BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Boolberry Opportunity & Roadmap A unpolished rune harboring untapped potential
September, 2016
BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Summary
Boolberry is an unparalleled and immediate opportunity offering substantial market cap and exchange rate appreciation, investment returns by any other word. Boolberry is currently undervalued because it lacks utility and scarcity and any semblance of future growth, and its utility decreases every passing day. The problems and circumstances that have led to Boolberry’s disrepair can all be fixed very easily, restoring Boolberry’s utility and scarcity, while simultaneously advancing the cryptonote protocol to greater heights.
Boolberry is a contender for being one of the most valuable cryptocurrencies on the market, and this report will detail the roadmap for achieving that value.
It explains the rationale why the Blockchain Development Company is spearheading development of this network, and how we plan to achieve our goals.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Table of Contents
1. Who We Are
2. Background
3. Market Cap Target $50,000,000
4. Development Roadmap
5. Community Needs
6. Conclusion
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Who We Are
The Blockchain Development Company is a team of quantitative software engineers and financial professionals. The organization was formed in 2014 in order to address the inefficiencies in improving cryptocurrencies. We maintain that improvements in the general economy benefit all participants in that economy, and our organization is the embodiment of that goal.
Our findings were that cryptocurrency supporters were too heavily invested in their preferred cryptocurrencies to have objective discussion about the future of their currency, their developers were not transparent in their intentions, and discussion about useful developments in other cryptocurrencies was impossible due to the perceived threat of a stronger currency. These problems were coupled with the assumption that the everyone else was just as invested in their own preferred cryptocurrency and only trying to subvert other communities. This led to redundant and useless efforts in a world that is not integrated with the idea of cryptocurrency, a world where the separation of cash and state is still a form of heresy, therefore such redundancies and distractions needed to be approached from a different perspective.
Boolberry represents a unique opportunity, and this is our most public project to date. It will also allow our organization to provide an example and raise the standard for other cryptocurrency development teams and their communities.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Background
Boolberry is a cryptocurrency based on the cryptonote protocol. When cryptonote was created, most other alternate cryptocurrencies were copies of bitcoin with a few parameters changed. Cryptonote was developed from the ground up and experiences parallel evolution from bitcoin style cryptocurrencies.
“Bitcoin” is the reference implementation of the bitcoin protocol. Describing Cryptonote’s reference implementation is substantially more verbose. There is a reference implementation of Cryptonote also called “Cryptonote” a currency that was never intended to be released into production, an alternate currency called “Bytecoin” was the first production version of the cryptonote protocol. Boolberry is one of several implementations that diverged from the Bytecoin implementation, alongside Monero, AEON, and a few others outside of the scope of this document. Some of the implementations are more actively developed and researched that others.
The cryptonote protocol enjoys parallel evolution from the bitcoin protocol and complete separation from the code base. The cryptonote protocol offers many advantages over the bitcoin protocol with regards to financial privacy, encryption methods, difficulty adjustment algorithms, issuance schedules, and more.
A common tenet of “cryptonote” etymology, in contrast to bitcoin, is that it labels itself as an upgrade to every aspect of bitcoin. “Bitcoin” is a skeuomorph, to help people understand the concept of digital cash despite their being no physical coins involved, leaving a very abstract concept many people struggle with. In national currencies, coins are a lower denomination than the paper notes. Cryptonote maintains this skeuomorph in its attempt to be a greater financial asset.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
That being said, the cryptonote protocol’s utility was hampered by its own distinct problems limiting its utility and practicality, these problems include: ● A blockchain stored in RAM, instead of on disk ● Flaws in the financial privacy parameters ● Lack of user friendly GUI, no pretty apps to make using the currency easy.
All variants and implementations of the cryptonote protocol suffered from these limitations and we will describe what they are in greater detail. The Monero implementation features the only team of developers that have successfully addressed the flaws in the financial privacy parameters, and the blockchain storage problem. Monero is by and far the most advanced cryptonote implementation, they have peer reviewed the Cryptonote team’s research and worked with them to understand the cryptography and science behind it. Unbeknownst to the respective teams, the Blockchain Development Company has helped with research of Monero and the Cryptonote protocol sporadically throughout the lifespan of the Monero project.
MONERO BOOLBERRY
Bug: Blockchain stored in FIXED ONGOING RAM
Bug: Flaws in financial FIXED ONGOING privacy
Bug: Lack of GUI ONGOING FIXED Note: 1. AEON left out of this table due to divergent solutions and implementations 2. Monero’s official GUI is currently compilable but not released officially
Boolberry is branched from Bytecoin, and was briefly called HoneyPenny. The community had a push to attempt a further renaming, where the name Rune began to catch on. This push fizzled out and this foreshadowed the community and developers fizzling out as well.
Regardless, Boolberry’s primary developer introduced some advances to the cryptonote capabilities in the Boolberry implementation. First, it has had a functional user friendly GUI since its beginning. It took two years before other cryptonote implementations, specifically Monero, has a GUI. Secondly, it introduced pruning which helps Boolberry remain scalable as more financial transactions begin to happen on the network. To understand why that is important, a basic aspect of the cryptonote protocol needs to be understand, and how it offers financial privacy, in contrast to bitcoin clones.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
In bitcoin style blockchains, every transaction leads directly to another transaction and the debited amount. No names and financial institutions are attached to these transactions in the blockchain, which gives a level of anonymity. This provides a false sense of security, because as soon as a person or a financial institution makes any one of their bitcoin addresses known, then all transactions to and from them throughout history are no longer anonymous, and the origin of the amounts and prior owners can be deduced with great accuracy. It takes a lot of work and time to use bitcoin anonymously or without broadcasting your personal finances to the world forever, and this contributes to greater transaction costs for using bitcoin.
This section is a deep dive, feel free to skip this and resume after the end of the Background section
Cryptonote resurrects an old cryptographic concept called Ring Signatures, and couples that with a newer concept called Stealth Addresses. Ring Signatures in this application essentially take other people’s prior and current transactions and combine them with your transaction, making it impossible to tell which transaction was the real one at this point in time. It is a ring of previous transactions masquerading as one new transaction. Despite this rudimentary explanation, when you or any outside observer looks at the history of transactions, they will be unable to tell who sent what, how much was sent, where it was sent, the previous transaction where the sender’s amount came from. The sender is also able to configure the size of the ring, which is how many transactions their transactions can be coupled with.
Stealth Addresses were seen from applications of bitcoin. They are essentially longer public addresses that hide the true address of the owner. Unfortunately in bitcoin, the weak link is the default operation of the network. Since all other transactions around yours are not stealthed, it is increasingly trivial to determine the public address behind the stealth address, by following the origin of nonstealthed transactions. In cryptonote, the entire network uses stealth addresses, there are no weak links, and the stealth addresses are also embellishments on top of the ring signatures.
Essentially, even if someone deobfuscated a ring of transactions to isolate the real one, they would still be left with stealth addresses give them no indication of the trail of funds, leaving your and your neighbor’s and their businesses’ financial privacy uncompromised.
The compromise? Greater computational resources needed to operate a cryptonote network. Every transaction on the blockchain contains a lot of data, duplicate data. The stealth addresses are longer than a public address.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Let’s take a moment to break down these somewhat familiar abstractions into more concrete facts. An address is what you use to store units of currency in these networks, analogous to your account at a bank. Addresses and bank accounts are a series of numbers, and letters. Each single number and every single letter takes up a tiny amount of space on a computer. Blockchains are files that record the history of all transactions from everyone that has ever transacted on a network, and these transactions contain address information. As time goes on, the blockchain must become a bigger file, because more transactional information is added to the blockchain. Bitcoin protocol and the Cryptonote protocol both use a blockchain, but the cryptonote protocol requires a lot of extra file space because each transaction has rings from old transactions and longer stealth addresses.
This makes it increasingly unwieldy for people to use cryptonote if they run out of file space too quickly.
This theoretical problem was compounded by the fact that cryptonote stores the entire blockchain in RAM instead of on the computer’s disk. Computers have adequate disk space at this point in time, but they don’t have adequate RAM. Boolberry removes old ring signatures to keep the size of the blockchain lower, for longer. This is a unique solution and as Boolberry grows it will be able to scale better than the market leaders do.
Utility problem: Blockchain stored in RAM
This impending problem for all cryptonote currencies greatly affected the market’s view of the viability and future utility of cryptonote. The Monero team successfully solved that problem, by both storing its blockchain in a database on user’s computers, as well as creating a conversion tool to take in memory blockchains and parse it into the on disk database blockchain format.
Utility problem: Flaws in the financial privacy parameters
The Monero team also discovered flaws in the ring signature implementation of cryptonote, and created fixes for that. As previously mentioned, users are able to specify how big the ring is, and some of those sizes could compromise other people’s financial privacy accidentally. Ring sizes of 0 and 1 were identified as problematic, and they hard forked their network to reject any transaction with a ring size less than 2, except for a special transaction type called a dust transaction.
With the added confidence and proven track record, Monero has removed the cloud of uncertainty from cryptonote implementations and has recently been recognized as a market leader in all cryptocurrencies. It rose very quickly from a market cap of several millions to a market cap of $150,000,000 seating it comfortably within the top 5 cryptocurrencies. For now.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Source: Coin Market Cap www.coinmarketcap.com
Monero will be gaining a GUI making it even easier for the curious, the enthusiasts, and the speculators to use it. A gain in utility will contribute to its scarcity. This means future holders of Monero will need to post better offers to entice someone else to sell or relinquish their Monero currencies. In capital markets, this simply means higher prices.
Indeed, if you owned Monero while it had a market cap of $3.9 million, you would be sitting on a 3,800% return today as Monero enjoys a market cap of $150 million. For simpler illustrative purposes: ● This means a $10,000 position or investment in Monero would be worth $380,000. ● This means a $25,000 position or investment in Monero would be worth $950,000.
Boolberry’s market cap had fallen to $50,000 at its lows, and recovered to a $500,000 market cap when it resurfaced on the Blockchain Development Company’s radar. To reiterate, Boolberry and Monero come from the same code base. They have encounter the same problems.
Having worked with Monero on those problems, we are equipped to patch up Boolberry and restore its utility.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Monero and Boolberry are open source projects. This means they are freely available to look at and modify the inner workings of these projects, and take code from one and add it to the other. This is what the software engineers at the Blockchain Development Company and other contributors are doing.
An analogy: A house is in disrepair and is on the market at a low price. You know how to repair the house and are also aware of upcoming improvements in the attractiveness of the surrounding area. You buy the house for a low price, spend some resources to fix the house, and then sell the house at a premium price because it is nice, has the utility of being a house, all while the surrounding economy has also improved.
This is the Boolberry opportunity, and now we will detail the market cap target and the Blockchain Development Company goals for achieving them.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Market Cap Target $50,000,000
The growth of Monero is not the crux of what we see in Boolberry. The market cap potential of Boolberry should neither be considered correlated or bound by Monero’s market cap. Monero’s growth represents the beginning of market recognition of cryptonote advantages over incumbent cryptocurrencies.
Boolberry speculation is crowded with technical analysis, and that form of predictive price analysis would not consider our price target to be a fathomable outcome. We will outline how Boolberry will achieve these goals.
Development of Boolberry under the stewardship of the Blockchain Development Company will increasingly diverge from what Monero offers and is compatible with.
As we address the utility of Boolberry, the scarcity will increase. We will also be pursuing development paths that will strengthen its blockchain network, which also have the effect of improving its scarcity.
The Blockchain Development Company ethos is that market prices are derived from utility and scarcity. Boolberry lacks both utility and scarcity and this is priced in accordingly.
After these problems are addressed we are aiming for a market cap of $50,000,000 irregardless of bitcoin’s exchange rate. Boolberry’s most liquid market is the Boolberry/Bitcoin pair, and it currently has no pairs with national currencies like the US dollar or Euro.
We come to this number by looking at a variety of factors:
● What is depressing the market price now
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
● The capital interest in cryptonote technologies with projects like AEON, Bytecoin, and
others.
● Additional growth from our own development plan
● The issuance schedule of Boolberry
From our perspective, Boolberry is the most decrepit of noteworthy cryptonote blockchains and rightfully enjoys a market cap that is a fraction of AEON, Bytecoin, and comparable cryptonote implementations. This gives it the most upside potential that draws the attention of our risk reward matrix.
For speculators, it is already a success story, as miners and buyers had the opportunity to invest in Boolberry when its market cap was merely $50,000 which would allow them to sit on a 1200% gain by the time we noticed it again. This is not a success story for my organization.
The purpose of detailing the market cap target, and this entire paper, is to encourage congruence with our vision. Prior investors, colloquially called bagholders, are on the cusp of having a very lucrative asset, and without knowledge of the goals we are aiming for, may be content simply selling massive amounts of Boolberry on the public exchanges, adversely affecting the perception and momentum of this project at the most inopportune times.
Over 20% of Boolberry sits on the orders book at Poloniex.com alone. Even more of the float is on the exchanges not publicly for sell on the order books. Boolberry has no scarcity.
There is 1,259,959 Boolberry currently for sell while only 8,000,000 Boolberry exists in total.
Any attempt to remedy this situation would result in users discovering that their computers do not have enough RAM to allow them to store Boolberry off of the exchange. Boolberry has no utility.
The utility literally decreases every day, and we will fix these things in code.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
We view it as an undervalued asset for the objective reasons we have outlined, transparently, for peer review. We aren’t here to transform it into a reserve currency for ecommerce, or an international settlement network. We are here to build infrastructure, under the firm belief that improvements in the general economy benefit all participants of that economy.
If you want to work on merchant adoption, do it yourself, you are “the market”. We will build infrastructure, you can run with it.
According to Thomas Piketty’s Capital in the 21st Century, in growing sectors the rate of return is supposed to outpace the rate of labor and production. In that view, substantial returns and the existence of opportunities that provide substantial returns should be viewed more objectively, instead of as aberrations.
As we accomplish different aspects of our development roadmap, increasing the utility and scarcity of boolberry while simultaneously growing the demand, we view the price appreciation to reach these heights. The story does not end at a 50 million dollar market cap, as the situation evolves there will be more insights.
Wait, Masternodes!?
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Development Roadmap
The Blockchain Development company is formed under the ethos that improvements in the general economy will benefit all participants in that economy. We do not fight for market share at the expense of another development team and cryptocurrency, we do not proclaim any particular cryptocurrency is vying for international reserve currency status.
What we do view as important is that all participants in a blockchain network should have a direct route to compensation in that network.
Mining nodes enjoy a monopoly on the network subsidies and earnings via the block reward and transaction fees, while the network relies on nonmining nodes to function as well. On the Boolberry network, we will be pursuing scenarios where nonmining nodes can compete for a subsidy, resulting in a stronger and robust network.
A concept called masternodes has been tried on other networks, and it is a hybrid form of Proof of Stake, while the mining nodes maintain a Proof of Work system. Masternodes are an optional form of full node that also maintain a certain balance in the associated crytocurrency. So for example, a full node that has 100 BBR (an illustrative example) in its address would be eligible to report to the network as a masternode and earn more Boolberry for its participation in the network. Masternodes would also be subject to additional criteria such as being highly connectible, having low down time, and more. Other passive full nodes could function without the complying with the criteria. Masternodes will allow BBR holders to earn dividends on their BBR holdings. This means there would be no immediate reason to sell a stake in BBR, as it will earn an income for you, and masternodes can become a competitive business where new speculators will tolerate lower and lower margins at a higher cost of buying a masternode. 13
BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
The reason other networks don’t attempt to compensate nonmining nodes is because the concept has theoretical flaws, which have not happened anywhere yet, but have deterred other networks from pursuing implementation. Specifically the concept of a sybil attack, or other method where people try to game the system.
We have a method to mitigate the theoretical problem and this will differentiate Boolberry from other cryptocurrencies, both cryptonote style and beyond.
We have spoken to team members from AEON and Monero, and they will not be implementing any way to do this, making Boolberry even further unique, and its currency highly sought after and scarce.
Additional checkpoints were added to help with preventing a hard fork, in case our interest in Boolberry proved decisive. The RUNE edition was added to the daemon name, to help report to the network how well our vision is spreading amongst existing miners.
Boolberry was elevated further into our conscience because of the lack of decentralization. It is rare that a blockchain is vulnerable to adoption, without the consensus of many miners and developers, users, merchants etc. Boolberry, on the other hand, had a missing developer, a single mining pool with 75% of the network’s hash rate, users that were publicly telling everyone not to use the network, and a total network hash rate of 200 megahashes on the Wild Keccak algorithm. As previously mentioned, decrepit.
Our announcement of stewardship did get the attention of the original developer, and sentiment has continued moving in our favor. We are open to collaborating with CryptoZoidberg and others.
This is the first time we have announced our development roadmap and intentions for the network, and the latter changes can be contentious hard forks. Masternodes and any mention of a proof of staking system can be a contentious issue. Along the way, we will have to fork in order to complete the rebasing with advances in cryptonote such as restricting certain ring sizes, and implementing RingCT. Monero also had to fork for RingCT and several other reasons, despite its greater decentralization, and was able to do it successfully.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
The prior developer coded in a 1% miner’s tax to support development (dev fund, for ctrl+f’ers). We have been frequently asked if we plan to alter that, and we also suspect that this influenced the previous developer’s decision to reappear after we announced our stewardship. Our view is that the 1% tax has been a useless tax, but it also isn’t our problem. The Blockchain Development Company has accumulated a larger than 1% position in Boolberry so our interest is aligned with improving the network already. The code also provides for a way for existing users to modify the tax amount via a vote. They are capable of changing the tax to 0%. Again, the one mining pool has 75% of the network and earns 2% of their own constituents earnings, they could be earning 1% more. Just not our problem. That being said, we would like to collaborate with CryptoZoidberg in redirecting those proceeds to a helpful purpose. Given the interest in seeing our response to this, we will follow up on making this a more user friendly process, it also seems like another unique tenet of Boolberry.
Finally, we do not just expect everyone to create selling pressure at a $50,000,000 market cap, we will position Boolberry in a place such that it can continually be updated with compatible advances in other cryptonote networks, and realization of our masternode concept will allow holders of of Boolberry to earn dividends on their holdings, while new masternode investors will need to buy the minimum amount of Boolberry to begin making a return.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Community Needs
There are additional aspects that will help catalyze our vision for this network. We need translations to get this information to other prominent blockchain communities. Chinese, Portuguese, Italian, German, Japanese translations and more.
We also need an OTC market. Over the counter markets allow for large trades to be matched without moving the public order books. We will request the assistance of prominent escrow agents on Bitcointalk. This will promote secure storage of Boolberry, nice fees for the trusted third parties, and more recognition of Boolberry interest and liquidity outside of the existing cryptonote community.
We would like to be listed on Bitsquare, a decentralized OTC market. Please contact Bitsquare.
We need US Dollar, Euro and CNY markets. We would like to BBR pairs in national currencies. Currently, no cryptonote implementation has a noteworthy currency pair. (Monero has a Chinese Yuan pair on BTER, it’s a start). This reality increases the transaction costs for accessing the benefits of the cryptonote system, as well as attracting capital. Please keep talking with existing exchanges on this issue.
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Conclusion
The Boolberry project offers substantially favorable risk reward scenarios for new and existing investors. The Blockchain Development Company is in the interest of coordinating the development of the network and profit seeking goals of market participants. Despite the decentralized nature of blockchains, we have gained favorable sentiment from the existing community and will be rapidly moving forward with our goals.
1Cv4vnSqasdDN3fmVii6SMedjg2deD1SnKkMcVa3juPx3HGxCFTMnitX4y2YSKYb BBR T9DGeKHxYHkLxjH1W9R5YdRYEPbLHPR
44LL6piaxpP4EQyGCueuNiVqxrFsGdaddivpJ6ZQTsophkCyhgtKddKYSwdHboKP XMR naNshLTnyr4ar7rsUAXB79KBJBLEFJS
BTC 1AxtCkHSHpDqBrLzhVSjcxJUnSNMqNxC9X
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BLOCKCHAIN DEVELOPMENT COMPANY
www.blockology.org
Boolberry Community
Discussion https://bitcointalk.org/index.php?topic=1611499.msg16209134
Reddit /r/boolberry
Buy/Sell https://poloniex.com/exchange#btc_bbr
OTC Buy/Sell In Development
Blockchain Development Company
www.blockology.org
https://github.com/BlockchainDevelopmentCompany
1blockologist
/user/1blockologist
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