exist in the future.

    Take this as my opinion about what smart contracts (in general) should be : idiot-proof and damn simple.

  • thejaytiesto
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    March 07, 2017, 06:45:57 PM
     #7
    Quote from: iamnotback on March 07, 2017, 06:39:54 PM
    Quote from: thejaytiesto on March 07, 2017, 04:49:04 PM
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

    You also know that I told you (and others in private) that Byteball might be one of the best of tiny marketcaps to speculate on. If they had given away Bytes to every Bitcoin HODLer, I expected a selloff. But instead apparently what they did is only distributed to a very few who bothered to show up on time, so the coins have been concentrated amongst for example ICONOMI got roughly 9% of all Byteball issued. So perhaps the selloff won't be forthcoming. I dunno because I haven't been following it in detailed study since.

    Nothing is perfect. And they could potentially improve over time.

    But the flaws I outlined are somewhat onerous, especially their transaction fee design appeared entirely unscalable to me unless they've since changed it or clarified something I didn't know.

    Given it is held by whales, one could probably expect a pump at some point.

    Yeah that is why I said long term... sure short term it may pump and holders can make a killing, but yeah who knows what big holders will do when it pumps a bit.

    I was also considering ICN for a short term pump when it was 4xx... luckily I didn't bite the bullet cause it's tanking. Never liked the idea of having to trust some random people to invest for me but fuck at least I expect a good short term pump reaching 1 dollar.. looks like I dodged another opportunity to lose bitcoins.

    Byteball graph looking good, but ICN graph was also looking good... till it went downtrend. I think I may not risk it, but then again... ETF about to be decided, and now im worried about Jihan Wu antics too... maybe it is a good time to expose your BTCs to some risk.. taking decisions makes my head hurt, too many variables and I dont want to lose my hard earned BTC tbh.

  • iamnotback
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    March 07, 2017, 06:51:19 PM
    Last edit: March 07, 2017, 07:23:53 PM by iamnotback
     #8
    @thejaytiesto, note I edited my post since you quoted it, to remove what might be construed as "investment advice".

    I tend to agree with you, I'd prefer to invest in something I think has a significant long-term future. For me, I can't invest in (hold) anything other than Bitcoin right now (because it is just my cash flow account), because otherwise I only want to invest in what I am working on. Because I compare the feature sets and I have confidence.

    However, for speculators and traders, they aren't thinking that way. They want the fastest way to get a ROI, rinse and repeat.

    I can't access how well Byteball will do over the long-term. Clearly the lead developer (Tony aka Anthony) is hard working, conscientious, capable, and smart. But the way he structured the transaction fees really made me think he isn't thinking holistically enough about design and long-term. But I am not omniscient and I can't keep up with every design change that every project does. So it would be crazy for me to tell people not to be intrigued by Byteball. I am. So much so, that I dedicated the last chapter (major section) of my whitepaper to Byteball's DAG stability point consensus algorithm.

  • Spratan
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    March 07, 2017, 07:13:27 PM
     #9
    Quote from: iamnotback on March 07, 2017, 06:51:19 PM
    @thejaytiesto, note I edited my post since you quoted it, to remove what might be construed as "investment advice".

    I tend to agree with you, I'd prefer to invest in something I think has a significant long-term future. For me, I can't invest in (hold) anything other than Bitcoin right now (because it is just my cash flow account), because otherwise I only want to invest in what I am working on. Because I compare the feature sets and I have confidence.

    However, for speculators and traders, they aren't thinking that way. They want to fastest way to get a ROI, rinse and repeat.

    I can't access how well Byteball will do over the long-term. Clearly the lead developer (Tony aka Anthony) is hard working, conscientious, capable, and smart. But the way he structured the transaction fees really made me think he isn't thinking holistically enough about design and long-term. But I am not omniscient and I can't keep up with every design change that every project does. So it would be crazy for me to tell people not to be intrigued by Byteball. I am. So much so, that I dedicated the last chapter (major section) of my whitepaper to Byteball's DAG stability point consensus algorithm.

    What about Iota, the other (and first) DAG coin ? Lot of press at the moment

  • NUFCrichard
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    March 07, 2017, 07:23:16 PM
     #10
    Quote from: superresistant on March 07, 2017, 11:17:33 AM

    Smart contract isn't something new, far from it. So many people has been learning solidity scripting language in the past years but the only time I was given the opportunity of using a smart contract, I didn't and saved myself from one of the biggest fiasco ever in crypto : the DAO.

    Right now I just did a smart contract unexpectedly for a real use case and it went like :




    That's it. I literally had no idea I was doing a smart contract if I wasn't told it's a smart contract.
    I needed to trade with a total stranger on the Internet, the escrow wasn't available so we just did a smart contract through the chat box.

    That's how smart contracts should works : for a real use without being aware you're doing a smart contract.


    Looks good, mind blown might be a bit of an exaggeration, but using your own smart contracts is pretty cool.
    I don't really see how I will personally use smart contracts, but banks and businesses could and should be doing it a lot.

    Could this not be done using ETH? I know the wallet sucks, but I assume a simple smart contract would be possible there too.

  • iamnotback
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    March 07, 2017, 07:24:42 PM
    Last edit: March 07, 2017, 08:17:09 PM by iamnotback
     #11
    You may be interested in my comment about Byteball's smart contract language.


    Quote from: Spratan on March 07, 2017, 07:13:27 PM
    What about Iota, the other (and first) DAG coin ? Lot of press at the moment

    Start reading here.

    I also wrote recently:

    Quote from: iamnotback on March 06, 2017, 09:44:28 PM
    There is only PoW, PoS, DPoS, and DAGs. Actually the only DAG that is sound is Byteball, but it has the same problem as Casper, TenderMint, and Cosmos in that it can get stuck and require a hard fork to unstuck. Nothing else so far...

  • Seccour
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    March 07, 2017, 07:52:28 PM
     #12
    Smart Contracts are taking our jobs ! We need to make Byteball great again and give our jobs back to the fennec foxes.


    Anyway congrats guys ! It's cool that we can now trade Blackbytes without having to trust someone.

  • error08
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    March 07, 2017, 11:57:38 PM
     #13
    Quote from: iamnotback on March 07, 2017, 06:39:54 PM
    Quote from: thejaytiesto on March 07, 2017, 04:49:04 PM
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

    You also know that I told you (and others in private) that Byteball might be one of the most intriguing of tiny marketcaps to speculate on. If they had given away Bytes to every Bitcoin HODLer, I expected a selloff. But instead apparently what they did is only distributed to a very few who bothered to show up on time, so the coins have been concentrated amongst for example ICONOMI got roughly 9% of all Byteball issued. So perhaps the selloff won't be forthcoming. I dunno because I haven't been following it in detailed study since.

    Nothing is perfect. And they could potentially improve over time.

    But the flaws I outlined are somewhat onerous, especially their transaction fee design appeared entirely unscalable to me unless they've since changed it or clarified something I didn't know.


    @superresistant, seems what you are calling a "smart contract" could possibly be done with Bitcoin's scripting?
    Agreed, I triggered by the idea of this coin since the first time I read it, free distribution but the amount of bitcoin in everyone wallet which bothers me. I mean, who has huge amount get huge portion of byteball, a rich man becomes more richer. Byteball has taken second place of the higher exchange rate right now at $67.56, marvelous.

  • bv68bot
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    March 08, 2017, 01:04:34 AM
     #14
    Quote from: error08 on March 07, 2017, 11:57:38 PM
    Quote from: iamnotback on March 07, 2017, 06:39:54 PM
    Quote from: thejaytiesto on March 07, 2017, 04:49:04 PM
    I am considering investing on this altcoin but im still not sure since iamnotback addressed some valid concerns on the project and I want to invest in something long term not in something that has flaws and will have to deal with big problems in the future. I wish someone did a coin strong enough that it will not meet dead ends eventually but the question... this coin may not even exist. All coins may be cornered into hard forks and controversial situations in a long enough timeline.

    You also know that I told you (and others in private) that Byteball might be one of the most intriguing of tiny marketcaps to speculate on. If they had given away Bytes to every Bitcoin HODLer, I expected a selloff. But instead apparently what they did is only distributed to a very few who bothered to show up on time, so the coins have been concentrated amongst for example ICONOMI got roughly 9% of all Byteball issued. So perhaps the selloff won't be forthcoming. I dunno because I haven't been following it in detailed study since.

    Nothing is perfect. And they could potentially improve over time.

    But the flaws I outlined are somewhat onerous, especially their transaction fee design appeared entirely unscalable to me unless they've since changed it or clarified something I didn't know.


    @superresistant, seems what you are calling a "smart contract" could possibly be done with Bitcoin's scripting?
    Agreed, I triggered by the idea of this coin since the first time I read it, free distribution but the amount of bitcoin in everyone wallet which bothers me. I mean, who has huge amount get huge portion of byteball, a rich man becomes more richer. Byteball has taken second place of the higher exchange rate right now at $67.56, marvelous.

    Byteball distro in round 1 was heavily beneficial for btc holders, but for all later rounds not so much. From round 2 onwards much better to use btc to buy byteball and get 10% compounding for all later rounds than link and get measly 62MB byteball. More than 12 more full moons to go, so distro creates BB demand, which creates higher return each round, which creates more BB demand etc As long as dev keeps to schedule BB can only go up.

  • Mr.Charlie
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    March 08, 2017, 02:38:15 AM
     #15
    bitbay is the superior choice.

  • benthach
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    March 08, 2017, 04:35:55 AM
     #16
    Quote from: houlala1 on March 07, 2017, 12:38:53 PM
    It's funny cause Ethereum is here since more than a year and i never be able to install the wallet

    Yesterday i did my first transaction by smart contract, not with ETH but Byteball and i'm still shocked by the tech i don't know what to say. I think Superresistant summarized well

    The best is that you try it by yourself


    eth is a scam but then ton of people already millionaire out of it
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  • iamnotback
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    March 08, 2017, 06:14:24 AM
    Last edit: March 08, 2017, 06:46:21 AM by iamnotback
     #17
    Quote from: benthach on March 08, 2017, 04:35:55 AM
    eth is a scam but then ton of people already millionaire out of it

    2000 lbs is roughly 12 (a dozen) people.

  • altseeker
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    March 08, 2017, 06:24:21 AM
     #18
    A noob friendly and easy to execute smart contract sounds great, I expect byteball will soon become the next big thing in crypto.

  • iamnotback
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    March 08, 2017, 06:27:55 AM
    Last edit: March 08, 2017, 06:44:50 AM by iamnotback
     #19
    Quote from: altseeker on March 08, 2017, 06:24:21 AM
    A noob friendly and easy to execute smart contract...

    I repeat:

    Quote from: iamnotback on March 07, 2017, 07:24:42 PM
    You may be interested in my comment about Byteball's smart contract language.

    Quote from: iamnotback on March 08, 2017, 03:03:49 AM
    Do you really expect users to give a damn and look at the source code of the smart contract?

    It usually helps to read before you spout off incorrect appraisals of what is.

    If you aren't interested in accuracy of technical statements, then the altcoin speculation IQ becomes as follows:



    Quote from: superresistant on March 07, 2017, 11:17:33 AM
    Re: I just did a smart contract in Byteball : mind blow.

    The hype in the Subject title of this thread also seems to be ignoring the reality that some of these things were possible with Bitcoin's scripts, others with CounterParty (not that I think CP is secure), Ethereum, etc...

    Quote from: iamnotback on March 07, 2017, 06:39:54 PM
    @superresistant, seems what you are calling a "smart contract" could possibly be done with Bitcoin's scripting?

    I understand you were saying that it was just there in the wallet by default and maybe your point is that to the extent this capability is possible in other systems, it hadn't been there for you by default when you needed it. But is that just aliasing (sampling) error rather than a fundamental advantage between comparable systems? Byteball fortuitously happened to have a script & protocol you wanted available in the wallet by default.

  • superresistant (OP)
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    March 08, 2017, 05:45:23 PM
    Last edit: March 08, 2017, 05:57:07 PM by superresistant
     #20
    Quote from: iamnotback on March 08, 2017, 06:27:55 AM
    Quote from: superresistant on March 07, 2017, 11:17:33 AM
    Re: I just did a smart contract in Byteball : mind blow.
    The hype in the Subject title of this thread also seems to be ignoring the reality that some of these things were possible with Bitcoin's scripts, others with CounterParty (not that I think CP is secure), Ethereum, etc...

    First sentence :

    Quote from: superresistant on March 07, 2017, 11:17:33 AM
    Smart contract isn't something new, far from it.

    Quote from: iamnotback on March 08, 2017, 06:27:55 AM
    Byteball fortuitously happened to have a script & protocol you wanted available in the wallet by default.

    That is what is mind blowing, the user experience, not the technology.
    I insisted enough on this.

    Quote from: superresistant on March 07, 2017, 11:17:33 AM
    That's how smart contracts should works : for a real use without being aware you're doing a smart contract.

    I immediately noticed the use of a chatbot in byteball and I think that is visionary. I will let this video explain my view point on the matter :
    Why Apps Won't Matter in the Future
    (especially the part about chatbot)

    Financial apps should be in the form of chatbot. It's already massively the case in China. Only the Occidental market ignore it but it's already here and huge.
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