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RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

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ABSTRACT

Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.

1.INTRODUCTION

The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.

1.1 OVERVIEW ABOUT ARYACOIN

Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.

1.1.1 ARYACOIN HISTORY

Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.
One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.
We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.

1.1.2 ARYACOIN’S MAIN GOAL

Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.

1.1.4 BENEFITS OF USING ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
4. Transactions
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.

1.1.6 WHY CHOOSE ARYACOIN?

If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!

1.1.7 ARYANA CENTRALIZED EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.

1.1.8 HOW DOES ARYACOIN WORK?

Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.

2.2 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.

2.4 CONSENSUS ALGORITHM IN ARYACOIN

The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.

3. ARYACOIN ROADMAP

April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global

5. SUMMARY

Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.

6. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
submitted by CoinEx_Institution to Coinex [link] [comments]

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.

Solutions

Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
  1. Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
  2. The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
  3. Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.

Syscoin + Matic Integration

Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.

Proving Performance & Cost Savings

Our POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce
612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf
612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e
612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237
612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b
612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70
612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7
612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d
612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.

Cost Savings

Total cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.

Tools, Infrastructure & Documentation

Syscoin Bridge

Mainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
  • Any Standard ERC-20 token to be moved from Ethereum to the Syscoin blockchain as a Syscoin Platform Token (SPT), and back to Ethereum
  • Any SPT to be moved from Syscoin to the Ethereum blockchain as an ERC-20 token, and back to Syscoin

Benefits

  • Permissionless
  • No counterparties involved
  • No trading mechanisms involved
  • No third-party liquidity providers required
  • Cross-chain Fractional Supply - 2-way peg - Token supply maintained globally
  • ERC-20s gain vastly improved transactionality with the Syscoin Token Platform, along with the security of bitcoin-core-compliant PoW.
  • SPTs gain access to all the tooling, applications and capabilities of Ethereum for ERC-20, including smart contracts.
https://preview.redd.it/l8t2m8ldh8e51.png?width=1180&format=png&auto=webp&s=b0a955a0181746dc79aff718bd0bf607d3c3aa23
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d

Source code

https://github.com/syscoin/?q=sysethereum
Main Subprojects

API

Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.

Documentation

Syscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence

Trade-off

The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.

Cost

Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.

Z-DAG

Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).

Benefits

  • Unique fee-market that is more efficient for microtransaction redemption and settlement
  • Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
  • Provides high throughput and secure fulfillment even if blocks are full
  • Probabilistic and interactive
  • 99.9999% security assurance within 10 seconds
  • Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
  • Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
https://preview.redd.it/pgbx84jih8e51.png?width=1614&format=png&auto=webp&s=5f631d42a33dc698365eb8dd184b6d442def6640

Source code

https://github.com/syscoin/syscoin

API

Syscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.

Documentation

Z-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana

Trade-off

Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.

Syscoin Specs

Syscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
  • 16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
  • SHA256 merge mined with Bitcoin
  • UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
  • Z-DAG on asset layer, bridge to Ethereum on asset layer
  • On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
  • Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
  • Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
  • Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.

Wallets

Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
Syscoin-Qt

Explorers

Mainnet: https://sys1.bcfn.ca (Blockbook)
Testnet: https://explorer-testnet.blockchainfoundry.co

Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!

submitted by sidhujag to ethereum [link] [comments]

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

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

UYT Main-Net pre-launching AMA successfully completed with a blast

7 pm, 29th September 2020 Beijing time the UYT Main-Net pre-launching AMA successfully completed with a blast!
Here is a full record of the AMA:
Host: Hello everyone, it’s a great honor to host the first AMA of UYT network in China. Today, we have invited the person in charge of UYT Dao.
Let’s ask Mr. Woo to introduce himself Woo: Hello, I’m Ben. I’ve met you in the previous global live broadcast. I’m the director of UYT Dao and the founder of IGNISVC. At present, I’m the CEO of the TKNT foundation and have been engaged in the blockchain industry.
Q1. At present, different types of blockchains have emerged, but cross-chain interaction is still suffering a lot. In your opinion, what is the necessity and significance of cross-chain?
Answer: The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
Q2. The founder of Ethereum, V Shen, once wrote a cross-chain operation report for bank alliance chain R3, which mentioned three cross-chain methods. Which one does UYT belong to? Can you briefly introduce the cross-chain solution of UYT?
Answer: In Vitalik’s cross-chain report, there are three main cross-chain methods. The first is that both parties do not know that they are crossing the chain, or that they cannot “read” each other, such as the centralized exchange. The second way is that one of the links can read other chains, such as side-chain / relay chain. That is, a can read B, and B cannot read a; The third is that both a and B can read each other’s, which can achieve the value and information exchange between a, B, and the platform. UYT belongs to the third kind.
Our new official website will be online soon. Here are a few simple points: first of all, the architecture of UYT includes relay chain, parachain, parathreads, and bridges. In terms of ductility, it has exceeded almost all the public chains currently online.
In the UYT network, there are four kinds of consensus participants, namely collector, fisherman, nominator, and validator. The characteristics of this model are: first, all people can participate without loss. Secondly, as long as anyone makes more contribution to the ecology, he will get more rewards, otherwise, he will receive corresponding punishment.
The underlying layer of UYT is the substrate, which uses the rust programming language. Rust is committed to becoming a programming language that can solve the problems of high concurrency and high-security systems elegantly. This is also a great advantage that we are different from other blockchain projects in technology.
Q3. What are the roles in the UYT network? What are their respective functions?
Answer: After the main network of UYT is online, there will be four roles: collector, fisherman, nominator, and validator, which is totally different from the current system of the test network.
The collector, in short, is responsible for collecting all kinds of information in the parallel chain and packaging the information to the verifier.
Fishermen, to put it bluntly, is fishing law enforcement, which specifically checks out malicious acts and gets rewards after being checked out.
The nominator, in fact, is a group of rights and interests. The verifier is its representative, and they entrust the deposit to the verifier.
Verifier, package new blocks in the network. It must mortgage enough deposits and run a relay chain client on a highly available and high bandwidth machine. It can be understood as a mining pool. It can also be understood as the node in the current UYT DAPP.
Q4. What is the mining mechanism of the UYT network?
The only way to obtain UYT after its issuance is to participate in mining activities. In the initial stage, the daily constant output times of UYT are set to 1440000, and the cycle of bitcoin is halved. Mining rewards can be obtained in the following five ways:
1) Asset pledge mapping mining 2) Become the intermediate chain node of uyt network 3) Recommendation and reward mechanism 4) Voting reward 5) UYT network Dao will take out 10% of gas revenue from block packaging for community construction and reward of excellent community personnel
Q5. The rise and fall of the blockchain are very fast. In order to give investors confidence, is there a detailed development plan, implementation steps, and application direction of UYT network in the next few months?
Answer: UYT Network test network has been running stably for a year. After the main network is launched, all mechanisms will undergo major changes.
The relationship between the UYT test network and the main network can be understood as the relationship between KSM (dot test network) and dot the main network, and the feasibility of the technology can be reflected more quickly by the UYT test network because of its faster timeliness and all future technology updates Some will move to the main network after the stable operation of the test network.
In order to give users a better experience and give more rewards to excellent nodes, all Dao organizers are working hard for it.
The development team has completed the cross-chain of bitcoin and some high-quality Ethereum based tokens in the early stage, and now the code has all been open source. For other mainstream currencies, community members can apply for funds to develop. In order to develop the ecology and make a better technical reserve, we will set up a special ecological development fund when the main network goes online. The transfer bridge is our key funding direction. The maximum application amount of a team is as high as 100000 US dollars. In addition, if other public chains want to connect to UYT, they will get technical support. In order to encourage developers to participate in ecological construction, Dao also launched a series of grants to support development. Developers can directly pull the better applications on Eth and EOS directly, or develop new products according to their own advantages. These directions are now the focus of funding.
Due to the early online testing time of uyt network, it is based on the earlier version of substrate1.0. The on-chain governance mode can only be realized after the upgrade of 2.0 is completed.
At present, the upgrading work is going on steadily, and the on-chain governance will be implemented in the main network with the launch of the uyt main network.
As a heterogeneous cross-chain solution with high scalability and scalability, UYT network can perfectly bridge the parallel encryption system and its encryption assets in theory, and its wide applicability in the future can be expected. Therefore, we do not limit the areas where UYT network will play its advantages and roles. But in the general direction, there will be mainly DEFI and DEX ecological plates. From the industry, it can cover a wide range of fields, not only finance but also games, entertainment, shopping malls, real estate, and so on.
Q6、How can UYT help DEFI?
Answer: UYT network can not only link different public chains but also make parallel chains independent and interlinked. Just like the ACALA project some time ago, it has successfully obtained Pantera capital’s $7 million saft agreement. Although the concept of DEFI is very popular now, all DEFI products are still in the ecology of each public chain, and the cross-chain DEFI ecology has not been developed. UYT is to achieve cross-chain communication, value exchange, and develop truly decentralized financial services and products. For example, cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products. At present, our technical team is also speeding up the construction of infrastructure suitable for the landing of more DEFI products and services and is committed to creating a real cross-chain DEFI ecology, which is only a small step of UYT’s future plan.
Q7、TKNT should be one of the hottest projects in the UYT ecosystem recently. Please give us a brief introduction to the TKNT project and the value of TKNT in the UYT ecosystem. Why can TKNT increase 400 times in 7 days? And what is the cooperative relationship between UTC and TKNT?
Answer: I will answer each project from the technical and resource aspects. Let’s first introduce UTC. UTC is the token of Copernican network and the first project of UYT game entertainment ecology. In the future, it will be responsible for linking. Due to the high-quality public chain in the entertainment industry, because of the limited slots of UYT, each field will seek a high-quality partner and help the partner become the secondary relay chain of UYT. After the main network of UYT goes online, many chains will want to access UYT Greater value circulation, due to the limited external slots of UYT, the cost is also very high. At this time, you can choose to connect to UTC first, and then connect UTC to UYT. With more and more links with UYT, it will gradually evolve into a secondary relay chain of UYT network. UTC’s resources, online and offline, offline payment and offline entity applications, also have a very large community base.
The ecological partners have very good operation experience in the game industry. They will use blockchain technology to change the whole game entertainment industry to make it more transparent and fair. At the same time, there are enough entity consumption scenarios. This is also UYT Because of the reason why the network chose to cooperate with it, the UTC project has been supported by the UYT ecological fund. The support fund includes that after the main network is launched, it will also be the first ecological cooperation project supported by UYT. Because of the online time of the main network of UYT, UTC can’t directly form a chain at present and will give priority to issuing on Ethereum. TKNT is a new concept project TKN.com TKN is the largest online centralized guessing game platform in the world at present. TKNT mixes bet mining and DEFI, so it can carry out fixed mining through platform games, build a system that can realize game participation and in application payment in all Dapps based on ERC20, and combine with various financial services.
The reason why TKNT has created a myth of 400 times in 7 days is that the TkN platform has a buyback plan. As we all know, the online quiz game entertainment platform has an amazing profit. Every quarter, the profit will be used to buyback. The strong profit support has led to the huge increase of token. In the future, all users can use UTC to participate in TkN games. Therefore, the main network of UYT is that Line is also of great significance to TKNT. With the maturity of UYT ecology and technology, TKNT can have a more powerful performance. If TKNT wants to link more public chains, it needs to access UYT network, and realize a bigger vision with cross-chain interaction of UYT. After TKNT was launched on the exchange, the highest price has risen to $14, and now it has dropped to about $2.50. You will see that it will once again set a record high and create greater miracles. You will also see that $3 will be the best buying point for TKNT, because there will be several major moves in TKNT, and the global MLM plan will be launched on October 7 in Korea, China, and other countries There will be many marketing teams in Europe to promote TKNT, including DAPP.com As a shareholder of TkN, TKNT will also make every effort to promote TKNT. Secondly, TKNT will be launched next month on the largest digital currency exchange in South Korea, and Chinese users will see the shadow of TKNT on Binance in November. Of course, the decentralized trading platform of UYT will also be launched in the future.
Q8. What is the significance of the launch of UYT’s main network for the industry and ecology?
Answer: UYT is one of the few cross-chain platform projects in the industry at present.
There are many public chains and coin issuing projects. Why? Because of less work, more money. However, there are very high technical and capital requirements for cross-chain and platform. This barrier is very high, so almost no project side is willing to do this. But once this is done, it will be of great significance to the whole industry of digital currency and blockchain.
Because it will subvert the current situation of the whole currency circle and chain circle acting on their own, and the painting land is king. Let each independent ecosystem achieve a truly decentralized and trust-free cooperative relationship. This huge change will promote the whole industry to develop into a healthy and virtuous circle macro ecosystem.
Q9. The slogan of many project supporters is that UYT should surpass Ethereum. What is the difference in technology between UYT network and Ethereum?
Answer: Thank you so much for supporting UYT. In fact, the correct understanding is that UYT is the next era of Ethereum. First of all, UYT has a different vision from Ethereum.
Before the emergence of UYT, Ethereum, and EOS, no matter how well they developed, belonged to the era of a single chain. The popular metaphor is a LAN. However, UYT can realize the interoperability of each chain and bring the blockchain into the Internet era. Secondly, UYT is far superior to Ethereum in technology. It mainly includes three aspects: shared security, heterogeneous cross-chain, and no fork upgrade.
In the case that Ethereum 2.0 has not been implemented, UYT is the most friendly bottom layer for the DFI projects and other Dapps on Ethereum. Now, the hair chain architecture substrate of UYT is compatible with Ethereum smart contract language solidity, so eth developers can easily migrate their smart contracts to UYT.
Up to now, there is no good solution to the congestion problem of Ethereum, while UYT network not only solves the network congestion problem. What’s more, UYT can easily realize one-click online upgrade, instead of having to redeploy a set of contracts on Ethereum for each version upgraded and then require users to follow them to migrate the original assets from the old contract to the new contract. Developers can quickly and flexibly iterate their own protocols to change their application solutions according to the situation, so as to serve more users and solve more problems. At the same time, they can also repair the loopholes in the contract very quickly. In the case of hacker attacks, they can also solve the hacker stealing money and a series of other problems through parallel chain management. We can find that for Ethereum, UYT not only solves the congestion problem we see in front of us but also provides the most important infrastructure for the future applications such as DFI on Ethereum to truly mature into an open financial application that can serve all people. It also opens the Web 3.0 era of the blockchain industry. In terms of market value, Ethereum currently has a strong ecological construction, with a market value of US $40 billion. UYT will also focus on the development of this aspect after the main network goes online. No matter in terms of market value or ecological construction, I have enough confidence in UYT, after all, we are fully prepared.
Q10. What is the progress of the ecological construction of UYT? What opportunities do current ecological partners see in UYT or what changes may be brought about by UYT ecology?
Answer: After the main network of UYT goes online, there will be a series of ecological construction actions, and more attention will be paid to establishing contact with traditional partners. Cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products will also be the key cooperation direction of UYT.
UYT will give priority to the game and entertainment industry because this industry is most easily subverted by blockchain. As the ecological construction of UYT gets bigger and bigger, the future slots will become more and more expensive. The earlier you join UYT ecology, you will get more support from the ecological fund because the ecological fund is also limited. From the perspective of token value-added, all the project parties will cooperate with the project side in the future, and the project side needs to pledge a certain number of UYT to bid for slots, except for ecological rewards, others need to be purchased from market transactions.
The difference between the pledge here and the pledge we understand is that the UYT of the ecological partner participating in the auction pledge cannot enjoy the computing power for mining.
UYT main network has several opportunities for Eco partners to look forward to, the first point is bitcoin, bitcoin will be later than other assets late, but eventually, all the bubble and value will return to BTC, after the wave of DeFi bubble elimination, the focus will be very much in the bitcoin. UYT ecology can provide a more mature bottom layer for defi. In addition, now Ethereum’s DEFI is that of Ethereum and ERC 20 tokens, and the outbreak point of bitcoin has not yet arrived. Therefore, the DEFI of UYT ecology may be the next opportunity, which is a good opportunity for everyone.
The second opportunity is that after the main network goes online, the future UYT ecological projects will compete to bid for slots. In fact, the original intention of UYT is to realize the interconnection of all chains. The chain outside the UYT ecology also needs to communicate. The third is cross-fi. The BIFI is hatched on Ethereum, and the def on UYT can realize multi-chain operation. For example, TkN games or future UTC game platform users can call bitcoin on the UYT chain. This form only belongs to the decentralized finance in the cross-chain era of UYT, which can be called cross-fi.
Q11. Which exchanges will UYT go online next? What is the online strategy like?
Answer: As the founder of ignisvc and as UYT As the head of the Dao organization, we have always had good cooperative relations with major exchanges all over the world. TKNT will appear in several exchanges one after another. Hitbtc exchange in the United Kingdom, Upbit and Bithumb Exchange in South Korea, Bitfinex exchange in the United States, Binance exchange in China, BKEX exchange, and Kucoin exchange in China are all our partners, and they have been paying close attention to UYT Development, UYT is the public chain with the largest user base and the highest community participation in the cross-chain field, so the future value is immeasurable. If we have to go to the exchange, then we will choose one of the above exchanges to launch. But the vision of UYT is to create a fairer, safer, and transparent circulation in the field of digital currency, and users can master all the assets by themselves, Therefore, in the beginning, there is a simple DEX on the UYT wallet, which is a simple matchmaking transaction and is also an on-chain transaction. After the completion of the UYT DEX, more transactions may occur in the UYT DEX.
However, after the main network of UYT is online, centralized exchanges can directly access the block data synchronization of UYT, and it is not ruled out that some exchanges will directly go online for UYT trading. Such exchanges will not enjoy the support of the ecological support fund of UYT. The network project is a community-led project. Each cooperation plan of the exchange will be carried out in the way shared by the community in the future. Dao organization can only implement it according to the voting results.
Q12. What are the plans for the promotion of ecological development and market by the launch of UYT main network?
Answer: The launch of the main network will be completed around October 15.
On the offline side, due to the epidemic situation, we will jointly organize corresponding market activities with nodes in different countries. At present, there are three large-scale offline meetups that have been identified. We will also start a global roadshow when the epidemic is over.
On the online side, we have opened online Wechat, Kakao, Twitter, Reddit, and telegram communities. We will carry out AMA activities in various countries and promote them all over the world in various ways. Of course, we will launch MLM plans and cooperate with more marketing teams.
submitted by tkntfoundation to u/tkntfoundation [link] [comments]

How to trade Bitcoin Future

How to trade Bitcoin Future


https://preview.redd.it/zel9pxcl8df51.jpg?width=1200&format=pjpg&auto=webp&s=21c74d0ccc5556ea744088a283c44819fba59aef



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

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

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

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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



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

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

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

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

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

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



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

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

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

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

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


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

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


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

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

https://preview.redd.it/k0x3jqsm8df51.jpg?width=770&format=pjpg&auto=webp&s=ff7c2f29881c28fb22c9828c497cc1981eea2919
Perhaps Bitcoin’s problem will facilitate it retain its value, just like gold
You Might Conjointly Like: The 5 est Bitcoin Sports Betting Sites
https://www.cryptoerapro.com/bitcoin-future/
submitted by cryptoerapro to u/cryptoerapro [link] [comments]

ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
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Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
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Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
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Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
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Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
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Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
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Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
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Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
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Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
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Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
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Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
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Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
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Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
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Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
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Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
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Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
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Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
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Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
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Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
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Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
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Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
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Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
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Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
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Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
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Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
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Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
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Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
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Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
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Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
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Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
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Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
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Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
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Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
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Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
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Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
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Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
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Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
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Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
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Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
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Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
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Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
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Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
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Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
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Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
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Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
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Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
Twitter
Facebook
Telegram
Discord
Forums
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Top 25 Questions and answer About Cryptocurrency

Top 25 Questions and answer About Cryptocurrency
https://preview.redd.it/dju4oz1g16c51.jpg?width=2400&format=pjpg&auto=webp&s=fe57edcd81ffa31bff95fe3026055020f7720dce
Cryptocurrencies have now become a buzz word. Despite the resilience that it faced initially, cryptocurrencies have come a long way. There are a total of around 5000 cryptocurrencies circulating in the market. If you plan to make a career in this domain, you need to run through the following questions.
1. What is a cryptocurrency?
Cryptocurrency is a digital currency that is transacted on a distributed ledger platform or decentralized platform or Blockchain. Any third party does not govern it, and the transaction takes place between peer-to-peer.
2. When was the first Cryptocurrency introduced?
The first Cryptocurrency or Bitcoin was introduced in the year 2009.
3. Who created Cryptocurrency?
Satoshi Nakamoto gave the first Cryptocurrency. The white paper for the same was given in 2008 and a computer program in 2009.
4. What are the top three cryptocurrencies?
The following are the three cryptocurrencies:
• Bitcoin (BTC) $128bn.
• Ethereum (ETH) $19.4bn.
• XRP (XRP) $8.22bn.
5. Where can you store Cryptocurrency?
Cryptocurrencies are stored in a digital wallet, and this is accessible via public and private keys. A public key is the address of your wallet, and the private key is the one that helps you in executing the transaction.
6. Which is the safest wallet for Cryptocurrency?
The most secured wallet for Cryptocurrency is a hardware wallet. It is not connected to the internet, and thus it is free from a hacking attack. It is also known as a cold wallet.
7. From where I can purchase cryptocurrencies?
The easiest way to buy Cryptocurrency is via crypto exchange. You can several crypto exchanges like Coinbase, Bitbuy, CHANGENow, Kraken etc.
8. What are the ten popular crypto exchanges?
The following are the best ten popular crypto exchange:
  1. Coinbase
  2. Binance
  3. FTX
  4. Cex.io
  5. Local Bitcoins
  6. Bitfinex
  7. LocalBitcoins
  8. Bittrex
  9. Coinmama
  10. Kraken
9. What are the key features of Blockchain?
We all know that Bitcoin or any other cryptocurrency runs on the Blockchain platform, which gives it some additional features like decentralization, transparency, faster speed, immutability and anonymity.
10. What is AltCoin?
It means Alternative Coin. All the cryptocurrencies other than Bitcoin are alternative coins. Similar to Bitcoin, AltCoins are not regulated by any bank. The market governs them.
11. Are cryptocurrency sites regulated?
Most cryptocurrency websites are not regulated.
12. How are Cryptocurrency and Blockchain related?
Blockchain platform aids cryptocurrency transactions, which makes use of authentication and encryption techniques. Cryptography enables technology for Cryptocurrency, thus ensuring secure transactions.
13. What is a nonce?
The mining process works on the pattern of validating transactions by solving a mathematical puzzle called proof-of-work. The latter determine a number or nonce along with a cryptographic hash algorithm to produce a hash value lower than a predefined target. The nonce is a random value used to vary the value of hash so that the final hash value meets the hash conditions.
14. How is Cryptocurrency different from other forms of payment?
Cryptocurrency runs on Blockchain technology, which gives it an advantage of immutability, cryptography, and decentralization. All the payments are recorded on the DLT, which is accessible from any part of the world. Moreover, it keeps the identity of the user anonymous.
15. Which is the best Cryptocurrency?
Several cryptocurrencies have surged into the market, and you can choose any of these. The best way to choose the right cryptocurrencies is to look at its market value and assess its performance. Some of the prominent choices are Bitcoin, Ethereum, Litecoin, XRP etc.
16. What is the worst thing that can happen while using Cryptocurrency?
One of the worst things could be you losing your private keys. These are the passwords that secure your wallet, and once they are lost, you cannot recover them.
17. What is the private key and public key?
Keys secure your cryptocurrency wallet; these are public key and private key. The public key is known to all, like your bank account number, on the hand, the private key is the password which protects your wallet and is only known to you.
18. How much should one invest in Cryptocurrency?
Well, investing in Cryptocurrency is a matter of choice. You can study how the market is performing, and based on the best performing cryptocurrency, you can choose to invest. If you are new to this, then it’s advisable that you must start small.
19. From where can one buy Bitcoin using Fiat currency?
Two of the popular choices that you have are Coinbase and Binance, where you can purchase Cryptocurrency using fiat currency.
20. Are the coins safe on exchanges?
All the exchanges have a high level of security. Besides, these are regularly updated to meet the security requirements, but it’s not advisable to leave your coins on them since they are prone to attack. Instead, you can choose a hard wallet to store your cryptocurrencies, which are considered the safest.
21. What determines the price of cryptocurrencies?
The price of cryptocurrencies is determined by the demand and supply in the market. Besides, how the market is performing also determines the price of cryptocurrencies.
22. What are some of the prominent cryptocurrencies terminologies?
There are jargons which are continuously used by people using cryptocurrencies are:
DYOR: Do Your Own Research
Dapps: Decentralized Applications
Spike: Shapr increase in the price of the Cryptocurrency
Pump: Manipulated increase in the price of a cryptocurrency
Dump: Shapr decline in the price of Cryptocurrency
23. How can I check the value of cryptocurrencies?
Various platforms will give you an update on the price of cryptocurrencies. You can keep a tab on them and check the pricing of cryptocurrencies.
24. What are the advantages of using digital currencies?
There are various advantages like you are saved from double-spending, the transactions are aster and secure. Moreover, digital currencies now have global acceptance.
25. What is the difference between cryptocurrencies and fiat currencies?
Cryptocurrencies are digital currencies which run on the Blockchain platform and are not governed by any government agencies, while the fiat currencies are the ones which are governed by authorities and government.
Conclusion- This was all the FAQs pertaining to cryptocurrency, for more such information keep coming back to Blockchain Council.
submitted by Blockchain_org to BlockchainStartups [link] [comments]

Let's discuss some of the issues with Nano

Let's talk about some of Nano's biggest issues. I also made a video about this topic, available here: https://youtu.be/d9yb9ifurbg.
00:12 Spam
Issues
Potential Mitigations & Outstanding Issues
01:58 Privacy
Issues
  • Nano has no privacy. It is pseudonymous (like Bitcoin), not anonymous.
Potential Mitigations & Outstanding Issues & Outstanding Issues*
  • Second layer solutions like mixers can help, but some argue that isn't enough privacy.
  • The current protocol design + the computational overhead of privacy does not allow Nano to implement first layer privacy without compromising it's other features (fast, feeless, and scalable transactions).
02:56 Decentralization
Issues
  • Nano is currently not as decentralized as it could be. ~25% of the voting weight is held by Binance.
  • Users must choose representatives, and users don't always choose the best ones (or never choose).
Potential Mitigations & Outstanding Issues
  • Currently 4 unrelated parties (who all have a verifiable interest in keeping the network running) would have to work together to attack the network
  • Unlike Bitcoin, there is no mining or fees in Nano. This means that there is not a strong incentive for emergent centralization from profit maximization and economies of scale. We've seen this firsthand, as Nano's decentralization has increased over time.
  • Nano representative percentages are not that far off from Bitcoin mining pool percentages.
  • In Nano, voting weight can be remotely re-delegated to anyone at any time. This differs from Bitcoin, where consensus is controlled by miners and requires significant hardware investment.
  • The cost of a 51% attack scales with the market cap of Nano.
06:49 Marketing & adoption
Issues
  • The best technology doesn't always win. If no one knows about or uses Nano, it will die.
Potential Mitigations & Outstanding Issues
  • I would argue that the best technology typically does win, but it needs to be best in every way (price, speed, accessbility, etc). Nano is currently in a good place if you agree with that argument.
  • Bitcoin started small, and didn't spend money on marketing. It takes time to build a community.
  • The developers have said they will market more once the protocol is where they want it to be (v20 or v21?).
  • Community marketing initiatives have started to form organically (e.g. Twitter campaigns, YouTube ads, etc).
  • Marketing and adoption is a very difficult problem to solve, especially when you don't have first mover advantage or consistent cashflow.
08:07 Small developer fund
Issues
  • The developer fund only has 3 million NANO left (~$4MM), what happens after that?
Potential Mitigations & Outstanding Issues
  • The goal for Nano is to be an Internet RFC like TCP/IP or SMTP - development naturally slows down when the protocol is in a good place.
  • Nano development is completely open source, so anyone can participate. Multiple developers are now familiar with the Nano protocol.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
  • The developer fund was only ~5% of the supply - compare that to some of the other major cryptocurrencies.
10:08 Node incentives
Issues
  • There are no transaction fees, why would people run nodes to keep the network running?
Potential Mitigations & Outstanding Issues
  • The cost of consensus is so low in Nano that the benefits of the network itself are the incentive: decentralized money with 0 transaction fees that can be sent anywhere in the world nearly instantly. Similar to TCP/IP, email servers, and http servers. Just like Bitcoin full nodes.
  • Paying $50-$100 a month for a high-end node is a lot cheaper for merchants than paying 1-3% in total sales.
  • Businesses and whales that benefit from Nano (exchanges, remittances, merchant services, etc) are incentivized to keep the protocol developed and running.
11:58 No smart contracts
Issues
  • Nano doesn't support smart contracts.
Potential Mitigations & Outstanding Issues
  • Nano's sole goal is to be the most efficient peer-to-peer value transfer protocol possible. Adding smart contracts makes keeping Nano feeless, fast, and decentralized much more difficult.
  • Other solutions (e.g. Ethereum) exist for creating and enforcing smart contracts.
  • Code can still interact with Nano, but not on the first layer in a decentralized matter.
  • Real world smart contract adoption and usage is pretty limited at the moment, but that might not always be the case.
13:20 Price stability
Issues
  • Why would anyone accept or spend Nano if the price fluctuates so much?
  • Why wouldn't people just use a stablecoin version of Nano for sending and receiving money?
Potential Mitigations & Outstanding Issues
  • With good fiat gateways (stable, low fees, etc), you can always buy back the fiat equivalent of what you've spent.
  • The hope is that with enough adoption, people and businesses will eventually skip the fiat conversion and use Nano directly.
  • Because Nano is so fast, volatility is less of an issue. Transactions are confirmed in <10 seconds, and prices change less in that timeframe (vs 10 minutes to hours for Bitcoin).
  • Stablecoins reintroduce trust. Stable against what? Who controls the supply, and how do you get people to adopt them? What happens if the assets they're stable against fail? Nano is pure supply and demand.
  • With worldwide adoption, the market capitalization of Nano would be in the trillions. If that happens, even millions of dollars won't move the price significantly.
15:06 Deflation
Issues
  • Nano's current supply == max supply. Why would people spend Nano today if it could be worth more tomorrow?
  • What happens to principal representatives and voting weight as private keys are lost? How do you know keys are lost?
Potential Mitigations & Outstanding Issues
  • Nano is extremely divisible. 1 NANO is 1030 raw. Since there are no transaction fees, smaller and smaller amounts of Nano could be used to transact, even if the market cap reaches trillions.
  • People will always buy things they need (food, housing, etc).
  • I'm not sure what the plan is to adjust for lost keys. Probably requires more discussion.
Long-term Scalability
Issue
  • Current node software and hardware cannot handle thousands of TPS (low-end nodes fall behind at even 50 TPS).
  • The more representatives that exist, the more vote traffic is required (network bandwidth).
  • Low-end nodes currently slow down the network significantly. Principal representatives waste their resources constantly bootstrapping these weak nodes during network saturation.
Potential Mitigations & Outstanding Issues
  • Even as is, Nano can comfortably handle 50 TPS average - which is roughly the amount of transactions per day PayPal was doing in 2011 with nearly 100 million users.
  • Network bandwidth increases 50% a year.
  • There are some discussions of prioritizing bootstrapping by vote weight to limit the impact of weak nodes.
  • Since Nano uses an account balance system, pruning could drastically reduce storage requirements. You only need current state to keep the network running, not the full transaction history.
  • In the future, vote stapling could drastically reduce bandwidth usage by collecting all representative signatures up front and then only sharing that single aggregate signature.
  • Nano has no artificial protocol-based limits (e.g. block sizes or block times). It scales with hardware.
Obviously there is still a lot of work to be done in some areas, but overall I think Nano is a good place. For people that aren't Nano fans, what are your biggest concerns?
submitted by Qwahzi to CryptoCurrency [link] [comments]

Technical: A Brief History of Payment Channels: from Satoshi to Lightning Network

Who cares about political tweets from some random country's president when payment channels are a much more interesting and are actually capable of carrying value?
So let's have a short history of various payment channel techs!

Generation 0: Satoshi's Broken nSequence Channels

Because Satoshi's Vision included payment channels, except his implementation sucked so hard we had to go fix it and added RBF as a by-product.
Originally, the plan for nSequence was that mempools would replace any transaction spending certain inputs with another transaction spending the same inputs, but only if the nSequence field of the replacement was larger.
Since 0xFFFFFFFF was the highest value that nSequence could get, this would mark a transaction as "final" and not replaceable on the mempool anymore.
In fact, this "nSequence channel" I will describe is the reason why we have this weird rule about nLockTime and nSequence. nLockTime actually only works if nSequence is not 0xFFFFFFFF i.e. final. If nSequence is 0xFFFFFFFF then nLockTime is ignored, because this if the "final" version of the transaction.
So what you'd do would be something like this:
  1. You go to a bar and promise the bartender to pay by the time the bar closes. Because this is the Bitcoin universe, time is measured in blockheight, so the closing time of the bar is indicated as some future blockheight.
  2. For your first drink, you'd make a transaction paying to the bartender for that drink, paying from some coins you have. The transaction has an nLockTime equal to the closing time of the bar, and a starting nSequence of 0. You hand over the transaction and the bartender hands you your drink.
  3. For your succeeding drink, you'd remake the same transaction, adding the payment for that drink to the transaction output that goes to the bartender (so that output keeps getting larger, by the amount of payment), and having an nSequence that is one higher than the previous one.
  4. Eventually you have to stop drinking. It comes down to one of two possibilities:
    • You drink until the bar closes. Since it is now the nLockTime indicated in the transaction, the bartender is able to broadcast the latest transaction and tells the bouncers to kick you out of the bar.
    • You wisely consider the state of your liver. So you re-sign the last transaction with a "final" nSequence of 0xFFFFFFFF i.e. the maximum possible value it can have. This allows the bartender to get his or her funds immediately (nLockTime is ignored if nSequence is 0xFFFFFFFF), so he or she tells the bouncers to let you out of the bar.
Now that of course is a payment channel. Individual payments (purchases of alcohol, so I guess buying coffee is not in scope for payment channels). Closing is done by creating a "final" transaction that is the sum of the individual payments. Sure there's no routing and channels are unidirectional and channels have a maximum lifetime but give Satoshi a break, he was also busy inventing Bitcoin at the time.
Now if you noticed I called this kind of payment channel "broken". This is because the mempool rules are not consensus rules, and cannot be validated (nothing about the mempool can be validated onchain: I sigh every time somebody proposes "let's make block size dependent on mempool size", mempool state cannot be validated by onchain data). Fullnodes can't see all of the transactions you signed, and then validate that the final one with the maximum nSequence is the one that actually is used onchain. So you can do the below:
  1. Become friends with Jihan Wu, because he owns >51% of the mining hashrate (he totally reorged Bitcoin to reverse the Binance hack right?).
  2. Slip Jihan Wu some of the more interesting drinks you're ordering as an incentive to cooperate with you. So say you end up ordering 100 drinks, you split it with Jihan Wu and give him 50 of the drinks.
  3. When the bar closes, Jihan Wu quickly calls his mining rig and tells them to mine the version of your transaction with nSequence 0. You know, that first one where you pay for only one drink.
  4. Because fullnodes cannot validate nSequence, they'll accept even the nSequence=0 version and confirm it, immutably adding you paying for a single alcoholic drink to the blockchain.
  5. The bartender, pissed at being cheated, takes out a shotgun from under the bar and shoots at you and Jihan Wu.
  6. Jihan Wu uses his mystical chi powers (actually the combined exhaust from all of his mining rigs) to slow down the shotgun pellets, making them hit you as softly as petals drifting in the wind.
  7. The bartender mutters some words, clothes ripping apart as he or she (hard to believe it could be a she but hey) turns into a bear, ready to maul you for cheating him or her of the payment for all the 100 drinks you ordered from him or her.
  8. Steely-eyed, you stand in front of the bartender-turned-bear, daring him to touch you. You've watched Revenant, you know Leonardo di Caprio could survive a bear mauling, and if some posh actor can survive that, you know you can too. You make a pose. "Drunken troll logic attack!"
  9. I think I got sidetracked here.
Lessons learned?

Spilman Channels

Incentive-compatible time-limited unidirectional channel; or, Satoshi's Vision, Fixed (if transaction malleability hadn't been a problem, that is).
Now, we know the bartender will turn into a bear and maul you if you try to cheat the payment channel, and now that we've revealed you're good friends with Jihan Wu, the bartender will no longer accept a payment channel scheme that lets one you cooperate with a miner to cheat the bartender.
Fortunately, Jeremy Spilman proposed a better way that would not let you cheat the bartender.
First, you and the bartender perform this ritual:
  1. You get some funds and create a transaction that pays to a 2-of-2 multisig between you and the bartender. You don't broadcast this yet: you just sign it and get its txid.
  2. You create another transaction that spends the above transaction. This transaction (the "backoff") has an nLockTime equal to the closing time of the bar, plus one block. You sign it and give this backoff transaction (but not the above transaction) to the bartender.
  3. The bartender signs the backoff and gives it back to you. It is now valid since it's spending a 2-of-2 of you and the bartender, and both of you have signed the backoff transaction.
  4. Now you broadcast the first transaction onchain. You and the bartender wait for it to be deeply confirmed, then you can start ordering.
The above is probably vaguely familiar to LN users. It's the funding process of payment channels! The first transaction, the one that pays to a 2-of-2 multisig, is the funding transaction that backs the payment channel funds.
So now you start ordering in this way:
  1. For your first drink, you create a transaction spending the funding transaction output and sending the price of the drink to the bartender, with the rest returning to you.
  2. You sign the transaction and pass it to the bartender, who serves your first drink.
  3. For your succeeding drinks, you recreate the same transaction, adding the price of the new drink to the sum that goes to the bartender and reducing the money returned to you. You sign the transaction and give it to the bartender, who serves you your next drink.
  4. At the end:
    • If the bar closing time is reached, the bartender signs the latest transaction, completing the needed 2-of-2 signatures and broadcasting this to the Bitcoin network. Since the backoff transaction is the closing time + 1, it can't get used at closing time.
    • If you decide you want to leave early because your liver is crying, you just tell the bartender to go ahead and close the channel (which the bartender can do at any time by just signing and broadcasting the latest transaction: the bartender won't do that because he or she is hoping you'll stay and drink more).
    • If you ended up just hanging around the bar and never ordering, then at closing time + 1 you broadcast the backoff transaction and get your funds back in full.
Now, even if you pass 50 drinks to Jihan Wu, you can't give him the first transaction (the one which pays for only one drink) and ask him to mine it: it's spending a 2-of-2 and the copy you have only contains your own signature. You need the bartender's signature to make it valid, but he or she sure as hell isn't going to cooperate in something that would lose him or her money, so a signature from the bartender validating old state where he or she gets paid less isn't going to happen.
So, problem solved, right? Right? Okay, let's try it. So you get your funds, put them in a funding tx, get the backoff tx, confirm the funding tx...
Once the funding transaction confirms deeply, the bartender laughs uproariously. He or she summons the bouncers, who surround you menacingly.
"I'm refusing service to you," the bartender says.
"Fine," you say. "I was leaving anyway;" You smirk. "I'll get back my money with the backoff transaction, and posting about your poor service on reddit so you get negative karma, so there!"
"Not so fast," the bartender says. His or her voice chills your bones. It looks like your exploitation of the Satoshi nSequence payment channel is still fresh in his or her mind. "Look at the txid of the funding transaction that got confirmed."
"What about it?" you ask nonchalantly, as you flip open your desktop computer and open a reputable blockchain explorer.
What you see shocks you.
"What the --- the txid is different! You--- you changed my signature?? But how? I put the only copy of my private key in a sealed envelope in a cast-iron box inside a safe buried in the Gobi desert protected by a clan of nomads who have dedicated their lives and their childrens' lives to keeping my private key safe in perpetuity!"
"Didn't you know?" the bartender asks. "The components of the signature are just very large numbers. The sign of one of the signature components can be changed, from positive to negative, or negative to positive, and the signature will remain valid. Anyone can do that, even if they don't know the private key. But because Bitcoin includes the signatures in the transaction when it's generating the txid, this little change also changes the txid." He or she chuckles. "They say they'll fix it by separating the signatures from the transaction body. They're saying that these kinds of signature malleability won't affect transaction ids anymore after they do this, but I bet I can get my good friend Jihan Wu to delay this 'SepSig' plan for a good while yet. Friendly guy, this Jihan Wu, it turns out all I had to do was slip him 51 drinks and he was willing to mine a tx with the signature signs flipped." His or her grin widens. "I'm afraid your backoff transaction won't work anymore, since it spends a txid that is not existent and will never be confirmed. So here's the deal. You pay me 99% of the funds in the funding transaction, in exchange for me signing the transaction that spends with the txid that you see onchain. Refuse, and you lose 100% of the funds and every other HODLer, including me, benefits from the reduction in coin supply. Accept, and you get to keep 1%. I lose nothing if you refuse, so I won't care if you do, but consider the difference of getting zilch vs. getting 1% of your funds." His or her eyes glow. "GENUFLECT RIGHT NOW."
Lesson learned?

CLTV-protected Spilman Channels

Using CLTV for the backoff branch.
This variation is simply Spilman channels, but with the backoff transaction replaced with a backoff branch in the SCRIPT you pay to. It only became possible after OP_CHECKLOCKTIMEVERIFY (CLTV) was enabled in 2015.
Now as we saw in the Spilman Channels discussion, transaction malleability means that any pre-signed offchain transaction can easily be invalidated by flipping the sign of the signature of the funding transaction while the funding transaction is not yet confirmed.
This can be avoided by simply putting any special requirements into an explicit branch of the Bitcoin SCRIPT. Now, the backoff branch is supposed to create a maximum lifetime for the payment channel, and prior to the introduction of OP_CHECKLOCKTIMEVERIFY this could only be done by having a pre-signed nLockTime transaction.
With CLTV, however, we can now make the branches explicit in the SCRIPT that the funding transaction pays to.
Instead of paying to a 2-of-2 in order to set up the funding transaction, you pay to a SCRIPT which is basically "2-of-2, OR this singlesig after a specified lock time".
With this, there is no backoff transaction that is pre-signed and which refers to a specific txid. Instead, you can create the backoff transaction later, using whatever txid the funding transaction ends up being confirmed under. Since the funding transaction is immutable once confirmed, it is no longer possible to change the txid afterwards.

Todd Micropayment Networks

The old hub-spoke model (that isn't how LN today actually works).
One of the more direct predecessors of the Lightning Network was the hub-spoke model discussed by Peter Todd. In this model, instead of payers directly having channels to payees, payers and payees connect to a central hub server. This allows any payer to pay any payee, using the same channel for every payee on the hub. Similarly, this allows any payee to receive from any payer, using the same channel.
Remember from the above Spilman example? When you open a channel to the bartender, you have to wait around for the funding tx to confirm. This will take an hour at best. Now consider that you have to make channels for everyone you want to pay to. That's not very scalable.
So the Todd hub-spoke model has a central "clearing house" that transport money from payers to payees. The "Moonbeam" project takes this model. Of course, this reveals to the hub who the payer and payee are, and thus the hub can potentially censor transactions. Generally, though, it was considered that a hub would more efficiently censor by just not maintaining a channel with the payer or payee that it wants to censor (since the money it owned in the channel would just be locked uselessly if the hub won't process payments to/from the censored user).
In any case, the ability of the central hub to monitor payments means that it can surveill the payer and payee, and then sell this private transactional data to third parties. This loss of privacy would be intolerable today.
Peter Todd also proposed that there might be multiple hubs that could transport funds to each other on behalf of their users, providing somewhat better privacy.
Another point of note is that at the time such networks were proposed, only unidirectional (Spilman) channels were available. Thus, while one could be a payer, or payee, you would have to use separate channels for your income versus for your spending. Worse, if you wanted to transfer money from your income channel to your spending channel, you had to close both and reshuffle the money between them, both onchain activities.

Poon-Dryja Lightning Network

Bidirectional two-participant channels.
The Poon-Dryja channel mechanism has two important properties:
Both the original Satoshi and the two Spilman variants are unidirectional: there is a payer and a payee, and if the payee wants to do a refund, or wants to pay for a different service or product the payer is providing, then they can't use the same unidirectional channel.
The Poon-Dryjam mechanism allows channels, however, to be bidirectional instead: you are not a payer or a payee on the channel, you can receive or send at any time as long as both you and the channel counterparty are online.
Further, unlike either of the Spilman variants, there is no time limit for the lifetime of a channel. Instead, you can keep the channel open for as long as you want.
Both properties, together, form a very powerful scaling property that I believe most people have not appreciated. With unidirectional channels, as mentioned before, if you both earn and spend over the same network of payment channels, you would have separate channels for earning and spending. You would then need to perform onchain operations to "reverse" the directions of your channels periodically. Secondly, since Spilman channels have a fixed lifetime, even if you never used either channel, you would have to periodically "refresh" it by closing it and reopening.
With bidirectional, indefinite-lifetime channels, you may instead open some channels when you first begin managing your own money, then close them only after your lawyers have executed your last will and testament on how the money in your channels get divided up to your heirs: that's just two onchain transactions in your entire lifetime. That is the potentially very powerful scaling property that bidirectional, indefinite-lifetime channels allow.
I won't discuss the transaction structure needed for Poon-Dryja bidirectional channels --- it's complicated and you can easily get explanations with cute graphics elsewhere.
There is a weakness of Poon-Dryja that people tend to gloss over (because it was fixed very well by RustyReddit):
Another thing I want to emphasize is that while the Lightning Network paper and many of the earlier presentations developed from the old Peter Todd hub-and-spoke model, the modern Lightning Network takes the logical conclusion of removing a strict separation between "hubs" and "spokes". Any node on the Lightning Network can very well work as a hub for any other node. Thus, while you might operate as "mostly a payer", "mostly a forwarding node", "mostly a payee", you still end up being at least partially a forwarding node ("hub") on the network, at least part of the time. This greatly reduces the problems of privacy inherent in having only a few hub nodes: forwarding nodes cannot get significantly useful data from the payments passing through them, because the distance between the payer and the payee can be so large that it would be likely that the ultimate payer and the ultimate payee could be anyone on the Lightning Network.
Lessons learned?

Future

After LN, there's also the Decker-Wattenhofer Duplex Micropayment Channels (DMC). This post is long enough as-is, LOL. But for now, it uses a novel "decrementing nSequence channel", using the new relative-timelock semantics of nSequence (not the broken one originally by Satoshi). It actually uses multiple such "decrementing nSequence" constructs, terminating in a pair of Spilman channels, one in both directions (thus "duplex"). Maybe I'll discuss it some other time.
The realization that channel constructions could actually hold more channel constructions inside them (the way the Decker-Wattenhofer puts a pair of Spilman channels inside a series of "decrementing nSequence channels") lead to the further thought behind Burchert-Decker-Wattenhofer channel factories. Basically, you could host multiple two-participant channel constructs inside a larger multiparticipant "channel" construct (i.e. host multiple channels inside a factory).
Further, we have the Decker-Russell-Osuntokun or "eltoo" construction. I'd argue that this is "nSequence done right". I'll write more about this later, because this post is long enough.
Lessons learned?
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