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The number of stuck bitcoin transactions has spiked to an all-time high of 160,000, according to blockchain.info, doubling the mempool size from …
Google Alert – bitcoin
At 1488812400 UTC (06 Mar 2017 16:00:00 UTC, or 2am on the 7th in Australia) XO.1 and Flux will be demonstrating the throughput of the SecureVote voting system. Over 1 million votes per minute will be anchored to the Bitcoin blockchain, for a total of approximately 1.5 billion votes over the 24 hours.
This will take place through approximately 11,000 transactions over 24 hours. This is about 4% of Bitcoin's capacity so may cause increased confirmation times and/or fees.
You're welcome to run an auditing node to verify the throughput of this stress test for yourself. (This can also be done after the stress test has concluded)
If you have any questions please leave them below and I'll expand this post.
During the stress we'll host a publicly accessible vote-explorer / dashboard at http://demo.xo1.io/index.html. The best time to tune in will be about 15 hours after we start as we cross the 1 billion vote threshold.
What is SecureVote
SecureVote is a product by XO.1 – the world's first high capacity, secure, general purpose, end to end verifiable voting system. There is no central point of failure, all votes are fully anonymised, and no fancy new crypto is required (IE: not ZKPs or homomorphic encryption).
What is XO.1
XO.1 is a Sydney-based startup founded by myself (Max Kaye) and Nathan Spataro which has raised half a million dollars in early stage funding to develop SecureVote, the world's first secure and highly scalable online voting system.
SecureVote is something which does not exist anywhere on the planet today – it provides a high-throughput commercially viable secure voting system, which enables verification of the vote and the vote count without compromising the privacy of the vote itself.
We’re able to do this by using our proprietary vote anonymisation engine – Copperfield (patent-pending) – which solves many of the traditional problems associated with electronic voting through providing verifiable anonymity.
To get to the next stage of our product development, including the development of a first-in-class secure voting app, we’re about to start our Series-A fundraising round. Interested? Email email@example.com
What is Flux
Flux is a political movement also founded by myself and Nathan Spataro. The Flux Movement aims to instantiate a novel form of democracy called Issue Based Direct Democracy (IBDD). Unlike all other forms of democracy, IBDD is deeply concerned with epistemology and providing the best decision making possible.
IBDD is designed to bias objectivley true knowledge and is possibly the first democratic truth machine.
We hold that the main problem with democracy today is that it does not bias the best knowledge possible. The symptoms of this are corruption, bloat, sluggishness, low approval ratings, etc.
If that sort of thing interests you, I have a pre-release paper I can send on request (but not yet publish). Also, the philosophical groundwork is laid out in David Deutsch's breathtakingly profound book The Beginning of Infinity (2011).
We're expanding with chapters globally so if you'd like to get involved please get in touch.
Flux's need for a high capacity online voting system has been one of the driving forces behind SecureVote's production.
Why don't we use Ethereum
My view boils down to this: Ethereum can do anything, but it can never do everything.
This stress test will produce about 150 GB of data. This isn't something the main Ethereum chain can handle, and even many years into the future it would be selfish to dump this volume of data into a shared resource.
Additionally, relying on others to eventually come up with a scaling solution isn't a great strategy IMO.
Since we needed a 2nd layer solution anyway it only makes sense to build on the most secure blockchain around: Bitcoin.
Additionally: secure private blockchains are a pipe dream. Private blockchains themselves are both easy to achieve and pointless (when it comes to public security).
How much data will be added to the Bitcoin blockchain?
Approximately 3 MB. We'll have
11,000 txs * 243 bytes per tx.
According to some statistics provided on Reddit, it has become apparent Bitcoin users are paying too high TX fees. Just two days ago, that was only …
Google Alert – bitcoin