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TurtleCoin AMA questions #139

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TRTLAlien opened this Issue Mar 16, 2019 · 8 comments

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TRTLAlien commented Mar 16, 2019

TurtleCoin AMA Questions

The total supply of TurtleCoin is 1,000 billion. Why made such a large amount?

@TRTLAlien: Please see https://medium.com/@turtlecoin/one-trillion-turtles-coin-supply-and-unit-economics-5bfbea0aa1f1

@19morpheus80:
TurtleCoin differs from many other cryptocurrencies in that each coin is divisible into 100 parts (similarly to most fiat currencies in use today).
Divisible units vary by currency; Bitcoin, for instance is divisible into 100,000,000 parts.

Divisibility of one TurtleCoin: .01
Divisibility of one Bitcoin: .00000001

These 'smallest divisible units' are known as atomic units.

Number of atomic units of Turtlecoin: 100,000,000,000,000 (100 trillion 'shells')
Number of atomic units of Bitcoin: 2,100,000,000,000,000 (2.1 quadrillion 'satoshi')

When viewed this way; TurtleCoin has significantly less units than most other cryptocurrencies.

A full article describing coin supply and unit economics is available here

@brandonlehmann: The TurtleCoin supply really isn't as much as you might think it is compared to other currency supplies as @19morpheus80 said. Here's another a few more comparisons to hold you over.

TRTL               100,000,000,000,000 Shells
BTC              2,100,000,000,000,000 Satoshis
IOTA             2,779,530,283,277,761 IOTA
LTC              8,400,000,000,000,000 Photons
ETH 97,879,990,190,000,000,000,000,000 Wei
USD                169,000,000,000,000 Cents
GBP                  6,889,900,000,000 Pence
WRLD               500,000,000,000,000 Cents

Current estimated USD, GBP, and World currency supply as of Dec 8, 2018

Currently, there are many anonymous coin projects in the market. What are the differences and unique advantages of TurtleCoin compared with these projects?

@TRTLAlien: We pride ourselves on being very open,helpful and encouraging to new members that want to be a part of project. Anyone can contribute in some way to TurtleCoin. Being so open to the community allows for people to learn and bring their unique skillset to our project that with other coins they may never have the opportunity to get start. Because of this, we have over 30 developers and have one of the highest developer activity among coins. Currently TurtleCoin ranks 26th in activity of public source code repositories.

@BebopTC:
TurtleCoin is Fast - a 30 second block time means transactions are quickly verified and propagated in the network

TurtleCoin is Fair - we try to emphasize equity, fairness and decentralization by using mining algorithms that are averse to ASICs and even suitable for CPU mining. We actively attempt to monitor distribution of hash power among pools and encourage the community to self adjust.

TurtleCoin is Easy - we really do want turtlecoin to be as usable as possible for all users of all skill levels, from hardcore crypto theorist to novice customer making a payment. Some ways we accomplish this is through documentation and guides, support and help in discord and social media, multiple wallets, both GUI and CLI, supporting multiple platforms, etc.

TurtleCoin is Community - to elaborate on @TRTLAlien's answer, when we say we are "open" it is more than just a welcoming attitude. All of the core software and most of the supporting projects such as documentation, wallets, block explorers, mining pools, bots, etc are open source, meaning they are licensed so that anyone can freely take the code, experiment with it, distribute their changes and contribute back. We encourage participation in this ecosystem by keeping our discussions open and active in our discord channels and in github, by maintaining developer documentation describing the software and how to work with it, by providing other developer tools like SDKs and libraries, and by giving recognition and shoutouts to the community members for their contributions through the weekly roundup on the developer blog (https://medium.com/@turtlecoin/)

The open-for-all approach to the this project means we are able to quickly adapt to issues and changes and get a rich mix of ideas and approaches, and anyone can stake a claim in the ecosystem by simply being involved.

We have noticed that there is a plan on the roadmap named Karai -- a simple smart contract. How will the smart contract be used? Or what is the definition of Karai? And we have noticed that the development of this plan has started. When will it be finished?

@SoreGums: As an overview, Karai is envisioned to be a way to support distributed applications. The current model for that is Ethereum and smart contracts. At the heart of the term, 'smart contract' is the idea of 'code' being published and actions taking input and producing output that is then committed to a blockchain which is public/persistent/trustless. Given that as the general idea of smart contracts as a base construct, many kinds of applications can be built on this 'code takes input, does something with it, then produces output', some examples 1: God's Unchained is a card trading game finally a digital native version of the popular physical paper-based system. 2: MakerDao a stable coin project. 3: Selfkey a self-sovereign identity platform.

Now back to Karai, I've published a thought piece here, https://blog.turtlecoin.lol/archives/soregums-on-distributed-compute/ the base idea behind that is maybe all we need is a message bus. The reason for that is while the Ethereum model of one single virtual computer works, it has limitations when the volume of units of work escalates to a million (see crypto kitties slows down Ethereum network, https://www.bbc.com/news/technology-42237162).

And finally to answer the question directly, there is no end date, there is a continued discussion that happens in discord in the #dev_karai channel. Of the various discussions, there is some consensus on smart contracts don't really make sense as the term to describe what we want Karai to be called. It helps get people interested in the Karai project when this is all done I have a feeling it'll be branded as something to do with 'distributed application platform'. Also, the current implementation says there will be a second blockchain that is where Karai's data will live and have its own currency called DATA and will use a form of merge mining so that all the miners powering TurtleCoin will be able to generate blocks for Karai. If you would like to get involved please join us in the #dev_karai channel on Discord.

TurtleCoin's network is not stable recently. Do you have any plan to adjust the network? For example, the connection node of shell wallet has been very unstable recently. The connection often drops and the experience is very bad. What is the reason? Is there a good solution?

@brandonlehmann: The TurtleCoin network is stable; however, we are aware of performance impacting issues caused by the insertion of a large number of transactions into the mempool that tend to cause some nodes to appear to hang when responding to RPC requests. We have discussed a few different approaches on how to improve that performance; however, no definitive plans have been made yet.

As for the public nodes referenced in Shell Wallet and a few other GUI community developed wallets, those are community operated public nodes for the benefit of the community. Keep in mind that the community operators provide no guarantees that they are reachable, reliable, or otherwise usable. The best way to avoid issues with the use of public nodes is to run your own node (via TurtleCoind) and connect to that either locally or on your own remote machine.

When can iOS wallet be released?

@brandonlehmann: When it's released 😄 Generally speaking, the community does not supply due dates but we will supply start dates of projects. That being said, @zpalmtree is currently focused on cleaning up the issues list for the Android Wallet. After that, maybe he'll work on the iOS version, who knows? Anyone in the community is free to work on any project they wish. If you don't have the technical know-how to contribute to coding directly there are many other ways to contribute as well including submitting documentation, translating documents and interfaces, and if all else fails, contribute TRTL towards a development bounty.

What are the specific application fields of TurtleCoin? What is the largest possible application landing direction in the future?

What are the medium-term and long-term plans for TurtleCoin? What are the major problems to be solved right now ?

What technological breakthroughs or explorations will the Turtle team focus on in the next stage?

@brandonlehmann: We're slowly working on adding multisignature wallet support. We're also looking at the feasibility of incorporating RingCTs and Bullet Proofs. Only time will tell what big breakthroughs will come next.

What keeps the TurtleCoin developers moving on without any capital investment?

@brandonlehmann: Honestly, it's the fun of developing new things, helping others build new things, and watching the project grow over time. Everyone needs a hobby, and right now, TurtleCoin is mine :) I'll let others answers for themselves.

@BebopTC: Passion and belief in what we are doing, our own need for specific features, the sense of accomplishment, the pride and recognition of contributing to something bigger, and the fun of the community. These TurtleCoin people are all a bunch of jokers!!

What does the TurtleCoin project, driven by the community alone, rely on to ensure timely development? Will you consider setting up foundations and other incentives for developers in the future?

@brandonlehmann: Again, I refer you to the concept that we don't set deadlines, we set start dates. As such, there is no such thing as "timely development". It is very unlikely that a foundation will be set up in the future. As for incentives for development, there was no pre-mine and all development bounties are community funded. If you want to see a project or features completed faster, we highly suggest that you contribute to an open bounty or offer one up yourself.

@RocksteadyTC Some of us just feel compelled to do it. My satisfaction is in not having to trust bankers to make unwise decisions with our future. Banks and central financial control are the point of failure in the modern economy, and as long as we keep giving bailouts, we'll have nobody to blame but ourselves. I choose to not be part of this problem.

@BebopTC: As a community, we are the users of the product we are building. So we are collectively driven by our own needs as users of the software and the network, which turns out to be a strong incentive. Many people have spent their own time, energy, code, mining power, and even money to help build not just the network but the community around it, and we want to see the results of our work continue.
"Timely" is very subjective. Because of the openness and accessibility of our project in terms of development, anyone can work on whatever they feel is important or a valuable use of their time, so essentially there is a pool of developers and contributors that only work on the most important and valuable things at any given time. For some reason, the people contributing the code, writing the documentation, running the pools and daemons and operating the network tend to know the issues with the code, documentation, pool and daemon software, etc. pretty well, so we trust they have a good pulse on what needs to get done.

A foundation isn't impossible or even out of the question, but we haven't found it necessary. Passion (and need, as we are all users of our own product) tend to be the best motivators and so far the community has been able to sustain itself. A funding source to pay for developers may yield a boost in consistent, day-to-day commits in various projects but ultimately their priorities would be driven by what the funder or foundation thinks is most important and according to their own definition of timely. We all dream of the day we are paid in turtle to work on TurtleCoin, but bounties and tips is much more true to the turtle style.

The TurtleCoin community is very strong, but it seems that the community is biased towards personal interests. Is there any consideration for a more corporate approach? For example, providing commercial API interfaces suitable for different industries and cooperates with traditional Internet companies.

@BebopTC: I think this is a great question and a great followup to the prior one. Look at Linux, for example. It's an open-source project started by one person who got more contributions back from other interested people on the internet. Today Linux powers massive enterprise computing all over the world. There are corporations and whole industries around Linux administration, training, support, etc. Many companies sponsor Linux development directly, and many hire their own developers to work on Linux so that their own needs get met by the software. But it is still just a free, open source project. And this is the case for many other open source projects too.
The TurtleCoin community is focused on making TurtleCoin the best possible solution for a private block chain with fast transactions. That means if a corporation (or any enterprise, large or small) has needs for a private or fast block chain, TurtleCoin should be a viable solution for them. Because of our own goals and visions of a financial/software ecosystem empowered by TurtleCoin, we focus a lot of effort on making tools and services that provide easy integration into TurtleCoin. This includes the JSON-RPC and HTTP interfaces to TurtleCoind daeomon and walletd daemon, native libraries and api wrappers to interact with those APIs in various languages (https://github.com/turtlecoin/turtlecoin-docs/wiki/Resources), public node daemons and public nodes, web wallet services, etc etc.
We want corporations to participate in the ecosystem, that will only help widen adoption of TurtleCoin and further our goals. If corporations have specific need, just like anyone else, they are free to jump in discord or github and discuss it. We certainly try our best to meet their needs just like every other user, and they are free to offer a bounty or sponsor development for their needs as they see fit.
TurtleCoin is NOT a toy project. It is a real block chain, with real people contributing real time, work, and compute power behind it. This is NOT a demo, it is production-running software. We believe it is as enterprise ready as any other block chain, and we always aim to increase our maturity in how we support developers, corporate or individual.

@brandonlehmann: More corporate? No.

As for more API interfaces, you may want to take a look at the work being done to standardize the API calls in wallet-api, TurtlePay, and trtl.services. If there is something else that you're looking for, feel free to put the idea forward, develop it yourself, or offer up a bounty. Again, the entire project is Community driven, operated, and maintained.

@RocksteadyTC: I think that although none of us will be tucking in our shirts or wearing a tie any time soon, our goal is not just go be a better fair and private digital currency, but to take the place of services like PayPal and Venmo through ease of use and accessibility. Ask someone how many times PayPal has monopolized their funds because PayPal decided their transaction wasn't worthy of being received. A third party holding your money hostage should not be a concern in 2019, so it only makes sense to enable people to seamlessly integrate TRTL wherever needed.

What plan do the TurtleCoin team have for all kinds of TurtleCoin ecological applications in the future (such as TurtlePay)? Or is there no plan, just let nature take its course?

@brandonlehmann: As everything is community driven and developed all projects and solutions are organically grown. Core team members are charged with doing their best to maintain the core suite that provides the TurtleCoin network. Beyond that, how the network is used is up to the community. That's not to say that core development team members won't build additional applications on top of the network (as they have already) but you have to remember that this is a community project. It's not a corporate backed project and nor do we want it to be.

What is the relationship between the TurtleCoin team and the miners who have been digging TurtleCoin for a long time, and who have been working very hard and have deployed a large number of E5 CPU miners?

@brandonlehmann: A lot of miners are in the Discord chat. Everyone helps everyone with mining issues, optimizations, etc. In the Discord chat you'll find not only miners but pool operators as well. The community is strong and everyone coordinates activities to help make sure the network remains stable.

@RocksteadyTC I have a great respect for miners, their work is what makes our network strong and keeps us moving safely, this is why we take our commitments to fair mining seriously. We understand and appreciate that it can be difficult to change your mining software when we upgrade the PoW algorithm so often, but it is our promise to keep mining accessible to everyone that makes it necessary to always stay a step ahead of ASIC and FPGA until it is economically viable for everyone to be able to afford them. As it stands, just about everyone can afford a CPU and some people can get GPU, for now this seems like the best option as we have not seen a very diverse offering of ASIC yet. When ASIC can be bought from many different manufacturers, and there is so much competition among them that they can no longer afford to just mine their own hardware in private before selling it, then at that moment we can discuss ASIC because it will be truly considered the "fair" way to mine.

Why is the size of each block different greatly? For example, the 1319984 block in the figure below only packs one transaction with a size of 428, the 1319983 block packs two transactions with a size of 3079, and the 1319982 and 1319977 blocks also packs two transactions with a size of 1833,8131, respectively.

@brandonlehmann: Block sizes are based upon not only the number of transactions in each block but also the number of inputs (+ ring signatures) and outputs in each transaction. The more inputs or outputs in a transaction there are, the bigger the resulting block.

image

Have you considered a orderly destruction of TurtleCoins?

@brandonlehmann: If you're asking about a coin burn, the answer is no. If you're asking about a coin swap, the answer is maybe. We've discussed the possibility of a chain re-launch and swap after we are able to implement transaction size reducing technologies like Bullet Proofs; however, that's a discussion, not a definitive plan. Before you ask, no, we don't have a timeline for Bullet Proofs.

@RocksteadyTC Regarding a coin burn, that has never been intended or planned, but as accidents do happen, I'm regretfully able to say that my first wallet and a few hundred million TRTL after have been burned either through my mistakes or through donations and bounties. From what I can tell, I'm not the only one. We initially did not have view/spend keys available in our original CLI wallet, Simplewallet, and it only got added when that first wallet was corrupted irretrievably. Sometimes we learn things the hard way.

After global regulation is improved, how do you think TurtleCoin and other anonymous coins should cope with government regulation on anonymous coin project?

How much beer can you drink?

@RocksteadyTC - I have not found my limit yet, but there have been times where no matter how hard I tried I could no longer keep the boat or my fishing pole upright. :)

@BebopTC: How much you got?

A foreign friend said before that you and Satoshi Nakamoto this identity seems to have some relationship, is it so? Ha ha

@RocksteadyTC Friends are important. Many friends have come and gone over the years on this great internet- none have been forgotten.

What could we Chinese community members to do to help the TurtleCoin project?

@RocksteadyTC A great contribution would be translating our developer and user documentation into your dialects so that more people in the eastern world can participate with development and culture. A successful movement first starts with the people, and to recruit the most people we need more than just those that speak English. The next step is to get involved and start submitting Pull Requests on Github, everyone can help.

[Edited: by @brandonlehmann for formatting]

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TRTLAlien commented Mar 16, 2019

I thought this might be a good way to have everyone involved in answering the questions. People can add to and edit all questions until they are answered vs just putting it all on Rock or the same regular people who answer all the questions. Community involvement.

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brandonlehmann commented Mar 16, 2019

Thanks @TRTLAlien. I've tweaked the formatting a bit and dropped the image from the question list into the OP

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brandonlehmann commented Mar 16, 2019

I've added a handful of responses. Others feel free to chime in, edit, or otherwise.

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RocksteadyTC commented Mar 16, 2019

I ask that we please prepend your responses with your username.

EDIT: I've added a few responses and encourage others to chime in.

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brandonlehmann commented Mar 16, 2019

I ask that we please prepend your responses with your username.

I have added my username as a prepend.

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19morpheus80 commented Mar 16, 2019

I thought it would be nice to summarise the supply article; here's my attempt..

Q1: The total supply of TurtleCoin is one trillion (1,000,000,000,000). Why such a large amount?

@19morpheus80
TurtleCoin differs from many other cryptocurrencies in that each coin is divisible into 100 parts (similarly to most fiat currencies in use today).
Divisible units vary by currency; Bitcoin, for instance is divisible into 100,000,000 parts.

Divisibility of one TurtleCoin: .01
Divisibility of one Bitcoin: .00000001

These 'smallest divisible units' are known as atomic units.

Number of atomic units of Turtlecoin: 100,000,000,000,000 (100 trillion 'shells')
Number of atomic units of Bitcoin: 2,100,000,000,000,000 (2.1 quadrillion 'satoshi')

When viewed this way; TurtleCoin has significantly less units than most other cryptocurrencies.

A full article describing coin supply and unit economics is available here

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brandonlehmann commented Mar 16, 2019

I thought it would be nice to summarise the supply article; here's my attempt..

Copied into op. Thanks!

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SoreGums commented Mar 16, 2019

We have noticed that there is a plan on the roadmap named Karai -- a simple smart contract. How will the smart contract be used? Or what is the definition of Karai? And we have noticed that the development of this plan has started. When will it be finished?

@SoreGums: As an overview, Karai is envisioned to be a way to support distributed applications. The current model for that is Ethereum and smart contracts. At the heart of the term, 'smart contract' is the idea of 'code' being published and actions taking input and producing output that is then committed to a blockchain which is public/persistent/trustless. Given that as the general idea of smart contracts as a base construct, many kinds of applications can be built on this 'code takes input, does something with it, then produces output', some examples 1: God's Unchained is a card trading game finally a digital native version of the popular physical paper-based system. 2: MakerDao a stable coin project. 3: Selfkey a self-sovereign identity platform.

Now back to Karai, I've published a thought piece here, https://blog.turtlecoin.lol/archives/soregums-on-distributed-compute/ the base idea behind that is maybe all we need is a message bus. The reason for that is while the Ethereum model of one single virtual computer works, it has limitations when the volume of units of work escalates to a million (see crypto kitties slows down Ethereum network, https://www.bbc.com/news/technology-42237162).

And finally to answer the question directly, there is no end date, there is a continued discussion that happens in discord in the #dev_karai channel. Of the various discussions, there is some consensus on smart contracts don't really make sense as the term to describe what we want Karai to be called. It helps get people interested in the Karai project when this is all done I have a feeling it'll be branded as something to do with 'distributed application platform'. Also, the current implementation says there will be a second blockchain that is where Karai's data will live and have its own currency called DATA and will use a form of merge mining so that all the miners powering TurtleCoin will be able to generate blocks for Karai. If you would like to get involved please join us in the #dev_karai channel on Discord.

added to OP

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