Even though they have been around for sometime, they are just now getting on the radar of some. The Developer Colin Lemahieu "clemahieu on bitcoin talk" has over 1700 commits on RaiBlocks github, and is a full time software engineer. Speaking with Colin he is trying to approach the project with simplicty, he feels the complexity of other cryptos can be damaging to adoption. Slow transcation speed hurts also and hopes to make it easy to use and understand for non tech people and adoption.
Some of the unique features they offer:
1. No fees: The Rai Blocks network has no notion of fees.
2. Low latency: Transactions are natively processed instantly giving a responise experience.
3. Scalability: Micropayments require a system capable of sigificant scalability.
4. Simplicity: Users have a simple experince without technical jargon.
Coins are distribued once daily. The payout is a fixed 400,000 coins per day. Distribution is based on the number or captchas entered or "claims" for that day. The quantity of coins each account claming will recieve is based on the amount of account's claims, total accounts's claims and quantity to be distributed in current payout. Formula: personal reward - personal claims / total users * max qunatity disributed.
To prevent bot usage of the faucet, there are captcha to complete, which prove the human work a second security layer that allows for every account a claim frequency not lower than 4 seconds.
Distribution: https://github.com/clemahieu/raiblocks/wiki/Distribution-and-Mining
Current RaiBlock road map:
Pending:
- Bitcoin compatibility API (not necessary IMHO, MikeRow)
- IP multicast transactions
- Track receivable balance for user display
- Create confirm_list message for bandwidth saving
- Digitally sign executables OSX/Windows
- Fixed-rate keepalive
- Checksum calculating for efficient reconnection and bootstrapping
- Block pruning for lite clients
- Language bindings
- Self-updating client (not necessary IMHO just add a Ubuntu rep, MikeRow)
- Work-generating applications
- Improve build process
Completed:
- Deterministic wallet format
- Async RPC handling
- Stabilize with community feedback
- Activate live network and begin distribution
- Node virtual appliance for server environments
- Accept and update work on a block if someone does more work on it
- Multithreaded correctness for transactions
- Wallet block viewer
- Print block RPC
- Configurable logging
- Wallet disconnection indicator
- Calculating successor an efficient way
- Block gap negotiation
- Get merchant API implementation running
- Mechanism to extract wallet private keys for transfer.
- Select live-network port
- Refine block path selection for more efficient bootstrapping
- Wallet GUI improvements
- Precalculate block work so next block can be sent using cached value.
- Multithreaded work
Raiblocks has one block chain for each account which is controlled by the account's private key and each block chain is replicated to all peers in the network, we call this arrangement a block lattice.Balances are transferred between block chains through send and receive blocks.
Send blocks reduce the balance of an account and marks the delta as receivable by an account number. At a later time the receiving account creates a receive block which increases the balance of their account by the delta.
https://bitcointalk.org/index.php?topic=1422828.0
Thanks for the project info, pretty good summary for me!
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