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Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

https://preview.redd.it/8skuypxp9lj51.jpg?width=1023&format=pjpg&auto=webp&s=ba5a38ba592428f92dc7c1943a780ff127132875
Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
  • Ethereum — $34.5 mln;
  • Bitcoin — $9 mln;
  • Monero — $2,240;
  • Tezos — $1,876;
  • Cardano — $1,615;
  • XRP — $1,138;
  • BSV — $1,102;
  • Stellar — $1,059;
  • Bitcoin Cash — $1,027;
  • UMI — $0. Let's talk about it a little later.

https://preview.redd.it/z9azd9v6alj51.png?width=1600&format=png&auto=webp&s=25c365d6e14665ecda4a2b8d19b2fc57dd5cde1e
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
  • up to 4,369 transactions per second;
  • up to 262,140 transactions per minute;
  • up to 15,728,400 transactions per hour;
  • up to 377,481,600 transactions per day.
Ethereum processes about 20 transactions per second. It means that the UMI network can process transactions that Ethereum processes over a year in 1 to 5 days — and with no fees.
https://preview.redd.it/rwohnov3alj51.png?width=1125&format=png&auto=webp&s=4329b75c0bd8b7a22276b529f5ca433d17a0874f
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
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A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
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Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
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Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
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Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
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That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
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In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
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This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
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Bitcoin (BTC)A Peer-to-Peer Electronic Cash System.

Bitcoin (BTC)A Peer-to-Peer Electronic Cash System.
  • Bitcoin (BTC) is a peer-to-peer cryptocurrency that aims to function as a means of exchange that is independent of any central authority. BTC can be transferred electronically in a secure, verifiable, and immutable way.
  • Launched in 2009, BTC is the first virtual currency to solve the double-spending issue by timestamping transactions before broadcasting them to all of the nodes in the Bitcoin network. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991.
  • Bitcoin’s whitepaper was published pseudonymously in 2008 by an individual, or a group, with the pseudonym “Satoshi Nakamoto”, whose underlying identity has still not been verified.
  • The Bitcoin protocol uses an SHA-256d-based Proof-of-Work (PoW) algorithm to reach network consensus. Its network has a target block time of 10 minutes and a maximum supply of 21 million tokens, with a decaying token emission rate. To prevent fluctuation of the block time, the network’s block difficulty is re-adjusted through an algorithm based on the past 2016 block times.
  • With a block size limit capped at 1 megabyte, the Bitcoin Protocol has supported both the Lightning Network, a second-layer infrastructure for payment channels, and Segregated Witness, a soft-fork to increase the number of transactions on a block, as solutions to network scalability.

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1. What is Bitcoin (BTC)?

  • Bitcoin is a peer-to-peer cryptocurrency that aims to function as a means of exchange and is independent of any central authority. Bitcoins are transferred electronically in a secure, verifiable, and immutable way.
  • Network validators, whom are often referred to as miners, participate in the SHA-256d-based Proof-of-Work consensus mechanism to determine the next global state of the blockchain.
  • The Bitcoin protocol has a target block time of 10 minutes, and a maximum supply of 21 million tokens. The only way new bitcoins can be produced is when a block producer generates a new valid block.
  • The protocol has a token emission rate that halves every 210,000 blocks, or approximately every 4 years.
  • Unlike public blockchain infrastructures supporting the development of decentralized applications (Ethereum), the Bitcoin protocol is primarily used only for payments, and has only very limited support for smart contract-like functionalities (Bitcoin “Script” is mostly used to create certain conditions before bitcoins are used to be spent).

2. Bitcoin’s core features

For a more beginner’s introduction to Bitcoin, please visit Binance Academy’s guide to Bitcoin.

Unspent Transaction Output (UTXO) model

A UTXO transaction works like cash payment between two parties: Alice gives money to Bob and receives change (i.e., unspent amount). In comparison, blockchains like Ethereum rely on the account model.
https://preview.redd.it/t1j6anf8f3151.png?width=1601&format=png&auto=webp&s=33bd141d8f2136a6f32739c8cdc7aae2e04cbc47

Nakamoto consensus

In the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW).
The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer.
Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs.
As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”).
Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so.
With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic.
Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.

The blockchain

Block production

The Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979.
With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”).
An illustration of block production in the Bitcoin Protocol is demonstrated below.

https://preview.redd.it/m6texxicf3151.png?width=1591&format=png&auto=webp&s=f4253304912ed8370948b9c524e08fef28f1c78d

Block time and mining difficulty

Block time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty.
Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly.
Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.

What are orphan blocks?

In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency.
It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency.
Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted.
The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network.
However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.

3. Bitcoin’s additional features

Segregated Witness (SegWit)

Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017.
SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin.
SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become.
https://preview.redd.it/depya70mf3151.png?width=1601&format=png&auto=webp&s=a6499aa2131fbf347f8ffd812930b2f7d66be48e
The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit.
Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade.
Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.
For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.
Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.
This can create many issues, as illustrated in the below example:
  1. Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.
  2. Bob sends Carols this 1 BTC, while the transaction from Alice to Bob is not yet validated. Carol sees this incoming transaction of 1 BTC to him, and immediately ships goods to B.
  3. At the moment, the transaction from Alice to Bob is still not confirmed by the network, and Bob can change the witness signature, therefore changing this transaction ID from 12345 to 67890.
  4. Now Carol will not receive his 1 BTC, as the network looks for transaction 12345 to ensure that Bob’s wallet balance is valid.
  5. As this particular transaction ID changed from 12345 to 67890, the transaction from Bob to Carol will fail, and Bob will get his goods while still holding his BTC.
With the Segregated Witness upgrade, such instances can not happen again. This is because the witness signatures are moved outside of the transaction block into an extended block, and altering the witness signature won’t affect the transaction ID.
Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.

Lightning Network

Lightning Network is a second-layer micropayment solution for scalability.
Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins.
Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ.
A list of curated resources relevant to Lightning Network can be found here.
In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions.
Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel.
https://preview.redd.it/cy56icarf3151.png?width=1601&format=png&auto=webp&s=b239a63c6a87ec6cc1b18ce2cbd0355f8831c3a8
One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel.
However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.

Schnorr Signature upgrade proposal

Elliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain.
https://preview.redd.it/hjeqe4l7g3151.png?width=1601&format=png&auto=webp&s=8014fb08fe62ac4d91645499bc0c7e1c04c5d7c4
However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys.
This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block.
https://preview.redd.it/axg3wayag3151.png?width=1601&format=png&auto=webp&s=93d958fa6b0e623caa82ca71fe457b4daa88c71e
The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually.
Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.

4. Economics and supply distribution

The Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years.
As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
submitted by D-platform to u/D-platform [link] [comments]

Cosmos — an early in-depth analysis at the ecosystem of connected blockchains — Part One

Cosmos — an early in-depth analysis at the ecosystem of connected blockchains — Part One
This is part one of three articles where i will discuss what i have learnt whilst looking into Cosmos. I will provide links throughout the article to provide reference to sections as well as a list of sources at the bottom of the article for you to look into specific areas in more detail if required. Hopefully it will be useful for those interested in learning more about the project.
Cosmos is still very early in development process with components such as IBC which connects two blockchains together currently in research / specification stage, as a result can change by the time its released.

What is Cosmos?

Cosmos is a network and a framework for interoperability between blockchains. The zones are powered by Tendermint Core, which provides a high-performance, consistent, secure PBFT-like consensus engine, where strict fork-accountabilityguarantees hold over the behaviour of malicious actors. Cosmos is not a product but an ecosystem built on a set of modular, adaptable and interchangeable tools.
In Tendermint, consensus nodes go through a multi-round voting proposal process first before coming to consensus on the contents of a block. When 2/3 of those nodes decide on a block, then they run it through the state transition logic providing instant finality. In current proof of work consensus for Ethereum, the consensus process is inverted, where miners pick the transactions to include in a block, run state updates, then do “work” to try and mine the block.
Tendermint BFT can handle up to thousands of transactions per second (depending on the number of validators). However, this only takes into account the consensus part, the application layer is the limiting factor though. Ethermint (described below) has achieved up to 200 tps to give you an idea of the speed available per blockchain which is significantly more than current versions of Ethereum and Bitcoin etc.
The Tendermint consensus is used in a wide variety of projects, some of the most notable include Binance Chain, Hyperledger Burrow. It’s important to note though that just using Tendermint consensus doesn’t mean they can connect to other chains with the cosmos ecosystem, they would need to fork their code to implement IBC as a native protocol to allow interoperability through IBC.
see https://raw.githubusercontent.com/devcorn/hackatom/mastetminfo.pdf for high res

The Tendermint consensus algorithm follows a traditional approach which relies on all validators to communicate with one another to reach consensus. Because of the communication overhead, it does not scale to 1000s of validators like Bitcoin or Ethereum, which can have an unlimited number of validators. Tendermint works when there are 100s of validators. (Cosmos Hub currently has a maximum of 100 validators and the maximum tested so far with Tendermint is 180 validators)
Therefore, one of the downsides of a blockchain built using Tendermint is that, unlike Bitcoin or Ethereum, it requires the validators to be known ahead of time and doesn’t allow for miners to come and go as they please.Besides this, it also requires the system to maintain some notion of time, which is known to be a complex problem in theory. Although in practice, Tendermint has proven this can be done reasonably well if you use the timestamp aggregates of each node.
In this regard, one could argue that Tendermint consensus protocol is “less decentralized” than Bitcoin because there are fewer validators, and they must be known ahead of time.
Tendermint’s protocol guarantees safety and liveness, assuming more than 2/3 of the validators’ voting power is not Byzantine (i.e., malicious). In other words, if less than 1/3 of the network voting power is Byzantine, the protocol can guarantee safety and liveness (i.e., validators will never commit conflicting blocks at the same height and the blockchain continues to make progress).https://www.preethikasireddy.com/posts/how-does-cosmos-work-part1
To see the process of how Tendermint works please see this diagram as well as more info here

Sovereignty

Cosmos goal is to provide sovereignty through governance to developers by making it easy to build blockchains via the Cosmos SDK and provide interoperability between them, using Tendermint consensus. This is their main differentiator compared to competition like Polkadot and Ethereum 2.0. Ethereum 2.0 and Polkadot are taking a different approach by only using shared security, where there is a root chain which controls the security / prevents double spending for all connected blockchains.
In Hub governance all stakers vote, the validators vote is superseded if the delegator votes directly
Governance is where all stakers vote on proposals to determine what changes are implemented in the future for their own blockchain, stakers can either choose to delegate their vote to the validator or they can instead vote directly. Without sovereignty all DAPPs share the same underlying environment. If an application requires a new feature in the EVM it has to rely entirely on the governance of the Ethereum Platform to accept it for example. However, there are also tradeoffs to having sovereignty as each zone is going to need a way to incentivise others to validate / create blocks on the Zone by running Full Nodes. Whilst it may be easy to create a blockchain using the cosmos SDK and to mint a token, there are the legal costs / regulation associated with creating your own token. How are you going to distribute the tokens? How are you going to list them on exchanges? How are you going to incentivise others to use the token without being classed as a security? All of which have led to a significant reduction in the number of ICOs being done. With every zone needing their own validator set, there’s going to be a huge number of validators required each trying to persuade them to validate their zone with only a finite number of validators available.
Each Zone / App is essentially a mini DAO and not all are going to be comfortable about having their project progress been taken out of their hands and instead relying on the community to best decide on the future (unless they control 2/3 of the tokens). The Cosmos Hub has proved this can be successful, but others may be risk averse to having their application be a mini DAO. Should someone / competitor acquire 1/3 of the tokens of a zone then they could potentially prevent any further progress being made by rejecting all governance votes (this would be very costly to do on the Cosmos Hub due to its high amount staked, but for all the other less secure zones this potentially may be an issue).
Security for some zones will likely be a lot lower with every developer needing to validate their own blockchain and tokenise them with POS with no easy way to validate the setup of a validator to ensure its secure. Whilst the Cosmos hub is very secure with its current value staked, how secure zone’s will be with significantly less staked remains to be seen. Whilst providing soverignty was Cosmos’s main goal from the start, they are also looking at being able to provide shared security by having validators of a connected Hub also validate /create new blocks on the connected zone’s blockchain for them as well. They are still going to need some way to incentivise the validators to this. Another option is if the developers didn’t want to create a token, nor want sovereignty etc, then they could just build a DAPP on the EVM on a zone such as Ethermint.
As can be seen their are potential advantages and disadvantages to each method, but rather than forcing shared security like Ethereum and Polkadot, Cosmos is giving the developer the choice so will be interesting to see which they prefer to go for.

Layers of a blockchain

From an architecture standpoint, each blockchain can be divided into three conceptual layers:
  • Application: Responsible for updating the state given a set of transactions, i.e. processing transactions.
  • Networking: Responsible for the propagation of transactions and consensus-related messages.
  • Consensus: Enables nodes to agree on the current state of the system.
The state machine is the same as the application layer. It defines the state of the application and the state-transition functions. The other layers are responsible for replicating the state machine on all the nodes that connect to the network.
The Cosmos SDK is a generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT. The goal of the Cosmos SDK is to create an ecosystem of modules that allows developers to easily spin up application-specific blockchains without having to code each bit of functionality of their application from scratch. Anyone can create a module for the Cosmos SDK and using ready built modules in your blockchain is as simple as importing them into your application.
The Tendermint BFT engine is connected to the application by a socket protocol called the Application Blockchain Interface (ABCI). This protocol can be wrapped in any programming language, making it possible for developers to choose a language that fits their needs.

https://preview.redd.it/5vpheheqmba31.png?width=770&format=png&auto=webp&s=ec3c58fb7fafe10a512dbb131ecef6e841e6721c

Hub and Spoke Topology

Cosmos follows a hub and spoke topology as its not feasible to connect every zone together. If you were to connect every blockchain together the number of connections in the network would grow quadratically with the number of zones. So, if there are 100 zones in the network then that would equal 4950 connections.
Zones are regular heterogenous blockchains and Hubs are blockchains specifically designed to connect Zones together. When a Zone creates an IBC connection with a Hub, it can automatically access (i.e. send to and receive from) every other Zone that is connected to it. As a result, each Zone only needs to establish a limited number of connections with a restricted set of Hubs. Hubs also prevent double spending among Zones. This means that when a Zone receives a token from a Hub, it only needs to trust the origin Zone of this token and each of the Hubs in its path. Hubs do not verify or execute transactions committed on other zones, so it is the responsibility of users to send tokens to zones that they trust.
There will be many Hubs within Cosmos network the first Hub to launch was the Cosmos Hub whose native staking token is called ATOM. ATOM tokens are specific to just the Cosmos Hub which is one hub of many, each with their own token. Transaction fees for the Cosmos Hub will be payable in multiple tokens so not just ATOMs whereas other Hubs such as IRIS has made it so that all transaction fees are paid in IRIS for transactions on its hub.
As mentioned, the Cosmos Hub is one of many hubs in the network and currently has a staking ratio of around 70% with its token ATOM having a market cap of just over $800 million. IRISnet was the second Hub to launch which currently has around 28% bonded with its token IRIS which has a market cap of just under $17 million. The Third Hub about to be launched later this month has its token SENT which has a market cap of around $3.4 million. As you can see the security of these 3 hubs differ wildly and as more and more hubs and then zones are brought online there is going to need to be a lot of tokens / incentivisation for validators.
Ethermint
Standard Cosmos zones / hubs don’t have smart contract functionality and so to enable this, as the Application layer is abstracted from the consensus layer via ABCI API described earlier, it allows Cosmos to port the code over from other blockchains such as Ethereum and use it with the Tendermint Consensus to provide access to the Ethereum Virtual Machine. This is what is called Ethermint.
This allows developers to connect their zones to specialised zones such as Ethermint to build and run smart contracts based on Solidity, whilst benefiting from the faster performance of the tendermint Conensus over the existing POW implementation currently. Whereas a normal Go Ethereum process runs at ~12.5 transactions per second (TPS), Ethermint caps out at 200 TPS. This is a comparison against existing Ethereum speeds, whilst obviously Ethereum are working on their own scaling solutions with Ethereum 2.0 which will likely be ready around the same time. Existing tools / dapps used on ethereum should easily be able to be ported over to Ethermint by the developer if required.
In addition to vertical scaling (with the increase in tps by using Tendermint consensus), it can also have multiple parallel chains running the same application and operated by a common validator set. So if 1 Ethermint zone caps out at 200 TPS then 4 Ethermint zones running in parallel would theoretically cap out at 800 TPS for example.

https://preview.redd.it/e2pghr9smba31.png?width=554&format=png&auto=webp&s=a6e472a6e4a0f3845b03c36caef8b42d77125e46
There is a huge number of developers / apps currently built on Ethereum, should a developer choose to migrate their DAPP over to Ethermint they would lose native compatibility with those on Ethereum (except through Peg Zone), but would gain compatibility with those running on Ethermint and others in the cosmos ecosystem.
You can find out more about Ethermint here and here

IBC

IBC stands for inter-blockchain communication protocol and is an end-to-end, connection-oriented, stateful protocol for reliable, ordered, authenticated communication between modules on separate distributed ledgers. Ledgers hosting IBC must provide a certain set of functions for consensus transcript verification and cryptographic commitment proof generation, and IBC packet relayers (off-chain processes) are expected to have access to network protocols and physical datalinks as required to read the state of one ledger and submit data to another.
In the IBC architecture, modules are not directly sending messages to each other over networking infrastructure, but rather creating messages to be sent which are then physically relayed via “Relayers”. “Relayers” run off-chain and continuously scan the state of each ledger via a light client connected to each of the 2 chains and can also execute transactions on another ledger when outgoing datagrams have been committed. For correct operation and progress in a connection between two ledgers, IBC requires only that at least one correct and live relayer process exists which can relay between the ledgers. Relays will need to be incentivised to perform this task (the method to which hasn’t been established as of this writing)
The relay process must have access to accounts on both chains with sufficient balance to pay for transaction fees. Relayers may employ application-level methods to recoup these fees, such by including a small payment to themselves in the packet data. More information on Relayers can be found here

https://preview.redd.it/qr4k6cxtmba31.png?width=1100&format=png&auto=webp&s=d79871767ced4bcb0b2632cc137c118f70c3863a
A high-level overview of the process is that Zone 1 commits an outbound message on its blockchan about sending say 1 x Token A to Hub1 and puts 1 x Token A in escrow. Consensus is reached in Zone 1, and then it’s passed to the IBC module to create a packet which contains the reference to the committed block, source and destination channel/ connection and timeout details and is added to Zone 1’s outbound queue as proof.
All relayers (who run off-chain) are continuously monitoring the state of Zone 1 via the Zone 1 light client. A Relayer such as Relayer 1 is chosen and submits a proof to Hub1 that Zone 1.
Hub 1 then sends a receipt as proof that it has received the message from Zone 1, relayer1 sends it to Zone 1. Zone 1 then removes it from its outbound queue and sends proof via another receipt to Hub1. Hub1 verifies the proof and mints the token.

https://preview.redd.it/qn7895rumba31.png?width=770&format=png&auto=webp&s=96d9d808b2284f87d45fa0bd7b8bff297c86c2da
This video below explains the process in more detail as well as covers some of the other points i raise later in this article so worth a watch (time stamped from 22:24 to 32:25) and also here from 38:53 to 42:50
https://youtu.be/5h8DXul4lH0?t=1344
Whilst there is an option for UDP style transfer where a zone will send a message to a Hub and it doesn’t care whether it gets there or in any order etc, Token transfers are going to require the TCP style connections in IBC where there is a send, receipt and then another receipt as explained above. Each Send, receipt followed by another receipt is going to take at least 2 blocks and so using Cosmos Hub block times as an example with 6.88 second block times a transfer between one zone and hub could take a minimum of 41.28 seconds. You also then have to factor in the amount of other transactions going through those at that time and relevant gas price to see whether it is able to use 2 consecutive blocks or whether it may take more. This is also explained in this video “ILP Summit 2019 | Cosmos and Interledger | Sunny Aggarwal” (time stamped) from to 12:50 to 15:45

In Part Two we will look at potential issues with multi hop routing, token transfers across multiple routes and Peg Zones, whilst also looking at other interoperability solutions that would resolve some of these issues and compliment the cosmos ecosystem. Part Two can be found here
submitted by xSeq22x to cosmosnetwork [link] [comments]

Weekly Update: Welcome HYDRO to ParJar, Parachute newsletter signup, MatchBX Gigs, Wysker Series and Continuous Wyskering... - 22 Mar - 28 Mar'19

Weekly Update: Welcome HYDRO to ParJar, Parachute newsletter signup, MatchBX Gigs, Wysker Series and Continuous Wyskering... - 22 Mar - 28 Mar'19
Good day everyone! Here’s another update for the whirlwind week we had at Parachute and Parachute/ParJar partners. IRL work keeps me from churning these out on time. Working on catching up quickly to try to post future weekly updates faster:

A cool new community started to interact with ParJar this week. HYDRO was added to ParJar and ParJar added to the Hydro group. Fantom did a shoutout and CoinPedia also tweeted about ParJar. Thank you guys! Which makes me think, if this shoutout of the shoutout to our original shoutout is shoutouted by Fantom again, would it be a shoutoutception? Hmm. Also, we had our quirkiest game in ParJar yet. Parachuters had to use this site to find the most bizarre item. Best ones would win some cool PAR. Haha! The top picks were from Patri cko, Cryptovan and Clinton.
New Wonders of the World circa 2019
There’s a new email signup link for folks new to Parachute. If you’re not receiving Cap’s emails, you can sign up there. Close to USD 600 has already been raised for the Charity Parena. Woot! To get in, make a small donation (min USD 5 or crypto equivalent directly and let Jason know or tip Clinton through ParJar) and get a chance to win a 1-of-a-kind shirt from the Parachute Shop! Plus, kiddie gear is now available in the Parachute Shop. All profits from the shop go to charity. Games Master Jason turned 34 this week. Belated Happy Birthday to ya Florida Man! We had uber fun with an accidental Cap discovery this week. Add your favorite number at the end of the following link to jump to any chat in the group. For example the following link takes you to the first ever message in Parachute. Awesome!
Three Good Bois are counting on you to sign up for the Parachute newsletter
The 2gether card was launched on 27th March for use across the Eurozone. The presale event is now listed on ICObench. Make sure to check out the BCT ANN. Admins on their TG are rewarding members with 2GB who make thoughtful posts there. 2gether has an opening for a Java Software Engineer. Have a look at their job listing and apply if you have what it takes! Spanish speakers are in for a treat this week: Cointelegraph discussed about the company in a write-up, founder Salvador’s article on the zero marginal cost concept was featured in a UNIR publication and CEO Ramon’s interview during a Madrid Stock Exchange visit also came out. The 2GT token will be issued as a Virtual Financial Asset (VFA) in Malta. Read more about it here.
2gether is the only one with a regulated token
Still figuring out how to deploy your trading algo to your Binance account? Here’s a detailed look on how to set up your API keys and deploying a strategy to live markets on Binance using the Cryzen Code Studio. Also, belated birthday wishes to Shuvro. Hope you had a great one! Folks who haven’t subscribed to the Cryzen YouTube yet, subscribe now. They now have a custom handle. Community member Jonny did a little Cryzen shoutout towards the end of his detailed Crypto Asset Prediction Series. This week’s Saturday Rock Wars at PurpleCoin was for the best guitarist of all time. Jimi Hendrix won the public vote by a whopping margin. BOMB token is looking for ambassadors who can bring “liquidity, awareness, and education to the project”. Learn more about it here. Checked out Wysker Series yet? These are listicles of bundled relevant content aimed at user growth. Design geeks will find it fascinating. Plus, the app will see a new feature soon called Continuous Wyskering. Jonathan says: “After finishing one story, users will no longer have to go back to the home screen to discover new stories. Instead, the next story in line can be accessed with a simple swipe.” Neat! And finally, Birdchain has partnered with Blocklads to bring educational content to the app's learn tab. Look out for new content in that section!
Shuvro’s ETC bot showing decent gainz
Gigs are now live on MatchBX. Freelancers can create listings for their services directly and job posters can directly hire freelancers from there. Win win! If you’re not sure of what MatchBX is, read up on it here. Plus, the weekly AXPR burn went on as scheduled. Bounty0x crossed 500k+ monthly page views this week with a ~30% return visitor rate. If you’ve participated in a Cures Token bounty on Bounty0x, this article is super relevant. Also, KABN partnered with Bounty0x this week for running promotional bounties for their token offering. The ETHOS token is now listed on the ChangeNOW exchange. Much has been said about the Voyager-ETHOS deal so far. Shingo explains in this article why the partnership will be “setting new standards of transparency”. District0x’s weekly update covers a range of topics including Brady’s interview with A Garden of Crypto on all things District0x.
AXPR tokenomics
Altcoin Buzz featured Opacity this week and talked about their current development roadmap which includes the 1.0 site launch (which was also this week). Check out opacity.io for a look and feel of what’s in store for May. Badcredit wrote about Horizon State with a detailed piece. The Minister’s Recreational Fishing Advisory Council was announced this week as well. “The voting process has been transparent and historic - for the first time in South Australian Government history, Blockchain technology was used for the voting process." Big up to Horizon State for becoming a part of history! And finally, they closed off the week with a bang by getting listed on CoinExchange.io. John McAfee talks about Switch around the 11 minute mark in this interview with Satoshi Sean. Blockport was the centrepiece of this Coinvision article that explains the ins and outs of both the exchange as well as the BPT/BPS tokens. The Blockport STO is set for April 15th with more details in this post. If you’re interested and live in the EU or the US, the whitelist procedure is explained here. And finally, onto some Fantom news. Coinspeaker elaborates what the myriad partnerships mean for Fantom in this article. Like last week, Fantom capped off this week too with another exchange listing – ChainX. Boom!

Thank you for taking the time. See you soon with another weekly update. Cheerio!
submitted by abhijoysarkar to ParachuteToken [link] [comments]

A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency

As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin.
Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin.
We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.

Community Terminology

Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin.
HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market.
TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down.
FUD: Fear. Uncertainty. Doubt.
FOMO: Fear of missing out.
Bull Run: Financial term used to describe a rising market.
Bear Run: Financial term used to describe a falling market.

What Is Bitcoin?

Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream.
Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.

A Brief History

Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began.
I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).

What Is Blockchain?

Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions.
The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain.
For more information regarding blockchain I’ve provided more resouces below:

What is Bitcoin Mining

Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info).
Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.

How do you Purchase Bitcoin?

The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin.
Popular exchanges include:
  • Coinbase
  • Kraken
  • Cex
  • Gemini
There’s tons of different exchanges. Just make sure you find one that supports your national currency.

Volatility

Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.

Transaction & Network Fees

Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward.
Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.

Security

In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.

Two-Factor Authentication (2FA)

Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.

SMS Authentication

The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.

Authenticator

The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator.
If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device.
Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).

Hardware Wallets

A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage).
Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor.
Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box.
I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.

Technical Aspects of Bitcoin

TL;DR
  • Address: What you send Bitcoin to.
  • Wallet: Where you store your Bitcoin
  • Max Supply: 21 million
  • Block Time: ~10 minutes
  • Block Size: 1-2 MB
  • Block Reward: BTC reward received from mining.

What is a Bitcoin Address?

A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.

What is a Bitcoin Wallet?

As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack).
My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion.
After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.

What is Bitcoins Max Supply?

The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).

What is Bitcoins Block Time?

The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of.
Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds.
For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.

What is Bitcoins Block Size?

There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB.
There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction.
Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB.
On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.

What is Block Reward?

Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.

Technical Aspects Continued

Understanding Nodes

Straight from the Bitcoin.it wiki
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain.
For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.

What is a Fork?

A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.

Soft Fork vs Hard Fork

The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain.
During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain.
Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain.
Examples of Bitcoin hard forks include:
  • Bitcoin Cash
  • Bitcoin Gold
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.

A Case For Bitcoin in a World of Centralization

Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.

Final Conclusions

Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally.
Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions.
Thanks for reading!

Related Links

Guides

Exchanges

submitted by MrCryptoDude to Bitcoin [link] [comments]

Cosmos — an early in-depth analysis at the ecosystem of connected blockchains — Part One

Cosmos — an early in-depth analysis at the ecosystem of connected blockchains — Part One
This is part one of three articles where i will discuss what i have learnt whilst looking into Cosmos. I will provide links throughout the article to provide reference to sections as well as a list of sources at the bottom of the article for you to look into specific areas in more detail if required. Hopefully it will be useful for those interested in learning more about the project.
Cosmos is still very early in development process with components such as IBC which connects two blockchains together currently in research / specification stage, as a result can change by the time its released.

What is Cosmos?

Cosmos is a network and a framework for interoperability between blockchains. The zones are powered by Tendermint Core, which provides a high-performance, consistent, secure PBFT-like consensus engine, where strict fork-accountabilityguarantees hold over the behaviour of malicious actors. Cosmos is not a product but an ecosystem built on a set of modular, adaptable and interchangeable tools.
In Tendermint, consensus nodes go through a multi-round voting proposal process first before coming to consensus on the contents of a block. When 2/3 of those nodes decide on a block, then they run it through the state transition logic providing instant finality. In current proof of work consensus for Ethereum, the consensus process is inverted, where miners pick the transactions to include in a block, run state updates, then do “work” to try and mine the block.
Tendermint BFT can handle up to thousands of transactions per second (depending on the number of validators). However, this only takes into account the consensus part, the application layer is the limiting factor though. Ethermint (described below) has achieved up to 200 tps to give you an idea of the speed available per blockchain which is significantly more than current versions of Ethereum and Bitcoin etc.
The Tendermint consensus is used in a wide variety of projects, some of the most notable include Binance Chain, Hyperledger Burrow. It’s important to note though that just using Tendermint consensus doesn’t mean they can connect to other chains with the cosmos ecosystem, they would need to fork their code to implement IBC as a native protocol to allow interoperability through IBC.

see https://raw.githubusercontent.com/devcorn/hackatom/mastetminfo.pdf for high res

The Tendermint consensus algorithm follows a traditional approach which relies on all validators to communicate with one another to reach consensus. Because of the communication overhead, it does not scale to 1000s of validators like Bitcoin or Ethereum, which can have an unlimited number of validators. Tendermint works when there are 100s of validators. (Cosmos Hub currently has a maximum of 100 validators and the maximum tested so far with Tendermint is 180 validators)
Therefore, one of the downsides of a blockchain built using Tendermint is that, unlike Bitcoin or Ethereum, it requires the validators to be known ahead of time and doesn’t allow for miners to come and go as they please.Besides this, it also requires the system to maintain some notion of time, which is known to be a complex problem in theory. Although in practice, Tendermint has proven this can be done reasonably well if you use the timestamp aggregates of each node.
In this regard, one could argue that Tendermint consensus protocol is “less decentralized” than Bitcoin because there are fewer validators, and they must be known ahead of time.
Tendermint’s protocol guarantees safety and liveness, assuming more than 2/3 of the validators’ voting power is not Byzantine (i.e., malicious). In other words, if less than 1/3 of the network voting power is Byzantine, the protocol can guarantee safety and liveness (i.e., validators will never commit conflicting blocks at the same height and the blockchain continues to make progress).https://www.preethikasireddy.com/posts/how-does-cosmos-work-part1
To see the process of how Tendermint works please see this diagram as well as more info here

Sovereignty

Cosmos goal is to provide sovereignty through governance to developers by making it easy to build blockchains via the Cosmos SDK and provide interoperability between them, using Tendermint consensus. This is their main differentiator compared to competition like Polkadot and Ethereum 2.0. Ethereum 2.0 and Polkadot are taking a different approach by only using shared security, where there is a root chain which controls the security / prevents double spending for all connected blockchains.
Governance is where all stakers vote on proposals to determine what changes are implemented in the future for their own blockchain, stakers can either choose to delegate their vote to the validator or they can instead vote directly. Without sovereignty all DAPPs share the same underlying environment. If an application requires a new feature in the EVM it has to rely entirely on the governance of the Ethereum Platform to accept it for example. However, there are also tradeoffs to having sovereignty as each zone is going to need a way to incentivise others to validate / create blocks on the Zone by running Full Nodes. Whilst it may be easy to create a blockchain using the cosmos SDK and to mint a token, there are the legal costs / regulation associated with creating your own token. How are you going to distribute the tokens? How are you going to list them on exchanges? How are you going to incentivise others to use the token without being classed as a security? All of which have led to a significant reduction in the number of ICOs being done. With every zone needing their own validator set, there’s going to be a huge number of validators required each trying to persuade them to validate their zone with only a finite number of validators available.
Each Zone / App is essentially a mini DAO and not all are going to be comfortable about having their project progress been taken out of their hands and instead relying on the community to best decide on the future (unless they control 2/3 of the tokens). The Cosmos Hub has proved this can be successful, but others may be risk averse to having their application be a mini DAO. Should someone / competitor acquire 1/3 of the tokens of a zone then they could potentially prevent any further progress being made by rejecting all governance votes (this would be very costly to do on the Cosmos Hub due to its high amount staked, but for all the other less secure zones this potentially may be an issue).
Security for some zones will likely be a lot lower with every developer needing to validate their own blockchain and tokenise them with POS with no easy way to validate the setup of a validator to ensure its secure. Whilst the Cosmos hub is very secure with its current value staked, how secure zone’s will be with significantly less staked remains to be seen. Whilst providing soverignty was Cosmos’s main goal from the start, they are also looking at being able to provide shared security by having validators of a connected Hub also validate /create new blocks on the connected zone’s blockchain for them as well. They are still going to need some way to incentivise the validators to this. Another option is if the developers didn’t want to create a token, nor want sovereignty etc, then they could just build a DAPP on the EVM on a zone such as Ethermint.
As can be seen their are potential advantages and disadvantages to each method, but rather than forcing shared security like Ethereum and Polkadot, Cosmos is giving the developer the choice so will be interesting to see which they prefer to go for.

Layers of a blockchain

From an architecture standpoint, each blockchain can be divided into three conceptual layers:
  • Application: Responsible for updating the state given a set of transactions, i.e. processing transactions.
  • Networking: Responsible for the propagation of transactions and consensus-related messages.
  • Consensus: Enables nodes to agree on the current state of the system.
The state machine is the same as the application layer. It defines the state of the application and the state-transition functions. The other layers are responsible for replicating the state machine on all the nodes that connect to the network.
The Cosmos SDK is a generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT. The goal of the Cosmos SDK is to create an ecosystem of modules that allows developers to easily spin up application-specific blockchains without having to code each bit of functionality of their application from scratch. Anyone can create a module for the Cosmos SDK and using ready built modules in your blockchain is as simple as importing them into your application.
The Tendermint BFT engine is connected to the application by a socket protocol called the Application Blockchain Interface (ABCI). This protocol can be wrapped in any programming language, making it possible for developers to choose a language that fits their needs.

https://preview.redd.it/go1bgareiba31.png?width=770&format=png&auto=webp&s=c9a2c9faa9c99dd8c7a7b6925c7ea281e203eb47

Hub and Spoke Topology

Cosmos follows a hub and spoke topology as its not feasible to connect every zone together. If you were to connect every blockchain together the number of connections in the network would grow quadratically with the number of zones. So, if there are 100 zones in the network then that would equal 4950 connections.
Zones are regular heterogenous blockchains and Hubs are blockchains specifically designed to connect Zones together. When a Zone creates an IBC connection with a Hub, it can automatically access (i.e. send to and receive from) every other Zone that is connected to it. As a result, each Zone only needs to establish a limited number of connections with a restricted set of Hubs. Hubs also prevent double spending among Zones. This means that when a Zone receives a token from a Hub, it only needs to trust the origin Zone of this token and each of the Hubs in its path. Hubs do not verify or execute transactions committed on other zones, so it is the responsibility of users to send tokens to zones that they trust.
There will be many Hubs within Cosmos network the first Hub to launch was the Cosmos Hub whose native staking token is called ATOM. ATOM tokens are specific to just the Cosmos Hub which is one hub of many, each with their own token. Transaction fees for the Cosmos Hub will be payable in multiple tokens so not just ATOMs whereas other Hubs such as IRIS has made it so that all transaction fees are paid in IRIS for transactions on its hub.
As mentioned, the Cosmos Hub is one of many hubs in the network and currently has a staking ratio of around 70% with its token ATOM having a market cap of just over $800 million. IRISnet was the second Hub to launch which currently has around 28% bonded with its token IRIS which has a market cap of just under $17 million. The Third Hub about to be launched later this month has its token SENT which has a market cap of around $3.4 million. As you can see the security of these 3 hubs differ wildly and as more and more hubs and then zones are brought online there is going to need to be a lot of tokens / incentivisation for validators.

Ethermint

Standard Cosmos zones / hubs don’t have smart contract functionality and so to enable this, as the Application layer is abstracted from the consensus layer via ABCI API described earlier, it allows Cosmos to port the code over from other blockchains such as Ethereum and use it with the Tendermint Consensus to provide access to the Ethereum Virtual Machine. This is what is called Ethermint.
This allows developers to connect their zones to specialised zones such as Ethermint to build and run smart contracts based on Solidity, whilst benefiting from the faster performance of the tendermint Conensus over the existing POW implementation currently. Whereas a normal Go Ethereum process runs at ~12.5 transactions per second (TPS), Ethermint caps out at 200 TPS. This is a comparison against existing Ethereum speeds, whilst obviously Ethereum are working on their own scaling solutions with Ethereum 2.0 which will likely be ready around the same time. Existing tools / dapps used on ethereum should easily be able to be ported over to Ethermint by the developer if required.
In addition to vertical scaling (with the increase in tps by using Tendermint consensus), it can also have multiple parallel chains running the same application and operated by a common validator set. So if 1 Ethermint zone caps out at 200 TPS then 4 Ethermint zones running in parallel would theoretically cap out at 800 TPS for example.

https://preview.redd.it/oboyonufiba31.png?width=554&format=png&auto=webp&s=18560aa44596fc2357590b54ddb39fd8ee1c8783
There is a huge number of developers / apps currently built on Ethereum, should a developer choose to migrate their DAPP over to Ethermint they would lose native compatibility with those on Ethereum (except through Peg Zone), but would gain compatibility with those running on Ethermint and others in the cosmos ecosystem.
You can find out more about Ethermint here and here
IBC
IBC stands for inter-blockchain communication protocol and is an end-to-end, connection-oriented, stateful protocol for reliable, ordered, authenticated communication between modules on separate distributed ledgers. Ledgers hosting IBC must provide a certain set of functions for consensus transcript verification and cryptographic commitment proof generation, and IBC packet relayers (off-chain processes) are expected to have access to network protocols and physical datalinks as required to read the state of one ledger and submit data to another.
In the IBC architecture, modules are not directly sending messages to each other over networking infrastructure, but rather creating messages to be sent which are then physically relayed via “Relayers”. “Relayers” run off-chain and continuously scan the state of each ledger via a light client connected to each of the 2 chains and can also execute transactions on another ledger when outgoing datagrams have been committed. For correct operation and progress in a connection between two ledgers, IBC requires only that at least one correct and live relayer process exists which can relay between the ledgers. Relays will need to be incentivised to perform this task (the method to which hasn’t been established as of this writing)
The relay process must have access to accounts on both chains with sufficient balance to pay for transaction fees. Relayers may employ application-level methods to recoup these fees, such by including a small payment to themselves in the packet data. More information on Relayers can be found here

https://preview.redd.it/twjzlc8hiba31.png?width=1100&format=png&auto=webp&s=2e546142573b61af031e27dac83ddca675a4b693
A high-level overview of the process is that Zone 1 commits an outbound message on its blockchan about sending say 1 x Token A to Hub1 and puts 1 x Token A in escrow. Consensus is reached in Zone 1, and then it’s passed to the IBC module to create a packet which contains the reference to the committed block, source and destination channel/ connection and timeout details and is added to Zone 1’s outbound queue as proof.
All relayers (who run off-chain) are continuously monitoring the state of Zone 1 via the Zone 1 light client. A Relayer such as Relayer 1 is chosen and submits a proof to Hub1 that Zone 1.
Hub 1 then sends a receipt as proof that it has received the message from Zone 1, relayer1 sends it to Zone 1. Zone 1 then removes it from its outbound queue and sends proof via another receipt to Hub1. Hub1 verifies the proof and mints the token.

https://preview.redd.it/d4dclm3iiba31.png?width=770&format=png&auto=webp&s=9ca521efc8580800067e1c4e3f74c0ab8df30555
This video below explains the process in more detail as well as covers some of the other points i raise later in this article so worth a watch (time stamped from 22:24 to 32:25) and also here from 38:53 to 42:50
https://youtu.be/5h8DXul4lH0?t=1344

Whilst there is an option for UDP style transfer where a zone will send a message to a Hub and it doesn’t care whether it gets there or in any order etc, Token transfers are going to require the TCP style connections in IBC where there is a send, receipt and then another receipt as explained above. Each Send, receipt followed by another receipt is going to take at least 2 blocks and so using Cosmos Hub block times as an example with 6.88 second block times a transfer between one zone and hub could take a minimum of 41.28 seconds. You also then have to factor in the amount of other transactions going through those at that time and relevant gas price to see whether it is able to use 2 consecutive blocks or whether it may take more. This is also explained in this video “ILP Summit 2019 | Cosmos and Interledger | Sunny Aggarwal” (time stamped) from to 12:50 to 15:45

In Part Two we will look at potential issues with multi hop routing, token transfers across multiple routes and Peg Zones, whilst also looking at other interoperability solutions that would resolve some of these issues and compliment the cosmos ecosystem. Part Two can be found here
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I wrote a 30,000 ft. "executive summary" intro document for cryptos. Not for you, for your non-technical parents or friends.

This document was originally written for my dad, an intelligent guy who was utterly baffled about the cryptocurrency world. The aim was to be extremely concise, giving a broad overview of the industry and some popular coins while staying non-technical. For many of you there will be nothing new here, but recognize that you are in the 0.001% of the population heavily into crypto technology.
I've reproduced it for Reddit below, or you can find the original post here on my website. Download the PDF there or hit the direct link: .PDF version.
Donations happily accepted:
ETH: 0x4e03Bf5CCE3eec4Ddae4d3d6aAD46ca4f198AeD6 BTC: 1GqWMZRRygRJJWYYTWHkAVoRcgyQHjgBMZ XMR: 42Y1S1KBoPk381kc7hA68zaiC78BxMoCADjLrFcTdWiE7ejhZc49s1t9i7P2EmTnHsLDiKoSUiogCbLVHXRJxjrCT4WG8ic XRB: xrb_1bpzh745s9kzk8ymfnks3jtdi65ayumdstokzd4yw4ohu3fopxmiocjcntcu 

Background

This document is purely informational. At the time of writing there are over 1000 cryptocurrencies (“cryptos”) in a highly volatile, high risk market. Many of the smaller “altcoins” require significant technical knowledge to store and transact safely. I advise you to carefully scrutinize each crypto’s flavor of blockchain, potential utility, team of developers, and guiding philosophy, before making any investment [1] decisions. With that out of the way, what follows are brief, extremely high-level summaries of some cryptos which have my interest, listed in current market cap order. But first, some info:
Each crypto is a different implementation of a blockchain network. Originally developed as decentralized digital cash, these technologies have evolved into much broader platforms, powering the future of decentralized applications across every industry in the global economy. Without getting into the weeds, [2] most cryptos work on similar principles:
Distributed Ledgers Each node on a blockchain network has a copy of every transaction, which enables a network of trust that eliminates fraud. [3]
Decentralized “Miners” comprise the infrastructure of a blockchain network. [4] They are monetarily incentivized to add computing power to the network, simultaneously securing and processing each transaction. [5]
Peer-to-peer Cryptos act like digital cash-- they require no third party to transact and are relatively untraceable. Unlike cash, you can back them up.
Global Transactions are processed cheaply and instantly, anywhere on Earth. Using cryptos, an African peasant and a San Francisco engineer have the same access to capital, markets, and network services.
Secure Blockchains are predicated on the same cryptographic technology that secures your sensitive data and government secrets. They have passed seven years of real-world penetration testing with no failures. [6]

Bitcoin (BTC)

The first cryptocurrency. As with first movers in any technology, there are associated pros and cons. Bitcoin has by far the strongest brand recognition and deepest market penetration, and it is the only crypto which can be used directly as a currency at over 100,000 physical and web stores around the world. In Venezuela and Zimbabwe, where geopolitical events have created hyperinflation in the centralized fiat currency, citizens have moved to Bitcoin as a de facto transaction standard. [7]
However, Bitcoin unveiled a number of issues that have been solved by subsequent cryptos. It is experiencing significant scaling issues, resulting in high fees and long confirmation times. The argument over potential solutions created a rift in the Bitcoin developer community, who “forked” the network into two separate blockchains amidst drama and politicking in October 2017. Potential solutions to these issues abound, with some already in place, and others nearing deployment.
Bitcoin currently has the highest market cap, and since it is easy to buy with fiat currency, the price of many smaller cryptos (“altcoins”) are loosely pegged to its price. This will change in the coming year(s).

Ethereum (ETH)

Where Bitcoin is a currency, Ethereum is a platform, designed as a foundational protocol on which to develop decentralized applications (“Dapps”). Anyone can write code and deploy their program on the global network for extremely low fees. Just like Twitter wouldn’t exist without the open platform of the internet, the next world-changing Dapp can’t exist without Ethereum.
Current Dapps include a global market for idle computing power and storage, peer-to-peer real estate transactions (no trusted third party for escrow), identity networks for governments and corporations (think digital Social Security card), and monetization strategies for the internet which replace advertising. Think back 10 years to the advent of smartphones, and then to our culture today-- Ethereum could have a similar network effect on humanity.
Ethereum is currently the #2 market cap crypto below Bitcoin, and many believe it will surpass it in 2018. It has a large, active group of developers working to solve scaling issues, [8] maintain security, and create entirely new programming conventions. If successful, platforms like Ethereum may well be the foundation of the decentralized internet of the future.

Ripple (XRP)

Ripple is significantly more centralized than most crypto networks, designed as a backbone for the global banking and financial technology (“fintech”) industries. It is a network for exchanging between fiat currencies and other asset classes instantly and cheaply, especially when transacting cross-border and between separate institutions. It uses large banks and remittance companies as “anchors” to allow trading between any asset on the network, and big names like Bank of America, American Express, RBC, and UBS are partners. The utility of this network is global and massive in scale.
It is extremely important to note that not all cryptos have the same number of tokens. Ripple has 100 Billion tokens compared to Bitcoin’s 21 Million. Do not directly compare price between cryptos. XRP will likely never reach $1k, [9] but the price will rise commensurate with its utility as a financial tool.
In some sense, Ripple is anathema to the original philosophical vision of this technology space. And while I agree with the cyberpunk notion of decentralized currencies, separation of money and state, this is the natural progression of the crypto world. The internet was an incredible decentralized wild west of Usenet groups and listservs before Eternal September and the dot-com boom, but its maturation affected every part of global society.

Cardano (ADA)

Cardano’s main claim to fame: it is the only crypto developed using academic methodologies by a global collective of engineers and researchers, built on a foundation of industry-leading, peer-reviewed cryptographic research. The network was designed from first-principles to allow scalability, system upgrades, and to balance the privacy of its users with the security needs of regulators.
One part of this ecosystem is the Cardano Foundation, a Swiss non-profit founded to work proactively with governments and regulatory bodies to institute legal frameworks around the crypto industry. Detractors of Cardano claim that it doesn’t do anything innovative, but supporters see the academic backing and focus on regulation development as uniquely valuable.

Stellar Lumens (XLM)

Stellar Lumens and Ripple were founded by the same person. They initially shared the same code, but today the two are distinct in their technical back-end as well as their guiding philosophy and development goals. Ripple is closed-source, for-profit, deflationary, and intended for use by large financial institutions. Stellar is open-source, non-profit, inflationary, and intended to promote international wealth distribution. As such, they are not direct competitors.
IBM is a major partner to Stellar. Their network is already processing live transactions in 12 currency corridors across the South Pacific, with plans to process 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridor by Q2 2018.
Beyond its utility as a financial tool, the Stellar network may become a competitor to Ethereum as a platform for application development and Initial Coin Offerings (“ICOs”). The theoretical maximum throughput for the network is higher, and it takes less computational power to run. The Stellar development team is highly active, has written extensive documentation for third-party developers, and has an impressive list of advisors, including Patrick Collison (Stripe), Sam Altman (Y Combinator), and other giants in the software development community.

Iota (IOT)

Iota was developed as the infrastructure backbone for the Internet of Things (IoT), sometimes called the machine economy. As the world of inanimate objects is networked together, their need to communicate grows exponentially. Fridges, thermostats, self-driving cars, printers, planes, and industrial sensors all need a secure protocol with which to transact information.
Iota uses a “Tangle” instead of a traditional blockchain, and this is the main innovation driving the crypto’s value. Each device that sends a transaction confirms two other transactions in the Tanlge. This removes the need for miners, and enables unique features like zero fees and infinite scalability. The supply of tokens is fixed forever at 2.8*1015, a staggeringly large number (almost three thousand trillion), and the price you see reported is technically “MIOT”, or the price for a million tokens.

Monero (XMR)

The most successful privacy-focused cryptocurrency. In Bitcoin and most other cryptos, anyone can examine the public ledger and trace specific coins through the network. If your identity can be attached to a public address on that network, an accurate picture of your transaction history can be built-- who, what, and when. Monero builds anonymity into the system using strong cryptographic principles, which makes it functionally impossible to trace coins, [10] attach names to wallets, or extract metadata from transactions. The development team actively publishes in the cryptography research community.
Anonymous transactions are not new-- we call it cash. Only in the past two decades has anonymity grown scarce in the first-world with the rise of credit cards and ubiquitous digital records. Personal data is becoming the most valuable resource on Earth, and there are many legitimate reasons for law-abiding citizens to want digital privacy, but it is true that with anonymity comes bad actors-- Monero is the currency of choice for the majority of black market (“darknet”) transactions. Similarly, US Dollars are the main vehicle for the $320B annual drug trade. An investment here should be based on the underlying cryptographic research and technology behind this coin, as well as competitors like Zcash. [11]

RaiBlocks (XRB)

Zero fees and instantaneous transfer make RaiBlocks extremely attractive for exchange of value, in many senses outperforming Bitcoin at its original intended purpose. This crypto has seen an explosion in price and exposure over the past month, and it may become the network of choice for transferring value within and between crypto exchanges.
Just in the first week of 2018: the CEO of Ledger (makers of the most popular hardware wallet on the market) waived the $50k code review fee to get RaiBlocks on his product, and XRB got listed on Binance and Kucoin, two of the largest altcoin exchanges globally. This is one to watch for 2018. [12]

VeChain (VEN)

Developed as a single answer to the problem of supply-chain logistics, VeChain is knocking on the door of a fast-growing $8 trillion industry. Every shipping container and packaged product in the world requires constant tracking and verification. A smart economy for logistics built on the blockchain promises greater efficiency and lower cost through the entire process flow.
Don’t take my word for it-- VeChain has investment from PwC (5th largest US corporation), Groupe Renault, Kuehne & Nagel (world’s largest freight company), and DIG (China’s largest wine importer). The Chinese government has mandated VeChain to serve as blockchain technology partner to the city of Gui’an, a special economic zone and testbed for China’s smart city of the future. This crypto has some of the strongest commercial partnerships in the industry, and a large active development team.
  1. “Investment” is a misnomer. Cryptos are traded like securities, but grant you no equity (like trading currency).
  2. The weeds for Bitcoin: basic intro (1:36), non-technical explanation (5:24), Bitcoin 101 – Andreas Antonopoulos (23:51).
  3. It is impossible to double-spend or create a fake transaction, as each ledger is confirmed against every other ledger.
  4. Some utility token blockchains use DAG networks or similar non-linear networks which don’t require mining.
  5. In practice, these are giant warehouses full of specialized computers constantly processing transactions. Miners locate to the cheapest electricity source, and the bulk of mining currently occurs in China.
  6. Centralized second-layer exchange websites have been hacked, but the core technology is untouched.
  7. This effect has been termed "bitcoinization".
  8. The Ethereum roadmap shows moving from a Proof of Work (PoW) to Proof of Stake (PoS) consensus model.
  9. At $2.62 per XRP token, Ripple already commands a $100B market cap.
  10. After a January 2017 update.
  11. Monero uses ring signatures while Zcash uses ZK-SNARKs to create anonymity. Both have pros and cons.
  12. Note: all signs point to this crypto being renamed “Nano” in the coming weeks: nano.co.
submitted by jhchawk to CryptoCurrency [link] [comments]

Wolfpack bot.......

About some years ago, one of my friends hailed his belief in Bitcoin and explained how he moved his whole life savings onto a hardware wallet and erudite his private alphanumeric key. He sounded like a character from a Neal Stephenson novel-gritty, daring and irreverent of the world’s established banking systems. While Bitcoin has soared since then and made him a millionaire many times over, the question now is if it will continue to rise in value or if it’s already reached its height.
A digital currency “crypto currency” that has no tangible paper or physical coin representation. Instead, encryption techniques using computers and open source software generate the currency based on mathematical proof, or blockchains. Cryptocurrencies such as Bitcoin are decentralized: There’s no place like a bank where the currency is held, and a private security key tied to an open source ledger proves who holds the value. As an electronic payment system, cryptocurrencies are instantaneous and have low transaction fees compared to traditional banking systems, which are comparatively slow and have high fees associated.
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WolfpackBOT is an advanced cryptocurrency trading BOT that executes trades securely by using the advanced trading algorithms, the “Werewolf” Trading Analysis configurations, and customized settings based on each user’s unique trading style.
The trading Bot will also provide users with trading access to the major cryptocurrency exchanges and the most profitable trading pairs, all from one Bot subscription. The Bot integrates with a built-in secure Hardware Wallet combined with a RFID card reader for crypto to FIAT conversions.
Additionally, WolfpackBOT is integrated with Wolvex Exchange that will use the Wolfcoin token as the base currency, Wolfpack Consulting, Wolfpack Mining, and Wolfpack Philanthropy with the aim of empowering customers, shareholders, and stakeholders to achieve sustainable wealth through cryptocurrency trading.
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Multiple Technical Analysis Indicators:
The WolfpackBOT trading system provides the world of Automated Cryptocurrency Trading Bots with Multiple Technical Analysis indicators, oscillators, configurations, and settings.
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The trading system has to short features that enable users to maximize their profits by shorting their positions and buying them back at the lowest prices in the market.
Patented And Trademarked Crash Protection:
This feature enables users to automatically scan and convert all positions to USDT and then buy them back to base currency to resume trading under the signal of the Hidden Bull Divergence Indicator.
Coin Selector:
Users can select whether to trade all their cryptocurrencies or not trade at all. It will also enable them to view coins or tokens that have high trading volumes, their performance, and volatility.
Werewolf Ultimate:
This feature does not trade a particular trading pair or coin but trades all of them to provide the users with maximum profits.
WolfpackBOT Trading Settings And Reports:
The trade setting enables users to automatically trade through features like one-minute candles, market orders, and Hybrid orders. The Trading report highlights the users trading history, which can be exported to a CSV file.
Various Specialized Examination Markers: WOLFPACKBOT offers the most extensive cluster of various Specialized Examination markers, oscillators, setups and settings accessible in the realm of Computerized Digital money Exchanging Bots. WOLFPACKBOT gives Elliot Wave, Bollinger Groups, Twofold EMA, Stochastic, EMA, Stochastic RSI, EMA Cross, Fibonacci Succession, and some more. Dialect Interpreter: WOLFPACKBOT has a worked in language interpreter that in a split second makes an interpretation of the whole BOT into French, Dutch, English, Spanish or German.
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WOLFPACKBOT Automated Exchanging Programming: After the crowdsale, WOLFCOIN will be the restrictive strategy for an installment for WOLFPACKBOT Mechanized Exchanging Programming memberships. Wolfpack Counseling: WOLFPACKBOT offers its administrations and aptitude as Cryptocurrency money and Blockchain Professionals to people and organizations. This company offers counseling services in the fields of blockchain and cryptocurrency money improvement and management. The WolfBOX Equipment Support: WOLFPACKBOT likewise offers an industry initially, that is; delightful equipment reassure, The WolfBOX. The reassure comes preloaded with WOLFPACKBOT automated exchanging programming and furthermore incorporates an inherent secure equipment wallet. A portion of the key highlights of the WolfBOX incorporate into rapid CPU, internal RFID card reader, strong state hard drive, and coordinated Bitpay as well as Coinbase wallets.
📷 COIN ECONOMICS
Coin Name: WOLFCOIN
Coin Symbol: WOLF
Coin Standard: Proof of Work
Coin Algorithm: X11
Genesis Block: 300,000,000
Pre-mined: 30% Distributed in all stages of WOLFPACKBOT Crowdsale
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WHY WOLFPACKBOT?
WOFPACKBOT is an exceptional project with a difference set to globally make an impact in the cryptocurrencies trading activities in particular for the betterment of the blockchain ecosystem; that will equal right to all of its users the opportunity to earn more. Feel free to ask your questions relating to the project on the telegram group of WOFPACKBOT, see link below.
WolfpackBot Cryptocurrency Trading Bot System Benefits
All Trading Pairs On All Major Exchanges
Users of WolfpackBOT can simultaneously trade with major exchanges such as BitMEX, Binance, Bittrex, KuCoin, Poloniex, and Wolvex Exchanges using multiple trading pairs.
Werewolf Configurations And Settings
These configurations and settings are suited for both amateur and expert traders since they can be adjusted with preset configurations for bear, sideways, and bull markets and to the current trends in the market.
Bull And Bear Market
The WereWolf settings are optimized for conditions that could be used in Bull Markets, Sideways markets, and Bear markets.
WolfpackBOT Help Center
Users can access the WolfpackBOT Help Center to learn about options, features, and abilities that are contained in the WolfpackBOT Trading Software.
Multiple Languages
Wolfpack BOT is compatible with multiple languages like Dutch, English, French, German, and Spanish; therefore, users can switch up the language of the entire BOT by simply clicking on the World Language Globe icon.
WolfpackBot WOLF Token ICO Details
Parameters Of The ICO
For more enquiries on the WolfpackBot project, make use of these links;
Website = https://www.wolfpackbot.com/
Whitepaper = https://www.wolfpackbot.com/Pdf/whitepaper_en.pdf
Twitter = https://twitter.com/TheWolfpackBOT
Facebook = https://www.facebook.com/WolfpackBOT/
Telegram = https://t.me/WolfpackBOT_Discussion
Medium = https://medium.com/@WolfpackBOT
BOUNTY0X USERNAME = @cryptounique
submitted by 1loveone to u/1loveone [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/ap9qekwx9l821.jpg?width=832&format=pjpg&auto=webp&s=700a88e7ede6dac88fe1c49396b4553540efbff9

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High
For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to CryptoAirdrop [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/z0gsc3tddl821.jpg?width=832&format=pjpg&auto=webp&s=ef1abeed6802813c5a07721efe483fd7ad6ed2c7

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High
For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to airdrops [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/hvh8w50tal821.jpg?width=832&format=pjpg&auto=webp&s=78a33c016199723465468972589c318846663006

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High
For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to Crypto_Airdrops [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/cxynqp4bnf521.jpg?width=832&format=pjpg&auto=webp&s=76f7e759bf535cddaf8c238a1312a047fbfe93f5

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High

For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to airdrops [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/j3li4ivwnf521.jpg?width=832&format=pjpg&auto=webp&s=12300ffb596c0f0244ec3948031fafc4ded14e11

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High
For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to Crypto_Airdrops [link] [comments]

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER

QUARKCHAIN - AIRDROP/BOUNTY - RATED VERY HIGH BY ICODROPS - ALREADY ON COINMARKETCAP - ONE OF THE BEST PROJECTS EVER
https://preview.redd.it/e8wu7qg1qf521.jpg?width=832&format=pjpg&auto=webp&s=d64b7c059577bdf41cc073145667c8b006f1aff4

QuarkChain - a decentralized, secure, scalable, and permissionless blockchain technology to deliver 100,000+ on-chain TPS by using horizontal scaling technology.
Step-by-Step guide:
  1. Register on the QuarkChain Airdrop/Bounty page
  2. Verify Email
  3. Connect your Social media
  4. Gather as much stakes as You wish (the more stakes you gather the more QKC you will receive)
  5. Invite friends for more stakes
This is one of the best projects EVER - Coinmarketcap - 86
Requirements:
  • Twitter
  • T-gram
  • LinkedIn
  • Facebook
  • Reddit
  • E-Mail
  • Erc20 wallet
Information:
  • Token - QKC
  • Country - USA
  • Tokens for Bounty - 1 000 000
  • Accepting - ETH
  • White paper
Rating: IcoBench - 4.5/5 IcoDrops - Very High
For more Valuable Airdrops please follow our Steemit.
Top Exchange for Beginners - Coinbase Top ERC20 Addon - Mestamask Top Erc20 wallet App - Trust Top Exchanges - Binance, KuCoin Top Erc2o Exchange - Idex #airdrop #airdropy #kryptowaluta #kryptowaluty #bitcoin #altcoin #blockchain #token #ico #airdrops #ethereum #cryptocurrency
submitted by ICOPolska to CryptoAirdrop [link] [comments]

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Binance Futures Trading EXPLAINED for Beginners - YouTube

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