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"Crowding Out" and the hidden opportunity costs of on-chain funding.

I got into crypto because it seemed like a fascinating real world test of some economic theories that I hold. For the most part, it has been very successful, but when something unexpected happens, it becomes a learning opportunity. I expected Dash to have an advantage over other crypto projects because the Treasury allows funding of development, integrations, adoption, marketing, promotions, etc. So far none of these "advantages" has resulted in a higher trading price or market rank. Why? Inefficient markets? I think it may be something else.
Humans have a psychological bias called "zero sum thinking" in which we overfocus on how a given amount of wealth is distributed than on the size of the wealth pile or how fast or slow it may be shrinking or growing. This is most obvious when it comes to discussing government budgets but could just as equally apply to the Dash Treasury. When resources are allocated collectively (politically), various interest groups cooperate and compete to maximize their own benefit sometimes to the benefit of the whole but more often to its detriment. People "can't see the forest for the trees". This is base on a couple of assuptions that are actually true and one that if false. First, the Government or blockchain is more stable and likely long-lasting than any of the individual components that make it up. Second, A government that prints it's own money or a crypto network that has no mechanism for going into debt cannot be insolvent, at least not like people or companies can be. Because these things are true, people assume that we need to focus on the health of components of the system and by benefiting them, the system's overall health improves.
This is False. A system may be the sum of its components, but a healthy organic anti-fragile system not only allows individual components to fail, but REQUIRES that they do so. Every component must be subject to the discipline of competition. No component can be allowed to grow "too big to fail" and thereby pose a systemic risk and single point of failure.
I'm not going to dwell on the problems inherent to voting, which is collusion between players to "crowd out" those who aren't in the most powerful coalition. I've done that before and it's a problem not specific to Dash. What's unique to Dash is the very existence of a funding Treasury and how it crowds out volunteer contributions in time, effort, skill and funding.
An anecdotal example: Joel Valenzuela told me about a Dash ATM that was installed in The Bitcoin Store in Portsmouth, New Hampshire (I'm going by memory here so the details may not be 100% accurate). The store manager wanted some Treasury funding for placing the ATM in the store. Joel pointed out that Bitcoin had been supported by the store with no such compensation and the manager's response was "Yeah, but they CAN"T pay us. You can."
ANYBODY who wants to contribute to the Dash Network, whether it's development, integrations, PR, etc is effectively competing with SUBSIDIZED groups who are attempting to do the same things. Nobody wants to do that and of course they don't have to with so many other crypto projects around.
Dash has a ruling coalition who support and vote for each other's projects. Anyone outside that coalition (and that's most of us) is swimming upstream. Example: Some people get paid to write articles about Dash. I also write articles about Dash, but because I'm not getting paid, I write fewer and spend less time and effort than I would if I was getting paid. Some may say that's a good thing because my articles aren't always positive, but the uncritical parade of fluff coming out of Dash News doesn't seem to be tempting too many investors either, so I might as well keep my credibility and be thought-provoking.
To date, the Dash Treasury hasn't seemed to give us any advantage in adoption, Market rank, or trading price. My best explanation for this is a "crowding out" of would-be participants who are reluctant to compete with subsidized competition. A vendor may think it's unfair to integrate Dash into its Point-of-sale payment system for free when other vendors are getting paid to do it. When some people are getting subsidized, a lack of a subsidy feels like a penalty.
This human perception of inequity seems to have outsize effects on decisions. Dash hodlers who don't get Masternode Service rewards feel like they are paying a penalty by getting zero interest on their holdings. They pay no more penalty than for most other crypto hodlers of most other coins, but irrational feelings guide decisions as much as thoughts. A good deal is a good deal even if others get a better deal, but that's not how humans usually think. We jump to buy some product because 1% of the profits go to fund a popular charity and we shun a company when 1% of profits go to some CEO who got caught insider trading. Things that shouldn't matter apparently do or at least that's the best explanation I can come up with why Dash is doing so poorly. If someone has a different idea, I'd love to hear it (as long as it isn't Monero boogeymen).
submitted by billyjoeallen to DashUncensored [link] [comments]

Establishing a smart contract commercial scenario: Chainlink, Zk-Snarks and sharding technology work together to make the ultimate killer

This text was translated from Chinese, open following link in Chrome and translate to see all images:
EDIT: found an English text with pictures:
Author: Feng Jie translation: Liu Sha
“The highest state of technology is to integrate into the various scenes of everyday life, to fade away from high-tech outerwear and become a part of everyday life.” – Mark Weiser
People in the future will not even think that smart contracts are "innovative." By that time, smart contracts would permeate every aspect of life, and people couldn't even imagine what the era of non-digital currency would look like.
Later historians may divide human business history into two eras, the pre-smart contract era and the post-smart contract era. After all, digital money has brought unprecedented changes to the nature and patterns of business practices in the real world. An anonymous member of the Chainlink community once said: "Smart contracts can change the DNA of the business."
Of course, like all the technological revolutions of the past, smart contracts also need to reach a "tipping point" to truly achieve large-scale applications. So we need to ask ourselves two questions:
  1. What exactly is this so-called tipping point?
  2. As of August 2019, have we reached this tipping point?
To reach the tipping point means unlocking the ultimate nirvana of business.
Tipping point We can think about this issue from the perspective of mainstream companies. Imagine what a perfect smart contract platform should look like. What characteristics should this platform have? Or what features must be possessed?
To reach the tipping point, you must establish a public chain with the following four characteristics:
  1. Privacy protection
  2. In addition to the cryptocurrency, the transaction can also be settled in mainstream legal currency and comply with the regulatory requirements of financial markets such as ISO 20022.
  3. Achieve scalability without sacrificing decentralization or security, that is, solving the "impossible triangle problem."
  4. Connect the external data under the chain, that is, solve the "prophecy problem."
Now that we have Chainlink, zk-snarks and sharding technology, we have reached this tipping point.
Next, let's explore how this ultimate nirvana is actually made. Our discussion will be mainly from the perspective of Ethereum, which is still the top smart contract platform for community size and mainstream applications.
So what about the private chain?
Before delving into it, I want to take the time to solve an unavoidable problem. The mainstream view has always believed that the private chain is a more suitable solution for the enterprise. Therefore, we first dialectically analyze the two advantages and two major drawbacks of the private chain.
  1. Centralization leads to relatively lower security
It's not surprising that IBM and Maersk's blockchain freight alliances have a hard time finding customers who are willing to join. How can other freight companies be willing to let their biggest competitors (Maersk) verify their trading data? Only madmen dare to do this.
  1. The staking of the horses occupy the hills:
This problem is even more serious than centralization. John Wolpert, co-founder of the IBM blockchain, wrote an excellent article called Breaking the Barriers to Realize Security: Why Companies Should Embrace the Ethereum Public Chain, which he covered in detail in the article.
If every company builds its own private chain, it will lead to chaos in the mountains. Today's B2B ecosystem is very complex. Imagine the innumerable private chains of the world intertwined to form a huge "spider web." This is not only cost-effective, but also not scalable.
The starting point of the blockchain is to break down barriers instead of building more barriers.
"One day, one of your big buyers called you to ask if you want to join their private chain. You promised. The next day you received a call from the wholesaler to ask you the same question. Then came the supplier, freight. Business, insurance company or even bank, and each company may have several private chains! Finally you have to invest a lot of time and cost to operate dozens of blockchains every day . If there are partners to let you join them at this time The private chain, you might say "Forget it, or fax me the order!" ”—Paul Brody (Ernst & Young)
“Every time you connect two private chains through a system integrator, you have to pay a lot of money .”
  1. Scalability: With the Ethereum public chain implementing fragmentation technology, this advantage is rapidly shrinking.
  2. Privacy protection: At this stage, the classification of public chain / private chain is actually not very accurate. The Aztec , Zether, and Nightfall protocols (both based on the zk-snarks protocol) effectively provide a "private chain model" for the Ethereum public chain, allowing it to switch between the public and private chains. Therefore, a more accurate classification should be the alliance chain and the public chain.
By 2020, the label of the public chain/private chain will gradually disappear. The public and private chains will no longer be two opposing concepts. Instead, the concept of publicly traded/private transactions and confidential contracts/open contracts is changed, and the scope of these transactions and contracts varies according to specific needs, either bilaterally or multilaterally or even publicly.
All in all, the private chain has two major drawbacks compared to the public chain. Not only that, but the two major advantages of the private chain are also rapidly disappearing.
“Technology will evolve over time, so there will be a variety of solutions to solve existing problems. Ultimately, the public-chain platform will have the same performance, scalability and data privacy as the private chain, while at the same time ensuring security and Decentralized."
Feature 1: Privacy protection (predictive machine and public chain privacy)
Enigma founder Guy Zyskind once joked in his MIT graduation thesis that smart contracts can only become commercially valuable if they become "confidential contracts." He later proposed that zk-snarks and Trusted Execution Environment (TEE) are the most promising solutions. He said nothing wrong.
What is zk-snarks ? Zk-snarks is a zero-knowledge proof mechanism (ZPK). So what is the zero-knowledge proof mechanism? In short: a zero-knowledge proof mechanism allows you to prove that you own certain information without revealing the content of the information.
Vitalik Buterin explained this concept in detail from a technical point of view in an article published in 2017. Hackernoon also wrote an excellent article explaining the concept in an easy-to-understand way with the example of a five-year-old child and Halloween candy.
What is the trusted execution environment? The trusted execution environment lets the code run on closed hardware, and
1 ) The guarantee result cannot be tampered with
2 ) Protecting absolute privacy, even hardware running code can't get confidential information.
The most well-known trusted execution environment is Intel SGX. Chainlink has established a partnership with Intel SGX after acquiring Tom Crier.
Ernst & Young released the Nightfall agreement on Github on May 31, 2019. A well-known accounting firm with a history of 100 years will choose to add privacy features to the public chain instead of developing a private chain. This is a problem.
Since then, the community has been actively developing on this basis, not only to improve the code, but also to develop a plug-and-play Truffle Box for those who are not good at writing code. Blockchain communities and businesses generally rarely collaborate, so these collaborations fully demonstrate the popularity of Nightfall.
Prior to this, two zk-snark-based Ethereum public chain privacy protocols were introduced, namely AZTEC (Consensys) and Zether (Stanford, JPMorgan Chase). An obvious trend is slowly taking shape.
In the field of oracles, Chainlink uses both zero-knowledge proof and a trusted execution environment to complement each other. Trusted execution environments guarantee data privacy, even for nodes that cannot access data (this feature is critical for bank accounts and API keys).
Chainlink is still trying to implement a trusted execution environment, and nodes can access data temporarily, so authentication services are also needed. Although the credible execution environment is almost 100% foolproof, in theory, a strong shield has a spear that can penetrate it. Therefore, the team is currently trying to run zk-snarks in a trusted execution environment (Thomas Hodges mentioned this in the 2019 Trufflecon Q&A session). The combination of the two can form a very robust and complete system. The attacker must find a way to strip all the layers of an onion at the same time to make any effective attack (and it is already difficult to peel off a layer of skin).
“Chainlink combines a trusted execution environment with zero-knowledge proof to build what we call a defense-in-depth system, which means they provide all the tools needed for smart contract developers, including trusted execution environments, multiple nodes, and Data sources, fine margins, reputation systems, asymmetric encryption, zero-knowledge proofs, WASM, and OTP+RNG, these features allow smart contract developers to adjust the confidentiality and cost of contracts based on specific budget and security needs. Machine, Chainlink and its four major application scenarios》
In the future, zk-snarks may be upgraded to zk-starks (a fully transparent zero-knowledge proof mechanism) that protects the system from quantum computer attacks. And the best thing about zk-starks is that it's more scalable than zk-snarks. In other words, it can better protect privacy, and the cost of gas will not increase.
If you want to learn more about zk-starks, you can read a popular science article written by Adam Luciano.
Feature 2: Scalability (scalability of predictive machines and public chains) To understand this problem, we can make an analogy like this:
A public chain is like a large enterprise, and every employee (ie, a node) must attend each meeting (ie, confirm each transaction). Imagine how inefficient this company is! Only customers who have a lot of money (ie gas fees) can get their requests to the forefront. And this is not the most serious problem. The most serious problem is that the more employees (ie nodes) who join the company, the harder it is for the company to function properly! In the end, the company not only failed to expand linearly, but also became smaller and smaller. Although this guarantees decentralization and security to the greatest extent, the price is completely abandoning scalability.
There are various temporary fire fighting solutions, but no one solution can completely solve this "impossible triangle problem." For example, EOS uses the DPOS mechanism (share authorization certification mechanism), where only 21 super nodes (many of which are well-known nodes) are responsible for verifying all transactions.
Sidechains (such as Bitcoin's Lightning Network and Ethereum's lightning network) guarantee scalability and decentralization at the expense of security.
So how to use the fragmentation technology to solve this problem? Let's make another analogy:
In reality, there is only one company that is not too much to ask everyone to attend all meetings, that is, small start-ups (that is, private chains that limit the number of nodes).
In most cases, large companies divide employees into thousands of teams (ie, shards), and each team's principal (ie, the certifier) ​​is responsible for reporting to the senior management (ie, the main chain). If people from different teams need to collaborate (and sometimes also), then they can collaborate by cross-shard receipts. If a new employee joins the company, the team can be re-segmented (ie re-sharding). This allows for linear expansion.
In fact, the process of developing a start-up to a large enterprise is surprisingly similar to the process of Ethereum 1.0 developing into Ethereum 2.0.
“The Ethereum 1.0 period is that several people who are alone are trying to build a world computer; and Ethereum 2.0 will really develop into a world computer.” Vitalik Buterin said in the first piece of the workshop.
Since Ethereum was not originally built on the principle of fragmentation, it takes seven steps to achieve the goal (this is a bit like the word morphing solitaire game). The first step is planned for January 3, 2020.
At the same time, developers can use many other blockchain platforms designed based on the fragmentation principle. Some platforms, including Zilliqa and Quarkchain, are already compatible with Chainlink.
If you want to see more in-depth technical analysis of shards, check out an article by Ramy Zhang.
In the field of oracles, Chainlink has the following two characteristics:
1 ) Use Schnorr threshold signatures to quickly reach consensus in a cost-effective manner. The next version of the chain only needs 16,000 gas.
2 ) We have previously discussed the need to use trusted execution environment hardware to ensure that nodes cannot access sensitive data. Since you have hardware in your hand, you can use it to do some actual computing work, so that you can properly reduce the amount of computation on the smart contract platform.
"With the SGX system (Town Crier) and zero-knowledge proof technology, the oracle can be truly reliable and confidential, so the boundaries between the oracle and the smart contract are beginning to flow... Our long-term strategy... is to let The predictor becomes the key chain of computing resources used by most smart contracts. We believe that the way to achieve this goal is to perform chain operations in the oracle to meet various computing needs, and then send the results to the smart contract."Chainlink White Paper, Section 6.3 (26 pages)
Of course, this “long-term strategy” has certain risks, unless Chainlink can implement a trusted execution environment and its service provider ecosystem can achieve a qualitative leap. However, the Chainlink team's vision is absolutely forward-looking: under-chain computing is a key factor in ensuring that blockchains are not dragged down by large amounts of IoT data.
The Internet of Things has dramatically increased the current state of big data. At present, most of the data is still generated on the software side, and it is not real-time data, and most of the data in the future will be real-time data generated on the sensor side. One of the big drawbacks of real-time data is that it increases storage pressure. For example, Coughlin Associates expects an unmanned car to generate 1G of data per second. This means that the same car will produce 3.6T data per hour!
The only viable solution is to do real-time analysis of the data, rather than storing the data first. In the Global Cloud Index: 2016-2021 Forecast and Methodology White Paper, Cisco predicts that more than 90% of data in 2021 will be analyzed in real time without storage.
That is to say, the essence of data is that it can only exist in just one instant. The nature of the blockchain is not to be modified, so the two are as incompatible as water and oil.
The solution is to analyze the raw data under the chain, extract the meaningful results and send them to the blockchain. The combination of fragmentation technology and trusted execution environment forms a new computing architecture, similar to the cloud computing-fog computing-edge computing architecture.
It should be noted here that it is good to improve computing power, but this is not the main purpose of the blockchain.
The fundamental purpose of the blockchain is not to reduce the original cost of computing and data storage. After all, technology giants such as Amazon, Microsoft, Google, Salesforce, Tencent, Alibaba, and Dropbox have built world-class cloud services. The centralized server wins high computational efficiency (but the blockchain will greatly improve the computational efficiency through fragmentation technology, and will catch up with it one day). The value of the blockchain is to reduce the cost of building trust. Nick Szabo calls it "social scalability" (this is a relative concept to the "operational" scalability we have been talking about). Vitalik Buterin also made it clear that the meaning of smart contracts is to accept small arithmetic delay penalties in exchange for a substantial reduction in "social costs."
Alex Coventry of the Chainlink team once raised the question: "We have missed many opportunities for cooperation and reciprocity because we can't confirm whether the other party will fulfill the promise?"
Is there any potential for data storage projects like Siacoin and IPFS? What about decentralized computing projects like SONM and Golem?
Siacoin 's core value proposition is not that its computing efficiency is higher than traditional cloud services. The cost of computing is required to split, repeat, and reassemble data. And companies are more capable of buying the latest and greatest hardware than individuals. Siacoin's core value proposition is to process data in an Airbnb-like mode, so management fees will be lower than traditional models. It also generates additional social value, such as flood control, privacy and security, and anti-censorship.
The same is true of Golem and SONM. Even with the most efficient protocol, it is inevitable that a small amount of delay will be imposed and fined to coordinate the hardware of different geographical locations. Therefore, under the condition that all other conditions are equal, the centralized hardware still has the advantage of faster computing speed. However, the core value proposition of the above project is to use the Airbnb-like model to reduce management costs.
We must strictly distinguish between "social scalability" and "operational scalability", and the two cannot be confused. I will explain these two concepts in detail when I discuss "Magic Bus and Lightweight Library" later.
Feature 3: Compatible with legal currency
Most mainstream companies do not regard cryptocurrencies as "real currencies." In addition, even if someone wants to use cryptocurrency for trading, it is very difficult to actually operate because of its high price volatility. I discussed the “price volatility problem” in detail in Chapters 8 and 9 of the previous article. These problems do not completely erase the existence value of cryptocurrencies, because cryptocurrencies also have many advantages that legal currency does not have. I am just emphasizing what we need to know more about the comfort zone of mainstream companies.
Chainlink acts as a universal API connector that triggers open banking payments. Chainlink is fully compliant with ISO 20022 and has established a long-term partnership with SWIFT (it is worth mentioning that SWIFT has not been updated for a long time and hopes to be updated after the SIBOS 2019 conference).
PSD2 will take effect on September 14, 2019. All banks in the EU will all comply with this new regulation by then. In other words, the bank must put all account data in the "front end" and can be called through the API. The approved third party (ie, the Chainlink node) can trigger the payment directly without the payment service provider.
Although the United States and Japan have not adopted similar laws, many banks still spontaneously promote the development of open banks. Banks open APIs to third-party developers to create new revenue streams and customer experiences that ultimately increase profitability. In addition, this will allow banks to better respond to competitors in the mobile payment and financial technology sectors in an APP-centric economic model.
As this open banking revolution continues, Chainlink will connect smart contracts with the world's major currencies (US dollar, euro, yen, etc.).
Only one external adapter is required to connect to the authenticated API. From a programming perspective, it is relatively simple to allow everyone in the community to contribute code to the code base (and thus achieve scalability). Chainlink has released adapters for PayPal and Mister Tango (European version of PayPal).
Feature 4: Data connection with the chain
Chainlink has been working on solving the "prophecy problem" and successfully succeeded on the main online line on May 30, 2019.
Chainlink has made many achievements in just a few months. Provable (formerly Oraclize) was successfully used on the Chainlink node and finally settled the debate about whether the predictor should be centralized or decentralized.
Synthetic Ether lost 37 million Ethercoins in a hack because it did not connect to Chainlink. Fortunately, the money was finally recovered and did not cause any loss. This lesson illustrates the importance of decentralized oracles.
In addition, both Oracle and Google have partnered with Chainlink to monetize their API data and create a virtuous circle to capture the market opportunities that Facebook missed.
There are new nodes coming online every week, and the network activity has been very high. The Chainlink team maintains a list of certified nodes in the documentation and Twitter releases. Twitter user CryptoSponge also set up a new development for the Tableau push update Chainlink team:
Regarding the importance of the current stage in the history of blockchain development, Brad Huston summed it up very brilliantly:
"The biggest problem with cryptocurrencies is to build bridges between cryptocurrencies, fiat currencies and big data. Chainlink is very beautifully narrowing the distance between the three. Now it can even be said: 'The bridge has been built.'"
Magic bus and lightweight library
Let's summarize what we discussed earlier. The real purpose of the blockchain is to reduce the cost of building trust and achieve "social scalability."
Therefore, according to this logic, the main application scenarios of platforms such as Ethereum 2.0 and Zilliqa should be in the B2B field. I quote a sentence I wrote in a previous article:
“My conclusion is: If the smart contract is successful, it will also succeed in the B2B field first.”
The private chain itself is self-contradictory and destined to fail. It has led to the phenomenon of occupying the hills, thus increasing the social cost, which is in opposition to B2B itself, and ultimately it is self-restraint. ”
Before the emergence of fragmentation technology, even simple games (ie, etheric cats) could not be smoothly run on the public chain, let alone dealing with complex B2B contracts and even changing commercial DNA. With the sharding technology, everything is ready.
Despite this, we can't use Ethereum 2.0 as an all-powerful platform. Just now we said that although it is a good thing to speed up the calculation, this is not the real purpose of Ethereum 2.0. And before we also said that due to the irreversible modification of the blockchain, it is not good to deal with a large number of fleeting real-time data of the Internet of Things. In other words, we must be soberly aware that Ethereum 2.0 will not replace traditional web 2.0. Instead, we should make better use of the real advantages of Ethereum 2.0:
“There is a new concept now, that is to think of the Ethereum main network as a global bus... We use the Ethereum 2.0 main network to treat various business resources as a working group on Slack: it can be easily built and integrated. And restructuring. The SAP inventory management system in your company, the dealer's JD Edwards ERP system, and the financial technology partner's tall blockchain system can seamlessly interface, eliminating the need to develop an infrastructure specifically for each partner." - John Wolper describes his ideal "magic bus"
Ethereum 2.0 should be an integration center, not a data center or computing center. It should be a library built specifically to store B2B contract terms (to be honest, even with fragmentation technology, the amount of data is large enough).
We should not expect Ethereum 2.0 to be an all-powerful platform, but rather develop it into a "lightweight library."
If we reorder the pyramid model just now, the architecture of the magic bus is obvious:
Of course, the positional relationship in the above model is not static. With the development of 5G technology, edge computing and IoT sensors, they may bypass the cloud to directly interact (or even bypass the fog end). If the collaboration between Iotex and Chainlink is successful, then the edge can interact directly with the trusted execution environment.
Time will tell if Airbnb's shared data storage and computing model can make management costs lower than the current mainstream Web 2.0 model. Time will also prove whether the market really needs anti-censorship, anti-tampering, security protection and privacy protection. Do users really care about these social values ​​and are willing to pay for them? Do they think these are just the icing on the cake or the most fundamental value?
in conclusion
Whether it is the battle between web2.0 and web3.0 or the battle between cryptocurrency and legal currency, one thing is beyond doubt:
We have reached the tipping point, and the era of smart contracts with commercial value has arrived.
In fact, the only problem at the moment is the time issue, and the main roadblocks have been basically cleared.
  1. When will Ethereum 2.0 finish these 7 stages and be officially released?
  2. When will Chainlink use a trusted execution environment on a large scale? If the cooperation between Intel SGX and Town Crier fails, what alternative plans are there? Will Chainlink communicate with other blockchain teams that plan to use a trusted execution environment (such as Dawn Song's Oasis Labs)?
At present, the main technical problems in the ecosystem have been solved, and now it is only necessary to recruit a group of enthusiastic developers to do the work of “connecting the line”.
Digital currency has changed commercial DNA, and the future is full of possibilities.
The only thing that hinders us now is our own imagination. The future is infinitely imaginative, and the future will be the world of developers. Dapps is already overwhelming. There is no doubt that we have found the ultimate nirvana.
This text was translated from Chinese, open following in Chrome and translate to see all images:
submitted by QuantLink to LINKTrader [link] [comments]

[Savings] [Investments] [Pensions] Windfall of £260k and I've read the flowchart! What do you think of my plan?

Warning for the long post. Hopefully it meets Rule 6 ;). Throwaway for obvious reasons.
I’ve studied the flowchart and read the lump sum article and I still need help! I’m 26, no debt, only 1 month emergency fund in total savings, matched all I can in my employer pension scheme. I’ve read the first part of Smarter Investing so understand only the basics and am sold on low cost passive index funds.
I’ve received a windfall of c. £260k. The only pressing issue is to max out what I can before the end of this tax year. This is my plan (image of table):
I will put it all in a NS&I Direct Saver for now for protection. (I have 5 current accounts (main is Monzo, HSBC, Halifax, NatWest, MetroBank) but I'm going to close HSBC because I don't use it and close NatWest when I receive the £125 switching offer). I might look into cashback credit cards but I do love Monzo and it is a great budgeting tool.
My windfall is third of the total windfall and I need to give £46k back to my parents so they can pay the tax on the total that they received (accountant confirmed amount, I shouldn’t have to pay inheritance tax on the amount I receive unless my parents pass away within 7 yrs) by 31 Jan 2019. Seeing as it’s only 11 months to be paid, I’m happy for it to sit in Premium Bonds for the fun and chance of winning - understanding that potentially will get zero returns. Is this a sound idea? Or is there something better?
On buying property to live in: I live in London and enjoy renting with my housemates (friends). This community convinced me I'm not wasting my money. The fact is that I'm not entirely sure where I want to live yet, if I want to move city to have children or take a break from the lifestyle or otherwise. Right now my salary is the bottleneck, I can’t get a mortgage large enough (in London at least). So this is why it’s probably 5+ years away. (I can’t be bothered being a landlord and don’t want to buy to let and I see property as too risky for me as I don’t know much at all about it.)
Is there a better way of holding the short term goals? I tried to cover major life events but none are set in stone or on the horizon soon (within 5 yrs), and anything could change.
What are thoughts on LISAs? I think the £450k limit will be restrictive for me London so I would only use it as a retirement fund. Is it a good idea to max this out also?
As it’s the only lump sum I’m expecintg, instead of investing the rest into a index fund should I hold it so that I can put it into my SIPP and ISA allowance over the next couple of years?
What are your thoughts on my plan? Have I missed anything? What would you do differently in my position?
Finally I might put £500 into various crypto for the sheer hell of it (this is as much as I’m willing to lose). The first time I bought bitcoin it was at £180/BTC.
Thanks for reading!!!
submitted by IndividualVermicelli to UKPersonalFinance [link] [comments]

Refutation to savingprivatedash's Proposal to Demote Ryan Taylor

Recently a proposal was submitted to the Dash masternode network requesting the demotion of Ryan Taylor, the CEO of Dash Core Group (DCG). DCG is the core development team hired by the Dash DAO. The proposal’s author, savingprivatedash, provided 7 points to support his argument. I am going to discuss each of these points directly.
This is the link to the proposal -

(1) “Ryan destroyed the market's confidence in Dash by repeatedly breaking promises and missing deadlines. Dash was once valued at 0.09BTC and it is now 0.02, in spite of millions of dollars available to him. Vault accounts, usernames, friends lists, easy to use mobile wallets, marketplace. None of the 2016 promises were kept. Even Amanda Johnson, once Dash's biggest fan and now nowhere to be seen, said publicly she would give DCG until Dec 31 2018 to deliver on Evolution. Unfortunately, she is in for yet another disappointment, since we are in August 2018 and there isn't even a roadmap yet. If Ryan were to present one during this quarterly call, there is no reason he should be believed.”
(2) “Ryan has grown his company irresponsibly. There are 6,176 DASH available in the budget and DCG has about $500,000 in monthly expenses. Dash is now below $200, and $500,000 / 6176 = $80.95. That means if the DASH price goes below $80, not only there won't be funds for any other community projects, but also not enough to pay the salaries of DCG employees. The threshold for complete chaos is probably around $150-$160, because there are other financial obligations that they need to meet besides salaries. I wonder how much confidence the employees have in Ryan's leadership knowing their salaries are at risk.”
(3) “Ryan had access to more than $30,000,000 USD in funding and didn't create a safety net for DCG. Because of his unforgivable mistake, other important community projects are either already defunded or in serious risk of being defunded. Ryan jeopardized the financial stability of his entire company, and many other community projects, in spite of the ludicrous amounts of money that were available to him.”
(4) “Technology. Big promises were made and we expected reasonable results in reasonable times. Users, merchants, investors and everyone else in the ecosystem had high expectations but didn't see meaningful releases in the past 3 years. We still don't have features promised in Evolution, Private Send still takes way too long (it took me almost 2 days to mix 5 DASH), and the Dash Core Wallet are still the same they were 2 years ago, and so on. There are thousands of other cryptocurrencies being actively developed and timing is essential. People cared about logins and passwords in 2016, but won't in 2019-2020 if and when this is released. Perhaps we would do better by breaking Dash Core into individual teams, where each apply for their own funding. Instead of 100 DASH all going to DCG, the Marketing Team applies for 30, Evolution Team for 60 and Business Development for 10.”
(5) “Marketing. Ryan made the mistake of promoting Fernando Gutierrez to CMO (Chief Marketing Officer) back in Jan 17 2018. As a lawyer with no experience, creativity, or talent for marketing, Fernando has an impressive track record of zero results in 8 months. He had at his disposal millions of dollars and still have nothing to show for. The Dash brand is in dire need of professional tender love and care. He is doing the best he can with the limited resources he has (talent, experience, creativity), and it is Ryan's fault for misallocating human resources. The new CEO should move Fernando to a different position and instruct HR to hire a new CMO.”
(6) “Business Development. Ryan made the mistake of hiring Bradley Zastrow on Dec 15 2017. For the past 8 months, the guy has been bullshitting his way with meaningless updates and also zero results. Things like "30 conversations focusing on 9 integrations", and "30+ conversations focusing on 6 integrations" are his way of saying he is working, but not delivering. Imagine a sales person that does not make a single sale. Ever. His list of accomplishments includes things like "Attended Consensus" and "Attended Alt36 conference". If Bradley were a community project he would have been defunded after just two months. He is allowed to underperform and underdeliver without consequences, in spite of the disproportional salary he receives.”
(7) “Ryan is not a leader. Since Evan Duffield left, Dash Core Group has been a stale and boring company that does not innovate! Ryan failed to create a sense of urgency and a culture of results. His company has taken millions of dollars from the budget and still does not have any meaningful achievements on Marketing, Business Development, and most importantly, on Technology. No other entity in the Dash ecosystem consumes so much resources and delivers so little. Even small community projects with modest budgets have far more to show for than DCG's bloated and fully funded departments. We need a dependable, energetic, and passionate CEO. One that would care deeply about our brand, that would be involved in important community projects, that would have a say on important proposals, that would DELIVER and KEEP HIS PROMISES.”
Ultimately, even though presented as concern for the Dash network, this proposal is nothing more than an insidious attempt to create dissent in the Dash community and tarnish the reputation of Dash to those who don’t follow the project closely. It failed. What it showed is not only how open and decentralized the Dash system is where someone can submit a proposal for personnel change and have the network vote on it, but it also showed that by being the least successful proposal in Dash’s history, the Dash community is more united than ever.

**Edited to fix formatting**
submitted by kanuuker to dashpay [link] [comments]

Transcript of AMA with Brendan Eich, CEO of Brave & Basic Attention Token, creator of Javascript and co-founder of Mozilla & Firefox (Dec. 20th, 2017)

Here is the transcript from today's (Dec. 20th, 2017) AMA with Brendan Eich. Some incredible insights and information:
bat-jennie Admin 12:58 PM Hello everyone! Welcome to our first AMA here on the Basic Attention Token (BAT) Rocket Chat! Rocket Chat is one of our verified publishers, so if you’re participating in this AMA through your Brave browser, you’ll be seeing BAT’s utility in action.
Today’s featured guest is the creator of JavaScript, co-founder of Mozilla & Firefox, and CEO of Brave Software and Basic Attention Token himself, Brendan Eich!
For those tuning in, please feel free to ask your questions in the #ama-questions channel on Rocket Chat, which will be active for the duration of the AMA today. Please remember: this is a friendly environment; please be kind and be respectful of our guest and of one another! 🙂
This purpose of these AMAs is to provide a platform for members of the community to ask relevant questions directly to featured guests, and to satisfy any curiosities one may have about our guest’s thoughts, projects, plans and endeavors!
With that, I turn the floor over to our guest. Welcome, Brendan! Maybe you can start by giving a quick update on progress with BAT and Brave!
bat-brendaneich Admin 12:59 PM Thanks @bat-jennie.
As people know we're deep into Mercury phase, with a few people working on Gemini (user-private ads, anonymous revenue share to user). We did the first batch of UGP grants last month and will do more in January. We're working on creator referral awards, to pay YouTubers and site owners who bring new users to the platform as measured by 30 days uptime in Brave.
We had a successful pair of bizdev trips to NYC and London over last two months' time, getting close to announcing an ongoing partnership with a top-3 NYC media co.
The tide is turning fast with publishers. Three years ago when I was thinking a lot about brave and studying problems in ad tech, I met with publishers and ad tech people in NYC. Some fear of ad blocking but mostly business as usual, even as programmatic plays launched in previous few years were hitting what now look like peaks (and trying to exit via M&A).
Two years ago I met as Brave founder and pubs were mostly "you're an ad blocker, we hate you" but a few got the larger play. At that point I was thinking about Bravecoin and met with Stephan Tual and co. at Ethereum's London office; helpful but also clear it was too early to do "Bravecoin".
Last year publishers started turning, because their revenue was going down y-o-y, partly from ad blocking but also from G and FB eating the best programmatic ads and owning the user. This year the worm has turned, so to speak -- no one discounts ad blocking and everyone is talking about GDPR + ePrivacy in Europe next year requiring consent for tracking, so with this as background I think we are well-positioned to move into Gemini phase of the BAT roadmap in 1H2018.
bat-jennie Admin 1:06 PM Wow, what an update! This is all very exciting news! I’m sure people are just dying to ask you their questions now! Let’s move onto those 🙂.
Our first question comes from Modernity from Rocket Chat:
Why use a separate cryptocurrency (BAT) instead of just using ETH or a more established cryptocurrency?
bat-brendaneich Admin 1:08 PM Thanks, @modernity -- the answer is twofold: 1, to raise funds for the project (no shame in that); 2, to precreate the User Growth Pool before the sale to stake users with tokens, gratis. With ETH or other existing cryptocurrencies we would need a rich benefactor to endow the UGP and none were forthcoming. UGP+reserves wallet present notional value is $122M. I don't know of anyone who was willing to give us that much ETH.
When I met with Ethereum folks in July 2015 and talked Bravecoin, I was inspired by "Social Credit" money theory. Give people tokens just for being citizens.
That's the UGP.
bat-jennie Admin 1:10 PM @Robert.clark from Rocket Chat asks:
How do you envision the 'moat' of your startup being built? Is it about digging deep into the BAT reward system and creating truly better and more profitable ad experiences for the consumer as well as the advertiser, or more about the privacy focused / decentralized internet browsing experience?
bat-brendaneich Admin 1:13 PM Thanks @robert.clark -- we aim to standardize what we can and hope to work with Apple and Mozilla in W3C on anti-tracking specs in new year, so that's not the moat. The moat is attacking Google's main revenue source directly, while using as much chromium code as possible.
That is a durable strategy as Google cannot diversify fast enough, and faces anti-competitive scrutiny in Europe that limits its ability to use MS-like tactics against us. If other browsers want to join in the platform, we will bring them on -- after we have built Gemini phase and specified endpoint as well as on-chain rules.
In this light it is crucial we neutralize Chrome in every area where we do not differentiate by blocking by default. Note: blocking invisible trackers as well as all third party ads (and some 1st party that place with Google DFP), this gives 3-7x speedup on Android vs. Chrome, and Android Chrome has no extensions which means no adblockers.
Google's "ad filter" is cosmetic and doesn't touch trackers or the ads its core business and public stock price depends upon (they'd be bad fiduciaries if they did hurt their revenue materially; I'd join the class action suit!).
My view is G (and FB) are both "stuck"; they have limited ability to disrupt themselves, even ignoring usual big-company and innovator's dilemma problems. When thinking about moats and strategy, I find Mr. Spock's remark that "Military secrets are the most fleeting of all" helpful.
Tech alone isn't a moat. Remember when Steve Jobs was rumored to be considering buying Dropbox? Then a bit later he said "that's just a feature" (meaning OS icloud integration)? The durable strategies go against deep conflicts of interest, in Google's case between Chrome users and G's ad business.
Btw the latest on G's ad filter makes me think they'll get in legal and possibly antitrust trouble, the way they require verification. But we shall see!
bat-jennie Admin 1:18 PM @Irak from Rocket Chat asks:
Brave is an obvious buyout target for the major browsers and ad revenue companies. What do you believe would happen to BAT if a buyout occurs?
bat-brendaneich Admin 1:21 PM Good q, @irak. I think we won't get bought without proving the Gemini phase at least. If we did get bought, it would be self-destructive to abandon BAT or mess with Brave's terms of use or privacy policy. We're the GDPR or "user privacy by default" option the bigs need. To the extent they cannot move their large-share attention apps toward BAT, they need separate apps.
I can't speculate much more, but I think BAT is safe -- etherscan shows lots of addresses, last I looked, and volume is up. The UGP would be the asset to protect and as we bring on other apps to the BAT ecosystem, we will put it under shared governance.
For Brave and BAT, GDPR looks like the perfect storm along with bad privacy and dopamine-piracy complaints against the big two.
bat-jennie Admin 1:22 PM @Coke from Rocket Chat asks:
What are the Brave team's top three priorities at the moment?
bat-brendaneich Admin 1:24 PM @Coke, thanks. The BAT ones are 1/ more UGP grants, with sybil attack resistance; 2/ creator referral awards; 3/ publisher onboarding (the top-3 nyc media co. and others). For Brave we have 1/ bug fixes; 2/ performance and memory work; 3/ extension support on laptop/desktop.
bat-jennie Admin 1:26 PM @Steve-1 from Rocket Chat asks:
What’s the likelihood of BAT transitioning to its own independent blockchain at some point?
Will BAT switch to an alternative Blockchain due to ETH scaling issues?
bat-brendaneich Admin 1:26 PM @steve-1 We have thought about this enough to view it as an option -- no token or coin of value should ever be marooned unless the human element goes wrong. For now we are confident in Ethereum scaling but we're keeping an eye (and will help if we can, as we grow).
bat-jennie Admin 1:27 PM @Decisive from Rocket Chat asks:
Is the UGP script locked in any way to prevent a mass sell off, or developepublisher payout via the smart contract, or is it to the discretion of the BAT team?
bat-brendaneich Admin 1:28 PM Hi @decisive: Currently locked in a wallet with keys held only by trusted/high-integrity founder-level people.
We don't like fancy smart contracts; I'm skeptical of on-chain governance as right move for upgrading contracts; we're keeping it simple and vetting keyholders who are known and deeply invested in Brave.
Only a few such people; I am one.
bat-jennie Admin 1:30 PM A user from Reddit asks:
How is the BAT browser extension planned or being developed?
You have mentioned in the past that he heard Mozilla might be interested in integrating Brave into Firefox. Have there been any updates on that front?
bat-brendaneich Admin 1:31 PM First question may be about the idea of a BAT extension for other browsers, but that is premature. The big problem with UGP grants and Gemini-phase ad revenue shares to users is fraud. Just user-funded contributions has a fraud problem too: as with buy widgets, stolen CC identity => $20 charge to buy BAT => contribution at scale via sybils/mturk-users/bots-with-enough-work => settlement to colluding but verified (small blog) publisher. That's why I mentioned sybil-resistance above.
So we can't just make a wish and try monitoring Basic Attention Metrics from an extension, and attributing BAT flows and creating user wallets, from extensions. There can be other problems, which I've noted elsewhere: lack of extension APIs to do all we do for the BAT platform to work (block ads/trackers, HTTPS Everywhere, Fingerprinting Protection, BAM and the ledger), extensions run in JS sandboxes with API limits.
So to put first things first, we will build in Brave while keeping our code as separable from chromium (or the mobile webview on iOS) as possible. After we have those endpoing and on-chain specs I mentioned in pretty good shape, we can assess extension feasibility.
On Mozilla, I can't speak for them. The friend who contacted after the BAT sale signaled interest but said it would take time, to which I said "same here" (per roadmap). I hope that answers the two reddit questions.
bat-jennie Admin 1:35 PM @badgamer5000 from Rocket Chat asks:
I've worked in the industry on both the publisher and advertiser side. Conceptually the model is fantastic. Cut out the costly middlemen, better rewards the publisher and the user.
I'm struggling to see how online advertising moves into a permission-based model. Isn't there great risk of a sharp drop in available inventory for both publishers and advertisers?
How do you see this transition period work? Maybe sites use a hybrid during this time?
TLDR - How do you avoid short-term pain for publishers - who are already struggling massively - as they transition to BAT? Especially if Brave market share as a browser increases faster than people think.
bat-brendaneich Admin 1:35 PM @badgamer5000 I thought about that for over a year before founding Brave, so good q.
Publishers already face ad blocking cohort of size. E.g. I've heard from CN that Wired and Pitchfork see 30% ad blocker cohort tempting to try to turn around, as Page Fair, Sourcepoint and others wanted to have a go at a couple years ago: 3/7 is ~43% lift if you can convert all those users, but you can't.
Any on tech sites use a strong ad/tracking blocker such as uBO (which we admire and collab with where we can). They don't react well to hostile dialogs to "whitelist, subscribe, or get lost". Every site that tries that loses Alexa share, lol.
So the pitch from us to pubishers is: you lost a large and valuable fraction of your readers -- we can win some back to a paying relationship, pure upside. Make it a positive sum game.
On the ad side, we see such garbage, race to bottom, spray-and-pray deals that we don't worry about getting top brands and agencies doing trials next year; we are warming them up rn. The idea of user-private, low frequency (one a day), long-form/high-CPX video+landing page, personalized ads is strong.
The local machine learning users get when they consent to the BAT ads can see everything: search queries, Amazon queries and consummations, click logs/tab constellations, absolute above the fold and Z-order visibility and viewability. All together we hope this can notice great opportunities for advertiser and user.
E.g. you are shopping for a car, have not quite decided, have tabs open on BMW and Mercedes. You've even set a BMW dealer visit up for 1pm Saturday. Mercedes will pay ~$70 gross for a lead that will take a test drive at their home two hours ahead; 11am Sat we will give the user 70% = $49 in BAT.
This is kind of a best-case and we haven't locked this deal down, so take it as a for-instance. But I'm not worried about getting ad trials, and moving to paying deals as we tune the local machine learning agent.
bat-jennie Admin 1:42 PM A user from Reddit asks:
We know that earning BAT isn’t supposed to constitute a full income, but how much money can a user realistically expect to earn per month watching ads?
bat-brendaneich Admin 1:45 PM I don't know. If you assumed every user could get a fixed piece of the ~$80B ad spend on digital in US this year, you might see $80B / 250M (people of age to act on ads) x .2 (programmatic share outside G/FB) x .15 = $9.60 per person year. But that is way low for our users, and take it as a lower bound.
Brave's principles are: 1/ consent-based always (user, and publisher if they want to participate); 2/ no tracking data in clear off device to any servers; 3/ revenue share to inventory owner (ad slot owner; "inventory" on "supply side" means ad space) should be 70% (industry standard); 4/ as much or more rev share to user as to Brave, to align interests.
So for user private ads, we will give 70% to user via BAT. If we do programmatic ad slots with pub as partner (recovering some of that revenue lost to ad blocking; positive sum game) we will give pub 70% and 15% to user, 15 to us.
So suppose our users are more valuable than average (early adopters, web and tech and even crypto savvy); take that $320/person-year figure from above ($80B/250Mppl). 70% of 320 is $224. That is a notional upper bound.
My BMW vs. Mercedes lead gen example suggests higher outliers but you don't by a new car every month, lol. Still, attention has not been fairly priced by deep/transparent markets. Let's find out how much users could make. I hope this helps.
bat-jennie Admin 1:49 PM @Tyler from Rocket Chat asks:
What was your reaction to the UGP being claimed so quickly?
bat-brendaneich Admin 1:49 PM Thanks, @tyler. I expected it to go fast and it suggests both high interest, and growth opportunity -- esp. as we add creator rewards for referring users who stick around 30 days.
bat-jennie Admin 1:50 PM A user from Reddit asks:
How does the BAT system differ from Patreon?
bat-brendaneich Admin 1:53 PM Great q, anonymous Reddit person! 1/ we are a user agent so work with any verified creator, whether they sign up with another site or not; 2/ we don't censor first parties (whether sites, accounts on YouTube, Twitch, etc.,) as a browser, beyond things like antiphishing/antimalware protection that all browsers use -- if you can verify you own the payable resource (domain name, account) by challenge/response and/or OAuth APIs, you get verified and your fans can support you.
There are still censor risks in (2) at the moment, of course. DNS registrars, account systems, even Brave so we will move toward decentralized and anonymous operation over time -- that is the Apollo phase of the roadmap.
bat-jennie Admin 1:54 PM @Jscrypto89 from Rocket Chat asks:
Will there be function to donate/tip creator on the spot instead of waiting for the monthly payment?
bat-brendaneich Admin 1:55 PM @jscrypto89 That is timely, as our team thinks the ANONIZE2 protocol we use may support such spot contributions without loss of anonymity.
The other challenge there is blockchain scaling, of course. With Bitcoin in the beta test, and with BAT on Ethereum now, the fees can add up. We're looking at this but the best anonymity and fee amortization is via the 30-days-of-uptime, private-on-device ledger reconciliation => settlement process.
bat-jennie Admin 1:56 PM @Frosty from Rocket Chat asks:
What is the most interesting thing you’ve encountered so far, and how has it affected your direction?
bat-brendaneich Admin 1:58 PM @frosty i have to say that learning about tokens (from GNT on, as ERC20 was standardized) and realizing I could do "Bravecoin" without having to set up a new blockchain, that was huge (obv. in terms of the token sale but also the UGP).
Another interesting win was ANONIZE, created by CS profs who wanted to anonymize their class surveys. We were looking at randomized response and other techniques in 2015, but ZKP won. We look forward to the evolution of blockchains (zCash already has them; Ethereum hot topic) to absorb this area of research and put it into practice for everyone (ZKP = Zero Knowledge Proof).
bat-jennie Admin 2:00 PM @apertus from Rochet Chat asks:
When will BAT be implemented on mobile browsers specifically Android /iOS?
bat-brendaneich Admin 2:02 PM Thanks @apertus, and yes: Android ledgeBAT support is hot 1Q2018 initiative and we shall see about iOS. We have good relations with Apple and do not want to have a bad rejected-app day, so stay tuned.
bat-jennie Admin 2:02 PM @badger from Rocket Chat asks:
How does the BAT team plan to engage with and foster ease of use for non-technical user audiences?
bat-brendaneich Admin 2:04 PM @badger Great question, and we have been a bit short-staffed before 2nd half of this year to answer it well. All new browsers start from what E. von Hippel calls lead users, those who switch browsers fastest and even innovate on web stuff (as web devs, back end pros, power users, etc.). Even for a small-share browser appealing to lead users, we need to smooth out more UX and support more chromium extensions, and we will move fast to do so in 1H2018.
For the non-tech users we aim to keep the defaults right and relieve them from having to learn about crypto. Rn funding the user wallet requires crypto -- but we want to make it easy to use a debit or credit card to do small monthly budget out of goodwill (people do $5-20/month).
With UGP grants and then BAT ads, we really want the more average-at-scale/non-lead user, every user really, to have the option to let their wallet self-fund via UGP up front and then recurring BAT ad revenue and let it drain to their pinned and automatically-designated-by-BAM creators and sites.
That's the steady state we think has simplest user model, no crypto in most users faces unless they want it, etc.
bat-jennie Admin 2:07 PM Thank you so much for all of the thoughtful answers, Brendan! To our dear viewers, we are just about to wrap up today’s AMA! But before we do… Brendan, we have one last question for you:
Burnerman from Rocket Chat would like to know:
What color should my lambo be black like Batman or purple like a rapper? 😉 🚘
bat-brendaneich Admin 2:08 PM Black like Batman, of course 👍.
Thanks @bat-jennie and everyone! :dancing-penguin:
bat-jennie Admin 2:09 PM Thank you so much to everybody that tuned in for today’s AMA! Brendan, it has been an honor having you on! 🙂
We apologize if we didn’t get around to your question today, but stay tuned for more AMAS in 2018! You can find more information about the BAT project here:
BAT subreddit community:
BAT Twitter:
BAT Facebook:
submitted by CryptoJennie to BATProject [link] [comments]

AMA with Tezos on ARK slack

All welcome @breitwoman (Kathleen) and @rawzeee (Ross) from - today they will answer any of your questions regarding their upcoming project
breitwoman By way of introduction, I am Kathleen Breitman, the CEO of the company which created Tezos. I am tag teaming this with @rawzeee, who works for the Swiss Foundation which will be responsible for running the crowdsale later this month. Ross will handle crowdsale-specific questions.
rawzeee Hello! Greetings from Zug!
jamiec79 :wave:
breitwoman Very jealous of Ross right now, Zug is gorgeous
techbytes Welcome.
rawzeee I saw a man playing an alphorn in front of UBS today. Most Swiss thing I could've imagined possible.
arkvader Greetings from far far away....
tranzer Hi Tezos! I have 1st question, by the looks of it Tezos will be in OCaml right? Why did you decide on OCaml? Are there any advantages over other languages?
mike Hi Kathleen and Ross, good to see you.
moobox hello Tezos people
breitwoman @tranzer great question. we wrote the protocol in OCaml. It was a confluence of a few things... Pragmatically, we found a great team with an emphasis on OCaml based in France and Arthur (CTO) is a French national so it was possible to work with them pretty seamlessly. On the technical side, OCaml is a great PL for writing code that can later be formally verified. Security and consistency of execution are two principles we tried to optimize for and OCaml lends itself well to those goals. See also section 1.4: (edited)
dr10 hello tezos
breitwoman howdy all!
dr10 How would you shortly & easy-to-understand sum-up the advantages of TEZOS to magazines and non-crypto people?
tranzer What consensus system will you use? Like PoS or some hybrid? Will there be any rewards for signing blocks?
breitwoman My TL;DR runs on two talking points -- Tezos is a new blockchain that aims to create a robust governance model by allowing token-holders to come to consensus on protocol upgrades but also preserve rules over time by using mathematical proofs. Unlike previous blockchains, it can deploy upgrades to the network in an elegant and seamless way.
@tranzer we have our own POS algo. We have nominal inflation in the protocol to incentivize participation.
dr10 So in easy words, Tezos is built to easily adapt to any technic innovations?
breitwoman @dr10 yes, it was borne out of the first alt coin craze when everyone deployed a new token to instantiate even the most marginal improvement
dr10 okay
breitwoman Tezos wants to preserve network effects while keeping pace with innovation
dr10 Your whitepaper has very tech-heavy language. So I'd like to ask questions that are stupid and simple. :smile: What are the three crypto-currencies that are most similar to yours and yet why is Tezos different?
breitwoman Yeah, the position paper is more accessible
dr10 yeah i've read them all
breitwoman 1. Decred. Though they don't push automatic upgrades and they can't introspect on the protocol. 2. Dash. Though they also don't push automatic upgrades, can't introspect, and I think their funding model is a little backwards. 3. Ethereum has a lot of similar technical goals but no formal, on-chain governance model. We made our protocol with a bigger emphasis on formal verification and security.
someonesomeone Hi guys!
dr10 thank you! and hi someone :smile:
In your position paper you state "Tezos truly aims to be the last cryptocurrency." No matter what innovations other protocols produce, it will be possible for Tezos stakeholders to adopt these innovations" - Can Tezos implement any future innovations within its code? Wether its a new programming code, artificial intelligence or implementing big data of anything?
i wondered about that
i am a no-coder so I dont grasp everything
tranzer How much do you aim to raise in your ICO will there be any minimum or maximum? Will it be normal proportional auction or fixed price per token?
breitwoman @dr10 obviously limitations to anything that a blockchain can do... it can't solve poverty or hunger, but we made the code with a very modular design that allows for a lot of flexibility
someonesomeone @breitwoman do you plan on doing a smartbridge with Ark? Or any other partnerships with them? :wink:
dr10 yeah but I am wondering about future innovations like artificial intelligence, if that can somehow be implemented.
breitwoman @smartbridge good question. I like Ark but I'm not familiar enough with what they're up to... open to all sorts of things though!
dr10 My theory is that these future innovations will be interconnected by cryptocurrency
breitwoman @dr10 So, our CTO is a bona fide expert in AI and he doesn't think there are a lot of synergies with AI and blockchains
dr10 What is block target time? What is transaction speed? How many confirmations are needed? Couldnt see that / find that... maybe I oversaw :smile:
breitwoman but we'll keep our eyes peeled
dr10 okay
someonesomeone @breitwoman cool. Ark is doing a great job from what I can gather and I am pretty sure that I will also invest into your ICO, since your project also looks very interesting
breitwoman @dr10 I think that's all referenced in the white paper, which was recently updated!
soporificprose Can you answer Tanzer... I have same questions.
breitwoman That's a good question for @rawzeee
dr10 okay, maybe I oversaw. I have read them all. no problem
In your Whitepaper you state "Bitcoin, Ethereum, Cryptonote, etc. can all be represented within Tezos by implementing the proper interface to the network layer." Does this mean you try to interconnect all those cryptocurrencies? (edited)
breitwoman @dr10 we're targeting 1 minute between blocks. We haven't set a blocksize yet, but we'll her on the side of caution at first. It's better to raise the blocksize through the amendment mechanism once we are confident in the network's throughput.
jakethepanda Will users be able to issue asset tokens and build on top of Tezos?
breitwoman @dr10 no, that's more like Cosmos... a different but cool project
dr10 ark is doing that too
rawzeee There is no minimum or maximum, though if only a few million were raised stakeholders would be asked whether or not they wanted to offer another TGE (Token Generation Event) to newcomers. Fixed price of 1 BTC to 5000 XTZ (tezzies), plus a descending bonus from 20% to 0% in 5% intervals every 400 BTC blocks. The entire TGE lasts 2000 BTC blocks. tranzer How much do you aim to raise in your ICO will there be any minimum or maximum? Will it be normal proportional auction or fixed price per token? Posted in #trading_altcoinsToday at 7:12 PM
dr10 I didnt find on that one, or didnt look too deep. What are the references of you and your team members? On what projects did you work before?
breitwoman @jakethepanda yes, they will but we think it's a better idea to propose those features that you'd find in an appcoin as a first class citizen
rawzeee Yes, was typing the answer up! It's posted now. soporificprose Can you answer Tanzer... I have same questions. Posted in #trading_altcoinsToday at 7:15 PM
breitwoman @dr10 I'm a pretty open book... I've worked in finance at a hedge fund and a VC, then in consulting... Arthur worked in high frequency trading for many years at places like Goldman and Morgan. Our developers are very academic
dachshund what type of role/influence do your initial investors (polychain, etc) have in the overall governance of the network, if any
dr10 What is the Payment for ICO? Paying in ETH or BTC or any other and how much will one Token cost?
breitwoman Technically, none. We sold a nominal amount of tokens to a large group of people. They have the same status as any other participant but got a slight discount over the crowdsale price for tying up their capital for several months.
techbytes that include Tim Draper?
breitwoman I solicit their advice a lot though... it's a really savvy bunch and I was a one-woman band on the operational side.
raolin Hey Kathleen - has your team given anymore thought to the post ICO mission? Roadmap? Additional team expansion?
soporificprose Are they restricted from selling for a certain length of time?
breitwoman no
@raolin check out our outline at the end of our presentation
tranzer How much was sold to those pre-ico funders?
breitwoman All in here guys: 612k at an avg 31% discount
rawzeee I listed the BTC ratio above. It's 1 BTC for 5000 XTZ (tezzies) plus a bonus or lack thereof based upon time periods. If you choose to use fiat Bitcoin Suisse AG who is administering the TGE (check their rates and your jurisdiction) they will peg it to BTC. Ether is pegged to BTC and will be accepted at the median (from Poloniex, Kraken, and GDAX) of the last three trade prices utilizing the ETH/BTC pair before the timestamp of the Ethereum block at the time of contribution. It’ll be offered on a best-effort basis and for convenience. If you want certainty contribute with Bitcoin. Otherwise you accept the risk that the exchange rate you'll get may not be precisely what you see on the screen at the moment of your contribution. You may also use other coins via ShapeShift. (edited)
dr10 you will hit poloniex, kraken and gdax?
rawzeee That is referring to the peg of ETH to BTC.
all XTZ are pegged to the BTC price for the TGE.
dr10 ah ok
rawzeee I'm an acronym storm over here!
dr10 Is there already some plan or future business relationship with merchants, exchanges or anything that Tezos could be used as a payment method? Anything you want to share already?
dachshund What were your considerations when deciding to make the ICO un-capped? Any concerns regarding the impact there could be on the price once this starts trading (i.e. no price discovery)
breitwoman @dr10 we've been talking to two exchanges for several months. I'm pretty confident Tezos won't have trouble on that front. I have two partnerships in the works that I'm excited about but shouldn't discuss yet.
soporificprose Curious whether pre-ICO investors paid with BTC or fiat?
breitwoman @dachshund it's primarily about fairness and distribution.
ryano Are you familiar with BOScoin? They once were also using ocaml not sure if they stuck with that. Any comments on the benefits relative to each other
breitwoman @soporificprose fiat
dr10 Can everyone that holds a Tezos token vote on a proposal? Do they have to pay or temporaily lock in the Tokens? How does it work? It sounds like everyone can vote directly, right?
ryano Also i thought Tezos was using delegate proof of stake is this no longer or never was the case ?
breitwoman @ryano that's news to me. I have not gotten a straight answer from them on any technical questions
rawzeee The reasoning for the uncapped TGE here is that the platform is almost entirely done (not an ICO for a white paper) and it is desired that a robust network is built rather than a few fast fingers buying up the entire TGE in minutes or hours. This is particularly important given how governance will work on Tezos.
breitwoman @ryano we are using delegated proof of stake, @dr10 that means you can delegate your responsibilities to someone else if you don't want to be an active participant
dr10 I see
What is the Prediction Market about that you want to implement regarding "Futarchy"? I didnt get that right away
mike Tezos form of DPoS looks very similar to proxy voting, like Liquid Democracy.
breitwoman @mike yes, it is
good catch
soporificprose So their 30% discount was based on the price of BTC at that point? That would make it a much bigger actual discount yo current BTC to 5,000 TZE
breitwoman @soporificprose pardon? no, it was all denominated in dollars
the sale is denominated in BTC
mike I want to add that to Ark at some point as well.
dr10 What is the practical advantage to decentralized, atomated upgrades - compared to lets say Litecoin's Segwit Process?
breitwoman @dr10 yeah I'd read this piece from Robin Hanson first ... but basically you'd run a predicition market with a prompt like "What do you think would be the best feature for Tezos" with many choices and whatever gets the popular vote would be implemented.
dr10 And this predicting/voting will happen inside the wallet?
mike ryano has some very interesting ideas on ranked voting. Have you looked into ways to combine ranked with proxy voting?
breitwoman @dr10 we think defaults matter. upgrading protocols is cumbersome in existing blockchain implementations and it causes stasis
tranzer Is wallet and whole network already developed (since you said platform is ready) ?
sibars @rawzeee Sorry newbie question: Can you please explain in details how the TGE will work on day one?... I download the wallet fist, send you my BTC and then you send me the Tezzies?
breitwoman @mike not closely. we think our first implementation, a straight vanilla two phased vote, is too simplistic. I'd like to discuss more sophisticated mechanisms if you've thought them through!
I know Arthur loves him some futarchy but I'm not as big of a fan
mike that would be a great discussion, look forward to exploring voting systems with you. we plan to try them on bridged chains which can be run as experiments.
breitwoman @mike that's awesome
dr10 xD
Tezos focusses also on faster smart contracts as I understood, right?
breitwoman @dr10 more secure, not necessarily faster
dr10 okay
breitwoman our smart contract language, Michelson, was created with formal verification in mind
mike That named after the Michelson of Michelson-Morley Interferometer? (edited)
dr10 And it uses ZeroCash as privacy mechanism? Or the whitepaper only compared to it and you use something different? I couldnt identify that
breitwoman @mike you got it! Wikipedia Albert A. Michelson Albert Abraham Michelson (surname pronunciation anglicized as "Michael-son", December 19, 1852 – May 9, 1931) was an American physicist known for his work on the measurement of the speed of light and especially for the Michelson–Morley experiment. In 1907 he received the Nobel Prize in Physics. He became the first American to receive the Nobel Prize in sciences. (177kB)
dachshund is there something similar to "gas" in tezos that controls for computation of each program, or how do you get around that?
rawzeee @sibars No worries at all. There is a dedicated TGE site (register for updates at It'll guide you through the process. You'll generate a paper wallet (easy click through) with seed words. You can save it to a drive and/or print it (probably most secure). You'll verify your wallet number and password you created to generate it, then make your purchase to your wallet #. You can then verify it and make sure it's reflected in the wallet. It'll be simple and easy with a nice interface.
breitwoman @dr10 not yet but Zooko is an advisor and we have spoken about integration. we are more interested in STARKs, the next gen of zero-knowledge
dr10 I see
breitwoman @dachshund yes, we have the concept of gas as well
dr10 I guess you already answered that:
In your Whitepaper you say: Crypto-currencies suffer from the same fate as smartphones which are incompatible with one another; they derive their value from a network effect, or the number of users who have given it value. - ARK will connect all Crypto-currencies by SMARTBRIDGING. Can you imagine working with ARK Smartbridge in your protocol aswell?
yeah you did :smile:
sibars @rawzeee Thanks :)
dr10 More secure Smart Contracts, automatic upgrades in a DPoS model. Any other main focusses or any other attributes you want to innovate or improve compared to other cryptos?
tranzer So will Tezos offer assets on their blockchain like ethereum?
breitwoman @dr10 well, I think that covers the main talking
@tranzer we can, but we think it's more powerful to integrate at the protocol level
dachshund how has traction been within the developer community? I imagine there isn't a limitless pool of developers with the required technical expertise, so you must be expecting to take away from other networks?
mike This is a good overview as well, for those who haven't seen it, (edited)
geops This all sounds great. The only thing that bothers me is the 1min block time. That seems like a step back compared to modern blockchains. Any goals to improve that?
breitwoman @dachshund we have a very powerful core team. we think our choice of programming language was a good magnet and filter effects. we haven't sourced from other blockchain communities
@geops yeah, that's all pretty flexible
tranzer What is your budgeting plan if you get like 20m how long will that be for? 5 years? More?
geops If you look at integrating with ARK smartbridge tech, you'll sure get lots of investors from here :slightly_smiling_face:
breitwoman @tranzer we go over this a bit in our recent presentation:
check out the second to last page
tranzer Yeah I'd like to see that as well geops, @fixcrypt is amazing developer from what I have seen so far
breitwoman @geops yeah, totally something we should explore. we're a small team so any partnerships or serious integration have been tabled for later
But I like the idea of ARK and I like what I've seen... so very open to this!
tranzer Must say I like what I'm hearing here will definately invest a few btc
dr10 yes me too
geops definitely good ideas
breitwoman Cool, glad to hear it!
dr10 I think the future of blockchains will be in partnerships too
tranzer dr10 I think so as well that is why I invested in ARK in first place too much competiting and too little cooperation (in other projects) (edited)
rawzeee Hooray! Happy y'all may participate in the TGE.
geops maybe you guys should sit down with @mike and @fixcrypt and discuss possible future collaborations. (edited)
mike Yes, I like the vision laid out by Andreas Antonopolis of many thousands or more of specialized tokens and chains for different applications.
tranzer OK so last question from me that 20% bonus will be for entire 400 first BTC blocks when you start?
jacob breitwoman: Quadratic voting might work for Tezos ( ERIC POSNER Quadratic voting Glen Weyl has uploaded a new version of his paper, Quadratic Voting (written with Steven Lalley), to SSRN, which now includes the completed proofs. Quadratic voting is the most important idea for l… Dec 30th, 2014 at 3:57 PM
breitwoman good question for @rawzeee
rawzeee @tranzer yes, indeed!
breitwoman @jacob yes, that's something we've considered
mike Glad to see you have Johann Gevers on board, is he active with the foundation?
breitwoman we didn't want to be prescriptive with v1, so we made it very easy to understand
rawzeee So there is about two days to get that bonus. Then 15% for the same period and so on.
breitwoman @mike yes, he's the director. and he's awesome. total mensch and very philosophically committed to our project
rawzeee I actually had a meeting with Johann today in Zug.
mike Really like Monetas, glad to see there doing well, and the creation of the Zug crypto environment is fantastic.
breitwoman @mike we went through a lot of ups and downs while developing Tezos. basically nobody cared about us for a while, until the DAO basically. Johann always encouraged us to keep going.
yeah, the crypto valley is a brilliant concept
rawzeee It's pretty magical.
tranzer You living there?
breitwoman @tranzer I'm US-based
rawzeee I'm just here for awhile. Also US-based.
nikandro Hi all, sorry if this has already been discussed, but have you spoken with any exchanges about adding Tezos?
breitwoman @nikandro yes, but it's a pretty convoluted process
one nice thing about tezos is that exchanges can act as delegates, which creates great incentives
nikandro Do you expect to have any clarity on that prior to the ICO?
tranzer How can exchanges act as delegates?
breitwoman not sufficient to make an announcement but it's really not something I worry about
techbytes really. Than perhaps Poloniex will add tezos. :slightly_smiling_face:
breitwoman @tranzer you can assign your validation to an exchange's address
nikandro While im interested in developing more than anything, I also understand that trading is a good tool for price discovery, which is critical.
ryano You shouldn't have any trouble getting on an exchange and would be a low priority area to spend your energy while in development
breitwoman they have to volunteer of course @nikandro of course, completely agree. Arthur was a market maker on Wall Street for 10 years
he thinks about this... a lot
@ryano that's what I've heard but people like to be assured that the token will have a marketplace, which is reasonable
It does take a lot of energy and I've been lagging on that front
Security and legal concerns were priority #1, we can iterate and grow the team pretty rapidly after the sale
Having the Foundation build out and assume responsibilities for promoting the protocol will be much better than my one woman band :slightly_smiling_face:
mike I'd expect Bittrex no problem.
jakethepanda First alt-coin you bought?
mike mastercoin
nikandro Sorry to push the matter, but does this mean there will be no marketplace for Tezos after the ICO?
breitwoman @nikandro apparently there will be a futures market running
mike they can't announce if they did - exchanges have NDAs disallowing coins from announcing, leaving it up to the exchanges.
djselery lol, even if they had an exchange lined up right now they probly couldnt talk about it
nikandro @djselery , right, and I'm not asking for specifics, just wondering if implementation is in the pipeline.
breitwoman @nikandro it is
insofar as we have had many conversations/back and forth and its been very positive
I can't say much else other than it's a cumbersome process
nikandro Okay, thanks @breitwoman
jakethepanda I'm sure Tezos will be on an exchange. I don't think that's even an issue.
nikandro @jakethepanda I agree, I was just inquiring about the timeline and I think @breitwoman cleared that up. Many thanks.
jakethepanda @breitwoman Pizza or Sushi?
breitwoman @jakethepanda that's relative to location. In NY, I prefer pizza. Everywhere else, sushi :slightly_smiling_face:
rawzeee ^ good answer.
jakethepanda Tesla or Mercedes?
mward So @breitwoman 5000 TEZOS = 1 btc?
and 20% discount for firat 400 btc raised
dachshund will you be growing the team in NY, is mostly based in europe?
nikandro For sure! In brooklyn, I do the dollar slice ride. Bike around to each vendor that sells dollar slices. yay, pizza!
breitwoman To drive? Mercedes. Tesla's still don't have the handle I like :slightly_smiling_face:
@dachshund they're based in Europe, primarily but I don't have any plans to leave the US
sibars by the way, who designed the Tezos logo?
rawzeee @mward no. 400 is the BTC blocks mined for the first bonus period; it's a time thing. But the ratio you've cited is correct. And then the bonus rate decreases by 5% every 400 blocks until 2000 BTC blocks are mined. (edited)
breitwoman It's a character we found by looking through some libraries. I think it's a TZ symbol from a language that uses that combination often
mward @rawzeee when will it start?
rawzeee Though not a discount. It's a bonus.
May 22nd at 6am UTC.
mward thank you
breitwoman Hey guys, I have to hop on a call in a little. 2 more questions and I'll have to wrap this up!
moobox I don't have a question but i wish your group bon chance or however the French say .
tranzer So little women in here stay a little longer :sob:
ryano Thanks for hanging out and answering questions!
jakethepanda Thanks @breitwoman
breitwoman @moobox vielen dank
@tranzer haha, I'll be back!
moobox salutes like Benny Hill
rawzeee The subreddit is where a lot of discussion happens too: reddit • tezos reddit: the front page of the internet
techbytes Great AMA session. Thanks for stopping by and answering all the questions. Good luck on the project and I look forward to investing.
breitwoman @ryano thanks for having me! and the very cordial convo
boldninja @breitwoman thank you for taking the time for this AMA - I was just lurking, but all what I would ask was answered. I wish you all the best with ICO and I hope ARK and Tezos cooperate in the future.
breitwoman Thanks guys! Yeah, feel free to bolster our Reddit
mward Aurrevoir!
dr10 thank you very much :smile:
rawzeee Yes, thanks much everyone! So long!
breitwoman @boldninja great to hear it!
@dr10 thanks for the solid qs, really appreciate it
dr10 np :smile:
mike Thanks for stopping by, both of you, and taking the time to chat with us.
look forward to participating in Tezos.
submitted by Jarunik to ArkEcosystem [link] [comments]

The intelligent investors guide to cryptocurrency: Part 5 - *Growth, Tribalism, Utility and Cryptocurrency:*

Introductions: I'm joskye. A cryptocurrency investor and particl holder.
Growth, Tribalism, Utility and Cryptocurrency:
You know the biggest benefit of decentralization is the introduction of automated, verifiable trustlessness into processes where a trusted 3rd party was previously required.
The whole point is that in removing the administrative need for a third party, you save time (via automated verification) and expense (to compensate the third party for their time).
Perhaps a bigger idea, an expansion of this is that governance can be decentralized and the layers that exist between decision makers from decisions being made is narrowed.
Yet it is funny that we are so tribalistic when it comes to the promotion of our and strategies and platforms that can achieve these aims.
One great irony of the cryptocurrency universe is that because the value of our speculative investments (our cryptocurrency tokens) is in so many ways dependent on adoption, we often think and conclude that this must come at the expense of success or growth in other projects including seemingly direct competitors in our space.
We often intrinsically feel or act or behave in a manner to suggest that cryptocurrency is a closed loop system; a narrow universe, a small box where there is no growth only shuffling of money from one asset to another.
And yet a quick glance at the marketcap for all cryptocurrencies combined shows that this is not the case. That cryptocurrency market cap has grown considerably; I'd argue at an exponential rate.
For example, the price of Bitcoin and it's associated market cap has grown massively through 2016 and 2017 even though it's total share of crypto-market cap has fallen considerably.
The market cap of Bitcoin in January 2016 was $6.5 billion. As of July 2017 the market cap is $45 billion!
Meanwhile in this time the total market cap of all cryptocurrency has grown from $7 billion to $90 billion
And to make this important the share of market cap of Bitcoin has fallen from 90% to 47%!
So what's the point of this?
Given that accessibility to cryptocurrencies is constantly improving and is the major bottleneck to new waves of investors and traders coming on board I would argue that we have a lot of growth still to come.
And yet when I browse the dailies on ethtrader, bitcoinmarkets, btc, why do I see so many posters slagging off other crypto projects, even one's that may contribute or benefit the ecosystem of technologies they have holdings in?
Granted a lot of the times I see genuine criticism of projects or technologies that are highlighted, often genuine scams are brought to my attention and legitimate causes for concern in some tokens are raised with eloquently delivered and balanced arguments to defend the posters point of view.
Often though I simply see down vote brigades or nasty comments for posters who mention their tokens (likewise I often see people post their predictions of which tokens will pump without explaining why).
The worst instance though is when I see the board and development teams of other projects actively spread misinformation and promote and actively perpetuate a climate of mistrust or harbor an openly derogatory attitude towards other projects.
For example very recently I received an unsolicited direct message into my reddit account from a user I've had no previous communications with asking me to donate my Ether to a particular ICO whose project I won't name. Suffice to say I found it very insulting that this message and the articles it had linked to were saying derogatory and deliberately mis-informative things about projects that represent potential competitors in their field of product services.
Similarly I've read accusations that the teams actively devote resources to paying people to troll and discredit promoters of potential rival projects (that's just sad people) and top level representatives of large established cryptocurrencies openly speak lies or attempt to spread fear, uncertainty and doubt about projects they may see as rivals.
Unfortunately all these actions are in bad faith and speak to the poor integrity of these individuals and depending on their level of involvement may reflect poorly on their preferred project as well.
When I consider the amount of growth that has occurred in and been the dominant theme of cryptocurrency these last 4 years, I realize that this level of tribalism speaks to the small mindedness of others, to the intellectual laziness of others and to the total ignorance of the macro-economic factors and historic contexts that have taught us that with any paradigm shifting idea (in this case distributed ledger technology and it's role in furthering the decentralization of services) that there will be many winners and that it is the projects that bring utility and adoption to these ideas that will be the biggest winners.
Adopting a holistic, synergistic, utilitarian approach to cryptocurrencies in the end is what will lead to mass adoption, mass growth and genuine non-speculative use of distributed ledger technology which will benefit the majority of early adopters maximally.
Taking a maximalist approach or the idea that there can be only one distributed ledger technology or blockchain to rule them all is a fallacy. Believing that a given niche of applications (currency, smart contracts, marketplaces, DSN's etc) can only be occupied appropriately and adequately by only one product is the fallacy of maximalism. As we have seen historically for any given field of governance or technology, where money is to be made there is always at least 2 or 3 distinct competitors each occupying their own sub-niche and serving their own dedicated audience.
Tribalism is fine if it doesn't stop you thinking about the bigger picture or assessing it broadly. Tribalism can give you a sense of worth, a sense of belonging, community, accomplishment and standing the more respected and representative you are of the tribe you associate to. It should not however get in the way of an objective assessment or commentary of other tribes and the technologies, cultures and ideas they represent.
In the worst instance tribalism represents the self interested and preservative behavior of an individual to protect their own assets and tribe to the detriment of the ecosystem as a whole. I see that all too often in cryptocurrency and even though it is an understandable part of human nature, in investments I see it as a red flag when such attitudes and behaviors are directed by top level executives or marketing managers for specific products, industries or technologies.
To me such behavior reeks of insecurity when the criticisms relayed are done emotionally not rationally, when the critique lacks substance and is delivered in a manner designed to intentionally divide and denigrate. For such a young ecosystem as cryptocurrency, such behavior is short sighted. It demonstrates a complete lack of macroeconomic insight from these sorts of preachers.
In reality cryptocurrencies can grow synergistically (i.e. together in a manner that is helpful towards each other) and they can grow both independently and interdependently of each other.
A look back at growth in detail confirms this. Now lets look at how encouraging utility can be both harmonious with tribalism and diversity whilst encouraging growth.
We want the technologies we are invested in to be successful because we know if they are, their value will grow as will the value of our proportionate stake in this. To this end I encourage you to talk about your holdings. There is nothing wrong with being tribalistic about your own holdings as long as you are respectful, inquisitive, objective and appropriately critical of alternatives. I discuss various things to look for in my ongoing intelligent investors guide to cryptocurrency series but among them I value non-speculative utility highly.
I believe if your holdings bring non-speculative utility to this field and ideally encourages non-speculative fiat spending (i.e. people spending their dollars, pounds etc for services provided by blockchain technologies) then they will have the road map to long term success potentially laid out for them.
Furthermore sometimes having several iterations of a technology type is actually beneficial to the technology itself and the ecosystem as a whole.
For example open fund asset management platforms such Melonport, Iconomi and TaaS should not be thought of as competing with each other. They should be thought of as three different projects with three different resource pools, three separate marketing budgets with three separate ways of promoting their product to the same global audience. If anything even though they provide the same end-point of service (index funds and managed portfolios for cryptocurrencies and tokenized assets) they are effectively acting as fail safes for each other; should one not succeed the competitors will have an opportunity to study why and adapt accordingly and hopefully for future success.
Conversely the success of one fund management platform will bring more fiat into the cryptocurrency ecosystem which will should then cause an average rise of the price of individual cryptocurrency tokens which means the value of other fund management platforms should also rise in value. Thus several iterations of the service can be beneficial to the ecosystem both in failure and success.
Another example is decentralized marketplaces. There are 3 major projects can come to mind; Particl (PART), Syscoin (Sys) and OpenBazaar. They all aim to bring utility to cryptocurrency by providing a means through which real world physical goods and services can be purchased and distributed solely through the use of cryptocurrency tokens. OpenBazaar currently accepts Bitcoin, Syscoin conducts it's transactions via it's native SYS token but also accepts Bitcoin (BTC) and Zcash (ZEC), whilst Particl will use integrated shapeshift to automatically convert all shapeshift compatible tokens (currently 67 as of writing) into the native PART token for transacting on the network.
I also believe the inbuilt anonymity features of the PART token (CT, Ring CT enabling optional anonymisation of public transactions) and it's marketplace (availability of private listings which can only be accessed through knowledge of the private key, a trustless 3rd party free escrow system referred to as "MAD escrow") will provide additional incentives to transact specifically through the Particl network. I also believe that since PARTICL is verified through proof of stake with a percentage of transaction fee's going towards those verifying the Particl via staking will provide community driven incentives to promote the network which do not exist in OpenBazaar or exist as strongly in Syscoin (whose token appreciation correlation to increasing use effect I feel is diluted through the option to avoid transacting via the SYS token altogether).
That said OpenBazaar is already established and has a working decentralized marketplace where you can actively trade. Similarly Syscoin has already released it's public beta in 2016 and includes anonymity via zcash payments. In contrast Particl has yet to release their proposed platform in Beta and this is where the main point of criticism lays; that it won't be done. Acknowledging that Syscoin has a polished presentation, a history of development and is forming corporate partnerships (e.g. Microsoft Azure for deployment of the Syscoin API) and representation are strengths that bring legitimacy to the cryptocurrency ecosystem which will ease the minds of potential consumers both corporate and private.
I believe that marketplaces that accept multiple cryptocurrencies will bring utility and important, non-speculative intrinsic value to the cryptocurrencies they utilize. This non-speculative instrinsic value is essential and vital to the long term growth and acceptance of those supported cryptocurrencies.
Decentralized marketplaces (particularly those with anonymity) can further democratize trade and make the exchange of goods more accessible to people regardless of regional restrictions due to local governance. This is an additional benefit of such projects in the (still largely unexplored) cryptocurrency ecosystem which will help drive growth of the entire cryptocurrency market cap as a whole.
Systems like those in Particl and Syscoin can provide significant value to BTC, ZEC and a host of other cryptocurrencies indirectly and as such if you have any interest in seeing cryptocurrency as a whole succeed in replacing or sitting aside traditional fiat mechanisms you should be supportive of them.
Each decentralised marketplace will cater to different demographics of the global community, have different promotional strategies, different partnerships and ultimately different areas of reach and adoption. Their very existence and development is good for the cryptocurrency ecosystem and helps us to remain tribalistic (which is really a way of preserving mental focus) and supportive of the cryptocurrencies and token technologies we are interested in whilst giving them grounds to indirectly grow.
The third example I want to look at today is smart switch/contract platforms: The rapid success of Ethereum (ETH) has inspired the development of multiple other distributed ledgers aiming improve or solve problems identified in current solutions (namely speed, scalability and governance). Some of these technologies provide a unique approach to smart switch/contract execution or network verification e.g. IOTA, LISK, ANS and EoS whilst some aim to fix existing problems from the ground up e.g. NEM and TEZOS. Although the cynic in me is inclined to say that some of these projects represent cash grabs rather than genuinely intentioned attempts to improve on an existing product or idea, they ultimately bring greater attention to this space.
I suspect that although there will be one large player the the smart contract field and that although presently it appears to be Ethereum, this does not mean that several other systems will not find their audience, niche or adoption. To this end their is room for organic growth and adoption in these technologies; even though rabid fans and corporate/technical representatives of their platform will be inclined to say their platform is the best or the only one that matters, on a global outlook that will simply not be true; solutions will continue to evolve and the demographic, adoption and consumption patterns will continue to change leading to periodic shifts in dominance.
Perhaps more importantly each product will have different teams composed of different individuals; each individual will have their own composite psyche and thus their own unique approach to the same underlying common problems concerning product growth, development, promotion and adoption. These individuals will also have their own limitations and depending on the overall team skill set and the interpersonal factors that favor success will hopefully override the limitations on an individual level that can err towards failure. What is important though is that each team attracts people and provided the organization is there to utilize their skills and experience properly, then the product they work on will gain traction, advocacy and adoption with resultant growth and success. Ultimately it is these interpersonal factors and ability to understand and attract an audience that determine the success of a project in the long term.
Different products providing the same type of service can reach different demographics in different parts of the world and even if only one succeeds, it still means that access to the entire cryptocurrency market has been improved which means more money flowing in which means the price of assets you hold is likely to go up. Why? Because the increased number of new entrants means someone is more likely to buy something you hold.
And remember if one fails, the others can still succeed. Selective, intelligent diversification within a product type is a useful strategy to hedge for maximal gains whilst minimizing risks.
1. Market capitalizations of all cryptocurrencies: 2. Market capitalization of gold: 3. Open Bazaar (website): 4. Syscoin (website): 5. Syscoin whitepaper: 6. Particl (website): 7. Particl whitepaper: 
Further articles in this series:
"The intelligent investors guide to cryptocurrency"
Part 0 -
Part 1 -
Part 2 -
Part 3a -
Part 3b -
Part 4 -
Part 5 -
Part 6 -
Part 7a -
"The intelligent investors guide to Particl -"
Full disclosure/Disclaimer: At time of original writing I had long positions in Ethereum (ETH), Particl (PART), ICONOMI (ICN), Augur (REP), Factom (FCT), Swarm City (SWT), Renos (RNS), Wetrust (TRST). All the opinions expressed are my own. I cannot guarantee gains; losses are sustainable; do your own financial research and make your decisions responsibly. All prices and values given are as of time of first writing (4th-May-2017).
Second disclaimer: Please do not buy Shadowcash (SDC), the project has been abandoned by it's developers who have moved on to the Particl Project (PART) ( The PARTICL crowd fund and SDC 1:1 token swap completed April 15th. You can still exchange SDC for PART but only if it was acquired prior to 15th April 2017 see: for more information.
Addendum: Article updated 23-11-2017 to edit references to SDC (changed to Particl where relevant to reflect updated status) and clean up formatting.
submitted by joskye to Particl [link] [comments]

Of Wolves and Weasels - Day 178 - Holding Out For The Moon

Hey all, GoodShibe here!
One of the things that I've always loved about Dogecoin is that it really is a fantastic first-step into the world of cryptocurrency.
We have a wonderful, kind, helpful community that welcomes everyone with open arms, that answers questions and helps them to find their footing here.
We want people to have fun and learn and succeed with us.
And that, whether we realize it or not, well, it's a rare commodity in the crypto-sphere.
Especially when it often seems that, more and more, the communities that spring up around these other coins share a very 'to each their own' vibe.
I've always loved that Dogecoin tries to offer a true sense of inclusiveness. We don't care who you are in real life, if you're here, with us, now, and want to learn and have fun... then /Dogecoin is your playground.
The other fantastic thing that I love about Dogecoin is that it's a great first coin to play around with - something you can, especially now, buy quite a bit of without breaking the bank or risk losing your shirt -- A Million Dogecoins is worth about .37 of a Bitcoin right now.
Of course, that doesn't stop some folks from diving in head first.
The one cardinal rule that I've seen expressed in this sub and over in /Dogeducation (which is a fantastic resource for new-shibes and old) is to never invest more than you're willing to lose.
I'm personally all-in on Dogecoin, if this rocket fails then it fails and that's my decision to see it through. But, outside of my first ill-timed purchase (buying in during the height of the first pump, watching it crash before my eyes...) everything else has been earned or purchased with carefully budgeted money that I'm willing to let go of.
And just because it's much more difficult to lose your shirt in Dogecoin, doesn't mean it's impossible.
All of this -- Bitcoin, Litecoin, Dogecoin and everything that comes next -- it's an experiment.
The technology that exists because of it is an amazing thing, but it comes with zero promises of riches for anyone.
And that is the true risk we all take by being a part of this.
Even now, 5 years into Bitcoin's life, 6 months into ours, we're all still very much on the vanguard of this thing. The feeling is that maybe, maybe Bitcoin might have a breakout year and start to see some more general acceptance.
But that's after an incredible amount of hard work on their part.
And yet, even then, no one knows anything.
So to our dear, depressed friend richardtheawakening I'd like to say this:
At the end of the day, no matter how low you are feeling, your life is far more precious than any sum of money.
Having been through depression myself for over a decade, having come out through the other side, having seen what it can do... just breathe. Breathe and push on through.
Because if nothing else, at the very least, Life is a chance. A chance to grow, to learn from mistakes, to do it differently next time.
We're human. We do dumb things. We screw up.
Heck, sometimes I think that if there was one giant universal 'banner' that all of Humanity shared it'd be 'We do dumb things'.
And sometimes they work out for the better, sometimes they don't.
But I know this for sure: Death is an absolute. A Finality.
By living... you get the chance.
It may suck and it may hurt and you may regret ever choosing to take the path of life... but every day afterward is yours to do with as you please.
To make it your own or not.
And, maybe you'll stick around, join us, and help build something good, together.
And maybe you won't.
But the door is open and you're welcome here.
As is anyone.
This is our home, a place each of us have chosen to build, together, byte by byte, laugh by laugh.
Sure, we can get a bit lost in the fog, get angry, be 'toxic', be sad.
But that's just... normal.
That's life and community and all of the realities of a wonderful group of strong, vibrant, abstract personalities coming together. We're not always going to see eye to eye, there will be disagreements and frustrations and any other sort of drama.
Because, at the heart of all of this, despite our best intentions and our grand visions, we're Human.
We do dumb things.
And that's okay.
Because we're here, learning and building and growing.
No one can promise you the moon -- no matter how much I'd love to wrap it up in a bow and give it to you myself.
But we can decide to be here, to stand and work and fight like the dickens to get there.
And, if we do that, if we choose that path... then I believe we will get to the Moon.
It's 9:52AM EST and we're at 85.85% of DOGEs found. Our Global Hashrate is holding strong at ~68 Gigahashes per second and our Difficulty is falling from ~961 to ~852.
As always, I appreciate your support!
submitted by GoodShibe to dogecoin [link] [comments]

New Blockchain Project - Looking for Potential Members / Idea explained within!

(disclaimer, I checked that this post was not against the sub-reddit rules. Please forgive me and accept a satoshi as a bribe if I've contravened any our your laws. I've also posted this to /altcoin)
I know there's going to be a fair degree of skepticism about this post. I've got zero reputation and history on this sub-reddit.
But I hope you continue reading and judge the posting on it's own merits.
For what it's worth, I am going to reward your perseverance with something a little different. Instead of blowing smoke up your arses, I'm going to try and be brutally honest with you guys.
You won't hear anything about how I've come up with a new "Proof Of Stake" based decentralised blockchain with "synergy increasing" smart contracts baked in. If the idea is too complex to describe, then we can also conclude that a) it's too complex to catch on (right now) and b) too complex to execute (build). I'm not in the business of selling people fantasies.
I'm not going to lie to you about my experience, the connections I have or the investment partners we've lined up. What I can promise you is that I have a 10 year track history of developing (I'm a programmer) and launching web projects on minimal budgets. I have a great contact book but I also know how to hustle and get the attention of the right people. My reputation is based on simply getting the job done. Obviously you have no way of judging this since this is our initial introduction, so I accept the onus is on me to prove this
First of all, so that I don't waste anyone's time. Here is the idea is a 3 minute elevator pitch style.
PROJECT NAME I don't have one. I'm terrible with naming stuff. I always say it's lucky my dog already had a name when I bought her. My future children won't be so lucky.
CONCEPT Now this I do have. In a nutshell, "Coin" is a a real time investment platform. It connects entrepreneurs with a new source of finance when traditional forms (Angel/VC/Banks) fail. It consists of
(a) A front-end application which helps entrepreneurs put together business proposal / financials plans to seek funding from the platform.
(b) A web-site to facilitate exploration of the investment proposals from investors/general public
(c) A live weekly show in the form of Dragon's Den / Shark Tank - Delivered on the web in real time - Panel formed from a varying set of prominent investors and characters - 10 min speed sessions for the teams to pitch the investors for funding - Teams for pitching selected via voting from application pool by general public - Investors drop out visually during the pitch if they are not impressed. - At the end of the pitch, 1-2 mins lightning round for general public to pile in to help team match their required funding - Teams meet the objective, or go home bust.
Deals can happen on the platform outside the weekly show, but the democracy of allowing the general public to get in on the same investments as the panel is an interesting feature.
In a nutshell, we're creating a real-time version of AngelList and bolting on an entertainment programme.
WHY? Cryptocurrency is exciting. Money can be transferred instantly (globally) with minimal fees. A kid in a Tanzanian village with a mobile can trade with a Chinese man in Dahlia. Ordinary people like me and you have the potential to earn life altering sums of money. This is amazing... but it's going to take the world a while to catch up.
You and I wouldn't be subscribed to this forum if we didn't think that Bitcoin or some derivative cryptocurrency will eventually become a global currency for our world.
But it's going to take legislation, process making and debating. It's also going to take a lot of explaining to grandmother and a good ten-fifteen years before we see our vision realised. In the meantime we have our ICOs, ambitious blockchain projects with a spring in their step... rushing out to bamboozle us with their white papers.
Let's take a look at some of these projects:
Actually this is a fruitless task, we both know that the majority of the new projects ar either slightly innovating the blockchain technology, bridging each other or creating another layer of framework.
You might well imagine that the future is advertisors paying users and that OMG will definitely be a $100 coin by the end of the year... but that doesn't excuse the fact that there's very little to be excited about with real day-to-day usage of Crypto.
And here's the problem, people hold onto their coins because right now the only real exciting utility of that coin is speculating it might be worth a little more a few months down the line!
Where's the excitement and anarchy in HODLing? Where's that tantalizing hope that with a good idea, a bit of canny and a lot of hard work you can become rich?
What Coin Offers
If you are an investor. You put your money into our platform when the the market is too volatile, or you want a better return.
If you're a entreprenuer, you get a chance to get your project funded, it's a quick decision - you're not waiting for months for VCs to pull their fingers out of their collective arses. You get the chance to market your concept to a HUGE potential market of investors.
If you're a media publicity / cryptotycoon, you get instant exposure and gravitas for being part of the panel.
For the rest of us, it brings excitement and that "frontier opportunity" feel that we sometimes get with cryptocurrency. This is a brave new world!
If you want more details, I'm writing a better explanation of this concept but for obvious reasons this is as much as I'm going to divulge about the idea on a public forum!
What we need
We only need a small team to pull this off.
designer - Communicating ideas is critical and it would make a huge difference to have someone who has the flair and creativity to put together what we need. I need a designer with intelligence and creativity flowing out of every orifice - is that you?
developers - Now I don't want to intimate devs because I do have my own technical chops. But I'm not going to write every line of code in this project. I'm going to create the perfect environment for you (laptop, salary, a great team etc) and inspire you to do amazing stuff. Does that sound cool?
marketing / general project manager - I need someone with experience launching and creating ICOs. From sig campaigns, bounties to the intricate info, that only someone with months of exposure to the scene can bring to the table. Are you that guy?
submitted by zzzzz_ to altcoin [link] [comments]

Ulord’s 8 Technical Advantages

Ulord’s 8 Technical Advantages
In order to meet needs of Internet content distribution, the original chain of Ulord introduces master node system. The structure of master node is established as a peer-to-peer distributed content distribution network (InterPlanetary File System, IPFS), which provides massive cloud storage resource pool and unified global addressable space storage resource. Considering the sustainable development of Ulord, voting system and budget system are introduced. Voting system can not only carry out intelligent evaluation on a variety of applications on application layer, but also can assist budget system, fund more developers to devote themselves into Ulord development, and make the ecological development of Ulord in a virtuous circle with more applications. In other implementations, Ulord can be compatible with smart contract, make the application of Ethernet be transplanted to the Ulord network. Ulord adopts the mixed mining mechanism of POW and POS, so as to ensure that the development of the block network is not held by hashrate.

1.Master node system

The whole node refers to server or common PC running the full client on the P2P network, which plays a role of spread of transactions and blocks in the blockchain network. To maintain normal operation of all nodes, a large amount of cyber source needs to be consumed, such as storage space and network flow. According to Zap Chain Magazine statistics, the number of all nodes in the bitcoin network shows a decreasing trend, which requires additional 40 seconds for block broadcasting. The community has put forward many solutions, such as the introduction of new award plan of Microsoft Research and the Bitnodes incentive plan, and try to increase the number of nodes, but without good solution.
In order to maintain a healthy and stable blockchain backbone network, Dashi puts forward the solution of hierarchical network. Through the introduction of master node system, the stable backbone network can form to solve communication delay. In the system of Dashi, 1000 nodes of dash can be stored and upgraded to the master node. If it can be stable online in a period of time, 45% of income of each block network will be taken. But now, the master node system of Dashi still has many problems in the design and implementation. Firstly, according to the design rules of Dashi, the total number of coin of the whole system is about 17 million, and approximately 8 million have been issued. While the number of the master node is maintained at about 4800. As each master node needs to have 1000 dashes as guarantee, nearly 5 million Dashi coins are locked in master node. The number of circulating Dashi coins in the market is less than 3 million, which is obviously contrary to the initial design theory of bitcoin, and cannot guarantee a sufficient currency circulation in the market. Secondly, in the design of master node, there is no discrimination or considering QoS, and master node service quality is uneven. Therefore the network communication cannot achieve the desired results. Finally, only users with some computer knowledge can build master node, not all people have such a foundation. To entrust the third party often brings the risk to assets, so it is necessary to let more people participate in the maintenance of the master node network. As shown in Figure 3, considering different application scenarios, Ulord makes further improvement and optimization to the master node system as follows:
Voting mechanism of master node is introduced to enhance Ulord service quality.
In order to encourage users to join in the master node construction, Ulord distributes 25% of the entire network benefits to master node holders. While QoS assessment mechanism is introduced, and under the principle of survival of the fittest, some master nodes which do not meet the requirements will be eliminated. Therefore master node users must continuously invest and maintain to ensure good condition of nodes. QoS assessment mechanism mainly considers from the following several aspects:
Data packet loss rate: packet loss rate between master node and adjacent nodes is judged by ping-pong operation. If it exceeds a certain threshold, the node state is judged not to meet the service requirements, and the master nodes list is eliminated.
Network communication delay: the delay between master node and adjacent nodes is judged by ping-pong operation. If it exceeds a certain threshold, the node states is judged to not meet the service requirements, and the master nodes list is eliminated.
Data retransmission number: when retransmission times of master node and adjacent user node are too high, the user node will broadcast it on the entire network. When the reported number of this master node reaches the threshold, the master nodes is eliminated from master node list.
Proof-of-Stake mechanism is introduced to provide IPFS service.
In order to meet distribution mechanism of Ulord network, a large number of nodes are needed to bear the Internet data, and provide more high-quality video and data flow service. In Ulord, it ensures the network storage service with high quality from two aspects. First, in the Ulord network, 1TB of hard drive storage space is needed as a qualification guarantee for master node; through distributed technology, Ulord can integrate these master nodes into a massive storage resource pool. Second, in order to confirm that each master node is actually stored with data, Proof-of-Stake mechanism is introduced. This mechanism can randomly carry out integrity verification to the master node data by data holding proving and data recovery proving to ensure that the master node can provide stable data storage service. The main factors of the nodes are as follows:
Storage capacity: according to storage capacity size, the income is calculated in proportion.
Storage value: according to storage data value, determine whether the platform effective data are stored, and determine whether to calculate the income;
Store IOPS: IOPS (Input/ Output Operations per Second), that is the number of read/write (I/O) operations per second, measures the performance of disk random access. According to disk performance, judge whether to calculate the income.
More general master node platform. Ulord will provide a better user experience for user, while bringing more high-quality storage and network server for the system itself. To attract more investors to participate in the construction of the master node network, we will develop master node client software across the platform, including windows/Linux/OS x/Android and other mainstream systems. For Linux system, Docker package image will be provided directly for users to install conveniently.

2. Sidechain

Sidechain is not specifically referring to a certain chain, but refers to any chain
that obeys the rules of the sidechain. The Ulord sidechain rule means that the Ulord sidechain can verify the data from the Ulord main chain, and through the Two-way Peg (2WP), the UlordToken is safely transferred between the mainchains and sidechains at a fixed exchange rate to achieve assets transfer between the chains.
The Two-way Peg is roughly divided into the following stages:
a. Send a 2WP transaction to lock the UlordToken in the main chain;
b. Wait for a confirmation period, making the transaction confirmed by enough
c. Transfer the UlordToken to the sidechain and provide proof of SPV or
miner’s vote;
d. Wait for a reorganization period to prevent double spending;
e. Unlock the UlordToken for normal use on the sidechain;
After a period of time, if the user wants to redeem the UlordToken to the main chain, the reverse action can be performed. The redemption operation provides a sidechain user with an exit mechanism to prevent users from being forced to bind assets to unwanted sidechain applications.
Each sidechain can operate in different networks, with independent economic patterns and corresponding DAPPs. Developers can construct a sidechain and then dock it to the Ulord main chain. While inheriting and reusing the Ulord main chain technology, they also share the pressure of the Ulord main chain.
Each DAPP deployed on the sidechain is allowed to have a unique set of ledgers. According to different application scenarios of the DAPP, the sidechain’s consensus mechanism and block parameters are allowed to be reformed. And because the sidechain is an independent system, the serious problem of DAPP on the sidechain will only affect the sidechain itself and will not affect the Ulord main chain.
Ulord supports multiple sidechains, each of which can support one or more DAPPs. Sidechains can have their own virtual machines, publish smart contracts, and remain compatible with Ethereum virtual machines.

3. Voting system

Voting system has two major roles on Ulord. The first is to evaluate the plan proposed by developers and promote community contribution to Ulord; the second is to review resources and sites on Ulord to maintain the orderly development of Ulord ecology. If there are developers contributing to Ulord good solutions or codes, they can get system rewards. Whether to award and how much reward of developers contribution are decided by community vote. In addition, Ulord allows users to publish their own site, which may cause the problem that a large number of applications launch make the entire ecosystem in disorder and difficult to govern. In order to purify the network environment and make Ulord ecology a healthy development, consensus evaluation mechanism is introduced for Ulord network intelligent maintenance. The resources posted by user on Ulord have a unique 160bit hash value. All master nodes can vote the site resources issued by users on Ulord and show their position. When the number of opposing votes in a certain period of time exceeds threshold value, the network will automatically prohibit resource transmission, and give time to make publishers rectify. If there is no rectification in the specified time, Ulord will automatically delete it. There are three kinds of voting types: Yes, No and Abstain.

4 .Budget system

In order to promote the healthy development of Ulord ecosystem, Ulord prepares 10% of income for developers of the whole community. Ulord provides unified proposal entrance for community development. The community developers can submit the improvement proposal of Ulord through the entrance. The submitted proposal will be broadcast to Ulord, and sent to users in the form of message. All Ulord users have rights to vote. When the number of a proposal support exceeds a certain threshold value (the current system is set to 30%), the proposal will be approved. Then, the developer submitting the proposal will begin to accept budget system support. For the same proposal, users need to make voting twice. After the first voting, development team will receive budget support, but only 50% of the budget will be provided for developers. Only after developers complete and launch the second voting, the user can receive the remaining 50% of budget support.
In concrete implementation, a super block will be automatically generated in every 17000 blocks, and funding for the community developers can be achieved through this block. The number of coinbase coin of super block is the sum of the blocks between the previous super block and the current super block after deducting of 10% of income, then txout is the budget address passing the budget. If the current super block has no budget, the funds will be automatically stored in the pool of funds, which is used for the following plan budget support.

5.Smart contract

Unified domain name mechanism
Ulord allows the users to call the API of platform layer to publish their own site service. In order to make Ulord users to get convenient access to other users’ resources on the Ulord platform, the readable character string easy to remember can be used as domain name. Before the user releases the resource, by specifying the domain name site, he can apply for the readable domain name easy to remember. But there is a need to bind certain amount of UlordTokens. With the passage of time, the quantity of UlordTokens will be gradually consumed with increasing of block; in other words, all the resources and websites on Ulord will be gradually consumed with the increasing block height. All UlordTokens consumed for applying for a domain name will flow into the underlying network and become a part of the cost of billing.
To support the readable domain name system, we introduce a new data structure Domain Claimtrie to store all domain names and the associated information on Ulord. As shown in Figure 5, in Domain Claimtrie, each node corresponds to a domain name, at the same time, each node also holds the node’s related transaction information, including a transaction. When the user applies for the domain name, it must be bound with a certain number of UlordTokens; the new domain name is allowed for registration, which is unique in Ulord. The user is supported for cancellation of domain name. After the domain name is cancelled, the domain name is automatically released. To support the integrity of the domain name tree, we modify the block structure of blockchain and adds a field Domain Claimtrie.
Properties of smart contract
Ulord has attribute of smart contract, and introduces the design concept of gas. But Ethernet gas consumes gas in each operation. Compared to the gas concept of Ethernet, Ulord adopts a more simplified and abstract method. The resources and site posted on Ulord by user will consume resources on the Ulord network. Therefore when the user releases resources or site, a certain amount of UlordTokens is needed to bound. With growing of block height, UlordToken will be gradually consumed, and the user needs to recharge the new UlordTokens to the corresponding address to ensure the ownership of domain name. At the same time, through sidechain technology, it can be compatible with Ethernet virtual machine, release smart contract, and allow users to publish their tokens. There is a certain proportion of exchange relationship between tokens and UlordToken. Ulord allows users to customize their releasing of site service, and through the issuance of their tokens, they can operate their own sites.

6 .Consensus algorithm

Ulord combines PoW (Proof of Work) and PoS (Proof of Storage) as the consensus algorithm. Among them, PoW uses the self-designed CryptoHello algorithm. The algorithm uses multiple serial cryptographic primitive operation. With the characteristics of computer architecture, it has the mining characteristics of permanent prevention of ASIC. POS mechanism is to encourage more master nodes to join. By providing more storage space, it brings in revenue for their own, and provides massive distributed storage space for Ulord.
PoW implementation mechanism
To make full use of idle resources for mining, Ulord uses the CPU mining algorithm CryptoHello. We have learned from the memory-hard PoW algorithm design ideas, combined with the features of the CPU, GPU, ASIC and other architecture, and designed a PoW algorithm CryptHello for CPU architecture optimization.
The method has 3 steps:use a pseudo-random sequence to initialize the working memory, modify the working memory, and produce the final result based on the working memory contents. As shown in Figure 8
In the initialization of the working memory stage, the input is calculated using the SHA3 function to initialize the linear congruence pseudo-random number generator seed. The working memory is continuously filled in units of K blocks (32 bytes per block), where the former K-1 block is generated by a pseudo-random number generator, and the last block is a random selection of one of the hash function families (16 different hash functions) based on the previously filled content and updates the random number generator seed.
At the initial modification of the memory, the SHA3 function is used to generate the seed of the random number generator based on the last piece of the work memory, and a state variable whose length is L bytes is initialized. This is followed by C main cycles, in each of which 64L subcycles will be performed. In the subcycle, a pair of addresses will be generated by the random number generator. The byte data in the two addresses in the work memory and the byte data in the state vector are combined and exchanged using exclusive OR methods to update the memory contents and state vector contents. After the end of the sub-cycle, the function vector of the hash function family will be used to update the state vector and re-initialize the random number generator seed. According to the existing parameter design, one quarter of the working memory will be modified.
In the final result generation phase, the content of d (a random number no greater than D) blocks in the contiguous XOR memory is updated with the hash function family, and d is recalculated to the last block of the working memory. Finally the SHA3 function is used to form the final result.
The main features of the above algorithm include:
a. The working memory capacity selects the CPU-oriented cache capacity optimization, but it is difficult for the GPU or the ASIC to meet the memory capacity requirement for executing a large number of PoW algorithms at the same time;
b. A family of hash functions constructed by 16 hash functions is randomly selected and executed. This will increase the chip area to realize ASIC, and it will cause the GPU’s multi-threaded execution of different paths, reducing its parallelization efficiency;
c. Strict serial execution sequence are used during the working memory modification stage, and they are accessed in units of bytes to control the execution parallelism of the ASIC or GPU and significantly reduce the memory system efficiency;
d. The control logic of the entire scheme is complex, the required memory capacity is large, and the memory access address is irregular. It is difficult to implement the ASIC by using a conventional method of stacking a large number of acceleration component modules.
The actual test shows that the above performance of PoW on the CPU is proportional to its number of cores.
PoS implementation mechanism
The main reason for collapse of bitcoin network node is lack of reward for running nodes. With the passage of time, more and more users will be connected to the whole network, so demand for bandwidth will become higher, demand for funds from node operator will be more, then the operation cost of the nodes increase. Considering rising cost, node operator must reduce their operating costs or operation light client, but this is not conducive to network health. The introduction of the master node technology can effectively avoid reduction of master node and prolong communication time. In Ulord, QoS is considered in the selection of master node, and master node is a full node. Block and trading can spread quickly through master node. Operation of a master node needs 10000 UlordTokens and more than 1TB of storage space. The deposit stored in the master node is not lost, which allows investor to earn certain return on investment when providing service for the whole net to reduce the UlordToken price volatility. In the Ulord network, the master node will account for 25% of the entire network revenue.

7. Privacy protection

Ulord uses the most popular privacy protection zk-SNARK technology to protect the trading privacy. In Ulord blockchain, to create a valid transaction includes the following three things:
a. Ensure that the currency in the address has not been spent in previous trading;
b. The sender proves that he is the currency “holder” in the way of authorized signature;
c. The transaction input is equal to output.
The ledger itself proves the money is not spent out before and does not require sender to do anything. The sender only proves that he is holder of the currency, and hopes to send out the currency in the way of electronic signature through the private key corresponding to address. To make the signature verified, the sender’s address must be open. Correspondingly, receiver must publicly accept his address to finish the transaction. In Ulord, it is simple to verify that the input and output of the transaction are equal, because the number of transmission is completely exposed.
Zero knowledge proof (specifically, zk-SNARKs) to verify the above three elements can protect privacy of users from revealing, without exposing sender, receiver and transferring amount. Every successful transaction is accompanied with zk-SNARK, and it proves that: the input asset exists, and has not been previously spent. The person who creates the transaction authorizes the transaction cost, and the input number and type are equal to the output number and type. The information for cost output (that is to create a new zk-SNARK) is attached to the transaction. It is encrypted with the public key of payee, and only used for the payee.
Figure 11 zk-SNARK technology protects transaction privacy
8.Instant payment
With the master node technology, the users can send and receive instant irreversible transaction. Once the instant transaction forms, the input of transaction is locked to the corresponding particular transaction, currently, the locking time of the whole net transaction is about 4 seconds. If a locking consensus is reached in the master node network, all transactions and blocks against it will always be refused, unless they can match the corresponding transaction ID which was locked at that time.
In this way, users can purchase goods and services through Ulord and receive payment confirmation quickly, without intervention from any centralized organization. Ulord can easily meet relevant business scenarios for instant payment.
submitted by ulordchain to u/ulordchain [link] [comments]

Zero-Based Budgeting My Zero Based Budget Spreadsheet - YouTube Budget With Me  Dave Ramsey's Zero Based Budget  How to ... Envelope and zero sum budgeting in a spreadsheet - YouTube What is Zero-based budgeting (ZBB) - YouTube

Bitcoin & Cryptocurrency; System & Hardware; Gaming Software; CD/DVD Tools; Find. 1 Like. KiwiBudget Zero-Sum budgeting application. Commercial $ $ $ Web; Software as a Service (SaaS) Edit Information; Suggest alternative; Report a problem ; KiwiBudget is a Zero-Sum Budgeting tool which provides a easy way to set your budget and get your finances in order. Link to official KiwiBudget site ... Zero-Sum Budgeting + Automation I think zero-sum budgeting is the best way to budget, because it requires you to spend every cent on paper before you actually spend it. And that’s awesome, because spending money is easy to do. Bitcoin & Cryptocurrency ; System & Hardware ... Suggest alternative; Report a problem; KiwiBudget is a Zero-Sum Budgeting tool which provides a easy way to set your budget and get your finances in order. Link to official KiwiBudget site. Official Website. Pricing Information Subscription that costs between $5 and $7. Price may vary depending on commitment and so on. Features Budgeting Expense ... Research By the Buyside. For the Buyside. SumZero Buyside’s research is published exclusively by professional investors. No day traders, no sell-side analysts, 100% quality, peer-reviewed research from professionals at legitimate Buyside funds. Using the zero sum budget instead of a traditional budget can jumpstart your efforts. Mar 18, 2017 - Need to repay debt or save more money? Using the zero sum budget instead of a traditional budget can jumpstart your efforts. .. Article from How to Repay Massive Amounts of Debt With a Zero Sum Budget — TayTalksMoney: Money, Lifestyle and Productivity ...

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Zero-Based Budgeting

How the ZERO BASED BUDGET and ENVELOPE SYSTEM Work - Duration: 16:04. The Wannabe Homesteader 400,206 views. 16:04. The Stock Market Is About To Drop - Again - Duration: 14:43. ... In part one of this video I’m going pass along some helpful tips for creating your zero based budget and share some of our personal experience with creating one. Part two of the video will be a ... Get life-changing financial advice anytime, anywhere. Subscribe today: What Is A Zero Based Bu... If you're someone who wants to know "how to budget my money" then you've picked the right video. Zero-Based Budgeting is the best method to use if you want t... Download my FREE guide for my "No Discipline Budgeting" Series here: For today's live stream, I wanted to cover zero sum budg...