Choosing a client that is right for you can be challenging. In general, the clients listed above are all viable options for staking on Eth2 - they are all compliant with the latest Eth2 specification. Each client uses a slightly different configurtation and set-up, and offers different features. Ideally you can try each client out on the Medalla testnet (see the Complete Guides in the table above) to get a feel for which client is right for you. Also check this slightly out of date (but still relevant) breakdown of Ethereum 2.0 clients: Ethereum 2.0 and the Seven Clients by SomerEsat.
Staking on Ethereum 2.0 has some risks. Some common things to look out for are not limited to: - Hardware related issues can impact a staking setup. For example: power failures, hardware failures, running out of disk space, etc. - Networking related issues such as DDoS attacks or general connectivity issues (e.g. severed cable). - Software related issues such as bugs in client software or OS issues. - Validator Key issues such as lost or stolen phrase/passwords/private keys. - ETH2 related issues relating to mainnet problems. - Taxation may apply to staking rewards depending on your local tax laws. Check with a licensed professional. Before you go, don't forget to make plans to join us in Hawaii in 2022. This sticky is maintained here. Please submit lots of changes on the github then ping superphiz, or just pm me here if you have something.
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following aricles/books/videos as a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoin created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly non-inflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoin resides has the authority to move them.
Low fee scaling - Fees are chosen by the sender - you can choose your own fee. An appropriate fee for an on-chain transaction depends on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view fee estimates here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Nearly instant - From a few seconds on the lightning network to a few minutes on-chain depending on need for confirmations. Transactions are irreversible by normal users after one confirmation and irreversible by anyone (including miners) after 6 confirmations.
Portable - Bitcoin are digital so they are easier to move than cash or gold. They can be transported by simply carrying a seed (a string of 12 to 24 words) on a device or by memorizing it for wallet recovery (while cool, memorizing is generally not recommended due to potential for forgetting the seed and the potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for most users for their ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoin are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoin
With bitcoin you can "Be your own bank" and personally secure your bitcoin OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoin for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code or a physical security key to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Physical security keys (FIDO U2F) offer stronger security than Google Auth / Authy and other TOTP-based apps, because the secret code never leaves the device and it uses bi-directional authentication so it prevents phishing. If you lose the device though, you could lose access to your account, so always use 2 or more security keys with a given account so you have backups. See Yubikey or Titan to purchase security keys. Both Coinbase and Gemini support physical security keys.
Watch out for scams
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Avoid using ad-based search engines like Google or Yahoo: ads are shown based on how much the advertiser bids, and scammers can easily outbid legitimate providers for ad space, since immoral ways of earning money are far more lucrative than moral ways. Use DuckDuckGo instead, which has no ads, and never tracks you as well.
Ignore private messages offering services.
Never enter your seed words in a website of any kind. Hardware wallets will recover by displaying possible seed words on their own interface, never on a website.
Avoid clicking on links like that look like links, such as https://www.google.com/, without first hovering over it and actually checking where they go to. Just because a link is labelled with an HTTPS address does not mean it actually sends you to that address. It is trivial for someone to comment a link on Reddit that looks like it will send you to one website when it actually sends you to another, and you might not notice the difference until a scammer has gotten all your money, or you have downloaded and installed software that steals your money.
Mining bitcoin can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoin by being paid to do a job.
You can also earn bitcoin by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoin for a small fee (requires you to already have some bitcoin).
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
Canadian exchanges have seen massive progress - in at least a couple of exchanges.
We’ve seen the collapse of Einstein which took millions of dollars more from Canadians. And we saw the OSC crackdown on the inflated trading volume on CoinSquare.
Blockchain provides the full ability for exchanges to prove asset backing, yet we continue to have to guess which platforms are backed. In an effort to help Canadians find the exchanges which are most transparent, we divide platforms into 5 categories:
Dead Platform/Incidents - For fun, and to help illustrate the risks, reviews of past platforms that collapsed or lost funds in Canada. No disrespect to the real losses of Canadians who worked hard for their money.
No Verification Found - A platform that doesn’t appear to give any indication of any auditing or internal controls. You may want to avoid these platforms, but sometimes these are just because this information is not available easily.
Apparent Verification - I was able to dig and locate some sort of claim or indication that they were being audited. Of course, most of these don’t mention who specifically is performing the audit, what is actually being checked, and/or anything about the verification process. In one case, this verification is severely out of date.
Full Backing Report - In order to meet these criteria, the platform has to have undergone a process where full backing of customer assets was verified by a third party within the past year. A report needs to be published including the verification process and that the third party has verified full backing (or what level of backing). While these are pretty compelling, it doesn’t stop a dishonest platform from excluding customers, tricking the audit process, or colluding with the third party in various ways.
Proof of Reserve - This is a cryptographic process that includes public wallet addresses, signing of transactions, and a public hash list or Merkle tree to allow customers to validate inclusion. Together, these three criteria demonstrate that funds exist on the blockchain, are spendable by the exchange, and fully back crypto assets of all customers who check. Combined with a financial audit, it’s the best we can get. While many misuse the term, no Canadian exchange has ever fully proven reserves.
If Proof of Reserve or another form of verification was standard on all exchanges, people like Gerald Cotten and Dave Smilie wouldn’t have been able to pull off massive fraud, and cases such as Einstein would have been known long before it resulted in insolvency. Supporting exchanges that don’t provide public validation or transparency is supporting fraud. Even if the platform is 100% honest, they are setting a dangerous standard that enables other fraudsters to hide in plain sight.
FlexCoin - As “the world's first bitcoin bank” that’s “not a true bank”, FlexCoin provides “a central location for all of your bitcoins”. “Bitcoins deposited with flexcoin will be stored on [thei]r secure servers” so you can “send bitcoins to non-technical individual[s] via e-mail”. Unlike blockchain, “flexcoin to flexcoin transfers are free”. MapleChange - “[S]wift, reliable and to-the-point!” “One of [their] primary concerns is security for [their] customers'' which is why “keys are cryptographically encrypted”. More Canadian than anyone! Excuse me while we hold the door open to our crypto! "[W]ithdraws(sic) are next to instantaneous", "rel[ying] solely on the aspect of swiftness"! Canadian Bitcoins - Funds stored for convenience in a professional Rogers data center, which has the highest level of courtesy and customer service - always going above and beyond to provide expedient service whenever a request comes in! CoinTradeNewNote - A “meticulously engineered Bitcoin Exchange” “focused on security and tak[ing] these risks seriously”. “[Y]ou don’t have to worry”, they have “90+% cold storage” and their “cold storage is fully insured by Xapo”. Plus, as “a registered Canadian corporation” they “leverage the good guys to fight the bad guys”. Einstein - You can get “your money deposited and withdrawn faster than any other exchange”. As one customer said "With so many hacks and exit scams, it gives me confidence knowing Einstein is backed by hard-working people just like me." Just check the user experience on their subreddit from their "220,000+ satisfied customers". EZ-BTC - As the world’s “most user-friendly and bespoke crypto currency management platform”, they have “strong security”. “All your coins are kept in cold storage. They’re safe.”. The presence of physical ATMs was one of the strategies to build customer confidence for their promised 9% annual return on stored funds. QuadrigaCX - Operating since 2013, with “vast cryptocurrency reserves” right up to the end. "Bitcoins that are funded in QuadrigaCX are stored in cold storage, using some of the most secure cryptographic procedures possible." Even today some of the funds remain 100% secure in their cold storage! If there are any others I missed, let me know!
No Verification Found
BitVo - Whether “Canada's premier cryptocurrency exchange” or merely “on a mission to become Canada’s premier cryptocurrency exchange”, we have to praise BitVo’s security for including “multiple signatures of a select group of trusted individuals” which are “not connected to the exchange platform or a network”. It is unfortunate that such common sense concepts are “proprietary” instead of the standard on all Canadian platforms. While assuring that they operate “on a full-reserve basis” and talking about “transparency”, the proof is lacking and nothing indicates it to have been verified externally or even internally. The withdrawal-based fee structure incentivizes users to keep funds “safe and secure” on the platform - which is “owned and operated by banking and security experts”. The “banking” side shows for sure in these hidden fine-print fees, which go well with transparency. CoinField - Apparently no longer the "most secure trading platform in Canada" but now instead the “Best Bitcoin & Cryptocurrency Exchange In Canada” - based in Estonia and no longer having a Canadian office. They’re “fully regulated” in 193+ countries, except for the period between October 2019 and June 2020, when they weren’t even registered as an MSB. They offer a huge range of trading pairs except for the ones you need, with high liquidity except for the pairs that don’t have any, and you can withdraw and trade all of your funds as long as you leave a small amount behind at every stage. CoinSmart - Not sure what "[i]ndustry leading cold storage" is, but luckily it’s “bank level”. No mention of multi-sig. They’re so "accountable to [their] clients, community and to each other" and "committed to being open and honest" that they don’t include any audit. Deposits are easy and withdrawals are fun - like a video game. Advance through each stage to prove your willpower, complete with warnings, SMS verification that doesn’t display errors (but luckily you can change the number to anything at all without further verification), and even an elaborate high-resolution selfie requirement you have to email in. If you can’t complete or don’t feel comfortable sending info via email, your money is held hostage - no big deal at all really. Coinut - As "the most secure cryptocurrency exchange", they provide “a comprehensive cryptocurrency exchange platform for trading cryptocurrencies”. (Not to be confused with a cryptocurrency exchange platform for trading coconuts.) They’ve been “running securely for about three years” “by storing cryptocurrencies offline” in a single “offline computer”. In addition to not using multi-sig and "not us[ing] USB drives, as the online computer may be infected with virus", they also don’t appear to use audits or any form of public verification. NDAX - “Canada’s most secure trading platform” to "set the standard for the Canadian cryptocurrency industry". While NDax promotes “segregated accounts” and “95-98% of user funds in an offline, multi-signature wallet”, there’s nothing to indicate backing of assets on the platform. While apparently partnered with a Canadian bank, the bank is not revealed. No audit found but at least there’s a full-page risk disclosure and disclaimer. You can sleep peacefully knowing that they’re legally protected, even “for losses suffer(sic) to you as a result of any defaults of by(sic) insolvency of other Users.” What does that even mean? Apparently, even with their industry-record withdrawal fees, they couldn’t afford a legal team with proper grammar. Newton - Newton was one of the first to announce third party custody. You should give your funds to Newton, because they’ll give them to Balance, and they’ll do this for free! And “[m]ultinational companies trust” Balance. According to the Balance terms, “the digital assets you purchase via the Platform are not protected by any government or other insurance”. "Prospective clients...will hold the entire liability associated with purchasing a Digital Asset Cache™️ and using [Balance] services, potentially including partial or total loss of capital." "Balance does not represent or guarantee that the Balance Platform will be free from loss, corruption, attack, viruses, interference, hacking, or other security intrusion, and Balance disclaims any liability relating thereto." "No data transmission over the Internet can be guaranteed to be 100% secure, and as a result [they] cannot ensure or warrant the security of any information you transmit to [them]." "You are solely responsible for maintaining the confidentiality and security of your Account." If someone else should “[w]ithdraw the digital assets in your DAC to [thei]r external digital wallets as soon as within the same business day.” "Balance shall not be responsible for any losses arising out of the unauthorized or other improper use of your Account." The security of Balance custodianship comes down to (a) proprietary “HSMs” tested by their team of experts are more secure than hardware wallets tested by thousands of teams of experts around the globe, (b) a standardized and documented system of physical security in facilities accessible to a select number of people is superior to a combination of unique physical security, exclusive signing procedure, and complete locational secrecy that could be employed separately by multiple reasonably competent individuals, and (c) placing your trust in the team of Newton, the team of Balance, and the security of a website is more secure than simply trusting a single team to manage the private keys in an offline multi-sig fashion. While Balance has an extensive page on security and internal controls, I was unable to locate any audit nor verification that the assets on Newton or custodian Balance are actually fully backed against deposits. From the demo page, we can see that Newton has visibility to see their balances on Balance, so at least Dustin and the team can check diligently and make sure they aren’t taken. Why not give some of that visibility to your customers? Why has Newton, which has been a leader in so many other areas (“commission-free”, working to get the best rates, etc…) not been a leader in putting together any level of public visibility to the backing of customer funds on their platform?
CoinBerry - CoinBerry uses the best practice of offline multi-sig for the storage of all customer funds, a set-up that, to date, has a breach-less record historically. Assuming the private keys are properly managed by separate trained people, CoinBerry client funds are thus stored in what’s essentially a giant cold storage wallet, with all withdrawals handled and verified by multiple people before being approved. However, this model is still subject to the platform being tricked into releasing funds as may have happened in August 2020. What they haven't done is transparently admitted and explained how the breach occurred, which can be an opportunity to highlight security improvements and help other platforms avoid similar issues. Instead, they've recently purchased insurance to cover future incidents. It's hard to judge from a few excerpts of what’s likely a multi-page (or even a multi-chapter) policy, but it would be the first time that insurance has ever paid out in the history of cryptocurrency. A multi-platform insurance strategy could be cheaper, more comprehensive, and more likely to pay out than third party insurance. CoinBerry is “trusted by Canadian Municipalities”, a deal that enabled “the first payment of property taxes with Bitcoin in Canadian History”. They reportedly also “undergo annual 3rd party financial statement audits”. From records, these appear to be conducted by the firm MNP which is an accounting firm. CoinBerry has not, however, publicly declared themselves to be “fully-backed”, nor have they published any verification on the backing level of funds on the platform. Rather the audits are “secret”. This is concerning given the large referral bonuses paid out by the platform to new customers (including a popular $25 referral bonus for purchasing $50 of bitcoin), multiple issues with withdrawal delays, including one affecting hundreds of customers earlier this year, and the slow increase to their “fair pricing and industry-leading low fees.” Fees have gone from 0.5% to 1%, to a tiny sentence about “adding a margin, or spread, of between 0% and 2% to the rate offered by [thei]r liquidity sources”. Luckily, they “don’t hide fees across your trading experience.” In case you should sign up and find that (up to 2%) rate to be too high, “[a]ccounts requesting a withdrawal of Fiat or Crypto currency in original form, without conducting a trade will be...charged an account maintenance fee calculated as the larger of $25 or 5% of the total amount requested.” You will also need to pay additional “mining fees for crypto withdrawals”, which significantly exceed typical transaction costs and are only mentioned in the fine print of their fees page. CoinBerry has publicly expressed agreement that you should not store funds on cryptocurrency exchanges including their own. Neither their insurance nor world-class security will do anything whatsoever if their platform goes insolvent. CoinSquare - CoinSquare has had a rough year, most notably with being publicly declared as having inflated trading volume and having to pay multi-million dollar fines. As usual, the Reddit community was already on top of this and apparently, some staff at the company were even open about it. Ironically, one could argue that their dishonest practice did more to stand up to Quadriga than regulators ever did, may have saved thousands of Canadians from losing their funds, and may even have been a key factor in bringing Quadriga down. It remains to be seen what will become of the shell of one of Canada's oldest exchanges. It would be the ultimate in poetic irony if the actions of the OSC to protect CoinSquare investors ultimately destroyed the full value of their investment. If that plays out, I'm sure they will heap praise on the OSC for so publicly and fragrantly shaming CoinSquare for a practice which was similarly employed on other exchanges globally and which they'd already voluntarily ceased months prior to the conclusion of the 6-figure investigation and 7-figure fines. That said, CoinSquare already had a lack of visibility into their security practices, which they describe as “100% proprietary”. This would imply the team at CoinSquare is smarter than established security standards by experts all around the world at protecting your funds, contradicting previously reported incidents. They describe “SSL and 2FA”, which are more or less standard features of all exchanges. A “95% cold storage” policy is low compared to many other platforms, and it doesn’t appear to be mentioned whether multi-sig is being employed or not. And of course, their apparent regular audits are not public (allegedly by “a national accounting firm whose identity is protected under an NDA"). They’ve routinely described themselves as solvent rather than fully backed. Kraken - A kraken is “an enormous mythical sea monster”, and likewise Kraken, the exchange, is enormous, the largest and oldest exchange platform in North America. Kraken recently achieved the momentous accomplishment of becoming the first cryptocurrency exchange to be a regulated bank by completing a charter in the state of Wyoming. Kraken calls itself the “most trusted cryptocurrency exchange” and apparently “provides world class financial stability by maintaining full reserves, healthy banking relationships and the highest standards of legal compliance”. While many individual Kraken customers have been hacked, the platform overall never has, which is an impressive record. Similarities abound further. According to legend, kraken exist off the coast of Norway. According to alleged court papers, Kraken operated illegally in the state of New York. Should you encounter a kraken, you may be best to leave silently. If you should work at the counter for Kraken, you may be legally silenced. One of the former employees for Kraken alleges wrongful dismissal and that the bank accounts of Kraken are actually running millions of dollars short of where they should have been. But don't worry - Kraken’s website features a Proof of Reserve page, stating that “[o]ver the past several weeks, Kraken has successfully developed and completed an industry-leading, independent, cryptographically-verified audit.” But the page was written in 2014 and among the long list of limitations, the process does not enable any validation on the blockchain. Kraken hasn't done any validation or publishing of reserves in 6 years and counting. NetCoins - Once upon a time, the cofounder of CoinTrader (sound familiar?) decided to found a new exchange - “Canada’s easiest, most trusted way to buy and sell crypto”. As they say on the FAQ, “[t]rading cryptocurrency is completely safe”. Having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” “Get verified in minutes!” While comforting to know that parent corporation BIGG Digital Assets is audited by Manning Elliott LLP and they have “[r]eal human beings you can get in touch with easily”, this doesn't make up for no visibility whatsoever into how funds are stored or what portions are backed.
Full Backing Report
There are only two exchanges in Canada meeting these criteria. BitBuy - BitBuy has operated since 2016, and was the very first to get a “Proof of Reserve and Security Audit Report” from third party CipherBlade. Since that time, they’ve also established themselves as the first company to get two separate third party validations, with the second one from Blockchain Intelligence Group. The platform’s initial operation as a non-custodial “Express Trade” model lends additional credibility. Therefore, with now two independent third party reports, BitBuy maintains the title as the most transparent exchange in Canada. However, “Bitbuy has moved its existing bitcoin holdings over to Knox”. You now have to trust both teams and platforms for the security of your funds. This is described by them as an “industry leading push for best practices”. Insurance is of course “subject to the full policy terms, conditions and exclusions”. And “Bitbuy will be Knox’s first platform partner”. Knox has never done this before for any other platform. Their security model is “a mouthful for most”, but let’s break down their pitch. They have “air-gapped specialized hardware”. So is a standard typical hardware wallet. It’s running “custom policy logic”, which could be a good or a bad thing depending on the logic. Their logic has probably been vetted by a single team of experts, which is a standard shy of most hardware wallet protocols vetted by thousands of experts globally. They use a “dual-control operational model”, which if you look up dual-control, it actually refers to the fact that the functionality of the module is simultaneously performing actions and being monitored”. It allows one to “experiment with the system so as to learn about its behavior and control it better in the future” which you can decide for yourself if that’s a good thing to have or not in the hardware that controls withdrawals of an active exchange platform. There is “offline transaction processing”, which again is a standard feature of a hardware wallet. “Geographically distinct facilities” is a good idea, though easily achieved by not storing all the private keys in the same place. Saying that the facilities “communicate in a closed network” is an interesting concept. How can you know that a network is closed? If the facilities are close together, they can be breached together. If far apart, someone can get in the middle. The network is no longer closed the moment any part of it is breached. I can go on and on and break down every one of their systems if I have to, but instead, I’ll quote their own security advice about “minimizing the attack surface of the entire key lifecycle”. The minimum attack surface for a private key is having an individual generate it secretly and securely using a process which is vetted by hundreds of security experts around the world, and not relying on a third party to have to control anything to do with that key. This is already available from most standard hardware wallets, with experts debating whether other advanced experts can find a way to extract the key with access to extremely sophisticated equipment and physical access to the hardware. The best and most efficient way to mitigate a weak or corruptible party is through multi-sig where all parties have to sign the transaction. Adding intermediary custodians instead means funds are lost when any one of them is breached, and when using the same in-house hardware as Knox does, any vulnerability on that hardware or supply chain can compromise multiple wallets at once. Now, insurance. The policy isn’t public on its website. It gives high-level features only. What’s astounding is that “collusion” is considered a break-through, which says a lot about the state of third party insurance in the space. I requested an example policy from their team. Their response was that it was “proprietary” and that they only “go over it with serious buyers”. In other words, no one has visibility to the actual policy details of what’s really covered outside of BitBuy or Knox, and neither party has any incentive to present that information objectively. For now, until someone cares to prove me wrong, I’ll quote their own website, “[m]ost policies covering Bitcoin theft and loss fall short and provide a false sense of security”. One of the issues with the BitBuy validation is that it offers no visibility whatsoever for customers to know if their balances were included in any of their third-party validations. As such, BitBuy could have excluded any number of customers and passed both verifications with flying colours. That's why it isn’t a full Proof of Reserve. Also, they stopped talking to me again. But I still believe that BitBuy is one of the least worst platforms, now with reserves verified by two separate third parties. ShakePay - Firstly, congratulations. The formerly trustless raccoon has now got a third party validation - a key step forward. The ShakePay platform is incredibly good at marketing, with the most powerful “Shaking Sats” program to literally get thousands of Canadians to think about buying more cryptocurrency every single day, or at least to pay homage to their great raccoon mascot. More recently, ShakePay completed a security assessment provided by CipherTrace, and added further insurance. CipherTrace found that reserves appeared to be fully backed including extensive analysis of the transactions and provided data. ShakePay could be upfront that they charge a market spread or list the buy and sell prices. Instead, they promote the service as “no fees” and list only one price for bitcoin or ethereum, the only coins they sell. To find the model you have to click through to a separate page. The spread and pricing information is only ever available from within a registered account. ShakePay does not offer any additional trading functionality or coins. ShakePay states that the “majority of all digital currencies are stored securely offline”. The CipherBlade report found this ratio was at “93% of Bitcoin and 91% of Ethereum” in cold storage at the time of the report, though it “var[ies] periodically to some degree throughout the day”. The report refers to a “multi-signature wallet interface”, which they later call a “service to access its sending and receiving multi-signature wallets”, which apparently also “does not have control over cryptocurrency in the hot wallets”. This part doesn’t exactly make sense, as one would most likely consider “access” to a “sending” function as “control”. Apparently, this “not mentioned” service is “without any known security risks” and there are also “redundancy measures” in place as well. Whatever that means in the context of irreversible transactions is a mystery. However, the majority of funds are no longer stored with ShakePay but have now been given to an undisclosed “trust company registered under the NYDFS”. The “variety of security protocols” in place here include “address whitelisting”, the only policy they are willing to disclose publicly “for security reasons”. While ShakePay won’t identify the third party, “CipherBlade can confidently conclude that Shakepay controls these cold wallets” even though “they are controlled by [the] cold storage provider” and “the cold storage provider ultimately holds the private keys”. ShakePay does receive “an account statement” “which includes applicable wallet addresses and balances held” and “[d]ata found on the blockchain was also in line with information found on these statements.” It will be interesting to see in one of many “quite unlikely” events what “the cold storage provider’s policy and Shakepay’s own policy” would cover, given that the details of both policies are completely secret. Luckily, “[t]he vast majority of Shakepay customers who purchase cryptocurrency on the Shakepay platform withdraw it promptly thereafter.” It’s important to note that this report is not a Proof nor an Audit (as originally named). “The reviewer is not a professional accountant, and CipherBlade has not performed a professional financial audit or an audit of internal controls and expresses no assurance on the accounting records of Shakepay.” ShakePay was happy to remove “audit” but they still continue to insist on calling this a “proof”, when it’s not. They claim “Proof of Reserves can have a variety of setups” and they cited Nic Carter’s blog post, which also listed all the criteria for the proof, which they did not meet. In discussion with Nic (who is amazingly open to chat), he’s agreed “what they are doing is not a full PoR” and he “didn’t believe it would be a widely consulted thing - [he] was mostly doing it to encourage custodians to take PoR seriously”. The point of a “proof” and why it’s called a “proof” is because it leaves no doubt. A Proof of Reserve needs to prove the reserves - that funds exist on the blockchain, are spendable by the platform, and fully back the assets of any customer who bothers to check. ShakePay’s does not.
Proof of Reserves
Presently all platforms in Canada have refused to provide visibility to the public blockchain entries backing funds on their platform. They have refused to sign a proof of spendability for any funds they control. All claims and verifications have been against customer lists provided by the platform with no ability for any customers to validate they were included. This is a recipe for more Gerald Cottens and Dave Smillies. I understand Proof of Reserve is not practical for all platforms. I was able to come up with an alternative that doesn’t require public blockchain visibility, could be implemented today using reputable third parties, and effectively validates all customers are included.
How We Could Have Safe Exchange Platforms In Canada
The first and largest issue has always been a lack of transparency. Far more funds have been lost to fraudulent platforms and wallet services than hacks. Honest platforms need to be giving greater visibility and certainty to their customers to make fraud obvious. Secondly, no platform employing offline storage and multi-sig has ever been breached. We need to agree on the basic standards of what it takes to keep assets secure and create an environment where best practices are shared instead of hidden between platforms. And thirdly, third party insurance incentivizes high fees, it limits coverage, and it does everything possible to avoid a payout. We need an organized insurance strategy that is run by platform operators and overseen with the full protection of Canadians in mind. What’s possible is exciting, but not guaranteed. There are a lot of irreversibly horrible futures which are even more likely if we merely sit back and watch.
Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
To be successful at mining, speed is of the essence since the miner is trying to solve a question, add a block the the chain and reap the rewards before anyone else. The more answers suggested over the shortest period of time will increase the chances of solving that block. These days it’s impossible to mine Bitcoin using a standard desktop computer. The computational difficulty of mining is too high. When Bitcoin first arrived it was possible to mine using a standard home computer or, more specifically, the computer’s GPU (graphics processing unit). Since Bitcoin’s phenomenal rise in 2017, many people have been wondering how they can get in on the cryptocurrency action. One way to get involved in the revolution is by mining cryptocurrency.However, before you can get started with mining, you first need to know the basics and get the equipment. In this guide, we’ll cover some of the best GPUs on the market that you can use to mine cryptocurrency. Mining is the process of solving mathematical algorithms that serve as a puzzle to successfully add a cryptocurrency transaction to a blockchain. Transparency is one of the most vital aspects in this space, so legitimate transactions being recorded on a blockchain is essential. When a transaction occurs, it is broadcasted to everyone on that token’s network. This informs the miners that there is work to be done. Miners will then begin solving the puzzles to play the role of a ‘digital accountant’ and add the transactions to the blockchain. This is the process of cryptocurrency mining. The incentives for miners to complete this work are the transaction fee offered by those who want to record their transaction and the block reward. A block reward is awarded to successful miners for completing their job. For example, Bitcoin’s current block reward is 12.5 Bitcoin, whereas Ethereum’s reward is 3 Ether. As you might have guessed, the GPU market is dominated by Nvidia and AMD. In general, AMD typically make faster products and get better performance rates from their GPUs by adding more ALUs that function at a lower clock speed. However, Nvidia make use of more complex ALUs that are more powerful. Another thing worth noting is that Bitcoin, for example, uses an SHA-256 encryption algorithm, and AMD products only need a single hardware instruction to mine using the SHA-256 hash, whereas Nvidia needs three Promote Amacminig LTD & earn We are introducing the AMAC MINING LTD Referral Program. Now you can get up to 15% from each purchase that your referral makes. Refer your family members, friends, colleagues and earn extra cash! GET REWARDED UP TO 20% The more affiliates you invite, the higher commission percent you earn from it. How you can get referrals? - Many members will buy PTC ads on other Faucet/PTC websites. - Many other members will buy a banner ad in Ad network websites such as Adhitz, A-ads, Moonads, Mellowads, Cointraffic, Bitmedia, Coinverti, etc. - Some members will use traffic exchange websites. But is there any solution to refer people without any cost? 1- Forums: Make a topic on top forums and share your referral link along with a short description about Amacmining.com 2- Forums signature: If you can not make a topic, no problems. You can participate in the forums with a personal signature that includes your Amacmining.com referral link in it. 3- Social media activity: Share your referral link on Facebook, Instagram, Twitter, Telegram, Whatsapp, Pinterest, Reddit, Myspace, Badoo, etc. 4- Build a blog: Write a blog post about our website and share your referral link on it. 5- Create video tutorials on YouTube: Make one video about Sagmining.com and let people know how it works! Publish your video on Youtube, Vimeo.com, Dailymotion.com, and Bitchute.com 6- Offer a referral rebate to your friends. This means that you can share part of your earnings with them to encourage them to register using your referral link. But do not forget the rules: 1- Do not spam. Do not force people to join. 2- We do not allow using services that sell referrals. 3- Your referrals must be unique and real. You cannot bring fake referrals, bots, etc. 4- Do not over-promise or give an unrealistic assurance to anyone with what they can earn on the website. 5- Do not try to abuse the system in anyways whether it is specifically mentioned or not in the rules/terms.
The following articles / guides have been translated into Russian and posted on the XMR.RU website and my Github repository. Note: If you would like to read the original article in English, then, open the article you are interested in, and at the end of each article you will find a link to the source.
What I currently use for privacy (after almost 2 years of long investing into it)
Syscoin Platform’s Great Reddit Scaling Bake-off Proposal
https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.
Syscoin + Matic Integration
Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both. Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Total cost for these 100k transactions: $0.63 USD See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms. The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
Unique fee-market that is more efficient for microtransaction redemption and settlement
Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
Provides high throughput and secure fulfillment even if blocks are full
Probabilistic and interactive
99.9999% security assurance within 10 seconds
Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin 3.0 White Paper (4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
SHA256 merge mined with Bitcoin
UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
Z-DAG on asset layer, bridge to Ethereum on asset layer
On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.
Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask. Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt
New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v184.108.40.206 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v220.127.116.11 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v18.104.22.168 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v22.214.171.124 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v126.96.36.199 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
Crypto mining is the process where many websites on the internet use your phone or computer’s hardware to mine cryptocurrency without your permission, and in turn harming your device’s hardware. Further, the design and manufacture of any 10nm Bitcoin mining hardware is likely to take at least a year. Get a Wallet. You can't mine bitcoins with an Antminer S9 without a wallet. Our guide on the best bitcoin wallets will help you get one fast and for free. Read it here! Power Supply . The good news is that existing power supplies, at least those of sufficient wattage, are fully compatible ... Bitcoin Mining verbraucht viel Strom. Bei hohen Stromkosten lohnt sich das Mining oftmals nicht. Um Bitcoin Mining zu betreiben, müssen Sie einem Miningpool beitreten, was zusätzliche Kosten verursacht. Für das Mining benötigen Sie entsprechende Hardware - einen so genannten ASIC Miner. Ihr Desktop-PC reicht dazu in der Regel nicht aus, da die Stromkosten viel zu hoch wären, um das Mining ... As common as it is in Bitcoin Mining, it is far to risky to be carried out over reddit. No verbal abuse. If you don't have anything nice to say, it's best not to say anything at all. Remember, we were all newbies once. Mining isn't exactly a trivial venture. No Referral Links. No Amazon/eBay referral links. No mining pool referral links. No mining contract referral links. No referral links ... We've shown you some of the best GPUs for mining Ethereum and Bitcoin, and so we thought it would be interesting to take a quick look at how AMD's Threadripper performs with a CPU-optimized algo ...
Bitcoin & Cryptocurrency Mining Industry - July 2020 Update
Bitcoin & Cryptocurrency Mining Industry - July 2020 Update I hope everyone enjoys this month's Bitcoin halving special edition of our cryptocurrency mining update! We will be diving in to all the ... Running million dollars of crypto and BTC mining hardware which equates to thousands of miners, requires people to set up and maintain these customized computers. Justin tells his story about what ... Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins Raspberry Pi: http://amzn.to/2l6yrW7... This video is unavailable. Watch Queue Queue. Watch Queue Queue August 2020 Update - https://youtu.be/IRtAgmOaIkwJanuary 2020 Update on my Crypto Mining Farm at my Apartment.I'll be going over my mining rigs, my cpu rig, ...