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Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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Why i’m bullish on Zilliqa (long read)

Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analysed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralised and scalable in my opinion.
 
Below I post my analysis why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since end of January 2019 with daily transaction rate growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralised and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. Maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realised early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralised, secure and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in amount of nodes. More nodes = higher transaction throughput and increased decentralisation. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue disecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as:
“A peer-to-peer, append-only datastore that uses consensus to synchronise cryptographically-secure data”.
 
Next he states that: >“blockchains are fundamentally systems for managing valid state transitions”.* For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralised and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimisation on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (>66%) double spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT etc. Another thing we haven’t looked at yet is the amount of decentralisation.
 
Decentralisation
 
Currently there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralised nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching their transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public.They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers.The 5% block rewards with an annual yield of 10.03% translates to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS & shard nodes and seed nodes becoming more decentralised too, Zilliqa qualifies for the label of decentralised in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. Faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time stamped so you’ll start right away with a platform introduction, R&D roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalised: programming languages can be divided into being ‘object oriented’ or ‘functional’. Here is an ELI5 given by software development academy: > “all programmes have two basic components, data – what the programme knows – and behaviour – what the programme can do with that data. So object-oriented programming states that combining data and related behaviours in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behaviour are different things and should be separated to ensure their clarity.”
 
Scilla is on the functional side and shares similarities with OCaml: > OCaml is a general purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognised by academics and won a so called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities safety is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa for Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue:
In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships  
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organisations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggest that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already taking advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, AirBnB, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are build on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”*
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They dont just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities) also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiatives (correct me if I’m wrong though). This suggest in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures & Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

For devs and advanced users that are still in the dark: Read this to get redpilled about why Bitcoin (SV) is the real Bitcoin

This post by cryptorebel is a great intro for newbies. Here is a continuation for a technical audience. I'll be making edits for readability and maybe even add more content.
The short explanation of why BSV is the real Bitcoin is that it implements the original L1 scripting language, and removes hacks like p2sh. It also removes the block size limit, and yes that leads to a small number of huge nodes. It might not be the system you wanted. Nodes are miners.
The key thing to understand about the UTXO architecture is that it is maximally "sharded" by default. Logically dependent transactions may require linear span to construct, but they can be validated in sublinear span (actually polylogarithmic expected span). Constructing dependent transactions happens out-of-band in any case.
The fact that transactions in a block are merkelized is an obvious sign that Bitcoin was designed for big blocks. But merkle trees are only half the story. UTXOs are essentially hash-addressed stateful continuation snapshots which can also be "merged" (validated) in a tree.
I won't even bother talking about how broken Lightning Network is. Of all the L2 scaling solutions that could have been used with small block sizes, it's almost unbelievable how many bad choices they've made. We should be kind to them and assume it was deliberate sabotage rather than insulting their intelligence.
Segwit is also outside the scope of this post.
However I will briefly hate on p2sh. Imagine seeing a stunted L1 script language, and deciding that the best way to implement multisigs was a soft-fork patch in the form of p2sh. If the intent was truly backwards-compatability with old clients, then by that logic all segwit and p2sh addresses are supposed to only be protected by transient rules outside of the protocol. Explain that to your custody clients.
As far as Bitcoin Cash goes, I was in the camp of "there's still time to save BCH" until not too long ago. Unfortunately the galaxy brains behind BCH have doubled down on their mistakes. Again, it is kinder to assume deliberate sabotage. (As an aside, the fact that they didn't embrace the name "bcash" when it was used to attack them shows how unprepared they are when the real psyops start to hit. Or, again, that the saboteurs controlled the entire back-and-forth.)
The one useful thing that came out of BCH is some progress on L1 apps based on covenants, but the issue is that they are not taking care to ensure every change maintains the asymptotic validation complexity of bitcoin's UTXO.
Besides that, The BCH devs missed something big. So did I.
It's possible to load the entire transaction onto the stack without adding any new opcodes. Read this post for a quick intro on how transaction meta-evaluation leads to stateful smart contract capabilities. Note that it was written before I understood how it was possible in Bitcoin, but the concept is the same. I've switching to developing a language that abstracts this behavior and compiles to bitcoin's L1. (Please don't "told you so" at me if you just blindly trusted nChain but still can't explain how it's done.)
It is true that this does not allow exactly the same class of L1 applications as Ethereum. It only allows those than can be made parallel, those that can delegate synchronization to "userspace". It forces you to be scalable, to process bottlenecks out-of-band at a per-application level.
Now, some of the more diehard supporters might say that Satoshi knew this was possible and meant for it to be this way, but honestly I don't believe that. nChain says they discovered the technique 'several years ago'. OP_PUSH_TX would have been a very simple opcode to include, and it does not change any aspect of validation in any way. The entire transaction is already in the L1 evaluation context for the purpose of checksig, it truly changes nothing.
But here's the thing: it doesn't matter if this was a happy accident. What matters is that it works. It is far more important to keep the continuity of the original protocol spec than to keep making optimizations at the protocol level. In a concatenative language like bitcoin script, optimized clients can recognize "checksig trick phrases" regardless of their location in the script, and treat them like a simple opcode. Script size is not a constraint when you allow the protocol to scale as designed. Think of it as precompiles in EVM.
Now let's address Ethereum. V. Buterin recently wrote a great piece about the concept of credible neutrality. The only way for a blockchain system to achieve credible neutrality and long-term decentralization of power is to lock down the protocol rules. The thing that caused Ethereum to succeed was the yellow paper. Ethereum has outperformed every other smart contract platform because the EVM has clear semantics with many implementations, so people can invest time and resources into applications built on it. The EVM is apolitical, the EVM spec (fixed at any particular version) is truly decentralized. Team Ethereum can plausibly maintain credibility and neutrality as long as they make progress towards the "Serenity" vision they outlined years ago. Unfortunately they have already placed themselves in a precarious position by picking and choosing which catastrophes they intervene on at the protocol level.
But those are social and political issues. The major technical issue facing the EVM is that it is inherently sequential. It does not have the key property that transactions that occur "later" in the block can be validated before the transactions they depend on are validated. Sharding will hit a wall faster than you can say "O(n/64) is O(n)". Ethereum will get a lot of mileage out of L2, but the fundamental overhead of synchronization in L1 will never go away. The best case scaling scenario for ETH is an L2 system with sublinear validation properties like UTXO. If the economic activity on that L2 system grows larger than that of the L1 chain, the system loses key security properties. Ethereum is sequential by default with parallelism enabled by L2, while Bitcoin is parallel by default with synchronization forced into L2.
Finally, what about CSW? I expect soon we will see a lot of people shouting, "it doesn't matter who Satoshi is!", and they're right. The blockchain doesn't care if CSW is Satoshi or not. It really seems like many people's mental model is "Bitcoin (BSV) scales and has smart contracts if CSW==Satoshi". Sorry, but UTXO scales either way. The checksig trick works either way.
Coin Woke.
submitted by -mr-word- to bitcoincashSV [link] [comments]

Getting Started

1. Basic Information
What is Masari?
Masari is a proof of work (PoW) and privacy-centric innovative cryptocurrency that allows users to send money around the globe with low fees very quickly. Using the well researched and cryptographically sound CryptoNote and RingCT protocols means that every transaction origin, amount, and destination is obfuscated by default.Masari is an open source project that is fully decentralized, similar to bitcoin. With several CryptoNote firsts such as uncle mining via the SECOR protocol, a fully client side web wallet, and PoW sharding via the blocktree protocol, Masari is a fast, fungible, secure, private and soon-to-be scalable currency.
Why did you fork from Monero?
Monero is a larger coin than Masari with more community members and developers, which results in longer lead times to change direction and try new things. Masari wants to push the boundaries in privacy and scalability which may take a different path than Monero. Many of the developers who work on Masari have helped Monero and many in the Masari community like both coins.
Where do I get Masari?
Masari is available on several exchanges:
Many only accept Bitcoin, which can be bought peer-to-peer or from coinbase or localbitcoins among other big exchanges and platforms. After you send your bitcoin to one of the above exchanges and trade, you can withdraw your Masari to your wallet of choice.
How do I use Masari?
We aim to make using Masari simple. The easiest way to start using Masari is to visit masariwallet.com to create your wallet. Nobody will have access to your credentials as our software uses your own computer to connect directly to the blockchain. This web wallet is the simplest way to use Masari!
2. Community
Who is leading The Masari Project?
Masari is led by several community developers and contributors. In no special order, the community developers are Gnock, Thaer, and Cryptochangements. There is also a Masari Engagement team dedicated to promoting and Marketing Masari. In no special order the team includes Johnny Gonzo, CamtheGeek, JeutheIdit, Xiaomogwai, Dug Punk, SatoriNakamoto, and BazookaJeff. If you would like to create your own group and or add your skills to one of these teams, feel free to reach out to any of the members listed above to volunteer.
Where Can I Hear News and Updates?
Masari has a presence in several social media platforms. We push announcements and updates via Twitter, Medium, Reddit, Telegram, BitcoinTalk, and Discord. Development updates are tracked via Trello. Links are below:
There is also a community meeting held every other Saturday (on even numbered weeks) at 15:00 UTC on our Discord #Meeting-Table Channel. You can bring up your ideas and talk with the devs.
How do you fund development?
Masari is completely funded by community donations. You can view seeking community approval, current, and completed funding proposals at https://funding.getmasari.org/proposals. Development is also funded through the following addresses:
How do I volunteer?
The Masari Project is always looking for new volunteers. If you have a skill, we can use it.
3. Download Links
4. Miscellaneous

Courtesy Masari Engagement
submitted by boomboombazookajeff to masari [link] [comments]

"The Flippening" explained, how BCH will take over BTC.

https://www.reddit.com/btc/comments/7cg9y2/bitcoin_btc_to_bitcoin_cash_bch_mass_migration/dppwbmf/
[–]tachikoma01 an hour ago
Could you explain to me how the hashing power influence the price of the crypto please?
Here it is:
1) There is a mass migration from BTC to BCH going on.
2) But BTC was saved from massive price crashing, because people couldn't escape fast enough, their sell transactions weren't being mined, so they couldn't confirm.
3) There are currently 180,000 unconfirmed transactions stuck in the Bitcoin system (https://jochen-hoenicke.de/queue/), many are people rushing to sell BTC to buy BCH.
4) Transactions are averaged around 400bytes (https://charts.bitcoin.com/chart/transaction-size), since Blockstream Core insisted on keeping block size at 1MB, you only confirm about 2500tx per block on BTC. (https://blockchain.info)
5) Bitcoin has a built-in system that automatically adjust the mining difficulty, so regardless of what the total hash rate is, you'll still end up with roughly 10 minutes per new block mined, this is known as the "difficulty adjustment".
6) The difficulty adjustment is not instant, it is only recalculated every 2016 blocks (https://en.bitcoin.it/wiki/Difficulty), under normal circumstances, it readjusts every 2016 x 10 minutes, or every 14 days.
7) If the hash rate increased before the adjustment block, then new blocks will appear faster than normal.
8) If the hash rate decreased before the adjustment block, then new blocks will appear slower than normal.
9) The problem we have here is, when Bitcoin Cash was created a few months ago (cloned from Bitcoin), we knew Bitcoin was going to have a lot more hash rate than Bitcoin Cash, so we couldn't clone the difficulty adjustment algorithm, we had to use our own. Otherwise Bitcoin Cash would need 20*10, or 200 minutes to mine a block (assuming Bitcoin Cash only had 5% of Bitcoin's hash power).
10) Bitcoin Cash was created in an emergency situation, so we didn't have much time to work on the difficulty algorithm, it was a rushed job and it didn't work well, it was good enough to help Bitcoin Cash survive, but not good enough to have a smooth curve, it was always either way too difficult or way too easy, new blocks were created either way too quick or way too slow, and it took too long to readjust again.
11) At this moment Bitcoin Cash is too easy to mine (was 4 times easier than normal, even more when BCH was worth more), about half the miners from BTC went to mine BCH instead, because it's more profitable.
12) Back to the 180,000 unconfirmed BTC transactions stuck in the system, normally, it takes 10 minutes to mine a block and confirm 2500tx, but now it takes 20 minutes per block because half the miners went to mine BCH.
13) 20 minutes per block * (180000tx/2500tx per block) = 24 hours. So it'd take 24 hours mine all the stuck tx and clear the jam, IF, and only IF there are no new transactions constantly coming in.
14) There are always new tx coming in, and old tx are being mined with half the miners, so we ended up with people waiting 72hrs and still couldn't get their BTC tx confirmed.
15) This would not happen if Blockstream Core increased the block size from 1MB to 2MB, but they deliberately stalled for years, so that one day they can force people to use their sidechain service by paying them fees (this is officially admitted by Blockstream).
16) BCH is currently too easy to mine, the new BCH difficulty adjustment algorithm (DAA) will improve the situation, it'll be much smoother at keeping the difficulty at around 10minutes per block regardless of hash rate changes, it'll no longer be too easy or too hard to mine for a sustained period of time.
17) The new algorithm will drive miners back to mine the more profitable BTC, at least until BCH is worth more than BTC to mine, some say the flippening price is about $4000, where BTC drops below $4000 and BCH goes above $4000, at which point, BCH will be more profitable to mine again, even with the new DAA.
18) Once that happens, BTC will likely enter a death spiral, because BTC is still using the 14days difficulty adjustment period.
19) The next difficulty adjustment block for BTC is 1842 blocks from now (https://bitcoinwisdom.com/bitcoin/difficulty).
20) This make it the perfect time to strike BTC, normally 1842 blocks @ 10mins per block, takes 13 days for the next readjustment.
21) But if we can push BCH's price towards $4000, and drive BTC's price down towards $4000 within a few days, then 10 days for the next readjustment can turn into 20 days (if BTC loses 50% miners), 20 can turn into 40 (if BTC loses 75% miners), eventually BTC will enter a death spiral and get stuck for months, during which its price will crash beyond recovery. This is known as the "flippening".
22) Flippening is what the people are currently working on, people are tired of paying $50 fee and waiting 24 hours to confirm a simple transaction on Blockstream Core's Bitcoin, that's just not how Bitcoin was designed to work.
23) We're going in for the kill, it might not happen tomorrow, but it will happen one way or another.
submitted by Gregory_Maxwell to btc [link] [comments]

[UPDATED] JULIAN TOLD US EVERYTHING - BITCOIN BLOCK CHAIN IS THE ANSWER.

UPDATE https://twitter.com/kellykolisnik/status/800631422851510272
Kelly Kolisnik ‏@kellykolisnik “He who controls the past controls the future. He who controls the present controls the past.” -George Orwell. #Orwell @WikiLeaks
Kelly Kolisnik of Wikileaks tweeted this about an hour after the the earlier version of this post.
Very possible this is a /Wink&Nod/ to indicate we are on the right trail
Blockchain is the key
Backup files found in blockchain. Wikileaks used special insert / withdraw tool.
Characteristics of suspicious transactions:
.0001 BTC to multiple created wallets
Transfers with abnormally high TRANSACTION COSTS, to ensure posting in case of unusually high volume
List of other suspicious transactions - u/Cpt9captain http://pastebin.com/j3VwksdW
https://tradeblock.com/bitcoin/tx/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d .0001 transfer FEE 291 BTC ($280,000 USD)
The answers are here, it is only a matter of isolating the data. Stay strong. Stay focused. This is history.
ORWELLIAN DICTIM IS BEING BROKEN
INFORMATION IS POWER

He who controls the past controls the future. He who controls the present controls the past. Today He dies.

It will be where the dead switch is released if it exists, and Julian confirms its use in VERIFYING PAST DUMPS. The odd behavior on behalf of Wikileaks Wallet pushed me to do some search into Wikileaks history with Bitcoin. After reading the chan posts about DMS / keyholders / wildcards, I noticed that most documented instances of Julian's discussion of BITCOIN/BLOCKCHAIN architecture always ended up relating to publishing and time verification. (two elements of a DMS). “Bitcoin is an extremely important innovation, but not in the way most people think. Bitcoin’s real innovation is a globally verifiable proof publishing at a certain time. The whole system is built on that concept and many other systems can also be built on it. The block chain nails down history, breaking Orwell’s dictum of ‘He who controls the present controls the past and he who controls the past controls the future’.” IF THERE IS A DMS IT WILL BE ACTIVATED VIA THE BLOCKCHAIN. moreover, IN THIS VIDEO ASSANGE DISCUSSES USING THE BLOCKCHAIN IN THE PAST FOR CRYTO VERIFICATION. https://www.youtube.com/watch?v=RSfZC_u1Fcg We must pour through WIKILEAKS Blockchain transaction history as their is most certainty new/and or undiscovered information/indicators. He knew the dark days would come, and there is no doubt in my mind the answers to the questions we have are answerable due to the breadcrumbs and canary left for us. #FreeJulian
submitted by baseball220 to WhereIsAssange [link] [comments]

Consensus 2018 Report (Continuous Updates Through May 17th)

Happy Wednesday! We are live!
Consensus Short Statistics
State of Blockchain
Don Tapscott
-"We are entering a new era of trust"
-Generally remarked on the benefits of blockchain. Identified the 7 types of crypto assets (Currencies, Collectibles, Stablecoins, Natural Asset Tokens [Representing minerals, water], Utility Tokens, and Security Tokens.)
FedEx
As I remarked in my comment earlier, FedEx is incredibly bullish on blockchain technology generally, but specifically in it's applications for cross-border shipping and asset-tracking. As I learned, the definition of what constitutes a "coffee cup" differs from place to place. Using blockchain, Smith says, FedEx can protect against unforeseen obstacles at customs. "Information about the package is as important as the package itself," he claims, further adding that the risk of experimenting with cryptocurrency is "de minimis" when compared to its alternative. During the session, FedEx unveiled "Trons", bluetooth-enabled sensors integrated with blockchain first announced in 2016.
Jim Bullard, St. Louis Fed
Fantastic, informational lecture regarding the history of currency and how civilizations have reacted to various implementations. Generally, Bullard notes, humans want a uniform currency. He compared cryptos with state/provincial bank notes, citing the problems faced with exchange, regulation, and value verification. We haven't yet realized this problem with cryptocurrencies since the market cap is relatively small.
Insightful statistics about and charts comparing GDP to the inflation/exchange rates of the DollaYen. Surprisingly, the volatility charts look worse than Bitcoin. Catch all of these when the videos are released later this week.
Summarizing, Bullard claimed that there will be a plurality of coins sharing the ecosystem, each providing a specific use. The Federal Reserve will likely mint a fiat/cryptocurrency that represents a stable stock of U.S. dollars sometime in the mid term future.
Jed McCaleb
I spoke with Jed of the Stellar Foundation. This is a Bitcoin subreddit, so I'll skip this part. You can find the full transcript of his thoughts here.
Charlie Lee and David Schwarz
Both spoke on a panel about interoperability between Bitcoin, Litecoin, Ripple, etc. Developers better understand that most cryptocurrencies can interface as long as they use the same "hooks". Schwartz compared this ideal system akin to TCP-IP; a minimal framework making as few technological demands as necessary.
An ecosystem with multiple coins utilizing different security protocols and consensus mechanisms is "good for Bitcoin". In a theoretical world where power becomes abundant, what happens to PoW? We want the ability to migrate to a new protocol without upending the entire financial system. In a world where security is compromised, redundancy is critical.
Lee sees UI as the next significant hurdle. Not for speculators, but for mom-and-pop investors without much tech savvy.
TxTenna
-Hardware to expand and facilitate mesh networks.
-Even if you own Bitcoin, transfer can be censored/inhibited through the network communicating the transaction to the blockchain.
-Using mesh networks, we bypass many of these constraints dealing directly with sovereign ISP's.
-This is fantastic for Bitcoin users in 3rd world countries/those with oppressive regimes. I will leave this to your imagination.
RSK
-Smart contract platform on top of the Bitcoin protocol. -Ecosystem challenges (Tx costs, security, scalability) -Tx cost is $0.035 - +10% hashing power -Up to 100 tps. -Next -Payment channels (Lumino) -Predicability (Fiat-based fees) -Decentralization (BTC and RSK full-node rewards) -Interoperability (inter-blockchain integration) 
I'm sorry if you find this post lacking/off topic. Attempted to refine down to only what might be relevant to a Bitcoin trader. Even if Bitcoin isn't specifically mentioned, many of these innovations/philosophies will apply to the crypto space generally and, thus, to Bitcoin.
It's already the end of Day 2 and I'm finishing the write-up for D1. I'll compile D2 and D3 for brevity's sake. Most of this news is now relatively (a day) old.
Thanks for your attention and help supporting the crypto revolution.
P.S. "Where is my Consensus boost!? I thought BTC should be $10k by now!"
Historically, the Consensus Boost happens several weeks after the event, likely as news disseminates.
OH FUCK
I FORGOT
Joseph Lubin bets BlockChain Capital's Jimmy Song, "any amount of Bitcoin" that blockchain will have widespread enterprise adoption within 5 years
Day 2
Will try an update. Sitting through, eToro will be opening business in the United States, launching a wallet shortly after. Users can view successful traders' profiles and subscribe to their trades, copying them second-by-second.
Circle announces a USD stablecoin and crypto wallet.
HTC announces a crypto phone.
Deloitte releases preview of cryptocurrency report, shows majority of companies pursuing blockchain.
-"But this is just blockchain". Yes, and a rising tide lifts all ships.
The Magical Crypto Friends Live From Consensus. Warning, shitty audio.
-Founders of several currencies (Litecoin, Monero) discuss Buffett, Bitcoin, and other BS. 56 minute duration. For the hardcore.
Day 3
Alright!
Ledger
-Announcing a consortium for investors/institutions who manage multiple accounts. Today, Ledger Nano S is really only useful to the individual owner.
-Called, "Komino"? (Japanese Script).
-Isn't this compromising the dream of Satoshi? Speaker thinks no. The dream is that everyone can use Bitcoin as they see fit. Large companies can have positions in Bitcoin without changing the life of crypto maximalists who can still use cryptocurrencies.
-Bankers have the right to "Go full Moon and lambos".
Polymath
-The next big wave in crypto are Security Tokens.
-Real estate, equity in companies.
-Amongst crypto VC founders, Security Tokens will comprise 50-90% of the crypto market in the coming years. Currently, the share is approximately 1%.
-You can create a security token right now. Log on here and try the demo.
-First blockchain telegram to reach 50,000 users.
-Integrating with tZero. All new securities should have liquidity out of the box.
-ST-20. A security token standard designed to ameliorate many of the issues with fragmented ICO's.
-Launching a ST Venture Fund, "Polymath Capital".
-New CoinMarketCap competitor. "Tokens.com". Perhaps they'll finally force some innovation on the CMC side.
-Polymath 2.0 TestNet now live.
BlockStack
-Internet 3.0 is here. Mesh networks, decentralized data, crypto assets. We are not storing data with companies anymore, we are personally responsible. One day, we will have a universal ID that removes the need for a rolodex of passwords, usernames, and security questions.
-BlockStack members advise on Silicon Valley. Fun fact.
-Infrastructure and speculative investment grew from less than $100B in January, to $100B in May, and, finally, over $600B by November.
-Sounds like a dApp talk. They're making iTunes for dApps. I'll come back when he says, "Bitcoin".
Jack Dorsey and Elizabeth Stark
-Jack first heard of Bitcoin in St. Louis via a group of Cypherpunks.
-Appreciated the complexity of code, but didn't realize the potential just yet.
-Met some engineers who wanted to build a Bitcoin solution for Square. Buyers/sellers could accept Bitcoin without knowing they were using Bitcoin.
-Community "felt like Usenet" as it developed between 2014 and 2017. "Felt electric".
-Claimed Square's strengths are speed and simplicity. Credit cards are complex and often emotional. Talking about the Cash app, the goal is to revisit the coffee purchase of old and make it feasible using Bitcoin.
-"We have evidence to show people are using this as their primary spending account, their primary bank account, and, in some cases, their only bank account."
-"We have people that have been blocked from entering the financial industry." Even merchants had problems accepting payments. "Reaching the underserved, reaching the unbanked", he says, feels good.
-On Square adopting Bitcoin. "It was certainly contentious within our company." "I guess we always take the mindset that we can't wait for things to happen to us...If we want responsible uses...then we have to make that happen, we have to do the work to educate regulators, educate the SEC, show that we can provide more access to more people...give people a chance to participate in the economy...still a lot of disagreements and fights, but that's where the magic happens. We really push through, and this tested us. There was certainly a spotlight on us because of that fact, but there are a lot of unknowns. We ran towards them."
-On the future, the potential of Bitcoin. "The internet deserves a native currency. It will have a native currency. I don't know if it will be Bitcoin or not, but I hope it will be. I appreciate the technology so much; the principles behind it. Using the guide that the Internet will have a global currency...it's going to happen. As a company, as individuals, we need to learn how to make that happen. The biggest thing I worry about as a company is there is so much openness within the community, I hope nothing corporate will come in and threaten it." Protecting the open-source nature of the work. "This is a discussion I have a lot with Mike and the team. No one company or corporation should own this. This is the main question of everyone I meet in the community. We have a completely open mindset to ensure this remains a completely open platform. Let's not wait for it to happen. Let's do our part to encourage it to be used in healthy ways and ensure that everyone has access to it. If we ever go astray call us out. We can't do any of this without the technology being strong and available to everyone."
-"Obviously we are a centralized organization that benefits from decentralization. It's a theme of conversation within our organization and we're looking to decentralize our workforce. Cash is an interesting application in our company." Going to Australia next week to check in with the local team there. They are agnostic on what locale partners decide to nest in.
-Large corporate HQ's like Twitter and Square, "are a thing of the past". People will be able to work from wherever they please.
-"Nobody is going to a bank for a $6,000 loan. They're going to friends and family." They can all be served with this technology.
-Hesitates to make articulated 5-10 year predictions, prefers patience and iterating as each year develops. "We want to go back to the original idea of being able to purchase a coffee with it. That's why we're working with you. Whatever it takes to get there, we're going to try and make it happen." Encouraging more access to the financial space is the primary objective of the Square organization.
-"Over the past two years since we've really pushed our way into this, I've felt that electricity"
-Elizabeth Stark feels like she's living through the mid-90's again, "In a positive way".
-Stark is an optimist. "Really seeing the value behind the means of transacting without a middle party." It wasn't until Satoshi's whitepaper did we have the means to build a solution to this problem.
-"Our goal with Lightning is to enable an application layer like the Internet". -Stark
-On potential, compelling apps built on Bitcoin. "As I said, there's just so much to trust, to identity, to decentralizing almost everything we use today in a centralized way. We get the power of the crowd, the ability to see so many amazing perspectives and opinions to make our answers much better. I don't think about that as much as I think about what we need to focus on."
-On what they need to focus on. "There's a desire for more. There's definitely an incentive to hold the technology and encourage a mindset of saving rather than spending. But making it easier to spend, easier to transact, easier to do the everyday is what we need to focus on. We aren't necessarily going to be the company that comes up with the right frameworks or technologies, but I'm confident we'll be part of facilitating the process."
-The ultimate relationship with a regulator is that of education, Dorsey claims.
-On becomng a global company. "If we were ever able to use it as a payment mechanism today, we could release it all over the world opposed to the 5 markets we're in today. With each market, we have to find a banking partner, work through the regulatory." Only way to accept credit cards in Japan involved a 15-minute interview with an official. There is a large amount of legacy legislation that hampers adoption.
-On the next steps of democratizing finance. "Hardest part is continuing this conversation...certainly the regulatory bodies around the world, the banks..." Slowly but surely, Square is converting Goldman Sach's-types, showing them the reasons behind the movement. Having, "healthy discussions at the board level."
-On advice getting started in the industry. "Follow the conversation on Twitter, first and foremost. (laughter) And not just follow." When he first followed the industry, he felt like he had nothing to contribute. Join the conversation, express a point of view. "So many people fear expressing an opinion...instead of treating it like a conversation". "While you follow these conversations--jump in. People are going to think you're weird, they'll disagree with you, but you'll sharpen your opinions...find where they resonate." Pursue success from there.
BCash
I visited the BCash table and asked the representative to respond to claims that the company was causing label confusion amongst BTC and BCH. She locked up, asked if I was press, and, "was not at liberty to discuss the topic".
Scam. Scam. Scam. Did I say scam?
That's it for Bitcoin! Thanks for playing Consensus 2018!
I have tons of photos to upload, which I'll share in the Daily General Discussion as they come online.
submitted by MysteriousBarber to BitcoinMarkets [link] [comments]

RaiBlocks AMA Summary!

I posted this under /cryptocurrency and /cryptomarkets as well! Might be less useful under this subreddit... but I'm using it for purposes of helping people become aware of this coin.
Summation of RaiBlocks lead developer AMA. I'm very excited about this coin, and if you're asking why I did this...I'm trying out my AMA consolidating script that I wrote for fun :) I'm interested in seeing what people think about this coin! You can read the responses directly from this link: https://www.reddit.com/RaiBlocks/comments/7ko5l7/colin_lemahieu_founder_and_lead_developer_of/
 
What are your top priorities atm? Both in developing areas itself and in terms of integration?
 
The top priorities right now are:
These basically need to happen in a sequence because each item isn't useful unless the previous one is complete.
 
 
Do you have any plans to have your source code peer reviewed? By peer review I mean sending your source code down to MIT for testing and review.
Where do you see Raiblocks 5-10 years from now? (For instance do you envision people using a Raiblocks mobile phone app to transfer value between each other, or buy stuff at the store?
 
We definitely need peer and code reviews and we're open to anyone doing this. We have ideas for people in universities that want to analyze the whitepaper or code so we'll see what comes of that. In my opinion code security guarantees can only be given with (eyes * time) and we need both.
I'd like to see RaiBlocks adopted as an internet RFC and basically become an ubiquitous background technology like http. I think you're probably right and a mobile app would be the most user-friendly way to do this so people don't need to carry around extra cards in their wallet etc.
 
 
Is there a list of the team readily available? Are there firm plans to expand, and if so, in which directions?
The roadmap indicated a website redesign scheduled for November 2017. Is there an update?
 
We have about 12 people in the core team; about half are code and half are business developers. On the redesigned website we're going to include bios for sure, no one in our team is anonymous. I think we have pretty good coverage of what we need right now, we could always use more people capable of contributing to the core code.
The website design is well underway, we wanted to streamline and add some more things to it so it took longer than originally estimated. It'll looking like after the new year we'll have it ready.
 
 
Would you ever consider renaming the coin to simply "Rai" or any other simplified form other than RaiBlocks?
2. What marketing strategy do you think will push XRB forward from now on as a fully working product. Instant and free, the green coin, "it just works" coin, etc?
3. Regarding security, is "quantum-proofing" a big concern at the moment and how do you guys plan to approach this when the time comes. And how possible would it be for bad actors to successfully implement a 51% attack.
 
  1. Yea there are a few difficulties people have pointed out with our name. People don't know if it's "ray" or "rye". "Blocks" doesn't have a meaning to a lot of people and the name reference might be too esoteric to be meaningful. I'm not prideful so I'm not stuck on a particular name, we'll take a look at what our marketing and business developers say peoples' impressions are and if they have any naming recommendations.
  2. Our marketing strategy is to focus on complete simplicity. Instant and free resonates with enthusiasts and mass adoption will only come when using xrb is absolutely the same experience as using a banking or other payment app. People aren't going to tolerate jargon or confusing workflows when sending or receiving payments.
  3. Quantum computing is going to be an amazing leap for humanity but it's also going to cause a lot of flux in cryptography. The plan I see is the similar to what I did in selecting the cryptographic algorithms we're using right now: look for leaders in academia and industry that have proven implementations and use those as they recommend migration based on computing capability. Quantum vulnerabilities can be an issue in the future but a vulnerable implementation would be an issue right now.
 
 
Hi Colin, lately XRB has been getting frequently compared to and contrasted with Iota. I was hoping that you could give us your thoughts on the differences between the two and what your general vision for the future of Raiblocks is.
 
It's flattering to be compared to IOTA, they have a very talented team building ambitious technology. When looking at design goals I think one thing we're not attempting to approach is transferring a data payload, we're only looking to be a transfer of value.
There are lots of ideas and technology to be developed in the cryptocurrency space and I want RaiBlocks to solve one section of that industry: the transfer of value. I think the best success would be if RaiBlocks was adopted as the global standard for this and crypto efforts could move to non-value-transfer use-cases.
 
 
Do you see XRB becoming the new payment method for commerce. As in, buying coffee, groceries, etc? Do you have plans for combating the HODL mentality so this currency can actually be used in the future of buying and selling?
 
Being a direct transactional payment method is our goal and we're trying to build software that's accessible to everyone to make that happen. I see holding as a speculative tactic anticipating future increases and you're right, it's not in line with day-to-day transactions. I think as market cap levels off to a more consistent value the reason for holding and speculating goes away and people can instead focus on using it as a value exchange.
 
 
Are you planning to expand the RaiBlocks team over the next 12 months? If so, what types of positions are you hoping to fill?
 
Right now we have about 12 people, half core and half business developers. I think this count is good for working on what we're doing right now which is getting wallets and exchanges worked on. Ideally people outside our team will start developing technology around xrb taking advantage of the network effect to build more technology faster than we could internally. That being said we're going to look in a few months to see if there's anything out there people aren't developing that should be and we'll see what people we need to make it happen.
 
 
At what point did you make the decision to make RaiBlocks your full time job? What was the decision making process like?
 
It was after the week where the core team met here in Austin to brainstorm our next steps. I saw how much enthusiasm there was from crypto-veterans with having a working system capable of being scaled up to what's needed for massive adoption and it seemed the risk needed to be taken.
It was hard decision to make, working in the crypto and finance is rough and I like using my leisure time to work on inventions. Of all the projects ideas I have this one seemed to have a high chance of success and the benefits of having a working, decentralized currency would be huge.
 
 
Hi Colin, what prevents great cryptos like XRB from being listed on bigger exchanges?
 
It's good to understand where the biggest headaches for exchanges lie: support tickets, operations, and development. If a technology is different from what they already have, that takes development time. If the software is new and not widely run, that's potential operations time to fix it which results in support tickets and community backlash. Adding BitCoin clones or Ethereum ICO coins is easy because they don't have these associated risks or costs.
 
 
What can the average RaiBlocks-Fan do to help XRB getting adopted / growing / expanding?
 
I think the best thing an average fan could do is word of mouth and telling people about RaiBlocks. More people being aware of it means there's the possibility someone who's never heard of it before would be interested in contributing as a vendor, developer, exchange etc.
Good advertising or marketing will never be able to reach everyone as well as someone reaching out within their own network.
 
 
Ray or Rye?
 
Ray hehe. It comes from https://en.wikipedia.org/wiki/Rai_stones Lots of people don't know the answer though >_<
 
 
Are you looking at incorperating a datamarket like iota in the future? Given the speed of the network a data exchange for highly accurate sensors could be a game changer.
Further more, are there any plans to increase the Dev team in the future? I read on the FAQ you'd like RaiBlocks to be somewhat of a protocol which is a huge ambition. A Dev from say the Mozilla foundation or other could further cement this ambitious project.
 
Transmitting data payloads is something we probably won't pursue. The concern is adding more features like this could cause us to make decisions that compromise the primary focus points of low-cost and speed for transferring value.
We can add people to the dev team though I think we'll get the most traction by teaching teams in these other organization how to use RaiBlocks so they can be the experts on the subject in their companies.
 
 
Does the actual RaiBlocks version require "Each node in the network must be aware of all transactions as they occur" part? This was in the old white paper and is asked here:
https://www.reddit.com/RaiBlocks/comments/7ksl81/some_questions_regarding_raiblocks_consensus/?st=jbdmgagc&sh=d1c93cca
 
If a node wants to independently know the balances of all accounts in the system, it must at a minimum have storage to hold accounts and all their balances. In order to know all balances it must either listen to transactions as they're happening or bootstrap from someone else to catch up as what happens on startup.
 
 
There is no incentive to run nodes. Some people will do it because it is cheap as fuck (as I read an raspberry pie can run it). But I think not many people will do it.
1. How important are the nodes in terms of further scaling?
2. On which network conditions where the 7000 transactions met?
3. What happens if the transactions per day tenfolds but the nodes don't?
4. How much better will Rai scale if someone sets up, lets say, 100 nodes with awesome hardware and network?
5. How many nodes could be enough for visa level scaling?
6. Which further improvements can be made for Rai IF there needs to be other improvements than setting up new nodes? Are there other concepts like 2nd layer solutions planned?
7. How will Rai defend network attacks?
I know there is an PoW part. But since there a also large attacks on high cap coins on which people invest millions of $ to congest a network..Is it possible that the Rai network will be unusable for several days because of this?
 
I think the out-of-protocol incentives to running a node are under-referenced yet I see them as the primary driving factor for participating as a whole. Node rewards come at the expense of other network participants and in this closed loop the incentives aren't enough to keep a cryptocurrency alive. Long-term there needs to be a system-level comparative advantage to what people are already using for a transfer of value. If someone is using xrb and it saves them hundreds or thousands of dollars per month in fees and customer irritation in delayed payments, they have a direct monetary incentive to using xrb and a monetary incentive in the health of the system.
1) More nodes provides transaction and bootstrapping redundancy. More representatives provides decentralization.
2) The 7k TPS was a profile how fast commodity hardware could eat transactions. All of the real-world limits are going to be something hardware related, either bandwidth, IO, or CPU.
3) The scaling is more related to the hardware the nodes are using rather than the node count. If there was 10x increase in transactions it would use 10x the bandwidth and IO as nodes observe transactions happening.
4) If someone made 100 representative nodes the network would be far more decentralized though the tx throughput would be unchanged since that's a per-node requirement.
5) Scaling to Visa will have high bandwidth and IO requirements on representatives associated with doing 10k IOPS. Datacenter and business class hardware will have to be enough to handle the load.
6) Second layer solutions are always an option and I think a lot of people will use them for fraud protection and insurance. Our primary focus is to make the 1st layer as efficient and high speed as possible so a 2nd layer isn't needed for daily transactions.
7) Defending against network attacks will be an ongoing thing, people like breaking the network for lulz or monetary gain i.e. competing cryptos. If there are attacks we haven't defended against or considered it'll be a matter of getting capable people to fix issues.
 
 
Are you open to changes to the name? (Rai)
What are your plans with regards to marketing?
 
I'm open to it, people get confused on ray/rye pronunciation, not the greatest first impression.
As far as timing I think marketing works best after a more user friendly wallet and integration in to more exchanges otherwise we're sending traffic to something people can't use. We're going to start by focusing on the initial adopters which will likely be enthusiasts and going forward work on the next set of users that aren't enthusiasts but want to drive savings for their business through lower payment processing costs.
 
 
A recent tweet(https://twitter.com/VitalikButerin/status/942961006614945792) from Vitalik Buterin. Could this be a case with testing the scalability of RaiBlocks as well and in reality we wouldn't come close to 7000tx/s?
 
I think he's definitely right, a lot of the TPS numbers are synthetic benchmarks usually on one system. The biggest thing hindering TPS are protocol-specific limits like hard caps or high contention design. The next biggest thing will be bandwidth and then disk IO. Some of these limits can be improved by profiling and fixing code instead of actual limits in the hardware.
We want to get better, real world numbers but our general opinion is that the RaiBlocks protocol is going to be limited by hardware, rather than design.
 
 
Are you planning to add a fiat gateway to the main website and mobile wallet?
 
If we can make it happen for sure, that seems like a very user-focused feature people would want.
The difficulty at least in the US is the money-transmitter licenses which are hard to obtain. More than likely if this functionality was added it'd be a partnership with an established financial company that has procedures in place to operate within countries' regulations.
 
 
I saw a post on /iota that claims that their quantum resistance is a main benefit over raiblocks. Can you go into detail about this? explain any plans you have to let XRB persevere through upcoming quatum revolution?
 
I think everyone with cryptography in their programs is keeping an eye on quantum cryptography because we're all in the same boat. I don't have cryptanalysis credentials so I didn't feel comfortable building an implementation and instead chose to use one off-the-shelf from someone with assuring credentials.
There are some big companies that have made small mistakes that blow up the usefulness of the entire algorithm, it's incredibly easy to do. https://arstechnica.com/gaming/2010/12/ps3-hacked-through-poor-implementation-of-cryptography/
 
 
Hello Colin, is any security audit to the source code planned?
 
We don't have one contracted though both internally and externally this is an important thing people want completed.
 
 
Do you have plans to radically change the interface of the desktop wallet, and to develop a universal, cross-platform, clean and simple UX design for the wallet? This will be huge for mass adoption in my humble opinion
 
I completely agree, we do plan on completely redoing the desktop wallet, both from a UX standpoint and maintainability so UI code doesn't need to be in C++. This could also remove out dependency on QT which is the least permissive license in the code right now.
I write code better than I design GUIs ;)
 
 
It seems like Raiblocks is aiming to be a true currency with it's lacking of transaction fees and fast confirmation times, which is great! If Raiblocks can add some kind of support for privacy then I think it got the whole picture figured out in terms of being "digital cash". Do you currently have any plans to implement privacy features into RaiBlocks?
If Raiblocks is unable to do this, it will still be a straight improvement over things like LTC which are currently being used as currency, but I don't think it will be able to become THE cryptocurrency without privacy features.
 
I love the concept of privacy in the network and it's a hard thing to do right. Any solution used would need to be compatible with our balance-weighted-voting method which means at least we'd have to know how much weight a representative has even if we're hiding actual account balances.
To be fully anonymous it would have to be hide accounts, amounts, endpoints, and also timing information; with advanced network analysis the timing is the hardest thing to hide. Hopefully some day we can figure out an efficient privacy solution though the immediate problem we can solve is making a transactional cryptocurrency so we're focusing on that.
 
 
Could you provide an analysis on the flaws of RaiBlocks? Is it in any way, shape, or form at a disadvantage compared to a blockchain based ledger like bitcoin? There has to be drawbacks, but I haven’t found any.
Do you plan on expanding the dev team and establishing a foundation? Also, how much money is in the development pool?
 
One drawback is to handle is our chain-per-account model and asynchronous updates it takes more code and design. This means instead of one top-block hash for everything there's one for each account. This gives us the power of wait-free asynchronous transactions at the cost of simplicity.
After we finish up things like the wallet, website, and exchange integration we'll be looking at seeing what dev resources we need to build tech if no one else is already working on a particular thing. We have about 6 million XRB right now so we've made the existing dev funds go a long way. If something expensive to build came along and dev funds wouldn't cut it we could look at some sort of external funding.
 
 
How big of a problem is PoW for exchanges and what are potential solutions?
 
Considering how much exchanges stand to make through commission I don't see the cost as a barrier, it's just an abnormal technology request compared to other cryptocurrencies.
We're working on providing a service exchanges can use in the interim until they set up their own infrastructure to generate the work. Other options are containers people can use on cloud services to get the infrastructure they need until they want to invest in their own.
 
 
It's my understanding that since everything works asynchronously, in the case of double spending there is a chance a merchant would receive the block that would be later invalidated and have it shown in it's wallet, even if a little later (1 minute?) the amount would correct when the delegates vote that block invalid. Is there any mechanism to avoid this? Maybe tag the transactions in the wallet as "confirming" and then "confirmed" after that minute? Is there actually any certain way for a wallet to know, in a deterministic/programable way, at what moment a transaction is 100% legit? (for example if the delegates are DoS'ed I guess that minute could be much longer). I know this is an improbable case, but still...
 
Yea you're hitting a good point, the consensus algorithm in the node is designed to wait for the incoming transaction to settle before accepting it in to the local chain for the exact reason you listed, if their transaction were to be rolled back the local account would be rolled back as well.
We can trend the current weight of all representatives that are online and voting and make sure we have >50% of the vote weight accounted for before considering it settled.
 
 
Hey Colin, will you eventually have support for a Trezor or other hard wallet?
 
Yea we'll definitely work with companies like Trezor that are interested in being a hardware wallet for xrb. It's just a matter of making sure they support the signing algorithms and integrating with their API.
 
EDIT: I'm getting a lot of messages asking me how to buy XRB. I used this guide which was very helpful: https://www.reddit.com/RaiBlocks/comments/7i0co0/the_definitive_guide_to_buying_and_storing/
In short -- buy BTC on coinbase, open up an account on bitgrail, transfer that BTC from coinbase to bitgrail, then trade your BTC for XRB. It's a pain right now because it's such a new coin, but soon it will be listed on more exchanges, and hopefully on things like shapeshift/changelly. After that it will be much easier... but until then, the inconvenience is what we have to pay in order to get into XRB while its still early.
EDIT: BAD SCRIPT, BAD!
submitted by atriaxx to RaiBlocks [link] [comments]

1mb Fork Txn

Enclosed find a signed 1mb txn (999,957 bytes), that if mined will fork the network. TxnID: bbb67fc3320d1e9a58c7cd0bb5ead2cff87b243e089e4a21dad669ba28703f32
The outputs of this transaction have the following function, designated by their prefix:
The 1mb signed txn: https://anonfile.com/N2T4Aeb0bb/1mbtxn.txt
Once a client is available that will support relay of this txn, the console interface will likely not support it. To push this txn you'll have to use the RPC interface with a script https://en.bitcoin.it/wiki/API_reference_(JSON-RPC)
from bitcoinrpc.authproxy import AuthServiceProxy, JSONRPCException
rpc_user="Your_User"
rpc_password="Your_Pass"
rpc_connection = AuthServiceProxy("http://%s:%[email protected]:8332"%(rpc_user, rpc_password))
txn = []
f = open('1mbtxn.txt', 'r') #This is the above linked txt file containing the txn
txn = f.read()
f.close()
print(rpc_connection.sendrawtransaction(txn))
if you get this error, your client does not support this txn
64: tx-size
submitted by 1MBforKTR1gAqRLkNbQg to btc [link] [comments]

Ravencoin Open Developer Meeting - 1/4/2019

[14:04] Hi everyone! [14:04] :dabbitwave: [14:04] Hey Everybody! [14:04] Hello 😃 [14:04] Sorry we're getting started a bit late. [14:04] Topics: SLC Meetup (March 15th) [14:04] 👋 [14:04] Roadmap breakdown - posted to github [14:05] IPFS (integration) [14:05] greetings 👋 [14:05] So, SLC Meetup on the 15th! [14:05] Great! [14:05] Hi! [14:06] Hi all — a special thanks to the developers and congratulations on an amazing first year!!! # [14:06] <[Dev] Blondfrogs> Hello Everyone! [14:07] We have a tentative agenda with @Tron , @corby speaking. [14:08] We would like to have nice walkthrough of the Raven DevKit for the meetup. [14:08] We are planning on hosting a meetup in SLC at the Overstock building on March 15th from 6:00pm-9:00pm. It is free admission, but there is a page on meetup.com where people can rsvp so that we have a somewhat accurate headcount for food. [14:08] sup guys [14:08] hey russ [14:09] We are planning on having a few speakers and have allotted a bit of time at the end for people to meet and greet each other. [14:09] can you guys link us to the page somewhere when thats available? 😄 [14:10] free food?! [14:10] todays topic? [14:10] yeah can we indicate pepperoni pizza [14:10] Sounds good to me @Jeroz Nothing ordered yet though. 😃 [14:10] only pepperoni pizza is served at true blockchain meetings right [14:10] :blobhide: [14:10] Absolutely. The itinerary just needs to be finalized and then I'll make a broad post about the rest of the details. [14:11] https://www.meetup.com/Salt-Lake-City-salt-lake-city-Meetup/ [14:11] 😭 so far away [14:11] West Coast! [14:11] @MTarget But there's pizza, so worth the travel time. [14:11] lol [14:12] I'll be watching the stream if its available since i'm from montreal/canada 😛 [14:12] Ah yes, I love $300 pizza 😉 [14:12] as long as I get to see your smiling faces @Tron @RavencoinDev then it's worth the time [14:12] We'll be there. [14:12] We'll be messaging additional details as they get finalized. [14:12] Greeting and salutations! [14:12] sup [14:13] Hey, $300 is considerably cheaper than 2 $3,700,000 pizzas. [14:14] Ok, switching topics... [14:14] yeah its a way to fly, [14:14] question is whether those piza's will be paid for in RVN coin or not :ThinkBlack: [14:14] Roadmap [14:14] It hasn't changed, just added some detail. [14:14] https://github.com/RavenProject/Ravencoin/tree/masteroadmap [14:15] nice [14:15] This now links to a breakdown for messaging, voting, anti-spam, and rewards (dividends) [14:15] will there be any additional RPC functionality coming in the future, thinking in terms of some functions that are only available in ravencore-lib [14:15] apologies if now is not time to ask questions, i can wait for later [14:15] "Phase 7 - Compatibility Mode" - that's new 😮 [14:15] The protocol for messaging is pretty well established, but the rest isn't in stone (code) yet. [14:16] can you give us details on compatibility mode? [14:16] In broad brush strokes. [14:17] The idea is to allow ravend to act as a daemon that looks like a single coin. [14:17] so ravend that only works with the bitcoin asset? [14:18] interesting [14:19] So you start it with an option to only work with a single asset/token account or something? [14:19] hmm compelling what is the reason for this? some kind of scale or performance? [14:19] ^ [14:19] Example: Configure ravend to listen for transfer RPC call for senttoaddress or sendfrom, but for a specific asset. This would allow easy integration into existing system for assets. [14:20] Only the daemon or the whole wallet UI? [14:20] yeah thats great, rpc functions dont allow us to do this yet, if i recall [14:20] or at least we depend more on ravencore lib [14:20] so like asset zmq [14:20] that's smart [14:20] @Tron it also sounds like it makes our life easier working with RPC, instead of core all the time for some functionality [14:21] if i understand correctly anyways [14:21] So you could run numerous instances of ravend each on their own network and RPC port, each configured for a different asset. You would need some balance of RVN in each one to cover transaction fees, then. [14:21] id be curious to know what all the advantages are of this [14:21] one more question, how would i decentralize the gateway between bitcoin mainnet/ravencoin mainnet? in the current RSK implementation they use a federated gateway, how would we avoid this? [14:21] it sounds neato [14:21] Just the daemon. The alternative is to get exchanges to adapt to our RPC calls for assets. It is easier if it just looks like Bitcoin, Litecoin or RVN to them, but it is really transferring FREE_HUGS [14:22] That makes sense. Should further increased exchange adoption for each asset. [14:22] hmm yeah its just easier for wallet integration because its basically the same as rvn and bitcoin but for a specific asset [14:22] so this is in specific mind of exchange listings for assets i guess [14:23] if i understand rightly [14:23] @traysi Gut feel is to allow ravend to handle a few different assets on different threads. [14:23] Are you going to call it kawmeleon mode? [14:23] Lol [14:23] I read that as kaw-melon mode. [14:24] same lol [14:24] so in one single swoop it possible to create a specific wallet and server daemon for specific assets. great. this makes it easier for exchanges, and has some added advantages with processing data too right? [14:24] Still keeping a RVN balance in the wallet, as well, Tron. How will that work is sendtoaddress sends the token instead of the RVN? A receive-RVN/send tokens-only wallet? [14:25] @traysi Yes [14:25] sendtoaddress on the other port (non RVN port) would send the asset. [14:25] This will be a hugely useful feature. [14:25] ^ [14:26] @Tron currently rpc function not support getaddresses senttowallet and this has to be done in ravencore lib, will this change you propose improve this situation [14:26] Config might look like {"port":2222, "asset":"FREE_HUGS", "rpcuser":"hugger", "rpcpass":"gi3afja33"} [14:26] how will this work cross-chain? [14:28] @push We'd have to go through the rpc calls and work out which ones are supported in compatibility mode. Obviously the mining ones don't apply. And some are generic like getinfo. [14:28] ok cool 👍 cheers [14:29] for now we continue using ravencore lib for our plans to keep track i just wondering if better way [14:29] as we had some issue after realising no rpc function for getting addresses of people who had sent rvn [14:29] @push | ravenland.org all of the node explorer and ravencore-lib functionality is based on RPC (including the addressindex-related calls). Nothing you can't do with RPC, although I'm not sure of the use cases you're referring to.. [14:29] interesting, so ravencore lib is using getrawtransaction somehow [14:29] i thought this may be the case [14:29] that is very useful thankyou for sharing this [14:30] look into addressindex flag and related RPC calls for functions that operate on addresses outside your wallet [14:30] thank you that is very useful, tbh i am not very skilled programmer so just decoding the hex at the raven-cli commandline was a challenge, i shall look more into this, valued information thanks as this was a big ? for us [14:31] Ok, things have gone quiet. New topic. [14:31] IPFS (integration) [14:31] GO [14:33] ... [14:33] <[Dev] Blondfrogs> So, we have been adding ipfs integration into the wallet for messaging. This will allow the wallets to do some pretty sweet stuff. For instance, you will be able to create your ipfs data file for issuing an asset. Push it to ipfs from the wallet, and add the hash right into the issuance data. This is going to allow for a much more seamless flow into the app. [14:34] <[Dev] Blondfrogs> This ofcourse, will also allow for users to create messages, and post them on ipfs and be able to easily and quickly format and send messages out on the network with ipfs data. [14:34] It will also allow optional meta-data with each transaction that goes in IPFS. [14:34] will i be able to view ipfs images natively in the wallet? [14:34] <[Dev] Blondfrogs> Images no [14:34] We discussed the option to disable all IPFS integration also. [14:35] @russ (kb: russkidooski) Probably not. There's some risk to being an image viewer for ANY data. [14:35] No option in wallet to opt into image viewing? [14:35] cool so drag and drop ipfs , if someone wanted to attach an object like an image or a file they could drag drop into ui and it create hash and attach string to transaction command parameters automatically [14:35] We could probably provide a link -- with a warning. [14:35] nomore going to globalupload.io [14:35] :ThinkBlack: [14:35] I understand that the wallet will rely on globalupload.io. (phase 1). Is it not dangerous to rely on an external network? Or am I missing something? [14:36] hmm [14:36] interesting, i suppose you could hash at two different endpoints and compare them [14:36] if you were that worried [14:36] and only submit one to the chain [14:36] You will be able to configure a URL that will be used as an IPFS browser. [14:36] Oh ic [14:36] you wont flood ipfs because only one hash per unique file [14:36] <[Dev] Blondfrogs> There are multiple options for ipfs integration. We are building it so you can run your own ipfs node locally. [14:36] <[Dev] Blondfrogs> or, point it to whatever service you would like. e.g. cloudflare [14:36] this is very cool developments, great to see this [14:37] Just like the external block explorer link currently in preferences. [14:37] @[Dev] Blondfrogs what about a native ipfs swarm for ravencoin only? [14:37] We have discussed that as an option. [14:37] @push | ravenland.org Considering having a fallback of upload through globalupload.io and download through cloudflare. [14:37] <[Dev] Blondfrogs> @russ (kb: russkidooski) We talked about that, but no decisions have been made yet. [14:37] yeah, i would just use two endpoints and strcompare the hash [14:37] as long as they agree good [14:37] submit tran [14:38] else 'potentially mysterious activity' [14:38] ? [14:38] if you submitted the file to ipfs api endpoints [14:38] Will the metadata just be a form with text only fields? [14:39] and then you would get 2 hashes, from 2 independent services [14:39] that way you would not be relying on a central hash service [14:39] and have some means of checking if a returned hash value was intercepted or transformed [14:39] i was answering jeroz' question [14:40] about relying on a single api endpoint for upload ipfs object [14:40] We have also kicked around the idea of hosting our own JSON only IPFS upload/browse service. [14:41] I have a service like this that is simple using php [14:41] we only use it for images right now [14:41] but fairly easy to do [14:41] Yup [14:42] Further questions about IPFS? [14:43] contract handling? file attach handling? or just text fields to generate json? [14:44] trying to get an idea of what the wallet will offer for attaching data [14:44] Probably just text fields that meet the meta-data spec. [14:44] ok noted [14:44] What do you mean by contract handling @sull [14:45] We won't prevent other hashes from being added. [14:45] asset contract (pdf etc) hash etc [14:45] <[Dev] Blondfrogs> also, being able to load from a file [14:45] got it, thanks [14:47] Let's do some general Q&A [14:48] Maybe just a heads up or something to look for in the future but as of right now, it takes roughly 12 hours to sync up the Qt-wallet from scratch. Did a clean installation on my linux PC last night. [14:48] Any plans or discussions related to lack of privacy of asset transfers and the ability to front run when sending to an exchange? [14:48] ^ [14:48] Is there a way to apply to help moderate for example the Telegram / Discord, i spend alot of time on both places, sometimes i pm mods if needed. [14:49] Any developed plans for Asset TX fee adjustment? [14:49] also this^ [14:49] @mxL86 We just created a card on the public board to look into that. [14:49] General remark: https://raven.wiki/wiki/Development#Phase_7_-_Compatible_Mode = updated reflecting Tron's explanation. [14:49] @mxL86 That's a great question. We need to do some profiling and speed it up. I do know that the fix we added from Bitcoin (that saved our bacon) slowed things down. [14:50] Adding to @mxL86 the sync times substantially increased coinciding with the asset layer activation. Please run some internal benchmarks and see where the daemon is wasting all its cycles on each block. We should be able to handle dozens per second but it takes a couple seconds per block. [14:50] @BW__ no plans currently for zk proofs or anything if that's what you're asking [14:50] You are doing a great job. Is there a plan that all this things (IPFS) could be some day implemented in mobile wallet? Or just in QT? [14:50] i notice also that asset transactions had some effect on sync time as we were making a few. Some spikes i not analysed the io and cpu activity properly but will if there is interest [14:51] we are testing some stuff so run into things i am happy to share [14:51] @BW__ Might look at Grin and Beam to see if we can integrate Mimble Wimble -- down the road. [14:51] yeees [14:51] @J. | ravenland.org work with the telegram mods. Not something the developers handle. [14:51] i love you [14:51] @J. | ravenland.org That would be best brought up with the operators/mods of teh telegram channel. [14:51] @corby @Tron thnx [14:51] @S1LVA | GetRavencoin.org we're planning on bumping fees to... something higher! [14:51] no catastrophic failures, just some transaction too smals, and mempool issues so far, still learning [14:52] @corby i thought that this may happen :ThinkBlack: [14:52] @corby x10? 100x? 1000x? Ballpark? [14:52] Definitely ballpark. [14:52] 😃 [14:52] 😂 [14:52] Is a ballpark like a googolplex? [14:53] @push | ravenland.org asset transactions are definitely more expensive to sync [14:53] yes yes they are [14:53] they are also more expensive to make i believe [14:53] 10,000x! [14:53] as some sync process seems to occur before they are done [14:53] @traysi ★★★★★ thanks for the suggestions we are going to be looking at optimizations [14:53] But, it is way slower than we like. Going to look into it. [14:53] i do not understand fully its operation [14:53] 1000x at minimum in my opinion [14:53] its too easy to spam the network [14:54] yes there has been some reports of ahem spam lately [14:54] :blobhide: [14:54] 😉 [14:54] cough cough ravenland [14:54] @russ (kb: russkidooski) we're in agreement -- it's too low [14:54] default fee 0.001 [14:54] ^ something around here [14:54] @corby yep we all are i think [14:55] waaay too low [14:55] meaningful transactions start with meaningful capital expense [14:55] though there is another scenario , there are some larger volume, more objective rich use cases of the chain that would suffer considerably from that [14:55] just worth mentioning, as i have beeen thinking about this a lot [14:55] there are some way around, like i could add 1000 ipfs hashes to a single unique entity, i tested this and it does work [14:56] @russ (kb: russkidooski) What would you suggest. [14:57] I had a PR for fee increase and push back. [14:57] Ignore the push back. 0.001 RVN is not even a micro-farthing in fiat terms [14:57] definitely around 1000x [14:57] Vocal minority for sure [14:57] ^ yep [14:57] @russ (kb: russkidooski) That sounds reasonable. [14:57] Couple hundred Fentons [14:58] right now an asset transaction is 0.01 of a penny essentially [14:58] 1 RVN would work now, but not when RVN is over $1. [14:58] yes exactly [14:58] Hi. Late to the party. [14:58] We are also talking about a min fee. The system will auto-adapt if blocks fill up. [14:58] im thinking tron, some heavy transaction use cases would fall out of utility use if that happened [14:58] so whats the thinking there [14:59] is there a way around the problem, bulked ipfs hash transactions? [14:59] 1000x would put us around btc levels [14:59] maybe a minimum 500x? [14:59] @russ (kb: russkidooski) Agreed. [14:59] <[Dev] Blondfrogs> It is time to wrap it up here. Everyone. Thank you all for your questions and thoughts. We will be back in 2 weeks. 😃 [14:59] Small increase and review. [14:59] Thanks all! [14:59] Cheers. [15:00] yeah sorry for 1 million questions guys hope i didnt take up too much time [15:00] cheers all 👍 [15:00] Thanks everyone [15:00] Thanks everyone for participating!!! [15:00] That is what we are here for [15:00] 100x-500x increase, 1000x maximum [15:00] 🍺

submitted by Chatturga to Ravencoin [link] [comments]

DARK WEB HARD DRIVES - YouTube The Case For The Million Dollar Bitcoin. It Is Possible? When Will It Happen? Bitcoin in 2020: 50K, 100K or 2K?  Tone Vays Interview TRON TRX MORE ACTIVE USERS & DAPPS THAN EOS! EOS VOICE NEWS! MY TAKE ON LBRY.TV! Der Neue Wiesentbote - YouTube

Add Push Industries to your contacts, if your CSPA charges are enabled. No need to link contracts in game or notify us that you have made a contract. Our system will detect it automatically. You can view your contracts anytime at MyPushX; Join our channel "PushX" in game. This is the approved revision of this page, as well as being the most recent. From Bitcoin Wiki. Jump to: navigation, search <Block header is on stack> OP_SHA256d; PUSH...: various other merged chains as merkle links; PUSH: N of merkle links; OP_MERKLEROOT_FROMLINKS; Inside parent chain coinbase: PUSH: coinbase prefix midstate; OP_SWAP; OP_SHA256FINISH; OP_SHA256 (to get a SHA256d result; the parent chain coinbase's txid) PUSH...: various other transactions in parent ... From Bitcoin Wiki. Jump to: navigation, search. Byte-map of Transaction with each type of TxIn and TxOut. An transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. Transactions are not encrypted, so it ... This page was last edited on 13 June 2013, at 19:17. Content is available under Creative Commons Attribution 3.0 unless otherwise noted.; Privacy policy; About ...

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DARK WEB HARD DRIVES - YouTube

03:26 Bitcoin Hype Cycles Will Help Push The Price Up 04:47 Hype Cycles Bring Attention To Bitcoin From All Walks of Life & Create Die Hard Holders 05:59 Die Hard Holders & Halving Events Create ... Impressum / Anbieterkennzeichnung Betreiber des Kanals ist Der Neue Wiesentbote c/o faktor i medienservice www.faktori.de Verantwortlich für diesen Kanal: Al... Bitcoin is Ready to Move CryptosRUs 410 watching Live now EOS & Golem Testnets Launch; Bitcoin Warning to Wall Street; Venezuela Pushes Crypto 'Petro' - Duration: 17:36. UPDATES: http://bit.ly/2WxOemI this is the dark web hard drive Watch Part 1 Here!!! - https://youtu.be/f0VUsAqUEyk Exact messages in notes: * i tried to atta... Bitcoin in 2020: could Bitcoin reach its potential targets of 50K and 100K or could it drop to 2K? We examine the charts with Tone Vays and Alessio Rastani. #Bitcoin #ToneVays #AlessioRastani For ...

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