Yesterday a post of mine got a good amount of attention in this, my favourite, sub. So I have decided to post it here in full... More than mildly, it annoys us that we have the tools to be truly sovereign and yet we continue to submit our ourselves, and our bitcoin, to centralised authorities. "Privacy is necessary for an open society in the electronic age"; yet KYC is demanded before we can trade. "Not your keys, not your coins"; yet millions of bitcoin sit in the vaults of custodial exchanges and wallets. For monetary liberty to be widespread it must be part of the social contract. We must come together to deploy decentralised systems that maintain Bitcoin's promise of sovereignty. These tools already exist and they are improving.
Bitcoin maintains its sovereignty through technological, cryptographic means. First and foremost, private keys provide the only means of control and ownership. Second, and most famously, Proof of Work defends the network against attack. Attackers, however, are not limited to attacking the cryptography or the hashpower in order to limit our sovereignty. They route around and seek any weak links. "Trusted third parties are security holes". We increase the perimeter of defence by eliminating these trusted third parties.
Ethereum is Bitcoin’s Testnet
We will splice the DNA of DeFi into Bitcoin. We will increase Bitcoin's defense perimeter. The tools already exist. Ethereum is our testnet. Let it provide the radioactive pool where mutations are many. Let us observe it as it moves fast and breaks things. We will adopt it's best tools and learn to defend against its worst. Rootstock, a Bitcoin sidechain, can be our CRISPR in this genetic adoption. We will splice the code from Ethereum dapps and improve upon them.
Cypherpunks write code, share code, review code and copy code. Sovereign individuals use this code. Like the X-men's Rouge, Bitcoiners will absorb the superpowers of others. I have been working on a DeFi dapp for decentralised bitcoin trading and lending. Hopefully you will join me, or better yet, compete with me. "Those who would give up Liberty, to purchase a little temporary convenience, will have neither Liberty nor convenience." That will be our code. Onwards.
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
What is really happening in the bitcoin mining process?
April 30, 2020 | There’s more than just the sound of thousands of vacuums It is very easy to just silo the arcane bitcoin mining process as just a bunch of machines computing mathematical algorithms. Although for the most part this is true, and the veracity of this is not far off from the real truth, but what we see on the surface is not identical to what we see below the surface. Understanding bitcoin mining goes beyond the USB enabled ASIC miners we are accustomed to see on every thumbnail article we come across related to this industry. It’s easy to understand why newbies halt their understanding of bitcoin mining to just state-of-the-art supercomputers with cool flickering neon green lights. The following below is taken from the masterpiece of a novel, “Mastering Bitcoin”, by the great Andreas Antonopolous. As elegant as it sounds, its best to restate Andreas’ explanation of emergent consensus. “Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the security model that does not depend on central authority or trust, derive from this invention. Bitcoin’s decentralized consensus emerges from the interplay of four processes that occur independently on nodes across the network:
Independent verification of each transaction, by every full node, based on a comprehensive list of criteria
Independent aggregation of those transactions into new blocks by mining nodes, coupled with demonstrated computation through a proof-of-work algorithm
Independent verification of the new blocks by every node and assembly into a chain
Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work”
The following is a scenario taken from the book as well which excellently demonstrates what is going on with a mining node and its corresponding connected miner machine: “A mining node is listening for transactions, trying to mine a new block and also listening for blocks discovered by other nodes. The arrival of this block signifies the end of the competition for block 277,315 and the beginning of the competition to create block 277,316. During the previous 10 minutes, while Jing’s node was searching for a solution to block 277,315, it was also collecting transactions in preparation for the next block. By now it has collected a few hundred transactions in the memory pool. Upon receiving block 277,315 and validating it, Jing’s node will also check all the transactions in the memory pool and remove any that were included in block 277,315. Whatever transactions remain in the memory pool are unconfirmed and are waiting to be recorded in a new block. Jing’s node immediately constructs a new empty block, a candidate for block 277,316. This block is called a candidate block because it is not yet a valid block, as it does not contain a valid proof of work. The block becomes valid only if the miner succeeds in finding a solution to the proof-of-work algorithm. These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which starts testing trillions of nonces per second.” That is essentially the process of what a miner machine and a mining node is going through each every second it is hooked up to the network. Of course this is just a high level overview with a bland taste but one could go more in depth by reading the book mentioned. Source: 1.Mastering Bitcoin: Unlocking Digital Cryptocurrencies 1st Edition, by Andreas M. Antonopoulos, O’Reilly Media; 1 edition (December 20, 2014)
XT.COM CEO Weber was invited to attend Hacken’s online AMA Event
At 10:00 on the evening of September 24, XT.COM CEO Weber WOO and Haken, the world's leading cyber security consulting company, launched an online AMA with the theme of "Future Development of XT.COM". Weber talked about XT.COM's history, team, business development and attitude towards the development of the blockchain industry. When talking about the future market trend of XT.COM, Weber said, "XT will continue to explore markets in Europe, Southeast Asia, South Asia and South America in the future, and further strengthen XT's international market." The community members actively presented their questions following the event. Congratulations to the four users u/Nos Tha u/brucelee199u/DanielleStelleu/brunoiat, getting rewards for putting up questions. https://preview.redd.it/dp6zmy7fv8p51.png?width=1280&format=png&auto=webp&s=e76a3bb2da20084b5074ee077347ab0446d5e430 For those missing the broadcast, Mr.XT has compiled the content for everyone~ Let’s get a review~ Host: Dyma Budorin | Hacken CEO Guest: Weber WOO | XT.COM CEO Dyma:Please introduce yourself a little.Where are you from?When were you involved in crypto? Weber:Hello Hackeners. I am Weber Woo from the XT.COM exchange. I am glad to be invited here to share something about the XT exchange, XT team, and also myself. I am from Shanghai, China. When I was studying MBA at school in 2012, I read an article in Business Week about Bitcoin being very popular in Iran. Because of sanctions, many Iranians bought bitcoin to transfer their assets to overseas. That was the first time I heard about crypto. Dyma:What experience do you have in crypto? Trading? Mining? Investing? Holding? Only positive experience or negative, too? Weber:I will talk about my experience in Blockchain, and also my team. In 2013, after my friends involved in Bitcoin, I also started to pay more attention to it. We began to mine Bitcoin. From 2013-2016, we are more focused on mining and trading. We have 100,000 mining machines in our mining factory, located in Yunnan, Sichuan province in China. Of course, most of them are owned by our customers. At the end of 2016, we started our mining pool business. Our mining portfolio included BTC, ETH, ETC, ZEC, SC, DCR. We had 5%of ETH computing power at the peak. At the beginning of 2017, we invested a crypto exchange in China. But it was stopped in September 2017, because of China's new policies. In the middle of 2018, we started the XT exchange in Seychelles, headquartered in HongKong. Dyma:Have you ever been hacked? Weber:I've never been hacked directly But lost my Bitcoin from the MT. Gox hack in 2014. That taught me a lot to keep crypto-assets safe. The MT. Gox incident also reminded our team and me to take security measures very seriously when running the XT exchange. Business 1.We know that XT has more than 1 millionn global users. You might have a big team. How many people? What idea does unite them? Currently, XT has more than 80 employees comprised of the C-level team, technical developers, marketers, and business developers. More than 40% of our team have Postgraduate educational background. Our team comes from previous companies like Alibaba, Tencent, China Unicoin, Bosch, LG, and more. Everyone on the team has a high level of understanding of what opportunities blockchain can and does provide for the world. 2.XT was introduced in 2018 — just in the beginning of crypto winter. Was it hard to start in such conditions? How did you motivate yourself and your colleagues? Since XT started in a bear market, it was easier for us than other exchanges to stay agile and motivated. We continued to grow our team and focus on building an exchange that protects its users and listens to what they want. Understanding that just like any market, crypto goes through market cycles too. We stayed motivated and focused on being ready for the next bull market. We already spend seven years in the blockchain industry. The bear market is an excellent opportunity to start a new business to save costs and talent recruits. 3.Is it really hard to be a Chinese crypto exchange nowadays? As I said before, the XT exchange was registered in Seychelles, headquartered in HongKong. We are not officially a Chinese crypto exchange. Half of our users are from other global markets than China. We are the most popular in Korea and Japan. Of course, Crypto is still very popular in China, especially recently, with the rise of DeFi. Investors are smarter than 2017, but everyone is excited about all the new blockchain space developments. https://preview.redd.it/91rmlsidv8p51.png?width=693&format=png&auto=webp&s=debd3e9f3c6bd5efad4b58589fe5e988179d7e19 4.Are your developers working on some new features? What should we expect? Currently, XT is working on bringing new features to the exchange. XT is the first social infused exchange that launched a Group Trading function in the BiYong App. BiYong is a social application focused on the Chinese market. BiYong has more than 5 million users in total. We are the only partner for BiYong in Group trading. Users can trade within the social chatting app together as a collective. I want to share some benefits for Group Trading. https://preview.redd.it/4ephtzbcv8p51.png?width=753&format=png&auto=webp&s=191ca9c7e4d294159347d549b6ecd8cdb66ebbfe This is how Group Trading typically works. https://preview.redd.it/50opietbv8p51.png?width=753&format=png&auto=webp&s=aaddfb7071da6cb75f249927bbd8ae3591b39793 XT.com is launching a DEX. We will launch DEX in quarter four this year. The product is still developing, so I cannot share more about it. We are glad to share it when it's ready. Crypto future 1.Do you think the crypto winter is over? With everything going on in the world currently, it is difficult to predict the future. I believe we are now in a bull market cycle, but things can change very quickly. We see different lengths of bear markets in the space as it grows. We must all pay attention to the trends and proceed accordingly. 2.Do you believe in the DeFi’s potential to make mass adoption closer? Why do you think it is so popular today? The rise of DeFi has been incredible this year. Projects like LINK, UNI, YFI caught the attention of millions. The technology for real use cases has been implemented, and there is a real opportunity to get in on the ground floor for eager investors. With the recent airdrop from Uniswap with their new token, UNI has only driven interest within the DeFi space. I believe it will take time, but DeFi is here to stay regardless if the market decides to cycle again. We can see DeFi Locked Value in the past three years in the following pic. It's popular and here to stay. https://preview.redd.it/utk4j4aav8p51.png?width=753&format=png&auto=webp&s=6a9d785c7e854ecc258c2c75f2458b5eceff20ac 3.What could you advise your users? What are the main risks in trading and investing today? I advise anyone trading or investing in crypto to be smart. The crypto market is a very volatile place. Using good risk management is critical to ensure the security of their funds. Do not put all your eggs and one basket and only invest what you are willing to lose would be my recommendation, especially when it comes to altcoins. I think that Bitcoin and Etheruem are the best low-risk long term investment options. So I suggest you can divide your investment into 3 sections. For example, 40% in BTC and ETH, 30% for Top 50 altcoins, and 30% for HIGH risk projects if you are willing to take the risk. We can see the risk from this picture. https://preview.redd.it/8j9hvng5v8p51.png?width=753&format=png&auto=webp&s=e2ea47fa1cae0940e80048405d064d7726e6c6dc 4. What are your and your company long-term plans? Where will you be in 5 years? Regarding the market, XT will continue to grow as we expand to more world markets like Europe, SE Asian, South Asian, and South America. For compliance, we already had our MSB license approved in the US and will apply for more in different markets in the future. On the business side, we will still focus on mining and the exchange. Of course, our CEX and DEX will be our primary focus in the years to come. About Hacken Hacken is a premier cybersecurity consulting company with an essential focus on cryptocurrency exchanges and blockchain security. Website： https://hacken.io/ About XT.COM XT.COM is the world's first social infused exchange. Users can chat in communities while knowing the market trend to invest. In XT communities, users explore valuable coins together. XT.COM is building towards garnering loyalty and bring new potential for the development of the entire blockchain industry. To achieve better development, it is necessary to break the tradition with a fresh model. XT Exchange not only empowers the blockchain industry but leads the industry with its innovation.
This review is not sponsored! Neither it is an ad. How to choose a mining pool? How to avoid stale shares? The pros and cons of different services.
What is a cryptocurrency mining pool?
A “mining pool" is a server that distributes the task of calculating the block signature between all connected participants. The contribution of each of them is evaluated using the so-called “shares”, which are potential candidates for receiving a signature. As soon as one of the “shares” hits the target, the pool announces the readiness of the block and distributes the reward. However, if you participate in the pool, then you will have to share the profit with all the participants in the pool, but for the majority, this usually is the most profitable option.
Which pool is better for mining?
The best mining pools should meet the following criteria:
Minimum commission for using their services (mining and funds withdrawal);
24/7 availability to monitor all the steps of mining;
Honesty, reliability and a long time of existence (among the owners of pools some scammers steal part of the power of miners and dissolve into oblivion with the funds earned by miners);
The high computing power of the pool makes it more likely that blocks will be found regularly (with low pool power, all work may be wasted due to the low probability of finding blocks);
A small ping) from the user's mining equipment to the pool servers to ensure timely receipt of tasks from the pool and minimize the number of stale shares;
If the mining power is small, it is worth paying attention to the minimum payout threshold so that you do not have to wait for it for a long time.
Key selection criteria
To select a good pool for each specific cryptocurrency, you need to carefully study all the information available about it on its website and on the forums. To reduce the number of stale shares, it is better to mine on the pool closest to the miner. You can choose the fastest mining pool by studying the information about the processing speed of the share in the mining program or by pinging the time it takes for the signal to pass from the miner's computer to the servers of the pool.
While there are a number of consensus algorithms that most functional cryptocurrency platforms have adopted over the years, a couple of these algorithms have become more popular than the others. While the proof of work (PoW) algorithm has been identified to be the very first consensus mechanism integrated into a crypto platform, the proof of stake (PoS) and the delegated proof of stake (DPoS) are two other mechanisms that have been designed as an alternative to PoW. The first move advantage PoW had in the market has not withstood criticism and adjustments to optimize the protocol. Generally, the PoW system requires users to make use of advanced mining rigs and hardware which will require large computational power. The PoS and the DPoS algorithms unlike PoW requires fewer resources and by design happens to be more eco-friendly and sustainable. For us to get an idea of how the delegated proof of stake works, it is only right that we have a knowledge of what the PoW and the PoS consensus mechanisms are and how they function. Proof Of Work This is the first consensus algorithm to be integrated into a blockchain network. It was used as a way to ensure that the majority of the users on the Bitcoin network did not take total control of the network. It was used on the Bitcoin network to validate transactions and for users to validate these transactions, they have to make use of advanced and expensive hardware mining rigs. With the high expenses associated with the PoW mining model, many people are restricted from entering the mining pools with any form of efficiency. Thus, power can become concentrated on a PoW network, one of the main concerns for users of the original networks operating with PoW. This consensus algorithm will require users to solve complex mathematical problems if they are to compete and validate transactions on the network. These mathematical puzzles have been made to be as difficult as possible. This is to ensure that miners do not easily find these blocks. Proof Of Stake This consensus algorithm was designed to be an alternative to proof of work and the restrictions the PoW model put on user’s ability to be miners. Proof of Stake was discovered in 2012 after most platform developers sought for alternative consensus algorithms that can be used. Unlike the PoW, the proof of stake algorithm requires that miners on the network stake or have their coins locked. To explain better, for miners who want to mine on the network, they will have to stake a certain amount of coins if they are to successfully mine. This simply means that if a miner owns about 5% of the total coins on a network, then that user would then have the right to mine 5% of all transactions that are carried out on the network. Thus, creating an incentive for users to hold coins instead of the incentive many miners had in the proof of work model to sell their coins to the market quickly after mining them or in more malicious cases, try to attack a weaker proof of work network with a 51% attack. Delegated Proof Of Stake The Delegated Proof of Stake (DPoS) algorithm was launched in 2014 by Daniel Larimer, a more renown developer within the world of cryptocurrency. He helped pioneer this new model of validation for blockchain technologies. Today, there are a number of crypto platforms that make use of this consensus algorithm and they include Steem, Ark, Bitshares, Lisk, and many other networks today. DPoS based blockchain networks work in a voting manner where stakeholders on the network will have to outsource their duties to third-parties. It can be said that these stakeholders are able to vote for a few people to help them manage the security of the network. On any of the DPoS based crypto networks, these individuals that are voted to maintain the security of the network for others are referred to as delegates, while those voted to validate transactions on these networks are called "witnesses". A closer look at this consensus algorithm will point to a resemblance to the PoS algorithms. For example, on any of the DPoS based algorithms, the vote count and worth of each of the users will be determined by the number of coins they have in their possession. While the voting system may vary from one blockchain network to another, one thing is certain - each of the delegates or individuals to be voted for will have to present to others on the network a proposal of what they will accomplish when voted in as either delegates or witnesses. Most of the time, the rewards that are gotten from the validation of blocks by these witnesses are shared proportionally with the various electors. This is just like the PoS except that there is no voting system and that each user will have to represent himself. DPoS based blockchain networks have their voting systems based on the reputation of the delegate in question. Unlike the traditional voting system, on these blockchain networks, if witnesses do not carry out their duty of validating blocks on the network, they will be expelled and immediately replaced by another. This helps to secure the network from malicious actors. Furthermore, these DPoS based networks adapt which makes them more scalable than the PoW and the PoS algorithms. This is because they elect a few people who do the job for the network. Characteristics Of The Delegated Proof Of Stake Algorithm While we have discussed what the DPoS consensus algorithm is, it is best that we discuss some of the features or characteristics that set it apart from both the PoS and the PoW. These underlying characteristics apply to the Delegated Proof of Stake algorithm as well. These characteristics include;
A Voting System - Unlike the other two consensus algorithms, the DPoS algorithm has a voting system. On these networks, users will have to vote for delegates or witnesses that will validate transactions on the network. The votes are weighted according to the number of coins that an individual on the network has. While users do not need to have so many coins to become delegates, they need to have voters that have more coins as their votes can help make them become top tier witnesses.
System Witnesses - These are those that are chosen by users on the network to validate transactions on their behalf. Depending on each of these networks, the number of witnesses may vary. While these witnesses can block transactions that are being sent, they cannot in any way alter or change the information on each of these transactions. This is because the blockchain technology is immutable.
NetworkDelegates - This happens to be another set of people on the DPoS based blockchain networks. They are voted by users on the network to help maintain the network. They are elected to oversee the overall performance as well as the entire blockchain protocol. These delegates can propose things on the network. For example, they can propose that the number of witnesses is reduced or increased and users on the network will have to vote either for or against the motion.
As always, the team here at Affil Coin is happy to help where we can. So, if you ever have any questions, stop by the Affil Coin Telegram chat and talk to a member of our team! Furthermore, if you want to learn more about Delegated Proof of Stake, click here and visit the Affil Coin site!
What is EPIC CASH? Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money: 1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved; 2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services; 3. Unit of Account — the unit by which the value of a thing is accounted for and compared. Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list Oleg✌🏻 Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself? Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide. Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year. JLong I am John, Doing the general engineering and managerial work Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years. Oleg✌🏻 nice to meet you🙂 Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September. Yoga Dude Great to meet everyone :) Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about? Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine. Oleg✌🏻 Look like a real Bitcoin🙂 Yoga Dude with privacy and fungibility 😄 Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins? Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses. Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin? Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value. Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time. Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam? Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs. Yoga Dude Yes, all that ☝️😄 Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for? Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments. Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms? Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC. Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable. Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂 Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash? Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄 Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team. Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto? Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals. Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet. Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward? Yoga Dude First and foremost, we are focused on security and usability. We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it. We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability. And of course we are constantly looking to add more exchanges both with and without KYC. Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be? Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life. Yoga Dude The idea is to be able to access Epic Cash from any platform and device Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate. Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash? Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊 Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world! Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer. AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ? Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins. Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet. Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency. Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible. Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much? Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction. Joxes It is a pleasure. When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far? We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term? Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it. S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash? Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50 Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home? Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS. Does your GREAT PROJECT have plan about TOKEN BURN? Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place. Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more? Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔 kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain? Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have. Dr Mönica Hello sir @maxfreeman4@Johnsstec@Yogadude Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm??? Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action. Oleg✌🏻Perfect!It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
I am stepping down as a moderator of r/btc and exiting the bitcoin community and entering the Ethereum community.
I am stepping down as a moderator of btc and exiting the bitcoin community. Thank you all for fighting until the end. I know I am going to get a lot of hate from pretty much everyone for this post, but I felt the need to post it anyway.
Why Give Up?
I think bitcoin is past the point of no return. There are a number of different routes that bitcoin could take this year, and as far as I can see, they all end up at the same destination; failure. I know I am going to get a lot of flack for this post, and I understand that. I have witnessed bitcoin being announced “dead” many many times throughout its history and I absolutely could be wrong, but almost every one of their predictions were based on a lack of understanding of bitcoin. I don’t feel my prediction is has a lack of understanding. If I am wrong, then I feel it will be through sheer luck that bitcoin survives. I was a bitcoin early adopter in 2011 and have invested far more time into bitcoin than is reasonable. I truly hope bitcoin does survive, but what I think will happen is not predicated on what I want to happen.
How might bitcoin fall?
I am not going to go through everything that has lead us up to this point. Many of your are well aware of what has brought us here. Bitcoin up until the beginning of 2014 was an unparalleled success. For those of you who weren’t around at the time, there was a huge amount of excitement in the community at all times. It felt like every month there was some announcement that had a positive impact on bitcoin. A new major company offering bitcoin payments, a bitcoin company offering a new service, a new piece of software being added to clients to make them more useful. Bitcoin was making continual progress and the community was unified. Compare the situation back then to day. We have now had 2 years of stagnation, and in many cases degradation of the network.
The network is now slow and expensive (and getting slower and more expensive), companies have been leaving bitcoin at an exponential rate. No new major companies have adopted bitcoin and there are no signs of this changing in the future. The community is irreparably divided and is at war with itself. Development has stalled. Where bitcoin has stalled, other cryptocurrencies have been making enormous ground. Bitcoin does not exist in a vacuum. It has competition. Other cryptocurrencies already offer significantly more advance features than bitcoin. The only thing bitcoin has left over other cryptocurrencies is it’s network effect. The inertia of network effect is truly enormous. Bitcoin has been coasting on it for 2 years now. Technology develops rapidly though, and many people are always looking for the next big thing. Investors want to make money and developers want to work on the most advance and growing technology. There has been very little investment into new bitcoin specific companies over the past 2 years. The only new bitcoin company I know of that has received significant investment in the past two years is Blockstream. There has been a very large amount of investment into blockchain companies in general though. The money is there, it’s just not going into bitcoin. Ethereum has now reached close to 1/3 of bitcoin’s market cap and there is no sign that it is going to let up any time soon. The ethereum community is a breath of fresh air compared to the current bitcoin community and it feels very nostalgic there. It feels very much like the bitcoin community did 3-4 years ago. They have showed that they are not afraid of using hard forks to upgrade the protocol. They have a leader who is intelligent, pragmatic and good at communicating and IMO who is likely to get the network through the early volatile years. The community showed that they value pragmatism and reality over ideology when they stopped a theft of a large percentage of the currency supply and did so without having any adverse affects on anyone other than the thief. They also achieved this while under attack from bitcoin. They have been working with major organisations and companies to promote and forward the use of the network and they listen to the users of the network to find out what problems they have and which features they want, and then work towards satisfying the needs of their users. The developers of the network have known large holdings of the currency, which means conflicts of interest are less likely to arise and protocol development can directly correlate increased returns for the developer’s investment.
There are a number of possibilities, but I believe all end with very similar outcomes.
Scenario 1 - BU/EC gains 75% of the network hash rate
If BU gains 75% of the network hash rate, a hard fork will become likely (although not certain). Core and their supporters will start to try and burn down the network. All communication channels will overflow with FUD (some real, some fake). Core supporters with large bitcoin holdings will start dumping them on the market in ways that will cause the most damage to price. Core will start recommending at the very minimum a difficulty readjustment and quite likely also a POW change. Price will fall extremely far as speculators adjust their risk exposure and wait out the storm, traders will short the market to make as much money as possible during the fall, and core supporters try to get the BTC price to go as low as possible on the BU/EC side of the fork and BU/EC supporters try to get the price to BCC price to go as low as possible. Whatever the price is before the fork is certain, I think it is likely to reach 50% of that between the time a fork becomes certain and when the fork actually happens. After the fork happens the price could go down to literally any level. While this is happening, the Ethereum market cap is going to overtake bitcoin even if the Ethereum price does not increase (which it will). Bitcoin will not survive this. The moment Ethereum overtakes bitcoin as the biggest cryptocurrency, everyone will find out. It will be posted in articles in every technology news website on the internet. Once the casual bitcoin holders/users find out (hint most do not even pay attention to what is going on in bitcoin) they will quickly panic and either sell to fiat, or sell into Ethereum to speculate. Mining will almost instantly become unprofitable at that point. Monumentally unprofitable in fact. The payout of 12.5 per block will not even slightly cover the cost of electricity and because miners have no direct control over the price of bitcoin they will be absolutely powerless to do anything other than mine at a loss for a very long period of time. If bitcoin price drops to $100, which IMO is very conservative, then it is likely that 90% of the miners will have to turn their hardware off. This means that the difficulty adjustment periods will increase by a factor of 10 to 20 weeks. These miners that are left will need to mine at a huge loss for up to 20 weeks, or hope that somehow the price recovers. I don’t think even the biggest miners could survive that. Further difficulty reset hard forks will be proposed and it will be chaos. While all of this is happening, Ethereum is likely to be running fine and price will likely be rising significantly as money from bitcoin pours into it.
Scenario 2 - BU/EC never gains 75% of the network hash rate
In this scenario there will be absolutely stalemate. Core will not be able to implement Segwit and therefore will not be able to change bitcoin into a settlement network, but also the transaction throughput will not be increased through larger blocks. The debate will have become so vitriolic that no further progress can be made within bitcoin. Bitcoin simply will not scale on OR off-chain. In this scenario the end is not so violent like in scenario 1 but then end result is the same. Ethereum (and other cryptocurrencies in general) will continue to gain market share throughout the year as Bitcoin remains stuck in stalemate. The bitcoin price continues decreasing and the Ethereum price keeps on increasing until Ethereum overtakes bitcoin. Once the flip happens, it will accelerate significantly as people realise what is happening. The end result is the same as the later part of scenario 1.
Scenario 3 - BU/EC lose most/all of the network hash rate
In this scenario Core manages to get Segwit accepted by the network. Most people in btc simply leave bitcoin for good. Fees will remain high and transaction throughput low. Core will not increase the block size limit until after LN has been proven to work and users have been forced/coerced into using it. LN is not anywhere near ready for production and it is likely to take at least 2 more years until it is released and working and another year or two until it is fully implemented into wallets, and then another year until businesses are able to understand and use it in their backend. I.e. in an ideal world where everything works as intended in this theoretical system it will take 4-5 years until bitcoin has similar properties to what it had 2 years ago. This obviously ignores the fact that there has been no analysis on whether this would even work on an economic level, let alone a technological level. As transaction fees rise users and business will be pushed into using other cryptocurrencies and fiat and at some point bitcoin’s network effect will be overcome by Ethereum’s. This scenario is essentially the same as scenario 3, but there maybe some initial price pump when Segwit activates and people enjoy and end to the debate. This will likely be short lived though.
What is most likely to happen (IMO)
If BU/EC is to continue to gain further market share of the hash rate and reach the 75% requirement that many parties have suggested. It is likely to take at least a couple more months of deliberations. For this to happen, a number of large pools will need to switch over. Bitfury has stated that they will not support BU and are mining Segwit and have even started mining UASF blocks. HaoBTC is still sticking to the HK agreement (which literally no one else is) and will not be running anything other than Core. This means it is really down to F2Pool and some of the smaller Pools. F2Pool has stated that it will stop signalling for classic and there is no indication that it will start signalling for anything other than Core (not segwit), and has stated that he thinks BU is dead. This suggests that the most likely scenario is scenario 2. BU/EC will not activate, but nor will Segwit. There are some things that may or may not happen in this scenario. For example it seems that Core are willing to do a UASF to push Segwit through under the pretence that any of the miners that are not mining Segwit are illegitimate as they are against the “consensus”. This will force the miners into making some kind of decision either way. Many are likely to side with Core but I think a significant portion will side with BU initially. A number of different things could happen in this scenario depending on the ratio of hash power on each side of the split. If the split is mostly equal, I expect that two coins will survive for some amount of time. What happens with bitcoin from that point I have no idea. If BU/EC gains the most hash power then the debate will rage on as the BU/EC will refuse to attack the minority chain out of moral reasons. What happens with bitcoin from that point I have no idea. If Core gains the majority share then the BU minority chain will be attacked by some of the majority miners. Core and their supporters do not have any moral objections against this kind of attack. The minority BU miners will then switch back to Core and it will likely play out like in scenario 3.
So this is BU’s fault for forcing a hard fork?
No, this is Core’s fault by making a hard fork dangerous by telling everyone a hard fork is dangerous for the past two years and blocking every conceivable compromise. They have petrified the bitcoin community and convinced them that any kind of hard fork for any reason that does not come from them is dangerous. They have done this to hold onto the power they should not even have in the first place. They have become the self appointed kings of bitcoin. They have achieved this by threatening to burn down the network instead of making a compromise, and by attacking anyone who threatens to take this power away from them. Unfortunately, when Gavin stepped down, he handed to keys to the bitcoin house to the wolves and once they are inside, it seems it is not possible to get them out again. The only way to make them totally irrelevant is to exit and let them be kings of nothing.
Why did you even become a mod in the first place?
I have known bitcoin was on a negative trajectory for quite some time but I felt that one last push to save it was worth my effort. I wanted to help btc be the best bitcoin subreddit to overcome some of the damage that bitcoin has done to the community. IMO btcis the best bitcoin subreddit, but it is far from perfect. I feel very strongly that the moderation of btc is a microcosm of the situation in the bitcoin community in general. I feel there is far too much weight put on idealogical decision making rather pragmatism and realism. The moderation policies of btc are ‘hands-off’ to a point I think is actually detrimental to the sub and to bitcoin. The issue is that, trolls overwhelm the sub and cause constant controversy. They act like a fire under the community and purposely rile everyone up. There is a reason for this. bitcoin was controlled mostly through censorship. Censorship alone was enough to create an echo chamber. They do not have control of the btc moderation team (well actually they managed to get two mods on here who have since left/been removed) so they must turn it into an echo-chamber by other means. They have achieved this by making sure every single post has comments from trolls that try to rile up the community. This makes the btc community have more tunnel vision as they/we try to insulate ourselves from the trolls. The problem is that it means that the community becomes highly idealogical and focused on only one goal. IMO it is a failure of this sub to not remove comments from trolls. This is pretty much a standard policy across the whole of reddit and the only reasons for not employing it are idealogical. Removing trolling is not the same as banning specific ideas or topics being genuinely discussed. Not doing so just makes btc a frustrating place to try and discuss things. It also means that any actual discussions outside the block size debate get very little traction as everyone gets dragged into the angry posts. I should be clear though, the other mods of this sub are great and absolutely want what is best for bitcoin.
Isn’t this all just FUD
I am not writing this to sway anyone. This is what I genuinely think will happen, but of course I could be wrong about every single prediction. It saddens me enormously to write this. The current trajectory for Bitcoin is down and the the trajectory for Ethereum and other cryptocurrencies is up. There will likely be people who say “but Ethereum doesn’t have any uses cases”, my argument to that is; what use-cases does bitcoin have right now that could not immediately be adopted by Ethereum today? There will also be people who say “but if bitcoin dies then all other cryptocurrencies will die with it, because how could anyone trust their money if it might just disappear”? My argument to that is; all cryptocurrencies are still in their infancy, even bitcoin. The writing has been on the wall for Bitcoin for quite some time. I do think there will likely be one ‘great’ cryptocurrency, but until that cryptocurrency is adopted by the masses, that title is still available. If the title of ‘biggest cryptocurrency’ can be taken then it was likely never meant to have it very long anyway. If/When a cryptocurrency manages to achieve mass adoption then it will have hundreds of millions of people, companies, organisations and even countries defending it. At that point the entire system will be working towards it’s success. At that point, the current moral ambivalence towards attacking a minority chain will be seen as ridiculous. After mass adoption of a cryptocurrency (for example Ethereum) has occurred, grandma’s will be writing to their local MP in support of the cyberwar against the Ethereum competitor ‘Othereum’. That is decentralisation. Huge numbers of diverse entities working to defend it. This will never happen on a network as limited as bitcoin’s is. In fact bitcoin is actively losing allies.
I’m out. Ethereum is likely to take over this year as bitcoin becomes myspace. This may happen very rapidly. I hope I am wrong.
I hold both Bitcoin and Ethereum. I have held a number of different cryptocurrencies over the years, but my holdings were almost always 90-100% bitcoin until recently.
Hi Bitcoiners! I’m back with the fifteenth monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. And a lot has happened. It's easy to forget with so much focus on the price. Take a moment and scroll through the list below. You'll find an incredibly eventful month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in March 2018
Looking at old bitcoin blog posts, articles, forum discussion, videos, etc, and a rough qualitative analysis
Recently I have been trying to learn everything there is to learn about bitcoin. I think that everything ‘old’ that I’ve read has been a huge indicator of what is on the horizon for btc. It looks like a lot of people were afraid of what could happen to bitcoin if it was hardforked. Would it survive? And here we are now... even at 3k bitcoin, when you look at old discussions that took place when bitcoin was in the $8 and teens range, hell, look at the attitude people had towards bitcoin when it finally started having monetary value, @ 3k it is doing fantastic. And look at it climbing. I was reading through an old eBay thread from 2010 or 2011 maybe, I wish I could find it in my browsing history, I can’t any more, and someone tried to pitch eBay accepting bitcoin and they were ridiculed away and heavily rejected for even pitching the idea. And here we are now... eBay announced they’ll start accepting bitcoin last month. I’m seeking some honest evaluation by anyone reading- what are some ‘threats’ that exist on bitcoin’s horizon? Here are some things that come to mind that I am wondering about- 1) bug in the software that causes a flash crash of the price, or irredeemably wrecks the software. Is that even possible? 2) the people that contribute to the code fuck up or there is some silent code change- is this even possible? Consider this: satoshi silently added the 1mb limit when it was still being hosted on sorceforge. I am wondering about people who say that their fork is the real bitcoin and call btc things like ‘segwit coin.’ My understanding is that segwit has no downsides (?) and reduces fees, and that big blockers are just bullshitting. I like the decentralization aspect of bitcoin. 3) Are mining pools a point of potential weakness? My understanding is that they are not decentralized. 4) when someone starts accepting bitcoin, but they immediately convert it to fiat and sell, or they go thru a company that does this, is that ‘bad’ for bitcoin? There’s a Reddit post 4 or 5 years ago on this subreddit where jimmywales1 says he started a bitcoin wallet, was receiving donations, will be cashing them out and donating the money to Wikipedia, and users were urging him to keep the bitcoin as bitcoin. Did Wikipedia ever start accepting bitcoin donations? Do they still immediately cash out? Is it still considered a highly speculative asset? Or do they now hold some? Jimmy Wales says that they hold a few different currencies that they actively use, so it would be interesting to see if in 2019 Wikipedia is now holding some coins themselves as-is. That would be a really big indicator for where we are headed with bitcoin. Finally, where do you personally see the end of bitcoin being? I’m in the bitcoin subreddit I realize, but I do not think that discards anyone from being able to think critically and take a look at the network and try to assign value to it. For example, I recall someone writing in an old post from maybe 2010 that buying bitcoin now is basically like buying manhattan for a quarter. Hindsight is 20/20. When did you first hear about bitcoin? What yeaprice was it? Did you hear about it and not pay attention to it at first? Even Gregory Maxwell dismissed bitcoin at first! Looking at it now, where do you think it will end up looking like- will it save the world? Will it save all of the dying children in the world? I think roger ver said something about bitcoin saving all the dead babies? 2009... 2019... where do you foresee bitcoin being in 2029? I wish we could confidently look into the future and say it will at least be greater than 9k usd for each coin. We can’t really confidently say that, though, can we? What if it isn’t as liquid as it is now. Is that even possible? Have we hit the point of no return with bitcoin? Is it officially established? No way to tell, huh. I first heard about it when Coinbase was giving out $10 worth to .edu students. Maybe 2012? I cashed out immediately and paid no attention. I then heard about it again in 2014 and paid a little attention, but thought 50% that the tech was weak and vulnerable and 50% that I missed the boat. Looking at stuff like heartbleed, tor users getting busted, Ross ulbrich getting busted, caused me to doubt just how decentralized bitcoin was, or rather, the reliability of decentralized projects. I started trading coins in 2017 and cashed out around 17k. Since then I’ve tried to get a real understanding of btc and the point that I am now reaching is one of ‘bitcoin is here to stay for good.’ I almost want to hoard it. If bitcoin is here to stay then USD is seriously not looking like the best option. I feel crazy writing that but this is seriously the reality of things... fiat is no good compared to bitcoin, if in fact bitcoin is here to stay and is as valuable as it is now if not more valuable in the future. Thank you for reading!
This alleged Bitcoin scam looked a lot like a pyramid scheme. Five men face federal charges of bilking investors of $722 million.
This is the best tl;dr I could make, original reduced by 53%. (I'm a bot)
Now five men behind a company called BitClub Network are accused of a $722 million scam that allegedly preyed on victims who thought they were investing in a pool of bitcoin mining equipment. Investors were invited to send BitClub Network cash, which would allow the company to buy mining equipment-machines that produce bitcoin through a process called hashing. The company also allegedly gave rewards to existing investors in exchange for recruiting others to join. Internal messages between the conspirators give the impression of growing glee at the ease of taking advantage of investors, referring to "Building this whole model on the backs of idiots." The men allegedly described their victims as "Dumb" investors and "Sheep." In October 2014, a few months after BitClub Network was founded, Goettsche allegedly posted about the need to "Fak[e] it for the first 30 days while we get going," instructing a co-conspirator to do some "Magic" on the company's revenue numbers. Later, Goettsche allegedly suggested the company "Bump up the daily mining earnings starting today by 60%.".
I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
Hi All, My name is Haipo Yang or you can call me Haiyang. I’m ViaBTC’s founder and CEO. ViaBTC was founded in May this year and now it has risen to the #5 mining pool in the world. It’s also the most advanced pool globally. I got to know Bitcoin in 2011 and started my investment in 2013. In 2014 I began my career in Bitcoin industry and founded ViaBTC two years later. At the same time, I’m an experienced developer who independently set up the pool from 0 to 1. We are now effortlessly advocating and driving forth Bitcoin on-chain scaling. We believe Bitcoin Unlimited is so far the best solution for big blocks. We won’t support the soon-to-be voted SegWit. I think we need decentralization too in Bitcoin development. Bitcoin should be defined by a standard protocol instead of mere codes. Also please check out our cloud mining contract. We are buying more mining machines to keep voting for Bitcoin Unlimited. We've already raised more than 90 BTC today. Details here: https://medium.com/@ViaBTC/viabtc-cloud-mining-contract-batch-1-7ab45c6e013f Ask Me Anything!  the AMA is finished.
5 charged in alleged $722 million cryptocurrency Ponzi scheme
This is the best tl;dr I could make, original reduced by 61%. (I'm a bot)
Prosecutors allege that BitClub Network, which operated from April 2014 to this month, was built on soliciting money from individuals in exchange for shares of purported cryptocurrency mining pools and on rewarding investors for bringing in new clients. To bolster their business, Goettsche, Weeks and others conspired to solicit investments by providing false and misleading figures described as "Bitcoin mining earnings," prosecutors alleges. In February 2015, Goettsche directed Balaci to "Bump up the daily mining earnings starting today by 60%," according to the indictment, to which Balaci is alleged to have warned "That is not sustainable, that is ponzi teritori [sic] and fast cash-out ponzi ... but sure." Months later, the complaint alleges, Goettsche told Balaci that "We are building this whole model on the backs of idiots" and that to "Prove the mining ... just means convincing the morons Q.". In September 2017, Goettsche sent an email to another alleged conspirator, suggesting that BitClub Network "[d]rop mining earnings significantly starting now" so he could "Retire RAF!!!," according to the indictment. Weeks remarked in an email to Goettsche and another accused conspirator in June 2017 that BitClub's selling shares and not using the money to buy mining equipment was "Not right."
Summary Source | FAQ | Feedback | Topkeywords: Goettsche#1allege#2mining#3Balaci#4prosecutors#5 Post found in /news. NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
Feels like an easy read for anyone new (to understand Vertcoin) & it may be a good reminder for the hodlers. https://www.abra.com/cryptocurrency/vertcoin/ “What is Vertcoin and what is the Vertcoin price? Vertcoin (VTC) is a cryptocurrency that was created to make mining cryptocurrency accessible to everyone. Vertcoin is similar to litecoin and bitcoin, however, Vertcoin’s consensus algorithm makes mining VTC ASIC-resistant. Mining on the Bitcoin network started as something that everyone could do; if a person wanted to mine cryptocurrency, all they had to do was turn on their CPU and run a mining client. However, as more and more people began mining cryptocurrency, the mining difficulty on the Bitcoin network increased, requiring miners to continually upgrade or purchase new mining hardware to keep pace with the network and its mining-meta. Unfortunately, as mining became more difficult and required modern hardware to stand a chance at solving blocks, many individuals could no longer compete with deep pockets who were able to upgrade, purchase, and build expensive mining rigs, or in some cases, create mining farms consisting of tens of thousands of mining rigs. As the complexity and competition in cryptocurrency mining increases, there is a concern that mining power (which is critical in keeping distributed, permissionless networks open) will become consolidated and be under the control of only the largest mining operations. The result would be the kind of centralization and monopolistic network control that cryptocurrencies set out to disrupt in the first place. That’s where Vertcoin comes in. The Vertcoin blockchain is designed to resist the consolidation of mining power in an effort to stay decentralized and easily minable by pretty standard consumer hardware. In order to help support the effort to keep mining open and accessible, the vertcoin development community created something called the “one-click miner.” Essentially, the “one-click miner” is downloadable software that works with the graphics card found on a Windows computer. The price of Vertcoin, like many other cryptocurrencies, has varied widely in its lifetime. The coin first launched in January of 2014 and reached an all-time high in December of 2017 when the price of one vertcoin reached $9.80. The Vertcoin Network Other than the features relating to mining, Vertcoin is structurally similar to Bitcoin and Litecoin. Regarding use-cases, vertcoin is a peer-to-peer electronic cash system. Unlike many of the other altcoins that exist, Vertcoin did not have an ICO, airdrop, or pre-mine. The reason for this is because the team at vertcoin did not want to give any group of individuals an advantage by giving them access to VTC before the general public received access to the coin. The average block time on the Vertcoin network is 2.5 minutes, and the current block reward is 25 Vertcoin per block (it was initially 50 VTC per block, but the network experienced it’s first halving on December 11, 2017 — the VTC reward halves every 840,000 blocks). Why Vertcoin? Mining cryptocurrency has become expensive for many. Even if you own the best mining rig on the market, only running one mining rig is typically is not enough for you to make a profit due to the cost of electricity, the low probability that you have of solving the block, and the fraction of the reward you would receive if you were part of a cryptocurrency mining pool. The cost of electricity and the mining difficulty only make it possible to profitably mine cryptocurrency if you own a high powered mining rig, are part of a cryptocurrency mining pool, or have a stake in a mining farm — or a combination of all three. For that reason, mining has become an activity that only those with the necessary physical and financial resources can participate in. And since those with more wealth have a better chance at accumulating hash power and solving a block, in some cases, mining has become a somewhat centralized activity where a majority of the hash power dedicated to a network is divided among a handful of entities. So in an attempt to solve these problems, Vertcoin has a protocol in place that makes it difficult for ASIC miners and mining pools to reap rewards, which gives more people a chance to profitably mine cryptocurrency with GPUs and CPUs.”
While there are a number of consensus algorithms that most functional cryptocurrency platforms have adopted over the years, a couple of these algorithms have become more popular than the others. While the proof of work (PoW) algorithm has been identified to be the very first consensus mechanism integrated into a crypto platform, the proof of stake (PoS) and the delegated proof of stake (DPoS) are two other mechanisms that have been designed as an alternative to PoW. The first move advantage PoW had in the market has not withstood criticism and adjustments to optimize the protocol. Generally, the PoW system requires users to make use of advanced mining rigs and hardware which will require large computational power. The PoS and the DPoS algorithms unlike PoW requires fewer resources and by design happens to be more eco-friendly and sustainable. For us to get an idea of how the delegated proof of stake works, it is only right that we have a knowledge of what the PoW and the PoS consensus mechanisms are and how they function. https://preview.redd.it/gp2nb1a068541.jpg?width=2031&format=pjpg&auto=webp&s=debb5c5a2e89e6532b6f3b1f353ba04f64054a7a
Proof Of Work
This is the first consensus algorithm to be integrated into a blockchain network. It was used as a way to ensure that the majority of the users on the Bitcoin network did not take total control of the network. It was used on the Bitcoin network to validate transactions and for users to validate these transactions, they have to make use of advanced and expensive hardware mining rigs. With the high expenses associated with the PoW mining model, many people are restricted from entering the mining pools with any form of efficiency. Thus, power can become concentrated on a PoW network, one of the main concerns for users of the original networks operating with PoW. This consensus algorithm will require users to solve complex mathematical problems if they are to compete and validate transactions on the network. These mathematical puzzles have been made to be as difficult as possible. This is to ensure that miners do not easily find these blocks.
Proof Of Stake
This consensus algorithm was designed to be an alternative to proof of work and the restrictions the PoW model put on user’s ability to be miners. Proof of Stake was discovered in 2012 after most platform developers sought for alternative consensus algorithms that can be used. Unlike the PoW, the proof of stake algorithm requires that miners on the network stake or have their coins locked. To explain better, for miners who want to mine on the network, they will have to stake a certain amount of coins if they are to successfully mine. This simply means that if a miner owns about 5% of the total coins on a network, then that user would then have the right to mine 5% of all transactions that are carried out on the network. Thus, creating an incentive for users to hold coins instead of the incentive many miners had in the proof of work model to sell their coins to the market quickly after mining them or in more malicious cases, try to attack a weaker proof of work network with a 51% attack.
Delegated Proof Of Stake
The Delegated Proof of Stake (DPoS) algorithm was launched in 2014 by Daniel Larimer, a more renown developer within the world of cryptocurrency. He helped pioneer this new model of validation for blockchain technologies. Today, there are a number of crypto platforms that make use of this consensus algorithm and they include Steem, Ark, Bitshares, Lisk, and many other networks today. DPoS based blockchain networks work in a voting manner where stakeholders on the network will have to outsource their duties to third-parties. It can be said that these stakeholders are able to vote for a few people to help them manage the security of the network. On any of the DPoS based crypto networks, these individuals that are voted to maintain the security of the network for others are referred to as delegates, while those voted to validate transactions on these networks are called “witnesses”. A closer look at this consensus algorithm will point to a resemblance to the PoS algorithms. For example, on any of the DPoS based algorithms, the vote count and worth of each of the users will be determined by the number of coins they have in their possession. While the voting system may vary from one blockchain network to another, one thing is certain — each of the delegates or individuals to be voted for will have to present to others on the network a proposal of what they will accomplish when voted in as either delegates or witnesses. Most of the time, the rewards that are gotten from the validation of blocks by these witnesses are shared proportionally with the various electors. This is just like the PoS except that there is no voting system and that each user will have to represent himself. DPoS based blockchain networks have their voting systems based on the reputation of the delegate in question. Unlike the traditional voting system, on these blockchain networks, if witnesses do not carry out their duty of validating blocks on the network, they will be expelled and immediately replaced by another. This helps to secure the network from malicious actors. Furthermore, these DPoS based networks adapt which makes them more scalable than the PoW and the PoS algorithms. This is because they elect a few people who do the job for the network.
Characteristics Of The Delegated Proof Of Stake Algorithm
While we have discussed what the DPoS consensus algorithm is, it is best that we discuss some of the features or characteristics that set it apart from both the PoS and the PoW. These underlying characteristics apply to the Delegated Proof of Stake algorithm as well. These characteristics include;
A Voting System — Unlike the other two consensus algorithms, the DPoS algorithm has a voting system. On these networks, users will have to vote for delegates or witnesses that will validate transactions on the network. The votes are weighted according to the number of coins that an individual on the network has. While users do not need to have so many coins to become delegates, they need to have voters that have more coins as their votes can help make them become top tier witnesses.
System Witnesses — These are those that are chosen by users on the network to validate transactions on their behalf. Depending on each of these networks, the number of witnesses may vary. While these witnesses can block transactions that are being sent, they cannot in any way alter or change the information on each of these transactions. This is because the blockchain technology is immutable.
NetworkDelegates — This happens to be another set of people on the DPoS based blockchain networks. They are voted by users on the network to help maintain the network. They are elected to oversee the overall performance as well as the entire blockchain protocol. These delegates can propose things on the network. For example, they can propose that the number of witnesses is reduced or increased and users on the network will have to vote either for or against the motion.
As always, the team here at Affil Coin is happy to help where we can. So, if you ever have any questions, stop by the Affil Coin Telegram chat and talk to a member of our team! Furthermore, if you want to learn more about Delegated Proof of Stake, click here and visit the Affil Coin site!
Cryptocurrency NEO-review and analysis of prospects
https://preview.redd.it/92i8bo3tm1v31.png?width=800&format=png&auto=webp&s=392f964144975e5e2e11a6ea784f6f03923017b3 The NEO digital asset platform was previously called Antshares. But in recent times, a complete rebranding has been made. In addition to the name change, the startup updated blockchain nodes and technical documentation, as well as the stock Ticker. In addition, the official website and social media were redesigned. The transition to a new version of the smart contract system, called NEO-2.0, was carried out. The NEO cryptocurrency has been showing stable and non-stopping growth for a long time. Very quickly, the Chinese creation took seventh place in the top of Coinmarketcap. This, without a doubt, is a serious bid for prospects, given the high competition in the cryptocurrency market. And Ether confidently holds the second line after the famous Bitcoin. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line. At the moment, the price fluctuates around $45. The cost for three months has increased 20 times. The volumes of neo cryptocurrency reserves are clearly defined and limited to 100 million tokens. So far, only half of the available potential — 50 million tokens-is available on the market. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line. The project is actively developing. OnChain cooperates with other players in the field of cryptocurrency and blockchain technologies. At the moment, there are connections with blockchain startups Coindash, Bancor, Agrello and others. The Chinese project Red Pulse has announced the creation of a financial research platform based on the NEO-2.0 smart contract system. Also, in cooperation with NEO, there is an intensive development of The Elastos operating system based on blockchain technologies.
THE history of the emergence and development of neo cryptocurrency
https://preview.redd.it/2f7c6ryop1v31.png?width=1280&format=png&auto=webp&s=300b03be2a471d857d7d22d5659f2a4ef74c5e8b The date of origin of the project can be considered 2014. NEO Creator Da Hongfei is a Director of Shanghai-based OnChain. In 2014, onchain, according to Da Hongfei's idea, launches the AntShares blockchain project. On the basis of this platform, a cryptocurrency of the same name was also created. Yes Junpei put to the company is simple, but a global problem. His goal was to build a fundamentally new system of financial interaction. This system should unite the sectors of the real and virtual economy into a single whole with the help of high-tech contracts. And cryptocurrency from OnChain should become a unit of payment for these contracts. Soon OnChain enters into a contract for cooperation with the Wings blockchain project, as well as contracts with economic giants Microsoft and Alibaba. In August 2017 begins the story of NEO already in its current form with the current name. Da Hongfei carried out a complete rebranding and technical modernization of the project. The rebranding was a huge success, and the price of cryptocurrency from OnChain soared 40 times. But not without problems. On the fourth of September, the Chinese authorities adopt a package of sanctions laws against cryptocurrencies and ICO. It was a heavy blow, which at the time almost 2 times brought down the course of the brainchild of Hongfei. However, soon the NEO cryptocurrency moved away from the blow and began to confidently win back the lost positions. At the moment, OnChain is actively upgrading the product and simultaneously trying to find a compromise with the Chinese authorities for the legalization and quiet operation of its offspring.
Features and principle of operation NEO
https://preview.redd.it/tj1goppoq1v31.png?width=800&format=png&auto=webp&s=0c39d14754ba9dd99e2c6bfb692f0f7bdd6c1838 From a technical point of view, the Chinese cryptocurrency is very similar to Ethereum. The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also an important part of the project is the ability to create new technologies based on the platform, as well as easy integration with other services. Despite the fact that NEO is often called "Chinese Ether" and the fact that the Ether still occupies a higher position in the ratings, the product from OnChain has advantages that the Ether lacks. NEO is much more practical and functional. This, no doubt, opens up the potential to move the Airwaves in the ratings in the near future. Let's see in detail how everything works. Transactions within the system are possible when paying a Commission. The Commission is paid in-system currency. That is, for the transaction you have to throw in the system additional "fuel". The developers of OnChain decided to create an additional in-system currency, called GAS, as a fuel (a means of paying commissions). NEO mining is impossible. There is a final coin value of 100 million. 50 million thrown on the market during the ICO. The second half of the developers keep at home. However, GAS mining is possible. However, it occurs when holding coins in a purse. That is, the more tokens you have, the more GAS coins you can get to pay commissions. Today, 2000 coins in the wallet accumulate 1 coin GAS every twenty-four hours. Such mining is associated with the work of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of farms of video cards and megawatts of electricity. Like any cryptocurrency, NEO has advantages and disadvantages. The benefits of NEO:
the publicity of the company and experienced team;
contracts and cooperation with corporate giants;
a wide functionality, much superior to the functionality of Ether (it is difficult for a simple person to understand what the salt is, but for a specialist NEO opens the widest horizons for development and operations);
activity in meetings and seminars;
active struggle of OnChain for legalization (although there are some problems with this now in China, however, there is a high probability that soon all issues with the government will be settled, which will attract large investors and significantly increase the already considerable capitalization of NEO).
The shortcomings of NEO:
all gas storage nodes belong to OnChain, that is, NEO is a centralized structure, although it is served as decentralized, this means that blockchains are in the hands of a narrow circle;
OnChain has the technical ability to monitor the transactions of coin owners, transmit information to the authorities, as well as personally block funds in users ' accounts and regulate the rate.
However, there are great economic and technical prospects for the development and increase in the price of the coin.
Direct mining of NEO is not feasible, you can only mine GAS to pay commissions.
Bitcoin mining depends on the power of the technical base of the miner. The larger the pool of farms from video cards, the more active is the production. In the NEO system, gas mining occurs exclusively due to the presence of coins in the wallet.
To organize a large Bitcoin mining requires large purchases of iron and organization of production (supply of high-power power supply line, cooling system, etc.). A direct injection of investment is sufficient for the development of GAS. Each purchased 2000 coins of "Chinese ether" will steadily accumulate exactly 1 coin of GAS per day.
Bitcoin has the most decentralized system of blockchains, as opposed to pseudo-centralization of NEO.
The processing speed of one NEO block is only 15 seconds. For bitcoin-as much as ten minutes. In the future, it is predicted to accelerate the processing of blocks for NEO to 1 second.
Despite the risks associated with the organization of blockchains, NEO remains a very promising platform in the cryptocurrency market.
NEO storage wallets
On the official NEO website you can find links to the following wallets.
Wallet NEON-Wallet from the group of independent developers City of Zion. Quite good, but the factor of third-party development and the presence of bugs impose their risks.
NEO-CLI. This wallet is recommended only for programmers and people who are good at command line.
NEO-GUI. The best option for the average user. To use it, you need to download the application, synchronize the blockchains and make a backup of the wallet. All. Now you can safely carry out financial transactions using Chinese kryptonite.
There is also the option of storing directly on the exchanges, however it is risky. Also, holding coins on an exchange rather than in a personal NEO wallet will not generate GAS.
As the value and popularity of NEO increases, a massive increase in trading platforms where you can buy or sell "Chinese Ether" is predicted.
Ways to get NEO
Unfortunately, at the moment there is no way FOR direct NEO mining in the manner of Bitcoins and Ether. However, there is a way out. NEO cranes can be used. Cranes are resources where the user receives a cryptocurrency reward for performing certain tasks or participating in lotteries. There is a high probability that if successful in the legalization negotiations, OneChain will provide additional ways to get their tokens. As you can see, NEO is a very promising and rapidly developing cryptocurrency. And although the Chinese government has created some difficulties, on the example of Bitcoin, we see how high the rate of the crypto currency can rise if the factors interfering with the development disappear. So, the prospects of NEO are optimistic and you can risk investing in them.
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