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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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Smartmining.cc Review: 2%-4% daily for 60-180 days with principal included

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(10) 100000–2999999 GH/s, 3.5% daily profit
(11) 3000000 GH/s, 4% daily profit
Deposit works according to the selected contract, and the contract is from 60 to 180 days. You should deposit money into your balance first, and then buy Hash with the money on your balance. Your initial deposit is already in your daily profit, so principal will not be returned in the end.
For example, I buy GH/s with $200, and choose the 60 day contract. My daily profit will be 2.5% for 60 days. At the end of investment term, I will get back $300 totally($100 profit with $200 initial deposits).
But there is one things you should know that you must choose which ecurrency you want to mining, or we can say like this, which ecurrency you want your daily profit to be paid to. For example, if you want your daily profit to be paid through BTC, then you should turn off all other ecurrency mining process and only leave BTC mining. You can see the mining choice on the “Mining” page of their website.
Promotional Rewards(7%-2%)
For promoters, Smartmining.cc has developed a profitable partner program, which has two levels. First level is 7%, and second level is 2%. Unlike most HYIP projects, promoters can configure refback for your referrals on the page “Partners”. I already set 100% RCB for my direct active investors. Welcome to join under my team.
Payment Options
PerfectMoney, Payeer, Bitcoin, Litecoin, Ethereum, BitcoinCash, Ripple, Dash, Zcash, Tether, Dogecoin and USD Cash.
Withdrawal Type
The request for withdrawal is processed within an hour but no more than 48 hours. Minimal amount for withdrawal is: Bitcoin 0.001, Litecoin 0.1, Dogecoin 1000, Dash 0.05, Ethereum 0.01, Ethereum Classic 0.5, Bitcoin Cash 0.01, Zcash 0.05, Ripple 10, USD Cash 1, Tether 1, Dollar 1
Whois Details
Domain Time: 2020/05/25–2020/05/25
IP Address: 2020–05–25104.27.188.23–574 other sites hosted on this server
IP Location: Texas — Dallas — Cloudflare Inc.
ASN: AS13335 CLOUDFLARENET, US (registered Jul 14, 2010)
Summary
Smartmining.cc designs an original template for its website, and it now supports 10 languages. So you can choose your native language at their top menu. Recent deposits and withdrawals are shown at the bottom part of their website, you can refer to the data according to your own experience. In my view, the profit Smartmining.cc provides is in normal range, and the referral system also designs in a reasonale mechanism. So, any investor who is interested can take part in with their spare money.
At the right side bottom of their website, you can find a group chat widget. Click it, and you can communicate with other investors online. If you still have other questions, you can contact admin through the info below.
Contact Info
Email: [email protected]
Twitter: https://twitter.com/smart_minig
Register: https://smartmining.cc/partnehyiper
More: https://www.hyiper.net/blog/185.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

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]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

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submitted by MULTIELECTRONICS to u/MULTIELECTRONICS [link] [comments]

RX 5700 (NON XT) Mining Performance (7/28/2019)

**Disclaimer**
[Still testing, and Tuning but the new AMD RDNA Architecture is new and not only is AMD still optimizing drivers, the mining Developers who DO NOT get GPU's sent to them, are still working on optimizations. Please be patient with me as I continue to test and allow sufficient time for new miners to be developed.]
Same stuff different day just as with the RX 590 Fatboy and RTX 2080, I will be testing the RX 5700 over time as new miners come out, to compare price to performance for mining. Below are some of my results when testing the new AMD RX 5700 (Non XT) graphics card mining performance, now I was only able to get a few working. I did some videos on its Gaming performance and the "SoftPowerPlayTables" mod from Igor's Lab at Tom's Hardware, which allowed the RX 5700 to really stretch its legs. Allowing this Non-XT model to surpass the RTX 2060 Super and even get on par with the first Gen RTX 2070. Moving forward, as new miners are release I will update my numbers and test when I can.
***UPDATE: 7/31/19 - New Phoenix Miner 4.5c still only getting 2 - 4 Mhs, XMR Stak 2.10.7, only Algo that will run is RYO
***UPDATE: 9/15/19 - Updated Power Draw numbers, as my Watt Meter died, new one in and retested Algos below
***UPDATE: 12/14/19 - Updated and added Algos as miner support was implemented. Retesting with Radeon Adrenalin 2020 driver
***UPDATE: 1/22/19 - Updated additional miners as support was implemented. Retesting with Radeon Adrenalin 2020 driver (20.1.3)
RX 5700 GPU
Driver Currently in Use:
Mining Performance AMD DRIVER - Adrenalin Edition 19.9.1
OverdriveNTool 0.2.8
Average temps during mining
Stock Setup: 65c - 72c
Aggressive Fan Curve: 40% - 75%
Algo (Mining Program) / OC settings (volt mV) / Power draw

Claymore Miner (Updates will Follow) [ UPDATED 9/15/2019 got new Kill-A-Watt Meter ]
ETH (Claymore Miner V 15) STOCK*** 49.5 MHs 1750 Core (1037 mV) / Mem 1750 (850mV) 155 Watts
ETH (Claymore Miner V 15) SPPT Mod*** 51 MHs 1900 Core (1037mV) / Mem 1800 (850mV) 155 Watts
ETH (Claymore Miner V 15) SPPT Mod*** 53.2 MHs 1750 Core (990mV) / Mem 1850(850mV) 160 Watts
ETH (Claymore Miner V 15) SPPT Mod*** 53.5 MHs 1750 Core (990mV) / Mem 1860 (850mV) 160 Watts
ETH (Claymore Miner V 15) SPPT Mod*** [Best Config] 52.6 MHs 1325Core (900mV) / Mem 1860 (850mV) 115 Watts

Claymore Miner (Updates will Follow) [ UPDATED 9/15/2019 got new Kill-A-Watt Meter ]

ETH (Phoenix Miner) STOCK*** 48.8 MHs 1750 Core (1037 mV) / Mem 1750 (850mV) 155 Watts
ETH (Phoenix Miner) [Best Config] 53.4 Mhs 1250 Core (750 mV) / Mem 1850 (850 mV) 115 Watts

ProgPow | BCI - Bitcoin Interest (ethminer not working on Navi ATM)
Phoenix Miner 4.9c Stock 1.44 Mhs 1750 Core (1018mV) / Mem 1750 (850mV) 140 Watts
Phoenix Miner 4.9c 1.291 1500 Core (805mV) / Mem 1850 (850mV) 96 Watts
WildRig Multi Miner
Blake2b (WildRig Multi (0.20.1) 1.86 Ghs 1750 Core (1018mV) / Mem 1750 (850mV) 132 Watts
Blake2s (WildRig Multi (0.20.1) 4.7 Ghs 1750 Core (1018mV) / Mem 1750 (850mV) 128 Watts
BMW512 (WildRig Multi (0.20.1) 1.05 Ghs 1750 Core (1018mV) / Mem 1750 (850mV) 130 Watts
Lrya2Rev3 (WildRig Multi (0.20.1) 61.4 Mhs 1750 Core (1018mV) / Mem 1750 (850mV) 160 Watts
Lrya2Rev2 (WildRig Multi (0.19 Beta) 1.04 Khs 1750 Core (1018mV) / Mem 1750 (850mV) 160 Watts
Lrya2vCoban (WildRig Multi (0.19 Beta) 54.5 Mhs 1750 Core (1018mV) / Mem 1750 (850mV) 160 Watts
MTP (WildRig Multi (0.20.1) 2.5 Mhs 1750 Core (1018mV) / Mem 1750 (850mV) 152 Watts

XMR-Stak (Updates will Follow)
Cryptonight-GPU - RYO (XMRStak 2.10.8) 1.42 Khs (1 Thread) 1750 Core (1018 mV) / Mem 1750 (850mV) 132 Watts
Cryptonight-GPU - RYO (XMRStak 2.10.8) 1.62 Khs (2 Threads) 1750 Core (1018 mV) / Mem 1750 (850mV) 155 Watts
Cryptonight-GPU - RYO (XMRStak 2.10.8) 1.89 Khs (2 Threads) 1900 Core (1018 mV) / Mem 1750 (850mV) 160 Watts
Cryptonight-GPU - RYO (XMRStak 2.10.8) 1.89 Khs (2 Threads) Undervolt 1900 Core (1000 mV) / Mem 1750 (850mV) 155 Watts
Cryptonight-Conceal - CCX (XMRStak 2.10.8) 2.23 Khs (1 Thread) 1750 Core (1018 mV) / Mem 1750 (850mV) 116 Watts

XMR-Stak - Cryptonight-R
Cryptonight-R (XMRStak 2.10.7) 1.1 Khs (2 Threads) Undervolt 1325Core (800mV) / Mem 940 (850mV) 90 Watts
Cryptonight-R (XMRStak 2.10.7) 1.145 Khs (2 Threads) 1750 Core (1018 mV) / Mem 875 (850mV) 128 Watts

LOL miner - Grin 29
Grin29 (LoLMiner 0.8.8) 5.2 G/s 1750 Core (1037 mV) / Mem 1750 (850mV) 128 Watts
Grin31 (LoLMiner 0.9.3) 0.95 G/s 1750 Core (1037 mV) / Mem 1750 (850mV) 130 Watts

RX 5700 Mining Performance (WildRig - XMRStak)
submitted by cmvjax to gpumining [link] [comments]

Obelisk's Sia ASICs - Full Details

https://obelisk.tech
Sia is releasing a 28nm, full-custom ASIC. This ASIC will be a complete package, similar to an antminer. You will receive a mining box that includes chips, power supplies, etc. Minimal setup will be required to get the miner working.
The miner is in early development already. We have begun the process of chip design, hardware design, and supply chain management. We have had conversations with previous ASIC manufacturers, and we have been warned about delays, unexpected costs, and myriads of pitfalls that throw off estimations. For this reason, we have set a conservative shipping date of June 2018. If the miners are ready sooner, they will be shipped sooner. If all goes well (and it rarely does, especially for first time manufacturers), we could see the miners shipping before March 2018.
Following the presale, we will be posting a development roadmap on our website that includes all the major steps of development. We will be crossing off steps in the roadmap as we complete them, which will allow the community to follow our progress, have visibility into delays, and will be able to see the places where we are ahead of or behind schedule.
The estimated hashrate is 100 GH/s. We will not know the exact hashrate until later in the development process, however we have confidence that 100 GH/s is a low bar to hit. We may end up shipping miners with a much higher hashrate, and will continue updating the estimated hashrate as we get more accurate estimates for how the chips will perform. The estimated power draw is 500w, though it may be significantly less.
The price of the unit is going to be $2499. Chip manufacturing is expensive, supply chains are expensive, and there are a lot of single-time costs that go into making miners. Future batches will likely have lower prices, however they will also ship later.
We will be selling the miners for Bitcoin. We expect the sale volume to be very large (in the tens of millions of dollars), and we feared that the Sia cryptocurrency would not have enough liquidity to handle all of that volume, resulting in the price rising quickly as people scramble to buy Siacoin for the ASIC, and then the price falling quickly as we convert the Siacoin to USD. This is the worst of both worlds - participants buy the siacoin at a premium, and then we sell them at a discount. Bitcoin has much, much deeper liquidity, and we can sell large volume of Bitcoin quickly without moving the price too much.
We will be converting the Bitcoin to USD as fast as possible. If the price fluctuates by more than 5% before we are able to convert, we will need to request more coins to cover the difference, or cancel the order. If the price fluctuates upwards by more than 5% before we convert, we will return the difference.
The sale and shipment of ASICs on the Sia network is going to dramatically increase the hashrate. When considering how much revenue you may get from a unit, please take into account the fact that we are selling enough units to potentially 10x or 100x the difficulty. If another ASIC manufacturer decides to start selling Sia ASICs, the hashrate may go up by more than just the number of units we sell. Please also consider that the block reward is decreasing. Today, the block reward is about 189,000 siacoins per block. By June 2018, our ship date, the block reward is going to be closer to 135,000 siacoins per block, decreasing by 1 siacoin per block (or 4320 siacoins per month).
The presale will be open for 7 days. There is no rush - people who buy on the fourth day will receive the same treatment as people who buy on the first day. The sale will not close early, and while we reserve the right to deny purchases, we have chosen not to put a cap on the number of units sold. We may pre-sell additional batches before the first batch ships. The first batch will have priority when we begin shipping, and if the later batches will be shipping shortly after, those later batches will be sold at a higher price. People who buy in on the first batch will receive both price preference and shipping date preference as a reward for taking on the most risk.
Obelisk is the company that will be producing these chips. Obelisk is a fully owned subsidiary of Nebulous Inc. Nebulous is the company that employs all of the Sia core developers.
Obelisk has plans for growth in the future. None of these plans are finalized as we are primarily focusing on shipping this miner, but potential future products include:
Finally, we plan to introduce decentralized mining pools into the Sia ecosystem before we ship the miners. Hosts will have the option of running their own mining pool, and then miners can detect the hosts by checking the blockchain and the peer network, forming payment channel contracts with them and participating in fully decentralized mining. This should help alleviate the pool centralization that is seen in most PoW cryptocurrencies.
We are very excited about our new company, and hope that you share in our excitement. Feel free to ask any questions.
submitted by Taek42 to siacoin [link] [comments]

Where can I make beer money CPU mining with a stack of 10 - 20 PCs

Doing the math it would take me a year of mining Bitcoin with 20 average desktop PCs just to earn $5
I could obviously but these PCs to better use running a Distributed.net project but we're here to make Beer money not cure Cancer. I'm a horrible person I know
Anyplace where I can make some money off these CPU cycles?
submitted by Kicker774 to beermoney [link] [comments]

0xBitcoin General, weeks 33 and 34, 2018

Since the vast majority of the discussion is on the Discord and thus not quite as easily accessible as it could be, then I've decided to start a general thread here to get more information out. It's probably appropriate to keep it bi-weekly for the moment, but that will definitely be revised as the community grows and the interaction gets more frequent.
 
Some general stats:
Mining difficulty: 864,881,523 (next: ~660,719,268)
Estimated hashrate: 560.78 Gh/s
Rewards until readjustment: 804 (~2.0 months)
Current average reward time: 107.81 minutes
Tokens minted: 2,980,550 0xBTC
Token holders: 4300 holders
Total contract operations: 184324 txs
Source: https://0x1d00ffff.github.io/0xBTC-Stats/?page=stats&#
 
Tokens required to be a top holder:
Top 10: 35486.89301407 0xBTC
Top 25: 20096.4049453 0xBTC
Top 50: 12550 0xBTC
Top 100: 5776 0xBTC
Top 200: 2500 0xBTC
Top 300: 1348.08 0xBTC
Top 500: 545.46623471 0xBTC
Top 1000: 144.43724951 0xBTC
Source: https://etherscan.io/token/0xb6ed7644c69416d67b522e20bc294a9a9b405b31#balances
 
Some general stuff that's been happening on the Discord lately:
1) A user named Bog offered to help us with advertising towards the Chinese market, claiming to have a lot of expertise in this field. Since that process is rather time-consuming, then he asked the community for a pay of 500 0xBTC in return. However, being a grassroots project, the community doesn't really have that much money to throw around and the offer was declined. Bog agreed to volunteer the work in return for donations. If he does indeed manage to pull off what he promised to do, then his efforts will greatly advance our cause. If you find this work to be valuable, then you can donate to him at 0xb98A7fE6Ce9195d7c173E7bc31E58b5Ade1BFEcf
2) Fexra, a developer for Turtlecoin, dropped by our Discord and had a bit of a chat with the community. He seemed to be pretty impressed by our project and commended it for its integrity. He also introduced the basics of Turtlecoin, which looked to be pretty promising for such a low cap coin.
3) A user named Avidity offered to get us listed on https://tokenpayments.io for $500 to $1000. Infernal_toast declined the offer, stating that "there was no ICO sorry; no funds; go list a centralized ICO coin; pure mined just isnt for you maybe; the better DEXes will have the pure mined tokens".
4) 0xBitcoin was listed on Coincheckup, where it got a coin rating of 3.1/5, mostly owing to its non-existent brand awareness and marketing. https://coincheckup.com/coins/0xbitcoin/
5) There was some general talk about new exchange listings. It turns out many decent exchanges like YoBit and Bittrex (and even Binance) list coins for free if they are innovative enough and provide some actual value. 0xBTC ticks those boxes, but larger exchanges usually want a bit more liquidity and some more users on an asset before listing it, so we're probably still a while away from those.
6) Userbrn ran a community donation for a marketing fund that ended up reaching 0.45 ETH and 298 0xBTC. The ads will be shown on different crypto-themed subreddits and will run for approximately a few weeks, directing people to the 0xBitcoin sub.
 
If you're interested in knowing more about any of these points, then just go to the discord and search for the users or topics mentioned to avoid manually scrolling through the history. There's probably a bunch of stuff that I missed and also a lot of things that are yet to come, so feel free to add whatever you think is missing and let's keep this thread updated over the course of the next 2 weeks.
submitted by MoonMission1000 to 0xbitcoin [link] [comments]

Frequently Asked Questions

NOTICE

This post is a temporary resting place for FAQs while we wait for the release of VertDocs.

What is Vertcoin?

Vertcoin is a digital peer to peer currency focused on decentralization and ASIC resistance. Vertcoin is aiming to be easily accessible to the everyday user without extensive technical knowledge. Vertcoin has started to lower the barrier of entry with lots of video guides and the development of the One Click Miner (OCM).

Why does ASIC Resistance Matter?

ASICs (Application Specific Integrated Circuits) are dedicated mining devices that can only mine one algorithm. Coins like Bitcoin and Litecoin both made GPU mining obsolete when SHA-256 and Scrypt ASICs were created.
ASIC Resistance and How it Makes Vertcoin Decentralized
Vertcoin believes that ASIC resistance goes hand in hand with decentralization.
ASICs are made by companies like Bitmain and almost all the original sellers of ASICs sell on a preorder basis. When pre ordering an ASIC you are buying from a limited batch that the ASIC company has produced. Often times the batch will not be fully filled and the ASIC company will often have left over ASICs. When the ASIC company has left over ASICs they will put them to work mining. Soon enough the ASIC company will have a very large amount of unsold ASICs that are mining and slowly the ASIC company starts to own a large part of the network’s hashrate. When an ASIC company(s) starts to own a large majority of the hashrate the network can become very centralized after a while.
Having your network consist of a few large companies can be very dangerous as they could eventually get 51% hashing power and 51% attack your network, destabilizing the network. When your network is made out of a lot of smaller miners, like Vertcoin, it is much harder for your network to be 51% attacked, therefore increasing network security. By having centralized hashing power your coin effectively centralizing the network as the centralized hashing power can deny transactions and stop any activity they don’t want.

What Ways is Vertcoin Superior to Litecoin and Bitcoin?

Network Difficulty Adjustments with Kimoto Gravity Well
Vertcoin uses a difficulty adjustment called Kimoto Gravity Well which adjusts the difficulty every block, whereas Bitcoin and Litecoin’s difficulty changes every 2016 blocks. By adjusting the difficulty every block Vertcoin’s block time can stay consistent by adjusting for the fluctuation in network hash rate from hash rate renting and part time miners. If a large miner switches off Bitcoin or Litecoin mining the network could be slowed to a crawl until 2016 blocks are mined and the difficulty can change to adjust for the new network hash rate. We observed this happen to Bitcoin when Bitcoin Cash became more profitable than Bitcoin and Bitcoin’s network hash rate saw a steep fall off, slowing the network to a crawl. If this was to happen with Vertcoin the difficulty would adjust after 1 block was mined, allowing Vertcoin to always be profitable to mine.
Anyone can Meaningfully help Verify Transactions
In Proof-of-Work crypto currencies miners help secure the blockchain and get rewarded with the block reward. In ASIC mineable coins like Bitcoin and Litecoin you can’t meaningfully verify transactions unless you pay 1000-2000$ for a ASIC miner. When you mine with a CPU or GPU in a ASIC mineable coin you make no meaningful impact on the network. It is like trying to break concrete with a shovel while everyone else has a jackhammer.
Simple Upgrades Aren’t Held back by 1-2 Large Miners
In ASIC market people buy ASICs in batches in a preorder. With Bitcoin ASICs there is not enough demand for ASICs so the batch often doesn’t get sold out so now the manufacturer has spare ASICs. Now that the manufacturer has spare ASICs they will often start mining with them and eventually the ASIC company has one of the highest hash rates. If the ASIC company doesn’t want a certain upgrade to go through, for example SegWit, they can vote with their hash rate to hold back the upgrade forever or at least until people who want SegWit get more hash rate.
You Have a Say in Protocol Rules and Consensus
In Bitcoin you are a passive observer because you can only issue transactions and you have no part in the process after that. In Vertcoin you can be apart of the process for deciding the ordering of transactions and deciding what transactions get into blocks.
Block Rewards and Transaction Fees are Distributed Evenly
In Bitcoin and Litecoin the block rewards and transaction fees are often given to the large miners in China due to mining centralization created by ASICs. Vertcoin distributes its mining rewards to people all around the world thanks to the mining decentralization.

When will Atomic Swaps Be Ready?

Atomic Swaps can be done in two flavors: On-chain and Off-chain (via Lightning Network). On-chain swaps were actually done already using Blocknet, you can see it in use on Youtube. We're looking into doing it again using Interledger.
However our main focus is to do off-chain Atomic Swaps using Lightning Network technology. Because it has the same benefits as Lightning transactions: No network fees and instant transactions.
For off-chain swaps we need Lightning Network to be fully operational. It's difficult to give an ETA on that since we aren't the ones developing it. U/gertjaap posted a video on the current state of the Lightning Network for Vertcoin a while ago, which you can see here.
This was actually the "bleeding edge" of Lightning Network at the time. was able to use it on VTC's main net, meaning that our blockchain is ready for the good stuff. As you can see however, it can't yet be considered production ready (most users would want a little better UX than a command line app).
Now off-chain Atomic Swaps is a technique based on the same principles as Lightning Network, but adds an extra complexity for it being across chains. So it's basically the same as a "multi hop" Lightning payment, which is not yet built by any of the implementations. They're still working hard on making the single-hop payments robust. So in order for AS to be possible, LN has to be fully operational.
A timeline cannot be given at this time, because frankly we don't know. The implementation of Lightning Network we feel has the most potential is LIT, because it supports multiple currencies in its protocol (where LND is bitcoin-only at the time and requires significant work to support other currencies, which is an essential part of being able to work across multiple blockchains).
LIT is open source and there's nothing secretive about its progress, you can see the development on Github. We even have our lead dev James Lovejoy (u/jamesl22) close to the action and contributing to it where possible (and our team as well through testing it on the Vertcoin chain).
So we're not developing LN or AS ourselves, we're just ready with our blockchain technology whenever it becomes available.
If we have any real progress that has some substance, you can expect us to let the world know. We're not interested in fluffy marketing - we post something when we achieve real progress. And we are not keeping that secret.

How do I Choose the Right Vertcoin Wallet?

Deciding what Vertcoin wallet you should choose can be a difficult process. You can choose between three different wallets: Core, Electrum and Paper. Once you decide you can use the "How to Setup Your Vertcoin Wallets" video guide to assist you.

Core

The Core wallet is the wallet that most people should use. It will store the entire blockchain (~2GB) on your computer. The Core wallet is the only wallet that fully supports P2Pool mining. You will also have to use the Core wallet if you plan to run a P2Pool node or any Vertcoin related server.

Electrum

The Electrum wallet is a light wallet for Vertcoin. You do not have to download the blockchain on your computer, but you will still have your own private keys on your computer. This is recommended for people who don't need to store Vertcoins for very long and just need a quick but secure place to store them.

Paper

The Paper wallet is as the name implies, a physical paper wallet. When generating a paper wallet you will get a pdf that will need to print out. A paper wallet is normally used for long term storage since it is the safest way to store Vertcoins. A paper wallet can also be called "cold storage." Cold storage references the storage of your coins offline, preventing you from getting hacked over the internet.

Ledger Nano S

The Ledger Nano S is a hardware wallet designed by Ledger. A hardware wallet is similar to a paper wallet since it is normally used for cold storage. The hardware wallet is on par with the security of a paper wallet while being easy to use and setup. Note: You should never mine directly to a Ledger hardware wallet.

How do I start mining Vertcoin?

We have many guides available for you to use depending on your computer specifications.
Nvidia GPUs on Windows
Nvidia GPUs on Linux
AMD GPUs on Windows WARNING: Very unprofitable, AMD optimized miner is coming very soon.

Where can I get the One Click Miner (OCM)

You can get the latest version of the One Click Miner in the Vertcoin Discord. The download is pinned to the top of the #oneclick channel.

What do all the Numbers Mean on P2Pool’s Web Interface

I've seen a lot of confusion from new miners on public p2pool nodes, so here's a primer for the most common static node page style, for first time miners: https://imgur.com/K48GmMw

Active Miners on this Node

Address - This is the list of addresses currently mining on this node. If your address does not show up here, you are not mining on this node.
Hashrate
This is a snapshot of your hashrate as seen by the node. It will fluctuate up to 15% from the hashrate you are seeing on your mining software, but will average out to match the output in your mining software.
Rejected Hashrate
This is the amount of your hashing contribution that is rejected, both in hashrate and as a percentage of your total contribution. Running your own p2pool node minimizes this number. Mining on a node that is geographically close to reduce lag also minimizes this number. Ideally you would like it to be less than 1%, but most people seem happy keeping it under 3%.
Share Difficulty
This speaks for itself, it is the difficulty of the share being currently worked on. Bigger numbers are more difficult.
Time to Share
This is how long you need to mine before you will receive any payouts, or any "predicted payout." The lower your hashrate, the higher your time to share.
Predicted Payout
This is the reward you would receive if a block was found by p2pool right now. If it reads "no shares yet" then you have not yet been mining the requisite amount of time as seen in the previous "time to share" column.

Status

Network Hashrate
This is the total hashrate of all the miners mining vertcoin everywhere, regardless of where or how.
Global Pool Hashrate
This is the total hashrate of all the miners mining vertcoin on this p2pool network, be it the first network or the second network.
Local Pool Hashrate
This is the total hashrate of all the miners mining Vertcoin on this node.
Current Block Value
This is the reward that will be given for mining the current block. The base mining reward is currently 50 VTC per block, so any small decimal over that amount is transaction fees being paid by people using the network.
Network Block Difficulty
This is the difficulty of the block being mined. The higher the number, the higher the difficulty. This number rises as the "Network Hashrate" rises, so that blocks will always be found every 2.5 minutes. Inversely, this number falls when the "Network Hashrate" lowers as well.
Expected Time to Block
This is a guess at how much time will elapse between blocks being found by this p2pool network. This guess is accurate on average, but very inaccurate in the short term. Since you only receive a payout when the network finds a block, you can think of this as "Estimated Time to Payout."

Why is P2Pool Recommended Over Traditional Pools?

Decentralisation

P2Pool is peer to peer allowing a decentralized pool mining system. There are many nodes setup around the world that connect to each other too mine together. Many other coins have 1 very large pool that many miners connect to and sometimes the largest pool can have 51% or more of the network hash rate which makes the network vulnerable to a 51% attack. If P2Pool is the largest network then that prevents the Vertcoin network to be susceptible to a 51% attack as P2Pool is decentralized.

PPLNS Payout System

P2Pool uses a PPLNS (Pay Per Last N Shares) payout system which awards miners more the longer they mine, sort of like a loyalty system. A drawback to this system is that part time miners that aren't 24/7 won't be able to earn that much.

2 Networks

While Network 1 is catered towards 24/7 miners and people who have dedicated mining rigs, Vertcoin has a second P2Pool network where part time miners and miners under 100 MH/s can go to mine.

Mines Directly to Your Wallet

P2Pool mines directly to your wallet and cuts out the middleman. This reduces the likely hood that the pool will run away with your coins.

No Downtime

Since P2Pool is decentralized and has different nodes for you to choose from there will be no downtime because the P2Pool network does not die if one node goes down. You can setup a backup server in your miner so that you will have no downtime when mining.

Anonymity and Security

When using P2Pool you use a wallet address making your real identity anonymous, you are simply known by a random 34 letter string. Along with using a wallet address instead of a username there is no password involved P2Pool preventing the possibility of cracking your pool account (If you were on a traditional pool,) and stealing all your coins.

How do I Find a Nearby P2Pool Node

You can find the public p2pool nodes the the P2Pool Node Scanners. If you want to find a network 1 node go here. If you want to find a network 2 node go here.

How do I setup a P2Pool Node?

Linux P2Pool Setup
Windows P2Pool Setup (Text)
Windows P2Pool Setup (Video) This guide setups a network 2 node. When downloading Python download the 32bit version, not the 64bit. Downloading the 64bit version causes problems with the twisted install.
How do I setup a change my node to network 1 or network 2?
In the P2Pool startup script when you type the --network flag add vertcoin1 for network 1 and vertcoin2 for network 2 right after.

How do I Buy Vertcoin?

You can see a video guide on Youtube, "How to Buy Vertcoin with Fiat Using Bittrex and Coinbase"

How can I get help with "X problem?"

The quickest way for you to get help is for you to join the Vertcoin Discord Group. We almost always have knowledgable Vertans, whether that be developers or experienced Vertans, online to help you with whatever problems you may have.

How can I donate to the Developers?

You can donate to the dev fund at https://vertcoin.org/donate/. You can select what you want your funds to go to by donating to the corresponding address. You can also see how much funding is required and how much we have donated.

Where can I see what exchanges Vertcoin is on?

You can see what exchanges Vertcoin is listed on at CoinMarketCap. You can see what exchanges Vertcoin has applied to be on at this google docs spreadsheet.

Where can I see Vertcoin's Roadmap?

The Vertcoin developers currently have a trello board where you can see the goals and what the status of said goal is. You can also vote on what you want the Vertcoin developers to focus on next.

What is the Status of the AMD Optimized Miner?

The AMD Optimized Miner internal beta is aiming to be ready by the end of September. The AMD Optimized Miner is currently being developed by @turekaj on the Vertcoin Discord. He currently does not have a Reddit account and Discord is the only way you can contact him.

What Does Halving Mean?

Halving means that the block reward for miners will be split in half. Halving happens around every 4 years for Vertcoin or 840,000 blocks. This means around December miners will only receive 25 VTC per block instead of the current 50 VTC per block.
If you would like to add another question to this list please comment it and I will get around to adding it ASAP.
submitted by asianboygames to vertcoin [link] [comments]

How to get $100 million in VC funding to build an industry that makes $300 million profit without spending a dime

Yesterday I received an unexpected gift: a link to a copy of the slides of the presentation that 21inc gave to investors, apparently between October and December 2014, when they were still calling themselves "21E6".
(The sender asked to remain anonymous, and I am not sure about the copyright status of the file; so I would rather not repost it here yet. But it seems that several other people, including some of the 21inc competitors, have got a copy too; so anyone who is really interested can probably get it too.)
The slides don't have much new factual information, and basically confirm what we already guessed about the 21inc business plans. But they show that we severely underestimated their chutzpah and hype. Here are some random highlights (as far as I can decipher from the slides):
They had three relevant mining rig designs in the plans, that would require funding:
Codename Qty TH/s kW Cost Deploy Turnoff Profit($) --------------- ---- ---- --- ---- ------------ ----------- ----------- CyrusOne(v2), 7904 2.0 1.3 --- (already on) Apr 2015 ~23,000,000 IO(v1v3) 3250 5.2 1.3 2000 Jan 2015 Aug 2016 ~24,000,000 Brownfield(v3) 1900 5.5 1.3 2450 Mar 2015 > Nov 2017 ~20,000,000 
The "TH/s", "Cost", and "kW" columns are per "system", i.e. a mining unit containing many chips. The last column is the expected profit to be made from each set of mining hardware over its expected lifetime. (The slides have some other details that do not seem to be important.)
The first line is the hardware that they were mining with at the time of the presentation; that must be why the "Cost" (as far as investors are concerned) is given as zero.
The second line seems to be an upgrade of their previous mining hardware from v1 chips (which gave 2.7 PH/s total at the time) to v3 chips (which would give 17 PH/s) .
In reality, we have seen that their share of hashpower dwindled through all of 2015, and (AFAIK) they haven't mined a single block in the last six months. Were they still mining with CyrusOne on extra-life, or were they using the upgraded IO which was turned off prematurely? What happened to Brownfield?
However, their mining operations were secondary; the meat of their plan was the embedded chip, called BitSplit at the time.
The BitSPlit chip (as we suspected) was hard-wired to send 75% of the block reward to the 21inc wallet, whose address was burned in the silicon, and 25% to the user's wallet.
By my calculations, assuming 50 GH/s and no increase in the difficulty, the BitSplit would mine one block in 570 years, on average, and collect less than 2 BTC of reward in that time. So, of course, the chip was hard-wired to mine into a pool run by 21inc, that would spread the user's 25% of those 2 BTC (expected) into a daily regular trickle of a couple thousand satoshis. Their own mining operations would provide the BTC needed for the pool payouts of all the millions of chips that they expected to be running out there.
They projected to release 3 versions:
Model Qty GH/s W Cost Deploy Profit($) --------------- ---------- ---- -- ---- ------------ ------------ USB hub-charger 250,000 38 15 $35 Mar 2015 ~8,000,000 Embedded chip 1,000,000 63 15 $8 Aug 2015 ~103,000,000 BitSplit Inside 10,000,000 20 5 $0 Oct 2015 ~292,000,000 
The "Qty" is the expected number of units sold. The last column, IIUC, is the profit that 21inc expected to make from the 75% cut of the BTC produced by all the chips, over their expected lifetime.
In the above "USB hub-charger" model was a USB charging unit, roughly 3 x 2 x 1 inches, with 2 USB outputs and a mining chip inside, produced by 21inc themselves "to seed the market".
The second line, which I called "Embedded chip", seems to refer to discrete BitSplit chips provided by 21inc and included in consumer devices (like routers etc.) by OEM manufacturers.
The "BitSplit Inside" model would be the BitSplit integrated into the chipsets of other manufacturers, and manufactured by them. Its cost is listed as "$0" (for 21inc) because they expected those manufacturers to shoulder the cost of manufacturing and integrating the mining chip.
Apparently the market-seeding "USB hub-charger" was later replaced by the "Bitcoin Computer" (aka the PiTato). In one slide it is called "multifunctional BitSplit device", and depicted as a sleek shiny black box, the size of a cigarette pack, with a power cable and 2-3 USB or similar outputs. If that is supposed to be the PiTato, presumably they had not yet realized that a 15 w computer would need a cooling fan with a miniature wind tunnel on top.
In the last two entries, the manufacturers (not the device owners!) would be rewarded with the 25% slice of the BTC mined by those embedded chips. As an example, the slides say that a manufacturer who produced one quarter of the embedded BitSplits would get the 25% cut on the BTC yield of those chips, that was estimated to be between 2 and 4 million dollars per year of revenue in 2015--2018. Those numbers are based on the following predicted mean BTC prices: $350 for 2015, $1000 for 2016, $2200 for 2017, and $5500 for 2018.
So, their main business plan was fantastic: the OEM and chipset makers would pay the costs of producing and integrating the chips, the consumers would pay the cost of operating them, and 21inc would get 75% of all BTC mined by them, expected to be worth 400 million dollars.
It makes sense to invest 100 million in that plan, right?
EDIT1: Sentence order, typos.
EDIT2: See also this comment below about other sources of this info and this comment about a fatal flaw of the PiTato mining chip.
EDIT3: See also this comment with the data from slide 2, "At a glance"
submitted by jstolfi to Buttcoin [link] [comments]

Solving the Blockchain Trilemma-TERA

Solving the Blockchain Trilemma-TERA
Bitcoin and Ethereum are the most widely recognized projects of the blockchain movement, seeking to replace our current trading, financial and economic system with one that is more decentralized and secure. We know that the TPS of Bitcoin is 7 although it’s considered as the most decentralized and security blockchain. Think of last bull run market,the all Bitcoin network got crowded and the transaction pool is full of transactions which led to the high transaction fees. Ethereum improves its scalability but it’s still not enough,still remember the cryptokitties?
EOS adopted the DPOS consensus but there are only 21 masternodes and it can freeze the account on its network. Now its TPS reaches nearly 4,000 and its scalability seems much better than Bitcoin and Ethereum. But nowadays we just think it centralized and some even wonder if it’s real blockchain or no.
Today I’m going to introduce Tera which aims to solve the Blockchain Trilemma. The total supply of Tera is 1 billion and it was issued in July 2018. It’s mineable and now only for CPU+memory mining.

https://preview.redd.it/ofdn9nfsvhk21.png?width=800&format=png&auto=webp&s=edcbc1e3a70c7f75c3645aed49c3d6804f9dfb20
As a hash standard, SHA-3 provides certified security to users’ private key and high-speed encryption based on hard-device, so SHA-3 may be the most suitable for the future capital market. Thus its hashrate is in a higher position than SHA-2.
Although the block size is small(120 kb) but its block time is one second so it can transfer about 70 MB in ten minutes.TERA blockchain is capable of throughput of 1000 transactions per second while retaining all praised blockchain features and bringing huge possibilities for further development and seamless integration with existing infrastructure as well as with new emerging technologies.
Now the devs are developing its website and mobile wallet including IOS and Android. I just created a website wallet to experience the fast transaction of Tera with 1 second block time, 8 seconds for full confirmation of transfer and zero fees. Thanks to the community and foundation, I finally got 100 Tera and it only took seconds to confirm it. According to the whitepaper, nodes organize themselves into an orderly communication mode, with the upper limit of transaction transmission between nodes being 100ms.(while every two nodes in bitcoin usually take several seconds, and more nodes will take more time.)
https://v.qq.com/x/page/a1358vo8ysg.html
The hashrate of all network hits more than 6.000 GH/s and it grows nearly 1.5 X than last week. The nodes are now about more than 760, The higher hashrate and the more nodes, the network would be more security!


Exchanges
Currently, Tera is listed on several exchanges including QBTC, Bitalong,Bitmash as well as Citex. There is a built-in exchange on the website but the depth is still a problem.


Community
The community is really active whether in discord or wechat group. Tera is a project driven by community and technical development. I’m really glad to the team get larger and larger.


Development
Vtools is the main developer and now some new members joined the family for website optimization and other development including the UI and deployment. It’s worth mentioning that Tera has developed many DApps, they are original and interesting. Why not have a try.

https://preview.redd.it/jr7r23e0whk21.png?width=800&format=png&auto=webp&s=505f1ce5fb9ef9f0a360fa4779dae8f44720cdc2
Now the price of Tera is about 80 satoshis and it’s double of being listed on exchanges. The development of Tera is rapid and stable whether in price and technology.
Original: https://medium.com/@Blockchainize1/solving-the-blockchain-trilemma-tera-fa227870df85.
submitted by Terafoundation to u/Terafoundation [link] [comments]

Link Collection - All Recent Core Team Communications (incl. Roadmap)

Last updated: Mar 29th, 2018

2 important things first:

General Note

Table of contents

  1. Communications
  2. Guides & Instructional links
  3. Key people to follow on Twitter
  4. Dash Core is hiring
  5. Quarterly Summaries
  6. Notable Core Team Proposals
  7. Dash Whitepapers
  8. Dash Technology Peer-reviewed
  9. Addendum: Misconceptions on Dash cleared up

Communications

  1. The birth of Dash's Governance: Self-sustainable Decentralized Governance by Blockchain
  2. 'We're Doing the Planning That Takes Us to 1 Billion" - Ryan Taylor, Dash Director of Finance
  3. The philosophy behind the DASH reward split by (now) Dash Core CEO Ryan Taylor
  4. Dash's Ryan Taylor at TNABC Bitcoin Miami 2017 (Best presentation on Dash so far!)
  5. What is DASH & Where Is It Going? 2017 DASH Open House
  6. Hong Kong | Research and Planning - by Evan Duffield
  7. Dash Roadmap to Evolution
  8. How To Enable On-Chain Scaling by Evan Duffield
  9. DFN - Interview with Evan on Dash's Roadmap
  10. Open Letter From Evan and Ryan Regarding Dash Marketing
  11. Wachsman PR - Q2 project closure report
  12. Interview With The Crypto Show! - Evan Duffield
  13. Dash Improvement Proposal No. 1 - DIP001
  14. Important information regarding wallet backups
  15. Dash Labs Network Update
  16. Copay Wallet going into closed Alpha Testing
  17. 1st Annual Dash Conference: London Keynote Professional HQ Recording
  18. DASH – DIGITAL CASH by Robert Wiecko at SWITCH! 2017
  19. Crucial information to all proposal owners: Do NOT use multisig addresses as payout destinations!
  20. Interview With Ryan Taylor, The CEO Of Dash Core Team
  21. Ryan Taylor at the World Blockchain Forum
  22. Ryan Taylor interview with Crypto Trader (MSNBC Africa)
  23. Dash Core Community Update
  24. Dash Core 12.2 Release
  25. Dash CEO Ryan Taylor: „Dash is in many ways a better Bitcoin“
  26. Update from Dash Core on Business Development
  27. How DASH is resistant to retargeting issues
  28. Dash presentation at the Euro Finance Tech in Frankfurt by essra
  29. Link collection of Dash's 2017 achievements
  30. What Is a DAO and Why Is It Revolutionary?
  31. Dash: The First DAO
  32. Welcome Bradley Zastrow - Director of Global Business Development
  33. Interview with Ryan Taylor, IR4 Podcast #12 (January 2018)
  34. Chuck Williams at Anarchapulco 2018 on Dash
  35. Dash Force Podcast E42 with Chuck Williams on Dash Evolution
  36. Evolution Demo #1 - The First Dash DAP
  37. Dash Force Podcast E43 - Feat. Fernando Gutierrez (Dash Core CMO)
  38. Our New Approach to Communications with the Community
  39. Dash Community Q&A - March 29th, 2018

Guides & Instructional links

  1. Dash Developer Documentation
  2. Upgrade Instructions for Masternodes (12.2)
  3. Upgrade Instructions for End Users (12.2)
  4. Upgrade Instructions for Masternodes (12.1)
  5. Upgrade Instructions for End Users (12.1)
  6. Paper Wallet Setup Guide
  7. Trezor Guide for Masternode Operators
  8. 8 Steps to a Successful Proposal
  9. Masternode Boot Camp by solarguy2003
  10. DASH 101 Video Series

Key people to follow on Twitter

  1. Ryan Taylor, CEO of Dash Core Inc.
  2. Fernando Gutierrez, CMO of Dash Core Inc.
  3. Bradley Zastrow, Chief of Business Development at Dash Core Inc.
  4. Andy Freer, CTO of Dash Core Inc.
  5. Chuck Williams, Head of UX Development at Dash Core Inc.
  6. Robert Wiecko, PM of Dash Core Inc.
  7. Joel Valenzuela, Dash Force
  8. Mark Mason, Dash Force
  9. Amanda B. Johnson
  10. Scott Farnsworth, The Dash Racer

Dash Core is hiring!

  1. Internship at Dash Labs
  2. DashLabs - Trezor Engineer
  3. GPU Accelerator Project
  4. DevOps Engineer @ Dash
  5. Infrastructure Manager @ Dash
  6. Sr. Backend Developer Role @ Dash

2017 Quarterly Summaries from Dash Core

  1. Dash Core Team Q1 2017 Summary Call
  2. Dash Core Team Q2 2017 Summary Call
  3. Dash Core Team Q3 2017 Summary Call
  4. Dash Core Team Q4 2017 Summary Call

2016 Quarterly Summaries from Dash Core

  1. Q1 2016
  2. Q2 2016
  3. Q3 2016
  4. Q4 2016

Notable Core Team proposals:

  1. Dash sponsored Blockchain Research in Arizona State University
  2. Conferences - The Trading Show
  3. Money 20/20 in London
  4. Conferences - BTC & Blockchain International Summit
  5. Dash Conference 2017 (London)
  6. Blockchain & Bitcoin Conference (Stockholm)

Dash Whitepapers

  1. Original Dash Whitepaper
Note: Previously the Evolution Whitepapers were linked in this section. These papers were written back in 2015 and are outdated, because Dash Evolution has seen a massive re-design and has been developed much further than those papers could have predicted. A new version will be posted here and elsewhere as soon as it is available.

Dash Technology Peer-reviewed

  1. Dash PrivateSend Peer Review by Kristov Atlas and Core Team's Response
  2. Dash Governance Peer Review by IOHK and Dash Core Team's Response

Addendum: Misconceptions on Dash cleared up

  1. What has Dash to offer other than features any other coin could just copy?
  2. InstantXploit? Cool Name, No Threat
  3. "Lazy Masternode" attack theory thoroughly debunked (see my comment)
  4. Hardware vs Software scaling - Why SegWit is not the savior of cryptocurrency
  5. How solid is PrivateSend, really? and Broken privacy promises vs Dash
  6. Dash has better wealth distribution than almost all top cryptos
  7. How is Dash NOT a ponzi scheme?
  8. PSA: DASH is not a CryptoNote clone - DashCOIN is
  9. Discussion/clarification on Dash's opensource approach
  10. Evil Masternode tyrants ruling over us?! and Masternodes in Dash = The rich get richer?
  11. Has Dash's development steadily declined over the past few months?
  12. The major advantage of optional privacy
  13. Ridiculous comments on Dash - by Kurt Robinson
  14. The Dash Masternode Network: A Response to Critics - by Eric Sammons
  15. Analysis of the first day in mining Dash by Ryan Taylor, (then) Director of Finance at Dash Core:
  16. How to Prevent the Hostile Takeover of a Blockchain: Eric Sammons on Dash Governance
  17. Official clarification on the "Instamine" issue (Fastmine actually)
  18. Evan Duffield has no more than 256,000 Dash and will give away 80% of that to fund DAOs within DASH. Follow-up: Part of the funds has already been used to found the Dash Labs research arm in Hong Kong. The lab is fully maintained through Duffield's private funding. No Treasury proposal for it exists.
  19. 10 Stupid Things People Say About Dash And How To Respond
  20. Sporks: One of the foundations of Dash's success
  21. There is no so called "Master Private Key" in Dash and there never has been. Sporks (explained above) have no relation to user funds, as the source code easily proves.
  22. Trolls vs. Users: The Limited Importance of Online Communities
  23. Dash PrivateSend and usage of denomination inputs
  24. Valuable link list from Dash Force member Mastermined
  25. "But Dash PrivateSend has a much smaller ambiguity set! Its privacy is broken!!!"
  26. Succinct refutation on Masternodes "artifically" blowing up the price & Evan Duffield being the only miner at launch
  27. Bitcoin Cash vs Dash
  28. "Dash rebranded from Darkcoin to distance itself from its dark history!!" -> Not at all. Nothing about its history is "dark" and more importantly this thread called "The Birth of Darkcoin" is stickied by Evan Duffield himself on the official main forum.
  29. "Evan Duffield lied about the launch time so he would get an unfair advantage at mining!" -> Quotes from the original launch thread on Bitcointalk: "Awesome! We'll be launching soon. Things are looking good." and "Launch is being moved to 11PM EST!". As the genesis block proves launch took place at 03:54:41 AM (UTC) on Jan. 19th, 2014 or 10:54:41 PM (EST), Jan. 18th, 2014. So if anything it was 5 minutes early.
  30. "But Litecoin is superior to Dash!!" - Really? Let's compare - Here's another sober look at the facts on this issue.
  31. Why Dash is not prone to cluster analysis attacks
  32. How "centralized" is Dash, really? & Which project is actually centralized here?
  33. From the day Dash started trading until late April 2014 anyone had the chance to buy Dash for less than 1 USD
  34. Dash Core developer MooCowMoo on alleged Masternode centralization and PrivateSend
  35. Why Masternodes have no incentive to vote in a proposal to pay themselves a large sum of Dash
  36. What is Dash's competitive edge?
  37. Why saying "Dash is a company" is false: Dash Core Inc., a company based in Scottsdale, Arizona is not the decentralized network called Dash. The network, consistent of over 4.5k globally distributed, decentralized Masternodes decided to hire and fund the company Dash Core Inc. to develop said network. This is the distinguishing property of Dash being a DAO, so it's understandable people have difficulty grasping the concept. Similarly Dash does not have a CEO, while Dash Core Inc. -obviously- has.
  38. Dash does not and never had a "dev tax": Dash has a Treasury and its distribution is being voted on each month. Only those funds that have been approved by the Masternode network go to proposal owners. The Treasury is capped at 10% of the accumulated block reward of one month. There is no central authority non-requested or non-approved funds go to and there never has been. Those funds are simply not created. So you can have months in which only 8% of the budget is being paid out, with the remaining 2% going to nobody due to not being mined.
  39. "B-but Evan Duffield can roll back the last 24 hours of the blockchain with the flick of a button!" Complete bullshit. The key in question refers to requiring a Masternode to re-validate its pre-existing blockchain in order to ensure it's on the right chain. Masternodes have nothing do with putting or removing transactions into or from the blockchain, only the miners can do that, thus claiming someone can "roll back the blockchain" in Dash is a malicious lie and a desperate attempt to make Dash look centralized when it's not. In short: No such button exists, ever existed or will ever exist.
  40. Why the total coin supply was changed or "The 84 million coin"-Question

General notes:

The Dash community is well aware that during most of its history this project has been under attack by competitors, many of which are trying to portray Dash (among many other things) as a failure. This is oxymoronic, because nobody hates on failures, especially not for 4 successful years in a row.
If you want a quick history lesson, here's a comment I made on where the Dash hate originated from back in 2014
Another, longer history lesson
Remain skeptical towards sensational accusations without evidence. Our community is helpful, knowledgeable and more than happy to answer any questions, as we have done many times on this subreddit. Still, we're all only human, have limited resources and we're just one project among many (always among the top, though!). Stakeholders and investors of other projects will always have an agenda to smear what they perceive as competition (I have yet to see our community actively go after other projects, though).
Just remember the Bullshit Asymmetry: "The amount of energy required to refute bullshit is at least an order of magnitude larger than to produce it." So it would be very unjust to expect a refutation on the spot all of the time. Prefer taking the initiative by asking the community directly about the claim you're confronted with. This community has proven many times to possess the integrity required to admit to technological shortcomings, but at the same time we'll never hesitate to call out illegitimate claims and accusations, of which there are many, for what they are.
The most common and most empty attack is "Dash is a scam".
More importantly you have to ask the critic just this one question: Who was scammed? The answer usually consists of complete silence or attempts to change the topic. This may sound all very defensive to someone who has never experienced the kind of FUD Dash has faced over the years, but the falsehoods we've refuted above are still being perpetuated by a very lonely but also very loud minority.

Not an ICO project

Regarding Dash's finances: Despite what many people assume influenced by the ICO insanity of the recent past, Dash did not have an ICO and Dash does not depend on 3rd party funding/investors. It is self funded from the blockchain and thus an entirely independent organization that does exactly what it wants, not what any angel investors want us to do. Dash is the first currency in history to achieve that.

Quick incomplete rundown of Dash's features

In fact Dash pioneered almost every single one of its features making it one of the most prolific innovators in the cryptocurrency space. Before Dash invented them, none of these features existed:
To re-iterate a previous point:
Dash has been copied by several dozen other projects either completely or through selected features indicating a strong approval of its technology within the wider cryptocurrency industry. The most copied feature by far is the Masternode system and the financial self-reliance it provides.
submitted by Basilpop to dashpay [link] [comments]

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