What Is Hash Rate, and Why Does It Matter? Blocks Decoded
Bitcoin Hashrate Chart - BitInfoCharts
Impact of Hashrate on Bitcoin Price Predictions
hash-rate - Blockchain Charts
A single global economy of FAIL
I had a lot of fun with Jo_Bones insane vomit yesterday, that retarded chimp is a special one for sure. He inspired me to write some satire of his delusional CSWesque rant. I list some hilarious quotes from him at the end as well from the comment chain. The original delusional rant If all governments could agree on any single thing at any point in time, it would be an unprecedented moment in history. A "unicorn moonshot" so to speak. If the unicorn moonshot were to manifest as every government suddenly desiring to throw their already digital currencies into complete disarray and chose a technically inferior and non-compliant product in the process, then you can bet your ass they would use BSV for their fiscal policies. At the moment, here is what came up when I googled Central Banks for the first time today. Here's what came up when I googled fractional reserves. I then googled what reconciled means, and after my eyes rolled back in to my head out of sheer inability to digest the information I was reading, I decided BSV was the blockchain to solve all of this because I personally think this thing is an awesome high-school comp sci project. If every central bank suddenly decided to relinquish state control of their monetary policy, and instead decided that the security model of 7 amateur software developers paid by an ex-felon hiding in Antigua who controls the #11 cryptocurrency on coinmarketcap was the answer, we could have the opportunity to use a strictly worse version of our current banking software and IT infrastructure. Instant transactions between bank accounts you own? Screw that, welcome to 10 minute block times! Did you fat finger that bill payment to the wrong sender? Too bad, it's gone forever! Welcome to immutability! It's a feature not a bug! If you extrapolate how bad this is, suddenly taxes would be lower because digital monetary transactions would come to a screeching halt. Can't pay taxes on money you don't have, right? Suck that statists! The world would benefit from one giant economy of scale even though that phrase makes no sense in this context, and in reality is another buzzword I just simply don't have the time to try to understand. I forgot to Google that one I guess. This means prices around the globe would be out of control because we'd have to revert to a primal barter system! My chicken for your box of peaches! The possibilities to fuck over literally the entire world are endless! Additionally, there would now be a high degree of transparency to how poorly BSV scales, since blocks take hours to propagate at 1GB sizes and that would only represent the hourly transactions of a town of 10,000 people, which would inevitably lead everyone to understand what 99.99% (AKA the non-mentally retarded "subset" of the population) already know. In the comments I decided to change potential use cases from the utter nonsense I listed above to a couple different things. https://www.reddit.com/bsv/comments/j9u2jt/a_single_global_economy_of_scale/g8ppeq7/?utm_source=share&utm_medium=web2x&context=3 Here I am demonstrating that I know currency lives in a database today:
The point is that they centrally issue and control their own tokens on the bitcoin network. I don’t see what’s so hard to understand about this. They already issue tokens on their own network. It’s just a different database.
Here I am 7 comments later saying those databases don't allow for digital cash when I just stated they did.
Your SQL databases don’t really allow for digital cash.
Shit maybe token issuance on BSV won't work time to pivot to:
But bank transfers still take days between Europe and Asia and have high fees precisely because all the banks maintain their own networks.
Think of the possibilities guys. You totally can't do this today, right?
so they can (for example) sell a YouTube video directly to the whole world, for their native national token... on the bitcoin network.
Crap, maybe there are some good points there. At least Bitcoin can push transactions out in seconds despite having a 10 minute block time! And wait until you see the block times if anyone ever does try to send a billion tx in a second!
These hashes cost bitcoin, but you can sell billions of them per second.
What do you mean risks of minority hash rate on BSV? Nobody has ever done a 51% attack and not been arrested! THEY'LL LOSE THEIR MINING EQUIPMENT!
Except that it’s illegal to attack another chain, and it’s public, and traceable and the punishment would be your company loses all its mining equipment.
I'm running out of use cases since they're getting shot down so fast. Here's a good one. Why pay $80 a month for internet in 1 transaction, when you can pay for internet 1.7trillion times every month for every data packet you get?
And the advantage of sending 0.0011p to someone might be that they’re providing a service to you, like a data packet.
But think of all the UnIqUe AnD gReAt FeAtUrEs on BSV. Really cutting edge stuff that SQL Server doesn't have due to being obsolete in the 90s, like the ability to append only instead of modify data elements! Also, watch the blockchain desync if you ever tried 1billion tx/sec!
The network scales to handle billions of TX/sec and the ledger is append only so it matches the criteria for keeping accurate records and/or updating them as needs be.
Time to pivot again since I'm being dismantled at every turn. What haven't I mentioned yet?
you haven’t solved the issue of the US dollar being the worlds default currency on which global trade relies.
Here is me doing my best Craig Wright technobabble nonsense impression. I know this is technically English but the words being strung together make no sense!
Once again you’ve really missed the point of all this. A data commodity that comes about through consensus of the network on ‘what value is’ contains a fraction of every part of the global economy.
Time to revert to some Craig Wright technobabble bullshit again:
Those in charge of producing dollars ultimately have an unfair advantage over those who don’t and they can game the system. That’s a peer to peer internet model where producers get paid directly by consumers for the data they consume and miners get paid according to how fast and how efficiently and how accurately they can deliver the data.
Have I mentioned the fact I don't understand that blockchains are literally distributed databases?
Finally, you can send any kind of data in a bitcoin transaction. Not just fiat currencies issued by a government but audio, video, text, a webpage, etc.
If you are like me, then you are probably always looking for new ways to generate income. There are always new opportunities out there to make a quick buck, however, I try and be selective and do extensive research into the opportunities I spot. I have recently become very interested in the opportunities that Bitcoin trading presents. Increasing your streams of passive income through a diverse range of methods can start to add up to a significant amount each month. Here are a few ways to start making money through Bitcoin. Mining Bitcoin Essentially mining means using computing power to secure a network to receive Bitcoin rewards. It is the oldest form of earning passive income through Bitcoin as it doesn’t require you to have cryptocurrency holdings. In the early days, this method was a viable solution, however, as the network hash rate increase most miners shifted to using more powerful Graphics Processing Units. Due to the vast increase in competition mining became the playing field of Application-Specific Integrated Circuits (ASICs) - electronics that use mining chips tailor-made for this specific purpose. Nowadays setting up and maintaining mining equipment requires substantial investment and technical expertise – but it's worth it if you happen to fit the criteria. Not to mention the cooling costs associated with running a machine powerful enough to mine Bitcoin. Staking Staking is a less resource-intensive alternative to mining, involving keeping funds in a suitable wallet and performing various network functions to receive staking rewards (i.e. Bitcoin). Usually, staking involves establishing a staking wallet and simply holding the coins. In other cases, the process will involve a staking pool. Some exchanges will do all this for you – all you have to do it keep your tokens on the exchange and all the technical requirements will be taken care of. This is a great way to increase your Bitcoin holdings with minimal efforts. Lending Lending is a completely passive method to earn interest on your Bitcoin holdings. There are several peer-to-peer lending platforms available that enable you to lock up your funds for a period of time to later collect interest payments. The interest rate could either be set for the platform or based on the current market rate. This method is ideal for those looking for long term rewards, however, it is worth noting that locking your funds in a smart contact always carries the risk of bugs. Finding a Bitcoin Trading Company For those who are less technically inclined and don’t have a firm grasp of how Bitcoin trading works, there is always the opportunity of finding a company that will trade on your behalf. The issue with this is that there are many seedy companies who claim to do this but then end up ripping you off. In order to have peace of mind, you need to find a Bitcoin trading company that understands the market and is reputable enough. I stumbled across Mirror Trading International, a company that operates out of South Africa. What immediately stood out for me was that they were transparent and professional in their engagements. Daily profits are paid on the days where there are profits recorded. In addition to this, they have made the entire registration and withdrawal process as simple as possible. All you have to do is simply fund your account with the minimum fund value and you can start earning. If you do need to access the funds, then this is a simple process that you have full control of. I would suggest everyone to do their research and keep an open mind. The thousands of testimonials, along with their members from all across the world is testament that they are a legitimate company that is sustainable.
Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
Meter.ioaims to create a low volatile currency following 10 kwh electricity price. Meter uses a hybrid PoW/PoS solution; PoW mining for stable coin creation and PoS for txn ordering
MTR is stablecoin soft pegged around the global competitive price of 10 kwh electricity
MTRG is the finite supply governance token, which is used by PoS validators to validate transactions.
Pow mining in Meter is as open and decentralized as in Bitcoin but differs from that in Bitcoin in two fundamental ways
Block rewards are dynamic. It’s determined as a function of pow difficulty. The wining Meter miner will earn more MTR if hash rate is high and less MTR if hash rate is low, ensuring a stable cost of production for each MTR at 10 kWh electricity price using mainstream mining equipment
Miner’s don’t validate transactions. They simply compete to solve PoW. Txn ordering is done by PoS validators who secure the network and in return earn txn fees.
All stablecoins must essentialy have stability mechanisms to account for cases where demand is high and where demand is low. MTR has 2 stability mechanisms set to solve this mission. Supply side stability mechanism (long term) First and foremost MTR can’t be produced out of thin air. It’s issuance follows a disciplined monetary policy that solely depends on profit seeking behavior of miners. The only way to issue MTR is via PoW mining. When miners notice that price of MTR is getting higher than the cost to produce them (remember cost of production is always fixed at 10 kwh elec. price = around 0.9-1.2 usd) they will turn on their equipment and start creating new supply. If demand keeps increasing more miners will join, and more MTR will be printed to keep up with demand. Eventually supply will outperfrom the demand and price will get back to equilibrium. When demand is low and MTR price is dropping below 10 kwh elec. price miners will not risk their profit margin to shrink and switch to mine other coins instead of MTR. In return MTR production will stop and no additional MTR will enter circulation. Given that mining is a competitive, open enviroment, price of MTR will eventually equal to the cost to produce it. (Marginal Revenue = Marginal Cost). The long term stability is achieved through this unique and simple mechanism at layer 1 which doesn’t require use of capital inefficient collateral, complicated oracles, seignorage shares or algorithmic rebasing mechanisms. Relative to nation based fiat currencies, switching cost between crytocurrencies is significantly lower. Sudden demand changes in crypto is therefore very common and must be addressed. Huge drop in demand may temporarly cause MTR to get traded below it’s cost of production making pow mining a losing game. How can the system recover from that and restart production? On the contrary, a sudden increase in demand may cause MTR to get traded at a premium making mining temporarly very profitable. Meter has a second layer stability mechanism in order to absorb sudden demand changes. Demand side stability mechanism (short term) An on chain auction (will become live in October 2020) resets every 24 hours offering newly minted fixed number of MTRGs in exchange for bids in MTR. Participants bid at no specific price and at the end of auction recieve MTRG proportional to their percentage of total bid. The main purpose of this auction is to consume MTR. A portion of MTR (initally %60) that is bidded in the auction ends up going to a reserve that is collectively owned by MTRG holders, essentially getting out of circulation. Future use of MTR in Reserve can be decided by governance. The remaining %40 gets gradually distributed to PoS validators as block rewards. This reserve allocation ratio can be adjusted via governance depending on the amount of MTR needed to be removed out of circulation at any point in time. Meter team working to make Meter compatible with other blockchain. In fact both MTR and MTRG can currently be 1:1 bridged to their Ethereum versions as eMTR and eMTRG respectively. In near term, stablecoin MTR is set out on a mission to serve as collateral and a crypto native unit of account for DeFi.
Author: Gamals Ahmed, CoinEx Business Ambassador https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704 A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it. Filecoin announced, that there will be more delays before its main network is officially launched. Filecoin developers postponed the release date of their main network to late July to late August 2020. As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process. Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market. Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors. The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020. They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit. The Filecoin team noted the following: “We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks. Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet. The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020. The updates to the project can be found on the Filecoin Road Map. Filecoin developers stated: “This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage. Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain. In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards. Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21. Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price. Mining in Filecoin In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency. Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data. Filecoin will contain several types of miners: Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out. Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power. Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network. The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into. In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.
The current system specifications recommended for running the miner are:
NVIDIA-manufactured GPU (to be expanded).
SSD drive designated as large buffer (512GB +).
Large amount of RAM for data replication account (128GB +)
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars. Proceed to mining Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract. Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually. After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started. Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page. At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention. Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt. Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network. Duration of operation, cutting and penalties “Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network. In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error. Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily. An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection. The sector will pay an error fee after the penalty of the sector once the error is discovered. Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network. Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function. Filecoin miners Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.” With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices. Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless. Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers. Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network. However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners. These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB). Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development. “Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital. “Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said. Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including Gate.io and Biki — have listed trading pairs for Filecoin currency contracts for USDT. In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive. To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day. As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force. The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million. This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs. After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020. The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process? Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance. In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners: The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue. It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown. It seeks to promote mining using Filecoin Discover Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day. Ian Darrow, Head of Operations at Filecoin, commented on the announcement: “Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”. Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more. Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds. In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations. The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested. “The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”. IPFS and Filecoin Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure. IPFS It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live. The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides. Using IPFS In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data. Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service. Using Filecoin The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone. Filecoin, powered by IPFS It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS. Some advantages of sharing Filecoin with IPFS:
Filecoin and IPFS CIDs share hash specifications.
Use libp2p by Filecoin nodes to create secure connections with each other.
Messaging between nodes and cluster propagation is facilitated in Filecoin by libp2p pubsub.
IPLD use for blockchain data structures.
Use Graphsync to transfer data between nodes.
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol. Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated. PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage. In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected. Resources :
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
The Retrospect and Prospect of the Crypto Economy——The Development and Evolution of the Consensus Mechanism (Three)
https://preview.redd.it/45wwtygv2rc51.png?width=567&format=png&auto=webp&s=a5f51ea3c620d478231c39e32f198eb64d801897 Foreword The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain. This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism. Contents First, concept and function of the consensus mechanism 1.1 Concept: The core rules for the normal operation of distributed ledgers 1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks 1.2.1 Used to solve the trust problem between people 1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system 1.3 Mainstream model of consensus algorithm Second, the origin of the consensus mechanism 2.1 The two armies and the Byzantine generals 2.1.1 The two armies problem 2.1.2 The Byzantine generals problem 2.2 Development history of consensus mechanism 2.2.1 Classification of consensus mechanism 2.2.2 Development frontier of consensus mechanism Third, Common Consensus System Fourth, Selection of consensus mechanism and summary of current situation 4.1 How to choose a consensus mechanism that suits you 4.1.1 Determine whether the final result is important 4.1.2 Determine how fast the application process needs to be 4.1.2 Determining the degree to which the application requires for decentralization 4.1.3 Determine whether the system can be terminated 4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages 4.2 Future development of consensus mechanism Last lecture review: Chapter 1 Concept and Function of Consensus Mechanism plus Chapter 2 Origin of Consensus Mechanism Last lecture review: Chapter 3 Common Consensus Mechanisms Chapter 3 Common Consensus Mechanisms (Part 2) Figure 6 Summary of relatively mainstream consensus mechanisms https://preview.redd.it/2yepvjjy2rc51.png?width=567&format=png&auto=webp&s=acaed31fa6106ac2f501fe2cb284f66bb2258a0e Source: Hasib Anwar, "Consensus Algorithms: The Root Of The Blockchain Technology" The picture above shows 14 relatively mainstream consensus mechanisms summarized by a geek Hasib Anwar, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), LPoS (Lease Proof of Stake), PoET ( Proof of Elapsed Time), PBFT (Practical Byzantine Fault Tolerance), SBFT (Simple Byzantine Fault Tolerance), DBFT (Delegated Byzantine Fault Tolerance), DAG (Directed Acyclic Graph), Proof-of-Activity (Proof of Activity), Proof-of- Importance (Proof of Importance), Proof-of-Capacity (Proof of Capacity), Proof-of-Burn ( Proof of Burn), Proof-of-Weight (Proof of Weight). Next, we will mainly introduce and analyze the top ten consensus mechanisms of the current blockchain. 》DBFT -Concept: Delegated Byzantine fault tolerance. The improved Byzantine fault-tolerant algorithm makes it suitable for blockchain systems. The system consists of nodes, delegators (who can approve blocks), and speakers (who proposes the next block). It is a consensus algorithm that guarantees fault tolerance implemented inside the NEO blockchain. -Principle: In this mechanism, there are two participants: the professional bookkeeper "bookkeeping node" and the ordinary users in the system. Ordinary users vote based on the proportion of holding stake to determine the bookkeeping node. When a consensus is required, a spokesperson is randomly selected from these bookkeeping nodes to draw up a plan, and then other bookkeeping nodes will vote basing on the Byzantine fault tolerance algorithm.That is, majority principle. If more than 66% of the nodes agree to the spokesperson’ plan, a consensus is reached; otherwise, the spokesperson is re-elected and the voting process is repeated. -Representative application: Neo, etc. 》PoA -Concept: Proof of authority. That is, certified by some accredited accounts, these accredited accounts are called "validators". The software that the verifier runs that supports the verifier to place transactions in blocks. -Principle: Three conditions:
The identity must be formally verified on the chain, and the information can be cross-verified in a publicly available domain;
The qualifications must be difficult to obtain, so that the rights of the verification block obtained are precious enough;
The authoritative inspection and procedures must be completely unified.
With PoA, every individual has the right to become a verifier, so there is an incentive to maintain the position of the verifier once acquired. By attaching a reputation to the identity, the verifier can be encouraged to maintain the transaction process. Because the verifier does not want to gain a negative reputation, it will lose its hard-won verifier status. -Representative applications: VeChain, etc. 》DAG -Concept: Directed acyclic graph. Each newly added unit in the DAG is not only added to the long chain block, but added to all the previous blocks, verifying each new unit and confirming its parent unit and the parent unit of the parent unit, and gradually confirming until the genesis unit. As the hash of its parent unit is included in its own unit, the blockchains of all transactions are connected to each other to form a graph-like structure with time. -Principle: In the DAG network, each node can be a trader and a validator, because the transaction processing in DAG is done by the transaction node itself. Taking IOTA as an example, IOTA’s Tangle led ger does not need to pay transaction fees while ensuring high-speed transaction processing. However, it does not mean that the transaction is free, because in this ledger, the initiation of each transaction needs to verify the other two random transactions first, and connect the transaction initiated by itself to these two transactions, so the responsibility that miners on the blockchain bear is distributed to all traders. The DAG method of processing transactions can be called asynchronous processing mode. Figure 10 The difference between the traditional blockchain structure and the DAG structure https://preview.redd.it/1xfssxj03rc51.png?width=553&format=png&auto=webp&s=95c382f81943c9a188a89ac6b2dadf64446589e6 -Representative applications: IOTA, etc. 》PoET -Concept: Proof of elapsed time. That is, it is usually used in a permissioned blockchain network. It can determine the mining rights of the block holders in the network. The permissioned blockchain network requires any prospective participants to verify their identity before joining. According to the principles of the fair lottery system, each node is equally likely to become the winner. -Principle: Each participating node in the network must wait for a randomly selected period, and the first node to complete the set waiting time will get a new block. Each node in the blockchain network will generate a random waiting time and sleep for a set time. The node that wakes up first, that is, the node with the shortest waiting time, wakes up and submits a new block to the blockchain, and then broadcasts the necessary information to the entire peer-to-peer network. The same process will be repeated to find the next block. Two factors:
Participating nodes will naturally select a random time in nature, rather than deliberately;
The winner did complete the waiting time.
-Representative application: HyperLedger Sawtooth, etc. 》PoSV -Concept: Proof of stake velocity. Proposed by Reddcoin, drawing on the concept of "money circulation speed" in economics, it mainly allocates bookkeeping rights based on the coin age of nodes participating in the competition. -Principle: PoSV also allocates accounting rights according to the coin age of the nodes participating in the competition, but modifies the coin age calculation formula to a function of exponential decay of growth rate. Taking Reddcoin as an example, Reddcoin sets the half-life of the coin age growth rate to 1 month. Assuming that the unit token can accumulate 1CoinDay coin age on the first day, only 0.5CoinDay coin age can be accumulated on the 31st day, and only 0.25CoinDay coin age can be accumulated on the 61st day, and so on. In this way, the nodes are encouraged to use the token to conduct a transaction after holding the token for a period of time, thereby restarting the calculation of the coin age and increasing the circulation speed of the token in the network. -Representative applications: Reddcoin, etc. Table 2 Comparison of the advantages and disadvantages of current mainstream consensus mechanisms https://preview.redd.it/kb04i7eh3rc51.png?width=1236&format=png&auto=webp&s=42de13bc99afaf258c0a740a6618e2d579b59100 Source: network resources Chapter 4 Summary of the Selection and Status Quo of Consensus Mechanism 4.1 How to choose a consensus mechanism that suits you Step 1: Determine whether the final result is important For some applications, the end result is very important. If you are building a new payment system that can support very small amounts, it is acceptable for the transaction result to change. Similarly, if you are creating a new distributed social network, 100% guarantee that the status is updated immediately is not particularly necessary. On the contrary, if you are creating a new distributed protocol, the final result is critical to the user experience. For example, Bitcoin has a final confirmation time of about 1 hour, Ethereum has a final confirmation time of about 6 minutes, and Tendermint Core only has a final confirmation time of 1 second. Step 2: Determine how fast the application process needs to be If you are building a game, is it reasonable to wait 15 seconds before each action? Due to the low block processing time of Ethereum, games built on it will cause poor user experience due to Ethereum's throughput. However, the application for the transfer of housing property rights can be run on Ethereum. Use the Cosmos SDK to build an application that allows developers to freely use Tendermint Core. It has a short block processing time and high throughput, and is capable of processing 10,000 transactions per second. You can reduce the required communication overhead and speed up the application by setting the maximum number of validators for the application. Step 3: Determine the application's demand for decentralization Some applications such as games may not require very high censorship resistance as a by-product of decentralization. In theory, does it really matter that the validator can create a cartel in the game and reverse the transaction result for profit? If it is not important, a blockchain such as EOS may be more suitable for your needs because of the fast transaction speed and free fees. However, some applications such as autonomous banks are more powerful and decentralized. Although Ethereum is considered to be decentralized, some supporters claim that Ethereum's mining pool is an important part of centralized platform, although there are actually only 11 validators (mining pools). One of the major benefits of building your own blockchain instead of building on a smart contract platform is that you can customize the way the application completes verification. However, it is difficult to build your own blockchain, so the Cosmos SDK is very useful, you can easily build your own blockchain and customize the degree of decentralization you need. Step 4: Determine whether the system can be terminated If you are building a new application similar to a distributed ride-sharing service, then ensuring 24/7 service must be the first priority, even if there are occasional errors in accounting similar to transactions. One of the properties of Tendermint Core is that if there is a disagreement between network validators, the network will suspend operations instead of proceeding erroneous transactions. Applications such as decentralized exchanges require correctness at all costs-if there is a problem, it is far better to suspend trading on the decentralized exchange than there may be trading problems. Summary: Choose a suitable consensus algorithm after weighing the advantages and disadvantages All in all, there is no single best consensus algorithm. Each consensus algorithm has its own value and advantages. You need to have your own judgments and choices. However, by understanding the relevant processes of the consensus mechanism, including proposals and agreements, and establishing a framework to consider the types of consensus algorithms that your application may require, you should be able to make wiser decisions. 4.2 Future development of consensus mechanism The consensus algorithm is one of the core elements of the blockchain. Although there are more than 30 consensus mechanisms listed in the article, there are still many niche consensus mechanisms that may not be discussed. As the blockchain technology is gradually known and accepted by the public, more and more newer and better consensus algorithms may appear in the future, which may be brand-new consensus algorithms, and more should be improvement and optimization version based on the current consensus algorithm. After 2016 and 2017 years’ fast development, the current consensus algorithm does not have a recognized evaluation standard, but is generally more biased towards fairness and decentralization, as well as some technical related issues, such as energy consumption and scalability , Fault tolerance and security, etc. However, blockchain technology must be combined with requirements and application scenarios, and the consensus mechanism algorithm and incentive mechanism are inseparable. How to customize a suitable consensus mechanism according to the characteristics of your own project and optimize the current consensus mechanism will become the future direction of consensus mechanism development CelesOS As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle", which can provide high TPS while also allowing for decentralization. Committed to creating a financial blockchain operating system that embraces supervision, providing services for financial institutions and the development of applications on the supervision chain, and formulating a role and consensus ecological supervision layer agreement for supervision. The CelesOS team is dedicated to building a bridge between blockchain and regulatory agencies/financial industry. We believe that only blockchain technology that cooperates with regulators will have a real future. We believe in and contribute to achieving this goal. 📷Website https://www.celesos.com/ 📷Telegram https://t.me/celeschain 📷Twitter https://twitter.com/CelesChain 📷Reddit https://www.reddit.com/useCelesOS 📷Medium https://medium.com/@celesos 📷Facebook https://www.facebook.com/CelesOS1 📷Youtube https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
Part 1/4 - NSA Connection: First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001. SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits. Moreover, all outputs appear completely random and offer no information about the input that created it. The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses. Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean? Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views. As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that. As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential. In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto. Part 2/4 - 'Crypto Market': Most of the crypto market is a scam. By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010: "if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin... Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way." To which Bitcoin OG Gavin Andresen replies: "I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles." "I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)." Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access). On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful. This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times. In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who: A) Think they can outsmart professional traders with actual risk management skills; and B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions. Part 3/4 - CBDCs: The Fed and Central Banks around the world have printed themselves into a corner. Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels. This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster. The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing. The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality. They, obviously, know this (as it is by design). The issue (for them) is that more and more people are starting to become aware of this. Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free. It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums. Now...back to the powers that be. Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state? More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system. This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment. Part 4/4 - Bitcoin: What about Bitcoin? Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World. But what about Bitcoin's reputation? Bankers hate it. Warren Buffett hates it. Precisely, and the public hates bankers. Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality. In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion. For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin. Money has certain characteristics. In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation. Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation. One of the key strengths of Bitcoin is the fact that the Network is decentralised... Many people don't know that PayPal originally wanted to create a global currency similar to crypto. Overall, a speculative thesis would be the following: Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race. Trusted third parties are security holes. Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion. In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale. At the time, he was looking for signs of extraterrestrial life within cosmic signals. The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation. Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W); A Type 2 Civilisation has mastery over its solar system (10^26W); and a Type 3 Civilisation has mastery over its Galaxy (10^36W). We humans are a Type 0 Civilisation on this Scale. Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1. In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73. Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status. As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation. What are your thoughts? Is it true...or false? https://www.youtube.com/watch?v=1oQLOqpP1ZM
First, I want to say that I believe that Bitcoin (BTC) will moon and that lambo will rain, for several reasons that I won’t explain here and now. So please don't shit on me or down vote this post without explaining yourself properly. I'm saying this because the crypto community is full of young and emotional person insulting each other all the time without being able to explain their view clearly. I’m just sharing my story and my opinion, if I say something wrong, please let me know. No need to be emotional. My story: I’m French (Forgive my English), a software engineer, working from home, previously in the banking industry, big noob in blockchain code related. I have been supporting bitcoin for a couple of times now, unfortunately I discovered it a bit late, promoting it to people around me as the peer to peer cash system and hoping that it will give us our financial freedom. During this bear market and after losing a big part of my coins, I finally took the time to get a better understanding of each coin I’m holding and I quickly realised that Bitcoin Cash wasn’t a scam, that Bitcoin BTC is purely a speculative asset, the playground of professional traders, used to rekt noobs and that Lightning network will end as custodial wallets because no one will take the time/risk for opening/closing/securing a channel, especially poor people (few billions). There is no benefit for the average user in maintaining a LN node. I believe it will be more interesting to mine Bitcoin rather than maintaining a LN node. So basically, I lost faith in the promise made by the Lightning Network which made me focusing on why Bitcoin Cash is the answer to a decentralized peer-to peer electronic cash system. I can confess that in the past I used to believe that second layer solution was the solution for everything, but I changed my mind. To make it simple, BCH allows to make instant payment for very cheap whereas BTC can’t and won’t. For each crypto project, I look at those different points: 1. Length of the chain BTC and BCH are sharing the longest chain, it has been working well without any issues since now 10 years. No other project has such a good track record. This make me feel confident that the chance that this will continue to work as well for years or decades. 2. Community behind it A good community for me is when you see technical people, risking their reputation/identity by posting videos, writing stuff and talking in public events about the project they support. Based on that, I believe the BCH community is the biggest of all. By technical people I mean someone talking using technical approach to back their opinion rather than beliefs based on emotions. Usually in the crypto space, those people are developers but it’s not always the case. I made a small list of technical people supporting BCH: -Peter R. Rizun: Chief Scientist, Bitcoin Unlimited. -Vitalik Butterin (he often showed his support regarding BCH but didn’t produce any content) -Jonald Fyookball: Electron Cash Developer -Jonathan Toomim: Bitcoin cash developer who made interesting proof regarding scaling onchain) -George Hotz: no need to present this awesome crazy dude! -Amaury Séchet: Bitcoin Cash Developer and French! 😊 -Rick Falkvinge: Founder of the swedish pirate party, watch his youtube channel. -Gabriel Cardona (Bitcoin cash developer) -Justin Bons : Founder & CIO of Cyber Capital -Dr. Mark B. Lundeberg: Developer researcher And there is a lot more, but those people are people that I personally trust for their work they shared and that I like following. Recently we had the Bitcoin cash city conference, another event full of people supporting BCH, that kind of thing doesn’t happen with other crypto. So many brilliant people supporting BCH, how could it be possible that all those guys are supporting a scam or a shitcoin. As well, there is often meetups and conferences all over the world. The developer community is not centralized, there is multiple teams (BitcoinABC, Bitcoin Unlimited, BCHD, Bcash, Bitcoin Verde…) independent of each other arguing sometimes about technical and political stuff, this ensure that developments and important decisions are not centralized. I find this very healthy. If a fork occurs, it’s not a problem, it will simply double your coin and allows two different ways of thinking to grow and compete. This won’t happen in Bitcoin (BTC) anymore, the way of thinking is centralized for BTC, they all share the same view: the segwit workaround + small block + layer 2 = (moon + lambo) in 18 months. Regarding CSW, I don’t believe in this guy for now but maybe I’m wrong, maybe this guy is wrongly understood but based on all the things I know about him, he seems too complicated to be someone honest. Honesty comes with simplicity. Finally, regarding Roger Ver: He is hated a lot and I still don't understand why, I feel sorry for him, I really tried my best to hate him like the crowd, but I couldn’t find any reasons. Many people are saying that he is lying and scamming people but none of them are technically able to explain why. It's really a crazy story and I understand why some people call him "Bitcoin Jesus". I personally think he is doing a great job and I thank him. 3. The current and future adoption BCH is used by reel people and reel shops (check the bitcoin cash map), there are transactions on the network to buy and sell real things that exist in the real world. Can you believe this? Maybe the only blockchain having that. Please let me know if you know another blockchain which is today serving the real world. The Bitcoin cash wallet app is easy and exciting to use. Same for the app for merchant. This can be used by my old mum! The BCH roadmap shows that more features will be added to simplify and enhance the user experience. I can’t find other blockchain having that level of user friendliness. Recently Roger Ver announced HTC mobile phone with a BCH wallet preinstalled. I read as well that Burger King is accepting BCH, but I haven’t verified if this was legit or not. 4. Existing features and roadmap -Multiple wallets built on all platform. -Bitcoin Cash point of sales: this app is the app that merchant should use to accept Bitcoin, as well very easy to use and takes 5min to install. -Cash shuffle with Cash fusion allowing to transact anonymously, making BCH competing with privacy focused coins such like Zcash, Monero, Dash. I heard this function will be implemented as well on mobile devices. -SLP token: The simplicity of creating a token and sending dividends make BCH a bit competing with all smart blockchain. Anyone can create a token, raise funds and send dividends easily and it works! Will Bitcoin Cash evolve to a smart economy? -memo.cash: A social network stored on the blockchain, fixing the problem of censorship we have on reddit for example. I recently discovered it, it’s awesome to know that you can write whatever you want, and nobody will be able to delete it and this forever. It’s really an awesome experience. I invite you to test it. For example, yesterday I had fun creating, sending token and being tipped in BCH or in any token by random people, it really shows the potential of BCH. I think I made around 50 on chain transactions in less than one hour with less than 10 cents. -Stable coins: We can build stable coin on BCH; this is something very important as well. Regarding the roadmap: It’s well described on bitcoincash.org and looks promising, but no update since the last 5 months. Not sure if it’s normal. 5. Security SHA256 based algorithm are I believe the most secure, I don’t think we need to add more regarding this. Maybe someone can help me to find some downside regarding security, often some people talk about the potential 51% attack that could occurs on BCH but I couldn’t manage to have my own opinion regarding this. Regarding the double spending attack because of the zero confirmation, I have asked many people to explain to me how this could potentially be a problem for a real merchant. I think that small and insignificant amount doesn’t need instant confirmation but if you sell a lambo then of course you should wait for at least 5 confirmations. To summarize I would even consider that zero conf is more advantageous than Lightning Network if you take everything into consideration. Worth case scenario if your restaurant is victim of a double spending attack a few times, you will just increase the confirmation level and prevent your customer from living your place. I think that it’s easier to print fake fiat money and try to pay with it rather than trying a double spending attack. But again, I might have misunderstood something or maybe there is more sophisticated exploits that I haven’t thought of. 6. Price 21 million coins, no inflation, the price currently around 300usd, a boiling community. The potential gains could be as good as BTC and even more. Maybe it’s the so waited coin that you will never convert back to that shit fiat. Certainly, one of the best coins to invest in now. 7. Electricity and efficiency Since the cost of electricity is the same whatever the size of the block, it means that BCH is more environment friendly than BTC for the same amount of transaction or we can say that it’s "wasting" less energy. Maybe if LN works one day this will change. My Conclusion: Bitcoin is technically the worst coin; all others existing coins are better technically. But Bitcoin survives because of the network effect, illustrated by its biggest hash rate, making BTC the most secure blockchain. As well because of promises made by the Lightning Network. Bitcoin is the gold of crypto currencies. Bitcoin like Gold have both almost no utility. In a traditional market, gold drop when economy goes well and goes up when investors need to find a refuge. BTC is the drop zone for fresh meat. Most of the BTC holders cannot think clearly regarding the BTC/BCH debate, they become completely irrational. This kind of behaviour leads to ruin, especially in trading/investment.With low fees, instant transaction, smart contracts, big community, user friendly apps, stable coin and a lot more to come, Bitcoin Cash has clearly a good future. I hope that someone will find my post useful. Cheers.
The Bitcoin network is currently at its strongest, with the hash rate hitting a new all-time high 63 days after the May supply squeeze. Total computing power on the Bitcoin network has hit a new all-time high: clocking 125 EH/s for the first time since the mining rewards were cut by half in May.. The hash rate value, whose seven-day moving average now stands at 124.4 EH/s, beats the 123.8 EH/s ... Find live Bitcoin stats, including market price, mining revenue, number of Bitcoin transactions and more. Explore detailed Bitcoin data today. - Blockchain At the current target network Hashrate of ~124EH/s and current BTC price of $9220, daily revenue per PH/s is ~$70. If network Hashrate were to increase to 260EH/s, as we expect over the summer of ... The current total hash rate of the entire Bitcoin network is 68 EH/s. EH stands for Exahash, which is 68 million million million. This is a 68 with 18 zeros after it! Why Is Hash Rate Important? The hash rate has a big impact on the speed of a blockchain. Going back to the theoretical Blocks Decoded blockchain example, this hash rate of 2 H/s ... 100k new bitcoin ASICs running on the network. Analysing the data of BTC.com it is possible to notice how in the last days the hashrate has undergone a substantial jump of more than 7 Exahash/s, going from the previous 67 Exahash/s to the current almost 75, close to the previous peak of 80 Exahash/s, which will probably be beaten shortly.
tags: Rollercoin, Game, Simulator, faucet, miner, mining, satoshi, Bitcoin mining free crypto currency profit passively passive income Coin mine guide tutorial 2020 Ethereum Dogecoin btc bth cash ... Bitcoin is at some very important levels on moving averages as btc hash rate hits all time high. Also my 2020 Bitcoin price prediction. Bitcoin Bitmex price prediction -0 https://www.newsbtc.com ... Support the Channel via BTC Lightning Network: https://tippin ... Bitcoin Cash(BCH) hash rate drops 90% after halving. Time to abandon ship? - Duration: 5:52. Cryptocurrency News 2,944 views. 5:52 ... Adam's hourly rate is 0.1 Bitcoin. Feel free to email: Adam AT TrezorHelp DOT com to set up a Skype/phone consultation or to arrange an in person appearance or speaking engagement. Adam is ... Investors view the total network hashrate as a bid for miners to buy the bitcoins being released in the next block. High hashrate tends to move the price up. Low hashrate tends to move the price down.