Weekly Updates
Last Week
I dont know about you, but I have had a fantastic week.
I will start by saying, what I was really excited about was that I able to make some great inroads into the ID development early in the week and everything technically is starting to come together. I am not going to pretend, there is still quite a ways to go before even close to public testing but I consider a major milestone has been met.
One of the things that constantly becomes a challenge is not to stray too far from the tasks. Essentially, it is about goal setting, and trying to reach those goals. Make them achievable enough that they are not missed, why challenging enough to keep extending yourself. Only after the task is met do I let some distraction then turn my attention.
I think 2016 is going to be a bit of a turning point in the crypto space. There seems to be some broad consolidation of thinking on blockchains, and that they hold some secret power. IBM, Microsoft, just about everyone is getting on board. Over all, it is going to be an interesting space to watch. What is unfortunate is that all these companies do it in denial of Bitcoin, which brought the technology to the masses.
Despite this acceptance, I think it is still a bit of a Red pill/ Blue pill moment.
Bitcoin was born not to solve a problem with banking. Banks will always be banks. Their acceptance of blockchain technology is not to make transactions faster and cheaper for you, but rather faster and cheaper for them. PROFIT and BOTTOM LINE improvements. Bitcoin (and of course Reddcoin) is able to introduce an electronic peer to peer (person A to person B) system to allow the transfer of your funds without going through a financial institution. A system that is better for us
"You take the blue pill, the story ends.
You wake up in your bed and believe whatever you want to believe.
You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."
âMorpheus, to Neo
If you have not ever read the whitepaper Bitcoin: A Peer to Peer Electronic Cash System :: Satoshi Nakamoto I do suggest you take a read.
New Wallet - RC1 development update
I have now had a few more people asking to test out the new wallet which is fantastic. Thankyou for all the requests.
A special shout out to Didi who has taken it upon himself to create EVERY test environment: talk about going above and beyond. Didi, for you who dont know has kindly been creating a blockchain snapshot to help with bootstrapping process.
I was hoping to get another build out this weekend (RC2??) containing the few gramatic and spelling errors which I have picked up, however, I have uncovered a real bug that needs deeper attention. The fee calculation on some transactions is much higher than expected when using the GUI. This is not always evident for every transaction, but when it is, it can be as much as 5000RDD in transaction fee. OUCH!!
I need to get on top of this issue before making good on the more broad invitation so that there is no risk to your funds (this is a technical release to be run on Testnet, however, I also want to avoid the temptation to run on mainnet). As this is a problem with fees, it would be included to anyone staking the block contating the fee (lucky for the one staking the block). Suffice to say, ideally this needs to be fixed before the wallet is put further into the wild
In light of this, the wallet otherwise is behaving as it needs to be in terms of testing and running on testnet. I will be focussing on the next phase of Reddcoin before switching back to track this particular issue down unless it becomes a deeper operational issue.
Please be patient, as I feel the next phase will be worth the wait.
Current Reddit tip platform
Recently it was brought to my attention that the tipbot on Reddit wasnt working so well.
In an effort to get things working again I reached out to Jonathan to check on what might be the problem.
After a bit of a conversation, we have both agreed the best course of action will be to transfer the server image running the tipbot across to myself. Please be patient whilst this activity is undertaken, I will provide an update when completed and everything in order.
Ultimately this is an interim solution and personally I dont like all the responsibility on my shoulders. However, the end game plan here is to get to a decentralised platform where we are not relying on central administration.
Thanks Jonathan for allowing this action to take place.
More on Cryptsy Withdrawals.
More of a RFI, but curious if anyone has successfully withdrawn their funds from cryptsy in the last week or so?
Redd-ID
Any delay in fixing the above mentioned wallet transaction fee issue is directly related to this baby.
I have to say that a lot of progress was made this week, so I wanted to keep my focus whilst the grey matter is pumping and I am on a roll.
There is nothing too exciting to show, it is a console based server. But maybe a screen grab might be exciting to some of you.
The above is running on the Reddcoin testnet.
The namespace_id refers to the root identity on the blockchain, the Network ID (NID). In this case, âBlogâ was a name that i was testing with.
On the blockchain, multiple NetworkIDs can exist. Think of these a bit like domain names, or comapany names, or group names. Users when they sign up for an ID, will subscribe to a particular (NID).
e.g âjohn.blogâ or âgnasher.reddcoinâ
The NID names might be a generic, or they will be a more specific NIDs reflecting for example a company. NIDs can also be public identities, while others private in nature.
So whilst I was revelling in this moment and pondering, so many other possibilities came to mind as to how the embedding of data in the blockchain could be used. What makes this exciting is,
- Reddcoin has a 1min blocktime
- The available space to store data is 80bytes
- multiple transactions can be embedded into a single block
- The one staking the block not only gets the stake reward, but also gets the transaction fees of all the included transactions in the block.
- Reddcoin is currently at about 1% block capacity
Please feel free to discuss if you would like more.
In Closing
Again, thankyou for taking the time to read Redd-Nation,
Just an FYI, I am also going to switch the publishing date to be a Monday (for me that is). Friday is just way too hectic a day to focus on pushing these weekly updates out.
Gnasher
(John)
