BCN: Major Update 8/13/2014

Discussion of code updates and pull requests proposed by the community across all CryptoNote currencies.

BCN: Major Update 8/13/2014

Postby ullo » Tue Aug 12, 2014 4:50 pm

Bytecoin is going to have a major update on 08/13/2014

Upcoming features:

— Updated block reward scheme
— Daemon RAM consumption is optimized
— Faster wallet refresh
— Transaction priority based on tx fee
— Transactions are returned from tx pools after 24 hours
— Dynamic maximum block size limit
— Reduced default transaction fee
— Various network health updates

Multi-signatures is an essential strategic upgrade of Bytecoin that allows for sophisticated payment scenarios to be processed. This is the next significant step for the whole CryptoNote technology that will make Bytecoin excel in the cryptocurrency world.

Simply put, multi-signatures imply that the transaction cannot be sent unless all the private key holders have signed it.

It is applicable to the number of use cases, e.g.:

1. Escrow services built on the native Bytecoin protocol that provides secure and completely transparent way to transfer funds through a trusted 3rd party.

2. Wallets with increased security where the transaction outputs may be spent only if a certain subset of the key holders accepts it.
One example is the classic M—N case where M is the number of board members and N is the number of their signatures required to sign the transaction in order for it to be sent.

This upgrade opens the opportunities for the more robust Bytecoin ecosystem to emerge and evolve.
We expect it to become one of the most wanted features in the long term as it lays the groundwork for the various smart contracts.
The multi-signature API is also defined in this update so that you may already start designing new services on top of Bytecoin.

The detailed description of Multi-signatures technology can be found in the following post or at Bitcointalk Tecnnical Discussion Thread.
You may ask your technical questions here. We will be pleased to answer them.
You also may contact us through freenode channel #bytecoin-dev or our technical support

By the way, in the upcoming days we’ll be sharing with you the insights about the new features. So stay tuned and follow the news on, or sign up for newsletters.
Last edited by ullo on Wed Aug 13, 2014 12:19 pm, edited 2 times in total.
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Re: BCN: Major Update 8/13/2014, 09:00 GMT

Postby ullo » Tue Aug 12, 2014 5:34 pm

In simple terms, multi-signature works as follows.
When Alice wants to send $50 to Bob in exchange for a product, Alice first picks a mutually trusted arbitrator Charlie, and sends money to a multisig between Alice, Charlie and Bob.

Bob sees that the payment was made, and confirms the order and ships the product. When Alice receives the product, she finalizes the transaction by creating a transaction sending the $50 from the multisig to
Bob, signing it, and passing it to Bob. Bob then signs the transcation, and publishes it with the required two signatures. Alternatively, Bob might choose not to send the product, in which case he creates and signs a refund transaction and sends $50 to Alice so that Alice can sign and publish it.

Now, what happens if Bob claims to have sent the product and Alice refuses to release the funds?
Then, Alice and Bob contact Charlie, and Charlie decides whether Alice or Bob has the better case. Then Charlie produces a transaction sending money to the party he decides. He gets the second signature from Alice or Bob and publish it.

That is a simple scheme. Bytecoin implemented M-of-N multi-signature scheme in a straight way. Sender specifies the list of keys and the number of necessary signatures. Recipient simply refers to this particular output and attaches the signatures. No script commands are needed: keys and sigs are ordered, so verifier just will try to check all M sigs, taking N keys one-by-one without repeating. No more than N checks will be performed.

Unlinkability is still in charge: all keys are one-time and unique and being generated via standard scheme from the recipient(s) addresses.
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Re: BCN: Major Update 8/13/2014

Postby ullo » Fri Aug 22, 2014 11:28 am

Usability updates explained

Bytecoin has introduced a number of usability updates in its latest release.
Our team is working hard to provide you with the most convenient and reliable way to anonymously transfer your funds. Among the new features you may find the following:

1. Bytecoin team has further updated its unique blockchain storage. Based on this optimization, the daemon RAM consumption has been further decreased from 900 MB to 500 MB. Comparing to all other CryptoNote currencies where the whole blockchain is stored in the memory and may take up to several GBs, Bytecoin is much more accessible even on low-end computers and virtual servers.

2. Wallet refresh is now much faster due to the interaction protocol update and the synchronization with the daemon being performed in parallel threads. This update is most appealing to the new users, which have never refreshed their wallets before. The speed increase is roughly 100 times.

3. The default transaction fee has been reduced from 10 to 0.01 bytecoins, which made the transfers 1000 times cheaper.

4. In the meantime, users are able to influence the transacton speed through a higher fee. The higher the fee you provide, the faster the transaction is included into the block template.

5. New transfer command format for payment_id and fee. The payment id is indicated after "-p" argument, while fee should be placed after "-f". The new command format is as follows:

Code: Select all
transfer <mixin_count> <address> <amount> [-p payment_id] [-f fee]

Code: Select all
transfer 10 27sfd....kHfjnW 10000 -p cfrsgE...fdss -f 0.1

Bytecoin takes user convenience and usability above all.

Further updates are coming soon, so stay tuned and check back for other Bytecoin's updates that will be covered later today.
Last edited by ullo on Fri Aug 22, 2014 11:29 am, edited 1 time in total.
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Re: BCN: Major Update 8/13/2014

Postby ullo » Fri Aug 22, 2014 11:29 am

Overview of the recent Bytecoin network performance updates:

In its latest release Bytecoin has introduced a number of updates including multi-signatures and various usability improvemenets.
However, the most hardcore work has been done with the underlying modules that directly affect the network performance. Most of the changes have been made with the strategic vision as they redefine the way the network will behave in 10-years’ time. Here is the brief overview of the updates:

1. The block reward scheme has been adjusted in order to secure long-term stable performance of Bytecoin when the miners' reward is dependent on the transaction fees rather than the block reward. It was adjusted in order to keep the miners motivated as well as prevent from block size abuse.

2. Newly introduced dynamic maximum block size limit takes the adjusting CryptoNote's parameters to the whole new level. On the one hand, the block size limit is crucial to prevent blockchain flooding. The block size limit is now automatically increased every year to account for the user base and the network growth thereby providing a transparent and secure way to ensure the network scalability.

3. Due to a number of requests from users, we have significantly increased the sum, which can be easily transferred through the simplewallet. In case your transaction is not included into the block, it will be automatically excluded from the transaction pools within 24 hours and safely returned back to your wallet.

Along with the multisigs this set of updates represents our strategic vision for the Bytecoin. We are committed to providing the sustainability of Bytecoin in the long run by both making it more flexible and giving ways for the new services and businesses to emerge.
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