[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses
Hello Bitcoiners! Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway. Hopefully you appreciate the transparency, and I'm available for questions! Cheers, Francis ********************************************* Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511
Bitcoin is money, regulated like money
Notice to Canadian Bitcoin users
If you are the user of a Canadian Bitcoin company, be assured that:
These regulations only target virtual currency exchanges and virtual currency transmitters (e.g. payment processors, custodial wallets).
No action on your part is currently required. It is businesses that have to comply, not users.
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you. You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!
Background on regulation
Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC). This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies. It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses. Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing. To give an idea, the other categories that apply to traditional fiat currency businesses are:
Foreign exchange dealing
Remitting or transmitting funds
Issuing or deeming money order or similar negotiable instruments
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding. Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing. There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.
What activities are regulated as Money Service Business activity?
A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:
Bitcoin trading platforms (orderbooks)
Bitcoin exchange platforms (fixed-rate)
Selling or buying Bitcoin OTC professionally
Crypto-to-crypto trading (orderbook, fixed-rate or OTC)
Notice to foreign Bitcoin companies with clients in Canada
Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:
You direct your MSB services at persons or entities in Canada
The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained. To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!
The bad news
We are adding per-transaction limits in addition to daily volume limits.
The per-transaction limit for accounts with limited verification is $1,000 (previously $3000). To conduct transactions over $1,000 you must get your account verified.
We require users to provide their Date of Birth as a requirement to change their verification status to “Verified”.
We require users to provide their Occupation as a requirement to change their verification status to “Verified”.
The good news
We are increasing the daily volume limit from $3,000 to $10,000 for users that have the “limited” account verification status. Users with limited account verification can do multiple transactions as long as they are each below the $1,000 threshold and as long as they don’t exhibit suspicious behavior (see details below).
Identity documents will no longer be required for users that can be identified using their credit files. They will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer.
Connecting bank accounts to Bull Bitcoin using the flinks bank verification software will no longer be required for users that can be identified using their credit files. This will only be required where identification using credit file lookup was inconclusive. This change will take effect later this summer
The user’s KYC info (name, address, date of birth and occupation)
Suspicious transaction reporting
Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives. We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.
What is suspicious activity?
Note forbitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices. Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions. In general, here are a few tips:
Don’t provide false of misleading information. We will know right away if your date of birth, address and name don’t match.
Don’t try to exploit loopholes in the KYC process.
Don’t transact on behalf of someone else without telling us.
Be cooperative with customer support.
Here are some examples of behavior that we do not consider suspicious:
Coinjoin or other Bitcoin privacy techniques.
Using VPNs, TOR or VOIP phones.
Asking questions about, or criticizing, our privacy policies.
Talking negatively about banks or government.
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:
Making statements about being involved with criminal activity.
Saying you don’t want the government to know about your transactions.
Asking advice about concealing source of funds or tax avoidance.
Funding your account from a bank account that is not in your name.
Conducting transactions on behalf of someone else without telling us.
Trying to falsify your identity or impersonating someone else.
Making multiple bill payments to the same recipient, or multiple Bitcoin purchases, in a way which seems structured specifically to avoid the $1,000 transaction amount KYC threshold.
Continuing to perform transactions that are unnecessarily complex, inefficient and not cost-effective after having been advised otherwise by our staff.
What does this mean for Bitcoin?
It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks). In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation. We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums. One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
The Bitcoin Conspiracy (an enthusiast's perspective)
I keep coming across comments, especially in this sub, from people claiming that Bitcoin was created by the CIA or some government agency as part of the plan for the NWO and cashless society. I want to share my experience and try to clear up the confusion surrounding this topic. I first got involved with Bitcoin in late 2016 when I heard about it and got some while at a libertarian festival. Back then it was still very popular among the agorist community and was being promoted as THE silver bullet that was going to disrupt the global fiat banking system. Putting preconceptions aside, a new user might ask, "what's so special about Bitcoin? We already have digital currencies." Well, you only need to read the first page of the whitepaper to discover what the original intent of Bitcoin was. It most definitely was not intended to be a tool for central banks to subjugate the world to a centralized global currency. Quite the opposite in fact. Read the full whitepaper here. When I first learned about Bitcoin, it forced me to learn about economics, then the Federal Reserve, then one by one the dominoes fell and down the conspiracy rabbit hole I went. In 2017 (actually it started a few years earlier, but I wasn't paying attention back then) there was a very heated debate in the Bitcoin community regarding scaling. I'll try to break it down simply: In the very early days, when Bitcoin was just a project being worked on by a few very technical people, no one knew about it. All it took was a handful of people running the software on their laptops to mine new coins. Since there was not much computing power on the network, it meant there could easily be a spam attack where a malicious user could join the network and generate many gigabytes of spam transactions that would overload and crash the network. To prevent this, Satoshi implemented a limit of 1MB per block, to protect the network until there was enough computing power to be able to handle larger blocks. This measure worked, and Bitcoin grew exponentially. Satoshi vanished in 2010, after WikiLeaks attracted unwanted attention to the project by accepting Bitcoin donations. He left clear instructions for his successors that the 1MB block size limit was meant to be increased once the network could support high levels of user traffic. At the time, there still was not much use, so it wasn't until around 2014 that blocks started hitting the 1MB cap and all of a sudden users had to compete (by paying higher transaction fees) in order to get their transaction mined into the next block. Up until then, sending a Bitcoin transaction would cost $0.0001 (hundredth of a penny) or less, no matter if you were sending $0.10 or $1,000,000. Now, since block space was limited, fees started to rise, as miners would only include the transactions with the highest fees. Over the next couple years, transaction fees went up dramatically, at times reaching as high as $100 to send a single transaction. The solution was obvious - raise the block size limit. But this led to a heated debate, and this is where the conspiracy became obvious to those who were paying attention. Since Bitcoin was decentralized and open source, anyone could contribute, but certain people controlled the commit access to the github repo, and it became apparent that those individuals had been compromised, as any and all mention of increasing the block size was met with fierce resistance. There was a misinformation campaign to discredit anyone arguing for larger blocks. The argument was that larger blocks would mean users could not run the software on their low-power personal devices and laptops; that by increasing the block size it would lead to mining centralization. Well, if you read the whitepaper linked above, you'll see that Satoshi predicted this. He knew mining would eventually be left to "specialized server farms" while normal users could use what he termed Simplified Payment Verification (SPV) wallets. But this point was consistently shot down in the community, and especially on /bitcoin. There was a MASSIVE censorship campaign in the bitcoin subreddit that continues to this day where anyone who questions the official narrative or even asks a basic technical question is immediately banned. /bitcoin today is nothing but a cesspit of price memes and misinformation. Go to /btc for the uncensored discussions (but beware of trolls). In 2017 the debate was finally settled, sort of. Now known as "Bitcoin Core" (the name of the official Bitcoin software), the developers implemented a change known as SegWit (Segregated Witness) which fundamentally altered the way the software validates transactions. It was implemented as a "soft fork" rather than a "hard fork". I'll explain the difference. In a fork, the network comes to a consensus on new rules that all participants must follow. In a hard fork, the changes are non-backwards compatible, so all users must update their software or else be left behind on a dead network. Hard forks happen all the time in software development, but in the case of SegWit, the developers refused to make any non-backwards compatible changes for fear it might alienate users. Again, another unfounded fear. "We can't ever upgrade the technical capabilities of the network (such as the block size) because some people might not go along with it." All kinds of mental gymnastics were performed to justify their refusal to increase the block size, and there was nothing anyone could do about it except fork as an independent project. The 1MB block limit is now essentially set in stone for BTC. So in August 2017, Bitcoin Cash (BCH) hard forked by increasing the block size limit to 8MB, along with some other changes. Fast forward to December 2017 and Bitcoin was at its all time high of nearly $20,000. But fees were also astronomical and because of the 1MB block size limit, a huge backlog formed, and some people had to wait days or even weeks for their transaction to confirm. If anyone was trying to cash out into fiat and didn't want to pay a $100 transaction fee, by the time their transaction got confirmed the price had already crashed. This event was largely responsible for the bear market of 2018. Everything that happened was predicted by those who knew what was going on. A company called Blockstream had essentially wrestled control of Bitcoin from the original developers and shut them out or gained control over them, and started working on turning Bitcoin into a settlement layer for their product called Lightning Network. LN is a complicated topic that I don't want to get into, but essentially it's a framework that recreates all the same problems inherent in the banking system that Bitcoin was meant to solve. Blockstream's goal is to profit from creating, and then "solving" those problems by charging users fees for all kinds of custodial services. In my personal opinion, it's obvious that the original Bitcoin project has been hijacked and repurposed into a tool for the central banks. The propaganda is being pushed in some conspiracy circles that Bitcoin was created BY the central banks in order to discourage people from researching the true history. What is now commonly called "Bitcoin" is not the original project, but a Trojan horse. The project that most closely follows the original design is Bitcoin Cash, and that is where almost all organic development is happening, and personally I feel that it's picking up steam lately as more people wake up to what's happening in the economy right now. Unfortunately most people are still unaware of how fundamentally broken BTC is now and so as new users run toward cryptocurrency to escape the dollar collapse, most will fall straight into the trap and be stuck with BTC that they won't be able to use without paying exorbitant fees and/or submitting to the very same tracking system they are trying to get away from. This is a very deep rabbit hole but I think I've written enough for now. I hope this info helps people make sense of what's going on with Bitcoin. I know it's confusing enough even without so much deception taking place so hopefully this helps. Read the Bitcoin FAQ over on /btc.
The ‘Trilemma’ of Blockchain space - Scalability, Security, and Decentralization - are the three things every blockchain is trying to solve simultaneously. But it’s easier said than done, as proven by the scalability issue faced by Ethereum. Higher scalability transcends to higher market adoption. This is where Cardano and Algorand have come into the picture. They have their similarities and differences that seem to work for them for now. Rather than telling you which one has more potential, it’s better to present the entire case and let you decide how they fare against each other.
Star Player of the Team
Anyone would agree that having a renowned and accomplished team player always gives a boost to the project.
Cardano’s Charles Hoskinson
If the name seems familiar, that’s because he is also the co-founder of Ethereum. A tech entrepreneur and mathematician with an interest in analytic number theory, Charles Hoskinson moved into blockchain space in 2013. He co-developed the Ethereum blockchain with Vitalik Buterin before leaving the project in June 2014. Hoskinson joined crypto and blockchain research firm IOHK to develop Cardano and since then has sponsored various blockchain research labs at the Tokyo Institute of Technology and the University of Edinburgh. He also founded Invictus Innovations. Hoskinson was the founding chairman of the education committee of the Bitcoin Foundation and established the Cryptocurrency Research Group in 2013. His current focus lies in educating people on the use of crypto and decentralization.
Algorand’s Silvio Micali
Unlike the innovators of other blockchain projects, Silvio Micali is already a famous name in cryptography long before he started developing Algorand. Deemed as one of the top cryptographers, he is a recipient of the prestigious Turing Award in 2012 and RSA prize for cryptography, Gödel Prize (theoretical computer science) in 1993, and ACM fellowship in 2017. Micali’s work spans around public-key cryptosystems, pseudorandom functions, digital signatures, oblivious transfer, and secure multi-party computation among others. In 1989, he co-invented Zero-Knowledge Proofs with Shafi Goldwasser and Charles Rackoff. He also developed Peppercoin, a cryptographic system for processing micropayments. A professor at MIT’s electrical engineering and computer science department since 1983, Silvio Micali is also working as a computer scientist at MIT Computer Science and Artificial Intelligence Laboratory. His doctoral students include Shai Halevi, Mihir Bellare, Rafail Ostrovsky, Bonnie Berger, Rafael Pass, Chris Peikert, and Phillip Rogaway - each renowned in their respective fields.
Project Partners and Collaborators
For any business, partnerships and collaborations are the most important aspect since they drive growth and innovation.
Cardano has formed 17 partnerships so far that either enhance its capabilities or grow its business.
Metaps Plus: To integrate the ADA coins into the MeTaps Plus, South Korea’s one of the largest mobile payment platforms.
IBM Research: For a software distribution project commissioned by the European Union.
PriceWaterhouseCoopers (PwC): To develop a new commercial strategy, probably to bring enterprise users to Cardano.
New Balance: All customers can authenticate the footwear purchases on the Cardano blockchain.
SIRIN LABS: To integrate the Cardano blockchain in their blockchain smartphone FINNEY and its SIRIN OS.
Konfidio: To drive the adoption of the blockchain business model platform among corporations and governments.
Algoz: To offer liquidity solutions and trading solutions for its native ADA token.
Priviledge: To study and publish decentralized software updates Priviledge is a consortium of renowned companies and scientific universities with the European Union.
South Korea Government-Approved Trade Associations:Signed two MoUs with Korea Mobile Game Association (KMGA) and Korea Blockchain Contents Association (KBCCA) to implement Cardano for Korean mobile gaming and digital content.
Ethiopian Government: To develop a new digital payment system and combine it with identity cards using its Atala blockchain framework.
Georgian Government: Signed MoU to implement Cardano blockchain-enabled projects across education, business, and government services.
Cardano’s other major partnership includes Z/Yen Group’s Distributed Futures practice, COTI Network, and Ellipal Hardware.
Algorand’s innovativeness and potential to be the blockchain leader has helped it bag a plethora of valuable partnerships across the world. Here are a few partnerships out of the 17 -
International Blockchain Monetary Reserve (IBMR): To launch the Southeast Asia Microfinance Platform and create a stablecoin called Asia Reserve Currency Coin (ARCC) to encourage financial inclusion in Southeast Asia.
SFB Technologies: To build the infrastructure to create a CBDC (central bank digital currency) dubbed ‘SOV’ for the Marshall Islands.
Meld: To tokenize gold and track it over the supply chain using stablecoin for the Australian gold industry.
Caratan: To build financial tools and products to promote Fintech adoption at an institutional level.
Italian Society of Authors and Publishers (SIAE): To develop copyright management tools and services.
DUST Identity: To authenticate physical objects and validate transactions over the blockchain.
AssetBlock: A real estate startup launched its tokenized property investment platform on Algorand
PlanetWatch: Focused on environmental monitoring, the first "CERN Spin-off " labeled organization is building the world's first immutable air quality ledger on the Algorand blockchain using IoT technologies.
Other major partnerships include World Chess - the commercial arm of the World Chess Federation, Big Data company Syncsort, and Tether.
Both Cardano and Algorand use PoS or Proof of Stake consensus mechanism at their heart, but that’s where the similarity ends. Each of them has its own spin to it. In the PoS mechanism, a person can validate a block depending on how many stakes or coins he holds. The stake quantity determines the amount of mining power one has. So how does each of them differ?
Cardano’s version is called Ouroboros PoS.
Cardano allows stakeholders to pool their resources together in a single ‘stake pool’, thus delegating their stakes to the pool. This is because every elected stakeholder may not have the expertise to create blocks.
The physical timeline is divided into small blocks called ‘epochs’ that are made up of fixed slots. These epochs are cyclic.
Each such epoch consists of a set of pooled stakeholders.
While the endorsers are elected depending on the weight of the number of stakes held by them, a slot leader (for every epoch) is randomly chosen by a digital coin toss among stakeholders. When the endorsers approve the blocks produced by slot leaders, it gets added to the blockchain.
The slot leader also selects the slot leader for the next epoch through the ‘coin toss’.
Note that having a higher stake increases the probability of getting elected.
Currently, the list of validators is fixed and the succession is known beforehand.
With the launch of the Shelley mainnet, Cardano plans to remove the above issue. But this will be a hard fork. Here, the community will decide on block validators through staking.
The version Algorand uses is called PPoS (Pure Proof of Stake) consensus mechanism.
PPoS randomly selects a token holder as a block producer.
The proposed block gets approved by a committee of 1000 randomly selected token owners and then added to the blockchain.
The algorithm runs a cryptographically verifiable lucky draw over all the accounts to randomly select committee members as well as the block proposer.
This means the identities of the participants are unknown until the blocks are added to the chain.
This selection does not depend on the stake size of the nodes at all.
PPoS runs this lottery process in complete isolation with other nodes in the network.
The completely randomized election and secret identities of the committee members drastically reduce the chances of any foul playing within the network. As the number of users grows, the network gets stronger and more secure. Algorand’s PPoS has embraced a more egalitarian ecosystem to negate the wealth gap present in traditional PoS.
Currently, Cardano offers 50-250 TPS. But with incorporating sharding technology in its Ouroboros Hydra version, the scalability can increase to one million TPS theoretically. The processing speed will increase as more users or nodes join the network.
In Algorand, every lottery takes just a microsecond to run. Since such lotteries run independently of each other, multiple lotteries can run simultaneously. This inherently makes PPoS highly scalable. The mainnet itself has the capability to handle 1000 TPS.
Both Cardano and Algorand have sound tech and teams that believe in extensive research and meticulously designed products. Having an early start, there’s no denying that Cardano has established itself in a superior position thanks to the technological achievement, consistency, and transparency it has showcased. But with Algorand’s ecosystem growing fast, the competition has intensified. Algorand’s aim to bring full transparency, technological innovation, and successful partnerships just within a year have made it a prime challenger to Cardano. While referring to Algorand, Cardano chief Hoskinson voiced similar opinion - “... they are another one of the science coins and we all kind of support each other. Even though we get academically competitive, we're able to reference each other's work and learn from each other and grow from each other.”
Thai Nhat Minh | Stably: First of all, can you have a brief introduction about yourself as well as about Chromia? Henrik_hjelte, Sergelubkin Henrik Hjelte: Hello. My name is Henrik Hjelte. I am Co-Founder and CEO of Chromia. I have more than 30 years of experience in programming and a degree in Economics from Uppsala University. BTW economics and computers = blockchain, so finally found a job that fits me. I was introduced to the blockchain by the leader of the colored-coins project Alex Mizrahi in 2013 Colored coins project was a very influential thing It was the first way for user created tokens bolted on to the only blockchain at the time (almost) bitcoin We started ChromaWay 2014, with Or Perelman too, to explore if the world was interested in “tokens” and those kind of applications We worked with enterprise blockchain for some time, but now we are focused on Chromia, a new public platform for mainstream decentralized applications using relational blockchain technology. Ok, maybe I should tell something about Chromia and not myself too. Chromia is a better blockchain for building decentralized Apps. better because it follows the “normal worlds” way of managing data. A little history: I found a text/description to paste: Chromia is a brainchild of ChromaWay. ChromaWay has a long record of delivering pioneering projects around the world. We issued Euros on the Bitcoin blockchain with LHV bank, allowed investors to invest in startups in a wholly decentralized way with Funderbeam, digitized the title transfer process with the Swedish land registry, and mediated the green bond market. ChromaWay’s core team created the world’s first protocol to issue tokens already in 2012, when blockchain was called “bitcoin 2.0”. Then ChromaWay introduced the relational model to enterprise blockchains with a consortium database called Postchain. Now Postchain is going public as the foundation for Chromia, a better blockchain for building decentralised Apps. Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains. If you don’t believe me, check this blog (later, stay in the chat): https://blog.chromia.com/reasons-for-rell-compactness/ The aim of Chromia is to combine relational databases, which exist in every kind of organization, with blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications. Think about it: blockchain is about managing data (in a shared context). And… What do we use to manage data? A Database! Serge: Sure! My name is Serge! And I work in Chromia marketing department. Also, I help coordinate various projects inside the company My background is in Economics and Marketing Thai Nhat Minh | Stably: Question 1️⃣ DApp is currently mainly concentrated in the field of games, and its life cycle is basically short, just like the Crypto Kitty is only hot for a while, how to dig the application of DApp in more fields and how to improve the utilization rate of DApp? u/henrik_hjelteu/sergelubkin Serge: Good one, let me answer Gaming is quite a challenging target because good UX is expected, it needs to be fast, responsive, etc. If we can do that, then we can also do all sorts of other stuff. Also, it lets us experiment with things without a lot of hassle, it’s easier to get users, and so on. It’s also a growing niche within blockchain. You can check our latest game, Mines of Dalarnia https://www.minesofdalarnia.com We also have Enterprise projects already, for example Green Assets Wallet https://greenassetswallet.org/about that already launched on the first Mainnet version called Bootstrap Net,we also have https://capchap.se built on our tech, more projects like non-profit review platform Impactoria, public land registries, medical projects and so on Also don’t forget about our fully decentralized social network/forum that is live already on the testnet https://testnet.chromunity.com. Thai Nhat Minh | Stably: Question 2️⃣ How will dapp face the world change after the epidemic? u/henrik_hjelteu/sergelubkin Henrik Hjelte: Nobody can say for sure, but maybe people will tend to be online more than offline, so demand on online products and dapps as well will increase. I just came in from an internal demo of a secret project we do, and it can be seen as a way to hang out online (a bit cryptic answer) There are also interesting use cases of dapps in the medical field. For example, we participated in the world-wide hackathon Hack for Sweden. Where our submission was to create an app on Chromia blockchain that increases the coordination between countries and hospitals especially during the hard time and COVID19. Chromia wants to help the European Union (and the world, but we saw problems in the EU…) and its citizens to provide transparency over the necessary medical and protective devices and appliances of which we see shortage during this emergency crisis. You can watch our promo here https://twitter.com/chromaway/status/1247557274337447938?s=20. For me it was a fun Hackathon too because for once I got the opportunity to code… I told everyone else I will not do any bossing… We try to continue this path on medical applications a bit. Thai Nhat Minh | Stably: Question 3️⃣ DApps are still not directly embedded in mobile phones like Apps at this moment, and DApps have also been flooded with bet content. How can guests increase the use of DApps and lower the threshold for using DApps? u/henrik_hjelteu/sergelubkin Serge: The answer is — better User Experience. We believe that in order for a DApp to be usable and become more widely accepted it has to feel like a normal App. A DApp needs to have quick transactions, scale well & shouldn’t require users to pay for each transaction. This is something that is possible now with using Chromia. It’s an extremely exciting time since we are going to see a new generation of DApps. On top of that, we think that we might have an ace coming up. We have built a game to demonstrate the powers and possibilities of Chromia. A little bit about the game: In Mines of Dalarnia (https://www.minesofdalarnia.com), players get to explore the vast expanses of interplanetary treasure mines. With an innovative Dalarnia Token system, players can purchase virtual mining plots, and put them up for rent into the community, allowing for real-estate tycoons to earn more Tokens. Mining plots can also undergo their own upgrades, making them more lucrative to explore, as well as a hot property for rental by miners. The game takes advantage of these NFT-based tokens to securely track exchanges, and provide a sense of ownership and wealth to players as they grow their mining and resource empire. Watch our trailer https://youtu.be/bDXKOp1Asqw and sign-up for the TestNet on the website! Thai Nhat Minh | Stably: Question 4️⃣ Many practitioners think that the main reason for restricting the development of DApp is “incomplete infrastructure”. How effective is the current “cross-chain” and “side-chain” solution? u/henrik_hjelteu/sergelubkin Serge: Our infrastructure resembles Alibaba Cloud, so a DApp developer just goes and deploys his DApp’s blockchain into it, it’s easy. Also our language Rell https://rell.chromia.com/en/maste is more robust than any other blockchain programming language.Or Azure or AWS Rell combines the following features:
Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
Normal programming constructs: variables, loops, functions, collections, etc.
Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
We want people to join our channels such as telegram, twitter, email also our decentralized forum https://testnet.chromunity.com and participate in discussions
We want people to try our dapps such as Mines of Dalarnia
We want to get feedback and understand the most important issues people care about Chromia and the blockchain industry in general
We want to get more developers building on top of Chromia
LBTS: What was your motivation for creating RELL and not use other languages? What benefits? Why name it RELL also? Henrik Hjelte: We have a private/federated relational blockchain called Postchain, and it allows SQL. But that can work in a small environment when you know all parties, and if you are really careful in checking code. But not for a more secure, distributed on the web setup, so we had to make it more secure (Deterministic, statically typed). In the process, we also took the opportunity to make it cool and nice. Also: it is simply not possibly to use evm, jvm, or web assembly. We need/want a database in the bottom. Postgresql is our virtual machine. You do not reimplement that…. 10+ years codebase…. Lee: Being part of the gamer community, I would like to know what you would think about collaborating with a MOBA, RPG or Arcade game or some kind of project? Henrik Hjelte: We are already collaborating with some smaller studios. For bigger fish, we want to show them what is completely unique and visionary with Chromia, and we think we need various examples. So, first arcade game MoD (linked above) is one example, it is not the full potential or anything but a start. In this summer, krystopia 2 a puzzle game from Antler Interactive will be released. What is even cooler is the “demo project” we do together with them, where we will show how a mutliplayer game with real blockchain features will work. I just saw it an hour ago and was blown away OH, and there is another studio releasing something very cool. Full logic on chain strategy game. Chain of Alliance. oyibo pepper: Do you encourage HACKATHON programs for intending Developers to test their skills and build on RELL Can you explain more about CHROMIA AMBASSADORS PROGRAM, CAN I BECOME AN AMBASSADOR Serge: Yes, you can, but you will need to change your avatar 🤣 Seriously, we are growing our Chromians community if you want to become one please ping our admins in Chromia telegram group. Also, we are planning virtual hackathons soon, please subscribe to stay updated Infinite Crypto: Since the Chromia project is currently working on the Ethereum blockchain ERC20 standard! But we know that there are a lot of scalability issues with Ethereum, so why would you choose the Ethereum blockchain over other scalable blockchains? Do you have any plans for Mainnet launch of Chromia? Henrik Hjelte: ETH is just used in a pre-phase for tokens. We will have our own mainnet tokens interchangable with ETH. Oyinbo pepper What’s CHROMIA SSO and SDK, how can I get started Henrik Hjelte Both are 3 letters. That is what they have in common. SDK = software development kit, check docs on https://rell.chromia.com SSO = single sign on. A unique UX improvement. You approve an app in your wallet (vault) with super ease. no need to remember codes sso: https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/ We have a fundamentally different model from bitcoin and ethereum and the likes. The blockchain is not run by anonymous computers in basement and student dorms across the world. We have more of known identities, so 51% attacks is protected not by PoW/PoS but other consensus. Please see our whitepaper. Note that we are not noobs when it comes to this, our CTO Alex has published papers in academic journals on consensus etc. from 2013, and done several important ideas for blockchain. Sidechains we think he was first with, tokens too. Sheron Fernando: Is there any plan to makes partnership with local cryptocurrency developers from each country to make $CHR usage more worldwide? Serge: Yes, we are looking for cooperation with more external developers. Send me a message if you are interested in developing something on Chromia. Stella: What are the underlying problems in the Dapps today that can be solved with the Chromia protocol? Serge:
Scalability — on Chromia your dapp can have unlimited numbers of users thanks to parallel scaling
Easiness of use — you don’t need external wallets, no need to buy crypto to pay for gas etc
Cost — in general to deploy the dapp and to use the dapp
Marcel Lagacé: Why build this platform? What is Chromia mission? What are the most prominent features of the platform? Can you clarify the use case for this feature? Henrik Hjelte: We build the platform to fix the problems with blockchains, that we ourselves have experienced since 2014 (before ethereum existed). LBTS: Can you tell us about Chromia developers? How motivated and experienced are they to always deliver the best products? Henrik Hjelte: I can tell you that we recruit developers that are really good, from all parts of the world. Vietnam has been a hub because we found many good, so in Ukraine. How can we say “we have so good developers”? First one thing that is a bit different is that we are pretty experienced in leadership team of development. I do not code much anymore since I’m a CEO. But I do have now over 30 years of experience. Got published and was payed when I was 15. First full-time professional developer job at 18. Have released open-source projects used by 10: s of thousand developers. And Alex, our CTO is Extremely good. That is why I recruited him to my old startup 2006 or so… So: we have experience to sort out good developers from bad. Marcel Lagacé: Does Chromia staking model is different from other staking platform?? What are the beneficial advantages of chromia staking system? Serge: The main difference is that we have independent Providers, entities that are not connected. These serious players are exchanges, data centres, professional staking companies. They provide a backbone of the ecosystem and host dapps. Like Amazon servers in the cloud. They cannot have stake bigger than the maximum thus they can’t control the network. This is probably the main difference with classic DPoS networks Nguyen Duy Bao: A lot of people will want to know what the strength of Chromia is but I want to know the weaknesses and problems Chromia faces ? How do you plan to solve it? Henrik Hjelte: A weakness I guess is weak compared to “competition”. And there are some blockchain projects that got crazy amount of funding. So how can we compete with that, when they can hire more developers for example? Well here is what experience comes into play: More developers does not always increase productivity a lot, it is diminishing returns. You can see many large projects, with 100 of developers fail miserably with no results. And actually, sometimes true with marketing spend too. It is generally good with money, but if you are a bit clever you can compete also on marketing with less money than your competition. Please follow Chromia on Social Media: Website: https://www.chromia.com Twitter: https://twitter.com/chromia FaceBook: https://www.facebook.com/teamchromia LinkedIn: https://www.linkedin.com/company/chromia Telegram: https://t.me/hellochromia Decentralized Social network Chromunity: https://testnet.chromunity.com Free-to-Play Blockchain Game Mines of Dalarnia: https://www.minesofdalarnia.com
CryptoDiffer teamHello, everyone!We are glad to meet here:Max Freeman (@maxfreeman4), Project Lead at Epic CashYoga Dude (@Yogadude), PR&Marketing at Epic CashXenolink (@Xenolink), Advisor at Epic Cash Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here! Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here! Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us! CryptoDiffer teamLet`s start from the first introduction question:Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash? Yoga Dude PR&Marketing at Epic Cash Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing. I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially. Xenolink Advisor at Epic Cash Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers! Max Freeman Project Lead at Epic Cash I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level. CryptoDiffer team Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:) Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one? Max Freeman Project Lead at Epic Cash I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly. There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos that explain why we believe we have created something truly special here. Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange. Yoga Dude PR&Marketing at Epic Cash Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility. Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved. Xenolink Advisor at Epic Cash To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry. To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone. CryptoDiffer team Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months? Yoga Dude PR&Marketing at Epic Cash Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content. We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money. You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages Max Freeman Project Lead at Epic Cash Our future development roadmap will be published soon and includes 4 tracks: Usability Mining Core Protocol Ecosystem Development Core Protocol Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020 Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020 Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a Usability GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020 Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020 Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a Mining RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin. Ecosystem Development Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a Xenolink Advisor at Epic Cash From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide. CryptoDiffer team Great, thank you for your answers, we now can move to community questions part! Cryptodiffer Community You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC? Max Freeman Project Lead at Epic Cash The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part. Cryptodiffer Community To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from? Xenolink Advisor at Epic Cash Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project. Cryptodiffer Community Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you! Yoga Dude PR&Marketing at Epic Cash First, I must admit that I am still a huge fan and HODLer of Monero. That said: ✅ our blockchain is MUCH lighter than Monero’s ✅ our transaction processing speed is much faster ✅ our address-less blockchain is more private ✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU Cryptodiffer Community
the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community $EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future? Who is Epic Biggest competitors? And what’s makes epic better than competitors? Xenolink Advisor at Epic Cash We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity. Cryptodiffer Community What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Yoga Dude PR&Marketing at Epic Cash Since we are a community project, we have many developers, in addition to the core team. Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks. We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked. Cryptodiffer Community EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges? Xenolink Advisor at Epic Cash In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Max Freeman Project Lead at Epic Cash Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic. With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash. As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability Cryptodiffer Community Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ? Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors? Max Freeman Project Lead at Epic Cash RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware. Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses. Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware. The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved. Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem? Xenolink Advisor at Epic Cash Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic. Cryptodiffer Community I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto? What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ? Yoga Dude Pr&Marketing at Epic Cash Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential. The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers. The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique Cryptodiffer Community Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI? Yoga Dude PR&Marketing at Epic Cash We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on. Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way. Cryptodiffer Community If you could choose one celebrity to promote Epic-cash, who that would be? Max Freeman Project Lead at Epic Cash I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences. I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today. Epic Cash will have its OWN Celebrities Cryptodiffer Community How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it? Xenolink Advisor at Epic Cash Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin. Cryptodiffer Community what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ? Max Freeman Project Lead at Epic Cash There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make. Cryptodiffer Community Q1 : What are your major goals to archive in the next 3–4 years? Q2 : What are your plans to expand and gain more adoption? Yoga Dude Pr&Marketing at Epic Cash Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁 We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting. Cryptodiffer Community It seems to me that EpicCash will have its first Halving, right? Why a halving so soon? Is a mobile version feasible? Max Freeman Project Lead at Epic Cash Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140. Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining. Cryptodiffer Community What markets will you add after that? Yoga Dude PR&Marketing at Epic Cash Well, we are aiming to have ALL markets Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry) We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages. Epic Cash is More than Money and its for Everyone. Cryptodiffer Community Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins? Max Freeman Project Lead at Epic Cash With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can. Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Xenolink Advisor at Epic Cash Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash. Cryptodiffer Community
You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well. Cryptodiffer Community Do EPICs in 2020 focus more on research and coding, or on sales and implementation? Yoga Dude PR&Marketing at Epic Cash We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy. In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC. Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters. Everyone with skin in the game gets the benefit of advancing the cause. Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content — https://www.youtube.com/watch?v=XtAVEqKGgqY a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this Cryptodiffer Community I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex? Let’s talk about the economic model, can EpicCash comply with the concept of value reserve? Max Freeman Project Lead at Epic Cash In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader. We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166 Max Freeman Project Lead at Epic Cash Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project. Xenolink Advisor at Epic Cash Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash . Yoga Dude Pr&Marketing at Epic Cash Thank you, CryptoDiffer Team, and this wonderful Community!!! Cryptodiffer TEAM Thank you everyone for taking your time and asking great questions Thank you for your time, it was an insightful session Spread the love
Author:Gamals Ahmed, CoinEx Business Ambassador ABSTRACT A Blockchain is a continuously growing record, called blocks, which are linked and secured using cryptography such as hashing. Each block contains a hash pointer as a link to the previous block, a timestamp and transaction data. Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin), which miners earn by providing storage to clients. The first section of report is demonstrate the filecoin which is a decentralized storage system used to encrypt files that we need to share it through blockchain platform. The second section is explain briefly blockchain Proof of Concept (POC) which is a process of locate whether a Blockchain project idea can be feasible in a real-world situation, need of proof of concept and blockchain proof of concept stages. 1.Introduction Filecoin is a protocol token whose blockchain runs on a novel proof, called Proof-of-Space time, where blocks are created by miners that are storing data. Filecoin protocol provides a data storage and retrieval service via a network of independent storage providers that does not rely on a single coordinator, where: (1) clients pay to store and retrieve data, (2) Storage Miners earn tokens by offering storage (3) Retrieval Miners earn tokens by serving data. Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards. Filecoin mining power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients. The protocol weaves these amassed resources into a self-healing storage network that anybody in the world can rely on. The network achieves robustness by replicating and dispersing content, while automatically detecting and repairing replica failures. Clients can select replication parameters to protect against different threat models. The protocol’s cloud storage network also provides security, as content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys. Filecoin works as an incentive layer on top of IPFS , which can provide storage infrastructure for any data. It is especially useful for decentralizing data, building and running distributed applications, and implementing smart contracts . Filecoin based on IPFS proposes a completely decentralized distributed storage network where customers and storage miners request services and submit orders to the storage and retrieval markets. And the miner provides a service to view matching quotes to initiate a transaction. The protocol guarantees the integrity of data storage by copying proofs and space-time certificates. The Filecoin protocol writes the order book, token transactions, and integrity challenge response records to the blockchain. 1.1 Blockchain Blockchain is a characteristic data structure formed by combining data blocks in a chain order inchronological order, and cryptographically guarantees decentralized, non-tamperable, unforgeable distributed shared ledger system. Figure 1 Blockchain Structure 1.2 Elementary Components in Filecoin The Filecoin protocol builds upon four novel components :
Decentralized Storage Network (DSN): We provide an abstraction for network of independent storage providers to offer storage and retrieval services.
Novel Proofs-of-Storage: We present two novel Proofs-of-Storage,(1) Proof-of Replication allows storage providers to prove that data has been replicated to its own uniquely dedicated physical storage. Enforcing unique physical copies enables a verifier to check that a prover is not deduplicating multiple copies of the data into the same storage space, (2) Proof-of-Space time allows storage providers to prove they have stored some data throughout a specified amount of time.
Verifiable Markets: We model storage requests and retrieval requests as orders in two decentralized verifiable markets operated by the Filecoin network. Verifiable markets ensure that payments are performed when a service has been correctly provided. We present the Storage Market and the Retrieval Market where miners and clients can respectively submit storage and retrieval orders.
Useful Proof-of-Work: We show how to construct a useful Proof-of-Work based on Proof-of Space time that can be used in consensus protocols. Miners do not need to spend wasteful computation to mine blocks, but instead must store data in the network .
1.3 Filecoin: Lifecycle of a File In this section we mentioned the lifecycle for file in Filecoin, as follow:
Put: Clients send information about the file, storage duration, and a small amount of Filecoin to the Storage Market as a bid. Simultaneously, Miners submit asks, competing to offer low cost storage. Deals are made in the Storage Market, on the blockchain.
Send: The Client then sends the file to the Miner, and the Miner adds the file to a sector. The sectors are cryptographically sealed, with verification sent to the blockchain.
Manage: Miners continuously prove they are storing all sectors they agreed to store. The client’s payment is released in installments. Additional currency is minted over time and awarded to Miners as a block reward, proportional to the storage they provide.
Request: A Client requests a file with some payment in Filecoin to the Retrieval Market (off chain); the first Miner to send the file is paid. Eventually, the contract expires and the storage is once again free.
Figure 2 Filecoin Lifecycle of a File 1.4 Filecoin is Built with IPFS The Interplanetary File System (IPFS) is a next-generation protocol to make the Web faster, safer, decentralized, and permanent. Since the initial IPFS release in January 2015, it has gained strong traction in a variety of industries and organizations. Today, IPFS is a foundational technology for many applications in the blockchain industry. Over 5 billion files have been added to IPFS, spanning scientific data and papers, genetic research, video distribution & streaming, 3D modeling, legal documents, entire blockchains and their transactions, video games, and more. IPFS and Filecoin are complementary protocols, and the adoption of the underlying IPFS protocol is a leading indicator of market demand for a faster, safer, decentralized storage service . Some IPFS Users Figure(3) IPFS users 1.5 IPFS Open Source Community The IPFS Project is a large community of open source contributors driven to decentralize the web. The community is made up of thousands of developers and users who have been working together for several years, building valuable and widely used software tools. The same seasoned core developers of IPFS are also leading the design and development of Filecoin. The IPFS team has experience building ambitious sotware projects and coordinating thriving developer communities. A significant portion of the IPFS community plans to join the Filecoin network, building tools and applications on this new, exciting platform [ 7]. 2. PoC PROJECTS: 2.1 What is PoC? PoC is abbreviate of Project of Concept which is a process of determining whether a Block-chain project idea can be feasible in a real-world situation. This process is necessary to verify that the idea will function as envisioned. The best part about proof of concept blockchain meaning is that it will help you to get a clear idea of what you are doing before you even get started. Furthermore, the proof of concept in the blockchain niche isn’t for exploring the marketplace for ideas only. Moreover, you won’t determine the best way to start the production process. Instead, you’ll only work on your possible blockchain solution option and see whether it’s capable of being a reality or not. Developing a blockchain proof of concept would require an investment of time, money and resources. In reality, you’d need to get your hands on supporting technologies or even the physical components needed to get the perfect plan. Going through the process is necessary for enterprises to see whether their idea is visible before using all production level equipment for it. According to a recent Gartner survey, 66% of CIOs think that blockchain is here to disrupt the existing marketplaces. And many will spend more than $10 million on the experimentation of the technology. So, if you were confused with what is proof of concept blockchain, now you know just what it is . PoC is used to demonstrate the feasibility and practical potential of any blockchain project in any field such as Energy, Communication, Services, Insurance and Healthcare. A PoC can either be a prototype without any supporting code or any MVP (Minimum Viable Product) with bare feature set. A PoC is a prototype that is used for internal organization who can have a better understanding of a particular project. 2.3 Why Companies Need a Proof of Concept? Usually, the blockchain proof of concept is awfully popular among the startups in the market. However, proof of concept in blockchain can also be a great tool for the Enterprises as well. Mainly there are three points for needing it.
Test out the blockchain project before going for mass production.
Identify possible pain points that can make the project not useful.
Save an enormous amount of time and money.
Although anyone who comes up with a blockchain project idea will think that it will work, however, proof of concept in blockchain will test out your idea to ensure that you get the best version out of it, which will save up a lot of time and money in the process. Another major reason for you to use proof of concept for blockchain is to ensure that all the stakeholders love your idea and would be interested in investing in it. Whether you are just adding up a new type of feature in the existing blockchain solution or developing it from scratch blockchain proof of concept would let you take the fastest route possible. This relatively gives a different edge in the proof of concept blockchain meaning . 2.4 Proof of Concept Phases Its explain as follows: Figure (4) explains the steps of blockchain PoC Step-1: Finding the Proper Blockchain Application Sectors That Adds Value Let’s start with the first step of the theoretical build-up stage. Many of you don’t really know which application sectors are great for blockchain Proof of concept . That’s why we are outlining some major application sector where you can use your solution. These are: 1.Finance Let’s start with the financing sector. This sector is relatively popular among the blockchain community. Furthermore, there are many projects already that cover this sector and offer a lucrative solution for major issues. So, in that sense, this sector is quite competitive in case of blockchain PoC development. 2. Medical The medical sector is another major blockchain application sector at present. There are count-less scenarios where blockchain can truly shine. Hospitals have to deal with a lot of falsifying reports and counterfeit drugs. 3. Asset Management Maintaining asset in these times are relatively hard due to all the bad players in the market. Simple paper-based record keeping isn’t enough now. Moreover, due to political and other reasons, ownership management is at risk of becoming a corrupted sector. 4. Government Many governmental institutions are falling behind in the race of digitization. Moreover, every citizen needs a better infrastructure which will give them the security they need. In reality, the government sector is unable to reserve the citizen rights properly. 5. Identity Identity management is a big hassle when it comes to enterprises. Furthermore, many often impersonate other people’s identity and commit serious crimes. Even in trade financer, many companies have to deal with fake companies and fake documents. 6. IoT Internet of things is a wonderful sector for proof of concept in blockchain development. Furthermore, this sector is responsible for linking all your smart applications together. Moreover, the device to device connection in a secured platform is necessary. 7. Payments The payments sector is another awesome application point for your enterprise-grade solution. The blockchain system is more than capable of handling payments, and many of it also offer micro payments. Furthermore, it takes a really small amount of time to send money compared to the traditional banking system. Not to mention the reduction of fees in overseas payment. 8. Supply Chain Big enterprise needs to have their eyes and ears in every step of the supply chain process. Furthermore, any minor errors could end up in a million dollars of loss. Obviously, you would not want that. Tracking where the raw materials are coming from and whether your products are truly authentic or not is one of the major pain points. 9. Insurance The insurance industry is facing some serious problems regarding insurance claims and document authentication. Also, the enormous amount of paperwork that every single employee has to fill out is overly dreadful. Detecting fraud, managing all the documents in a secure environment is tough. So, if you introduce a blockchain framework that can solve all these issues would be a huge factor. However, the competition in this marketplace is a bit high; still, with proper blockchain proof of concept, it should be a great opportunity. Step-2: Defining the Product In the second stage of the theoretical build-up, you would need to think your blockchain Proof of concept just like any other product. Furthermore, you need to have a solid plan along with full support from all stakeholders. PoC Feature Requirements Define all the features that your enterprise blockchain solution needs. After deciding your blockchain application, you would probably have some idea on what features to add up. Step-3: Investigating the Technology After you’ve come up with the solid idea of what features to include and how to focus the road map, you would need to hand them off to the engineering team. Therefore, your team will then research the technology based on your requirements and come up with the best plat-form to develop it on.
Advice to make a successful Proof of Concept As we knew, a proof of concept is a project, and like any project it must be clearly defined. That means breaking down the process into these four steps in order to can manage it better.
Focus on a Specific Business Issue If you want to make the blockchain PoC framework a success, then you have to start with focusing your real-life problems. At the beginning of the theoretical build-up stage when you are looking for a popular sector of deployment, look for a specific issue. Furthermore, any problem that your idea can fix would be a big plus from the consumers’ end. Many blockchain proof of concept only focuses on the capabilities of the technology only. However, they just don’t resolve any new issues or even old issues.
Take Small Steps, Avoid Scope Creeps Another major thing that the enterprises face is the scope creeps. While choosing what features you might need for the blockchain proof of concept many go for too much from the start. However, making a flashier entrance in the market won’t mean 100% success. Further-more, get the ones that you can truly deliver, not the ones you aren’t capable of.
Connect All Ideas and Control Them You won’t be the only one coming up with all the ideas. As you already know you’d need to get yourself a good team that will back you up and helps you come up with a compact solution. However, not every single member of your team would agree with the same idea. Furthermore, they have different ideas and vision regarding the blockchain development too.
Construct a Thorough Plan Another hurdle in the way of proper proof of concept blockchain is the misinterpretation of the blockchain implementation challenges. Obviously, blockchain implementation isn’t an easy task. At the first stage, it might have many flaws that would end up in possible failure scenarios.
Test A Million Times After getting the design done, you’d need to go into the testing phase. However, the problem is many seem to enroll the MVP before properly testing it, which end up in failure. So, test out the MVP a lot of time before making it accessible to the end-users.
Collaborate With Other Parties Collaborating with other enterprises could help to take down the overall costing of the block-chain proof of concept. Furthermore, if you are a small to medium level enterprise than collaborating with other parties could help out with the production costing. It will solely depend on the feature or the type of blockchain PoC framework you want to work on.
The Right Amount of Staff The right amount of stuff is always necessary to pull off a blockchain proof of concept project. Furthermore, you would need to recruit staffs that have blockchain skills or have an intellectual concept of the technology. Get the necessary amount of stuff with blockchain skill set to perfect the Blockchain Proof of Concept..
3. Conclusion This report explain a distributed storage scheme based on blockchain technology( Filecoin), and introduces the system design in detail in first part , we have studied about blockchain technology related for Filecoin(decentralized storage network), Filecoin, a highly-anticipated decentralized storage network (under development), announced that there will be more delays before its Mainnet can be officially launched. Created by Protocol Labs, Filecoin has been developed using the InterPlanetary File System (IPFS), an established peer to peer data storage network. The Filecoin software will allow users to trade storage space in an open and decentralized market place.In the second part we mentioned a proof of concept (PoC), The Blockchain Proof of Concept is a demonstration to verify that certain concepts or theories have the potential for real-world application. PoC represents the evidence demonstrating that a project or product is feasible and worthy enough to justify the expenses needed to support and develop it. REFERENCES  Juan Benet. IPFS — Content Addressed, Versioned, P2P File System. 2014.  Protocol Labs. Filecoin: A Decentralized Storage Network. https://filecoin.io/ filecoin.pdf, 2017.  Benet J. IPFS-content addressed, versioned, P2P file system[J]. arXiv preprint arXiv:1407.3561, 2014.  Liu AD, Du XH, Wang N, Li SZ. Research Progress of Blockchain Technology and its Application in Information Security. Ruan Jian Xue Bao/Journal of Software,2018,6,14:1–24.  Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.  Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.  Retrieved from IPFS internal monitoring July 6, 2017.  https://www.projectmanager.com/blog/proof-of-concept-definition.  https://www.blockchainappfactory.com/poc-blockchain-application  https://101blockchains.com/blockchain-proof-of-concept/#prettyPhoto
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