Bitcoin faucets. All about cryptocurrency - BitcoinWiki

Myriad - A coin for everyone.

Myriad (XMY) is a Multi-PoW consensus protocol secured by 5 mining algorithms. Each one suits different hardware.
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BlackCoin Subreddit

BlackCoin is a digital currency similar to Bitcoin. It is a pure Proof of Stake coin, except stage of initial distribution, when it was mixed PoW and PoS coin. For more info, go to http://blackcoin.org/
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P2P Bitcoin Derivative Trading Through the Blockchain: Equities, Bonds, Forex & Commodities

Research & ideas to use [Veritaseum's UltraCoin](http://ultra-coin.com/) **user programmable Bitcoin swaps** to trade exposures to cryptos, forex, equities, bonds & commodities through 45,000+ global tickers & up to 10,000x price leverage - peer-to-peer. Veritaseum's UltraCoin is a software concern that holds no client funds and is not a financial entity, hence presents you with no counterparty or default risk. [Download the client & tutorials](http://ultra-coin.com/index.php/download-beta)
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Why i’m bullish on Zilliqa (long read)

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

Hello Cardano community,
First of all, we’d like to introduce ourselves. Aurum is a group of industry leading software engineer professionals. We’ve begun this new project with cryptocurrency to try to explore different options for a viable long term company. We wanted to start our journey with Cardano, since this is a community we are excited about and want to be part of.
Now that all the introductions are done, let’s cut to the chase! What do we offer in our stake pools?
At Aurum, we have been brainstorming fun and innovative ways to introduce our pools to our delegators and during one of our conversations the idea of a Faucet came out. For those that are not familiar, this wikipedia page talks about Bitcoin faucet and what they were used for. https://en.wikipedia.org/wiki/Bitcoin_faucet
For our first pool (Ticker: AUSP, PoolId: 5007483bab60674a9000dced43d83717cad17b885b76377a4bfada1e), we have decided to give 1% of the 5% Stake pool operator reward percentage to 1 of our delegators each epoch, leaving us with the 4% to manage the pool.
So how does it work?
If you stake with our pool, once per epoch, you will still earn 95% of the rewards (like all the other pools) split by all the delegators; however, you will get the chance to earn the full 1% of the reward. So let’s plug some numbers, shall we ?
Since we think about the long term, let’s start by saying that all our examples are based on 30,000,000 Stake pool size (the maximum Pool Saturation when Cardano reaches 1000 stake pools limit).
Let’s assume that you have invested 1,000,000 ADA in the above stake pool which is at 29,000,000 total stake, reaching 30,000,000 of a Total stake.
You will be earning 49,694.50 ADA yearly or 680.746331274 ADA per epoch, which is 4.9694% reward per year. However, let’s assume there are 10 other delegators to the same pool, you will get 1/10 chance every epoch to earn an extra 217.107146151 ADA. Since there are 73 epochs in a year you could have the chance of getting it 7 times, increasing your yearly income of an extra 1519.75002306 ADA which would be a 5.12% reword per year.
At Aurum we understand that not everyone will stake the same amount and it would be unfair for the bigger delegators, however for our first pool we tried to keep it simple. We are working on tools to automate the process, as well as a website, where we could pair and match different stakeholders with the same amount of staking to the same pool.
Further, since we are a customer obsessed group, we are interested in knowing your opinion and any ideas you might have. At Aurum, there are different ideas we have been discussing around this Faucet concept. For example, we have discussed creating a pool where the stake operator reward goes only to small delegators (1000 ADA or less), or a stake pool where 50% goes to the Faucet and 45% goes to the delegators. Additionally, we have been discussing other ideas outside this Facet concept, such as stake pools as a service or privately managed stake pools. Let us know what you are interested about and we will definitely listen.
At Aurum, we are excited for the future and all of these projects.
Stay in touch, we are always open to questions and you can reach us on any of our social networks or our telegram channel mentioned below.
Let’s us know if we missed anything. We are excited to hear from you!
The Aurum team.
Twitter: https://twitter.com/austakepool
Telegram: https://t.me/austakepool
Website: https://www.austakepool.com
submitted by austakepool to CardanoStakePools [link] [comments]

Hello Cardano Community - Introducing Aurum Stake Pools🚰 Faucets🚰

Hello Cardano community,
First of all, we’d like to introduce ourselves. Aurum is a group of industry leading software engineer professionals. We’ve begun this new project with cryptocurrency to try to explore different options for a viable long term company. We wanted to start our journey with Cardano, since this is a community we are excited about and want to be part of.
Now that all the introductions are done, let’s cut to the chase! What do we offer in our stake pools?
At Aurum, we have been brainstorming fun and innovative ways to introduce our pools to our delegators and during one of our conversations the idea of a Faucet came out. For those that are not familiar, this wikipedia page talks about Bitcoin faucet and what they were used for. https://en.wikipedia.org/wiki/Bitcoin_faucet
For our first pool (ticker: AUSP), we have decided to give 1% of the 5% Stake pool operator reward percentage to 1 of our delegators each epoch, leaving us with the 4% to manage the pool.
So how does it work?
If you stake with our pool, once per epoch, you will still earn 95% of the rewards (like all the other pools) split by all the delegators; however, you will get the chance to earn the full 1% of the reward. So let’s plug some numbers, shall we ?
Since we think about the long term, let’s start by saying that all our examples are based on 30,000,000 Stake pool size (the maximum Pool Saturation when Cardano reaches 1000 stake pools limit).
Let’s assume that you have invested 1,000,000 ADA in the above stake pool which is at 29,000,000 total stake, reaching 30,000,000 of a Total stake.
You will be earning 49,694.50 ADA yearly or 680.746331274 ADA per epoch, which is 4.9694% reward per year. However, let’s assume there are 10 other delegators to the same pool, you will get 1/10 chance every epoch to earn an extra 217.107146151 ADA. Since there are 73 epochs in a year you could have the chance of getting it 7 times, increasing your yearly income of an extra 1519.75002306 ADA which would be a 5.12% reword per year.
At Aurum we understand that not everyone will stake the same amount and it would be unfair for the bigger delegators, however for our first pool we tried to keep it simple. We are working on tools to automate the process, as well as a website, where we could pair and match different stakeholders with the same amount of staking to the same pool.
Further, since we are a customer obsessed group, we are interested in knowing your opinion and any ideas you might have. At Aurum, there are different ideas we have been discussing around this Faucet concept. For example, we have discussed creating a pool where the stake operator reward goes only to small delegators (1000 ADA or less), or a stake pool where 50% goes to the Faucet and 45% goes to the delegators. Additionally, we have been discussing other ideas outside this Facet concept, such as stake pools as a service or privately managed stake pools. Let us know what you are interested about and we will definitely listen.
At Aurum, we are excited for the future and all of these projects.
Stay in touch, we are always open to questions and you can reach us on any of our social networks or our telegram channel mentioned below.
Let’s us know if we missed anything. We are excited to hear from you!
The Aurum team.
Twitter: https://twitter.com/austakepool
Telegram: https://t.me/austakepool
Website: https://www.austakepool.com
submitted by austakepool to u/austakepool [link] [comments]

Why i’m bullish on Zilliqa (long read)

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

List of moderately difficult skribbl words for your new friend group (1200+ words)

That is to say that this list contains words that this list contains words that:
  1. Usually aren't instantly guess-able (like star, apple, or Nike).
  2. Can be played with a group of acquaintances (I play with a group of interns at work to blow off time)
Created this list by modifying an existing difficult word list we found online and adding a bunch of new words. If you see a stupid difficult word, it was probably a word from the existing difficult word list that I forgot to remove. (amicable and reimbursement were the type of bs I removed lol).
abraham lincoln, accordion, accounting, acre, actor, adidas, advertisement, air conditioner, aircraft carrier, airport security, alarm clock, alcohol, alert, alice in wonderland, alphabet, altitude, amusement park, angel, angle, angry, ankle, apathetic, apathy, apparatus, applause, application, apron, archaeologist, archer, armada, arrows, art gallery, ashamed, asteroid, athlete, atlantis, atlas, atmosphere, attack, attic, audi, aunt, austin powers, australia, author, avalanche, avocado, award, baby, baby-sitter, back flip, back seat, baggage, baguette, baker, balance beam, bald, balloon, bamboo, banister, barbershop, barney, baseboards, bat, beans, beanstalk, beard, bed and breakfast, bedbug, beer pong, belt, beluga whale, berlin wall, bible, biceps, bikini, binder, biohazard, biology, birthday, biscuit, bisexual, bitcoin, black hole, blacksmith, bleach, blizzard, blueprint, bluetooth, blunt, blush, boa constrictor, bobsled, bonnet, book, bookend, bookstore, border, boromir, bottle cap, boulevard, boundary, bow tie, bowling, boxing, braces, brain, brainstorm, brand, bride, bride wig, bruise, brunette, bubble, bubble bath, bucket, buckle, buffalo, bugs bunny, bulldog, bumble bee, bunny, burrito, bus, bushel, butterfly, buzz lightyear, cabin, cable car, cadaver, cake, calculator, calendar, calf, calm, camera, cannon, cape, captain, captain america, car, car accident, carat, cardboard, carnival, carpenter, carpet, cartography, cartoon, cartoonist, castaway, castle, cat, catalog, cattle, cd, ceiling, cell, cellar, centimetre, centipede, century, chain mail, chain saw, chair, champion, chandelier, channel, chaos, charger, chariot, chariot racing, check, cheerleader, cheerleader dust, chef, chemical, cherub, chess, chevrolet, chick-fil-a, chicken coop, chicken legs, chicken nugget, chime, chimney, china, chisel, chord, church, circus tent, clamp, classroom, cleaning spray, cliff, cliff diving, climate, clique, cloak, clog, clown, clue, coach, coast, cockpit, coconut, coffee, coil, comedian, comfy, commercial, community, companion, company, compare, comparison, compromise, computer, computer monitor, con, confidant, confide, consent, constrictor, convenience store, conversation, convertible, conveyor belt, copyright, cord, corduroy, coronavirus, correct, cot, country, county fair, courthouse, cousin, cowboy, coworker, cramp, crane, cranium, crate, crayon, cream, creator, credit, crew, crib, crime, crisp, criticize, crop duster, crow's nest, cruise, cruise ship, crumbs, crust, cubicle, cubit, cupcake, curtain, cushion, customer, cutlass, czar, dab, daffy duck, dance, danger, darth vader, darts, dashboard, daughter, dead end, deadpool, deceive, decipher, deep, default, defect, degree, deliver, demanding, demon, dent, dentist, deodorant, depth, descendant, destruction, detail, detective, diagonal, dice, dictate, disco, disc jockey, discovery, disgust, dismantle, distraction, ditch, diver, diversify, diversity, diving, divorce, dizzy, dodge ball, dog, dolphin, donald trump, doorbell, doppelganger, dorsal, double, doubloon, doubt, doubtful, download, downpour, dragon, drain, dream, dream works, dress shirt, drift, drip, dripping, drive-through, drought, drowning, drugstore, dryer, dryer sheet, dryer sheets, dugout, dumbbell, dumbo, dust, dust bunny, duvet, earache, earmuffs, earthquake, economics, edge, edit, education, eel, effect, egg, eiffel tower, eighteen-wheeler, electrical outlet, elf, elope, emigrate, emotions, emperor, employee, enemy, engaged, equation, error, eureka, everglades, evolution, exam, exercise, exhibition, expired, explore, exponential, extension, extension cord, eyeball, fabric, factory, fad, fade, fake flowers, family tree, fan, fast food, faucet, feather, feeder road, feeling, ferris wheel, fiddle, figment, finding nemo, firefighter, firefox, fireman, fireman pole, fireplace, fireside, fireworks, first class, first mate, fish bone, fishing, fizz, flag, flat, flavor, flight, flip flops, flock, florist, flotsam, flowchart, flower, flu, flute, flutter, flying saucer, fog, foil, food court, football player, forklift, form, forrest gump, fossil, fowl, fragment, frame, fresh water, freshwater, friction, fries, front, frost, fuel, full, full moon, fun, fun house, funnel, fur, galaxy, gallon, gallop, game, gamer, garden, garden hose, gas station, gasoline, gavel, gentleman, geologist, germ, germany, geyser, giant, ginger, giraffe, gladiator, glasses, glitter, glue, glue stick, goalkeeper, goatee, goblin, gold, gold medal, golden retriever, gondola, good-bye, government, gown, graduation, grain, grandpa, gratitude, graveyard, gravity, great-grandfather, grenade, grill, grim reaper, groom, groot, group, guess, guillotine, gumball, guru, gymnast, hail, hair dryer, haircut, half, hand soap, handful, handle, hang, hang glider, hang ten, harry potter, hawaii, hay wagon, hearse, heater, heaven, helmet, hermit crab, high heel, high tops, highchair, hitler, hockey, homework, honk, hoodies, hoop, hopscotch, hot, hot dog, hot fuzz, hot tub, hotel, houseboat, human, humidity, hunter, hurdle, husband, hut, hydrant, hydrogen, hypothermia, ice, ice cream cone, ice fishing, icicle, idea, igloo, illuminati, implode, important, improve, in-law, incisor, income, income tax, index, inertia, infect, inglorious bastards, inside out, insurance, interception, interference, interject, internet, invent, invisible, invitation, iron man, ironic, irrational, irrigation, isaac newton, island, ivy, ivy full, jackhammer, japan, jaw, jazz, jedi, jellyfish, jet lag, jig, jigsaw, joke, joker, journal, juggle, jump rope, jungle, junk, junk drawer, junk mail, justice, kangaroo, ketchup, kill bill, killer, kilogram, kim possible, kiss, kitten, kiwi, kit-kat, kneel, knight, koala, lace, lady bug, ladybug, lamp, lance, landfill, landlord, lap, laptop, last, laundry detergent, layover, leak, leap year, learn, leather, lebron james, lecture, legolas, leprechaun, letter, letter opener, lettuce, level, lice, lichen, lie, lifeguard, lifejacket, lifestyle, light, lightning, lightning mcqueen, lightsaber, limit, lion, lipstick, living room, lobster, logo, loiterer, lollipop, loonie, lord of the rings, lottery, love, loveseat, loyalty, lullaby, lumberjack, lumberyard, lunar eclipse, lunar rover, lung, lyrics, macaroni, machete, machine, macho, magnet, mailbox, makeup, mammoth, manatee, mark zuckerberg, martian, mascot, mascot fireman, mask, mast, mastercard, mat, mayhem, mechanic, megaphone, member, memory, mercedes benz, mermaid, meteor, michael scott, michelangelo, microscope, microsoft, microsoft word, microwave, midnight, migrate, millionaire, mime, mine, mine car, miner, minivan, mirror, missile, mitten, mohawk, moisturizer, molar, mold, mom, monsoon, monster, monsters inc, mooch, moonwalk, moth, mount rushmore, mozart, mr potato head, mulan, mummy, music, mysterious, myth, name, nanny, naruto, navigate, negotiate, neighborhood, nemo, nepal, nest, netflix, neutron, newsletter, night, nightmare, nike, north pole, nose, nostril, nurse, nutmeg, oar, obey, observatory, office, offstage, olive oil, olympics, one-way street, opaque, optometrist, orange juice, orbit, organ, organize, ornament, ornithologist, ounce, oven, owl, oyster, pacific ocean, pacifier, page, pail, pain, palace, pancakes, panda, panic, pantyhose, paper plate, paperclip, parade, paranoid, parent, parking garage, parley, parody, partner, password, pastry, patrick starr, pawnshop, peace, peacock, peanut, peasant, pelt, pen pal, pendulum, pepsi, periwinkle, personal, pest, pet store, petroleum, pharaoh, pharmacist, philosopher, phineas and ferb, phone, photo, piano, pickup truck, picnic, pigpen, pigtails, pile, pilgrim, pilot, pinboard, pineapple express, ping pong, pink panther, pipe, pirate, pizza, pizza sauce, plan, plank, plantation, plastic, playground, pleasure, plow, plumber, pocket, pocket watch, point, pokeball, pokemon, pole, police, pomp, pompous, pong, popeye, population, portfolio, positive, positive champion, post, post office, practice, president, preteen, prey, prime meridian, printer ink, prize, produce, professor, profit, promise, propose, protestant, psychologist, publisher, pumpkin, pumpkin pie, punching bag, punishment, punk, puppet, putty, quadrant, quarantine, quartz, queue, quicksand, quit, quiver, raccoon, race, raft, rage, rainbow, raindrop, rainwater, random, raphael, ratatouille, ratchet, ray, reaction, realm, ream, receipt, recess, record, recorder, recycle, referee, refund, regret, religion, remain, resourceful, rest stop, retail, retire, reveal, revenge, reward, rhyme, rhythm, rib, rick and morty, riddle, right, rim, rind, ringleader, risk, rival, robe, robot, rock band, rocket, rodeo, roller coaster, roommate, roundabout, rowboat, rubber, ruby, rudder, runt, rv, s'mores, safe, salmon, salt, sand castle, sandbox, sandbox bruise, sandpaper, santa claus, sap, sapphire, sash, sasquatch, satellite, saturn, sausage, saxophone, scarf, scatter, schedule, school, school bus, science, scissors, scooby doo, scrambled eggs, scream, screwdriver, script, scuba diving, scythe, seahorse, season, seat, seat belt, seed, serial killer, servant, sewer, shaft, shakespeare, shame, shampoo, sheep, sheets, shelter, sherlock holmes, shipwreck, shoelace, shopping cart, shotgun wedding, shower, shower curtain, shrew, shrink, shrink ray, sickle, sidekick, siesta, signal, silhouette, silt, simba, simpsons, skateboard, skating rink, ski goggles, ski lift, skip, skipping rope, skydiving, slack, sleep, sleet, slim shady, slipper, slump, snag, snapchat, sneeze, snooze, snore, snow globe, snowball, snowflake, soak, social distancing, socks, softball, solar eclipse, somersault, song, sophomore, soul, soulmate, soviet russia, space, space-time, spaceship, spaghetti, spare, speakers, spiderman, spirited away, sponge, spoon, spotify, spring, sprinkler, squat, stage, stage fright, stagecoach, stairs, staple, starbucks, starfish, startup, star trek, statement, stationery, statue of liberty, stay, steamboat, steel drum, stethoscope, stew, stewie griffin, sticky note, stingray, stockings, stork, storm trooper, story, stout, stowaway, stranger, strawberry, streamline, student, stuff, stun, submarine, sugar, suit, sun, sunburn, sunlight, sunscreen, superbad, superman, surfing, sushi, swamp, swarm, sweater, swim shorts, swing dancing, switzerland, swimming, syringe, system, tachometer, taco bell, tadpole, tag, tank, tattle, taxes, taxi, teabag, team, tearful, teenage mutant ninja turtle, teenager, teepee, telepathy, telephone booth, telescope, temper, ten, tesla, testify, tetris, thanos, the beatles, the dark knight, the prestige, theory, think, thread, thrift store, throne, ticket, tide, time, timeline, time machine, time zone, tin, tinting, tiptoe, tire, tissue box, toast, today, toddler, toilet paper, toll road, tomato sauce, tombstone, toothbrush, toothpaste, top hat, torch, tornado, toronto maple leafs, tourist, tournament, tow, tow truck, toy store, toy story, trademark, traffic jam, trail, trailer, train, train tracks, transformers, translate, transpose, trapped, trash bag, trash can, trawler, treatment, trench coat, tricycle, trip, trombone, truck, truck stop, tsunami, tub, tuba, tug, tugboat, turret, tutor, tutu, twang, twitter, umbrella, unemployed, united states, university, upgrade, vacation, vampire, van, vanilla, vanquish, vegan, vegetarian, vehicle, vein, venn diagram, vest, villain, violent, vision, vitamin, voice, voicemail, volleyball, wag, wall-e, wallet, wallow, wasabi, washing machine, water, water buffalo, water cycle, water vapor, wax, wealth, weather, wedding, wedding cake, weed, welder, werewolf, wet, wetlands, whale, whatsapp, whey, whip, whiplash, whisk, wifi, wig, wikipedia, win, wind, winnie the pooh, wish, witch, wizard, wolverine, woody, workout, world, wormhole, writhe, yacht, yak, yard, yardstick, yawn, yeti, yin yang, yoda, yodel, yolk, youtube, zamboni, zen, zero, zeus, zip code, zipper, zombie, zombieland, zoo
submitted by skribblwords to skribbl [link] [comments]

Marchero

With two cryptocurrency integrations under my belt I've set out with a solid plan for Monero.
Instead of jumping in and figuring it out as I go along I want to make sure that I have the solutions I'll need, well defined and scoped out. It's a good thing I'm going this path, too.
Turns out that there isn't really much in the way of JavaScript code for Monero out there. Probably the two best (and possibly only), solutions at the moment are monero-javascript and MyMonero.
Although there's no official Monero JavaScript library, the monero-javascript project is probably the closest to the original C++ client. This derived code comes in the form of WebAssembly, a low-level language that runs a lot closer to the metal than JavaScript. This means that WebAssembly is generally faster when doing things like calculations, but with some trade-offs like ease of use. JavaScript is a lot easier to code and understand, but it tends to run slower. In modern browsers, both run side by side so developers can decide which parts need to work fast, and which parts need to be easier to change and maintain.
The MyMonero project is actually a set of supporting libraries for a Monero wallet. It seems to have a lot more "real world" mileage but has a smaller dev team and hasn't been updated for many months, unlike monero-javascript which was updated as recently as today. MyMonero also uses WebAssembly for some of the core wallet functionality but the "bindings", or how this functionality is exposed to JavaScript, are different.
Between the two solutions, I've had more luck in getting support for monero-javascript. Neither project is well documented so having someone to run questions by is, at least at this point, a winning feature.
This will be my first time working with WebAssembly so factoring in some learning time is prudent. I'll only be learning to use existing code rather than learning how to write it but still, it's a new thing for me.
As I mentioned, support for Monero via JavaScript is surprisingly rare, so I may end up contributing some original code back to the project(s) I'll be using. I haven't yet decided which of them will find its way into CypherPoker.JS because there are still some open questions about how certain things are done and if they're even possible. However, right now monero-javascript is looking like the best choice.
Once I'm satisfied that all the building blocks are viable, I'll add the cryptocurrency handler and integrate it all the way through to the front end. As with BTC and BCH, a Monero testnet option will be available along with a faucet so that you can test it out without using any actual XMR. A full client option that uses the downloadable monerod client, the equivalent of a full Bitcoin node, will be available alongside the "light" option which will use external APIs. After that I'll upgrade the live demo (and server), update the wallet generator, post v0.5.2 code documentation, create a new release, and write a wrap-up post.
I want to stress again that this is all contingent on whether or not the JavaScript libraries actually do what I need them to do, and if there exists at least one public API that can be used in place of the daemon (monerod). But based on the help I've received from the Monero community so far I'm feeling optimistic.
Probably the most interesting thing about the Monero integration is that it represents the final, Rumsfeldian, "known unknown" of the CypherPoker.JS project. It's the last thing I'm embarking on with essentially zero prior knowledge; I know that I know nothing.
The rest of the project, the other cryptocurrencies, smart contracts, peer-to-peer communications - those are all things I'd at least had an introduction to if not outright practical knowledge of. When it comes time to add Ethereum support I'll be able to confidently say that it's nothing new. Incorporating Tor anonymization ... been there, done that.
When it comes to Monero, though, I'm a wide-eyed ignoramus. Never owned any XMR, never ran a Monero wallet, never tried out a Monero block explorer; seems I'm even getting some of the technical terminology wrong. Basically, it's the last part of the project's core vision that comes with a steep learning curve and a not-insignificant chance of failure. I mean, I don't think I'm gonna fail but I can't point to any definitive reason why I should think that.
There's no pragmatic reason to believe that March and (the) Monero (integration) will be contemporaneous but then again, why not?
submitted by monican_agent to cypherpoker [link] [comments]

A technical dive into CTOR

Over the last several days I've been looking into detail at numerous aspects of the now infamous CTOR change to that is scheduled for the November hard fork. I'd like to offer a concrete overview of what exactly CTOR is, what the code looks like, how well it works, what the algorithms are, and outlook. If anyone finds the change to be mysterious or unclear, then hopefully this will help them out.
This document is placed into public domain.

What is TTOR? CTOR? AOR?

Currently in Bitcoin Cash, there are many possible ways to order the transactions in a block. There is only a partial ordering requirement in that transactions must be ordered causally -- if a transaction spends an output from another transaction in the same block, then the spending transaction must come after. This is known as the Topological Transaction Ordering Rule (TTOR) since it can be mathematically described as a topological ordering of the graph of transactions held inside the block.
The November 2018 hard fork will change to a Canonical Transaction Ordering Rule (CTOR). This CTOR will enforce that for a given set of transactions in a block, there is only one valid order (hence "canonical"). Any future blocks that deviate from this ordering rule will be deemed invalid. The specific canonical ordering that has been chosen for November is a dictionary ordering (lexicographic) based on the transaction ID. You can see an example of it in this testnet block (explorer here, provided this testnet is still alive). Note that the txids are all in dictionary order, except for the coinbase transaction which always comes first. The precise canonical ordering rule can be described as "coinbase first, then ascending lexicographic order based on txid".
(If you want to have your bitcoin node join this testnet, see the instructions here. Hopefully we can get a public faucet and ElectrumX server running soon, so light wallet users can play with the testnet too.)
Another ordering rule that has been suggested is removing restrictions on ordering (except that the coinbase must come first) -- this is known as the Any Ordering Rule (AOR). There are no serious proposals to switch to AOR but it will be important in the discussions below.

Two changes: removing the old order (TTOR->AOR), and installing a new order (AOR->CTOR)

The proposed November upgrade combines two changes in one step:
  1. Removing the old causal rule: now, a spending transaction can come before the output that it spends from the same block.
  2. Adding a new rule that fixes the ordering of all transactions in the block.
In this document I am going to distinguish these two steps (TTOR->AOR, AOR->CTOR) as I believe it helps to clarify the way different components are affected by the change.

Code changes in Bitcoin ABC

In Bitcoin ABC, several thousand lines of code have been changed from version 0.17.1 to version 0.18.1 (the current version at time of writing). The differences can be viewed here, on github. The vast majority of these changes appear to be various refactorings, code style changes, and so on. The relevant bits of code that deal with the November hard fork activation can be found by searching for "MagneticAnomaly"; the variable magneticanomalyactivationtime sets the time at which the new rules will activate.
The main changes relating to transaction ordering are found in the file src/validation.cpp:
There are other changes as well:

Algorithms

Serial block processing (one thread)

One of the most important steps in validating blocks is updating the unspent transaction outputs (UTXO) set. It is during this process that double spends are detected and invalidated.
The standard way to process a block in bitcoin is to loop through transactions one-by-one, removing spent outputs and then adding new outputs. This straightforward approach requires exact topological order and fails otherwise (therefore it automatically verifies TTOR). In pseudocode:
for tx in transactions: remove_utxos(tx.inputs) add_utxos(tx.outputs) 
Note that modern implementations do not apply these changes immediately, rather, the adds/removes are saved into a commit. After validation is completed, the commit is applied to the UTXO database in batch.
By breaking this into two loops, it becomes possible to update the UTXO set in a way that doesn't care about ordering. This is known as the outputs-then-inputs (OTI) algorithm.
for tx in transactions: add_utxos(tx.outputs) for tx in transactions: remove_utxos(tx.inputs) 
Benchmarks by Jonathan Toomim with Bitcoin ABC, and by myself with ElectrumX, show that the performance penalty of OTI's two loops (as opposed to the one loop version) is negligible.

Concurrent block processing

The UTXO updates actually form a significant fraction of the time needed for block processing. It would be helpful if they could be parallelized.
There are some concurrent algorithms for block validation that require quasi-topological order to function correctly. For example, multiple workers could process the standard loop shown above, starting at the beginning. A worker temporarily pauses if the utxo does not exist yet, since it's possible that another worker will soon create that utxo.
There are issues with such order-sensitive concurrent block processing algorithms:
In contrast, the OTI algorithm's loops are fully parallelizable: the worker threads can operate in an independent manner and touch transactions in any order. Until recently, OTI was thought to be unable to verify TTOR, so one reason to remove TTOR was that it would allow changing to parallel OTI. It turns out however that this is not true: Jonathan Toomim has shown that TTOR enforcement is easily added by recording new UTXOs' indices within-block, and then comparing indices during the remove phase.
In any case, it appears to me that any concurrent validation algorithm would need such additional code to verify that TTOR is being exactly respected; thus for concurrent validation TTOR is a hindrance at best.

Advanced parallel techniques

With Bitcoin Cash blocks scaling to large sizes, it may one day be necessary to scale onto advanced server architectures involving sharding. A lot of discussion has been made over this possibility, but really it is too early to start optimizing for sharding. I would note that at this scale, TTOR is not going to be helpful, and CTOR may or may not lead to performance optimizations.

Block propagation (graphene)

A major bottleneck that exists in Bitcoin Cash today is block propagation. During the stress test, it was noticed that the largest blocks (~20 MB) could take minutes to propagate across the network. This is a serious concern since propagation delays mean increased orphan rates, which in turn complicate the economics and incentives of mining.
'Graphene' is a set reconciliation technique using bloom filters and invertible bloom lookup tables. It drastically reduces the amount of bandwidth required to communicate a block. Unfortunately, the core graphene mechanism does not provide ordering information, and so if many orderings are possible then ordering information needs to be appended. For large blocks, this ordering information makes up the majority of the graphene message.
To reduce the size of ordering information while keeping TTOR, miners could optionally decide to order their transactions in a canonical ordering (Gavin's order, for example) and the graphene protocol could be hard coded so that this kind of special order is transmitted in one byte. This would add a significant technical burden on mining software (to create blocks in such a specific unusual order) as well as graphene (which must detect this order, and be able to reconstruct it). It is not clear to me whether it would be possible to efficiently parallelize sorting algortithms that reconstruct these orderings.
The adoption of CTOR gives an easy solution to all this: there is only one ordering, so no extra ordering information needs to be appended. The ordering is recovered with a comparison sort, which parallelizes better than a topological sort. This should simplify the graphene codebase and it removes the need to start considering supporting various optional ordering encodings.

Reversibility and technical debt

Can the change to CTOR be undone at a later time? Yes and no.
For block validators / block explorers that look over historical blocks, the removal of TTOR will permanently rule out usage of the standard serial processing algorithm. This is not really a problem (aside from the one-time annoyance), since OTI appears to be just as efficient in serial, and it parallelizes well.
For anything that deals with new blocks (like graphene, network protocol, block builders for mining, new block validation), it is not a problem to change the ordering at a later date (to AOR / TTOR or back to CTOR again, or something else). These changes would add no long term technical debt, since they only involve new blocks. For past-block validation it can be retroactively declared that old blocks (older than a few months) have no ordering requirement.

Summary and outlook

Taking a broader view, graphene is not the magic bullet for network propagation. Even with the CTOR-improved graphene, we might not see vastly better performance right away. There is also work needed in the network layer to simply move the messages faster between nodes. In the last stress test, we also saw limitations on mempool performance (tx acceptance and relaying). I hope both of these fronts see optimizations before the next stress test, so that a fresh set of bottlenecks can be revealed.
submitted by markblundeberg to btc [link] [comments]

The ultimate guide to passive crypto earnings!

I've spent the last couple months figuring out a good strategy to generate some passive cryptocurrency without investing money before a big bull-run starts. As Bitcoin is still fairly low, but cryptos have been risen again in the last weeks, it's best to get in now. I don't have very much time, so I examinated the best-working websites with the littlest time investment and the highest result possible.

Disclaimer: This will be a long post and I'll tell you all the sites I use and how my strategy works. Use it as an inspiration and develop your own working strategy. Skip stuff that doesn't seem to be worth your time or websites you don't like. If you don't like to use a referral-link, just remove the last part of the link. Most websites will give you a bonus when signing up with a ref-link, though and I would appreciate it for the effort I put in this guide.

I assume you have some basic knowledge on cryptocurrencies, a wallet and accounts on Faucethub and Coinpot.

So, let's get started.

Step 1: Claim once a day from stacking up faucets

If you're familiar with faucets, you probably know the moon-faucets that pay directly to Coinpot. They keep stacking up until your next claim, so they are the best and highest-paying faucets if you want to keep your time claiming as little as possible. I suggest you use them at least once a day to accumulate the daily bonus that will really change your game. I do a quick claiming round once in the morning and once in the evening. If you have more time, they are also really worth being claimed more often. For the sake of completion I will include them here:

Moonbitcoin for Bitcoin
Moonlitecoin for Litecoin
Moonbitcoincash for Bitcoin Cash
Moondash for Dash
Moondogecoin for Dogecoin
Bitfun stacking up Bitcoin-faucet that pays instantly to Coinpot

Two new exact clones of the Moonfaucets that pay instantly to Faucethub with no minimum. They also have daily bonus:

Getcoin Bitcoin for Bitcoin
Getcoin Litecoin for Litecoin

And the last stacking up faucet for BTC: Yannik.biz

So yeah, try to claim them at least once a day to maintain your daily bonus. The bonus can really be a game changer on these ones. Claiming them all will take no more than 5-10 minutes every day.

Step 2: Receive daily interest on your faucet claims!

Send your Bitcoin to Freebitcoin and receive daily interest on your balance once you have more than 30000 Satoshis (shouldn't take too long if you put in some effort in the beginning). You can also use the website as a faucet once a hour. It is actually paying well. If you use my link to sign up a new account you will receive life-long +12,5% on your daily interest and +25% on all your claims. If you already have an account, just create a new one with this link and delete your old one as this ref-back-bonus will give you a decent boost on your earnings. Freebitcoin is one of the oldest and most trusted website in the crypto scene!

Step 3: Claim even more cryptos once you have some spare time

Highest-paying sites I found where you can claim every hour along with Freebitcoin are these:

Cointiply: very high paying and they also give you daily interest, but are tied to USD-rates, so you're better off withdrawing your satoshis to Freebitcoin once you reached minimum withdrawal as you would lose satoshis if BTC price continues to rise.

Freedogecoin: Same as Freebitcoin, but with less functions.

Bitsfree: New website with cool design where you can claim once a hour and withdraw to Faucethub at a fairly low amount. Pays pretty well.

Claimbits: Same script as Bitsfree, but pays a bit less and you have to solve three shortlinks once in a while to be able to claim. It's still worth participating in.

Remember: On every claim on these websites you have the chance to win a big amount of cash. So try to use them as often as possible. Unlike the stacking up faucets, with the exception of Cointiply, they don't have a daily bonus, so it's no problem if you ignore them for a while.

Bonusbitcoin: Claim a good amount of satoshis every 15 minutes. Instant payments to Coinpot again.

Click high-paying ads on AdBtc and Dogeads. Another good website for high-paying BTC-ads is Bits-Pays.

Use websites where you can do surveys and all kinds of stuff to earn money that also pay in cryptocurrency. The best website I found that is similar to Swagbucks and has the option to pay cryptos is probably Grindabuck.

Claim your daily bonus at Firefaucet, collect some Autoclaims during the week and run it during the happy hours on the weekend to get most of it. Instant payments to Faucethub.

Step 4: Use semi-passive methods with crypto farming games

There are some crypto games out there that have the ability to build you a decent chunk of passive income after a while. The sites require small tasks you do to earn crypto or credits which you can re-invest in stuff that will generate passive income for you. It takes some effort upfront, but once set up they will passively pay you with no additional effort.Here are my favorites:

Satoshi-Labs: Claim from a faucet every 5 minutes, do surveys and shortlinks and re-invest your earnings in buildings that will generate satoshis for you every hour.

Cryptomininggame: Play a simulated mining game and do missions to level up. As you level up, your earnings increase. This site has a high stacking up daily bonus and can be very profitable once you get to a high level.

Bits-Pays: Has several options to earn passive income. You can play their mining game or buy company shares that will give you dividends. It has a lot of attractive offers for advertisers and very high paying ads and daily bonus, too!

Bitcoinfun: This is a new website that works the exact same as satoshilabs. Once you're into satoshilabs you will also get Bitcoinfun. I see a lot of potential for this website.

Step 5: Fully passive methods

So yeah, let's come to the best part. There are options that require no effort at all! Let's go.

I've already written about sending my satoshis to Freebitcoin for daily interest, but what you can also do is sending some cryptos to Eobot. They are probably the only legit Cloudmining platform out there that has been paying since 2013. You can also claim some GHS there every 24 hours if you set Mining to GHS 5.0. first, which is cool. I like to send some of my altcoins like Doge and Bitcoin Cash to them and convert them in GHS to earn passive Satoshis.

You have probably heart it a thousand times on this sub, but you can also earn Bitcoin by using the two legit autosurfers that pay in Bitcoin by now. This is a fully passive method, just run them whenever you're online.

Getcashfree and Fastcashmining.
Another fully passive website planning to add crypto-payments soon is Radioearn.

Use browser extensions that will automatically generate money for you just for using them:

Presearch: This is probably the best search engine I've ever seen. After installing it will be opened every time you open a new tab. You can customize it, so you can choose from searching via Google, Amazon, Reddit, Wikipedia and much more without accessing the websites first. This is very comfortably and the best part about it: You earn Pre-Tokens for every search, which you can later exchange for BTC.

Surfe.be: A browser extension that shows you some Banners while surfing the web and pays you some money for it. You can disable it at any time and it isn't over-present at all when surfing (I barely notice the banners).

Claim every 24 hours from Mellowads and use it to advertise your ref-links. You can also promote your ref-links on AdBTC, Bits-Pays and DogeAds. Having referrals is another good way to generate some passive income.

Sign up for Mannabase. This is a cool project that aims to create some sort of crypto Universal Basic Income for everyone. After signing up you will need to verify your identity and once they accept you, you'll receive free Manna every week. You can then exchange Manna for BTC or USD. As they have a lot of pending approvals, expect it to take 1-2 months before they accept you.

Conclusion

So yeah, that's basically my main sources and my strategy and I treat it as some sort of site-business. If I am lazy, I spend no more than 10-15 minutes a day to claim the stacking up faucets and daily bonuses on websites and receive my daily interest, payments from Eobot, crypto games and browser extensions anyway. It's really cool to watch your balances, bonus and interest grow over time and who knows? 1$ in Crypto could be 30$ of Crypto in the future. Use this guide as an inspiration to develop your own strategy of acquiring as many Cryptos for free as you can. For me these websites work the best. And I tested a lot of websites.

Additional tips: Use different passwords on the websites and write them all down. It can be a hassle memorizing several passwords. Also create a separate e-mail-address for all the crypto websites. To make it easier handling all the websites, group them in a document e.q. all 1 hour faucets, all stacking up faucets and add links, so you can quickly access them when you want to use this particular group of websites. Be patient at first, your earnings will increase over time.

Feel free to ask me anything, have fun and happy claiming! :)
submitted by kryptanthrax to beermoneyglobal [link] [comments]

LOCAL REMIT: Everything you need to Know

Local Remit is a Decentralized Peer to Peer Crypto Marketplace.
During the genesis of Cryptocurrency right after Satoshi had created bitcoin, the only way you could get bitcoin was if you mined it, faucets, get it from someone for free, donations, peer to peer trade/transaction. Exchanges like mt. Gox came later.
Since then the Peer to peer marketplaces have been lagging behind until the emergence of single coin marketplaces like localbitcoins and localethereum. The success of the named P2P exchanges despite very little publicity has paved way for Local Remit Marketplace to thrive!
Our P2P Marketplace will have 5 of the major Coins and we will be adding more as time goes.
Read more on our Whitepaper.
🎯Download Local Remit Whitepaper on www.localremit.com
🎯AIRDROP:
Airdrop started on 14th Sept and will end on 28th Sept. LRT Tokens Earned During this period will be distributed 2 weeks after Main Token sale (Starting 1st Nov. ) to ensure those who participate in Presale and ICO get to be the first to trade when we get listed.
JOIN NOW: http://t.me/localremitbot?start=6761373492
During the week of Airdrop Distribution we will have a form where you will fill to confirm all social accounts used to complete tasks.
ENSURE YOU COMPLETE ALL AIRDROP TASKS ON AIRDROP BOT TO AVOID COMPLICATIONS DURING DISTRIBUTION.
They take like 30 seconds and help Local Remit grow.
For [b]ABSOLUTE[/b] Crypto Newbies please read what an Airdrop is here: https://en.wikipedia.org/wiki/Airdrop_(cryptocurrency))
🎯BOUNTY:
Bounty program starts on 25th September and will Run until the end of token sale (31st October).
🎯PRESALE:
Presale starts on 28th September to 15th October.
🎯MAIN TOKEN SALE:
Main Token sale will start on 15th October immediately after Presale ends and will Run for 2 weeks Only.
🎯EXCHANGE LISTING:
LRT Token will start to be traded on 1st November and we will spend most of the month getting LRT listed in as many exchanges as possible. We will Publish polls on twitter to determine the best exchanges to get listed on by factoring our community preferences.
🎯LOCAL REMIT DEVELOPMENT:
Local Remit Marketplace will start recruiting more developers after Token sale and Major development will start November. Currently our Development has some of the best guys in the field. Check out profile on the website. Our Lead developer has PhD in Computer Science. Local Remit Beta will start Testing on March 2019 and be open to a select group before end of March 2019.
You can read more about our Project by downloading and going through our Whitepaper. www.Localremit.com
submitted by PerfectTradition to LocalRemit [link] [comments]

I'm Gavin Andresen, Chief Scientist at the Bitcoin Foundation. Ask me anything!

So what do you want to know?
I'm 47 years old and live and work in Amherst, Massachusetts with my wife, two kids and assorted pets.
I was born in Melbourne, Australia as "Gavin Bell" but moved to the US when I was five years old. I grew up in Seattle Washington, Anchorage Alaska and the Santa Ynez Valley, California.
After graduating from Princeton University (Computer Science), I worked at Silicon Graphics Computer Systems for eight years, creating 3D graphics software (Open Inventor and VRML).
My wife and I moved to Madison, Wisconsin after she got her PhD from Stanford. There I wrote a book and co-founded a startup that failed. We moved to Amherst in 1998, where I worked on an Internet Walkie-Talkie), online games for blind and sighted people, tools for Prosper lenders, a web site content management system for Gravity Switch, and part of the back-end for a search engine for computer science research literature.
Phew. That long list makes me feel old.
I first heard about Bitcoin in a May, 2010 InfoWorld article, and started working on Bitcoin-related projects soon after. I'm proud of my contributions:
You can read about what I've been working on recently at the Foundation blog.
I try not to let Bitcoin completely take over my life; I spend about eleven evenings a year as an elected member of Amherst Town Meeting. And I still have some time to ride my bicycle or unicycle, use my skeptical skills to debunk the crazy things friends post on Facebook, and read a little science fiction.
You can get an idea of topics I find interesting and how I think at my blog.
So: AMA!
Thanks everybody for all the kind words! I'm going to stop now, but I'll check in tomorrow and if there are burning questions that get eleven or more points that I haven't already answered I'll try to jump in and answer them.
submitted by gavinandresen to Bitcoin [link] [comments]

Open TODO List

GET PAID BBP COINS FROM MONTHLY BUDGET FOR YOUR WORK!
Anyone can get paid BBP for helping do work for BiblePay!
http://wiki.biblepay.org/UnderstandingGovernance

From GUI Wallet, in top menu click Proposals >> Proposals Add
NOTE: Only costs 2500 BBP to submit a proposal requesting funding for your work

Here is an incomplete ownership list of different resources:
https://www.reddit.com/BiblePay/comments/9utdsh/biblepay_ownership_list/

OPEN TODO LIST:
- Update and migrate Update/Clean wallet guide to website/wiki
https://www.reddit.com/BiblePay/comments/7nmvm8/how_to_update_clean_wallets/
(erasechain?)

- Update Wiki main page
---- Create Table of Contents
http://wiki.biblepay.org/Main_Page

- Update White Paper
https://www.reddit.com/BiblePay/comments/cyd12g/need_help_updating_white_pape
https://pool.biblepay.org/Docs/BiblePay_White_Paper.pdf

- Write and Publish Step by Step Buying Bitcoin and Buying BiblePay guide
https://bitcointalk.org/index.php?topic=2388064.msg51062536#msg51062536

- Create Youtube Videos
--- How to Mine
--- How to Buy Coins
--- How to Create Proposals, How to View, How Budget System Works-
-- How to Setup Masternode (How to Vote)

- Translate to All Languages
--- Bitcointalk ANN
https://www.reddit.com/BiblePay/comments/7qmt6m/bitcointalk_main_post_language_translations/
--- Mining Guides
--- Website
http://biblepay.org/https://www.reddit.com/BiblePay/comments/7dyabk/help_translate_website_documentation_to_othe
--- White Paper
--- Wallet?
--- Bible?
Language Plugins for Wordpress:
- Polylang: https://wordpress.org/plugins/polylang/
- qTranslate X: https://wordpress.org/plugins/qtranslate-x/
- Polylang Pro: https://polylang.pro/downloads/polylang-pro/
- WordPress Multilingual Plugin (WPML): https://wpml.org/

- Spread to all online Christians
https://bitcointalk.org/index.php?topic=2388064.msg52642234#msg52642234

- Create Twitter Account and Follow BiblePay, Like and Retweet Tweets
https://twitter.com/i/flow/signup?lang=en

- Create or Update Bitcointalk Forum Signature
https://www.reddit.com/BiblePay/comments/7s1qsy/bitcointalk_forum_signature_guide/

MORE TODO:
- Advertising and Journalist Research (Multiple Sheets)
https://docs.google.com/spreadsheets/d/1grgb5Y74XMqShKDp051h1bSZVbHzRLna1bYzoTh6MAY/edit#gid=0

--- Write Articles/Stories
Christcoin is a dead coin now, but look what places it got articles:
https://baptistnews.com/article/market-christian-cryptocurrency-christ-coin-aims-find/#.XNs1E45KiUk
https://www.worldreligionnews.com/religion-news/first-cryptocurrency-god-christ-coin
https://religionnews.com/2017/10/04/christ-coin-launches-as-first-faith-based-cryptocurrency/
https://www.christiantoday.com/article/christ-coin-new-christian-digital-currency-launches-with-rewards-for-the-faithful/115333.htm

- Google Ads - https://forum.biblepay.org/index.php?topic=204.0
- Facebook Ads
- Reddit Ads - https://forum.biblepay.org/index.php?topic=82.0
- Twitter Ads (Banned)

- Monthly Updates
- Weekly Updates
- Email Alerts for Mandatory Upgrades and Monthly News
- Monthly Proposal Summaries

Should we explain our History? and how should we explain it?https://www.reddit.com/BiblePay/comments/ba81wh/current_block_reward_breakdown_mining_guides_and/
https://forum.biblepay.org/index.php?topic=323.0
https://forum.biblepay.org/index.php?topic=380.0https://wiki.biblepay.org/Nutrition_Information

- How do we reach the people that would be most interested in BiblePay?
- How do people find BiblePay?
- What do they see when they find us?
- Why should someone invest in BiblePay? (Why does someone invest in Bitcoin?)
- How is BiblePay different and better than Bitcoin? What is unique?
- How easy is the path to invest?
- How do they stay in the loop / up to date?
  1. Simple Fun Youtube video on How to install BiblePay wallet, How to Buy Bitcoin, How to Buy BiblePay coins, and then How to Backup wallet and keep up to date on the project, Anyone here got youtube/video creation skills? (Older mining video that was good: https://www.youtube.com/watch?v=K1yKx8KsH60) [Most people are visual learners]
  2. Higher google search ranking for religion keywords matched with crypto keywords (more articles, google adwords, etc), examples of religious keywords: christian denominations: https://en.wikipedia.org/wiki/List_of_Christian_denominations_by_number_of_members, Anyone interested in running a Google Adwords campaign? Anyone interested in writing articles hitting upon keywords in title and in article?
  3. I think we are missing out on Facebook, lots of older people on Facebook, older people probably dont use Reddit, Twitter, Discord, etc (I believe our Google Analytics data showed average age of users clicking on BiblePay.org was around age 35), we should be posting regularly on there, anyone interested to make periodic posts that are super user friendly / not too technical?
We need help creating youtube videos
We need help creating graphics
We need help writing articles/stories
We need help communicating on Facebook
We need help running an email newsletter
We need help advertising our monthly budget proposals

- Coin Comparisons
https://wiki.biblepay.org/Nutrition_Information

- Airdrop
https://forum.biblepay.org/index.php?topic=120.0https://www.biblepay.org/airdrop/https://airdropalert.com/biblepay-airdrop

- Random Faucet
https://forum.biblepay.org/index.php?topic=80.0
https://www.reddit.com/BiblePay/comments/7m6t8s/build_2nd_faucet/

- Website SEO (Yoast plugin)

- International Crypto Forums
--- 8btc.com (Chinese)
--- MiningClub.info (Russian)

- Slide Deck
http://smallbusiness.chron.com/deck-marketing-64930.html
"Slide decks are full of infographics and data optimized for "at-a-glance" viewing"

- Paper Wallet Giveaway
How to generate 100+ paper wallets with $1-5 loaded on each

- April of BLOOM has PR experience
https://forum.biblepay.org/index.php?topic=72.0

- Banner Ads
http://fozy.altervista.org/latest-banners.html
https://pasteboard.co/HS9J9W1.pnghttps://pasteboard.co/HS9Jrz0.png

- Interesting Data
https://www.alexa.com/siteinfo/biblepay.org
https://coincheckup.com/coins/biblepay/analysis

- Cathio
Contact organization and writers who wrote articles about them(I think we are missing out on the keyword catholic, we should write page/articleabout how we are open to everyone including all Christian denominations)

INFO:
- What information needs to be added to our website/ann/whitepapeetc?
-- IPFS
https://www.reddit.com/BiblePay/comments/9b6tex/testnet_testing_ipfs_decentralized_file_system/
https://www.reddit.com/BiblePay/comments/9h1578/rob_biblepay_progress/
https://medium.com/biblepay-news/biblepay-october-2018-update-2eba069fd2a2
https://www.reddit.com/BiblePay/comments/9st66d/november_announcement/
-- Dash Evolution
https://www.reddit.com/BiblePay/comments/bifvpk/biblepay_evolution_what_is_it/
-- Generic Smart Contracts (GSCs
)https://wiki.biblepay.org/Generic_Smart_Contracts
-- Healing Campaign
https://wiki.biblepay.org/BiblePay_Healing_Campaign
-- Bug Bountys
https://forum.biblepay.org/index.php?topic=408.msg6046#msg6046
-- Proof of Orphan Mining (POOM)
https://wiki.biblepay.org/POOM
-- Christian Spaces
https://bitcointalk.org/index.php?topic=2388064.msg52080919#msg52080919
-- Chain Locks
https://dashnews.org/andreas-antonopoulos-calls-dash-chainlocks-a-smart-way-of-preventing-51-attacks/
submitted by togoshige to BiblePay [link] [comments]

I created an Electroneum Faucet for android

ES Electroneum Faucet will gradually fill up - quite quickly initially but it will slow down over time - until you make a claim. So the longer you leave it the more you will be able to claim. Minimum 5 minutes between claims.
You can withdraw once you reach the threshold of 3 Electroneums.
https://play.google.com/store/apps/details?id=com.esgames.etnfaucet
If you wish to ask me anything about the application, please go ahead. AMA
Edit : Faucets are a reward system, that dispenses rewards in the form of a cryptocurrency for visitors to claim.
"Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies."
https://en.wikipedia.org/wiki/Bitcoin_faucet
Edit 2: Its going to be slow in the start, going to need time to get the coins set in and see the money made from ads. But I am going to try to atleast give upto 90% of the profits to the app for claims. But please do remember, as their are going to be many users, hence the claims can never be that high.
Edit 3: It seems the electroneum wallet is extremely slow in sending coins, taking me forever to send this 1 transaction. I might have to increase the withdrawal limit to be able to handle the transactions.
Edit 4 : There will be delays in withdrawal due to the cryptopia withdrawal issue.
submitted by Sahaab to Electroneum [link] [comments]

I created a Verge Faucet for android

ES Verge Faucet will gradually fill up - quite quickly initially but it will slow down over time - until you make a claim. So the longer you leave it the more you will be able to claim. Minimum 5 minutes between claims.
You can withdraw once you reach the threshold of 3 Verge.
https://play.google.com/store/apps/details?id=com.esgames.vergefaucet
If you wish to ask me anything about the application, please go ahead. AMA
Faucets are a reward system, that dispenses rewards in the form of a cryptocurrency for visitors to claim.
"Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies."
https://en.wikipedia.org/wiki/Bitcoin_faucet
submitted by Sahaab to vergecurrency [link] [comments]

I created a Digibyte Faucet for android

ES Digibyte Faucet will gradually fill up - quite quickly initially but it will slow down over time - until you make a claim. So the longer you leave it the more you will be able to claim. Minimum 5 minutes between claims.
You can withdraw once you reach the threshold of 3 digibyte.
https://play.google.com/store/apps/details?id=com.esgames.digifaucet
If you wish to ask me anything about the application, please go ahead. AMA
Faucets are a reward system, that dispenses rewards in the form of a cryptocurrency for visitors to claim.
"Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies."
https://en.wikipedia.org/wiki/Bitcoin_faucet
Its going to be slow in the start, going to need time to get the coins set in and see the money made from ads. But please do remember, as their are going to be many users, hence the claims can never be that high.
submitted by Sahaab to Digibyte [link] [comments]

BiblePay Faucet - Free BBP coins for Registering!

Steps to Receive Free BiblePay Coins:
  1. Register Account on BiblePay Pool website: https://pool.biblepay.org/
  2. Click Faucet >> Faucet
  3. Enter a BiblePay Address to send free BiblePay (BBP) coins to
How to create your own BiblePay Address to store coins?
Download and Install the BiblePay Wallet:
To get BiblePay address, with GUI Wallet, click: File >>> Receiving Addresses >>> Right click on address "Copy Address"
How to get more BiblePay coins? https://www.reddit.com/BiblePay/comments/7nevdg/how_to_get_biblepay_bbp_coins/
What is a faucet? https://en.wikipedia.org/wiki/Bitcoin_faucet
submitted by togoshige to BiblePay [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

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