GitHub - subhan-nadeem/bitcoin-mining-python: A Python ...
Mining Bitcoin With Pencil and Paper - Gizmodo
Bitcoin Algorithm Explained - Mycryptopedia
How Bitcoin mining really works - Learn to code at home
Hirocoin (HIRO) New home of GPU miners, X11 hashing algorithm
Soon Scrypt coins will only be mined by those in invest heavily. Hirocoin uses the X11 hashing solution by Evan Duffield. Creating an ASIC for X11 is going to be very complex making Hirocoin an ideal home for GPU miners.
Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
I'm trying to be positive but GL's actions are the opposite of intelligence. This is the worst update in A9 history. I'll explain why...
It's a pretty long rant. You have been warned...
Worsened graphics. Same device, much worse graphics for no reason. They literally made the game engine worse.
Frame skipping and lagging everywhere. Also game crashes. They said they optimized the game. I bet they forgot to mention that you need a quantum computer to play their casino racing masterpiece.
The older bug with the mini map (tap do steer players can't tap in that area) is back.
The infamous lagging screen after every freaking race (what the hell are they doing in background that the phones become so hot? bitcoin mining?). They still didn't fix it after the recent hotfix! Who pays these clowns who can't even revert some dumb changes?
The unfair SE. There are hardly tokens offered. They keep reducing the rewards until there will be nothing left except uncommon parts and a few credits. They expect us to play hundreds of races for peanuts. The finest greediness. Also how come SE still shares the same tickets pool with daily events? They are different things!
Same old stinky GP. Everyone knows what is wrong with this thing that has nothing in common with real grand prixes except the name. Most regular players don't win keys. Why should we even bother anymore?
The hard Unleashed event. They put the same required time 0:51 despite the cars having different rankings. They don't have the expression "fair play" in their dictionary.
Credits heist is good in theory. In practice they added the awful police besides the aggressive AI to make sure you can't get those credits. They also added stars requirements for good measure. Also they made it that way you need to play too many races if you want all rewards. Efficiency is again not in their dictionary.
The new MP format which encourages dumb grinding to get some decent milestones.
The club rewards remain a joke.
You need to complete 250 conditions in SE just to have the chance to buy packs! Whatever GL idiot who thought of that should have his head smashed on his monitor.
They still didn't fix that stupid error with no internet connection! My internet is working, it's not my fault you can't code a decent internet connection algorithm.
The cheaters are still dominating MP. The Android version has such a poor security that every schmuck can abuse the game. I wonder if anyone even reads those in game reports or are there as placebo effect.
Did you check how much internet traffic this game consumes? What the fxx-k they transfer that A9 needs gigabytes of data every month just to play it?
Should I mention the bunch of useless employees called Customer Care? An appendix is more useful than them.
https://preview.redd.it/al1gy9t9v9q51.png?width=424&format=png&auto=webp&s=b29a60402d30576a4fd95f592b392fae202026ca Hopefully any questions you have will be answered by the resources below, but if you have additional questions feel free to ask them in the comments. If you're quite technically-minded, the Zano whitepaper gives a thorough overview of Zano's design and its main features. So, what is Zano? In brief, Zano is a project started by the original developers of CryptoNote. Coins with market caps totalling well over a billion dollars (Monero, Haven, Loki and countless others) run upon the codebase they created. Zano is a continuation of their efforts to create the "perfect money", and brings a wealth of enhancements to their original CryptoNote code. Development happens at a lightning pace, as the Github activity shows, but Zano is still very much a work-in-progress. Let's cut right to it: Here's why you should pay attention to Zano over the next 12-18 months. Quoting from a recent update:
Anton Sokolov has recently joined the Zano team. ... For the last months Anton has been working on theoretical work dedicated to log-size ring signatures. These signatures theoretically allows for a logarithmic relationship between the number of decoys and the size/performance of transactions. This means that we can set mixins at a level from up to 1000, keeping the reasonable size and processing speed of transactions. This will take Zano’s privacy to a whole new level, and we believe this technology will turn out to be groundbreaking!
If successful, this scheme will make Zano the most private, powerful and performant CryptoNote implementation on the planet. Bar none. A quantum leap in privacy with a minimal increase in resource usage. And if there's one team capable of pulling it off, it's this one.
What else makes Zano special?
You mean aside from having "the Godfather of CryptoNote" as the project lead? ;) Actually, the calibre of the developers/researchers at Zano probably is the project's single greatest strength. Drawing on years of experience, they've made careful design choices, optimizing performance with an asynchronous core architecture, and flexibility and extensibility with a modular code structure. This means that the developers are able to build and iterate fast, refining features and adding new ones at a rate that makes bigger and better-funded teams look sluggish at best. Zano also has some unique features that set it apart from similar projects: Privacy Firstly, if you're familiar with CryptoNote you won't be surprised that Zano transactions are private. The perfect money is fungible, and therefore must be untraceable. Bitcoin, for the most part, does little to hide your transaction data from unscrupulous observers. With Zano, privacy is the default. The untraceability and unlinkability of Zano transactions come from its use of ring signatures and stealth addresses. What this means is that no outside observer is able to tell if two transactions were sent to the same address, and for each transaction there is a set of possible senders that make it impossible to determine who the real sender is. Hybrid PoW-PoS consensus mechanism Zano achieves an optimal level of security by utilizing both Proof of Work and Proof of Stake for consensus. By combining the two systems, it mitigates their individual vulnerabilities (see 51% attack and "nothing at stake" problem). For an attack on Zano to have even a remote chance of success the attacker would have to obtain not only a majority of hashing power, but also a majority of the coins involved in staking. The system and its design considerations are discussed at length in the whitepaper. Aliases Here's a stealth address: ZxDdULdxC7NRFYhCGdxkcTZoEGQoqvbZqcDHj5a7Gad8Y8wZKAGZZmVCUf9AvSPNMK68L8r8JfAfxP4z1GcFQVCS2Jb9wVzoe. I have a hard enough time remembering my phone number. Fortunately, Zano has an alias system that lets you register an address to a human-readable name. (@orsonj if you want to anonymously buy me a coffee) Multisig Multisignature (multisig) refers to requiring multiple keys to authorize a Zano transaction. It has a number of applications, such as dividing up responsibility for a single Zano wallet among multiple parties, or creating backups where loss of a single seed doesn't lead to loss of the wallet. Multisig and escrow are key components of the planned Decentralized Marketplace (see below), so consideration was given to each of them from the design stages. Thus Zano's multisig, rather than being tagged on at the wallet-level as an afterthought, is part of its its core architecture being incorporated at the protocol level. This base-layer integration means months won't be spent in the future on complicated refactoring efforts in order to integrate multisig into a codebase that wasn't designed for it. Plus, it makes it far easier for third-party developers to include multisig (implemented correctly) in any Zano wallets and applications they create in the future. (Double Deposit MAD) Escrow With Zano's escrow service you can create fully customizable p2p contracts that are designed to, once signed by participants, enforce adherence to their conditions in such a way that no trusted third-party escrow agent is required. https://preview.redd.it/jp4oghyhv9q51.png?width=1762&format=png&auto=webp&s=12a1e76f76f902ed328886283050e416db3838a5 The Particl project, aside from a couple of minor differences, uses an escrow scheme that works the same way, so I've borrowed the term they coined ("Double Deposit MAD Escrow") as I think it describes the scheme perfectly. The system requires participants to make additional deposits, which they will forfeit if there is any attempt to act in a way that breaches the terms of the contract. Full details can be found in the Escrow section of the whitepaper. The usefulness of multisig and the escrow system may not seem obvious at first, but as mentioned before they'll form the backbone of Zano's Decentralized Marketplace service (described in the next section).
What does the future hold for Zano?
The planned upgrade to Zano's privacy, mentioned at the start, is obviously one of the most exciting things the team is working on, but it's not the only thing. Zano Roadmap Decentralized Marketplace From the beginning, the Zano team's goal has been to create the perfect money. And money can't just be some vehicle for speculative investment, money must be used. To that end, the team have created a set of tools to make it as simple as possible for Zano to be integrated into eCommerce platforms. Zano's API’s and plugins are easy to use, allowing even those with very little coding experience to use them in their E-commerce-related ventures. The culmination of this effort will be a full Decentralized Anonymous Marketplace built on top of the Zano blockchain. Rather than being accessed via the wallet, it will act more as a service - Marketplace as a Service (MAAS) - for anyone who wishes to use it. The inclusion of a simple "snippet" of code into a website is all that's needed to become part a global decentralized, trustless and private E-commerce network. Atomic Swaps Just as Zano's marketplace will allow you to transact without needing to trust your counterparty, atomic swaps will let you to easily convert between Zano and other cyryptocurrencies without having to trust a third-party service such as a centralized exchange. On top of that, it will also lead to the way to Zano's inclusion in the many decentralized exchange (DEX) services that have emerged in recent years.
Where can I buy Zano?
Zano's currently listed on the following exchanges: https://coinmarketcap.com/currencies/zano/markets/ It goes without saying, neither I nor the Zano team work for any of the exchanges or can vouch for their reliability. Use at your own risk and never leave coins on a centralized exchange for longer than necessary. Your keys, your coins! If you have any old graphics cards lying around(both AMD & NVIDIA), then Zano is also mineable through its unique ProgPowZ algorithm. Here's a guide on how to get started. Once you have some Zano, you can safely store it in one of the desktop or mobile wallets (available for all major platforms).
How can I support Zano?
Zano has no marketing department, which is why this post has been written by some guy and not the "Chief Growth Engineer @ Zano Enterprises". The hard part is already done: there's a team of world class developers and researchers gathered here. But, at least at the current prices, the team's funds are enough to cover the cost of development and little more. So the job of publicizing the project falls to the community. If you have any experience in community building/growth hacking at another cryptocurrency or open source project, or if you're a Zano holder who would like to ensure the project's long-term success by helping to spread the word, then send me a pm. We need to get organized. Researchers and developers are also very welcome. Working at the cutting edge of mathematics and cryptography means Zano provides challenging and rewarding work for anyone in those fields. Please contact the project's Community Manager u/Jed_T if you're interested in joining the team. Social Links: Twitter Discord Server Telegram Group Medium blog I'll do my best to keep this post accurate and up to date. Message me please with any suggested improvements and leave any questions you have below. Welcome to the Zano community and the new decentralizedprivateeconomy!
I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!
I posted this on /cryptotechnology . It attracted quite a bit of upvotes but not many potential contributors. Someone mentioned I should try this sub. I read the rules and it seems to fit within them. Hope this kind of post is alright here... EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors. TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [email protected] . Thanks in advance! Hi guys, For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction. The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract. The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data. The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block. To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block. I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors. The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract. There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive). The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only. I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport. When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software. The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create: A logistic and transportation company A delivery company A company that buy and sell real estate options A company that manage real estate A software development company A world-wide fiat money transfer company A payment processor company We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money exchanges. We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche. I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper. If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [email protected] . If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed. Thanks all in advance! P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members. Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
https://www.change.org/p/bitcoin-cash-community-bitcoin-abc-must-step-down-from-control-of-bitcoin-cash[change.org](https://www.change.org/p/bitcoin-cash-community-bitcoin-abc-must-step-down-from-control-of-bitcoin-cash) Introduction Bitcoin Cash lived because of Amaury taking control against the community and being able to push through the brainwashed community of Bitcoin, especially BitcoinTalk and Bitcoin back in 2017. But today, where BCH has split into BCH and BSV, his actions are attempting to destroy BCH himself by doing things not wanted by the remaining community that supports the BCH goal in general. Last March, he pushed forward for the Infrastructure Funding Plan, a way to pay the developers from a small portion of the blocks mined by the miners. However, it's implementation was not a very good one, due to its inherent limitations by only making Bitcoin ABC, which was the main mining node, dictate which wallet address does the "IFP" coins go to, and therefore Bitcoin Cash Node (BCHN) was created without it as Bitcoin ABC still has the IFP in their code. Last few weeks ago, Johnathan Toomin proposed the ASERT DAA for a replacement DAA or difficulty adjustment algorithm. However, because Toomin created it on BCHN and not ABC, it was not taken by Bitcoin ABC and Amaury created Grasberg DAA in response. This DAA was hastily made and was immediately put into the Bitcoin ABC. The code is currently being under review and a lot of it is being heavily rewritten back conform with Toomin's ASERT, which had been a better proposal in itself. Take note that Grasberg did not start as a proposal. In smaller related news, Shammah Chancellor created a meme competition about Bitcoin Cash's current community. The people liked it and most of Read.Cash joined it, however, it broke an essential rule from the media platform, due to the main goal for the memes containing controversial name-calling insults for Amaury and status in the Bitcoin Cash community. While the competition is in good graces, what we all don't know is that memes will only encourage those of ill intent to continue them, knowing that it will merely rile up those who do not want the struggle and the FUD and they will attack others in a deeper level. It had a side-effect of the Read.Cash developer banning himself from it. Some people take memes seriously, and they do not care if you say they are satire or not. This brings us to my point. We need a change of direction, and it starts with the hero who had turned into a villain and the community he has with it. Amaury Séchet should stop controlling the Bitcoin Cash protocol and allow others to implement their proposals. If you can't do it, get someone else. Shammah Chancellor should stop being a hypocrite and saying this (and this!) while going out to proclaim that Read.Cash is censored. Go do your own thing if you don't want it. C. Edward Kelso should stop making anyone who is against Shammah nor Amaury or any of the Bitcoin ABC members look bad. Write the truth if needed. Heavily imply it, if you can't stop doing it your badly-described articles. Bitcoin Cash should not be led by these people if all they do not bend down and take the community at their backs. We already have great progress and these setbacks will cost us the whole Bitcoin promise. We are already under attack. Do not let them destroy it.
So, we will continue our story about the history of digital currencies. - The growing popularity of bitcoin began to attract cybercriminals, and on August 6, 2010, a flaw was discovered in the system, through which unknown persons created a lump sum of 184 billion bitcoins and sent them to two accounts. The fraudulent transaction was discovered several hours later, the problem was fixed, the transaction record was removed from the blockchain and the system was moved to a new protocol. At the moment, this is the only vulnerability of the blockchain itself that has been exploited. - On November 27, 2010, the first mining pool was created — Bitcoin Pooled Mining (also known as Slush’s Pool). Within the framework of the pool, users combine the resources of their devices to improve the efficiency of mining, in the future, coins are distributed among the participants according to the resource contribution made. - December 2010 brought the news that mobile phone transaction software had been developed. In the same month, the first bitcoin transfer was carried out using a Nokia N900 phone. - On February 9, 2011, Bitcoin equaled the dollar for the first time. - On April 23, 2011, bitcoin caught up with the euro and the pound sterling. - In May 2013, the first bitcoin ATM opened in San Diego, California. In April, the first Bitcoin alternative also appeared — NameCoin. In general, by using the open and publicly available program code of the Blockchain network, and by changing some parameters it is possible to release your own cryptocurrency. Later on, all other cryptocurrencies, based on the Blockchain network’s source code, began to be referred to as Altcoins (from English — alternative coins). Altcoins differed in a number of ways: transaction processing speed, method of distributing coins between participants, hashing algorithm, mining algorithm, and others. Today, there are over two thousand Altcoins. Unfortunately, most of them are launched only to enrich their creators and do not have long life cycles. https://preview.redd.it/f3flnm67das51.jpg?width=1200&format=pjpg&auto=webp&s=183d8b81354799d57d356ec5f946c7b0258a8c71 #Finance #NeuronChain #blockchain #NeuronEx #NeuronWallet #CryptoNeuroNews #crypto
I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required. As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
It is an FREE App. Free to download (with no ads) either from google play or apple store. You may search pi, pinetwork,or minepi.
Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (Marshlerouge).
After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation: Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate.
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
I am not really savvy in coding. So, the sequences of letters and numbers involved are driving me a bit crazy. Here is what I have done: Downloaded AwesomeMiner and as a wallet, I used Electrum. Surprisingly, when I check the bitcoin reddit, these two apps are not mentioned. Am I in the wrong track? Now, in AM app, I used SHA-256 algorithm, BFGMiner(5.4.2), as as a pool, I used bsod mining pool. BUT, this is what I got: > [2020-10-16 20:18:53] No devices detected! > [2020-10-16 20:18:53] Waiting for devices > [2020-10-16 20:18:53] Probing for an alive pool > [2020-10-16 20:18:53] Testing pool stratum+tcp://pool.bsod.pw:3333 > > [2020-10-16 20:18:53] No devices detected! > > [2020-10-16 20:18:53] Waiting for devices > > [2020-10-16 20:18:53] Probing for an alive pool Mining Engine Process started, PID: 10480 Even I understand that the mining is not working at all. Just wondering what should I do now? However, I check out some video on the bitcoin reddit, so I will start from there. Any advices are welcome.
The next XVG? Microcap 100x potential actually supported by fundamentals!
What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why: Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network. The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership. The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI. ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil. Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets. 100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”. Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy. I am super bullish on this coin for the following reasons:
Only $400k market cap
Supply started at zero, so there are no VC’s and team to dump on you into the pumps - all coins are mined into existence, just like Bitcoin.
It just had its first halving, reducing emission from 16 to 8 per block. Between now and 2028 there are FOUR (!) more halvings, from 4 to 2 to 1 and then finally 0.15 (I guess that would be an 85%-ing :p) and at this point the supply is the same as BTC and stays in sync forever until the last coin is mined in 2140. This simple supply curve is already accepted by the market as a winner, so why mess with success? (I)
Meets Andreas Antonopolous’ 5 pillars of open blockchains test: Public, Open, Borderless, Neutral, and Censorship Resistant. (How many coins can say this?)
Unlike Bitcoin, Epic created a multi-algorithm approach that enables people to mine on ordinary computers - 60% for CPU on RandomX, 38% for GPU on ProgPow, and 2% for ASIC’s on Cuckoo31+. The algorithms don’t compete with one another. This is essential for leveling the playing field and preventing massive farms from dominating. These percentages can change over time and new algorithms can be easily dropped in. You can mine today using an old laptop and in 5 years you will still be able to. Incidentally, there is nothing standing in the way of adding mobile phone-based mining, which ETN showed there’s a huge demand for.
Based off the excellent Grin codebase, which means they continue to pull in ongoing core code enhancements and focus on ease of use and market penetration instead. (Smart!)
Litecoin’s Charlie Lee is out there daily talking about their move to Mimblewimble, which provides free publicity. What people don’t realize is that you can’t just bolt on Mimblewimble to a legacy blockchain, that’s like putting a Ferrari engine into a school bus - it’s still a school bus, not a race car! LTC is doing it as an optional soft fork via “extension blocks” which will not be supported by all wallets and exchanges. Also, anyone using “optional” privacy features is declaring themselves to be suspicious, which kind of defeats the point for people who care about privacy.
The community is friendly and welcoming to new people coming in, with lots of helpful (independently created) tutorials and guides. (F)
It’s already a global phenomenon, with the whitepaper in 20+ languages (G) and (not bot-infested) active local-language communities on not only Telegram but also Wechat, LINE, QQ and other messenger platforms.
It’s only on two random little exchanges currently, Citex and Vitex. Vitex is actually a pretty good DEX with no KYC and a great mobile wallet.
They are very creative - since centralized exchanges want huge money to list, they created a non-inflationary ERC20 tracker token that’s exchangeable 1:1 for coins so that Uniswap trading is possible (H)
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to. This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
Who would like to see a forked version of BCH with RandomX?
Most forks are either contentious or shameless money grabs, but I think this could actually be a worthwhile project. Monero's ASIC-resistance seems to spare them a lot of drama, as they don't have to curry favor with big miners. A RandomX fork of BCH could copy all the other code from existing projects, wallets, CashFusion, SLP, etc. The first thing the project would need is a system to provide atomic-swaps between XMR and RandomX-BCH. I think such a project could be an interesting bridge between the XMR and BCH communities. It would give XMR miners another coin they can mine, it wouldn't have to fight for hash power with BTC and BSV, and it could leverage the privacy benefits of both BCH and XMR. Also, I don't think you'd need to worry about replay protection if you switched algorithms? Every BCH holder would get an airdrop, and it would basically be another expression of the bitcoin experiment, operating under its own name. What do you think? Is it a project you could support, or something that shouldn't exist?
When we were a much smaller society, people could trade in the community pretty easily, but as the distance in our trade grew, we ended up inventing institutions such as banks, markets, stocks etc. that help us to conduct financial transactions. The currencies we are operating with nowadays are bills or coins, controlled by a centralized authority and tracked by previously mentioned financial institutions. The thing is, having a third party in our money transactions is not always what we wish for. But fortunately, today we have a tool that allows us to make fast and save financial transactions without any middlemen, it has no central authority and it is regulated by math. Sounds cool, right? Cryptocurrency is this tool. It is quite a peculiar system, so let’s take a closer look at it. by StealthEX
Layers of a crypto-cake
Layer 1: Blockchain
First of all – any cryptocurrency is based on the blockchain. In simple words, blockchain is a kind of a database. It stores information in batches, called blocks that are linked together in a chronological way. As the blockchain is not located in one place but rather on thousands of computers around the globe, the blockchain and the transactions thus are decentralized, they have no head center. The newest blocks of transaction are continuously added on (or changed) to all the previous blocks. That’s how you get a cryptocurrency blockchain. The technology’s name is a compound of the words “block” and “chain”, as the “blocks” of information are linked together in a “chain”. That’s how crypto security works – the information in the recently created block depends on the previous one. It means that no block can be changed without affecting the others, this system prevents a blockchain from being hacked. There are 2 kinds of blockchain: private and public. Public, as goes by its name, is publicly available blockchain, whereas private blockchain is permissioned, which only a limited number of people have access to.
Layer 2: Transaction
In fact, everything begins with the intention of someone to complete a transaction. A transaction itself is a file that consists of the sender’s and recipient’s public keys (wallet addresses) and the amount of coins transferred. The sender begins by logging in into his cryptocurrency wallet with the private key – a unique combination of letters and numbers, something you would call a personal password in a bank. Now the transaction is signed and the first step which is called basic public key cryptography is completed. Then the signed (encrypted) transaction is shared with everyone in the cryptocurrency network, meaning it gets to every other peer. We should mention that the transaction is firstly queued up to be added to the public ledger. Then, when it’s broadcasted to the public ledger, all the computers add a new transaction to a shared list of recent transactions, known as blocks. Having a ledger forces everyone to “play fair” and reduce the risk of spending extra. The numbers of transactions are publicly available, but the information about senders and receivers is encrypted. Each transaction holds on to a unique set of keys. Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys (just like whoever owns a bank account owns the money in it). This is how peer-to-peer technology works.
Layer 3: Mining
Now let’s talk about mining. Once confirmed, the transaction is forever captured into the blockchain history**.** The verification of the block is done by Cryptocurrency Miners – they verify and then add blocks to the public ledger. To verify them, miners go down on the road of solving a very difficult math puzzle using powerful software, which is that the computer needs to produce the correct sequence number – “hash” – that is specific to the given block, there is not much chance of finding it. Whoever solves the puzzle first, gets the opportunity to officially add a block of transactions to the ledger and get fresh and new coins as reward. The reward is given in whatever cryptocurrency’s blockchain miners are operating into. For example, BTC originally used to reward miners in 50 BTC, but after the first halving it decreased to 25 BTC, and at present time it is 6.25 BTC. The process of miners competing against each other in order to complete the transactions on the network and get rewarded is known as the Proof-of-Work (PoW) algorithm, which is natural for BTC and many other cryptocurrencies. Also there are another consensus mechanisms: Proof-of-Stake (PoS), Delegated Proof-of-Stake (dPoS), Proof-of-Authority (PoA), Byzantine Fault Tolerance (BFT), Practical Byzantine Fault Tolerance (pBFT), Federated Byzantine Agreement (FBA) and Delegated Byzantine Fault Tolerance (dBFT). Still, all of them are used to facilitate an agreement between network participants. The way that system works – when many computers try to verify a block – guarantees that no computer is going to monopolize a cryptocurrency market. To ensure the competition stays fair, the puzzle becomes harder as more computers join in. Summing it up, let’s say that mining is responsible for two aspects of the crypto mechanism: producing the proof and allowing more coins to enter circulation.
Types of cryptocurrency
In the virtual currency world there are a bunch of different cryptocurrency types with their own distinctive features. The first cryptocurrency is, of course, Bitcoin. Bitcoin is the first crypto coin ever created and used. BTC is the most liquid cryptocurrency in the market and has the highest market cap among all the cryptocurrencies.
The term ‘altcoins’ means ‘alternatives’ of Bitcoin. The first altcoin Namecoin was created in 2011 and later on hundreds of them appeared in crypto-world, among them are Ravencoin, Dogecoin, Litecoin, Syscoin etc. Altcoins were initially launched with a purpose to overcome Bitcoin’s weak points and become upgraded substitutes of Bitcoin. Altcoins usually stand an independent blockchain and have their own miners and wallets. Some altcoins actually have boosted features yet none of them gained popularity akin to Bitcoin. More about altcoins in our article.
Token is a unit of account that is used to represent the digital balance of an asset. Basically tokens represent an asset or utility that usually are made on another blockchain. Tokens are registered in a database based on blockchain technology, and they are accessed through special applications using electronic signature schemes. Tokens and cryptocurrencies are not the same thing. Let’s explain it more detailed: • First of all, unlike cryptocurrencies, tokens can be issued and managed both centralized and decentralized. • The verification of the token transactions can be conducted both centralized and decentralized, when cryptocurrencies’ verification is only decentralized. • Tokens do not necessarily run their own blockchain, but for cryptocurrencies having their own blockchain is compulsory. • Tokens’ prices can be affected by a vast range of factors such as demand and supply, tokens’ additional emission, or binding to other assets. On the other hand, the price of cryptocurrencies is completely regulated by the market. Tokens can be: • Utility tokens – something that accesses a user to a product or service and support dApps built on the blockchain. • Governance tokens – fuel for voting systems executed on the blockchain. • Transactional tokens – serve as a unit of accounts and used for trading. • Security tokens – represent legal ownership of an asset, can be used in addition to or in place of a password. Tokens are usually created through smart contracts and are often adapted to an ICO – initial coin offering, which is a means of crowdfunding. It is much easier to create tokens, that is why they make a majority of coins in existence. Altcoin and token blockchains work on the concept of smart contracts or decentralized applications, where the programmable, self-executing code is ruling the transactions within a blockchain. By the way, the vast majority of tokens were distributed on the Ethereum platform.
Generally a fork occurs when a protocol code, on which the blockchain is operating, is being changed, modified and updated by developers or users. Due to the changes, the blockchain splits into 2 paths: an old way of doing things and a new way. These changes may happen because: a disagreement between users and creators; a major hack, as it was with Ethereum; developers’ decision to fix errors and add new functionality. The blockchain mainly splits into hard forks and soft forks. Shortly speaking, coin hard forks cannot work with older versions while soft forks still can work with older versions. Hard fork – after a hard fork, a new version is completely separated from the previous one, there’s no connection between them anymore, although the new version keeps the data of all the previous transactions but now on, each version will have its own transaction history. In order to use the new versions, every node has to upgrade their software. A hard fork requires majority support (or consensus) from coin holders with a connection to the coin network. If enough users don’t update then you will be unable to get a clean upgrade which could lead to a break in the blockchain. Soft fork – a protocol change, but with backward compatibility. The rules of the network have been changed, but nodes running the old software will still be able to validate transactions, but those updated nodes won’t be able to mine new blocks. So to be used and useful, soft forks require the majority of the network’s hash power. Otherwise, they risk becoming set out and anyway ending up as a hard fork.
As it comes from the name, stablecoins are price-stabilized that are becoming big in the crypto world. Still enjoying most of the “typical-cryptocurrency” benefits, it is standing out as a fixed and stable coin, not volatile at all. Stablecoins’ values are stabilized by pegging them to other assets such as the US Dollar or gold. Stablecoins include Tether (USDT), Standard (PAX), Gemini Dollar (GUSD) which are backed by the US Dollar and approved by the New York State Department of Financial Services.
Now that we hacked into cryptocurrency, you probably understand that it is much less mysterious than it first seemed. Nowadays, cryptocurrencies are making the revolution of the financial institution. For example, Bitcoin is currently used in 96 countries and growing, with more than 12,000 transactions per hour. More and more investors are involved, banks and governments realize that these cutting edge technologies are prone to draw their control away. Cryptocurrencies are slowly changing the world and you can choose – either stand beside and observe or become part of history in the making. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example BTC to ETH. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]). The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/09/29/how-does-cryptocurrency-works/
I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. Help greatly appreciated!
I originally posted this on /cryptocurrency. I just thought you guys might be able to help as well so I posted it as well. I didn't link to the original post because the bot here keeps deleting my post, even if I use the np link. Hope that's ok... EDIT: My mother language is french (I'm from Montreal/Canada). Please excuse any blatant grammatical errors. TLDR: I built a decentralized legal-binding smart contract system. I need peer reviewers and whitepaper proof readers. If you're interested, send me an email to discuss: [[email protected]](mailto:[email protected]) . Thanks in advance! Hi guys, For the last few years, I've been working on a decentralized legal-binding contract system. Basically, I created a PoW blockchain software that can receive a hash as an address, and another hash as a bucket, in each transaction. The address hash is used to tell a specific entity (application/contract/company/person, etc) that uses the blockchain that this transaction might be addressed to them. The bucket hash simply tells the nodes which hashtree of files they need to download in order to execute that contract. The buckets are shared within the network of nodes. Someone could, for example, write a contract with a series of nodes in order to host their data for them. Buckets can hold any kind of data, and can be of any size... including encrypted data. The blockchain's blocks are chained together using a mining system similar to bitcoin (hashcash algorithm). Each block contains transactions. The requested difficulty increases when the amount of transactions in a block increases, linearly. Then, when a block is mined properly, another smaller mining effort is requested to link the block to the network's head block. To replace a block, you need to create another block with more transactions than the amount that were transacted in and after the mined block. I expect current payment processors to begin accepting transactions and mine them for their customers and make money with fees, in parallel. Using such a mechanism, miners will need to have a lot of bandwidth available in order to keep downloading the blocks of other miners, just like the current payment processors. The contracts is code written in our custom programming language. Their code is pushed using a transaction, and hosted in buckets. Like you can see, the contract's data are off-chain, only its bucket hash is on-chain. The contract can be used to listen to events that occurs on the blockchain, in any buckets hosted by nodes or on any website that can be crawled and parsed in the contract. There is also an identity system and a vouching system...which enable the creation of soft-money (promise of future payment in hard money (our cryptocurrency) if a series of events arrive). The contracts can also be compiled to a legal-binding framework and be potentially be used in court. The contracts currently compile to english and french only. I also built a browser that contains a 3D viewport, using OpenGL. The browser contains a domain name system (DNS) in form of contracts. Anyone can buy a new domain by creating a transaction with a bucket that contains code to reserve a specific name. When a user request a domain name, it discovers the bucket that is attached to the domain, download that bucket and executes its scripts... which renders in the 3D viewport. When people interact with an application, the application can create contracts on behalf of the user and send them to the blockchain via a transaction. This enables normal users (non-developers) to interact with others using legal contracts, by using a GUI software. The hard money (cryptocurrency) is all pre-mined and will be sold to entities (people/company) that want to use the network. The hard money can be re-sold using the contract proposition system, for payment in cash or a bank transfer. The fiat funds will go to my company in order to create services that use this specific network of contracts. The goal is to use the funds to make the network grow and increase its demand in hard money. For now, we plan to create:
A logistic and transportation company
A delivery company
A company that buy and sell real estate options
A company that manage real estate
A software development company
A world-wide fiat money transfer company
A payment processor company
We chose these niche because our team has a lot of experience in these areas: we currently run companies in these fields. These niche also generate a lot of revenue and expenses, making the value of exchanges high. We expect this to drive volume in contracts, soft-money and hard-money. We also plan to use the funds to create a venture capital fund that invests in startups that wants to create contracts on our network to execute a specific service in a specific niche. I'm about to release the software open source very soon and begin executing our commercial activities on the network. Before launching, I'd like to open a discussion with the community regarding the details of how this software works and how it is explained in the whitepaper. If you'd like to read the whitepaper and open a discussion with me regarding how things work, please send me an email at [[email protected]](mailto:[email protected]) . If you have any comment, please comment below and Ill try to answer every question. Please note that before peer-reviewing the software and the whitepaper, I'd like to keep the specific details of the software private, but can discuss the general details. A release date will be given once my work has been peer reviewed. Thanks all in advance! P.S: This project is not a competition to bitcoin. My goal with this project is to enable companies to write contracts together, easily follow events that are executed in their contracts, understand what to expect from their partnership and what they need to give in order to receive their share of deals... and sell their contracts that they no longer need to other community members. Bitcoin already has a network of people that uses it. It has its own value. In fact, I plan to create contracts on our network to exchange value from our network for bitcoin and vice-versa. Same for any commodity and currency that currently exits in this world.
Avoid the risk of smashing the stocks of large investors, diversify the account to reduce the risk With the development of blockchain technology, it is no longer satisfied with only obtaining data on the chain. How to bridge the connection between the real world and the blockchain world has always been the direction of technological conquest, and the oracle plays this role. Especially with the popularity of the DeFi concept, the large-scale application of Oracle Machine (Oracle Machine) in financial derivatives trading platforms, gambling games, and prediction markets has made it a new track in the industry. At present, the oracle project represented by EULER is operating well, continues to lead the trend of oracle development, and continues to consolidate the basic technical support for the DeFi revolution. Its already-online mining design is also refreshing. EULER's platform pass EUCC, 90% of which is used for mining output, and the entire mining mechanism runs through the distributed oracle protocol, in which three roles are set up: data provider, data verifier, and arbitration node. And reward and punishment mechanism to ensure ecological operation. How does EULER mine? Is it a new wealth code? What are the characteristics? With these questions, let us analyze the distribution mechanism, mining mechanism, and token value one by one. The mining mechanism is fairer, and small and medium miners benefit more Before talking about the mining mechanism of EUCC, we can look at the distribution of other tokens. The blockchain itself upholds fairness and justice, without permission, so that everyone in the network can participate. However, when we look at Bitcoin mining, it is now monopolized by several mining machine vendors such as Bitmain, and ordinary people cannot participate at all. If a PoW husband chain like Bitcoin has formed the head effect of mining, what about a relatively fair PoS type blockchain? Let's take Cosmos as an example. Since Binance joined its validator node, it has instantly ranked to the top with the strong financial strength and user base of the top exchange, and does not give small and medium nodes the slightest chance. Looking back at the mining mechanism of EUCC, we can find that it is very friendly to ordinary users. Assuming that 6.3 million EUCCs are scattered to the accounts of 12 individuals, 8 of them hold 1 million, 1 person holds 99.9 million, and one person holds 5,299,800. Our income is related to the ranking. We give a flashback ranking of 12 people's currency holdings. The staking ranking is based on the jump ranking weighting algorithm rather than the weighted average of the user staking amount. This is to avoid EUCC being controlled by a few people, avoid monopoly, and break up large users. Do your best to achieve a win-win situation in EULER's community. Decentralized tokens create a closed loop: Euler platform currency EUCC flashback ranking reverse order weighting algorithm mechanism The EUCC currency holding and promotion revenue is set through the reverse ranking weighting algorithm of the reverse order to achieve a small number of rows, and the best currency holding is the most ideal. Disperse large accounts, avoid the formation of monopoly, and at the same time encourage currency holding, encourage the whole network to increase the position to catch up, prevent EUCC from being controlled by a few wealthy people and market oligarchs and affect circulation, and use personal efforts to determine you to get promotion benefits while driving users Fission keeps the whole network dynamic. Compared with other mining projects, EULER has introduced a unique flashback ranking weighting algorithm mechanism in the mining design, which provides a good mechanism guarantee for attracting more users to participate in mining, and it is also beneficial to data providers. Decentralization ensures the decentralization of the oracle system and well guarantees the positive development of the community.
Quarkslab has studied the security of the Monero Research Lab’s new Proof-of-Work algorithm called RandomX. The evaluation was spread over about three weeks for a total of 32 days with three engineers. It took over from three other security audits, all four made possible thanks to the Open Source Technology Improvement Fund. Therefore, to maximize the value of a fourth review, Quarkslab focused part of its efforts on: • the analysis of a few areas less covered by the previous reports, • the analysis of the previous reports, the responses of Monero Research Lab, and the subsequent changes in the code and in the specifications. Despite a highly complex and radically new subject, the documentation and code of RandomX were of very high quality. All the attack paths we could think of had already been taken into account or at least studied in the previous audits. Then we reviewed the previous reports, the Monero Research Lab replies and their subsequent code changes. We agree with them. Moreover, we didn’t find any significant optimization of the proof-of-work algorithm, even with approximations.
(To be clear - we staggered the 4 reviews instead of running them concurrently, to make sure the last team would benefit from and build on all the work done for the preceding reviews.)
Since the Bitcoin core does not support mining from version 0.13.0，I think there are some mining strategy but I can not obtain them from Bitcoin Core's source code. I want to ask some details about mining:
When packaging a new block, generally speaking, the number of transactions in the transaction pool is about 10,000 to 20,000, far exceeding the transactions that can be accommodated in a block (up to 3000), How does the mining pool selects the transaction from the transaction pool? Is it knapsack algorithm or a greedy algorithm? Or some other more complicated algorithm?
After the transactions are choosed, will the transactions be sorted by some rules(may be by txid)?
If all the nonces, timestamp and coinbase in the current block have been tried and still cannot mine a new block, what does the mining pool do? will the mining pool adjust the order between transactions? If it is to adjust the order between transactions, are there any adjustment rules?
It would be great if there were relevant technical experts who could introduce it. Thanks again!
"Read.cash Founder Threatens Ban & Permanent Fund Blacklist of 100 Users by Midnight London Time Tonight" Response from the read.cash founder
(Sorry that I post it here, the letters will be small, it would have been much better on read.cash, but it contains personal attacks on C. Edward Kelso and Shammah Chancellor, so I would have to ban me on read.cash for this post) This is probably the most personal story I've ever published on the Internet on how your project will come back to haunt you and destroy your mind and your life. CoinSpice should find enough "juicy" details here to humiliate me even further, I think they still could! I believe in their potential! Should I send you my nudes to post, CoinSpice, for you new article? (No, I'm not a girl, in case you're wondering) Enjoy it if you like long reads. Warning: it contains quite a few jabs at some people. So, you might have read this "piece" from afriendofsatoshi C. Edward Kelso Chief editor of CoinSpice https://www.reddit.com/btc/comments/i067py/readcash_founder_threatens_ban_permanent_fund/fznpi0x/ I'm really disappointed in CoinSpice. Anecdote from the past about them: my interview with them was terribly handled. I started the interview with them with "English is not my native language, so feel free to fix any errors you see in my answer", what did they write in CoinSpice? "We were able to determine that he is not a native English speaker" Seriously, "were able to determine", Sherlock?... why did you even need to publish that? To add a bit of a sensation? But this new piece from CoinSpice just breaks through the floor... I'm speechless... If you are ever offered to being interviewed by CoinSpice - run away! Save yourself!
28 July, 2020 An uneventful day on read.cash, people posting pictures of flowers, telling stories how they met their spouses, doing contests about who will sponsor whom, posting articles about teamwork and interviews with prominent Bitcoin Cash figures. Seriously, read.cash guys interviewed tons of Bitcoin Cash supporters (After the interview with CoinSpice I never gave anoter interview to anyone fearing it will be exactly unprofessional as CoinSpice - trying to get every little dirt the could dig out there) micropresident (the guy who does not yet know he's going to, very professionally, like a normal stable developer he is, later go on to tell me "fuck read.cash") publishes a contest where he calls for memes that contain the following phrases: "Amaury the Socialist Dictator", "Marc De Mesel is Calvin Ayre Lite") promising up to 2 BCH in return (I believe, I didn't read his rules) for these memes. Since a lot of read.cash users are from Philippines, Nigeria and other poor countries, where $300 is a lot of money (maybe something you will make in a year), people proceed to create these memes. This goes directly against the rules of the site that everyone must agree before they sign up, directly violating the rule: "No name-calling, trash-talking, personal attacks or insults." I log in to read.cash and notice the homepage full of low quality posts attacking Amaury, Marc, ABC, upvoted to no end, tons of boosted posts and Shammah giving $$ left and right for this stuff. I publish 2 responses where I tell people to remove the memes that contain personal attacks or face a ban. https://read.cash/@Read.Cash/the-state-of-things-33c3d68a and https://read.cash/@Read.Cash/post-a4935cbd Most of the people agreed and removed the offending memes and had no problem with it, many said they were sorry. u/micropresident in a very professional manner proceeds to tell us to "fuck [ourselves]" and tells he's building a clone (non-moderated I presume). He also quotes us very calmly and professionally adding: "Complete bullshit" referring to rules of read.cash CoinSpice proceeds to publish the "celebrity upskirt" kind of article "Read.cash Founder Threatens Ban & Permanent Fund Blacklist of 100 Users by Midnight London Time Tonight". Emphasis mine, I just can't stand this kind of language... this is yellow press at best. It only lacks "Reason #2 will shock you!" in the title... So, back to the story.
Why do we even have this rule?
Is it because I'm an egomaniac that hates people? Is it because I'm secretly funded by BSV? Is it because Marc de Mesel donated nearly $100,000 to the fund? Is it because I love censoring people? No, no and no. It's because I want Bitcoin Cash adoption. I frankly wanted Bitcoin adoption since 2013, alas, the tiny blocks and huge fees won't allow that. So I had to switch to Bitcoin Cash which kept Bitcoin idea going. Do you have a friend that is not deep into cryptocurrency? Tell him/her to join the Crypto Twitter. They will look at it for five minutes and tell you: "Are you crazy? These people are constantly attacking and mocking each other. What if I do something wrong? Why are they doing it? Are they mentally ill? Is this really the money of the future?" This will be his answer for nearly every site or platform that talks about cryptocurrency. It's everywhere. But with Bitcoin Cash somehow it's very ingrained into the nature. I understand, Bitcoin Cash was attacked so often that it became a second nature of some people to attack everything they don't like. Don't like Amaury? Let's attack him! Why? Don't care! I just don't like him! Don't like Marc de Mesel? Let's attack him! Don't like CSW and Calvin? - Let's attack them. - But why? They don't do anything bad to us now. - Wait, are you one of THEM? Let's attack or you'll be attacked! Fuck you, you and you and read.cash, fuck yeah! Attaccckkk!!! This all seems totally crazy to a newcomer. But what do we want to achieve with read.cash? Getting newcomers to use Bitcoin Cash. Without the drama or craziness. Just some flower pictures. Up until 28 July, 2020 this was the case. People were posting innocent pictures, got payments from the fund, tipped each other, sponsored each other, yelled at me for not getting paid enough. Occasionally, we had some dissenters, like *****, who proceeded to tell spammers that they are "fucking cunts", got a warning for that, left forever, deleting all articles, returned, started attacking people again, got banned for that, started telling people on memo.cash how stupid read.cash is because we didn't manually ban the spammers and wasted time programming software to detect them... Ok, weird thing - she seems to recommend people to join read.cash now, which is confusing, so I removed her name. Then there were people who wasted hours upon hours of my day by asking stupid questions, who got blocked (from me, not from read.cash)... But mostly things were okay with read.cash (not with me though). We've got 12,000 users, very few incidents, the fund got a donation from Marc de Mesel for nearly $100,000 which will pay new users for a year or so. We gave away money to 5,700 people (for free)! I want to stress one part here. Marc has donated (unconditionally) more than 97% of the fund. More than 30 times more than all of the Bitcoin Cash ecosystem combined donated. Read that part again. Marc donated 30 times more than everyone else in the Bitcoin Cash ecosystem combined! Unconditionally. I haven't received any condition about the donation use. Marc even told us that he's willing to donate much more! Which we hastily declined, because read.cash is not profitable and it doesn't make sense to spend more than we would have gotten from ads if we were monetized. read.cash can't be living off donations forever. It's unsustanable. So we spend via the fund approximately what we would have gotten if read.cash was plastered with ads. But again, 12,000 users of read.cash is 97% MarcDeMesel's achievement. That's 12,000 users of Bitcoin Cash. Isn't "adoption" what you wanted? Yet, the guy who said "fuck read.cash!", all the while getting top payments from the read.cash fund, proceeds to create a contest about "Marc is Calvin Ayre Lite"... Told that this is a personal attack, replies "Complete bullshit!" (exact quote) Note: Marc is actually OK with memes about him and asked us directly to revert our policy to allow the [offensive] memes It wasn't Marc's initiative, it was mine. And it wasn't only Marc who were being mocked. I'll admit right here - I don't like Amaury's actions, I don't like IFP (and I listed my reasons), but I'll warn/ban anyone directly attacking him on read.csah (not his thoughts, but just him). Wanna discuss how Amaury's idea about DAA is bad? Feel free! Wanna call him an idiot? Welcome to ban'sville, population - you. Well, usually a warning, then a ban if you insist on doing that. The same will go for CSW, Calvin or anyone anywhere.
Are you crazy? Did you just say you'll protect CSW and Calvin? We've got a BSV shill here! Attackkk!!!!
No, no and no. We have no funds from BSV (as far as I know, the fund is non-custodial and permissionless - anyone can donate and cancel at any time), I've never contacted Calvin or CSW and I've been attacked by BSV people on multiple occasions and was accused of being a BSV shill on multiple occasions (besides people telling me to "fuck [my project]"). One thing I figured early on is that if you allow people to do something, you need to apply that rule to everyone. Otherwise, you are a hippocrite and you should hang your head in shame. If you allow people to mock and denigrate Amaury, Marc, BSV, BTC supporters, that's the fine line that you'll have to keep later on, when BTC and BSV supporters come. How come you're allowing people to mock a BTC supporter, yet you protect a BCH supporter? That's dishonest. So we will have to allow BTC and BSV supporters to mock us and denigrate us. Because that's the rule. You allowed it! They will be right. So if we allow people to attack other people (even if I don't like them), everybody would be entitled to attack everybody. That's where you start your journey to becoming a Crypto Twitter, where you will be attacked for nothing, where a snowball will roll on you (it did on me, but thats another story), where people would start to stalk you and try to ruin your life, because you like the coin they don't like. That's a place which normal people won't ever join. Read it again: No adoption for you, no world money! So, you either have "no censorship" (which is really moderation) or you have normal people. Choose one, choose wisely, you won't be able to change it later. We chose "normal people". The plan was working fine (almost) until the eventful post. But I will not revert this policy. I hope I explained why.
Koush: But you allow worse crimes to happen on read.cash!
Ok, here's a yellow press sensation worthy of coinspice.io! Listen carefully! #1 will shock you! I am... one guy. Yes, read.cash is a one-man shitshow. I'm the backend developer, I'm the frontend developer, I'm the system administrator, I'm the moderator, I'm the policy maker, I'm the one who replies to 100+ emails daily on [email protected], I'm the one getting up to 200 notifications per day on read.cash, I'm the one who writes articles, I'm the one who wakes up at night when a server fails, I'm the one who logged 1000 hours developing read.cash according to my IDE's time tracking plugin, I'm the one responsible for the bug that took your money, I'm the one who returned you your money, I'm the one fighting spam, I'm the one writing code to catch spammers, I'm read.cash. I'm the one responsible to keep 7,500 comments per day (that's one comment every 10 seconds, 24/7), 800 articles per day, 400 short posts per day clean. See the stats yourself, the damn thing is growing and growing... It is an impossible task. But I do read every one of 100+ reports sent to me per day. And each one of them is a moral dilemma for me - what to do here. This guy has copied an article from the Internet, but edited it so that it looks like another article, what do I do here? Ok, this guy is posting non-sense - is that against rules? It's surely annoying, but doesn't violate the rules. What to do here? Now try this 100 times a day. This guy, Koush, I know, he's a good guy, but now he's attacking the only guy who really helped read.cash when no one else did? WTF do I do here? That's why I'm always telling people to report anything that they see that violates rules. I can't be everywhere. I can't make the right decision every time too. I'm a regular fucking person. Two legs, two hands, one medium-sized brain. Ok, to be honest, a few months ago I asked a developer friend to join me to help (paid with my own money, not using read.cash fund for that), so he helps some 10 hours per month. That helps, surely, not enough. Though I'll still call read.cash we, as it is still a registered company. BTW To be clear - I never got any money from the read.cash fund, but I spent more than $5,000 giving away. Here's a screenshot from an internal tool that I call "the random rewarder": https://i.imgur.com/ucQEvVM.png As you can see, I'm entitled to about $1.31 - $1.39 for today, but I get $0.00. That was always the case, because I strongly believe that I must give it to people of read.cash to attract new users. I also gave away 100% of the funds that came to me as tips on read.cash. BTW Did you notice that on the screenshot the guy who said "Marc de Mesel is Calvin Ayre Lite" and "fuck read.cash" got the top payment from the fund, which is at the moment 97% funded by Marc de Mesel? My friend, the developer, who joined me, told me a few days ago: "I read your history on read.cash, you sound progressively ..." "..depressive and passively aggressive," I ended his sentence, "I know." Yes, I know. I'm pretty passive agressive already, because every day I met with demands from users. "Why am I not getting paid?" "I work for read.cash for 8 hours a day, why is my pay so low?" "I sent some money and now I have $0.01 less than I should?" "How do I get sponsors?" "I think this guy is cheating!" "Hey, our family of 20 people joined read.cash and it says that I have 19 colocated accounts on the same IP! That's not true!" I loathe my morning, when I open my email and there's 50 new alerts from Sentry, there are 100+ emails from users demanding stuff from me, accusing me of being unfair, wrong, an idiot, telling me "fuck read.cash"! etc.. etc.. etc.. daily grind.. I never experienced anything like that. I was always a lead developer or manager managing small teams of 5-10 people. Nothing close to this shit I experience now. You get progressively less sensitive. You start to think that it's ok to just delete an email, since you can't reply to everyone. You can't research why someone of 12,000 people didn't get paid, since the algorithms are now so complex that you yourself will have to spend a week just researching one guy why he gets $0.10 instead of maybe $0.50... you have no idea who your users are. The project is out of your control. But you can't do anything, because it's not profitable enough to even cover the server costs, let alone hire additional programmer or a support guy. Then one day you log and see the beautiful garden full of dog shit. Crappy memes. A guy telling you "fuck you, there's $25K for the clone of this!" Thank God Shammah didn't offer that $25K for my head... You find this about the only guy who really helped read.cash with money and demanded nothing in return (not a single condition was made) being compared to a midget version of a guy who was in a FBI Top Wanted list! Again, Marc says he's ok with this, I'm not! Whoever did this meme is an asshole, I don't have any other words for this human. (Yes, I would have been banned on read.cash for this alone. You can ban me here, I no longer care...) You find yourself increasingly grumpy, angry towards those around you, your family, because everybody is angry at you in the Internet, people are demanding and people is attacking the only people you can trust (Roger, Marc)... You think about your previous nice cozy job. You think about 5 recruiters sending you daily mails to just name the price to join their company. You realize that these 9 months you could have made maybe $100,000, maybe $200,000 sitting on your ass, managing 5-10 people like you always did.. Instead you spent 9 months, $5,000 in Bitcoin Cash, got grumpy and depressed. You start to ponder why you do this and whether you should even continue. That's your future, Mr. Shammah Chancellor! That's the reality of running a social media platform with cryptocurrency. I will be happy to see your platform, Mr. "fuck read.cash", grow and flourish, but I warn you - it's not going to cost you $25K, but much much more. It's going to eat you alive if you are mildly successful with it and you have a little bit of conscience. You will be attacked, you will be spammed. People will tell you "fuck you!" I honestly have no idea why you think you will fare better than yours.org or honest.cash... What's your advantage? being censorship free, so that people can shit and pee on each other? Then one day 9 months later, 12,000 users, $50,000 in tips later, a guy will come in and tell you "Fuck you, Shammah and your project! Fuck you! I'm building a clone for $5K of this shit of a platform!" You will look at the clock where it's 8pm, you will look at your inbox, where there's still 50 more people yelling at you.. you'll ponder why do you even do this... That day you'll understand me, Mr. Chancellor. Or maybe not, I have no idea what kind of a human being you are. Maybe you're reading this and laughing madly: "poor pussy can't take a beating! boo-hoo! Get off the internet, you wuss!" Maybe that's your thoughts, I don't know. You certainly don't seem to care about other people's feelings dismissing them as "complete bullshit". Well kept gardens die by pacifism is a wonderful read about this.
Somewhere in the vastness of the Internet, it is happening even now. It was once a well-kept garden of intelligent discussion, where knowledgeable and interested folk came, attracted by the high quality of speech they saw ongoing. But into this garden comes a fool, and the level of discussion drops a little—or more than a little, if the fool is very prolific in their posting. (It is worse if the fool is just articulate enough that the former inhabitants of the garden feel obliged to respond, and correct misapprehensions—for then the fool dominates conversations.)
Peace, and out. P.S. I remind people that there's an ongoing fundraiser going for mainnet.cash, so anyone agreeing with "fuck read.cash" policy of Mr. Chancellor should cancel their donations while there's still time. It's very easy to cancel. Don't give your money to idealistic fools like me. P.P.S. I blocked u/afriendofsatoshi, so somebody please forward it to him so he can humiliate me further, only on coinspice.io! Subscribe now!
bitcoin-mining-python - A Python implementation of the Bitcoin mining algorithm github.com. See how long it would take for you to successfully mine the Genesis block! A Caveat: extraNonce. The nonce value in a block header is stored as a 32-bit number. This means that the highest nonce anybody is able to achieve is 2³² (approximately 4 billion). After 4 billion iterations, the nonce is ... The Bitcoin algorithm releases some Bitcoin to a winning member of its network every 10 minutes, with a maximum supply to be reached in about 122 years. This release schedule also controls ... Bitcoin Mining in Python. A Python implementation of the Bitcoin mining algorithm. This small script is a pseudo-simulation of the Bitcoin Genesis block mining process. Given the Genesis block's data, this script double-hashes it using SHA-256 and attempts to find a hash less than the Genesis target. Sample Output I decided to see how practical it would be to mine Bitcoin with pencil and paper. It turns out that the SHA-256 algorithm used for mining is pretty simple and can in fact be done by hand. When mining bitcoin, the hashcash algorithm repeatedly hashes the block header while incrementing the counter & extraNonce fields. Incrementing the extraNonce field entails recomputing the merkle tree, as the coinbase transaction is the left most leaf node. The block is also occasionally updated as you are working on it.
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