Participation in Byteball distribution
To take part in the future distribution, you need to link your Byteball and Bitcoin addresses before December 25.
1. Download and install the wallet for Byteball live network:
If you also installed testnet wallet, you'll have two byteball wallets: one for testnet, the other for livenet.
2. Visit https://byteball.org and click the link to chat with the Transition Bot. The link will open the new wallet and start a chat. Follow the instructions of the Transition Bot to prove your Bitcoin balance.
You have two options to prove your Bitcoin balance:
a. By making a micropayment. The bot will see your address the payment came from, will know that it is your address, and will instruct you to move your Bitcoins to this address. By making several micropayments, you can link several Bitcoin addresses to the same Byteball address.
b. By signing a message (if your Bitcoin wallet supports this function). You tell the bot your Bitcoin address and sign your Byteball address with the Bitcoin address. After you prove one address (a typical Bitcoin wallet has dozens of them), you can either move all your coins to this single proven address or prove all other addresses in the same way -- by signing a message.
If you try to link the same Bitcoin address to multiple Byteball addresses, only the last linking counts. This rule might be adjusted if we see attempts to link exchange-owned addresses.
If you prove by micropayment, remember to check that the Bitcoin address that the bot received the micropayment from, is indeed your address. An attacker might see your payment on the blockchain and repeat the same micropayment from his address trying to trick you to move your funds to him.
3. After linking, there is no use of the new wallet before the distribution, just keep it installed (backup if necessary). It will receive the bytes on the distribution day. If you make any Bitcoin payment, your coins will most likely be moved to a new change address. Chat with the bot again, see the balance on your linked address(es) and move the coins back to the linked address(es) if necessary.
The linking phase will end on December 24 at 23:59:59 UTC, after which we'll do the distribution in proportion to Bitcoin balances in the first block timestamped after December 25 00:00:00 UTC (Christmas block). I'll announce the exact block number several hours after this block is mined (the waiting time is to exclude the slightest chance of reorg). The bytes and blackbytes will be sent out in the afternoon of December 25.
During this distribution we'll distribute 10% of the total supply of bytes and blackbytes. The remaining 88% will be distributed in subsequent distribution rounds, exact dates to be announced later. The planned distribution percentages (subject to change):
2nd round: 20%
3rd round: 30%
4th round: 38%
The rounds will be spaced 1 to 2 months.
In each subsequent distribution round, we'll take a new snapshot. The distribution rules in the 2nd and further rounds will be slightly different from the 1st. You'll show both your BTC balances (as in the 1st round) and your balance in bytes (which you received in earlier rounds or bought from other users). You have a sort of basket that consists of a mixture of BTC and bytes. To determine the weight of the basket, every 62.5 MB are counted as 1 BTC. For example, if you have 125 MB and 3 BTC, the weight is 2+3=5 BTC. The distribution of new bytes in the 2nd and subsequent phases will be proportional to the weight of your basket.
My 1% doesn't participate in the 2nd and further rounds.
The ratio 62.5 MB per 1 BTC is chosen so that the total money supply of bytes (1015) and the total number of BTC in circulation (16,000,000) are equivalent.
Earlier adopters have the opportunity to participate in greater number of distribution rounds and receive new bytes in each round by using the same BTC balance and bytes received in previous rounds. You are effectively doubling your stake in each additional round you take part in.
Track the progress of linking at http://transition.byteball.org.