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Dragonchain Great Reddit Scaling Bake-Off Public Proposal

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 posts per 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 on YouTube.
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.

Executive summary

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.

Live Demo

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

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.

Scaling

How it works & scales

Architectural Scaling

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.

Economic Scaling

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.

Scaled Deployment

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

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

Getting Started

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...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
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.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • 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.

Requirements

Scaling

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

Decentralization

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 multi-cloud
  • 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.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. 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).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

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

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

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

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

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.

Dragon Den

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
See above

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.

Other Considerations

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).

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

Open Source

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
  • Preferred license
  • 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

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoCurrencies [link] [comments]

Here is how to play the altcoin game - for newbies & champs

I have been here for many previous altcoin seasons (2013,2017 etc) and wanted to share knowedle. It's a LOOONG article.
The evaluation of altcoins (i.e not Bitcoin) is one of the most difficult and profitable exercises. Here I will outline my methodology and thinking but we have to take some things as a given. The first is that the whole market is going up or down with forces that we can't predict or control. Bitcoin is correlated with economic environments, money supply increases, safe havens such as Gold, hype and country regulations. This is an impossible mix to analyze and almost everyone fails at it. That's why you see people valuing Bitcoin from $100 to $500k frequently. Although I am bullish on the prospects of Bitcoin and decentralization and smart contract platforms, this is not the game I will be describing. I am talking about a game where you try to maximize your BTC holdings by investing in altcoins. We win this game even if we are at a loss in fiat currency value. To put it another way:
If you are not bullish in general on cryptocurrencies you have no place in investing or trading cryptocurrencies since it's always a losing proposition to trade in bubbles, a scientifically proven fact. If on the other hand you are then your goal is to grow your portfolio more than you would if holding BTC/ETH for example.

Bitcoin is the big boy

How the market works is not easily identifiable if you haven't graduated from the 2017 crypto university. When there is a bull market everything seems amazingly profitable and things keep going up outgrowing Bitcoin by orders of magnitude and you are a genius. The problem with this is that it only works while Bitcoin is going up a little bit or trades sideways. When it decides to move big then altcoins lose value both on the way up and on the way down. The second part is obvious and proven since all altcoins from 2017 are at a fraction of their BTC value (usually in the range of 80% or more down). Also, when BTC is making a big move upwards everyone exits altcoins to ride the wave. It is possible that the altcoin market behaves as an inversed leveraged ETF with leakage where in a certain period while Bitcoin starts at 10k and ends at 10k for example, altcoins have lost a lot of value because of the above things happening.

We are doing it anyway champ!

OK so we understand the risks and just wanna gambol with our money right? I get it. Why do that? Because finding the ideal scenario and period can be extremely profitable. In 2017 several altcoins went up 40x more than BTC. But again, if you don't chose wisely many of them have gone back to zero (the author has first hand experience in this!), they have been delisted and nobody remembers them. The actual mentality to have is very important and resembles poker and other speculative games:
A certain altcoin can go up in value indefinitely but can only lose it's starting investment. Think about it. You either lose 1 metric or gain many many more. Now that sounds amazing but firstly as we said we have the goal to outperform our benchmark (BTC) and secondly that going up in value a lot means that the probability is quite low. There is this notion of Expected Value (EV) that poker players apply in these kind of situations and it goes like that. If you think that a certain coin has a probability let's say 10% to go up 10X and 90% probability it goes to zero it's an even bet. If you think that probability is 11% then it's a good bet, a profitable bet and you should take it. You get the point right? It's not that it can only go 10X or 0X, there is a whole range of probability outcomes that are too mathematical to explain here and it doesn't help so much because nobody can do such analysis with altcoins. See below on how we can approximate it.

How to evaluate altcoins

A range of different things to take into account outlined below will form our decision making. Not a single one of them should dictate 100% of our strategy.

Basics

It's all about market cap. Repeat after me. The price of a coin doesn't mean anything. Say it 10 times until you believe it. I can't remember how many times I had conversations with people that were comparing coins using their coin price instead of their market cap. To make this easy to get.
If I decide because the sky is blue to make my coin supply 100 Trillion FoolCoins with a price of $0.001 and there is another WiseCoin with a supply of 100 Million and price of $1 then FoolCoins are more expensive. - Alex Fin's Cap Law

Fundamental analysis

This is done usually in the stock world and it means that each company has some fundamental value that includes it's assets, customers, growth prospects, sector prospects and leadership competence but mostly centered in financial measures such as P/E ratios etc. Valuation is a proper economic discipline by itself taught in universities. OK, now throw everything out of the window!.
This kind of analysis is impossible in vague concepts and innovations that are currently cryptocurrencies. Ethereum was frequently priced at the fictional price of gas when all financial systems on earth run on the platform after decades (a bit of exaggeration here). No project is currently profitable enough to justify a valuation multiple that is usually equal to P/E in the thousands or more. As such we need to take other things into account. What I do is included in the list below:

Relative valuation

One of my favorite ways to value altcoins that is based on the same principle in the stock market is to look at peers and decide what is the maximum cap it can grow to. As an example you take a second layer Ethereum solution that has an ICO and you want to decide if you will enter or not. You can take a look at other coins that are in the same business and compare their market caps. Thinking that your coin will outperform by a lot the top coins currently is overly optimistic so I usually take a lower valuation as a target price. If the initial offering is directly implying a valuation that is more than that then there is no room to grow according to my analysis and I skip it. Many times this has proven me wrong because it's a game theory problem where if many people think irrationally in a market it becomes a self-fulfilling prophecy. But since there is opportunity cost involved, in the long run, getting in initial offerings that have a lot of room to grow will pay off as a strategy.

Sector prospects

In 2017 the sexiest sector was platforms and then coins including privacy ones. Platforms are obviously still a highly rated sector because everything is being built on them, but privacy is not as hot as it used to be. In 2018 DEXes were all they hype but still people are massively using centralized exchanges. In 2020 Defi is the hottest sector and it includes platforms, oracles and Defi projects. What I am saying is that a project gets extra points if it's a Defi one in 2020 and minus points if it's a payment system that will conquer the world as it was in 2017 because that's old news. This is closely related to the next section.

Hype

Needless to say that the crypto market is a worse FOMO type of inexperienced trigger happy yolo investors , much worse than the Robinhood crowd that drove a bankrupt company's stock 1200% after they declared bankruptcy. The result is that there are numerous projects that are basically either vaporware or just so overhyped that their valuation has no connection to reality. Should we avoid those kind of projects? No and I will explain why. There are many very good technically projects that had zero hype potential due to incompetent marketing departments that made them tank. An example (without shilling because I sold out a while back) is Quantum Resistant Ledger. This project has amazing quantum resistant blockchain, the only one running now, has a platform that people can build tokens and messaging systems and other magnificent stuff. Just check how they fared up to now and you will get the point. A project *needs* to have a hype factor because you cannot judge it as normal stocks that you can do value investing like Warren Buffet does where a company will inevitable post sales and profitability numbers and investors will get dividends. Actually the last sentence is the most important: No dividends. Even projects that give you tokens or coins as dividends are not real dividends because if the coin tanks the value of the dividend tanks. This is NOT the case with company stocks where you get dollars even if the company stock tanks. All that being said, I would advice against betting on projects that have a lot of hype but little substance (but that should be obvious!).

How to construct your portfolio

My strategy and philosophy in investing is that risk should be proportional to investment capital. That means that if you are investing 100K in the crypto market your portfolio should be very different than someone investing 1K because 10% annual gains are nothing in the latter while they are very significant in the former. Starting from this principle each individual needs to construct a portfolio according to how much risk he wants to take. I will emphasize two important concepts that play well with what I said. In the first instance of a big portfolio you should concentrate on this mantra: "Diversification is the only free meal in finance". In the case of a small portfolio then this mantra is more important: "Concentrate to create wealth, diversify to maintain wealth". Usually in a big portfolio you would want to hold some big coins such as BTC and ETH to weather the ups and downs explained in previous paragraphs while generating profits and keep progressively smaller parts of your portfolio for riskier investments. Maybe 50% of this portfolio could be big caps and 10% very risky initial offerings. Adapting risk progressively to smaller portfolios makes sense but I think it would be irrational to keep more than 30% of a portfolio no matter what tied to one coin due to the very high risk of bankruptcy.

Conclusion

The altseason is supposedly coming every 3 months. Truth is that nobody can predict it but altcoins can be profitable no matter what. Forget about maximalists who are stuck in their dogmas. Altcoins deliver different value propositions and it makes sense because we are very far from a situation where some project offers everything like Amazon and we wouldn't even want that in the first place since we are talking about decentralization and not a winner takes all and becomes a monster kind of scenario! Some last minute advice:
P.S If you find value in reading this and want more weekly consider subscribing to my newsletter here
submitted by aelaos1 to CryptoCurrency [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoNews [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to usdt [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
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:
 
Introduction
 
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.
 
Decentralisation
 
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.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
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.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
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!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to defi [link] [comments]

Round up of Cryptocurrency News #10 Week 28/09 - 4/10

Hello and sorry all its been about a month since serious post. So what has happened this week? 1. Kucoin exchange was hacked for over $150 Million in Bitcoin. Bitfinex and Tether freezes $33 Million of stolen funds. Over this past week we have seen many cryptocurrencies on the exchange be released from the freeze. However, users are still waiting on the main cryptos to be released as KuCoin is working on their security of their platform to make sure it does not happen again. The hacker itself tried to dump his tokens over Binance... Good try lol https://news.bitcoin.com/kucoin-hack-17m-laundered-via-decentralized-exchanges-blockchain-analysis-firm-claims-this-can-still-be-traced/ (HOLY MOLY) https://news.bitcoin.com/kucoin-ceo-says-exchange-hack-suspects-found-204-million-recovered/ 2. Bitcoin outperforms Gold, Nasdaq, 10 year treasury and S&P 500. not surprising at all for us but still very interesting, Bitcoin is up 48% since the start of the year. It appears more people are becoming interested in cryptocurrency as Bitcoin continues to be the best performing asset not just in the past 10 years but of all time. On a more personal note, I was at a small gathering today (within covid restrictions) and I was just saying how i was really interested in cryptocurrency. For the first time ever everyone around me was really interested in what it was and how it worked also talked to a lot of my stock market friends and almost all have pulled out or thinking of pulling out. related: https://dailyhodl.com/2020/10/01/report-details-unprecedented-levels-of-wall-street-interest-in-bitcoin-and-cryptocurrency/ https://dailyhodl.com/2020/10/02/former-goldman-institutional-trader-says-large-investors-now-buying-bitcoin-and-gold-at-same-pace-heres-why/ 3. CBDC news - US federal reserve is actively working on the a digital dollar. From a previous post we know that the European Union is working on a Digital Euro and China is working on their own digital dollar. For me this is a bit of a worrying issue and seems like an upgrade for their own outdated systems completely removing the idea of decentralisation. In addition to this, I find it interesting that in Australia all cryptocurrency tax laws were written in late 2017/2018 and continues to be adapted. In Russia their are harsh penalties for unreported cryptocurrency holdings. In my controversial view I think the technology of blockchain can actually be used to recreate and rewrite a much better future through its innate abilities. we can avoid things like this: https://news.bitcoin.com/jpmorgan-fraud-billion-dollar-settlement/ 4. Highlights on cryptojacking - if you dont know what this is it is when a script or code runs on a computer to mine cryptocurrency using your computer resources. You can block these using other programs or scripts and being safe over the internet. 5. World economic forum names XRP as crypto asset most relevant in central bank digital currency space. Many partnerships in the space plus flare coming later. https://dailyhodl.com/2020/09/30/ripple-matchmaking-effort-discovered-featuring-170-financial-institutions-is-xrp-front-and-cente i definitely have a love hate relationship with XRP. 6. https://dailyhodl.com/2020/09/28/defi-movement-shatters-11000000000-in-total-crypto-assets-locked/ https://news.bitcoin.com/uniswap-captures-2-billion-locked-dex-volume-outpaces-second-largest-centralized-exchange/ 7. https://www.ey.com/en_au/blockchain/blockchain-platforms 8. https://dailyhodl.com/2020/09/29/twitter-ceo-jack-dorsey-says-bitcoin-and-blockchain-will-fuel-financial-freedom-and-transform-future-of-content-delivery/ 9. https://news.bitcoin.com/easily-spend-your-bitcoin-via-prepaid-debit-card-or-a-paypal-account-with-bitcoin-of-americas-easy-to-use-trading-platform/ 10. https://news.bitcoin.com/bitcoin-com-exchange-to-list-aspire-and-aspire-gas-as-newest-digital-asset-creation-platform-comes-to-market/ 11. https://news.bitcoin.com/onecoin-victims-petition-establishment-european-crypto-fraud-compensation-fund/ 12. https://news.bitcoin.com/atari-announces-ieo-collaboration-and-listing-of-the-atari-token-with-bitcoin-com-exchange/ Atari also partners with Cryptocurrency project ULTRA. Don't sleep on NFT projects, they may be a niche but they help with organisation, collectability and simplifies processes. 13. https://news.bitcoin.com/aurus-disrupts-the-gold-industry-today-its-ecosystem-lists-at-a-value-of-75m/ 14. https://dailyhodl.com/2020/10/01/irs-deploying-two-firms-to-track-crypto-transactions-in-million-dollar-deal/ 15. https://dailyhodl.com/2020/10/01/number-of-crypto-users-shatters-100000000-worldwide-cambridge-study/ https://news.bitcoin.com/bitcoin-posts-a-66-day-consecutive-streak-above-the-10k-price-range/ 16. https://news.bitcoin.com/cryptocurrency-exchange-diginex-trading-nasdaq/ 17. https://news.bitcoin.com/smart-contract-protocol-rsk-attempts-to-bring-defi-to-the-bitcoin-network/ 18. Bitmex news: https://news.bitcoin.com/bitmex-criminal-charges-prison/ well this happened. https://news.bitcoin.com/open-interest-on-bitmex-drops-16-investors-withdraw-37000-btc-in-less-than-24-hours/ https://dailyhodl.com/2020/10/02/bitmex-fires-back-after-us-accuses-crypto-exchange-of-failing-to-prevent-money-fraud/ https://dailyhodl.com/2020/10/03/440000000-in-bitcoin-exits-bitmex-as-crypto-traders-respond-to-cftc-allegations/ 19. Contract to break monero privacy: https://news.bitcoin.com/chainalysis-and-integra-win-1-25-million-irs-contract-to-break-monero/ 20. https://news.bitcoin.com/stacking-satoshis-leveraging-defi-applications-to-earn-more-bitcoin/ 21. https://dailyhodl.com/2020/10/02/bitcoin-whale-issues-big-warning-to-traders-heres-why-he-believes-group-of-crypto-assets-are-at-risk-from-regulators/ 22. https://news.bitcoin.com/venezuelas-state-run-defi-crypto-exchange-goes-live-after-maduros-anti-blockade-speech/ 23. https://news.bitcoin.com/crypto-exchange-coinbase-hands-over-customer-data-to-uk-tax-authority/ 24. https://news.bitcoin.com/jeff-booth-bitcoin-price-of-tomorrow/
25. https://news.bitcoin.com/eth-volumes-top-125-billion-in-q3-high-risk-dapps-dominate-tron-network/ 
Here is a small cross post for price movement: https://dailyhodl.com/2020/09/30/bitcoin-btc-tezos-xtz-cardano-ada-etoro-crypto-roundup/
Seems like everyone is bullish on bitcoin and leading crypto projects to make big gains over the next year, sooner rather than later. Bitcoin also holds above $10.5K with over 1Million wallets. Bitcoin interest is gaining throughout the world as many parts are hit by economic crisis.
Ethereum 2.0 roadmap updated, plans to exponentially increase scalability! VERY BULLISH. https://dailyhodl.com/2020/10/03/vitalik-buterin-updates-ethereum-2-0-roadmap-details-plans-to-exponentially-increase-scalability/
submitted by IOTAbesomewhere to Gravychain [link] [comments]

$MTXLT — The Fuel For Private DeFi

Call courtesy of facemeltersmicros on telegram
T.me/facemeltersmicros
Circ Supply: 47,844 Total Supply : 900,000
Price $47 Market Cap $2.2m
https://coinmarketcap.com/currencies/tixl/
Buy on probit exchange (liquidity is here) & Binance Dex
MTXLT (later TXL) is the native token of the Private DeFi Platform called Autobahn Network. It can be transferred through the network with zero-fees, reflecting the best features of today's cash.
What is Private DeFi?
Privacy should be fundamental in financial transactions. However, many existing DeFi platforms, such as Ethereum for example, fail to fulfil this criterion – either partly or completely. The Autobahn Network is one of the first of its kind to truly support private DeFi.
What is DeFi about the Autobahn Network?
The Autobahn Network will initially focus on the areas of asset tokenisation and providing a second-layer platform for existing assets on other chains. This will provide the foundation for offering further DeFi use cases in the future. The current focus is on the launch of Alphanet, which will be the first production release of the Autobahn Network.
The Autobahn Network is a decentralized next-generation, second-layer solution for digital assets. It provides the ability to use any cryptocurrency, including Bitcoin, as an efficient & effective means of world payment.
The Autobahn Network employs the most sophisticated technologies to have emerged from the blockchain world over recent years to build a decentralized network, tailored for payments. Bitcoin, and other digital assets, can be sent to the Autobahn Network. Once they are in the network they can then be transferred quickly, privately and with low transaction fees.
HOW DOES IT WORK?
• Send BTC to the Autobahn Network Gateway • The decentralized nodes hold your BTC via a Threshold Signature Scheme (TSS) • Transfer BTC within the network as often as you like • Withdraw BTC to the main blockchain, if you plan to hold it there • The decentralized nodes release your BTC via TSS
To fully appreciate high-speed, you have to experience it yourself. They have developed a fully working Testnet especially for this purpose:
https://autobahn.network/testnet
The Autobahn Network is developed by the non-profit company - Tixl gGmbH, based in Hamburg (Germany). Tixl raised seed capital of USD $1,250,000 in early 2019 by selling the Tixl Token (MTXLT) to retail investors.
Tech behind the Autobahn
https://medium.com/tixlcurrency/the-technology-behind-the-autobahn-network-81fdecf41c20
Most of the time the bottleneck is the consensus. Tixl use their own implementation of the Stellar Consensus Protocol (SCP). Since SCP is known to establish consensus within a few seconds, even if there are some more conflicting transactions, nodes will still be able to reach consensus quickly. It’s also known that SCP can deal with high transaction volumes. Although there is no verified statement from the Stellar foundation, there are rumors that SCP can handle 10,000 transactions per second in certain network constellations
Project milestones and key links
In the future:
Find more details on these events in the medium article released today
https://link.medium.com/qXfp3zjM57
WHY TIXL?
A number of different concepts for improving Bitcoin and the transfer of digital assets in general have been developed, with the ultimate goal of achieving fast and cheap transactions, or to provide privacy. The Tixl Token on the Autobahn Network provides a perfect combination of them all.
REVENUE STREAMS
Transaction Fees
Transactions in the Autobahn Network will be cheap but not completely free. Fees will be paid using in the currency of the asset being transfered. The revenue will then be used to purchase MTXLT on the open market. As a result, fees are indirectly paid in MTXLT.
Listing Fees
As soon as the Autobahn Network gains adoption, it will become a sought-after platform for other assets. A (monthly) listing fee, to be paid in MTXLT, will also serve to increase the public demand for MTXLT.
Additional Services
Besides the obvious sources of revenue, other features - like the purchase of nicknames - can also be used to generate revenue.
Social media buzz
Ivan on Tech about Tixl in "TOP ALTCOINS 2020 - Programmer explains"
https://youtu.be/ynyvwZetb8s
Something different?
Tixl global reserve has been developed to provide extra confidence to investors. Read more here:
https://medium.com/tixlcurrency/tixl-global-reserve-tgr-update-c59bee09c66d
Other questions
Do I need TXL to send and receive BTC and other third-party assets?
To ensure the greatest usability, they decided against using TXL directly as "fuel" because it would provide an obstacle to use if you had to buy TXL before you are able to transfer BTC, or other digital assets. The same issue has attracted criticism from users of other networks that support different assets. As a solution, they settled on the idea of allowing transaction fees for certain assets (for example, BTC) to be paid in their native currency. One can send BTC through the Autobahn Network without having to purchase TXL and pay much lower fees than you would on the Bitcoin blockchain itself.
How is Autobahn Network secured by Bitcoin?
To increase the decentralization of Autobahn Network, a hash representing the current state of the Autobahn Network ledger will be written onto the Bitcoin blockchain regularly. In doing so, the Autobahn Network will increase its trust level by leveraging the most secure and immutable blockchain in the world.
submitted by therealfacemelter to CryptoMoonShots [link] [comments]

Are these the right/best steps to getting ready to stake?

Hi, I own a small amount of Cardano on eToro, but would like to buy a larger amount to be able to stake. I know there is a lot of info within posts here, but it can be a little overwhelming for people new to this. So I have worked out what I think I need to do and have written a checklist below. I was hoping just to get someone to tell me if the steps are correct and my assumptions are right? Also any recommendations on different steps/changes/wallets is welcome. Thanks
I am in the UK so currency I use is GBP
  1. Deposit funds from Bank to Currency Exchange - Kraken. Fee is charged. It seems to me that Kraken's fees (overall, including fees further down list) are lower than Binance, but neither take money deposits without a charge unless you use Etana, but Etana taking a long time to verify my account and seem to have tech issues at the mo
  2. Neither Kraken or Binance have GB /ADA pair so I need to purchase a crypto that does, such as Bitcoin. I believe this is a cheaper way than buying in USD for example. Fees/spread apply to this purchase
  3. Buy ADA using Bitcoin. Fees/spread apply to this purchase
  4. Transfer ADA to Daedalus wallet. Fees apply. I have installed Daedalus
  5. Wait until (some date in near future) then Opt into a stake pool (I will read how to do that later)
  6. If I want to sell Cardano in the future I will need to transfer back to an Exchange wallet and sell for GBP, again with all fees associated with that.
Does this look good? There are quite a few fees along the way, I hope they don't add up to too much.
Thanks
EDIT: Thanks for the help, I have manged to buy some Cardano!! I did a bank transfer to Kraken, which I was then a little worried about as it said it could take 3 days, but it arrived withing 30 minutes. I then purchased Bitcoin (which was hard work for a noob!) and then used that to buy Cardano. I can't transfer to Daedalus as there is a 72 hour lock on withdrawals!
submitted by silvercue to cardano [link] [comments]

MCS | What is DeFi's Playground Uniswap?

MCS | What is DeFi's Playground Uniswap?
\This post has been written by Hedgehog, an MCS influencer and one of Korea's famous cryptocurrency key opinion leaders.*

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#Be_a_Trader!
Greetings from MCS, the derivatives trading platform where traders ALWAYS come first.

If you are an MCS trader interested in Defi, that is emerging and trending in the cryptocurrency industry, you will have heard of an exchange called Uniswap and know that Uniswap is a decentralized exchange. The concept of Uniswap's decentralized exchange is very different from the decentralized exchange (DEX) which trended in 2017-2018.

What is Uniswap?


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Uniswap is a decentralized exchange protocol. In short, it is an Ethereum-based protocol designed to facilitate automatic exchange transactions between Ethereum and ERC20 tokens. Uniswap is installed on-chain, so anyone can use this Uniswap protocol by installing a decentralized wallet like Metamask. Uniswap is loved by the cryptocurrency enthusiasts as it is a DeFi project that provides protection of assets when trading by decentralization.

How Does It Differ From Other DEXes?


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The image above is a screenshot of Binance's Decentralized Exchange (DEX). Most Decentralized Exchanges (DEX) have similar UI/UXs as above. These decentralized exchanges (DEX) are different from centralized exchanges as they do not require deposits of cryptocurrency assets on the exchange but rather links it with personal wallets. The trading concept is no different from centralized exchanges.

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The image above is a screenshot of Uniswap's trade page. MCS traders who are new to Uniswap will have many questions like "What is this?" and "Can I trade with this?" Unlike traditional decentralized exchanges (DEXs), Uniswap has removed the order book. Instead, Uniswap introduced the Oracle concept and uses a pricing mechanism which guarantees liquidity and provide low spreads and slippage. These mechanisms are working successfully and are equipped with the concept of receiving incentives by providing liquidity utilizing the pool function on Uniswap.

Uniswap's Simple Market Making Mechanism

Uniswap guarantees liquidity using an automated market making mechanism. ERC-20 tokens traded in Uniswap has an Ethereum pool and token pool, and at a specific time, the token price is determined by the ratio of the Ethereum pool and the token pool size. Every time someone receives Ethereum from Uniswap by selling tokens, the amount of tokens increase and Ethereum decreases. In this case, the token price will gradually decrease by mechanism. Conversely, whenever someone gives Ethereum and buys a token, the corresponding token in the pool decreases, and the Ethereum quantity increases, so the mechanism increases the token price. As such, the token price is determined by an automated market making algorithm by checking the amount of Ethereum and token remaining in the token pool.

Incentivized Liquidity on Uniswap

Uniswap's automatic market making mechanism provides its own liquidity. However, it requires a significant pool of Ethereum and tokens to run smoothly. Uniswap incentivizes this liquidity by rewarding those who contribute to Ethereum and token pools. When each transaction occurs, part of the transaction fee is compensated to those who provide liquidity, and the size of the reward is proportional to the contribution ratio of the token pool liquidity.

Uniswap's Exponential Growth


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According to an article on coinDesk on the 13th, citing Dune Analytics data, Uniswap's trading volume from August 1st to 12th was approximately $1.76 billion. This volume has already exceeded the monthly volume of July which was $1.75 billion. As shown in the chart above, the monthly trading volume of Uniswap has succeeded in breaking a record high for 4 consecutive months and it still continues to grow.

I am a Bitcoin margin trader, Hedgehog. Thank you for reading this post.

🔸 MCS Official Website : https://mycoinstory.com
🔸 MCS Telegram : https://t.me/mycoinstory_en

Traders ALWAYS come first on MCS.
Thank you.

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How to trade Bitcoin Future

How to trade Bitcoin Future


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Bitcoin is troublesome to use.
But bitcoin’s isue may build it additional valuable.
So, what’ reality regarding bitcoin’s future?
Bitcoin mining may be a senseless waste of energy.
As bitcoin hits mainstream media, the subject of bitcoin mining
bubble regarding to pop.For ten years, the media has enjoyed painting bitcoin as a bubble concerning to pop. They’ve gleefully pronounced the bubble popped and bitcoin dead … over 350 times. However the reality regarding bitcoin is that it keeps coming back back. Why?

Charlie Munger called bitcoin “worthless artificial gold.” Others in the media have likened bitcoin to a bubble, a “tulip mania,” and different strong statements
Each time bitcoin improves itself (like with Segwit
Segregated Witnesses. A protocol implemented by Bitcoin to extend transaction speed. SegWit allows a lot of transactions to be written into a single block on a blockchain.

or the Lightning Network), or will increase in value, the media is keen and ready to jump on it, decrying and denouncing it.
Therefore what’s the reality behind bitcoin’s price -- is it extremely a bubble?
The reality regarding bitcoin is straightforward; it's experiencing the same rise and fall cycles as each new technology and asset catego
The web also experienced a bubble. Shares of dotcom firms rose by a thousandpercent on a daily basis. Then it all tumbled down. However we have a tendency to’re still using the web, aren’t we have a tendency to? More than ever, in fact.

Stocks conjointly experienced big boom and bust cycles, especially in their early days.

We might feel like stocks have been around forever -- and to us they need. However stocks conjointly had a starting, and a rough one too. Once upon a time in 1531, when the first stocks were invented, they saw extraordinary volatility, scams, and no regulation. In fact, before stock exchanges, they were sold at occasional shops -- just like cryptocurrencies were sold on la peer to peer

marketplace, before exchanges came online.
Even property, viewed by the majority as “the safest investment” experienced a dramatic cycle. Business Insider reported that “Between 2006 and 2014, nearly ten million homeowners in America saw the foreclosure sale of their own homes.” And tens of thousands became homeless as a result of of it. Nevertheless --- we have a tendency to’re still living in homes, aren’t we?

The future of bitcoin would possibly be the identical as that of stocks, bonds, assets, and the web. It rises and falls like all the others, and it is currently terribly volatile -- but that’s as a result of it’s young.

Stocks have been around for 400 years. Dotcom corporations for forty years. Bitcoin is solely 10 years previous -- and cryptocurrencies, normally, are even younger. But slowly, they will become a part of our daily lives.

Rich investors are manipulating costs!
Look at this headline from the Independent: “Bitcoin price Crash: 'Manipulative Whales

Whale
A very wealthy individual capable of creating massive trades.
View full glossary
' cause Cryptocurrency Market Meltdown!”
It’s sensationalism, pure and straightforward. The article goes on to rant against these therefore-known as “whales” -- individuals who own voluminous dollars of BTC -- as evil-doers who’s solely thought is profit.

This type of sensationalism is meant to harm Bitcoin’s future; to scare people faraway from doing research and thinking for themselves.

Nonetheless, this statement is somewhat true. Up to eighty five% of Bitcoin’s supply is solely owned by onepercent of wallet addresses.




But there’s an important point to be made about these numbers. Most of the prime percentage of wallets is not owned by whales -- but by exchanges

Exchange
On-line platforms on which people can buy and sell cryptocurrencies.
View full glossary
.
However their result is getting smaller and smaller.
A company referred to as Chainalysis -- that makes a speciality of analyzing the Bitcoin blockchain

-- found that “the actual threat that all whales pose to the cryptocurrency economy is relatively low. If they sold off their entire holdings, it'd be effectively a $3.9 billion sale at current costs. That’s not even tenpercent of this total market capitalization of Bitcoin.”
This is as a result of, as I hinted above, several of those wallets holding such vast sums are the ‘cold wallets

’ (wallets held offline) belonging to major exchanges like Coinbase, Kraken, Binance, and more. These wallets cannot be used to manipulate the price, diminishing the potential impact of enormous ‘whales’ selling their positions.
Bitcoin is simply too slow for use as a currency.
The reality regarding Bitcoin is that yes, it's slower than VISA, Mastercard, and alternative centralized electronic payment systems.

Paying together with your credit cards takes seconds and the network can handle payments around the globe twenty fouseven. But, though Bitcoin can additionally be used around the world, confirmation

of payment takes an average of 10 minutes; during the bitcoin craze recently 2017, confirmation times might take hours.
Moreover, VISA on average processes around 2,00zero transactions per second (tps). This means the amount of payments individuals make per second on the network. VISA includes a maximum of twenty four,00zero TPS. Bitcoin, by distinction, has a maximum of ten TPS. This argument has been place forward by several critics over the years and picked up by the media as the doom of bitcoin’s future.

However Bitcoin could be a technology that evolves.
Now let’s assume regarding Bitcoin’s past for a moment. The coin and its underlying technology -- the blockchain -- are only ten years previous. When the web was ten years old -- the year was 1989. Do you keep in mind the net in 1989? I sure do.



payments in exchange for not revealing sensitive info. So, in bound ways that, BTC and cryptocurrencies offer hackers a lot of options.
However money continues to be king for every criminality.
Though it’s true that hackers and phishers do typically ask for payment in BTC

There’s an aphorism: “money talks.” It means that that if you would like to get something done -- the best argument you can build is to place down a stack of money. When Bitcoin rose to fame, the primary headlines focused around Bitcoin being the prime choice for criminality.

But Lilita Infante, Special Agent for the DEA (Drug Enforcement Administration) has some contradictory info regarding this. She was one among a ten-person Cyber Investigative Task Force team whose primary aim was the dark web and crypto-related investigations. This cluster is no little force. They collaborate with the Department of Justice, FBI, and also the Bureau of Alcohol, Tobacco, Firearms and Explosives. And she went on the record to talk regarding what share of bitcoin transactions are literally being employed for illegal things; she said that “illegal activity has shrunk to about 10 p.c.”

Only tenp.c of all the transactions on the Bitcoin network could be used for illegal things. Which number is falling.

The fall in Bitcoin’s use among criminals is due to several factors. The most prominent factor is that Bitcoin is no longer anonymous. Sciencemag wrote a full report on how governments are developing and using techniques to explore the Bitcoin blockchain and notice criminals by tracing their bitcoin payments.

Paying with bitcoin isn’t simple.
I’ve heard this argument flow into widely throughout the years. I still hear it from my grandpa each vacation dinner. He didn’t see a Bitcoin checkout option at the grocery when he bought the turkey -- therefore it’ll never be used.



Perhaps Bitcoin is on its means to being such a store of worth. For 10 years now bitcoin has been ready to be saved and retrieved and exchanged -- and it’s worth has only gone up (bumpy but up).

Need to get more cryptocurrencies? Check out our top 5 cryptocurrencies to shop for, whether you’re a beginner or an experienced investor!

Bitcoin is difficult to use.
Bitcoin, like all new technologies, isn't the most user-friendly.

You would like to line up a wallet, bear in mind a seed phrase, and several additional steps. Sending and receiving BTC

payments additionally involves steps of copy/pasting long strings of random letters and numbers. It’s powerful, I hear ya.


I additionally keep in mind all the steps I needed to require to send emails back when those were new. Insert a CD from AOL into my computer. Install AOL. Unplug my phone line. Plug in my Modem. Wait for it to make all those noises and finally connect. Then set up my AOL email and password. It was quite the method.

My grandfather never thought emails would come out and even my mother said folks would perpetually like handwriting letters (and using a physical dictionary for spell check!) and sending through the post.


Think about it the approach we tend to assume about gold. Not everyone has gold. It’s also a bit difficult to own.

If you wish to own gold for its ‘store of price’ properties, you wish to seek out a specialized look to buy investment gold. You need to store it somewhere, sort of a personal safe or a bank vault, and bear in mind the password. This is somewhat troublesome.

https://preview.redd.it/k0x3jqsm8df51.jpg?width=770&format=pjpg&auto=webp&s=ff7c2f29881c28fb22c9828c497cc1981eea2919
Perhaps Bitcoin’s problem will facilitate it retain its value, just like gold
You Might Conjointly Like: The 5 est Bitcoin Sports Betting Sites
https://www.cryptoerapro.com/bitcoin-future/
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Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing

Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing
Written by chaintalk.tv
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We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below.
How come you decided to open up CoinEx to other cryptos other than just BCH?
Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development.
As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading.
How does CoinEx integrate with the ViaBTC Pool?
Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May.
As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology.
After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners.
Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms.
The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately.
CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them?
Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets.
To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx.
During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users.
At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer.
In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform.
From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from?
Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more.
Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April.
With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges?
Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday.
Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible.
Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries.
Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure.
What is the geographical breakdown of the CoinEx userbase?
Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea.
Do you have plans to focus on any certain jurisdictions? How will you do that?
Eddie Jiang: When we evaluate regions, two things matter: policy and potential.
Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher.
For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons.
CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation.
Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations.
What is CoinEx Chain and CoinEx DEX?
Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security.
On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it.
CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators.
It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible.
Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity.
How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption?
Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks.
The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs.
The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team.
Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience.
How will CoinEx Chain and DEX help the crypto industry as a whole?
Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility.
CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts.
But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts.
Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem.
Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives.
With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space?
Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine.
What updates is the CoinEx team most excited for?
Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential.
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Buying Bitcoin with Binance SG

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