Checking which distributions are infinitely divisible

My best attempt to simplify the math of a 10 million dollar Bitcoin [1₿=10million]

🤖₿ So 21 million #bitcoins will ever exist, unlike the dollar that is infinitely printed, which is why it loses value. A #bitcoin is infinitely divisible so no matter how expensive 1 coin gets, infinite fractions of it can be purchased and used. You don't have to buy 1 coin. It's value is the money and things of value behind it÷the number of bitcoins that exist. There are 36 million millionaires in the world today, so by the time every 1 of them try to grab a full bitcoin when it becomes a must have investment, there won't be enough for all of them. That easily pushes 1 coin past 1 million dollars in value when they try to grab a whole coin. Then there are 260 trillion in global #stock markets through #stocks and #derivatives, or what others call #institutionalmoney. The the first US #exchanges are opening to bitcoin and #cryptocurrencies this summer. Once bitcoin is allowed to be traded for stocks, which is only a matter of time now with the #stockmarket opening to the #cryptocurrency markets already, that makes that 260 trillion open to be put behind bitcoin. When that starts to happen; 260 trillion divided by 21 million #bitcoins, puts #1bitcoin over 10 million dollars a coin, or 12 million a coin to be exact. This will likely happen in our lifetimes with everything happening now. That makes every dollar invested even at an 11k price, to be worth 1k$ in possibly 10 years at this rate. ₿🤖
There's more to it like the halvings; about every 4 years the distribution of bitcoin going out gets cut in half. The first 4 years 10.5 million bitcoins went out and the demand and use was small so the price was cheap. From less than a penny cheap in 2009, to over 1000$ in 2013 after it first halved. After that from 2013 through 2016 with only 5.25 million bitcoins were being mined/made; then it halved again in 2016 for a second time & the price ran up to 20k a coin because the supply got cut in half to only 2.125 million bitcoins being created with higher demand and use cases. This is where we are now until summer 2020 when the 3rd halving will happen. After that, the next halving will only have 1.05125 million new #bitcoins getting created until 2024, with 10 trillion in value of institutional markets opening up to it. The potential for the next halving with the halved new coin supply, plus increased demand and use cases is anywhere from 100k to 500k in the short term by late 2020 or early 2021, then another 80+% drop as usual. But in short, at the current prices you're in a good position to be fine after the next correction/drop that'll come after the upcoming halving skyrockets the price. I for one won't stop accumulating till we break 20k again, aka the last all time high. My golden rule is to never buy during new all time high prices, and thankfully we're still under it. So learn about it now and stack up before we break 20k again, because after we do the growth will be stupid fast.
Calculated plug ins for 1 million and 10 million
submitted by BuyBitcoinWhileItsLo to Bitcoin [link] [comments]

Bitcoin vs Gold

With central banks around the world debasing their currencies by printing money out of thin air, I have been giving increasingly more thought on converting my assets into hard money. The debate that rages on in my head is which is the superior hard money. Gold, the standard for hard money that has withstood the test of time over millennia, or Bitcoin, the world’s first decentralized cryptocurrency. Here are my thoughts.
Intrinsic Value
Gold is often toted as being superior to Bitcoin because gold, unlike Bitcoin, has intrinsic value as a commodity. That is, there is gold demand for purposes outside the functions of money. Gold is used in a variety of industries such as dentistry, electronic hardware, aerospace, jewelry, glass-making and more. This means that gold will have value whether or not gold is being used as money. Bitcoin, on the other hand, has no intrinsic value. If people do not accept Bitcoin’s monetary functions then it has no value.
However, if we accept Bitcoin as money, then the fact that it has no intrinsic value is a significant positive. A money founded on something of intrinsic value will always be subject to supply shocks. For example, imagine that demand for gold has been increasing steadily as the aerospace industry expands and gobbles up more gold. Then one day, our brilliant scientists come up with an alloy that renders the functions of gold in aerospace obsolete. The value of gold begins to drop rapidly as we no longer buy gold for aerospace and begin to melt down the existing gold components. The value of gold will always fluctuate based on the demand for its monetary and intrinsic properties. Bitcoin has the luxury of not being subject to intrinsic volatility.
In summary, I have some fear of people abandoning Bitcoin as money and as it has no intrinsic value, I could end up with nothing. However, the fact that it has no intrinsic value means that Bitcoin is resistant to supply shocks, making it a superior money with little chance of the demand dropping to zero.
Confiscation
To me, the threat of confiscation is a real one. The United States, Great Britain and Australia have all passed legislation in the past forbidding the ownership of gold. Citizens were required to exchange their gold for government paper. In the United States, failure to comply could have netted you a 10 year prison sentence.
Today private ownership of gold is allowed, but I am not positive this will remain the case. The political climate is becoming dangerous. The wealthy (and wealth creation itself) are increasingly demonized and cries for socialism and wealth distribution are growing ever louder. This coupled with an imminent economic collapse make ripe conditions to destroy wealth, through both inflation and confiscation.
Already I have concerns. If I convert my savings into gold and try to fly from China to the United States, will the government harass me or potentially even confiscate my gold holdings in the future? Even now, the US Customs and Border Protection state that I have to declare currency and monetary instruments in excess of $10,000, failure to do so may result in seizure. With Bitcoin I have no concern. No government can go through my bags and find Bitcoin to confiscate. As far as my understanding of Bitcoin goes, there is no, or very very little, risk of confiscation. Please correct me here if I am wrong.
Divisibility & Distribution
In terms of divisibility and ease of transfer, there is no debate that Bitcoin is infinitely superior. I am looking into making my first purchase of gold and damn is it a pain in the ass. If I wish to purchase it online at a place such as Schiff Gold, I would need a couple of months, at least, before I could hold my tiny gold bar. They suggest that I store any gold I purchase in their Singapore vault, but then I don’t feel like it is truly my gold and would have to pay storage fees. If I wish to purchase it here in China, I need to set up an appointment at a bank, and as much as I love China, I hate the idea of handing over my info to state run banks to make a gold purchase. Also I’m confined to purchasing units of 10g, 20g, 50g, 100g, 1kg. There is no easy way for me to purchase a value amount that is perfectly suitable for me.
All this being said, to me gold has one large advantage and that is its history and global distribution. Central banks around the world have massive gold reserves and it is common for everyday citizens to hold a little gold in wedding bands and other jewelry. Everybody knows and understands gold has value. It may be quite sometime before Bitcoin can achieve the same status. Already countries such as Russia and China have been increasing their gold reserves, undoubtedly preparing for an event where fiat money collapses and the world goes back to a hard money standard. Clearly the bet of these governments is a gold standard. And why not? It is what the world used for thousands of years and governments around the world already have large gold reserves.
At the end of the day, I still choose Bitcoin. I choose Bitcoin because I believe the power of the people will always be greater than the power of the government. Governments can try to maintain power by going back to a gold standard and confiscating the gold of citizens, but if people choose Bitcoin over gold, then it will not matter. Money and power will have become truly decentralized.
submitted by Cramson_Sconefield to Bitcoin [link] [comments]

Bitcoin Cash to Be Valued at $12,000,000 Each

Enjoy =)
Larry Page = $41 billion
Bill Gates = $86 billion
All Cryptocurrency's = $200 billion
Amazon = $402 billion
Apple = $730 billion
USD in circulation = $1,500 billion
Gold Market Cap = $8,200 billion
Physical Money (notes/coins) = $31,200 billion
Stock Markets = $66,800 billion
All U.S. Money (bank deposits/loans) = $83,000 billion
But why doesn't EVERYBODY just convert ALL of the world's money of the ENTIRE PLANET to paying each other in gold? Gold is a great 'store of value', isn't it? Yes, it sure has value, but because it is inconvenient, hard to transport, slow, not divisible (without a third party), and difficult to keep from being robbed (without a third party), that is why the entire planet does not transact in gold, and hence why Gold's market capitalization is only $8,200 billion.
The only way this is possible, is if gold was more convenient to transact with than everything else, especially VISA. Which is impossible. You can't pay for a $100.37 item on Amazon.com, through the internet, without a third party, in a split second, by using gold.
Bitcoin (whitepaper version), can do 1,000,000 transactions per second CHEAPER than VISA. (It can probably do even more in the future), it's also at the same time a tangible currency (that takes trillions of video cards to create one single uncounterfeitable coin) aka "store of value".
So, for example's sake, let's add up all of the money (listed above), and "flood" the entire planet into using a currency ("store of value"), that is ALSO a payment system in itself BY DESIGN, able to send money to the other side of the planet, instantly, without needing to use ANY kind of outside third party, because the coin ITSELF is the third party IF it is the Whitepaper Version of Bitcoin. But if the witness data (aka transaction signatures) are segregated from the chain, then the coin (economy itself) is no longer ITS' OWN "third party" anymore, but prone to whoever wants to take advantage of the segregated witness data (whether its blockstream, bitcoin core, AXA, miners, or banks, doesn't matter). Because when the chain of digital signatures is no longer part of the blockchain, the incentive to take advantage of the system and introduce a traditional (bankegovernment) "third party" is now profitable/possible to do so. Whereas, originally, without SegWit, anybody who tried to do this would infinitely lose money in trying to do so---aka mining coins was more profitable than trying to do a 51% attack. Hence, with SegWit, we introduce a loop-hole into Bitcoin, allowing double spending of anyone's transactions, reversing anyone's transactions, halting anyone's transactions, freezing anyone's transactions, charge-backs, etc.
Now introduce $191,659 billion (see above) of the world's money to a ONE WORLD CURRENCY, that DOES NOT REQUIRE A THIRD PARTY.
17,912 x $650 current value of Bitcoin (whitepaper version) = $11,642,800 , for one coin.
90% of people who buy Bitcoin don't even know what is "Segwit" or "Blockstream" or "Satoshi" or "Whitepaper". They think it's the 'norm' that it takes hours upon hours (or even days) to get their Bitcoin. They assume that because it's "hard to get", then that is why it is valuable. Upon all of the other reasons. It's all media. It is exactly what BitConnect is doing. The only reason people are buying it, is because everyone is gambling, but are fully convinced that it is "investing". This is why Bitcoin is not going to lose its' value instantly. Nor is it going to skyrocket to an astronomical value like $100,000 instantly. But it will most definitely NOT be used as replacement currency by Walmart, Amazon, Sams Club, Coca Cola, Target, etc, and so on, it goes on FOREVER. All of these companies use VISA.
But what about other coins that already exist with little to no fees, instant transactions and end up having little to no traction and don't look like anyone cares about them??
For example.
These are the top ones I felt like choosing. I can explain every coin on the list. But the entire point, is that for EVERY one of these coins, Bitcoin Cash does it better. Bitcoin Cash has 0-conf (Bitcoin used to have it until the system could not accept anymore transactions and started backlogging transactions---aka full blocks). Bitcoin Cash has scripting functions (aka smart contracts). Bitcoin used to have it when the transaction fees only cost 1-5 cents per block... But no one wants to use the scripting functions anymore when you have to pay $5-$100 for each block.
There is a reason why Satoshi did not design Bitcoin (whitepaper version) like any of the other coins. It is because he already thought about those other designs.
Bitcoin legacy forfeited it's security model (whitepaper version) as soon as it changed protocol to SegWit.
submitted by MartinGandhiKennedy to btc [link] [comments]

Progress Report #0: The Mod So Far

Hello everyone. If you don't know already, I'm LuxLoser, lead developer for Hearts of Durasteel, a Star Wars mod for Hearts of Iron IV. This first progress report is to convey the general state of the mod and basic information. I will also be adding posts for the available leaks/declassified documents from the Discord, and the next progress report will come once the map is fully created, at least visually.
THE MAP
The map of Durasteel is a major component, as this isn't just an alternate history mod. Instead, it takes the map of Earth as we know it chucks it out, instead giving you a full map of the Star Wars Galaxy. "But how?" you might ask.
Well, the first thing we have done is create planets. They will be flat, 2-D items, representative of the planet as a whole. Think of it as a top-down view of a flattened globe, and the march of troops around the planet represents control of a certain region, of the southern hemisphere, of the large sea, of the mines, etc. The small provinces within the planets mean that planets aren't just one time battles but at times lengthy campaigns. Events during battles will also help make up for the limitations we have in depicting interstellar ground warfare. Planets that have no importance or are inhospitable and not valuable won't be depicted. Instead it is 'major' world displayed, not a star system. Various moons and satellites, however, are displayed near the planet, and important systems within the same system are placed close to one another.
Here is a look at the map layout, though it is, of course, constantly being updated. And here is an example of a planet and moon.
When we first started testing this idea in practice, the map looked like this. From there we did more refinement and ended up with this. You'll notice it very much looks like a bunch of islands in a very open sea. Technically, that's what it will always be, but we want to simulate the idea of a simplified map of space. We are still refining it, but the biggest things we tackled were: 1. the reflection of clouds, 2. waves and sea texture, 3. a space background. The reflection issue was easy enough, and we were able to figure out how to put in a background (admittedly still darkened and desaturated) not long after. But the issue of waves persisted. However, not long ago, we hit a break through and were able to remove the waves.
Here is the physical map as it exists presently. Here is a look at Coruscant and its moons and 'orbit tile'. And finally, here is a close up of Alderaan and a look at the stand-in "planetary ocean", which is blue mountains. We're still looking into improving the look.
We still have on the map agenda: 1. The sun. There is a light glare on the 'ocean' we are looking into disabling. 2. Improving the color of the background 3. Creating a proper, detailed space background with fairly accurate stars and easy to see hyperlanes 4. Improving planetary ocean look 5. Improving the height map to remove the rough look of the 'islands'
NATIONS
A lot less to cover here as I just want to clarify a few things. Firstly, we are not going for a plan of “every planet a tag.” Instead, while we do have plans for a number of tags, the approach is to have at game start, a large nation in the form of the Galactic Republic. The Republic will not be entirely united, with regions moving away from the Republic shown as separate puppets. This is a sort of narrative tool, as it shows that while some regions within the Republic have their own agendas, they believe in the Republic and respect its government. Near the Republic will be the CIS, focused on Serenno led by Dooku, at this point a growing movement that rejects the Republic government. The corporate states that he is enticing will be shown as moving away until the Battle of Geonosis comes and lines are drawn in the sand. The CIS will swell and the war will begin. The Neutral Systems will spawn not long after, refusing to accept either side of the conflict as their sovereign. Alongside all of this will be the Hutts and the Chiss. The former will be a large but fractured group, each of the leader of the Cartel having their own demesne. And the Chiss will be sitting in isolation, content on tackling their own issues. So, at the start there will be only a few nations available.
Why? Well the reason this mod is being made with Hearts of Iron IV is the unique way in which the event chains and the focus trees can be used to tell a story for a nation. Our objective is in taking Star Wars and allowing the player to craft their story. Fewer tags, more paths, more branches to the stories. Some of those stories will include switching to a different tag of a new nation, others will not. That the story is logical, sensible, and that the ways it affects the galaxy are cohesive is what will be important. Because Star Wars isn’t just some science fiction setting. It’s a Space Opera, a dramatic saga of heroes and villains, of the rise and fall of nations, of legends and myths, of prophecy and legacy. While we want to give the player choice, we have to be careful not to give total freedom. The massive conspiracies, intertwining stories, the presence of the Force, and the overarching themes of Star Wars mean that you can’t just be a rogue agent. There will be consequences, events that transpire because of things beyond your control. I want each playthrough to feel like it has a narrative, a story told in an unconventional medium. When you click “Senator Amidala dies!” I want it to be a little more than just an event that changes your focus tree and gives you some political power loss. I want the events that unfold, the war that ensues, the future that is written to feel like it was destined, not just random occurrences bumping into each other. That was a bit of an avant-garde rant there, but hopefully you’ll know what I mean as things progress.
But the question you might still have on tags is, “Well what about later on?” And that is more than fair. Ultimately there will be a number of tags, but mostly regional, with a few planets collected together around regional leaders. Forming each will take specific circumstances. So why not every world a tag? Well it also helps to demonstrate my personal view on how an interstellar nation functions on a greater scale. Namely, some systems are effectively “swept under the rug”. Due to the distance from major trade routes, economic capacity, population disparity, and military size, the neighbors of larger worlds are going to rally behind regional leaders, due in part to being just unable to stand alone. Worlds like Alderaan and Corellia, while having separate representatives than their neighboring systems, would have such sway and hegemony that the only reason their neighbors wouldn’t vote with them as a block is personal politics, and even that is more like one region being more liberal than another within one state and so electing a different party to the shared delegation than the others. But if the Republic were to just be dissolved, Alderaan’s neighbors, despite political differences, would be forced to work together, and work with Alderaan, to survive. This is partly due to the needs of a population accustomed to an economy where resources are practically infinite due to the shared resources of so many worlds in the galaxy. Unless a planet wanted to become an austere hermit kingdom, they have to work with more powerful neighbors. The materials used for infrastructure, the energy sources, the technological grids, the economic sectors, everything on a planet would be accustomed to what was available on the galactic market as a whole. Doonitum is common is some areas, but may be utterly unavailable on a planet. However, their security fleet is still made with doontium hulls, despite the metal not existing on their worlds. So unless they want their planet invaded and crushed, they need a doontium trade to survive.
The other component leading to regional leadership is how space travel works in Star Wars. Hyperspace Routes, planned paths of transit, and the perils of ‘rough space’ via nebulas and asteroid belts and so on, means it’s almost like Earth before air travel. If you’re far from a main route, ships will need to go through perilous, uncharted regions. Even before making that journey, if you’re an isolated world far from any routes, ships are first going to jump to the nearest planet close to a safe Hyperspace route. Imagine you’re a town near Florence in 13th Century Italy. Traders go to Florence on the main road before trying to reach you, and if it’s too much risk, you’re better off sending your own traders into Florence before they return. Say you’re on a minor road, one that branches off of the southern road to Florence. You want goods from north of Florence? Then you’re reliant on Florentine traders bringing it. And when war comes? You’ll need the Florentine army to hold off invaders. And so, despite disliking Florence, having your own culture, traditions, and political views, your town is under the jurisdiction of the Florentine city-state. Replace Florence with Corellia and Corellian and you see that due to the nature of hyper-space transit and the constrictions of moving through space itself, history has almost become cyclical for these minor worlds. Not to mention that as this situation persists, Corellian culture, ideals, and people would seep in, until what you have most in common with other minor world near Corellia is just Corellian you all are!
On a less philosophical or artistic note, let’s be honest. You really want to try to manage a game where you’re the faction leader of 50 minor nations, all with their own AIs? It would be a nightmare, especially when the war starts and each AI tries to command its own troops. And a major city on a planet falls? Rather than just lose some war score you can regain as your troops on the moons or nearby work to reclaim it, you instead get “THE WELSH UNION HAS CAPITULATED,” giving your enemies free reign in the territory, a huge hit to score, and the cession of control of worlds despite losing little on them.
IDEOLOGIES
This will be getting a separate post soon as well.
Durasteel presently has 11 set ideologies, with a 12th being in discussion in the form of “Grayism”, or “Neutralist”, meaning a state under the control of Gray Jedi. However, this is not yet set. Some of these ideologies, like New Order, the sides of the Force, and to some degree Akaan’adocrat, come from Star Wars canon or from Legends. But Star Wars has always been vague on its politics, leaving to us flexibility and creativity in developing coherent ideologies for gameplay.
Each ideology in the image has a definition but I want to elaborate on that definition here.
RESOURCES
Lastly, we have also begun implementing new resources into the mod. None of these are made up, though some lean more into Legends, as that continuity provides more detail in terms of military supplies. These are as follows, and in order on the screen:
Alright well that’s most of what I wanted to address in this report, giving everyone an awareness of where the mod is at in terms of development. Hopefully we can have more regular Progress Reports, but with University, work, and other projects that devs are involved with, we’re trying our best to move as quick as we can. Thank you all for your support.
Vode An!
submitted by LuxLoser to HeartsOfDurasteel [link] [comments]

We are averaging 2,000 new subs daily.

We just celebrated the 350,000 mark 5 days ago and today we are over 360,000. Nice to see this sub and the Bitcoin community in general growing this big and this fast.
If you are one of those many just coming in, welcome! I'm sure you'll find this place very interesting, fun and informative. We are here to help you to better understand what Bitcoin is and and how it works, and for ourselves to keep learning. This is my welcome post for newbies:
When you come asking when is a good time to buy, the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. Get one while you still can.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this regarding Bitcoin investment:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not in a "bubble" right now. Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
"Yes, Cryptocurrencies are Valuable"
ELI5: BITCOIN
How to buy Bitcoin?
Where to buy Bitcoin list
Excellent "Crypto 101" by stos313)
Where to use Bitcoin list by Bitcoin-Yoda
Starter Guide "Bitcoin Complete And Ultimate Guide".
Who accepts Bitcoin? List of Companies, Stores, Shops.
Bitcoin is a worldwide-distributed decentralized peer-to-peer censorship-resistant trustless and permissionless deflationary system/currency (see Blockchain technology) backed by mathematics, open source code, cryptography and the most powerful and secure decentralized computational network on the planet, orders of magnitude more powerful than google and government combined. There is a limit of 21 million bitcoins (divisible in smaller units). "Backed by Government" money is not backed by anything and is infinitely printed at will by Central Banks. Bitcoin is limited and decentralized.
Receive and transfer money, from cents (micropayments) to thousands:
And that’s just as currency, Bitcoin has many more uses and applications.
Edit: Fixed some non-working links and added new ones.
submitted by readish to Bitcoin [link] [comments]

INT - Comparison with Other IoT Projects

What defines a good IoT project? Defining this will help us understand what some of the problems they might struggle with and which projects excel in those areas. IoT will be a huge industry in the coming years. The true Internet 3.0 will be one of seamless data and value transfer. There will be a tremendous amount of devices connected to this network, from your light bulbs to your refrigerator to your car, all autonomously transacting together in an ever growing network in concert, creating an intelligent, seamless world of satisfying wants and needs.
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Let’s use the vastness of what the future state of this network is to be as our basis of what makes a good project.
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Scalability
In that future we will need very high scalability to accommodate the exponential growth in transaction volume that will occur. The network doesn’t need to have the ability to do high transactions per second in the beginning, just a robust plan to grow that ability as the network develops. We’ve seen this issue already with Bitcoin on an admittedly small market penetration. If scaling isn’t a one of the more prominent parts of your framework, that is a glaring hole.
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Applicability
Second to scalability is applicability. One size does not fit all in this space. Some uses will need real-time streaming of data where fast and cheap transactions are key and others will need heavier transactions full of data to be analyzed by the network for predictive uses. Some uses will need smart contracts so that devices can execute actions autonomously and others will need the ability to encrypt data and to transact anonymously to protect the privacy of the users in this future of hyper-connectivity. We cannot possibly predict the all of the future needs of this network so the ease of adaptability in a network of high applicability is a must.
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Interoperability
In order for this network to have the high level of applicability mentioned, it would need to have access to real world data outside of it’s network to work off of or even to transact with. This interoperability can come in several forms. I am not a maximalist, thinking that there will be one clear winner in any space. So it is easy, therefore, to imagine that we would want to be able to interact with some other networks for payment/settlement or data gathering. Maybe autonomously paying for bills with Bitcoin or Monero, maybe smart contracts that will need to be fed additional data from the Internet or maybe even sending an auto invite for a wine tasting for the wine shipment that’s been RFID’d and tracked through WTC. In either case, in order to afford the highest applicability, the network will need the ability to interact with outside networks.
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Consensus
How the network gains consensus is often something that is overlooked in the discussion of network suitability. If the network is to support a myriad of application and transaction types, the consensus mechanism must be able to handle it without choking the network or restricting transaction type. PoW can become a bottleneck as the competition for block reward requires an increase in difficulty for block generation, you therefore have to allow time for this computation in between blocks, often leading to less than optimal block times for fast transactions. This can create a transaction backlog as we have seen before. PoS can solve some of these issues but is not immune to this either. A novel approach to gaining consensus will have to be made if it is going to handle the variety and volume to be seen.
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Developability
All of this can be combined to create a network that is best equipped to take on the IoT ecosystem. But the penetration into the market will be solely held back by the difficulty in connecting and interacting with the network from the perspective of manufacturers and their devices. Having to learn a new code language in order to write a smart contract or create a node or if there are strict requirements on the hardware capability of the devices, these are all barriers that make it harder and more expensive for companies to work with the network. Ultimately, despite how perfect or feature packed your network is, a manufacturer will more likely develop devices for those that are easy to work with.
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In short, what the network needs to focus on is:
-Scalability – How does it globally scale?
-Applicability – Does it have data transfer ability, fast, cheap transactions, smart contracts, privacy?
-Interoperability – Can it communicate with the outside world, other blockchains?
-Consensus – Will it gain consensus in a way that supports scalability and applicability?
-Developability – Will it be easy for manufactures to develop devices and interact with the network?
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The idea of using blockchain technology to be the basis of the IoT ecosystem is not a new idea. There are several projects out there now that are aiming at tackling the problem. Below you will see a high level breakdown of those projects with some pros and cons from how I interpret the best solution to be. You will also see some supply chain projects listed below. Supply chain solutions are just small niches in the larger IoT ecosystem. Item birth record, manufacturing history, package tracking can all be “Things” which the Internet of Things track. In fact, INT already has leaked some information hinting that they are cooperating with pharmaceutical companies to track the manufacture and packaging of the drugs they produce. INT may someday include WTC or VEN as one of its subchains feeding in information into the ecosystem.
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IOTA
IOTA is a feeless and blockchain-less network called a directed acyclic graph. In my opinion, this creates more issues than it fixes.
The key to keeping IOTA feeless is that there are no miners to pay because the work associated with verifying a transaction is distributed to among all users, with each user verifying two separate transactions for their one. This creates some problems both in the enabling of smart contracts and the ability to create user privacy. Most privacy methods (zk-SNARKs in specific) require the one doing the verifying to use computationally intensive cryptography which are outside the capability of most devices on the IoT network (a weather sensor isn’t going to be able to build the ZK proof of a transaction every second or two). In a network where the device does the verifying of a transaction, cryptographic privacy becomes impractical. And even if there were a few systems capable of processing those transactions, there is no reward for doing the extra work. Fees keep the network safe by incentivizing honesty in the nodes, by paying those who have to work harder to verify a certain transaction, and by making it expensive to attack the network or disrupt privacy (Sybil Attacks).
IOTA also doesn’t have and may never have the ability to enable smart contracts. By the very nature of the Tangle (a chain of transactions with only partial structure unlike a linear and organized blockchain), establishing the correct time order of transactions is difficult, and in some situations, impossible. Even if the transactions have been time stamped, there is no way to verify them and are therefore open to spoofing. Knowing transaction order is absolutely vital to executing step based smart contracts.
There does exist a subset of smart contracts that do not require a strong time order of transactions in order to operate properly. But accepting this just limits the use cases of the network. In any case, smart contracts will not be able to operate directly on chain in IOTA. There will need to be a trusted off chain Oracle that watches transactions, establishes timelines, and runs the smart contract network
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-Scalability – High
-Applicability – Low, no smart contracts, no privacy, not able to run on lightweight devices
-Interoperability – Maybe, Oracle possibility
-Consensus – Low, DAG won’t support simple IoT devices and I don’t see all devices confirming other transactions as a reality
-Developability – To be seen, currently working with many manufacturers
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Ethereum
Ethereum is the granddaddy of smart contract blockchain. It is, arguably, in the best position to be the center point of the IoT ecosystem. Adoption is wide ranging, it is fast, cheap to transact with and well known; it is a Turing complete decentralized virtual computer that can do anything if you have enough gas and memory. But some of the things that make it the most advanced, will hold it back from being the best choice.
Turing completeness means that the programming language is complete (can describe any problem) and can solve any problem given that there is enough gas to pay for it and enough memory to run the code. You could therefore, create an infinite variety of different smart contracts. This infinite variability makes it impossible to create zk-SNARK verifiers efficiently enough to not cost more gas than is currently available in the block. Implementing zk-SNARKs in Ethereum would therefore require significant changes to the smart contract structure to only allow a small subset of contracts to permit zk-SNARK transactions. That would mean a wholesale change to the Ethereum Virtual Machine. Even in Zcash, where zk-SNARK is successfully implemented for a single, simple transaction type, they had to encode some of the network’s consensus rules into zk-SNARKs to limit the possible outcomes of the proof (Like changing the question of where are you in the US to where are you in the US along these given highways) to limit the computation time required to construct the proof.
Previously I wrote about how INT is using the Double Chain Consensus algorithm to allow easy scaling, segregation of network traffic and blockchain size by breaking the network down into separate cells, each with their own nodes and blockchains. This is building on lessons learned from single chain blockchains like Bitcoin. Ethereum, which is also a single chain blockchain, also suffers from these congestion issues as we have seen from the latest Cryptokitties craze. Although far less of an impact than that which has been seen with Bitcoin, transaction times grew as did the fees associated. Ethereum has proposed a new, second layer solution to solve the scaling issue: Sharding. Sharding draws from the traditional scaling technique called database sharding, which splits up pieces of a database and stores them on separate servers where each server points to the other. The goal of this is to have distinct nodes that store and verify a small set of transactions then tie them up to a larger chain, where all the other nodes communicate. If a node needs to know about a transaction on another chain, it finds another node with that information. What does this sound like? This is as close to an explanation of the Double Chain architecture as to what INT themselves provided in their whitepaper.
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-Scalability – Neutral, has current struggles but there are some proposals to fix this
-Applicability – Medium, has endless smart contract possibilities, no privacy currently with some proposals to fix this
-Interoperability – Maybe, Oracle possibility
-Consensus – Medium, PoW currently with proposals to change to better scaling and future proofing.
-Developability – To be seen
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IoTeX
A young project, made up of several accredited academics in cryptography, machine learning and data security. This is one of the most technically supported whitepapers I have read.They set out to solve scalability in the relay/subchain architecture proposed by Polkadot and used by INT. This architecture lends well to scaling and adaptability, as there is no end to the amount of subchains you can add to the network, given node and consensus bandwidth.
The way they look to address privacy is interesting. On the main parent (or relay) chain, they plan on implementing some of the technology from Monero, namely, ring signatures, bulletproofs and stealth addresses. While these are proven and respected technologies, this presents some worries as these techniques are known to not be lightweight and it takes away from the inherent generality of the core of the network. I believe the core should be as general and lightweight as possible to allow for scaling, ease of update, and adaptability. With adding this functionality, all data and transactions are made private and untraceable and therefore put through heavier computation. There are some applications where this is not optimal. A data stream may need to be read from many devices where encrypting it requires decryption for every use. A plain, public and traceable network would allow this simple use. This specificity should be made at the subchain level.
Subchains will have the ability to define their needs in terms of block times, smart contracting needs, etc. This lends to high applicability.
They address interoperability directly by laying out the framework for pegging (transaction on one chain causing a transaction on another), and cross-chain communication.
They do not address anywhere in the whitepaper the storage of data in the network. IoT devices will not be transaction only devices, they will need to maintain data, transmit data and query data. Without the ability to do so, the network will be crippled in its application.
IoTeX will use a variation of DPoS as the consensus mechanism. They are not specific on how this mechanism will work with no talk of data flow and node communication diagram. This will be their biggest hurdle and why I believe it was left out of the white paper. Cryptography and theory is easy to elaborate on within each specific subject but tying it all together, subchains with smart contracts, transacting with other side chains, with ring signatures, bulletproofs and stealth addresses on the main chain, will be a challenge that I am not sure can be done efficiently.
They may be well positioned to make this work but you are talking about having some of the core concepts of your network being based on problems that haven’t been solved and computationally heavy technologies, namely private transactions within smart contracts. So while all the theory and technical explanations make my pants tight, the realist in me will believe it when he sees it.
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-Scalability – Neutral to medium, has the framework to address it with some issues that will hold it back.
-Applicability – Medium, has smart contract possibilities, privacy baked into network, no data framework
-Interoperability – Medium, inherent in the network design
-Consensus – Low, inherent private transactions may choke network. Consensus mechanism not at all laid out.
-Developability – To be seen, not mentioned.
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CPChain
CPC puts a lot of their focus on data storage. They recognize that one of the core needs of an IoT network will be the ability to quickly store and reference large amounts of data and that this has to be separate from the transactional basis of the network as to not slow it down. They propose solving this using distributed hash tables (DHT) in the same fashion as INT, which stores data in a decentralized fashion so no one source owns the complete record. This system is much the same as the one used by BitTorrent, which allows data to be available regardless of which nodes will be online at a given time. The data privacy issue is solved by using client side encryption with one-to-many public key cryptography allowing many devices to decrypt a singly encrypted file while no two devices share the same key.
This data layer will be run on a separate, parallel chain as to not clog the network and to enable scalability. In spite of this, they don’t discuss how they will scale on the main chain. In order to partially solve this, it will use a two layer consensus structure centered on PoS to increase consensus efficiency. This two layer system will still require the main layer to do the entirety of the verification and block generation. This will be a scaling issue where the network will have no division of labor to segregate congestion to not affect the whole network.
They do recognize that the main chain would not be robust or reliable enough to handle high frequency or real-time devices and therefore propose side chains for those device types. Despite this, they are adding a significant amount of functionality (smart contracts, data interpretation) to the main chain instead of a more general and light weight main chain, which constrains the possible applications for the network and also makes it more difficult to upgrade the network.
So while this project, on the surface level (not very technical whitepaper), seems to be a robust and well thought out framework, it doesn’t lend itself to an all-encompassing IoT network but more for a narrower, data centric, IoT application.
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-Scalability – Neutral to medium, has the framework to address it somewhat, too much responsibility and functionality on the main chain may slow it down.
-Applicability – Medium, has smart contract possibilities, elaborate data storage solution with privacy in mind as well has high frequency applications thought out
-Interoperability – Low, not discussed
-Consensus – Low to medium, discussed solution has high reliance on single chain
-Developability – To be seen, not mentioned.
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ITC
The whitepaper reads like someone just grabbed some of the big hitters in crypto buzzword bingo and threw them in there and explained what they were using Wikipedia. It says nothing about how they will tie it all together, economically incentivize the security of the network or maintain the data structures. I have a feeling none of them actually have any idea how to do any of this. For Christ sake they explain blockchain as the core of the “Solutions” portion of their whitepaper. This project is not worth any more analysis.
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RuffChain
Centralization and trust. Not very well thought out at this stage. DPoS consensus on a single chain. Not much more than that.
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WaltonChain
Waltonchain focuses on tracking and validating the manufacture and shipping of items using RFID technology. The structure will have a main chain/subchain framework, which will allow the network to segregate traffic and infinitely scale by the addition of subchains given available nodes and main chain bandwidth.
DPoST (Stake & Trust) will be the core of their consensus mechanism, which adds trust to the traditional staking structure. This trust is based on the age of the coins in the staker’s node. The longer that node has held the coins, combined with the amount of coins held, the more likely that node will be elected to create the block. I am not sure how I feel about this but generally dislike trust.
Waltonchain's framework will also allow smart contracts on the main chain. Again, this level of main chain specificity worries me at scale and difficulty in upgrading. This smart contract core also does not lend itself to private transactions. In this small subset of IoT ecosystem, that does not matter as the whole basis of tracking is open and public records.
The whitepaper is not very technical so I cannot comment to their technical completeness or exact implementation strategy.
This implementation of the relay/subchain framework is a very narrow and under-utilized application. As I said before, WTC may someday just be one part of a larger IoT ecosystem while interacting with another IoT network. This will not be an all-encompassing network.
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-Scalability – High, main/subchain framework infinitely scales
-Applicability – Low to medium, their application is narrow
-Interoperability – Medium, the framework will allow it seamlessly
-Consensus – Neutral, should not choke the network but adds trust to the equation
-Developability – N/A, this is a more centralized project and development will likely be with the WTC
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VeChain
\*Let me preface this by saying I realize there is a place for centralized, corporatized, non-open source projects in this space.* Although I know this project is focused mainly on wider, more general business uses for blockchain, I was requested to include it in this analysis. I have edited my original comment as it was more opinionated and therefore determined not to be productive to the conversation. If you would like to get a feel for my opinion, the original text is in the comments below.\**
This project doesn't have much data to go off as the white paper does not contain much technical detail. It is focused on how they are positioning themselves to enable wider adoption of blockchain technology in the corporate ecosystem.
They also spend a fair amount of time covering their node structure and planned governance. What this reveals is a PoS and PoA combined system with levels of nodes and related reward. Several of the node types require KYC (Know Your Customer) to establish trust in order to be part of the block creating pool.
Again there is not much technically that we can glean from this whitepaper. What is known is that this is not directed at a IoT market and will be a PoS and PoA Ethereum-like network with trusted node setup.
I will leave out the grading points as there is not enough information to properly determine where they are at.
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INT
So under this same lens, how does INT stack up? INT borrows their framework from Polkadot, which is a relay/subchain architecture. This framework allows for infinite scaling by the addition of subchains given available nodes and relay chain bandwidth. Custom functionality in subchains allows the one setting up the subchain to define the requirements, be it private transactions, state transaction free data chain, smart contracts, etc. This also lends to endless applicability. The main chain is inherently simple in it’s functionality as to not restrict any uses or future updates in technology or advances.
The consensus structure also takes a novel two-tiered approach in separating validating from block generation in an effort to further enable scaling by removing the block generation choke point from the side chains to the central relay chain. This leaves the subchain nodes to only validate transactions with a light DPoS allowing a free flowing transaction highway.
INT also recognizes the strong need for an IoT network to have robust and efficient data handling and storage. They are utilizing a decentralize storage system using DHT much like the BitTorrent system. This combined with the network implementation of all of the communication protocols (TCP/IP, UDP/IP, MANET) build the framework of a network that will effortlessly integrate any device type for any application.
The multi-chain framework easily accommodates interoperability between established networks like the Internet and enables pegging with other blockchains with a few simple transaction type inclusions. With this cross chain communication, manufactures wouldn’t have to negotiate their needs to fit an established blockchain, they could create their own subchain to fit their needs and interact with the greater network through the relay.
The team also understands the development hurdles facing the environment. They plan to solve this by standardizing requirements for communication and data exchange. They have heavy ties with several manufacturers and are currently developing a IoT router to be the gateway to the network.
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-Scalability – High, relay/subchain framework enables infinite scalability
-Applicability – High, highest I could find for IoT. Subchains can be created for every possible application.
-Interoperability – High, able to add established networks for data support and cross chain transactions
-Consensus – High, the only structure that separates the two responsibilities of verifying and block generation to further enable scaling and not choke applicability.
-Developability – Medium, network is set up for ease of development with well-known language and subchain capability. Already working with device manufacturers. To be seen.
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So with all that said, INT may be in the best place to tackle this space with their chosen framework and philosophy. They set out to accomplish more than WTC or VEN in a network that is better equipped than IOTA or Ethereum. If they can excecute on what they have laid out, there is no reason that they won’t become the market leader, easily overtaking the market cap of VeChain ($2.5Bn, $10 INT) in the short term and IOTA ($7Bn, $28 INT) in the medium term.
submitted by Graytrain to INT_Chain [link] [comments]

10 Reasons Why Bitcoin is Better than Conventional Currency

  1. Theft resistance: Stealing of bitcoins is not possible until the adversary have the private keys (usually kept offline) that are associated with the user wallet. In particular, Bitcoin provides security by design, for instance, unlike with credit cards you dont expose your secret (private key) whenever you make a transaction.
  2. Btc cannot be falsified, dollars well you know When you transfer bitcoins to someone you don't hand over "a bitcoin". You submit a transaction to the network. The network makes sure your address is valid and has the proper value. So there is no risk of counterfeiting because there is nothing to counterfeit.
  3. Durability, Portability, Divisibility, How do you destroy a number? Bitcoins are as durable as the owner makes the keys. If the only copy of the key is on a computer and you throw out the computer, the bitcoins die with the hard drive. If the proper precautions are taken, the keys are as durable as the medium. In order to destroy the network, you would need to eliminate all computers running the software. This includes the computer running in space. It is possible but unlikely.
You can just travel among different countries with millions in Btc, you just have to memorize your private key, here is where btc is much more portable than gold, cash and even bank transfers that can have several limitations.
Without a way to instantly transport gold from person to person, which is impossible without some sort of incredible breakthrough resulting in teleportation, then transportation costs, or the reliance on central vaults to store the gold, remain an issue. then, the gold itself is so useful for much of the technology we rely on today, as well as technology that is being developed, that our gold supply is truly needed for industrial uses. For the first time in history, humans are actually “consuming” gold
Bitcoin is infinitely divisible. Currently, 1 bitcoin can only be broken down into 100,000,000 smaller units, known as satoshis. However, that limit is not set in stone. If, at some point, more than 2,100,000,000,000,000, or 2.1 quadrillion, units of currency are needed, then it would not be difficult to allow the currency to be broken down to another decimal point or two.
  1. It’s borderless. You could go to any country and use it. It is safer to carry bitcoins than to carry cash, especially if you bring a large amount of money or if you’re travelling to a country with higher crime rates. Bitcoin is easy to exchange to major local currencies, if you plan to travel to multiple countries and wish to avoid the hassle of exchanging money.
If the establishment doesn’t accept bitcoin payments, sell your bitcoins (through LocalBitcoins) or withdraw your money from ATMs with the help of payment cards.
  1. It’s not subject to the whims of a government. The supply is constant and the price is determined by free market demand. We can know how many bitcoin will be circulating in ten, twenty or seventy years, for example, are you able you know how many US dollars will be circulating at that moment, or how many of your fiduciary currency will be printed?
  2. Bitcoin transactions are instant. When a bitcoin is sent, the transaction immediately begins to spread through the network. The recipient can see that they have received the transaction instantly, or within a few seconds. Then, once it has been fully confirmed, it would be statistically improbable for it to be invalid. I would say impossible, but that is not completely true. However, after a few confirmations, you are more likely to win the lottery than have a transaction turn out to be invalid.
  3. Secure store of value. This use case is crucial in environments where citizens cannot trust that institutions will be responsible stewards of their hard-earned money. Consider the tragic case of a country like Venezuela, where individuals’ property and savings can be confiscated by authorities through law or inflation. Many Venezuelans are unfortunately unable to access traditional forms of exit such as emigration or stealthily accruing more stable sovereign currencies. With cryptocurrency, more Venezuelans have an alternative: They can opt to purchase or mine a secure store of value that cannot be confiscated or inflated away by their government because they alone control their private keys. (Indeed, cryptocurrencies are especially popular in Venezuela for precisely this reason.)
It is also very useful to send and receive remittances without paying high fees and only with your mobile, without having to go to a money exchanger physically
  1. Smart contracts. For example, let’s say that Alice would like to gift her granddaughter, Erin, with a sum of money upon her 18th birthday. Today, Alice’s option is basically to hire a lawyer to create a trust that will hold the funds and disburse them on the appointed date. Being a technologically-savvy grandmother, however, Alice knows that she can simply program a smart contract to do the same thing without having to employ an intermediary. Alice creates a cryptocurrency wallet for herself and another for her granddaughter Erin. Alice sends the equivalent of $10,000 to her wallet and programs a smart contract. The contract is set up so that on the day of Erin’s birthday—let’s say January 3, 2027—the contract will automatically move the funds from Alice’s wallet directly to Erin’s, where she will have complete control of those funds. Once Alice sets the transaction in motion, she no longer has access to the funds, just as if she had created a trust. (it works also for inheritances)
  2. It’s banking the unbanked. You can bypass the traditional banking system, avoid surveillance, and get rid of hefty fees. Cryptocurrencies remove the need to rely on this trusted third party to make a transaction. In effect, a cryptocurrency replaces a third party like Bank of America or PayPal with the network itself, which is managed by a distributed web of computers all across the world. This means that Alice can make a payment online directly to Bob whenever and wherever she wants, without needing to introduce another party which may be cumbersome or expensive. This also means that people without access to banking services can now take part in digital commerce.
Programmers, developers, online teachers, designers and anyone who can do online work can benefit from this bitcoin advantage, especially in poorer countries where most people can not access international bank accounts.
  1. Bitcoin has no risk of credit card fraud or credit card chargebacks, Compared to traditional payment methods, bitcoin is an attractive prospect for business owners, Bitcoin has no risk of credit card fraud or credit card chargebacks,This is a huge problem for the travel industry because the payments are often large.
For example, many European or American online stores block or avoid receiving credit card payments from Africa because of the fraud risks, with bitcoin, online stores could accept purchases from customers from Africa without chargeback risks, both parties win, the Buyers can access the merchandise and sellers can sell without risk.
submitted by raftoni to Bitcoin [link] [comments]

Takeaways from Vorhees-Schiff debate

If you haven't seen the most recent SOHO forum debate over bitcoin with Erik Vorhees and Peter Schiff, it was entertaining, but you're not missing much: it was a near repeat of both their arguments from a prior debate a few years back, and all the points were mere regurgitations of popular (but lacking) arguments for their respective commodity.
The silver lining is that there's still things we can learn or refresh our memories on. One of them is that (while Schiff is getting old and is stubborn in his refusal to see logic and reason regarding cryptocurrencies) he actually, unwittingly, made what I consider to be the most salient point for bitcoin, and which is so rarely understood (which even Erik fails to recognize and utilize): at about 54:15, Schiff starts to talk about how gold is no longer circulating and being used, to a high degree, as money, and that it's price and value reflect that; that it's price would be higher (and more stable) if it were circulating as money, and that it's current price reflects the value derived from it's non-monetary uses (such as jewelry, electronics, etc.). And Peter is absolutely correct here, and it actually undermines, somewhat, his argument for the superiority of gold over cryptos.
So why is this significant? Because it goes back to Carl Menger and The Origins of Money, where he gave us one of the most important and largely correct theories of the origin and nature of market-based money and how it develops on a market; his one major flaw in understanding, being that gold as money has it's exchange value backed exclusively by it's non-monetary uses or utility. To Menger, there was nothing else: he could only see the token, the unit or weight of gold as being the good. Menger had not yet fully internalized the abstract nature of goods and services and as such, had not conceived of what we now call "network goods", of which money is the prime example; the ultimate network good.
See, when a commodity becomes a money, the "good" ceases to be the thing that can be eaten or turned into jewelry or used as some other capital; the "good" becomes the service of having a medium of indirect exchange (alleviating inefficiencies of barter or trust-based credit systems), as well as a store of value and a unit of account. The good of money, being wholly separate from the good of serviceability to some other end (such as in making jewelry or having a status symbol, as are some of the non-monetary "goods" of gold). In mainstream economics, this is actually a well-known and synthesized idea. . . but unfortunately among many Austrian's, Menger's error has continued to cast a pall over the concept of money, and what can be good money; it has cast unnecessary doubt on cryptocurrencies and lead to trust for too long in inferior "barbaric relics" like gold, which (while having served faithfully as a market money) ultimately lacked the properties to avoid confiscation and de-monitization by the modern state, and so are no longer suitable for use as money in a free society (at least, not so long as the threat of statism looms).
In fact, what Schiff does here is also inadvertently expose something that I've written a lot about but is unfortunately still not widely understood (and Vorhees here even fails to bring it in to play, which would have more thoroughly and quickly dealt with Schiff's contentions): that there are large hurdles to a money developing on the market; that proto-money commodities face coordination problems (assurance and free-riding); and that non-monetary uses (such as gold has) are a stepping-stone or a help to a proto-money commodity, in overcoming these coordination problems; in getting an initial distribution which is wide enough and liquid enough, such that the token's good monetary properties (e.g. scarcity, divisibility, fungibility, transportability) can take over; that non-monetary uses are at best a component of a commodity money's value/exchange price. . . not the composite; that once ensconced as unit-of-account money, a token need not rely on or fall-back on a much lower non-monetary exchange value (as even this drop would completely undermine it's serviceability as money and thus is logically not a psychological backstop) and that we need not logically regress the value of a money back infinitely; but that the value of money references the utility of the service. . .the network good of the monetary system as a whole and one's share of that. It is also likely that once ensconced as money, the demand (and supply) foof a commodity for non-monetary purposes, is, if anything, a destabilizing effect on it's moneyness; a liability. . . and this is why we understand that bitcoin has a more daunting prospect than gold, in terms of becoming a fully actualized money; but once ensconced as such; has the properties which would make it a much better money than gold could ever be.
Finally, as one last critique of Vorhees performance (which handily destroy's Schiff, but still he could do better and lay this all out, if only to keep his rhetoric fresh): when Schiff criticizes the extended period for which bitcoin has floundered around in short-term-speculative price discovery; Vorhees fails to take account of how damaging already existing government interventions have been (and also government's lack of enforcement of property rights surrounding bitcoin thefts and ownership), as the proto-money has struggled to gain sufficient transactional network effects. The primary culprit here being the tax classification in the U.S.: nobody can expect any market-based proto-money to succeed, when government makes the tracking and reporting requirements of using it as an everyday currency so daunting, that only the most idealogically-driven (or those where government money has completely failed) will ever adopt it as their currency.
Anyhow, I'll stop my rambling there. Hopefully this has been a helpful and interesting commentary for some of you or at least a good refresher on what's going on, economically, with bitcoin and cryptocurrencies in general; hopefully this helps people to see beyond first-order causes and effects and understand more intimately how markets and the state work in regards to the single most important good in the economy: money.
submitted by kwanijml to GoldandBlack [link] [comments]

Why Bitcoin is the Way that it is . . .or (How I Learned to Stop Worrying and Love the Volatility!)

Please forgive the long post here and try to bear with me until the end of it if you can!
It is unfortunate reality, that too many in the bitcoin community (even those who have been here a long time) do not understand on an economic level what is going on with bitcoin; and because of that, they often get turned off or afraid of it or even rage against the volatility and ignorantly blame all the evil others who "treat it like an investment" or "only use it to speculate" (as if these were wholly conscious shifts away from what we could otherwise be treating bitcoin as right now). Some of you have probably already seen my posts to this same effect; most will have not and the concept of money developing on a market is quite foreign to most. To that effect, and out of a natural curiosity, I have spent years studying it and applying the economics of money to this amazing cryptocurrency which I am so fond of.

So, for everyone out there: For all the newbies who just don't get it. . .for all techies who could use a dose of understanding of the economic side. . . for all the veterans here who could use a little refresher and a more in-depth look at the incentives shaping our beloved ecosystem, let's take this point-by-point:

-There is no such thing as intrinsic value, even for gold or silver or dollars or diamonds or water...however, commodities and commodity monies have use-value, outside of their use as money (e.g. gold as jewelry and use as conductor, etc.).
-Value is subjective to individuals and a thing only has as much value as an individual assigns to it in regards to it's serviceability towards an end. If other individuals also value it for their ends, it can be traded or exchanged and a market price develops.
-If this thing or commodity happens to possess certain properties (properties we now call "monetary properties") such as high degrees of fungibility, scarcity, divisibility, homogeneity, transportability, durability, etc., then it has the potential to have high usefulness (and thus likely high value and thus higher exchange price) as a network good. One bitcoin unit is not going to be worth much if 2 dudes have some units and no one else does (maybe some subjective, novelty or numismatic value to those two individuals), so will not fetch a high exchange price (and will not circulate much...which is irrelevant of course if you're not trying to use it as money).
-A bubble, or spike in the price of tulips is not likely to be sustainable or borne of future-looking value achievement or creation; because a tulip doesn't really get any more useful the higher it's price; and a tulip doesn't really get any more useful the more people who have them, or the more ubiquitously they are held in society. A tulip is not much of a network good. A tulip does not possess good actualized or latent monetary properties. A tulip is lovely and useful/valuable aesthetically and for other non-monetary use-cases.
-A bitcoin (unit) does not have a whole lot of apparent use-value outside of use as money; outside of a vast network of holders. Bitcoin has exemplary monetary properties, or latent properties of a network good.
-money is extremely necessary and useful to an economy (useful to most all individuals who make up an economy), because it serves as a: 1. Medium of indirect exchange (alleviating barter inefficiencies/double coincidence of wants), 2. Unit of account (value is subjective and interpersonal value comparisons are impossible, yet we have to attempt to find common standard in order to enjoy the massive benefits of trade and division of labor), 3. Store of value. A thing is not money unless it fulfills these three roles to a high degree. BITCOIN IS NOT YET MONEY. Bitcoin is a proto-money virtual token or digital commodity. It is especially not widely used as a unit of account. This is important. This is part of why Bitcoin is so price volatile right now, and its achievement is also dependent upon bitcoin's volatility right now. We'll get to that in more depth.
-Money (for a large, non-trusting economy) can come about in only two main ways: you can have government create it and bootstrap it's initial value and maintain a demand-sink through taxation etc; or you can have it develop voluntarily on the market. I leave for another discussion the relative merits of either origin and why one might prefer one over the other. I will assume that the reader at this point sees value in having Bitcoin become money in the formal economic sense that I already explained, or that the reader at least wants the asset to either increase in price or become more useful as a payment currency...in either which case, the reader by default wants to see bitcoin progress further towards moneyness. That's right, you thought you didn't care about money...you thought you cared about the cool tech, or the payment network, or sticking it to the banks...well guess what? Jokes on you. You can pursue those aspects, because they are necessarily auxiliary to bitcoin becoming money and self-sustaining at all, so that you can continue to pursue your little pet aspects. And just like good design...you won't even know it's there. You won't know or appreciate when bitcoin is money and that it supports your penchant..but it won't matter; the invisible hand will have used you like a sheepskin for it's much grander emergent designs.
-Bitcoin has clearly not been declared money by any government fiat, and it is pretty clearly undergoing market processes which are shaping it's network effect, or it's demise. It is up to voluntary market processes (and absence of forceful interference by governments; intentional or unintentional; direct or far removed causes) to succeed or fail in it's path towards moneyness or any kind of self-sustaining existence you think it may have in it's DNA.
-There are three main factors which affect the exchange-price volatility of a commodity: 1. liquidity/market cap/saturation 2. normalization of use-cases (what can bitcoin be used for now?...not much. what will bitcoin be able to be used for when it has high network effect?...money! Is there any other use-case liable to change or add to the money use-case?...not likely. Compare to gold or silver which have the initial benefit of usefulness pre-network effect...but also suffer, as a money from other use-cases being a source of shocks) 3. Mass psychology. We are excluding exogenous supply shocks here for what should be obvious reasons as applied to bitcoin.
-Now, how does a market commodity like gold or bitcoin go from an obscure token to being a unit-of-account, high-network-effect, most liquid, most saleable asset in an economy, i.e. money? Why would people use a token or commodity as a unit of indirect exchange, when virtually no one else does? Or so how does that token or commodity get initially distributed, widely and ubiquitously enough that it can be commonly valued and exchanged with good assurance that most everyone else wants this token, thus I can be confident in accepting it, knowing I will be able to recoup my value later in exchange with anyone else? How does it become a unit of account (we "price" everything in it, within some economic sphere wherein bitcoin is serving as money) if it's price changes so much so often? How will we get to where, constantly seeing goods and services for sale denominated in BTC, helps to give inertia to our price expectations and dampen the volatility?
-There's a catch 22 here. A coordination problem. A classic market failure. It is group rational to have a money, a common token of indirect exchange...but before it is already money, it is individually rational to reject a token as worthless (aside from it's other uses which you may or may not have for it). There are free-riding and assurance problems as the token matures (e.g. why should I invest in or hold the token in order to help bring about money, when it looks like everyone else might? What price do we all settle on for the unit token, in future equilibrium or in more stable distribution era, i.e. when the market is saturated and supply has normalized?). This is why historically, we don't see many truly stateless monies (or stateless market orders for that matter), but rather see high trust credit system among tribes, or money tied to wergeld offerings to kings/states/priests. But this does not mean that market money is impossible, has never existed, nor does it mean it is without value to pursue. On the contrary; resolution of market failure into more efficient and effective market institutions has been the secular trend of most all of economic history. We are not stopping at central bank issued fiat notes (as necessary or evil as you may think this mode may be).
-There needs to be a number of phases of "bootstrapping" in order to kinda short-circuit this catch-22 -there needs to be some kind of market mechanism to alleviate the free-riding and assurance problems - and there needs to be an extended period of price discovery throughout these periods and processes to coordinate the exchange value.
-Some examples of bootstrapping taking place are: the first bitcoin transactions; where someone took a risk of assigning a rather arbitrary value to their tokens (yes, cost of mining is intuitive starting point, a schelling point, but still arbitrary) and exchanged them for some pizzas. Holders holding in ideological commitment strategy...while the rest of the world looks on and laughs. Etc. Evangelizing the use of the currency (some methods are more tasteful and effective than others of course). At some point, some of us will take a chance, take a risk, and "price" our goods and services in BTC (even though the volatility is still not down to where most people will be comfortable doing so). We are highly educated/intelligent, highly technologically empowered beings in the 21st century; economics and the study of money is a science; there is massive precedent for money and it's need and ways it can come about and compete with other money; we know these things consciously; we are not ants or simple nodes who in aggregate form a complex system borne of the interplay of individually-simple rule sets; and so not all our market processes need be completely emergent in the granular sense; we can plan even our voluntary economies and analytically (rather than just heuristically) organize it's structure to great extent, through entrepreneurial behavior and leadership and forward-looking risk taking. In other words: bootstrapping bitcoin means in large part: willing it into position as money (yes that's right buttcoiners: we are imagining, we are playing money...we are faking it until we make it). Sounds like fodder for detractors? That's fine. It is what it is. The coordination problems are real. The alternative is state force and government money, for good or for bad. We've got plenty of government money and we have plenty of very nice payment networks: let's do something new and interesting!
-Markets work in-band and out-of-band in all sorts of mechanisms, in order to alleviate or overcome significant market failure; including free-riding and assurance problems. Some of the mechanisms are: lottery/high risk-reward scenarios, philanthropy, assurance contracts, dominant assurance contracts, value adds, philanthropy and combinations of these. The public good of getting a new money or monetary system competing on the market, can be produced on shorter time-scales than what these market failures have limited people to in the past. We have modern travel and communication networks, information technology and mature and robust financial and futures/derivatives markets. We have more wealth than mankind has ever had, in order to be able to lengthen our time-preferences and weather extended periods of volatility and scientifically (analytically) see the logical ends and test our hypotheses. But with all of this, we have something which has always been an unconscious market response to price discovery of a new commodity and pushing through free-riding: Initial VOLATILITY! It acts like a lottery of sorts: It allows the more risk-averse to free-ride, not be exposed to loss, but not reap massive individual gains. . . yet it incentivizes the risk-tolerant to take risks, absorb or suffer losses, and also reap massive individual gains; thus the commodity is adopted and distributed, wider and wider (with diminishing returns and diminishing risk and diminishing free-riding). But this is why some gold-bugs get hung up on "intrinsic value" or "no backing!" or deride bitcoin for it's apparent lack of usefulness outside of money. You see, the utility of gold or silver outside of money is not what made them good money. . .it is what made them into money at all (in market-produced metallic monetary systems, or to the extent they were not state-engendered). Those non-monetary use-cases put gold and silver into the hands of many people, which helped bootstrap those monies. But it was ultimately their good monetary properties (scarcity, durability, divisibility, etc.) which maintained gold and silver as a network good, which made buying those commodities different than buying tulips in a craze. Bitcoin has it's in-built payment network, which inseparably imputes usefulness to the scarce token or share of the network. This property is auxiliary to bitcoin becoming money, but it is not universally a requirement; nor are non-monetary use-cases required indefinitely, in order to prop up or provide backstop to the value of a money. That's why it is a medium of indirect exchange. It is valued for the fact that everyone else is in a state (call it a useful mass-delusion if you will) of valuing the token; but also a share of a highly valuable public good, which is the monetary system as a whole. Remember, value is subjective and need not be tied to anything concrete or tangibly "useful". There is no conundrum here or infinite regression. Value and the nature of economic goods is abstract. The only regression required here, if any, is a reference to the price at the prior transaction. And if you insist further, you can trace all the way back, through all the speculation and all the price swings and all the purchases. . . back to the first Bitcoin Pizza Day transaction, and witness the bootstrapping of one of bitcoin's first exchange prices come into existence. You must deny the existence of a current price, in order to assert the extreme (or un-nuanced) versions of Menger's Origins of money and Mises' regression theorem; in order to deny the possibility of this "un-backed" "no use-value" currency, indeed having a market price and yet not having spiraled into death throes, long ago.
-Price discovery is pretty self-explanatory and it is of course talked about ad nauseum. But it does bear repeating that: speculation is not bad. In fact, every time you buy or sell or trade something, you are speculating. If you arbitrarily view monetary trades or monetary trades of a certain size or risk-level or intent to create a change in the mass psychology of the market as "manipulation" or somehow morally or ethically questionable. . . you can take it to the morality police and talk to them about it, or something. I don't know. But if you think that speculative activity is somehow unproductive or not conducive to bitcoin becoming money or otherwise successful; then you are manifestly wrong, I've already shown ample reasoning as to why this is so, and you need only ask one question of yourself to further understand why: How else do you propose or imagine that millions of (mostly) unacquainted strangers across planet earth can coordinate what the exchange value of a bitcoin should be at any given moment? If you are ignorant enough of economics to believe that some kind of government regulation which in effect price sets or installs price ceilings or floors or trading limitations is good for bitcoin (whatever that means to you). . . I invite you to please happily create your own exchanges and markets which enforce those specific rules; but allow others to trade in arenas where they are not subject to those rules. We are producing money through massive coordination challenges and market failures. . . you can find ways of setting up voluntary markets or walled-gardens which effectively enforce some trading rules. But should you be unconvinced and still choose the old, neanderthal ways of the blunt hammer of the state, just remember: Prices mean something. They communicate essential information. You cannot arbitrarily choose to attenuate or accentuate those signals or distort them, and hope to achieve a money truly picked by the market, by individual preferences. May the best arena win (truly) and may it win for some and the other win for others (diversity is beautiful). But know that no matter what you do, you will not ever be able to globally enforce such a regime and so you can only hamper the free trade of bitcoin; you cannot stop it, and I do not believe that you can even hamper it enough to create a stagnation which reverses bitcoin's development into money. But you will certainly not help it.
-Lastly, it is also important to acknowledge that while the payment network aspect of bitcoin is inseparable from the token, the concept of payment network and money token are distinct. Paper money has sneaker-net, fiat in general has bank-wires of all sorts and credit card networks and paypals, etc., and bitcoin has it's in-built Bitcoin payment network. It is of course necessary to have at least a rudimentary payment network built-in and as the foundation of a crypto-token, since we meatbags cannot manipulate the virtual. . . however, don't let this create an over-emphasis on the importance of the payment network. We have many payment networks already. Bitcoin's has it's strengths (even in it's current primitive state) and it's weaknesses as compared to bank networks and credit card networks. I really really really hope and do not intend here to start any kind of resurgence of drama over the block-size issue. This is not a cryptic sleight at either side of the debate (of which I have always been quite sympathetic to aspects of both arguments anyway). I truly hope that I have helped more of you also see how the money aspect transcends the payment network (that the payment network is at the very least necessary, but does not necessarily have to achieve a particular level of utility or functionality. . . beyond aiding the fledgling token in becoming ubiquitously held, such that it's good monetary properties can take over and network effects ensconce the token as money). May ALL the on-chain solutions and further layers work towards, not only a highly useful payment network; but one which propels it's native token to the full status of money.
submitted by kwanijml to Bitcoin [link] [comments]

Hearts of Durasteel, Progress Report #0: The Mod So Far

Hello everyone. If you don't know already, I'm LuxLoser, lead developer for Hearts of Durasteel, a Star Wars mod for Hearts of Iron IV, a real time strategy game. You can find us at HeartsOfDurasteel, where there's a Discord link in the sidebar if you want to come join us there too. With permission from the moderators here, I figured I'd share this first progress report in this sub as well. It is meant to convey the general state of the mod and basic information. I will also be adding posts for the available leaks/declassified documents from the Discord, and the next progress report will come once the map is fully created, at least visually.
THE MAP
The map of Durasteel is a major component, as this isn't just an alternate history mod. Instead, it takes the map of Earth as we know it chucks it out, instead giving you a full map of the Star Wars Galaxy. "But how?" you might ask.
Well, the first thing we have done is create planets. They will be flat, 2-D items, representative of the planet as a whole. Think of it as a top-down view of a flattened globe, and the march of troops around the planet represents control of a certain region, of the southern hemisphere, of the large sea, of the mines, etc. The small provinces within the planets mean that planets aren't just one time battles but at times lengthy campaigns. Events during battles will also help make up for the limitations we have in depicting interstellar ground warfare. Planets that have no importance or are inhospitable and not valuable won't be depicted. Instead it is 'major' world displayed, not a star system. Various moons and satellites, however, are displayed near the planet, and important systems within the same system are placed close to one another.
Here is a look at the map layout, though it is, of course, constantly being updated. And here is an example of a planet and moon.
When we first started testing this idea in practice, the map looked like this. From there we did more refinement and ended up with this. You'll notice it very much looks like a bunch of islands in a very open sea. Technically, that's what it will always be, but we want to simulate the idea of a simplified map of space. We are still refining it, but the biggest things we tackled were: 1. the reflection of clouds, 2. waves and sea texture, 3. a space background. The reflection issue was easy enough, and we were able to figure out how to put in a background (admittedly still darkened and desaturated) not long after. But the issue of waves persisted. However, not long ago, we hit a break through and were able to remove the waves.
Here is the physical map as it exists presently. Here is a look at Coruscant and its moons and 'orbit tile'. And finally, here is a close up of Alderaan and a look at the stand-in "planetary ocean", which is blue mountains. We're still looking into improving the look.
We still have on the map agenda: 1. The sun. There is a light glare on the 'ocean' we are looking into disabling. 2. Improving the color of the background 3. Creating a proper, detailed space background with fairly accurate stars and easy to see hyperlanes 4. Improving planetary ocean look 5. Improving the height map to remove the rough look of the 'islands'
NATIONS
A lot less to cover here as I just want to clarify a few things. Firstly, we are not going for a plan of “every planet a tag.” Instead, while we do have plans for a number of tags, the approach is to have at game start, a large nation in the form of the Galactic Republic. The Republic will not be entirely united, with regions moving away from the Republic shown as separate puppets. This is a sort of narrative tool, as it shows that while some regions within the Republic have their own agendas, they believe in the Republic and respect its government. Near the Republic will be the CIS, focused on Serenno led by Dooku, at this point a growing movement that rejects the Republic government. The corporate states that he is enticing will be shown as moving away until the Battle of Geonosis comes and lines are drawn in the sand. The CIS will swell and the war will begin. The Neutral Systems will spawn not long after, refusing to accept either side of the conflict as their sovereign. Alongside all of this will be the Hutts and the Chiss. The former will be a large but fractured group, each of the leader of the Cartel having their own demesne. And the Chiss will be sitting in isolation, content on tackling their own issues. So, at the start there will be only a few nations available.
Why? Well the reason this mod is being made with Hearts of Iron IV is the unique way in which the event chains and the focus trees can be used to tell a story for a nation. Our objective is in taking Star Wars and allowing the player to craft their story. Fewer tags, more paths, more branches to the stories. Some of those stories will include switching to a different tag of a new nation, others will not. That the story is logical, sensible, and that the ways it affects the galaxy are cohesive is what will be important. Because Star Wars isn’t just some science fiction setting. It’s a Space Opera, a dramatic saga of heroes and villains, of the rise and fall of nations, of legends and myths, of prophecy and legacy. While we want to give the player choice, we have to be careful not to give total freedom. The massive conspiracies, intertwining stories, the presence of the Force, and the overarching themes of Star Wars mean that you can’t just be a rogue agent. There will be consequences, events that transpire because of things beyond your control. I want each playthrough to feel like it has a narrative, a story told in an unconventional medium. When you click “Senator Amidala dies!” I want it to be a little more than just an event that changes your focus tree and gives you some political power loss. I want the events that unfold, the war that ensues, the future that is written to feel like it was destined, not just random occurrences bumping into each other. That was a bit of an avant-garde rant there, but hopefully you’ll know what I mean as things progress.
But the question you might still have on tags is, “Well what about later on?” And that is more than fair. Ultimately there will be a number of tags, but mostly regional, with a few planets collected together around regional leaders. Forming each will take specific circumstances. So why not every world a tag? Well it also helps to demonstrate my personal view on how an interstellar nation functions on a greater scale. Namely, some systems are effectively “swept under the rug”. Due to the distance from major trade routes, economic capacity, population disparity, and military size, the neighbors of larger worlds are going to rally behind regional leaders, due in part to being just unable to stand alone. Worlds like Alderaan and Corellia, while having separate representatives than their neighboring systems, would have such sway and hegemony that the only reason their neighbors wouldn’t vote with them as a block is personal politics, and even that is more like one region being more liberal than another within one state and so electing a different party to the shared delegation than the others. But if the Republic were to just be dissolved, Alderaan’s neighbors, despite political differences, would be forced to work together, and work with Alderaan, to survive. This is partly due to the needs of a population accustomed to an economy where resources are practically infinite due to the shared resources of so many worlds in the galaxy. Unless a planet wanted to become an austere hermit kingdom, they have to work with more powerful neighbors. The materials used for infrastructure, the energy sources, the technological grids, the economic sectors, everything on a planet would be accustomed to what was available on the galactic market as a whole. Doonitum is common is some areas, but may be utterly unavailable on a planet. However, their security fleet is still made with doontium hulls, despite the metal not existing on their worlds. So unless they want their planet invaded and crushed, they need a doontium trade to survive.
The other component leading to regional leadership is how space travel works in Star Wars. Hyperspace Routes, planned paths of transit, and the perils of ‘rough space’ via nebulas and asteroid belts and so on, means it’s almost like Earth before air travel. If you’re far from a main route, ships will need to go through perilous, uncharted regions. Even before making that journey, if you’re an isolated world far from any routes, ships are first going to jump to the nearest planet close to a safe Hyperspace route. Imagine you’re a town near Florence in 13th Century Italy. Traders go to Florence on the main road before trying to reach you, and if it’s too much risk, you’re better off sending your own traders into Florence before they return. Say you’re on a minor road, one that branches off of the southern road to Florence. You want goods from north of Florence? Then you’re reliant on Florentine traders bringing it. And when war comes? You’ll need the Florentine army to hold off invaders. And so, despite disliking Florence, having your own culture, traditions, and political views, your town is under the jurisdiction of the Florentine city-state. Replace Florence with Corellia and Corellian and you see that due to the nature of hyper-space transit and the constrictions of moving through space itself, history has almost become cyclical for these minor worlds. Not to mention that as this situation persists, Corellian culture, ideals, and people would seep in, until what you have most in common with other minor world near Corellia is just Corellian you all are!
On a less philosophical or artistic note, let’s be honest. You really want to try to manage a game where you’re the faction leader of 50 minor nations, all with their own AIs? It would be a nightmare, especially when the war starts and each AI tries to command its own troops. And a major city on a planet falls? Rather than just lose some war score you can regain as your troops on the moons or nearby work to reclaim it, you instead get “THE WELSH UNION HAS CAPITULATED,” giving your enemies free reign in the territory, a huge hit to score, and the cession of control of worlds despite losing little on them.
IDEOLOGIES
This will be getting a separate post soon as well.
Durasteel presently has 11 set ideologies, with a 12th being in discussion in the form of “Grayism”, or “Neutralist”, meaning a state under the control of Gray Jedi. However, this is not yet set. Some of these ideologies, like New Order, the sides of the Force, and to some degree Akaan’adocrat, come from Star Wars canon or from Legends. But Star Wars has always been vague on its politics, leaving to us flexibility and creativity in developing coherent ideologies for gameplay.
Each ideology in the image has a definition but I want to elaborate on that definition here.
RESOURCES
Lastly, we have also begun implementing new resources into the mod. None of these are made up, though some lean more into Legends, as that continuity provides more detail in terms of military supplies. These are as follows, and in order on the screen:
Alright well that’s most of what I wanted to address in this report, giving everyone an awareness of where the mod is at in terms of development. Hopefully we can have more regular Progress Reports, but with University, work, and other projects that devs are involved with, we’re trying our best to move as quick as we can. Thank you all for your support.
Vode An!
submitted by LuxLoser to starwarsgames [link] [comments]

InvestInBlockchain - Cryptocurrencies in the Top 100 With Working Products

Bitcoin (BTC)

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Bitcoin is the cryptocurrency that started it all back in 2009, after the global financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and outdated, insecure financial infrastructure.
Today, Bitcoin is being used for peer-to-peer payments across the globe. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. Without Bitcoin, this list would not exist.

Ethereum (ETH)

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The platform that brought smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects.
After Ethereum, teams saw the value of decentralized apps (dapps) and smart contracts, and shifted their focus to compensate.
Vitalik Buterin’s Ethereum whitepaper was released in late 2013. The project itself was announced January 2014, with a crowdsale the following July. The system officially went live in July 2015.
Since then, hundreds of businesses, individuals, and blockchain projects have adopted Ethereum as their main smart contracts platform.

Ripple (XRP)

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Ripple is focused primarily on one thing: fast and cheap international transactions.
Current banking infrastructure has failed to evolve in the 21st century, such that it still takes 3-5 business days on average for an international transfer to be processed. With just 4 second transaction times and at a fraction of the cost of a wire transfer, Ripple’s working product is already impacting the banking sector.
The big knock against Ripple is that its native token, XRP, is completely unnecessary. Indeed, driving adoption of Ripple’s banking solutions is far easier than getting real-world adoption for XRP.
If you’re interested in seeing a discussion about how XRP adoption will occur, you might find this reddit thread worth a read. Meanwhile, all of us will just have to wait and see whether XRP adoption strategies ultimately come to fruition.

Bitcoin Cash (BCH)

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Bitcoin Cash was created in 2017 when the first ever hard fork of the Bitcoin blockchain took place. The split was the result of Bitcoin’s 1MB blocks filling up. Transaction speeds were declining, fees were increasing, and it became clear to the community that the current model wasn’t sustainable for scaling.
In a move that still causes cryptocurrency fights to this day, Bitcoin and Bitcoin Cash soon emerged as separate but similar projects. BCH has 8x the block size of BTC, giving it roughly 8x the transaction throughput. Its fees and transaction times are much faster, as predicted.
Learn more about Bitcoin vs Bitcoin Cash.

Stellar (XLM)

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The Stellar project and its associated Lumens (XLM) token was forked from the Ripple protocol in 2014. Stellar has come into its own since then, providing a blockchain connection service for fiat transactions between banks, payment systems, and people. Stellar is fast and reliable, and it works with practically no fees for the end-user.
Stellar is a payments system, meaning its job is to move money as efficiently as possible. Partnerships with banks and financial institutions were key in evaluating its status, as was the ability to actually send money using the network.
Several non-profits and commercial entities have agreed to use Stellar as part of their financial infrastructure. Recently, the team partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific and announced an affiliate with Keybase to streamline international transactions.
Stellar also has projects being built on its network by major established entities. IBM’s blockchain division is using XLM for their payments infrastructure, for example, and the Veridium startup is working with both organizations to tokenize its carbon credits market.

Litecoin (LTC)

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Litecoin is a Bitcoin fork that was created in 2011 by Charlie Lee as a cheaper and faster (2.5 minute block time instead of 10) alternative to Bitcoin. This is accomplished predominantly because Litecoin uses a Scrypt hashing algorithm instead of the SHA-256 algorithm used by Bitcoin. It’s common to hear Litecoin called “digital silver” to Bitcoin’s “digital gold,” and in reality Litecoin does not really expand upon the functionality of Bitcoin in a significant way so much as it makes different tradeoffs.
That being said, it does succeed in being cheaper and faster to use than BTC, which has led to it being accepted by hundreds of merchants and thus making Litecoin one of the most widely used cryptocurrencies for digital payments.

Tether (USDT)

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Tether is an unusual project. Whereas most cryptocurrencies rise and fall in value, Tether was designed to stay the same, fixed at a 1:1 ratio with the U.S. dollar.
This allows users to store, send, and receive digital currencies across platforms without incurring significant losses due to value fluctuations.
The Tether stable coin sounds straightforward, but the project isn’t without controversy. USDT is supposedly backed by real USD sitting in a bank account. But in which account? Who controls it? And is Tether being used to manipulate the value of Bitcoin? It’s all part of the Tether controversy.

Monero (XMR)

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Released in 2014 as a fork of Bytecoin, Monero has since made a name for itself as the most popular privacy coin on the market.
Most cryptocurrencies offer little in the form of anonymity. Monero was built for privacy from the ground-up, featuring stealth addresses, ring signatures, and complete coin fungibility. All of this adds up to a near-perfect cloak of anonymity, allowing Monero users to conduct transactions without exposing their identity.
Monero has had steady growth over the years thanks to a dedicated team of developers and an active community. The project continues to evolve with new privacy features and improved transaction security.

NEO (NEO)

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NEO was founded in 2014 as one of the earliest smart contract platforms, giving it a wide breadth of possible functionality. The platform’s strongest use case is digitizing traditional assets so that they can be easily tracked and exchanged on the blockchain.
NEO is also well-known as the “Chinese Ethereum,” and the fact that it is a Chinese-based project does seem to make Chinese dapp developers somewhat more likely to build on top of it than other platforms.
In fact, NEO has already supported dozens of ICOs and remains one of the predominant platforms for supporting smart contracts and dapps.

Binance Coin (BNB)

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Binance Coin is an exchange token used to reduce trading fees on the Binance platform.
Users can opt to pay exchange, listing, and withdrawal fees using BNB and enjoy as much as a 50% discount on all charges. This turns out to be a powerful incentive for purchasing and holding BNB, as what trader doesn’t enjoy saving money on transactions?
Binance Coin is an ERC-20 token that runs on the Ethereum blockchain. Its purpose is extremely limited, but because such a vast number of Binance users transact with it every day, it qualifies as a working and active product.

Zcash (ZEC)

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Zcash is another immensely popular privacy coin that often cracks the top 20 cryptocurrencies. It uses the tagline “internet money” and promises to fully protect the privacy of transactions with zero-knowledge cryptography.
Zcash provides anonymity by shielding transactions on the blockchain, preventing anyone from seeing the sender, recipient, or value of each transaction. The technology is so effective the Ethereum team is investigating it to enable anonymous transactions on their network.
Zcash has grown in leaps and bounds in 2018. The dev team published a roadmap through the year 2020, which includes a major features upgrade in the October 2018 Sapling release. Coinbase is also considering listing Zcash, which is a huge boost for any cryptocurrency.

Qtum (QTUM)

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Qtum is a smart contracts platform similar to Ethereum, only with a stronger focus on value transfers and decentralized apps. It’s meant to be something of a hybrid between Bitcoin and Ethereum, allowing businesses to build smart contracts on the platform or just focus on cryptocurrency transactions.
Qtum launched in March 2017, and dashed straight to the top. The initial offering sold over $10 million in tokens after just 90 minutes. The project differentiated itself by providing a rare Proof-of-Stake smart contracts platform designed to compensate for some of Ethereum’s shortcomings, including lack of compatibility for mobile devices.
Qtum released its mainnet in September 2017, opening the doors to a fully functional smart contract and dapps platform. Several projects already have an established presence on the network. One of the more exciting ones is Space Chain, which aims to create an open-source satellite network anyone can use for data transmission, storage, and development.

0x Protocol (ZRX)

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0x Protocol has one of the most important working products in the entire Ethereum ecosystem. It is a permissionless, open-source protocol that facilitates trustless exchanges of Ethereum tokens through relayers and dapps that build on top of the protocol.
Not only has 0x been providing this functionality for over a year now, but they’ve been working to expand the protocol functionality significantly since that initial launch. In 0x protocol 2.0 and beyond, it will be possible to trade tokens built on standards besides ERC-20, including non-fungible ERC-721 tokens.
In a market full of scams and vaporware, 0x’s valuable contributions to the Ethereum ecosystem have made it one of the best performing cryptocurrencies of 2018.

Bytecoin (BCN)

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Bytecoin is another popular privacy-focused cryptocurrency with a strong community and user base. Transactions on the Bytecoin blockchain are instantaneous, untraceable, unlinkabe, and resistant to blockchain analysis.
Bytecoin has been around for a long time now, with contributions to the project beginning in 2012. However, that hasn’t stopped the project’s developers from continuously improving the product.
The recently updated Bytecoin roadmap has a hard fork for a consensus update scheduled for August 31, as well as numerous initiatives for community growth constantly in the works.

Decred (DCR)

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Founded in 2015 by former Bitcoin developers, Decred’s most important working product is its solution to Bitcoin’s biggest problem. No, not scalability… blockchain governance.
You see, early Bitcoiners have been debating block size limitations and the efficacy of other scalability solutions like the Lightning Network for years, even though the problem of scalability really only became discussed in the mainstream in 2017.
With its community-based governance model and strong adherence to the core ethos of decentralization, Decred is built to evolve and improve rapidly. That means that it’s equipped to handle not only the scalability problem today, but other big problems that might arise down the line.
When you have poor governance, it is an arduous process making any upgrades to a project, no matter how necessary they may seem to the majority of coin holders. Decred’s best-in-class and still improving governance model give it an intriguing case to be a leader in digital payments for a long time to come.

BitShares (BTS)

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BitShares aims to improve worldwide access to financial services via blockchain. The tagline “assist the unbanked” summarizes the project nicely. In practice, this translates to BitShares operating as a decentralized exchange, one that was built from the ground-up to avoid scalability issues and keep transaction fees low.
BitShares was launched in 2014 by Dan Larimer, who would then go on to take a lead development role in both EOS and Steem.
The current state of the project offers decentralized asset exchange, price-stable cryptocurrencies, recurring and scheduled payments, user-issued assets, and more, all available through a decentralized system powered by delegated PoS consensus.

Steem (STEEM)

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Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micropayments. Think of it like Reddit, only instead of just upvoting or downvoting posts, users can actually reward creators for their effort.
Steem is a functional cryptocurrency used exclusively on the Steemit platform. That gives it something of a limited use, but seeing as how Steemit is live and boasts a few hundred thousand users, it’s hard to argue it isn’t a working product. Some people may even be earning money using Steemit.

Siacoin (SIA)

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Siacoin is one of the leaders in decentralized cloud storage, a more secure and affordable alternative to centralized cloud storage solutions like Amazon S3, Google Drive, iCloud, Dropbox, and others.
Sia 1.0 was launched in June 2016, and has achieved considerable adoption since then. With the $200 billion cloud storage market widely seen as one of the spaces most ripe for blockchain disruption, Sia has gotten off to a nice start by offering a functional decentralized cloud storage platform for over 2 years.

Augur (REP)

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Augur is one of the most recently launched products on this list. The platform mainnet went live in early July 2018, bringing to fruition almost 4 years of post-ICO work.
Augur is a decentralized prediction market that uses game theory to generate crowd-sourced insights. Essentially, thousands of people working together have shown the remarkable ability to forecast outcomes.
With Augur, users can put REP tokens as bets on these predictions, essentially creating a form of “useful social gambling.”
Augur’s release was a long time coming. The project started as far back as 2014, nearly a year before the ICO. The creators cite the complexity of Augur’s smart contracts as the chief cause of the lengthy development time.
Regardless of its past, Augur is now a live product with a bright future. Over 300 predictions have already been made, with the largest winning payout hitting $20,000. Betting volume even exceeded $1 million within the first weeks of launch.

Basic Attention Token (BAT)

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Basic Attention Token was one of the easiest projects to include on this list. That’s because its working product, Brave Browser, has more than 3 million active usersbetween its mobile and desktop platforms, making it one of the most widely-used working products in the blockchain space.
Not only is Brave Browser functional, it’s the only browser on the market that has built-in ad-blocking and tracker blocking, making the browsing experience both cleaner and faster than what you get with other popular browsers like Chrome and Firefox.
The future remains uncertain for the BAT token itself, as its adoption depends heavily on whether or not advertisers buy-in to the Brave model, as well as how willing Brave users are to be shown relevant ads and to pass along the BAT they earn to content publishers.
Given Brave’s success in just a short time since being launched, though, the future does appear promising for BAT.

Nano (XRB)

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Nano (formerly RaiBlocks) is all about scalability. The coin has nearly instant transactions with a completely fee-less structure. The platform accomplishes this by creating a unique blockchain for every account, preventing bloat and allowing for practically infinite scalability.
Nano’s motto of “do one thing and do it well” has gotten them a long way. The team doesn’t have to deal with scaling or slowdown issues thanks to the underlying structure of the project, allowing its roadmap to focus on wallet updates and outreach. This is one cryptocurrency that’s essentially feature complete, and it has been for some time.

Golem (GNT)

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Golem has set out to be the Airbnb of computing resources. Have you ever needed extra GPU power to finish up a render? How about processing scientific data similar to the [email protected] project?
Even if you don’t have those needs, a lot of groups do. Golem aims to provide easy access to those resources, all of which are rentable for a small cryptocurrency fee.
Golem hit the mainnet launch button in April 2018, and was met with a fair amount of fanfare. One of the main goals for the feature-incomplete launch was to push the product out so real users could put it to work.
The team was interested in strengthening their interactions with end users to help guide the future of the platform. The team has several major milestones planned for the coming months, so the mainnet release is only just the beginning.

Pundi X (NPXS)

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Pundi X has been shooting up the market cap rankings so far in Q3 2018, and they also happen to have a working product that just recently became available to retailers.
The primary Pundi X product is a point-of-sale (POS) device that enables quick and easy mobile transactions for both fiat and cryptocurrencies. 500 POS devices are already being used by retailers in Asia, and there are thousands more scheduled to be distributed in the coming months.
In addition, Pundi X also offers XPASS cards, cryptocurrency credit cards that can work in place of mobile apps for making digital payments.
What makes the Pundi X project noteworthy is that it enables consumers to pay retailers in cryptocurrencies like BTC and ETH, and it immediately converts the payments into local fiat currencies so that retailers don’t need to worry about price volatility of the cryptocurrencies.
This makes it significantly easier for people to use cryptocurrencies in their daily lives, making Pundi X an exciting project for blockchain enthusiasts who are looking for signs of future mass adoption.

Waves (WAVES)

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Waves was the first ever blockchain platform that made it possible for anybody — regardless of their programming experience — to create blockchain tokens. Additionally, Waves has a decentralized exchange where tokens can be traded and exchanged with fiat currencies.
Since the project’s first releases in 2016, Waves has gone on to make their DEX accessible from mobile phones and expanded its functionality significantly, while also building several strategic partnerships to help grow the Waves community and user base.
Ultimately, though, the Waves Client is the project’s most important working product, as it is what allows tokens to be issued, stored, sent, and exchanged among users.

KuCoin Shares (KCS)

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Similar to Binance Coin, KuCoin Shares is an exchange token that can be used to pay reduced fees on cryptocurrency trades. KCS has the added bonus of paying dividends to long-term hodlers, as well, paying out a 5% ROI for most users.
The nature of KuCoin Shares is one of the reasons the KuCoin exchange has gotten so much attention since it appeared on the scene. The tokens themselves are limited in scope, of course, but the sheer number of people using them for trades and buying them for passive income is enormous.

Wanchain (WAN)

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Wanchain aims to build new and improved financial infrastructure to seamlessly connect the digital economy through blockchain interoperability. The use cases for Wanchain’s network are vast, and they include decentralized financial services, supply chain logistics, medical data sharing and security, digital ID management, and more.
With the recently released Wanchain 2.0, it is now possible to transfer Ether cross-chain using Wanchain’s Ethereum Mapping Token, WETH.
Ethereum interoperability is just the start, though, and it’s expected that cross-chain support for Bitcoin and a couple of ERC-20 tokens will follow before the end of 2018.

Komodo (KMD)

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Komodo is a fork of Zcash that uses the same zk-snark cryptography to hide information about transaction participants and amounts being sent. Functional privacy coins aren’t unique (there are a handful on this list) but Komodo does have some unique features.
For one, Komodo was the first ever decentralized initial coin offering. Moreover, Komodo helps other developers to build their own customizable blockchain solutions, from building and securing independent blockchains and launching decentralized ICOs, to integrating projects into the cryptocurrency ecosystem.
KMD would already qualify as a working product for its anonymity features on digital payments, but add the end-to-end blockchain building solution and it’s clear that Komodo is making meaningful contributions to the cryptocurrency ecosystem.

Ardor (ARDR)

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Ardor is a scalable blockchain platform that allows businesses to create their own child chains and tokens with relative ease. This helps keep blockchain bloat to a minimum and provides multiple transactional tokens without sacrificing core chain transactions. It’s also a remarkably energy efficient platform that uses Proof-of-Stake to power consensus.
Ardor launched its mainnet on January 1, 2018 after a full year in testnet status. Its core features are largely in place, with the roadmap set to improve things like scalability and snapshotting.
The Blockchain-as-a-Service-platform hosts a few projects of its own, including the Ignis ICO, which was the first child chain on the mainnet.

Huobi Token (HT)

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Huobi is a digital asset exchange platform founded back in 2013, now offering well over 250 different trading pairs. The Huobi Token, meanwhile, is an ERC-20 token that is used on the exchange for discounts on trading fees of up to 50%.
In addition, 20% of the income generated on the Huboi Pro trading platform is used to buy back HT on the open market.
Unlike most buyback programs, the main purpose of Huobi’s program isn’t to reduce the circulating supply of HT. Rather, the HT that is bought back goes into a Huobi Investor Protection Fund, which is used to compensate Huobi users if they lose coins or tokens on the platform, as well as to ensure market stability and protect investor interests.

ZenCash (ZEN)

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ZenCash is yet another privacy coin with a working product in the Top 100, originally launched in the first half of 2017.
What makes ZenCash unique is that it’s the first blockchain with Transport Layer Security (TLS) integration for node encryption, making communication on the ZenCash network both private and highly secure.
Some other interesting parts of the ZenCash product include Tor nodes and built-in chat messaging services. In the future, the ZenCash team will deliver a DAO Treasury Protocol-level Voting System as well as a scalability solution to handle greater transaction volume.

PIVX (PIVX)

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PIVX is another privacy coin that focuses on keeping users and their associated transactions hidden under a cloak of secrecy. The project also tries to keep transactions as fast and fee-less as possible, something not all privacy platforms can boast about.
PIVX launched in January 2016. The coin is currently spendable and delivers the privacy features it promises, though it’s not yet a widely accepted currency by merchants.
Future plans for PIVX include governance functions to engage the community, wallet voting, and its own zPIV decentralized exchange.

Kyber Network (KNC)

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Kyber Network launched their mainnet in Q1 2018, enabling instantaneous and secure inter-token settlements through a Decentralized Liquidity Network.
It’s currently possible to swap ERC-20 tokens on the network with just a few mouse clicks, giving it some basic functionality that is already being used to improve liquidity for Ethereum tokens.
In the future, however, Kyber Network will expand its functionality significantly in an effort to seamlessly connect dapps, DEXes, protocols, payment systems, token teams, investors, fund managers, and digital wallets.

Bancor (BNT)

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Bancor is a liquidity provider that enables users to exchange tokens without the need for a third-party to be involved in financing the transaction.
Gaining liquidity is incredibly important for young cryptocurrency projects, as a lack of liquidity makes it risky for investors to buy a considerable amount of a given coin or token, knowing that it might be exceedingly difficult to sell should they wish to.
Bancor’s technology makes it possible to convert one token to another, so that investors can be confident that they won’t be stuck involuntarily holding a cryptocurrency that they want to sell. This functionality makes the Bancor Liquidity Network one of the most promising working products on this list, and one that has already achieved a good deal of adoption.

Loom Network (LOOM)

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Loom Network is still less than a year old, having been founded in October 2017. However, they have accomplished a lot in that short time span, including having launched numerous tools to help software developers learn how to build blockchain solutions.
The most important of these tools — and Loom’s biggest working product — is the Loom software development kit (SDK).
However, Loom Network is far more than just a simple blockchain coding academy. It is also a production-ready scalability solution for Ethereum, as the Loom developer toolkit helps programmers to build highly scalable dapps which connect to the Ethereum blockchain through special side chains called DappChains.
The project may still be in its infancy, but Loom Network is already contributing more utility to the cryptocurrency ecosystem than the vast majority of other cryptocurrency projects.

Polymath (POLY)

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Polymath wants to be the world’s go-to resource for security tokens on the blockchain. What Ethereum did for tokens, Polymath will do for securities.
The advantages of this are enormous, but the Polymath team likes to point to 24/7 market access, the elimination of middlemen, and trading access for 2 billion unbanked people around the world as the chief benefits of their efforts.
The Polymath platform launched in October 2017, and has since released a new security token every week, attracting investors and traders alike. It’s not as exciting of a project as some other blockchain tech, but it’s delivering on its promises with a working product.

Bibox Token (BIX)

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Bibox is a encrypted digital asset exchange whose primary differentiator from other crypto exchanges is that it integrates AI technology.
The purpose of the AI is to help Bibox’s traders, which it does by providing quantitative computation and analysis of trading activity, personalized risk allocation strategy, speech recognition, and objective analysis of the various coins and tokens listed on the exchange.
The Bibox exchange first launched back in November 2017. It has operation centers in the US, Canada, mainland China, Hong Kong, Japan, and Estonia. BIX token holders receive 20% of the exchange profits, and also get discounts on trading fees, similar to Binance.
https://www.investinblockchain.com/top-cryptocurrencies-working-products/
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Does Big Data Spell Big Trouble?

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