Announcement – BTS Snapshot Date

in #peerplays8 years ago (edited)


THE PEERPLAYS TEAM IS HAPPY TO ANNOUNCE THE DATE FOR THE BITSHARES (BTS) TOKEN SNAPSHOT.


What is a Snapshot?

Snapshots are a way of distributing ownership of tokens in a blockchain, and share-dropping is the vehicle through which shares in the new chain are proportionally issued. The token allocations for the Peerplays blockchain can be found here.

When the Peerplays chain is launched, the genesis block or “first record” contains shares that can only be unlocked using the private keys that correspond to each public key that was recorded in the snapshot. Since the rights to crypto-currency ownership are contained within the private keys, token holders must simply input their private key from the chain the sharedrop was based on into the new chain, and their new shares become unlocked.

Why BTS?

The state-of-the-art blockchain infrastructure behind Peerplays (called the Graphene toolkit) is the end result of 2 ½ years of research, hard work and dedication from a large number of individuals and teams, many of whom are holders and/or participants in the BitShares (BTS) project.

Peerplays has chosen to sharedrop 5% of its tokens onto BTS as a tribute for the work already achieved, and also as an incentive to promote future support from those who have participated in building this amazing open-source technology.

The Details:

Because a “hard date” could potentially cause unnecessary BTS market volatility, the snapshot will instead take place on a random block that falls between the date range of:

SEPTEMBER 1, 2016 (0:00 UTC) – SEPTEMBER 16, 2016 (0:00 UTC)

All BTS held in collateral for SmartCoins as well as BTS held in open market orders will be included and honored in the snapshot.

Please be advised: Peerplays will not sharedrop onto any publically known exchange or 3rd party escrow account addresses. To guarantee that you receive your entire sharedrop, you must hold BTS in your BitShares wallet ( ie. “Freedom Ledger” or “Open Ledger”) during the entire date range specified.

The security of the Peerplays blockchain is dependent on shareholder participation. In the past, certain exchanges have promised to distribute share-dropped tokens onto their users, only to rescind that promise at a later date. Furthermore, other exchanges have chosen to exercise the voting rights of their users’ tokens without obtaining express permission from their users to do so.

We believe that most cryptocurrency exchanges are reputable, honest and professional. However, since we cannot fully guarantee the trust of our users will not be violated by the methods outlined above, we have determined that the potential security risks in allowing any exchange to participate in the sharedrop process outweighs the convenience that might be afforded by supporting them.

Lucky for everyone, BitShares happens to contain its own fully functional on-chain exchange with gateway tokens available to trade in dozens of popular cryptocurrencies. We are hopeful that these existing features will offset any trading inconvenience experienced during the snapshot process.

If you have any questions about the snapshot, please visit the announcement thread on the bitshares forum, or email us at powerup @ peerplays.com.

TECHNICAL NOTES: To determine the exact block of the snapshot, the block id of the last block produced after 0:00 UTC September 16 will be divided by the number of blocks produced from 0:00 UTC September 1st through 0:00 UTC September 16th, and the remainder (mod) of that division will represent the block number (from this date range) that the snapshot will be taken.

#peerplays #bitshares #sharedrop #beyondbitcoin #blockchain

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Maximum hype! :D

Sharedrop theory is alive and well in 2016! I'm looking forwards to holding sharedropped peerplays soon :)

Came for the comments, left sobbing. Seems par for the course.

Anyone have some tissues?

Correction: “Last block after 0:00 UTC Septmember 16” should say “Last block before 0:00 UTC September 16”

To determine the exact block of the snapshot, the block id of the last block produced after 0:00 UTC September 16 will be divided by the number of blocks produced from 0:00 UTC September 1st through 0:00 UTC September 16th, and the remainder (mod) of that division will represent the block number (from this date range) that the snapshot will be taken.

The wording is unclear.

Do you mean "the last block produced before 0:00 UTC Sep 16" or "The first block after 0:00 UTC Sep 16"?

What if there are several matching blocks produced (possible through forks)?

Also note that the witness signing that block has some influence on the ID and can therefore "mine" the block in such a way that a specific snapshot block is used.

Good question. We are compiling all together questions like this so we can give a full FAQ later. Stay tuned.

Looking forward to this. PEERPLAYS has already seen a 4x gain since the initial $2/share offering. Looking forward to some amazing things from these guys! For those of you who appreciate piston and the work done by @xeroc, this is the next tech to follow.

Yep, the concept is solid and the execution so far has been first rate! The devs have been around the Bitshares community for quite a while and are a great bunch of people. Everything is lining up for a moonshot...

http://coinmarketcap.com/assets/peerplays/#markets

Seems like more than a 6x gain so far. :)

It's not a gain in price it self, but giant potential of a PEERPLAYS will attract investors! Make a profit from hosting or taking part of any kind of online tournament! That sounds to me like an ocean of opportunities..

I briefly skimmed the whitepaper, but it doesn't really have much details on how RNG / shuffling works, which is the most interesting problem here. In base Graphene / Bitshares / Steem there is some RNG used to determine the witness ordering, but some daunting implementation issues [1] prevented us from building a bullet-proof cryptographically strong RNG. Which is a requirement for gambling. This wikipedia page has some information on the theoretical state of decentralized strong RNG.

If peerplays has solved these problems to the level that a production blockchain for online poker -- or even online High Card [2] -- is possible, it's an impressive technical achievement.

[1] Mostly the "last participant being evil" problem -- if the last person to go doesn't like the RNG result, he suddenly develops mysterious network issues and drops out, meaning the protocol has to either hang until he comes back (which may never happen) or somehow recover without him (which effectively causes a re-roll because the private information of the guy who left was necessary to determine what the outcome was).

[2] A simple example game discussed in the whitepaper, where two players are each randomly assigned distinct integers 0-51, and whoever has the higher integer wins.

Oh man, I'm so glad I bought peerplays tokens during the 2nd batch of sales. got 20 for 40$ which are now worth ~240$.

Should buy some more now that I've made some $D! :)

where i can buy?

Check peerplays.com!

Wonderful, I appreciate that!!!

5% 5% 5%

Just to make things clear : to benefit from the sharedrop, I need to withdraw all bts I have on exchanges and keep it in my bitshare wallet ( ie. “Freedom Ledger” or “Open Ledger”). I wont get anything if I keep it on the exchange.
Is that correct?

Correct

What about the exchange wallets, are they exempt, or are they just gonna pocket it?

I think the only wallets getting the peerplay is the BTS online web site.
All others are ignored.

You can use OpenLedger.info, https://secure.freedomledger.com/ or the light wallet https://github.com/bitshares/bitshares-2/releases

Those exchanges are all compatible and you can move/share your funds and wallet files between all of them.

And always remember, backup, backup, backup. Only you are in control of your funds.

i like snapshot coins

Fantastic idea: it will broaden the Peerplays user base!

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