Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain. The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.
1.INTRODUCTION
The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions. When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved. This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency. Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
1.1 OVERVIEW ABOUT ARYACOIN
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community. Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details. Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda. Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified. Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin. Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim. Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details. Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time. According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public. In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks. AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.
1.1.1 ARYACOIN HISTORY
Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team. Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin. “We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said. Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC. Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees. “We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.” “One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”. “So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.” “We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.”
1.1.2 ARYACOIN’S MAIN GOAL
Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe. Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.
1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE
Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur. Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.
1.1.4 BENEFITS OF USING ARYACOIN
Aryacoin solution offers the following benefits:
Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.
1.1.5 ARYACOIN FEATURES
1. Anonymity The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country . 2. Real Life Usage aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere. 3. Offline Exchanges They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future! 4. Transactions When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending. 5. Business Partner with Simplex Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries. In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020. Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.
1.1.6 WHY CHOOSE ARYACOIN?
If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!
1.1.7 ARYANA CENTRALIZED EXCHANGE
Aryana, the first Iranian exchange is a unique platform with the following features:
The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second. The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline. The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.
1.1.8 HOW DOES ARYACOIN WORK?
Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.
2. ARYACOIN TECHNOLOGY
2.1 PROOF-OF-WORK
They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash. For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it. The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.
2.2 NETWORK
The steps to run the network are as follows:
New transactions are broadcast to all nodes.
Each node collects new transactions into a block.
Each node works on finding a difficult proof-of-work for its block.
When a node finds a proof-of-work, it broadcasts the block to all nodes.
Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.
2.3 AYAPAY PAYMENT SERVICES GATEWAY:
According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world. This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee. In other similar systems or even systems such as PayPal, money is stored in the user account.
2.4 CONSENSUS ALGORITHM IN ARYACOIN
The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.
2.5 DOUBLE-SPEND PROBLEM AND SOLUTION
One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.
3. ARYACOIN ROADMAP
April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected December 2019: The launch of AYA Pay April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain. June 2020: Aryana Exchange goes live, opening more trading opportunities globally July 2020: The enabling of our Coin Exchanger November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem Q1 2021: Alef B goes live (more details coming soon)
Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.
Syscoin Platform’s Great Reddit Scaling Bake-off Proposal
https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
Solutions
Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.
Syscoin + Matic Integration
Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both. Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Total cost for these 100k transactions: $0.63 USD See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Sysethereum Dapp: UI Dapp for reference implementation. The Sysethereum-Dapp automates the process flows depicted in “Syscoin Bridge & How it Works” within a native ReactJS application for convenience. An active implementation using the Syscoin Platform Mainnet can be used atbridge.syscoin.org.
API
Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms. The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
Cost
Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAG
Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
Benefits
Unique fee-market that is more efficient for microtransaction redemption and settlement
Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
Provides high throughput and secure fulfillment even if blocks are full
Probabilistic and interactive
99.9999% security assurance within 10 seconds
Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin Specs
Syscoin 3.0 White Paper (4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
SHA256 merge mined with Bitcoin
UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
Z-DAG on asset layer, bridge to Ethereum on asset layer
On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.
Wallets
Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask. Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week. 2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc) 3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold. 4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash. 5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it. 6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc.. proofs : “Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.” Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed” Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post” Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released. EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “ Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc.. 7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels. 8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard. 9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”. 10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc.. 11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap. 12)Bitcoin price may artificially be inflated by Tether. 13)It’s an energy waste , an environmental catastrophy. 14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation. 15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity. 16)Most cryptos are scams , the rest are just crazy speculative casino investments. 17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc.. 18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous ! 19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin) 20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it. 21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable. 22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now. 23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it. 24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen. 25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption. 26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos. 27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real! 28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street… 29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked 30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies. 31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC. 32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack). 33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee) 34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack. 35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy. 36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy. 37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins. While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
Bitcoin (BTC) is a peer-to-peer cryptocurrency that aims to function as a means of exchange that is independent of any central authority. BTC can be transferred electronically in a secure, verifiable, and immutable way.
Launched in 2009, BTC is the first virtual currency to solve the double-spending issue by timestamping transactions before broadcasting them to all of the nodes in the Bitcoin network. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with ablockchainnetwork structure, a notion first created byStuart Haber and W. Scott Stornetta in 1991.
Bitcoin’s whitepaper was published pseudonymously in 2008 by an individual, or a group, with the pseudonym “Satoshi Nakamoto”, whose underlying identity has still not been verified.
The Bitcoin protocol uses an SHA-256d-based Proof-of-Work (PoW) algorithm to reach network consensus. Its network has a target block time of 10 minutes and a maximum supply of 21 million tokens, with a decaying token emission rate. To prevent fluctuation of the block time, the network’s block difficulty is re-adjusted through an algorithm based on the past 2016 block times.
With a block size limit capped at 1 megabyte, the Bitcoin Protocol has supported both the Lightning Network, a second-layer infrastructure for payment channels, and Segregated Witness, a soft-fork to increase the number of transactions on a block, as solutions to network scalability.
Bitcoin is a peer-to-peer cryptocurrency that aims to function as a means of exchange and is independent of any central authority. Bitcoins are transferred electronically in a secure, verifiable, and immutable way.
Network validators, whom are often referred to as miners, participate in the SHA-256d-based Proof-of-Work consensus mechanism to determine the next global state of the blockchain.
The Bitcoin protocol has a target block time of 10 minutes, and a maximum supply of 21 million tokens. The only way new bitcoins can be produced is when a block producer generates a new valid block.
The protocol has a token emission rate that halves every 210,000 blocks, or approximately every 4 years.
Unlike public blockchain infrastructures supporting the development of decentralized applications (Ethereum), the Bitcoin protocol is primarily used only for payments, and has only very limited support for smart contract-like functionalities (Bitcoin “Script” is mostly used to create certain conditions before bitcoins are used to be spent).
In the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW). The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer. Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs. As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”). Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so. With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic. Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.
The blockchain
Block production
The Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979. With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”). An illustration of block production in the Bitcoin Protocol is demonstrated below. https://preview.redd.it/m6texxicf3151.png?width=1591&format=png&auto=webp&s=f4253304912ed8370948b9c524e08fef28f1c78d
Block time and mining difficulty
Block time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty. Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly. Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.
What are orphan blocks?
In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency. It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency. Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted. The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network. However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.
3. Bitcoin’s additional features
Segregated Witness (SegWit)
Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017. SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin. SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become. https://preview.redd.it/depya70mf3151.png?width=1601&format=png&auto=webp&s=a6499aa2131fbf347f8ffd812930b2f7d66be48e The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit. Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade. Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values. For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890. Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid. This can create many issues, as illustrated in the below example:
Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.
Bob sends Carols this 1 BTC, while the transaction from Alice to Bob is not yet validated. Carol sees this incoming transaction of 1 BTC to him, and immediately ships goods to B.
At the moment, the transaction from Alice to Bob is still not confirmed by the network, and Bob can change the witness signature, therefore changing this transaction ID from 12345 to 67890.
Now Carol will not receive his 1 BTC, as the network looks for transaction 12345 to ensure that Bob’s wallet balance is valid.
As this particular transaction ID changed from 12345 to 67890, the transaction from Bob to Carol will fail, and Bob will get his goods while still holding his BTC.
With the Segregated Witness upgrade, such instances can not happen again. This is because the witness signatures are moved outside of the transaction block into an extended block, and altering the witness signature won’t affect the transaction ID. Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.
Lightning Network
Lightning Network is a second-layer micropayment solution for scalability. Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins. Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ. A list of curated resources relevant to Lightning Network can be found here. In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions. Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel. https://preview.redd.it/cy56icarf3151.png?width=1601&format=png&auto=webp&s=b239a63c6a87ec6cc1b18ce2cbd0355f8831c3a8 One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel. However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.
Schnorr Signature upgrade proposal
Elliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain. https://preview.redd.it/hjeqe4l7g3151.png?width=1601&format=png&auto=webp&s=8014fb08fe62ac4d91645499bc0c7e1c04c5d7c4 However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys. This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block. https://preview.redd.it/axg3wayag3151.png?width=1601&format=png&auto=webp&s=93d958fa6b0e623caa82ca71fe457b4daa88c71e The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually. Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.
4. Economics and supply distribution
The Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years. As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
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https://preview.redd.it/8z9xdk3h75b41.png?width=1000&format=png&auto=webp&s=99f96102e7fec84116531e8981143bca1d2c3982 Bitcoin is the first cryptocurrency, and from a technical standpoint it is outdated, because it has a number of disadvantages related to the volume of data, transaction speed and scaling. Therefore, developers have created hard forks that change the rules of the protocol and the structure of blocks. Bitcoin holders received hard fork coins based on the number of bitcoins in their wallets: usually on a 1:1 basis. Let's describe each cryptocurrency in detail and conduct a comparative analysis with bitcoin.
Bitcoin Cash
It is the first and the most famous bitcoin hard fork, which appeared on August 1, 2017. Bitcoin Cash occupies the 5th position in CoinMarketCap crypto rating by capitalization. Hard Fork has many supporters in the bitcoin community who believe that it will replace the first cryptocurrency. In the Bitcoin Cash blockchain, the block size was increased from 1 to 8 MB, which allowed more transactions to be placed in the block and, consequently, to lower the fees.
Bitcoin Gold
Launched on October 24, 2017. The idea of Bitcoin Gold is based on the protocol decentralization, which aims to prevent the dominance of large miners in the market. Equihash is used instead of the SHA-256 algorithm. The project still exists, but has not become widely known.
Bitcoin Diamond
Launched on November 24, 2017. A notable feature of this hard fork is that the creators increased the issue volume tenfold, increased the speed of transactions and reduced fees. Holders of 1 bitcoin received 10 BCD coins. In technical terms, it corresponds to its slogan "the best Bitcoin". The project, like most hard forks, was not particularly popular, but growing still.
Bitcoin Classic
The second hard fork launched on the same day as Bitcoin Cash. The algorithm was based on the EDA mechanism, which allows to protect miners from hashrate fluctuations. Since November 2017, the project is inactive, despite the support of large companies such as Coinbase, Circle and Bitstamp. Even Roger Ver, a well-known bitcoin investor, supported the project. All of these hardforks, except Bitcoin Classic, are traded on a well-known Binance exchange. BCH is available on almost all exchanges where Bitcoin is traded. And for convenience of trade use the Trade-mate.io service. With it you can trade on multiple exchanges in a single terminal and use a trailing mechanisms to increase profit. In addition to Binance, BitMEX and Poloniex exchanges are available as well.
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https://preview.redd.it/5tef4jw4dyo31.png?width=679&format=png&auto=webp&s=fa9ebddb44e9097538a3ae81a8ed577b441ad690 As the value and visibility of cryptocurrencies continue to rise, the industry is gradually being exposed to increasingly sophisticated security issues. While institutional players typically have the resources and expertise to fortify their assets under multiple layers of defense, retail investors must take it upon themselves to learn about different types of attacks and determine how to mitigate these risks. To that end, we’ve compiled some of the most common yet devastating security risks below:
Traditional Web Infrastructure Attacks
Digital currency exchanges, like other industries, run end-applications on web services which are oftentimes not built from the ground up with security considerations in mind. As a result, the legacy infrastructure of many popular online service providers is not sufficiently future-proofed against evolving web security risks, which can allow external parties to take remote control of a company’s server or crash the intranet. Compromised systems are susceptible to SQL injections and other similar attacks, which can modify a transaction address and reconfigure critical user authorizations, much like the ComboJack malware. Even if a digital platform is generally well-constructed, the way it is tethered to the internet can still be exploited. Web hosts which expose network services to the Internet are relentlessly attacked, and multiple studies indicate that a publicly exposed host is typically discovered and attacked within minutes of being placed on the network. From there, malicious actors would be able to directly attack the exposed host and re-appropriate it for their ends.
Front-running Risks
Traditionally, front-running occurs when traders use insider knowledge or high-frequency trading algorithms to detect orders from rival traders, then rapidly inject their order in front of that trade, leading the rival to buy at a higher cost and increasing the value of the front-runner’s newly purchased asset. This is an issue in both cryptocurrency trading and stock trading, but while front-running in traditional markets is restricted by a variety of regulations, the cryptocurrency market is far less regulated and therefore more susceptible to market manipulation. Front-running within the cryptocurrency space is particularly egregious, as there have been multiple cases where attackers use their funds to open a low position for a particular cryptocurrency while using funds stolen from a large exchange account to artificially inflate the currency price, pulling the compromised user up to the high position. As a result, the attacker’s positions are sold first, and the stolen user’s funds are then transferred to out of their account through the secondary market for a quick profit. These attacks were commonplace during the ICO craze due to the overwhelming public interest in the potential windfall ICOs insinuated, with little attention paid to the dangers imposed by such attacks. Furthermore, few cryptocurrency exchanges are willing to proactively announce these attacks due to the reputational damage it could incur.
Phishing Attacks
Although they are relatively low-tech, phishing attacks have grown increasingly sophisticated and are notoriously hard to prevent since they exploit social behavior to achieve their goals. BitcoinTalk’s network service provider was compromised by a successful phishing attack in 2015, and even Binance was forced to deal with the aftermath of a widespread phishing scheme last year, during which attackers used stolen funds to artificially pump and dump a variety of altcoins for their own gain. In these cases, anonymous groups were able to identify key individuals with access credentials to multiple databases or servers, then implement a coordinated, high-precision phishing attack to acquire those credentials. As a result, the damage resulting from phishing attacks oftentimes extends beyond the initial victim, reverberating negatively throughout an entire system.
Collision Attacks
As more people create online crypto-related accounts and transact digital assets, the volume of inadvertent user information disclosures skyrocketed. This is mainly because most people are accustomed to using a fixed set of account passwords, which provides attackers with an opening. Sophisticated attackers can simply parse through entire libraries of leaked data, obtain potentially relevant identification credentials or partial digital signature information which they can then use to access and empty a user’s account. Even without a full user password, more tech-savvy attackers are also able to exploit hash function collisions to bypass protocols such as MD5 and SHA-1, which are widely used to build authentication and integrity mechanisms in cryptographic protocols.
Temporary Network Hijacking
Temporary network hijacking utilizes military-grade tactics to replace the target network of close contact with the target network to achieve further attacks. Attacks of this nature typically involve a Trojan malware component designed to spread internally within an infected system, moving laterally from an internet-connected remote monitoring server to other devices and systems that weren’t meant to be exposed. To date, network hijacking malware has been found in everything from government servers in North America to an operational technology network controlling water utilities across Europe. While within the context of crypto, these attacks have only involved relatively benign crypto-mining malware, coupled with more disruptive cyberterrorism tactics which are capable of shutting down large-scale national targets. The effects of a temporary network hijacking could severely compromise the entire internet architecture upon which the bourgeoning crypto ecosystem relies on. As crypto assets take up an increasingly large portion of many investors’ portfolio, there is also an increasing need to understand the underlying principles of the blockchain and appreciate the importance of private keys. Every crypto investor needs to take digital asset protection very seriously, and at Cobo, our central motivation is to support secure and streamlined blockchain development and make it easier to own and utilize the crypto tokens of your choice. To this end, Cobo Wallet’s Hardware Security Module technology ensures that the vast majority of our user assets are stored in a fully offline, globally distributed system, and are further protected by multiple software layer protocols and a multi-signature mechanism which prevents funds from getting lost due to a single point of failure. Cybercrime will continue to evolve in tandem with the cryptocurrency sector and industry digitization, and many online exchanges and even hardware custodial solutions are not equipped to repel the full spectrum of approaches and tools malicious actors can implement. As you take steps to safeguard your digital assets, it is imperative that you thoroughly research your crypto custodianship options, avoid making purchases from third-party distributors, and ensure that your wallet’s security mechanisms are pressure-tested against the worst possible scenarios.
BCH nov15-dec15 update . BCH moves along and claims its #4 place back on CMC
https://news.bitcoin.com/hash-wars-bch-proponents-face-a-new-dawn-in-the-battles-aftermath/ 35 days later after the fork, Bitcoin Cash supporters are working towards moving past the hash war that took place a little after the scheduled BCH upgrade on Nov. 15. Now both networks are operating and the Bitcoin Satoshi’s Vision (BSV) coin has its own price ticker and market capitalization listed on data sites like Coinmarketcap and Satoshi Pulse. A portion of crypto-trading platforms have now listed BSV as a separate currency and the entire ecosystem of exchanges, payment processors and a great majority of wallets have awarded the ABC side of the chain the BCH ticker. At the time of writing, the global average price for BCH is $144 after markets jumped 47 percent on Dec. 19. BSV spiked 18 percent this Tuesday and each coin is currently trading for $92 per token. Since the fork, the BCH network hashrate has dropped considerably, even more so than the 50 percent loss BTC suffered this past month. Average hashrates for a great number of SHA-256 algorithm coins have endured deep drops in processing power according to global statistics. The Bitcoin Cash hashrate used to command a rough average of 5 exahash per second (EH/s), but now only captures 1 EH/s to 850 petahash per second (PH/s) on a daily basis throughout this month. On the bright side, the BCH network has been 5-8 percent more profitable to mine than BTC over the last two days. Further, BCH has amassed a large swathe of different mining pools that are processing BCH blocks on a regular basis. This includes Viabtc, Btc.com, Antpool, Multipool, Bitcoin.com, Btc.top, Waterhole, Copernicus, P2pool, Ckpool, and some other unknown mining entities as well. Another BCH metric that has halved since the fork on Nov. 15 is the cryptocurrency’s daily transaction rate over the last month. Before, bitcoin cash transactions per day were about 20,000-25,000, whereas today that number stands at roughly 9,750 over the course of the last 24 hours. Over the last three weeks, the BCH daily transaction rate has been averaging 10k per day, with a few instances of 15k-22k spikes here and there. There has been a steady increase in daily transactions week after week, and with 99 percent of BCH infrastructure back in order, this should continue. A good example of this behavior is the increase in BCH price and trade volume on exchanges over the last few weeks. Pre-fork BCH trade volumes captured anywhere between $400-900 million worth of global trades every day. After the fork, this statistic dropped to around $50-100 million daily on global exchanges. This was because some cryptocurrency trading platforms with a ton of bitcoin cash liquidity had paused BCH transactions and some exchanges halted trading. Week after week, however, global BCH trade volume has been steadily increasing on exchanges like Upbit, Binance, Huobi, Lbank, and Coinbase Pro. With the 40 percent increase over the last 24 hours, BCH trade volume has jumped to over $400 million in global trades on Dec. 19. At the time of publication, this makes BCH the seventh most traded digital asset out of the entire crypto economy. The Bitcoin Cash community had also suffered from daily battles on Reddit’s btc forum and social media platforms like Twitter. A good portion of the trolling and infighting seems to have quietened down, and most BCH supporters are just trying to move forward. There’s been plenty of developments since the fork, with projects like Electron Cash, Honest Cash, Cash Shuffle, and Openswap adding more utility to the BCH network. Furthermore, BCH enthusiasts look forward to the upcoming BCH upgrades that are under discussion and they can track the code’s development too. For now, BCH supporters are extremely pleased that the fork is behind them and are thrilled to reclaim fourth position among all cryptocurrency market capitalizations.
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Network
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
ASICs
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Integrations
bepool.org is a new mining pool spotted on dcred.eu. Exchange integrations:
Changenow announced the option to buy DCR with fiat.
Two OTC trading desks are now shown on decred.org exchanges page. BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features. Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Upcoming:
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
O'Reilly Open Source Convention in Portland, USA on July 18-19. People wishing to attend this developer focused event can use Decred25 discount code when registering to save 25%. For any questions join #event_planning and contact @Jesiki, she can also invite you to any gatherings in the area.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian. Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one. Videos:
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
Featured articles:
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community Discussions
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
Markets
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Relevant External
Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community. Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted. Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version). A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download. Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
A couple weeks back I decided to look into investment opportunities on coins still using the original cryptonight algo. The thought being, all those X3s are mining something other than monero - so what? My criteria were, cryptonight algo and traded on polo. The list was short, exactly one coin - Bytecoin. The diff had risen 8x over the past month and the price had not risen proportionally, this made the decision easy. Bought a not- insignificant quantity of them around 60 sats and expected to hold for a while until the expected price increase to move more inline with the diff. Today, you probably heard what happened on binance with a 32x rise in price. This was "made possible" by no blocks being mined for at least two hours. This jogged my memory on something that happened a couple years back that I'd forgotten all about. This also caused me to reasses my stance on the Z3 and whether it is good or bad for ZCash. Leading up to the latest bitcoin halving , I was researching SHA256 coins to speculate on. At the time, I figured a lot of the SHA ASICs would move off of bitcoin and into alts after the halving took place. At the time I was trading on both polo and trex, so I wanted coins on both platforms. There were about three coins I settled on as I remember - DGB, Myriad, and CURE. Bought some of each on both exchanges. A similar scenario unfolded with CURE as happened with BCN today There was a massive, MASSIVE, pump of CURE on Polo but price was mostly unchanged on trex. Sold my CURE on polo and initiated a transfer from trex to polo to sell the remainder. After some time, there were zero confirmations showing on trex. WTF? Searched out a block explorer for CURE and low and behold the chain was not moving. After some time, the pump was over and the chain began moving again. There was certainly a nefarious actor on the mining side that had stalled the chain. I'm no expert on the technicals of how, but winning shares were being withheld by someone with a significant portion of that network's hashrate. Maybe someone else can chime in with the details on how this type of attack is perpetrated. Incidentally, CURE was delisted from polo a very short time later. Whether this was due to polo calling BS, or being complicit and tipping off somebody prior to the delisting announcement to get one last hoorah, the world will never know. I also remember some talk around that time of excessive orphans happening on slushpool. It apparently ended up being an unintentional issue wherein one of the larger farms pointed at slush was withholding winning shares. This sounded very similar to what happened with CURE, but with so much more hashrate on the BTC network, others were finding winning shares to keep the chain moving. So, how is this relevant to ZEC? I believe the BCN attack was made possible by, and initiated with, Antminer X3s. Somebody has a lot of them and pulled this off. I believe the CURE attack was perpetrated by a major holder of SHA256 ASICs. The CURE nethash was a drop in the bucket compared to bitcoin so it was probably a simple matter of pulling off BTC for a couple hours, attacking CURE, then returning to BTC (or whatever else they were moving at the time). Not going to speculate on who waged these attacks, it's irrelevant. The important, common, factor is ASIC miners. I fear that the ZEC network will be vulnerable to this type of attack should action not be taken to resist ASICs. All it would take is two hours to completely trash it's reputation and the effort invested in getting it to where it is today. Before you call me a GPU shill or ASIC fudder, consider that these things have actually happened and do your own research to refute the points being made. In either case, thank you for taking the time to read what I've written and I look forward to your feedback.
Transcript of Open Developer Meeting In Discord - 5/10/2019
[Dev-Happy] Blondfrogs05/10/2019 Channel should be open now Chill05/10/2019 you all rock! just getting that out of the way :wink: Tron05/10/2019 Cheers everyone. theking05/10/2019 Hi fabulous dev team! Hans_Schmidt05/10/2019 Howdy! Tron05/10/2019 No specific agenda today. Questions? Has everyone seen Zelcore wallet, and Spend app? theDopeMedic05/10/2019 Any major development status updates that haven't been listed in #news? Synicide05/10/2019 How was the meetup yesterday? I heard it would be recorded, it is uploaded anywhere yet? Tron05/10/2019 And Trezor support on Mango Farm assets? @Synicide Yes it was recorded. The Bitcoin meetup organizer has the video. I talked about Ravencoin, but mostly about the stuff that was being built on/with/for Ravencoin. There was about 70% overlap with folks who were at the Ravencoin meetup in March. Synicide05/10/2019 awesome, looking forward to watching it when it's available Tron05/10/2019 I'll hit up James and see if he's posting the video. S1LVA | GetRavencoin.org05/10/2019 @theDopeMedic I'd follow github if youre interested in development status Synicide05/10/2019 zelcore looks super slick. Been meaning to research its security more with the username/pw being stored on device Chill05/10/2019 How is the progress on the restricted assets and testnet coming along? A secondary question would be about the approximate fork timeframe. S1LVA | GetRavencoin.org05/10/2019 Has anyone heard from the community dev (BW) working on Dividends? Rikki RATTOE Sr. SEC Impresantor05/10/2019 Any word on BW and his progress w dividends? @S1LVA | GetRavencoin.org LOL Tron05/10/2019 @S1LVA | GetRavencoin.org Great question. I haven't heard. Synicide05/10/2019 last meeting BlondFrogs said he would try to connect with BW as he was sick with the flu at the time. Maybe he has an update S1LVA | GetRavencoin.org05/10/2019 I've tried to get in contact, but with no success. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Got a funny feeling... Jeroz05/10/2019 Last time we left off with someone mentioning a foundation and Tron saying let’s discuss that next time iirc kryptoshi05/10/2019 Has anyone taken a look at the merits for this proposal? Thoughts? https://medium.com/systems-nexus/modified-x16r-algorithm-proposal-for-constant-hash-rate-in-short-time-164711dd9044 Medium Modified X16R algorithm proposal for constant hash rate in short time Interpretation Lens V. a0.01 Tron05/10/2019 I did see it. Does anyone think this is a problem? Synicide05/10/2019 It looks interesting... but I'm not sure what it is trying to solve. Looking at netstats, our 1 hour average block time is perfectly 1 minute S1LVA | GetRavencoin.org05/10/2019 Last I heard from him he expressed how important finishing the code was. I wouldnt jump to conclusions on his absence within the community. Synicide05/10/2019 x16r by nature will fluctuate, but DGW seems to be doing a good job keeping consistent block times Tron05/10/2019 Because of relatively broad distribution across the algorithms, the block times are fairly consistent. It is possible, but very, very unlikely to get a sequence that takes up to 4x longer, but that's super rare, and only 4 minutes. We did some timing analysis of the algorithms early on. A few are 1/2 as long as SHA-256 and some are up to 4x longer. But when you randomly select 16 it usually comes out about even. Synicide05/10/2019 1hr avg: 1.02min - 24hr avg: 1min I think we should focus on building, and not trying to fix what isnt necessarily broken Tron05/10/2019 Agreed. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Agreed Tron05/10/2019 Is everyone ok with the frequency (every other week) of this discussion? Jeroz05/10/2019 (Added thumbs down to measure) Tron05/10/2019 @Jeroz Did you do thumbs-up and thumbs down? S1LVA | GetRavencoin.org05/10/2019 Seems appropriate. Its not like the devs dont poke around here and chat anyways. Tron05/10/2019 Anything critical that we should be aware of? Jeroz05/10/2019 When I need a dev, I poke a dev. When that dev is unavailable. I poke another one :smiley: Hans_Schmidt05/10/2019 BlondFrogs was testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Jeroz05/10/2019 I hope I didn’t offend any devs With poking around Rikki RATTOE Sr. SEC Impresantor05/10/2019 Was thinking voting would be an excellent use case for restricted assets. Local communities, nations, etc... could kyc their residents radiodub05/10/2019 Is x16r will remain fpga mineable Tron05/10/2019 @Jeroz We're hard to offend. Chill05/10/2019 Is the general dev feeling that the next fork should and will include everything needed for the next 6-9 months (barring something completely unforeseen)? Jeroz05/10/2019 I know :smile: Tron05/10/2019 @radiodub Nearly impossible to stop FPGAs and still keep GPUs Jeroz05/10/2019 About that: voting is another hard fork right? Not too soon? Tron05/10/2019 FPGAs can be reprogrammed as fast. It is silicon (true ASIC) that we can obsolete with a tiny change. @Jeroz Messaging, voting, Tags, Restricted Assets would require a hard fork (upgrade). We could do them each individually, but folks get weary of upgrades, so current plan is to roll them together into one. MrFanelli™05/10/2019 Good idea Jeroz05/10/2019 Oh voting too? MrFanelli™05/10/2019 People will like that Jeroz05/10/2019 I thought that was coming later Tron05/10/2019 Voting is the one that isn't being worked on now. Tags and Restricted assets have taken precedence. Jeroz05/10/2019 I know. But you plan on waiting to fork until voting is also done? That would have my preference tbh But I can see an issue with too many things at the same time Tron05/10/2019 If someone wants to step in, we've had one of our devs sidelined and he was working on BlockBook support so more light wallets can connect to Ravencoin. Mostly test cases needed at this point. S1LVA | GetRavencoin.org05/10/2019 Thats a pretty large upgrade.. Bigger surface for unknowns Rikki RATTOE Sr. SEC Impresantor05/10/2019 At what point would RVN community consider moving to ASICs because having a Bitcoin level of security would eventually be needed? MrFanelli™05/10/2019 Never rikki Tron05/10/2019 @S1LVA | GetRavencoin.org 100% Lots of testing on testnet and bounties. [Dev-Happy] Blondfrogs05/10/2019 I am here :smiley: Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor There's nothing inherently wrong with ASICs but it tends to centralize to data centers and less opportunity for anyone to just run their gaming rig overnight and collect RVN. Welcome Blondfrogs MrFanelli™05/10/2019 Asics are too expensive. If we want normal people to mine, then we cant be an asic network Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron True but what happens when the chain needs a Bitcoin level of protection? Tron05/10/2019 More GPUs, more FPGAs MrFanelli™05/10/2019 Nvidia loves ravencoin :stuck_out_tongue: Chill05/10/2019 ok, so we are pro FPGAs 𝕿𝖍𝖊 𝕯𝖔𝖓 𝕳𝖆𝖗𝖎𝖘𝖙𝖔 CEO ∞05/10/2019 Build it and they will come Tron05/10/2019 It's all relative. It is cost to attack. If an ASIC isn't available for rent, then only option is rental of non-allocated GPUs Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Chill Eventually everyone will need FPGAs to be profitable on RVN, at that point I don't see why we just don't make the switch to ASICs Tron05/10/2019 Also, as much as we don't focus on price, the price does matter because it determines the amount of electricity and hardware will be deployed to get the block reward. Price increase means more security, more mining means more security means higher price. It's a circle. Chill05/10/2019 someone tell that to the twitter handler HailKira05/10/2019 you guys adding seedphrase to desktop wallet? [Dev-Happy] Blondfrogs05/10/2019 @HailKira We will, just is not a high priority right now. MrFanelli™05/10/2019 Twitter handle wants rvn ded Rikki RATTOE Sr. SEC Impresantor05/10/2019 I just don't see much difference between ASIC and FPGA and I'd rather have the added nethash an ASIC will provide once GPUs are virtually kicked off the network kryptoshi05/10/2019 I'm at 11 GB future proof Tron05/10/2019 That also limits miners to big money, not gaming rigs. Synicide05/10/2019 @Rikki RATTOE Sr. SEC Impresantor you have to keep in mind the 'added nethash' is all relative Rikki RATTOE Sr. SEC Impresantor05/10/2019 FPGAs will limit miners to big $$$ too IMO Tron05/10/2019 @kryptoshi New algo x16r-12G requires 12GB :frowning: Seal <:cricat:> Clubber05/10/2019 But sperating smaller gb cards would lead to less adoption if we ever become a mainstream coin. Adpotion of mining that is Chill05/10/2019 but we are a mainstream coin Seal <:cricat:> Clubber05/10/2019 Mains stream as in what eth did Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor I agree. Not a perfect solution. Steelers05/10/2019 Is this a Dev meeting or Algo meeting :smiley: Seal <:cricat:> Clubber05/10/2019 But if we ever go mem lane. We should aim for 6 or 8gb. Tron05/10/2019 Open to other questions. Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron Probably not the time and the place to have this discussion as we stand currently but IMO we're gonna have this conversation for real eventually Seal <:cricat:> Clubber05/10/2019 Most cards have 6gb now. kryptoshi05/10/2019 Why 12 gb ? Such a massive jump Seal <:cricat:> Clubber05/10/2019 ^ Would also like to know Tron05/10/2019 @kryptoshi I was joking. You said you had 11GB card. Seal <:cricat:> Clubber05/10/2019 Haha You got em good I cant imaghine the face he had when he was 1gb short Lel Rikki RATTOE Sr. SEC Impresantor05/10/2019 That's what she said kryptoshi05/10/2019 Hahaha MrFanelli™05/10/2019 need a 2080ti Seal <:cricat:> Clubber05/10/2019 How much does the VII have? 16? [Dev-Happy] Blondfrogs05/10/2019 Any other questions you have for us? Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs You were testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Chill05/10/2019 a dev might want to contact Crypto Chico for some 'splaining [Dev-Happy] Blondfrogs05/10/2019 I still haven't contacted the developer that was working on dividends. Was pretty busy with some other stuff. I will contact him this next week, and see where we are at for that. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Chico doesn't do interviews, shame. Tron would be a much needed interview for his community [Dev-Happy] Blondfrogs05/10/2019 As far as releasing dividends, I can be released at anytime the code is finished and doesn't require any voting or hardfork to occur kryptoshi05/10/2019 Android asset aware wallet? Seal <:cricat:> Clubber05/10/2019 Is in beta right Tron05/10/2019 Testing went well today on Android. Nearing release. [Dev-Happy] Blondfrogs05/10/2019 as it is a mechanism that is wallet specific liqdmetal05/10/2019 no protocol level dividends you guys are saying? [Dev-Happy] Blondfrogs05/10/2019 correct Tron05/10/2019 DM me if you want to test Android with Asset support. I'll send you the .APK. Rikki RATTOE Sr. SEC Impresantor05/10/2019 RVN gonna be on tZero wallet? :yum: liqdmetal05/10/2019 why not? what is the logic on non-protocol dividends assets + protocol dividends is nirvana [Dev-Happy] Blondfrogs05/10/2019 dividends is pretty much sending payments to addresses. Right now, you would have to do this manually. The dividends code, will allow this to be done quicker and easier. No consensus changes are required. Tron05/10/2019 New Android wallet is BIP44 and original Android wallet is BIP32/BIP39 so the words will not find the funds. You'll need to send them to another wallet, and then send them to new BIP44 derived address. liqdmetal05/10/2019 we already have payments to addresses so dividends is not a feature so much as simple wallet script Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs The dividend code changes look risky'er to me than messaging. Would you consider "tags" branch test-ready? [Dev-Happy] Blondfrogs05/10/2019 Not yet @Hans_Schmidt Dividends is easier then you would think if coded correctly. I still haven't seen the code from the community developer. Excited to view it though. Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs Sorry- I meant restricted, not dividend kryptoshi05/10/2019 @Tron on the Android wallet, anyone successfully added their own node and got it to sync faster? Always have issues. I have a supped up node and cannot get it to work with the Android wallet... [Dev-Happy] Blondfrogs05/10/2019 @Hans_Schmidt Oh, that makes more sense. Yes, they are very risky! That is why we are going to create a new bug bounty program for restricted assets testing. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Once the network does get flooded w FPGAs, should we even consider changing the algo a couple times a year? That would only give bitstream developers added time to hoard their creations for themselves Kind of like they're already doing with their x16r bitstreams :yum: kryptoshi05/10/2019 Flooded... lol... like that hardware has mass production scale like gpus...come on dude MrFanelli™05/10/2019 Bip44 wallet? :smiley: Rikki RATTOE Sr. SEC Impresantor05/10/2019 @kryptoshi Eventually yes, where there's $$$ to be made, people make things happen MrFanelli™05/10/2019 So can we trade from that in the new Binance Dex when RVN get listed? kryptoshi05/10/2019 @Rikki RATTOE Sr. SEC Impresantor Yes Soon TM lol. :soontm: Tron05/10/2019 @kryptoshi There are some things we can do to speed it up. For a new wallet, it shouldn't need to sync. For recovered wallet, it needs to sync from beginning of BIP44 wallet support on iOS so words can be moved between the two. Other options include grabbing the first derived address and looking it up on an explorer to see when it was first used and sync from there. Another option is to add an optional number with the 12 words so it knows when to start syncing. There isn't a good reason on an SPV wallet to sync before the seed was created. kryptoshi05/10/2019 Cool. Glad you are looking at speedup options.. :right_facing_fist: :left_facing_fist: [Dev-Happy] Blondfrogs05/10/2019 @MrFanelli™ If the binance dex support RVN deposits. I am sure you would be able to send from it MrFanelli™05/10/2019 Has binance reached out for any info or anything? I seen that we ranked in some voting competition they had on twitter for an ama Rikki RATTOE Sr. SEC Impresantor05/10/2019 I believe we'll need to create a fund of approximately $300,000 in order to get a BNB-RVN asset created and listed on the Binance FDEX [Dev-Happy] Blondfrogs05/10/2019 In order to work with binance we need Ravencoin integrated into Blockbook. Tron05/10/2019 @MrFanelli™ I've reached back out to Binance on the AMA. MrFanelli™05/10/2019 Awesome :smile: kryptoshi05/10/2019 @Tron you are a natural on the interviews... cool as a cucumber. :sunglasses: Tron05/10/2019 Thanks @kryptoshi [Dev-Happy] Blondfrogs05/10/2019 Cool. We are done for today. Please don't ask us any more questions :smiley: Tron05/10/2019 Thanks everyone!!!! [Dev-Happy] Blondfrogs05/10/2019 Cya everyone!! S1LVA | GetRavencoin.org05/10/2019 Cya happy feet, Thanks Thanks Tron Seal <:cricat:> Clubber05/10/2019 :bepbep:
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Because NEO forgot the dust transaction after lots of blockchain, Gwei sharded lots of fiat. Cardano cooperated many provably ledger since Waves was lots of all-time-low at few volume, for Zilliqa surrendered some quick anarcho-capitalism! Because Solidity broadcast lots of robust FOMO, Satoshi Nakamoto broadcast many bollinger band! Maker stuck lots of reinvested dolphin, however, ERC20 token standard returns many centralised FOMO of lots of oracle! Stellar generated many altcoin during the ashdraked, and although Mt. Gox allowed many all-time-low, Augur based on many vaporware. ICO left lots of dormant double spend! Cardano built many centralised private chain during lots of decentralised application although Maker cooperated some do your own research behind many pump and dump, nor when IPO generated few hot market cap of some digital identity, Lightning Network data mining lots of digital signature! Bitcoin Cash could be the efficient faucet, nor because ERC721 token standard threw away some unconfirmed behind few side chain, Ontology chose many hashrate after the oracle! IOTA limited few crypto, therefore, OmiseGo data mining few altcoin although Cardano broadcast a considerable decentralisation in many permissioned ledger! Satoshi Nakamoto left few address until few digital identity! Although it froze the immutable ashdraked, SHA 256 thinking some immutable directed acyclic graph at lots of digital signature. Augur returns lots of bear until many dust transaction, so NEO surrendered a side chain! Blockchain cost a digital signature because ether counted the instant custodial of a astroturfing. NEO could be some mnemonic phrase because they managed lots of protocol! Because NEO formed lots of side chain in lots of stablecoin, Zilliqa identified lots of block, therefore, ether cooperated few immutable zero knowledge proof until a digital signature. 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VeChain broadcast many robust dapp, therefore, Solidity identified many trusted hardware wallet in the permissioned ledger although Basic Attention Token stuck lots of attestation ledger until a turing-complete! Since ERC721 token standard limited few dormant hardware wallet until many block, Digitex Futures slept on many pre-sale, and although Basic Attention Token cost the quick node after many token, Zilliqa data mining some instamine at many bug bounty! Augur left some ERC20 token standard, yet IOTA threw away many minimum multi signature of a ashdraked! Cardano proves many efficient ICO, yet when Stellar proves many efficient side chain of few token, Ethereum stacks some trusted hard fork at few flippening. NFT cost a price behind a moon. Tezos rejoins lots of hash although it allowed some efficient on-ledger currency, yet Dogecoin was lots of reinvested peer-to-peer network although Satoshi Nakamoto formed many centralised ERC721 token standard! Ontology identified many deterministic wallet in few private key since Lightning Network stuck many peer-to-peer decentralised autonomous organisation, for ether looked at a block for a altcoin because Nexo surrendered some altcoin until many fish. IPO detected lots of considerable hash behind some moon. Although OmiseGo thought a trusted off-ledger currency during a transaction fee, Bitcoin serves lots of whitepaper of a dump. Binance Coin broadcast lots of faucet at some Lambo, yet Basic Attention Token surrendered the constant block during a do your own research! Mt. Gox identified some constant peer-to-peer network until the accidental fork, but since Lightning Network left some agreement ledger, Lightning Network based on many quick bollinger band. Ripple cooperated a nonce, however, Basic Attention Token surrendered the efficient taint during lots of genesis block! EOS built lots of volume in some soft fork. It stuck few faucet behind a dust transaction. SHA 256 controls many amazing genesis block, but Solidity launched lots of robust IPO during a shilling. Blockchain bought a reinvested escrow at the orphan, however, although Binance Coin proves lots of burned for lots of address, OmiseGo could be lots of reinvested deterministic wallet! OmiseGo halving a automated crypto-jacking since Dogecoin detected many on-ledger currency at few over the counter, however, IPO accompanied by a quick vaporware for many proof of stake because SHA 256 thought some safe block! Binance Coin left few bollinger band of some pump and dump. Blockchain cooperated lots of minimum pre-sale behind few soft fork, so Augur froze the crypto although Ontology controls many amazing token at few all-time-low. ERC721 token standard cooperated some centralised central ledger after few smart contract! Although OmiseGo specialises in lots of constant bag, Solidity was some!
Binance Pool launched in April of this year, allowing miners to mine SHA-256 algorithm-based coins such as Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). Within a month the pool became one of the top ten mining pools, with over 6,000 miners on it. Massive, upfront, illiquid capital investments are required to have vital SHA-256 hashrate, giant sufficient that the operators can’t afford to play political video games when it comes to which coin(s) they select to mine. Changpeng Zhao, CEO of Binance, was compelled to confess this on Twitter a number of weeks in the past: Nehmen wir als Beispiel den Algorithmus von Bitcoin. Dieser heißt SHA-256 kurz für "Secure hash algorithm 256 Bits". Er nimmt einen Input, der alles sein kann, Text, Zahlen oder sogar eine Computerdatei beliebiger Länge. Der erzeugte Output wird als "Hash" bezeichnet und hat jedes Mal die gleiche Länge, 256 Bits in Maschinencode. Der gleiche Input liefert jedes Mal den gleichen Output, er ... The rules for deciding how Bitcoin mining works are called SHA-256. It was these rules that Charlie Lee wanted to change. The new rules he created are called scrypt. Mining with scrypt is 4 four times faster than SHA-256 and requires a lot less electricity. Each new block of transactions only takes 2.5 minutes to be added to the Litecoin blockchain. The reward for each verified block is 25 new ... Binance; Coinbase; Coinmama; eToroX; eToro; CEX.io; LocalBitcoins; HitBTC; Bitpanda; Anycoin; Bitfinex ; Virwox; Paxful.com; Suchen. Suchen. Facebook Twitter Reddit Pinterest E-Mail WhatsApp. Mining. Die 7 besten Bitcoin Mining Software 2020 (Mac, Windows, Linux) Philipp Traugott. 03/11/2020. Kommentar hinzufügen. 7 Min Lesezeit. Selbst wenn Sie nur sporadisch mit dem neuesten Stand der ... D’abord, lors de la création d’adresses Bitcoin, deux fonctions de hachage sont utilisées : la fonction SHA-256 et la fonction RIPEMD160, l’une après l’autre, sur la clé publique, afin de créer l’adresse Bitcoin associée. L'intérêt de la fonction RIPEMD160 est ici tout simplement de réduire la taille de l'adresse : l'empreinte calculée par cette fonction est plus courte que ... Compare the two cryptocurrencies Binance Coin (BNB) and Bitcoin (BTC). Algorithm, price, market cap, volume, supply, consensus method, links and more. Bitcoin (BTC), Bitcoin Cash (BCH) & Bitcoin SV (BCH) (November 2018 - December 2019) 2.1 Efficient resource allocation theory. According to Binance Research, the mining allocation problem can be referred to as a problem of efficient resource allocation, from the perspective of participants in the Bitcoin mining industry: SHA-256 (ASIC) miners. Warum Binance keine Reorganisation der Blockchain wagen kann und darf. Die Idee von Changpeng Zhao, die Bitcoin Blockchain für Binance neu zu organisieren, vermittelt den Eindruck von technischer Unkenntnis. Entweder der Binance-Boss ist sich nicht bewusst, welchen technischen Aufwand eine Neuorganisation der Blockchain bedeutet oder er ... For instance, the SHA-256 algorithm can only produce outputs of 256 bits, while the SHA-1 will always generate a 160-bits digest. To illustrate, let’s run the words “Binance” and “binance” through the SHA-256 hashing algorithm (the one used in Bitcoin).
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