Still Don't Get Bitcoin? Here's an Explanation For Five ...

Seeking clarification on block size limit

From everything i've heard there was a big block size debate going on years ago that people associate with Segwit 2x. The softfork segwit was adopted, in part so that the lightning network could be built. But the segwit maximum block size is now almost 4mb per block achievable with bloated witness data and a large numbers of inputs per transaction. I know that a block full of legacy transactions is still limited to 1mb, but is lightning an issue promoting segwit addresses since they have this potential attack vector for dummy block space, given affordable fees? Wouldn't it make sense to hodl bitcoin on a nonsegwit address still, so long as its secure?
It seems to me that with a few hundred, maybe a thousand confirmed transactions, you could artificially bloat a block to a large size. Is the miner selection algorithm particular about not mining arbitrarily large blocks? If you could transact at 1sat/byte, you could potentially make a 2-3+ mb block when the pool is empty with somewhere between $20-100?
I understand that the network throughput is increased using segwit, but i'm concerned this might set a precedent to have the next "soft" fork with a new technology or layer increase the block max to 8 or 16mb. If blocks consistently become over 2-3mb, the blockchain could become over 1TB in around 5 years or less.
submitted by FunOptimizer42 to Bitcoin [link] [comments]

Dxchain Alkademy - All about Mainnet?

Dxchain Alkademy - All about Mainnet?

Dxchain Mainnet

Recently, Dxchain team announced the launch of Dxchain project's mainnet alpha. You can find the article containing the release here.

In this article, the team summarized briefly on what mainnet entails as quoted below:

It is well known that mainnet is the fundamental of a blockchain project, cryptocurrency is not a real blockchain technology until the Mainnet launch. Any concepts, ideas or theories are not realizable. DxChain has been committed to building a secure and efficient decentralized big data storage and computing network from the beginning. The construction, development and performance of DxChain network are what DxChain engineers caring about. The release of DxChain Mainnet Alpha represents that DxChain has basically completed the construction of the public chain framework, in which smart contracts, storage contracts, DPoS consensus algorithms, mining and other functions have been developed; also represents DxChain's transformation from cryptocurrency to a real public chain.

The explanation is concise enough for an average crypto user to understand what mainnet is. In this article, I will try to expand a bit farther on the idea of mainnet and why it is necessary for a project like DxchainNetwork to have a mainnet.

In the forum discussion I started here, I gathered knowledge of how mainnet works which gave me the clear insight of what I needed to know. Firstly, let us take a deeper look of what a mainnet is.

What Is A Mainnet?

Before now, On July 8, Dxchain launched her testnet and officially announced it here. It evidenced that the Dxchain Team had the prototype of the project up for running. That brings me to contrasting between Mainnet and Testnet. A Mainnet stands for the "Main Network" is the “real” cryptocurrency network where testnet represents a dummy alternatively network for the purposes of testing only. The cryptocurrency coins/token generated on testnet mostly aren't real since they do not have any monetary value as compared to that of mainnet with monetary value.

The functionality of transferring a digital currency between the parties involved is rendered on the mainnet. It is on the mainnet that the decentralized applications are developed and deployed.

According to Binance Academy ,Mainnet is the term used to describe when a blockchain protocol is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology (blockchain).
In cryptocurrencies, mainnets are the end products in blockchain projects that make it possible for transactions to be carried out. It also undergoes changes from time to time when there is need for updates or review. Before an investors makes his decision to invest in an Initial Coin Offering (ICO), it appears very crucial to be sure the blockchain project has a mainnet. Both mainnet or a testnet indicate the seriousness of a project as they affect the price of a cryptocurrency in one way or another.

Does Mainnet Affect Price of coin?

On Dxchain's telegram communuty, I have witnessed several users asking questions like "Admin, Why the pump?, "Admin, price is high. Why! and so on. It is obvious there are so many who seem not having the right information before investing in a coin resulting in them either losing or missing out of good projects. This accounts for why this article is necessary. Continuous upgrades and revision of the mainnet function is a must if a cryptocurrency project is to enjoy wide success in terms of rising price which I believe the Dxchain Team have in their routine plan board. For instance, Bitcoin is one project that has enjoyed immense success in cryptocurrency environment, in part because of Mainnet upgrades.

Recently, the top cryptocurrency by market capitalization launched Lightning Network -a mainnet feature that added a second layer on the blockchain. The Off-chain solution was a significant update intended to make BTC more scalable thus allowing the blockchain to handle more transactions per second.`

Conclusion

In conclusion, a mainnet launch is a planned and or defining time for a blockchain project to open to public and commence mass adaptation. When a blockchain project team is ready to roll out their official end product, they will carry out a “mainnet launch”, putting the product into actual production and operations.


Resources
Reference 1
Reference 2
Website
Telegram
Reddit
submitted by Bobelr to DxChainNetwork [link] [comments]

E-library with more than 180 books in Computer Science and Technology.

[ Removed by reddit in response to a copyright notice. ]
submitted by cyberg0100 to CyberSpaceVN [link] [comments]

Ethereum's future is bright, the DApps are coming!

The DApps are coming, the DApps are coming!

Chin up boys and girls – the DApps (Decentralized Apps) are finally coming. Utility, not speculation/manipulation/shilling etc., is what, in the end, will give/justify the value of blockchains.
 
Of the top 100 tokens, 91 of them are on the Ethereum blockchain (ERC-20). The most valuable non-Ethereum tokens by market cap are USDT (4) and GAS (25). Eventually, ICX (6), VeChain (3) and EOS (1) and several others will be migrating to their own blockchains. Still, this leaves Ethereum with an overwhelming market dominance for tokens (aka DApps) and Ethereum has been clearly recognized as the blockchain to launch ICOs/DApps.
 
We have already seen several DApps successfully launch on mainnet including CrytptoKitties, Crypto Sportz, Edgeless, Etherbots, Ethercraft, Etheremon, Etheroll, ETHLend, Forkdelta (RIP Etherdelta), 0xBitcoin and Ethlance among others. Check out a whole list on DappRadar and track the progress of some lesser known, smaller projects on StateoftheDApps (Note: I cannot vouch for all of these DApps. There have been and always will be scammers in the crypto space. Please, always do your own research!)
 
For the rest of March + Q2 (April - June) we are going see the biggest implementation of DApps on the Ethereum mainnet to date. Below I’ve laid out, in alphabetical order and in varying detail, what’s happening between now and the end of Q2 of this year. (I’ve also added some info, where especially relevant, of big stuff coming after Q2). I hope any biases I may have do not come through too much in the writing.
 
To hammer home on utility once more: One year ago today, the daily transaction count was at 57,000. Yesterday, the network confirmed over 752,000 transactions (a 13x increase) (And remember, ATH in January was 1.349 million txns!) [Source]
 

On to the DApps:

 
Airswap
Subreddit
 
Aragon
Subreddit
 
Augur
Subreddit
 
BlockCAT
Subreddit
 
Digix
Subreddit
 
Ethorse
Subreddit
 
FunFair
Subreddit
 
FundRequest
Subreddit
 
Giveth
Wiki
 
Golem
Subreddit
 
iExec
Subreddit
 
Kyber
Subreddit
 
MakerDAO
Subreddit
This project can take a little time to understand, so here's a thorough ELIM5 walkthrough.
 
Melonport
Subreddit
 
OmiseGO
Subreddit
 
Request
Subreddit
 
Spankchain
Subreddit
 
status.im
Subreddit
 
Streamr
Subreddit
 
The 0x Protocol
Subreddit
 
Also, an informative article about some of the differences between the various decentralized exchange protocols here.
 
Some general Ethereum news to be excited about:
 
  • Vitalik recently hinted, in a since deleted tweet, that the sharding testnet will be coming online in the near future (I think Q2 isn’t too early a guess).
    • What is sharding? Sharding is where the entire state of the network is split into a bunch of partitions called shards that contain their own independent piece of state and transaction history. In this system, certain nodes would process transactions only for certain shards, allowing the throughput of transactions processed in total across all shards to be much higher than having a single shard do all the work as the mainchain does now. [Source]
 
  • Alpha Casper FFG testnet has been successfully running since Dec. 31, 2017.
    • What is Casper? Casper FFG aka Vitalik’s Casper is a hybrid POW/POS consensus mechanism. This is the version of Casper that is going to be implemented first. In a Proof of Stake system, validators stake a portion of their Ethers and start validating blocks. Meaning, when they discover a block which they think can be added to the chain, they will validate it by placing a bet on it. [Source]
 
(To stay up-to-date on Ethereum research development, check out Ethresear.ch)
 
  • The Ethereum Community Conference (EthCC) is March 8-10 in Paris. Talks will focus around “scalability, anonymity, development tools, governance compliance” among other topics.
    • Speakers include representatives from the Ethereum Foundation, Ledger, Metamask, Shapeshift, Oraclize, Uport, Web3Foundation, Melonport, ConsenSys, JP Morgan, Coinbase – Toshi, Parity, SpankChain, FunFair, Aragon, AirSwap, EEA, IExec, Cosmos, OmiseGO, Circle, Gnosis, among others.
    • UPDATE: EthCC was a resounding success! If you missed it or want to re-watch any of the talks, check out this handy thread of videos, painstakingly culled and timestamped by u/alsomahler.
  • The Ethereum Developer Conference (EDCON) is May 3-5 in Toronto. This will be the biggest ETH dev conference since DEVCON 3 last November. The agenda is still being worked out, but speakers include representatives from the Ethereum Foundation, Polkadot, Parity, Plasma, OmiseGO, Cosmos, Tendermint, Giveth, Maker, Gnosis, and many others.
  • The Enterprise Ethereum Foundation (EEF) just keeps growing and growing and growing.
 

More, because I just can’t stop:

  • MetaMask recently passed 1 million installs!
  • 5.6 billion requests per day for Infura.io (Decentralized web3 infrastructure)
  • 280,000 downloads of TruffleSuit (ETH development framework)
    [Source]
 
  • ConsenSys has grown to over 600 employees in six major offices located around the world. I personally think ConsenSys is important (and awesome) because they are huge Ethereum evangelists and provide (in)valuable resources to help bring DApps come to life!
    • From their website: “The ConsenSys “hub” coordinates, incubates, accelerates and spawns “spoke” ventures through development, resource sharing, acquisitions, investments and the formation of joint ventures. These spokes benefit from foundational components built by ConsenSys that enable new services and business models to be built on the blockchain.”
    • Several of the projects I listed above are ConSensys formations including AirSwap and MetaMask.
 
Thanks for reading this far! Hopefully it wasn’t too exhausting of a read.
 
I am certain I have forgotten some DApps, so please feel free to comment/PM any and all suggestions/corrections to make this list more informative/inclusive/accurate and I will update it.
TL;DR
submitted by GetYourAssToPluto to ethtrader [link] [comments]

The Exhaustive EOS FAQ

The Exhaustive EOS FAQ

 
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:  
  • Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
  • Giving a more in-depth answer for those who want to read more.
  • Allowing readers to make informed decisions by making credible information easy to access.
 
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers.
I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
 

FAQ

1. How do you registeclaim your EOS tokens before June 2018?

 
Answer courtesy of endless. If you have not done so, you will need to create a new pair of EOS public and private keys and register them with an Ethereum address. This only needs to be done once.
On or around June 1, 2018 all EOS Tokens will become frozen and non-transferable on the Ethereum blockchain. Not long after, I suspect that EOS community members will create a snapshot of token balances that carry over onto a new community generated and selected EOS blockchain. block.one will not be launching EOS blockchains or operating any of their nodes. Additionally, this is a community subreddit unaffiliated in an official capacity with block.one
Method #1: MetaMask (recommended)
Video guide: https://www.youtube.com/watch?v=8K1Q5hX_4-o
steemit tutorial: https://steemit.com/eos/@ash/full-walkthrough-how-to-join-eos-ico
Method #2: MyEtherWallet
steemit tutorial: https://steemit.com/eos/@sandwich/contributing-to-eos-token-sale-with-myetherwallet-and-contract-inner-workings
Method #3: Exodus Wallet
Official website tutorial: http://support.exodus.io/article/65-i-ve-received-eos-tokens-in-exodus-how-do-i-register-them
Important note courtesy of dskvry bka Sandwich, the author of Method #2's steemit tutorial:
claimAll will not work for most users. When you get to the claim step, please use the following tutorial: https://steemit.com/eos/@koyn/minimizing-the-cost-of-gas-when-claiming-eos-using-myetherwallet
Did you buy your EOS tokens on an exchange? (Courtesy of IQOptionCoin)
REMEMBER YOU ONLY NEED TO REGISTER YOUR TOKENS IF YOU BOUGHT THEM ON AN EXCHANGE. YOU DON'T NEED TO CLAIM THEM.
  1. Go to the EOS website https://eos.io
  2. Scroll down and select "GET EOS"
  3. Tick all the required boxes and click "Continue"
  4. Scroll down and click "Register"
  5. Select Metamask, MyEtherWallet, or Ethereum Wallet
  6. Follow the guide.
  7. Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook.
And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
 

Sources:

How to registeclaim your EOS tokens before June 2018 by endless
Official EOS FAQ
 

2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?

 

Quick answer:

There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
 

Long answer:

Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain.
In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube.
block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
 
Exchange Support
Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
  • It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
  • It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
 

Sources:

EOS.io
 

3. What does EOS aim to achieve?

 

Quick answer:

EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
 

Long answer:

EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
 

Sources:

Official EOS FAQ
 

4. Who are the key team figures behind EOS?

 
  • CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
  • CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
  • Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
 

Sources:

Forbes Crypto Rich List
 

5. Where can the latest EOS news be found?

 
Official:
Community:
Developers:
 

6. Which consensus mechanism does EOS use and what are Block Producers?

 

Quick answer:

Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
 

Long answer:

Taken from the EOS.IO Technical White Paper v2:
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.
The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain.
Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers.
Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
 

7. How does the voting process work?

 
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote.
Broadly speaking there will be two methods of voting:
  1. Command Line Interface (CLI) tools
  2. Web portals
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity.
Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
 

8. What makes EOS a good investment?

 
  • Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
  • Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
  • Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
  • Technical Advantages - See point 9!
 

9. What are the unique selling points of EOS?

 
  • Scaleability
    • Potential to scale to millions of transactions per second
    • Inter-blockchain communication
    • Separates authentication from execution
  • Flexibility
    • Freeze and fix broken applications
    • Generalised role based permissions
    • Web Assembly
  • Usability
    • Elimination of transaction fees
    • True user accounts with usernames, passwords and account recovery (no more having to remember long cryptographic keys)
    • Web toolkit for interface development
 

Sources:

eos.io
EOS Whitepaper
 

10. Is there currently a working product?

 

Quick answer:

This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
 

Long answer:

EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
 
EOSIO V1 - June 2nd 2018
Dawn 3.0 RC1 - April 5th 2018
Dawn 3.0 Alpha - January 23rd 2018
Dawn 2.0 - December 4th 2017
Dawn 1.0 - September 14th 2017
 

Sources:

 

11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?

 

Quick answer:

The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
 

Long answer:

EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).  

Sources:

The EOS ico for dummies by trogdor
Official EOS FAQ
 

12. Why do the eos.io T&C’s say the ERC-20 token has no value?

 
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
 

Quick answer:

This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
 

Long answer:

This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
 
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
 
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
 
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
 
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
 

Sources:

EOS.io FAQ Great video on this topic by The Awakenment EOS $1bn Fund Announcement Article on the Tezos lawsuit Article on the Gigawatt lawsuit An official block.one post featuring disclaimer
 

13. Why is the token distribution one year long?

 
Official statement from block.one:
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
 
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
 

Sources:

EOS.io FAQ
 

14. Where is the money going from the token distribution?

 

Quick answer:

Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
 

Long answer:

A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
 
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
 

Sources:

EOS.io FAQ EOS $1bn Fund Announcement
 

15. Who's using EOS?

 
With 2 months from launch left there is a vibrant community forming around EOS. Some of the most notable projects that EOS software will support are:
A more complete list of EOS projects can be found at eosindex.io.
 

16. Dan left his previous projects, will he leave EOS?

 

Quick answer:

When EOS has been created Dan will move onto creating projects for EOS with block.one.
 

Long answer:

When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case.
What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
 

Sources:

Dans future beyond EOS
Why Dan left Bitshares
Why Dan left Steem
 

17. Is EOS susceptible to DDoS attacks?

 
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
 

Sources:

eosnewyork on DDoS attackd
EOSSphere Architecture
 

18. If block producers can alter code how do we know they will not do so maliciously?

 

Quick answer:

  • Block producers are voted in by stake holders.
  • Changes to the protocol, constitution or other updates are proposed to the community by block producers.
  • Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
  • To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
 

Long answer:

For this question we must understand the following.
  • Governance and why it is used.
  • The process of upgrading the protocol, constitution & other updates.
  • Dan’s view on open-entry systems built around anonymous participation.
 
Governance
Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance!
Governance is the process by which people in a community:
  1. Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
  2. Carry out the decisions they reach; and
  3. Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
 
Upgrade process
The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
  1. Block producers propose a change to the constitution and obtains 15/21 approval.
  2. Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
  3. All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
  4. Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
  5. Block producers maintain 15/21 approval of the new code for 30 consecutive days.
  6. Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
  7. All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
 
Open-entry systems built around anonymous participation
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad.
The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
 

Sources:

The Limits of Crypto-economic Governance
EOS.IO Technical White Paper v2
 

19. What is the most secure way to generate EOS key pairs?

 
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic.
The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github.
The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
 

Sources:

EOS.IO Github
eosnewyork's key pair generation tutorial
eoscafe's offline key par generation application  
submitted by Techno-Tech to eos [link] [comments]

Ethereum's future is bright, the DApps are coming! (x-post from r/ethtrader)

The DApps are coming, the DApps are coming!

Chin up boys and girls – the DApps (Decentralized Apps) are finally coming. Utility, not speculation/manipulation/shilling etc., is what, in the end, will give/justify the value of blockchains.
 
Of the top 100 tokens, 91 of them are on the Ethereum blockchain (ERC-20). The most valuable non-Ethereum tokens by market cap are USDT (4) and GAS (25). Eventually, ICX (6), VeChain (3) and EOS (1) and several others will be migrating to their own blockchains. Still, this leaves Ethereum with an overwhelming market dominance for tokens (aka DApps) and Ethereum has been clearly recognized as the blockchain to launch ICOs/DApps.
 
We have already seen several DApps successfully launch on mainnet including CrytptoKitties, Crypto Sportz, Edgeless, Etherbots, Ethercraft, Etheremon, Etheroll, ETHLend, Forkdelta (RIP Etherdelta), 0xBitcoin and Ethlance among others. Check out a whole list on DappRadar and track the progress of some lesser known, smaller projects on StateoftheDApps (Note: I cannot vouch for all of these DApps. There have been and always will be scammers in the crypto space. Please, always do your own research!)
 
For the rest of March + Q2 (April - June) we are going see the biggest implementation of DApps on the Ethereum mainnet to date. Below I’ve laid out, in alphabetical order and in varying detail, what’s happening between now and the end of Q2 of this year. (I’ve also added some info, where especially relevant, of big stuff coming after Q2). I hope any biases I may have do not come through too much in the writing.
 
To hammer home on utility once more: One year ago today, the daily transaction count was at 57,000. Yesterday, the network confirmed over 752,000 transactions (a 13x increase) (And remember, ATH in January was 1.349 million txns!) [Source]
 

On to the DApps:

 
Airswap
Subreddit
 
Aragon
Subreddit
 
Augur
Subreddit
 
BlockCAT
Subreddit
 
Digix
Subreddit
 
Ethorse
Subreddit
 
FunFair
Subreddit
 
FundRequest
Subreddit
 
Giveth
Wiki
 
Golem
Subreddit
 
iExec
Subreddit
 
Kyber
Subreddit
 
MakerDAO
Subreddit
This project can take a little time to understand, so here's a thorough ELIM5 walkthrough.
 
Melonport
Subreddit
 
OmiseGO
Subreddit
 
Request
Subreddit
 
Spankchain
Subreddit
 
status.im
Subreddit
 
Streamr
Subreddit
 
The 0x Protocol
Subreddit
 
Also, an informative article about some of the differences between the various decentralized exchange protocols here.
 
Some general Ethereum news to be excited about:
 
  • Vitalik recently hinted, in a since deleted tweet, that the sharding testnet will be coming online in the near future (I think Q2 isn’t too early a guess).
    • What is sharding? Sharding is where the entire state of the network is split into a bunch of partitions called shards that contain their own independent piece of state and transaction history. In this system, certain nodes would process transactions only for certain shards, allowing the throughput of transactions processed in total across all shards to be much higher than having a single shard do all the work as the mainchain does now. [Source]
 
  • Alpha Casper FFG testnet has been successfully running since Dec. 31, 2017.
    • What is Casper? Casper FFG aka Vitalik’s Casper is a hybrid POW/POS consensus mechanism. This is the version of Casper that is going to be implemented first. In a Proof of Stake system, validators stake a portion of their Ethers and start validating blocks. Meaning, when they discover a block which they think can be added to the chain, they will validate it by placing a bet on it. [Source]
 
(To stay up-to-date on Ethereum research development, check out Ethresear.ch)
 
  • The Ethereum Community Conference (EthCC) is March 8-10 in Paris. Talks will focus around “scalability, anonymity, development tools, governance compliance” among other topics.
    • Speakers include representatives from the Ethereum Foundation, Ledger, Metamask, Shapeshift, Oraclize, Uport, Web3Foundation, Melonport, ConsenSys, JP Morgan, Coinbase – Toshi, Parity, SpankChain, FunFair, Aragon, AirSwap, EEA, IExec, Cosmos, OmiseGO, Circle, Gnosis, among others.
    • UPDATE: EthCC was a resounding success! If you missed it or want to re-watch any of the talks, check out this handy thread of videos, painstakingly culled and timestamped by u/alsomahler.
  • The Ethereum Developer Conference (EDCON) is May 3-5 in Toronto. This will be the biggest ETH dev conference since DEVCON 3 last November. The agenda is still being worked out, but speakers include representatives from the Ethereum Foundation, Polkadot, Parity, Plasma, OmiseGO, Cosmos, Tendermint, Giveth, Maker, Gnosis, and many others.
  • The Enterprise Ethereum Foundation (EEF) just keeps growing and growing and growing.
 

More, because I just can’t stop:

  • MetaMask recently passed 1 million installs!
  • 5.6 billion requests per day for Infura.io (Decentralized web3 infrastructure)
  • 280,000 downloads of TruffleSuit (ETH development framework)
    [Source]
 
  • ConsenSys has grown to over 600 employees in six major offices located around the world. I personally think ConsenSys is important (and awesome) because they are huge Ethereum evangelists and provide (in)valuable resources to help bring DApps come to life!
    • From their website: “The ConsenSys “hub” coordinates, incubates, accelerates and spawns “spoke” ventures through development, resource sharing, acquisitions, investments and the formation of joint ventures. These spokes benefit from foundational components built by ConsenSys that enable new services and business models to be built on the blockchain.”
    • Several of the projects I listed above are ConSensys formations including AirSwap and MetaMask.
 
Thanks for reading this far! Hopefully it wasn’t too exhausting of a read.
 
I am certain I have forgotten some DApps, so please feel free to comment/PM any and all suggestions/corrections to make this list more informative/inclusive/accurate and I will update it.
TL;DR
submitted by GetYourAssToPluto to ethereum [link] [comments]

Undergrad CS student here, about to start making an *very open source* bitcoin trading bot. It will crush all the other bots because it will use Genetic Evolution as its' machine learning algorithm.

This just an interest check post to see if this is something that would be interesting to you guys. Most trading bots I see either use hard-coded signals/indicators to make the buy/sell decisions. The rare and expensive bots that I do find that use Machine Learning, are using outdated LinearRegression algorithms that just don't work very well for the volatility of Bitcoin.
Why Genetic Evolution as the algorithm? Its' strong ability to learn from mistakes. An algorithm like this is not trained based on historical data, but rather teaches itself based on performance. Basically, this algorithm would play "dummy" trades and learn from its mistake when it misses a target, or a certain gain percentage. (I'm not in finance, so I'm not really sure what is considered a loss or a win in day trading). Eventually, it would genetically evolve to a point where it gets pretty good at day trading in theory.
ELI5 The cost function would force the bot to learn like this. Let's say we use this algorithm to keep guessing a random phrase until it get's to the phrase "Hello, world!". We give the attempts a fitness score and a "cost". The first phrase would be gibberish. For example, if we have a capital "A" (ASCII 65) but it's supposed to be a capital "C" (ASCII 67), then our cost for that character is 4 (67 - 65 = 2, and 22 = 4). We square it so that the cost is always positive, and also penalizes outlier data more.
The genetic algorithm would learn like this: Gekmo+ xosmd! (7) Gekln, worle" (5) Fello, wosld! (5) Gello, wprld! (2) Hello, world! (0)
Where the total squared cost is on the right. It basically keeps trying with pseudorandom strategies at the beginning and evolves to be smarter as it starts to cut down on error. As dumb as it sounds, this kind of Machine Learning workflow would work great financially in my opinion, and ESPECIALLY with day trading. Obviously you could never get a 100% profit rate, but I am extremely confident I could build a model that reduces error and picks up on patterns that the human mind is not trained to comprehend.
If it seems like something that would be cool, I would open source it and start working on it asap. The coolest thing is, you don't even have to trade real bitcoin! I would obviously have a test mode that calculates "would've been" profit basically.
the best way to understand what I'm trying to accomplish is by watching this video: https://www.youtube.com/watch?v=05rEefXlmhI This shows how a "dumb" program can evolve relatively quickly to be a "perfect" video game player.
submitted by sacstatebro to Bitcoin [link] [comments]

Lightning Strike

Lightning Strike
How the second-layer solution for the Bitcoin network will (or will not) create a revolution in the crypto exchange industry: Swap.Online review
https://preview.redd.it/b65n14mo4cd11.png?width=1000&format=png&auto=webp&s=4c699ccef4582995ca727802cbfe8408615a2792
Scalability Is Sending a Message
In November 2015, Bitcoin was worth some $450. The vast majority of nowadays problems related to the world of cryptocurrencies remained either totally unknown and unpredictable or had been a province of few cryptographic geeks. By the way, it was blockchain developer Joseph Poon and Thadeus Dryja, Ph.D. in cryptographic primitives and network security at the University of Virginia who (i) prominently spelled out the main alarming limitations of the Bitcoin network in commercial and technical regards and (ii) suggested the solution for these issues is to be found off-chain and only off-chain.
In fact, they contributed to the discussion that would later be called an ‘ideological battle over Bitcoin’s future’ — the Bitcoin scalability problem debate. While the understanding of both realized and proposed ways of this problem’s solution requires a high-degree knowledge in applied maths and coding, the problem itself can be described in a nutshell.
Initially, one block size in the Bitcoin network is limited to 1 MB. As the quantity and amount of transactions grow, it is not enough anymore. Confirmations time-outs are getting longer, while the transaction fees are getting higher. It results in the loss of commercial attractiveness of Bitcoin solutions since no one prefers to pay more and wait more. The situation has to be resolved as it is about the future of both the applied and theoretical dimensions of blockchain.
Obvious Problems, Controversial Solutions
On the face of it, there are two mainstream ways to solve the Bitcoin scalability problem. Adepts of first way proceed from the understanding that the block size is the only limitation to the transaction throughput. So, they say, this limit is to be increased if not removed once and for all. During the years 2015, 2016 and 2017, a series of solutions of this kind was proposed by the Bitcoin developers community. Among the successful are Bitcoin hard-forks, namely Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited and the most popular and viable, Bitcoin Cash. In accordance with their rules, the block size was expended, at first, to 2 MB. Now, the last Bitcoin Cash core update released on May 15, 2018, allows to enlarge the block size up to 32 MB. This process itself generating controversy and anxiety in the world crypto society was followed by the cascade of partially successful ‘agreements’ (Hong Kong, New York etc.) through which the fractions in Bitcoin community tried to implement a new consensus on mining, thus allowing to enlarge the block size to 2 MB.
The very popular Segregated Witness or SegWit solution is a Bitcoin soft-fork, allowing to increase the block size in another way. It splits the transaction into two segments, removing the unlocking signature (“witness” data) from the original portion and appending it as a separate structure at the end. After that, the block (‘on-chain’) size is increased as signatures are ‘expelled’ from the blockchain. Since the volume of signatures is some half of the full transaction volume, the limit for the block size with the SegWit is around 1.8 MB. SegWit also addresses the issues with malleability. Signatures are impossible to change after being moved out of the transaction data. Marked as a ‘clever hack’ by the Bitcoin Magazine, the SegWit is now among the most popular Bitcoin scalability solutions. Activated on August 24, 2017, with the Bitcoin block number 481 824, SegWit reached the 10 per cent market penetration in two months. Now every 2 of 5 Bitcoin transactions are handled via SegWit. And that is really a lot.
SegWit Transactions Percentage in the Bitcoin Network. Impressive, isn’t it?
Adherents of the second way suppose that the increase of the volume of the block is only a poor remedy for the Bitcoin network scalability problem. According to them, the pivotal problem is blockchain overload, so, the transactions should be conducted without the use of blockchain as it was generally accepted up to nowadays. They observed that some transactions can be handled ‘above’ the blockchain, or, if you will, on the second layer. So, the proponents of this approach stuck to the ‘Second Layer’ solutions.
Unloading The Blockchain
The Lightning Network ideologists Ј. Poon and T. Dryja asked in their whitepaper: “If a tree falls in the forest and no one is around to hear it, does it make a sound?” They compared the transaction between our familiar Alice and Bob to a tree in the forest. “…if only two participants care about an everyday recurring transaction, it’s not necessary for all other nodes in the Bitcoin network to know about that transaction. It is instead preferable to only have the bare minimum of information on the blockchain”, they declared.
There’s a plenty of Lightning Network schemes in the Internet, I had a hard time finding a clear one for you. Have a look: only two peers know the full information about the transaction with only critical data saved in the blockchain.
To put it at its plainest, in the Lightning Network, if Alice and Bob come to the agreement that the tree fell down at 2:45 PM, it is true without regard to public opinion. Their agreement that before the transaction Alice had 0.5 BTC and Bob had 0.4 ВТС, then after the transaction, Alice owned 0.6 BTC and Bob should content himself with 0.3 BTC, is secured by the hash-time lock contract. This transaction is atomic: it is to be finished only in case of bilateral recognition. Thus, there is no way for fraudulent payments: if the transaction is not broadcast within the timeframe defined in the contract, then it is considered null and void. The channel the transaction is sent through is live only for the time of the swap.
From The Idea to Mainnet: Lightning Solutions Development
Unlike the Rayden second-scale solution for the Ethereum ecosystem, which is solely developed by Brainbot Labs, there is a couple of teams working on Lightning Network in parallel. Moreover, the commercial and non-commercial implementations of Lightning are being developed separately. Non-commercial implementation of Lightning is researched by Digital Currency Initiative of MIT Media Lab (project LIT). Commercial implementations are being developed by Blockstream (project Lightning Charge, see the wide range of specifications proposed by Rusty Russel, one of the most well-known Lightning contributors), Lightning Labs (project lnd) and ACINQ (project Éclair). Now, every abovementioned team presented the beta version for the developers and those who would like to test its features with a dummy amount of coins. The up-to-date condition of the Lightning Network connections worldwide can be found here. At the time of publication, it consists of 2699 nodes and 7403 channels with a total capacity of $0.6M.

Lightning Network Channels Live. It’s no great deal at the time, but it is increasing day by day.
Why does it matter? There are four main spheres of use the Lightning solutions can be implemented in. Firstly, it is the huge sphere of instant payments. With its prompt speed of operation, Lightning Network can bring the Bitcoin close to the b2c-payments, replacing Visa and MasterCard. Then, it is the trading (or exchange) arbitrage. There is presently an incentive to hold funds on exchanges to be ready for large market moves due to 3–6 block confirmation times. It is possible for the exchange to participate in this network and for clients to move their funds on and off the exchange for orders nearly instantly. Micropayments, e.g. machine-to-machine payments in amount of some Satoshis are also waiting for a solution of that kind. Finally, it can open new levels for applied financial smart contracts and escrow as the third parties are totally expelled from the chain.
Swap.Online x Lightning Network: Long Drive Ahead
Swap.Online, as an OTC crypto marketplace, has a lot of common grounds with Lightning Network solutions. First and foremost, it is due to our special interest in the swaps with Bitcoin. It seems to be really appreciated by the market, since the most popular and advanced modern decentralized exchanges support only ERC-20 tokens. We decided to emphasize the possibility of Bitcoin atomic swaps, since it remains the most popular and attainable cryptocurrency. Then, the Lightning Network focus on the machine-to-machine payments and micropayments in common is coincidental with our b2b-product — Swap Button, the tool for receiving the investments in crypto. Finally, big and experienced traders are obviously interested in high-technology, as instant swaps will eventually switch to the Lightning Network. As a result, we have a strong interest in the research of Lightning algorithms.

Swap.Online Essential Links

Website: https://testnet.swap.online GitHub: https://github.com/swaponline Email: [email protected] Telegram: https://t.me/swaponline Facebook: https://www.facebook.com/Swaponline Twitter: https://twitter.com/SwapOnlineTeam Wiki: https://wiki.swap.online/ Bitcointalk: https://bitcointalk.org/index.php?topic=4636633
submitted by noxonsu to SwapOnline [link] [comments]

Bitcoinj 0.11 released

Mike Hearn posted this on the Bitcoin Developer Mailing List:
I'm pleased to announce the release of bitcoinj 0.11, a library for writing Bitcoin applications that run on the JVM. BitcoinJ is widely used across the Bitcoin community; some users include Bitcoin Wallet for Android, MultiBit, Hive, blockchain.info, the biteasy.com block explorer (written in Lisp!), Circle, Neo/Bee (Cypriot payment network), bitpos.me, Bitcoin Touch, BlueMatt's relay network and DNS crawler, academic advanced contracts research and more.
The release-0.11 git tag is signed by Andreas Schildbach's GPG key. The commit hash is 410d4547a7dd. This paragraph is signed by the same Bitcoin key as with previous releases (check their release announcements to establish continuity). Additionally, this email is signed using DKIM and for the first time, a key that was ID verified by the Swiss government.
Key: 16vSNFP5Acsa6RBbjEA7QYCCRDRGXRFH4m
Signature for last paragraph: H3DvWBqFHPxKW/cdYUdZ6OHjbq6ZtC5PHK4ebpeiE+FqTHyRLJ58BItbC0R2vo77h+DthpQigdEZ0V8ivSM7VIg=
Notable changes and new features
Smaller improvements
Notable bug fixes
API changes
New documentation
Announcement: https://groups.google.com/forum/?fromgroups#!topic/bitcoinj-announce/3LW0uXhlRZY
Message on Bitcoin Developer Mailing List: http://www.mail-archive.com/[email protected]/msg03873.html
Google Code: https://code.google.com/p/bitcoinj/
GitHub: https://github.com/bitcoinj/bitcoinj
Edit: Added links to articles about BIP39 and BIP70 which were included in the original announcement.
submitted by alsomahler to Bitcoin [link] [comments]

Learning about the core

Hi All,
A few years back I read Satoshi paper, (https://bitcoin.org/bitcoin.pdf) was mining etc but I never really got to into the algorithms or code properly
I'm getting back into programming again, (a bit), and thought it would be interesting to have a look at the dogecoin core and scrypt itself. Colins's paper is my next read (http://www.tarsnap.com/scrypt/scrypt.pdf).
I expect this has all been done before. Before I go off on the wrong tangent, does anyone have a guide to the dogecoin core code for dummies?
submitted by mcsen2163 to dogecoin [link] [comments]

A full explanation of what Antpool is doing, how it harms the network, and what should be done (if anything) to make it irrelevant.

Hey bitcoin
I saw a lot of people with the same questions about AntPool and what's happening. I had to dig hard to find halfway decent answers at times, and other times there was some hefty misinformation and unwarranted FUD in some corners. This is instead, a full explanation of what is happening and why you should and shouldn't be worried.

Why is AntPool mining tiny blocks?
This is an attack of sorts on bitcoin, but not in a straightforward manner. There is no immediate increase of fees because these blocks exist. In fact, all it means is that currently the network is mining with hashrate:
H - A 
where H is the total hashrate and A is the hashrate of AntPool. AntPool doesn't change the overall hashrate of those cooperating with Bitcoin.

If it doesn't effect transaction fees or times, why should I be worried?
The long-term stability of the network is where this attack comes into play. The difficulty is re-targeted every 2016 blocks to make sure the difficulty stays as close to 10 minutes as possible. The AntPool blocks, despite their lack of transaction processing, will be included in this count. That means that as long as there are malicious miners, the effective transaction throughput will be:
10 min * (H / (H - A)) 
This is after re-targeting and if the attack has been going on for the entire 2016 block timeframe.

Is this economically viable for miners?
Perhaps, but to be a miner on AntPool, you'd have to be pretty much all-in on the other side of the chain with substantial holdings. The block reward is currently 12.5 bitcoin and there are around 4 bitcoin in transaction fees per block.
if you decide to mine sub-optimally, you miss out on around $16k USD of effective reward for the transaction fees alone. That one block alone isn't going to vastly change the price, but mining a high percentage of blocks throughout the re-targeting period will. Let's say they effectively manage to mine 20% of blocks, that would be a transaction cost loss of around USD $6 Million for a mere 20% loss of network hashrate. While the network will be slower, you'd have to hold tens to hundreds of thousands of coins on the alternate chain for this attack to be viable.

I noticed that AntPool doesn't always mine empty blocks, what gives?
I noticed the same thing. Check over here: https://blockchain.info/blocks
Sometimes AntPool mines a full block, sometimes they mine a partial block, and somtimes they mine an empty block.
There's a chance that AntPool found a way to optimize hash hits by cycling number of transactions first instead of the nonce variable. (I can't for the life of me see how this optimization would be any quicker.) In any case, if this is what's happening, then the average AntPool block would be half as large as the average.
The more likely possibility is that AntPool has 2 different versions of the mining software where you can opt-in to being malicious or they can turn it on and off at will or some systems had a mining error that fails to process transactions but still hashes.

What can be done?
Honestly, I don't think this will be a problem long-term. It's just (probably) not economically viable unless AntPool is trying to get enough miners off the main chain to take it over and run a 50% attack... Which will be very hard and still economically costly. If AntPool continues sub-optimal mining, a lot of miners will likely leave for a better (honest) pool.

If this becomes a serious problem, what should be done?
Honestly, adding a check-able hashed variable like:
isMemFull 
to each block would be as ideal as possible. The check algorithm could have a pool factor like 1.5 or 2 so a few non-propagated transactions don't pull a false negative. This could even eat a bit of the signature field to keep block size the exact same.
if(isMemFull = 1 && memPoolSize >= 1.5Mb) {acceptBlock()}; if(isMemFull = 0) {acceptBlock()}; else {rejectBlock()}; 
The only difference is if the 1.5 or 2 factor is met in a local transaction pool, the miner would reject blocks with a 0 in the field.
When recalculating difficulty, the network would not count non-full blocks where the bit is set towards the difficulty. This would mean that the only time the difficulty could be tampered with is when the mempool is 1Mb - 2Mb (max)

Wouldn't that require a hard-fork?
I unfortunately can't envision a way to implement without hard-forking, but the massive upside to this is that the difficulty of the (new) main chain would be lower overall so that miners who don't cooperate would be increasingly squeezed out of the old chain.
The good news is... it likely doesn't matter. I'm relatively certain AntPool will have to mine at an economic deficit for too long for it to have any net positive for them.

Edit 2
After thinking more about it, the new chain would still be valid on the other side - especially if old data locations were used such as the LSB of sig. Technically, this WOULD only be a soft fork because the older systems that find a block would have to orphan and swap to the new chain when they inevitably encounter a longer chain.
user69213 may have a point that dummy transactions may be used in attack. I'll have to look back into how and when transactions are validated, but I think he does have a point. Still, other changes would also be sufficient to overcome this hurtle like PoW. (Although ASIC miners won't be happy about that and it would be a definitive hard-fork)

TL;DR: What AntPool is doing will likely have no long-term effect on Bitcoin, and if it does, there are at least some ways to make it not matter.
Edit - Minor Text Fixes
submitted by CaptainPatent to Bitcoin [link] [comments]

Forcenet: an experimental network with a new header format | Johnson Lau | Dec 04 2016

Johnson Lau on Dec 04 2016:
Based on Luke Dashjr’s code and BIP: https://github.com/luke-jbips/blob/bip-mmhf/bip-mmhf.mediawiki , I created an experimental network to show how a new header format may be implemented.
Basically, the header hash is calculated in a way that non-upgrading nodes would see it as a block with only the coinbase tx and zero output value. They are effectively broken as they won’t see any transactions confirmed. This allows rewriting most of the rules related to block and transaction validity. Such technique has different names like soft-hardfork, firmfork, evil softfork, and could be itself a controversial topic. However, I’d rather not to focus on its soft-hardfork property, as that would be trivial to turn this into a true hardfork (e.g. setting the sign bit in block nVersion, or setting the most significant bit in the dummy coinbase nLockTime)
Instead of its soft-HF property, I think the more interesting thing is the new header format. The current bitcoin header has only 80 bytes. It provides only 32bits of nonce space and is far not enough for ASICs. It also provides no room for committing to additional data. Therefore, people are forced to put many different data in the coinbase transaction, such as merge-mining commitments, and the segwit commitment. It is not a ideal solution, especially for light wallets.
Following the practice of segwit development of making a experimental network (segnet), I made something similar and call it the Forcenet (as it forces legacy nodes to follow the post-fork chain)
The header of forcenet is mostly described in Luke’s BIP, but I have made some amendments as I implemented it. The format is (size in parentheses; little endian):
Height (4), BIP9 signalling field (4), hardfork signalling field (3), merge-mining hard fork signalling field (1), prev hash (32), timestamp (4), nonce1 (4), nonce2 (4), nonce3 (compactSize + variable), Hash TMR (32), Hash WMR (32), total tx size (8) , total tx weight (8), total sigops (8), number of tx (4), merkle branches leading to header C (compactSize + 32 bit hashes)
In addition to increasing the max block size, I also showed how the calculation and validation of witness commitment may be changed with a new header. For example, since the commitment is no longer in the coinbase tx, we don’t need to use a 0000….0000 hash for the coinbase tx like in BIP141.
Something not yet done:
  1. The new merkle root algorithm described in the MMHF BIP
  2. The nTxsSigops has no meaning currently
  3. Communication with legacy nodes. This version can’t talk to legacy nodes through the P2P network, but theoretically they could be linked up with a bridge node
  4. A new block weight definition to provide incentives for slowing down UTXO growth
  5. Many other interesting hardfork ideas, and softfork ideas that works better with a header redesign
For easier testing, forcenet has the following parameters:
Hardfork at block 200
Segwit is always activated
1 minutes block with 40000 (prefork) and 80000 (postfork) weight limit
50 blocks coinbase maturity
21000 blocks halving
144 blocks retarget
How to join: codes at https://github.com/jl2012/bitcoin/tree/forcenet1 , start with "bitcoind —forcenet" .
Connection: I’m running a node at 8333.info with default port (38901)
Mining: there is only basic internal mining support. Limited GBT support is theoretically possible but needs more hacking. To use the internal miner, writeup a shell script to repeatedly call “bitcoin-cli —forcenet generate 1”
New RPC commands: getlegacyblock and getlegacyblockheader, which generates blocks and headers that are compatible with legacy nodes.
This is largely work-in-progress so expect a reset every couple weeks
jl2012
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Top 5 Next Best and Promising Cryptocurrency to Invest in 2018

Top 5 Next Best and Promising Cryptocurrency to Invest in 2018 BY https://managingyourfinance.com/top-5-best-and-promising-cryptocurrency-to-invest-in-2018
2017 has been a good year for the cryptocurrency space. Although the technology is relatively new, cryptocurrency is already making waves in multiple industries. The increased demand for cryptocurrency surged its prices significantly and many have made good profits from investing in cryptocurrency. Wondering what’s the next cryptocurrency to invest in 2018 besides Bitcoin? Here, MYF team has shortlisted the top 5 best and promising cryptocurrency to invest in 2018.
Before you dive into investing cryptocurrency, you need to understand what it is in the first place. You could read more about cryptocurrency on What Is Cryptocurrency for Dummies | How Cryptocurrency Works?
Top 5 Best and Promising Cryptocurrency to Invest in 2018
Disclaimer: This article should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
This article was published on 4th December 2017
Top 5 Best and Promising Cryptocurrency to Invest in 2018

1 OMG

According to World Economic Forum, the number of people worldwide that do not have access to bank accounts amounts to over two (2) billion. This number represents around 35%% of our rapidly increasing population. What are the drawbacks of not having a bank account and what OmiseGo is trying to solve?
No international payments; Have to carry a large amount of cash on you; If you are robbed, everything can be stolen (financially); Ease of transactions is reduced; and Narrow investment avenues OmiseGo can see this problem, especially in the economically developing countries and they aim to use blockchain technology to solve this problem.
The payment processing industry is huge, with payment processors moving over $3.6 trillion per year. The largest processors are companies like VISA, Mastercard, Alipay and Wechat who each process billions each day. The problem with current payment companies is they operate in a centralized database model, they don’t communicate with each other.
A company owns a private database, which is a library of data, stocked on a computer or on many computers called servers. There are three problems with the traditional centralized database model:-
Security; Privacy; and Trust. The idea behind OmiseGo is to solve the above-mentioned problems. The statistics have shown the fact that there are hundreds of million people in Asia, and 2 billion people worldwide, are unbanked. OmiseGO wants to provide unbanked people with an easy, open solution allowing them to own, send, receive money on a dematerialized form, whatever currency or asset they want to send, and at a minimal cost.
OmiseGO wants to provide users and merchants with a universal, decentralized solution, making it easy and cost less to send money from any network to any network, agnostically among currencies or asset types, and countries and jurisdictions.
What is hindering OmiseGo?
While the blockchain has many very positive aspects compared to the traditional centralized database model, it still has a scalability problem that needs to be solved.
OmiseGo already aiming to be compliant with the Plasma scaling proposals. Buterin has a close relationship with the development of OMG, so it would seem to be a legitimate expectation that this project will indeed deliver the goods.
Plasma is a solution co-developed by Joseph Poon and Vitalik Buterin, both key advisors of the OmiseGO project, that allows an extreme scalability, potentially billions of state updates per second.
Who’s Behind OmiseGo? OmiseGo stands out because it is being developed by a well-established company, Omise that was founded in 2013 and is a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia. It provides an online payment solution already used by thousands of customers.
The OmiseGo team consists of Omise core team and well-known blockchain developers. The advisors are the strongest part of OmiseGo project because they almost all are from Ethereum foundation.
Other than the lead team working on OmiseGo, the following are all officially advising the project: Vitalik Buterin (ETH lead ) , Dr. Gavin Wood (ETH and Parity lead) , Vlad Zamfir (CaspeETH lead), Joseph Poon (Lightning Net lead) and Roger Ver of The Internet of Money as well as many others, including a professor of Quantitative Finance. I am not aware of any other BC project that has such a list of advisors of this caliber.
Some of the key investors in Omise include SBI Investment, SMBC, Ascend Capital, SMDV, Golden Gate Ventures, and East Ventures.
Why Invest in OmiseGo?
OmiseGo has released a roadmap for 2017 / 2018 year that shows various features and enhancements that will be to OMG users. In Q4 2017, first wallet SDK prototype will be released for workshop testing and development. This is followed by the release of wallet SDK public release in Q1 2018.
After that, public blockchain will be released to the OMG users which will make staking possible. Then in Q3 2018, cash in/out touchpoint interface with payment gateway will be released.
Plasma development and introduction are expected to be done in Q3 2018 as well.
Hence, 2018 will be the year of OmiseGo. Definitely, OmiseGo is the next cryptocurrency to invest in 2018.
Top 5 Best and Promising Cryptocurrency to Invest in 2018

2 LTC

Litecoin is one of the best cryptocurrencies alternatives to Bitcoins that was designed to manage some of the issues that could be holding Bitcoin back. It is also one of the first altcoins in existence after Bitcoin. In fact, Litecoin was actually one of the first forks of Bitcoin. Unlike Segwit2x, it was not a hostile or contentious fork that sought to replace Bitcoin.
It was introduced 2011 (BTC in 2009) and it is almost identical to Bitcoin. So any trust and adoption rate of Bitcoin should bleed over to Litecoin.
Though it isn’t quite as innovative as Ethereum, it still has potential. Litecoin’s value is derived entirely from user adoption, and there’s also a difference in leadership for the companies involved too.
Litecoin was created by an ex-Google employee called Charlie Lee, who’s entirely transparent on social media about what he’s doing with the currency. Charlie is still leading its development and very active in the cryptocurrency community.
Litecoin is very similar to Bitcoin, but through tweaking to the settings, it is technically a superior algorithm. Although both Litecoin and Bitcoin are quite similar, there are some differences that differentiate both of them (see infographic)
Top 5 Best and Promising Cryptocurrency to Invest in 2018
Why Are The Key Advantages of Litecoin Over Bitcoin?
Faster transaction times. Litecoin can produce blocks for its blockchain much faster than Bitcoin. In fact, it only takes Litecoin 2.5 minutes to complete one block (or transaction). It takes Bitcoin 10 minutes; Less expensive transactions. First to successfully implement Lightning network for instant, zero-fee transactions. Litecoin also has a far simpler algorithm. It doesn’t take as much energy or time to mine Litecoin; First to complete a cross-chain atomic swap (with Decred). In the process of adding confidential transactions; and Faster to adopt new technology, without community infighting over upgrades. Bitcoin’s community can hardly agree on anything, a fact that we’ve been keenly observing with the chaos surrounding the previously proposed “fork.” Why Invest in Litecoin?
Litecoin’s scrypt hashing algorithm makes it easier for miners to access the system.This could cause a couple of things. First, it could encourage more novice miners to participate in the Litecoin system. This will help with widespread Litecoin usage since many users will be miners that never got a chance to mine Bitcoin.
Charlie Lee has ambitious plans for Litecoin. The arrangements have already been made for the Lightning Network to be introduced soon to reduce the transaction speed even further. Litecoin developers are also scheduled to add the Lightning Network to the Litecoin platform which is expected to improve the scalability of transactions and to investigate the feasibility of anonymous smart contracts.
If Litecoin successfully goes ahead with all the planned updates, then the market may respond to it positively.

3 ETH

Ethereum is another of the most popular solutions for cryptocurrency investors today and it will continue in 2018.
Designed by a programmer called Vitalik Buterin, Ethereum works in an entirely different way to Bitcoin. Though it can do many of the same things that Bitcoin can do, its primary purpose is to act as a platform for building decentralized applications.
The biggest difference between Bitcoin and Ethereum is the use of blockchains. While Bitcoin’s blockchain records contracts, showing how digital funds have moved from one place to another, Etherum has expanded this concept. The Ethereum blockchain uses a far more complex scripting language, and its smart contracts can form complex applications that have a broad range of potential uses.
Developers have recently started to take notice of the potential that Ethereum can offer, building projects on top of the cryptocurrency. Some individuals have even used Ethereum to raise millions of dollars through crowd sales known as ICOs, and the trend remains strong today. This makes Ethereum a powerful option for those invested in finance. However, the popularity of the currency means that the price has skyrocketed.
Why Invest in Ethereum?
Vitalik Buterin, Ethereum’s creator, recently released an implementation guide that reveals the network’s developers will first start with a ‘hybrid’ system that merges bitcoin-style proof-of-work mining with its much-anticipated and still-experimental proof-of-stake system called Casper, created by Buterin.
With Casper, the name of the game is long-term sustainable scaling. For the Ethereum network to be able to achieve mainstream adoption, it needs to be able to handle extremely large amounts of transactions in seconds. To this end, Casper is designed to help Ethereum achieve this much-need, large-scale network scalability.
A highly anticipated update to the Ethereum network could be happening before schedule according to developers. The Casper update may be rolled out as early as the next hard-fork, Constantinople instead of previous plans for it to come with Serenity, the last development phase, in 2018.
There is no fixed date for Constantinople yet but it should be towards the end of this year or early 2018 according to the planned Ethereum development phase, or roadmap called Metropolis. The previous hard-fork, Byzantium, was the fifth for Ethereum which went through without a hitch on October 16.
Ethereum would survive a bear market like Bitcoin saw in 2014-2016 because of its Community. Ethereum has the second largest one just behind Bitcoin and people using the platform are not all speculator. They are developers, entrepreneurs, creators and they would keep on using it no matter what the price of an Ether is.
There are two other fundamental issues beyond scalability that Casper will be focused on tackling:
Censorship: currently, Bitcoin miners enjoy a zero-sum game dynamic—if a miner’s block is censored/gets lost, then every single one of their competitor miners benefit accordingly. Ethereum’s PoS will shift the network to a “coordination game” dynamic, wherein everyone benefits more if all miners’ blocks get included on the chain. Costs: through Ethereum’s current PoW protocol, satisfactory security can only be maintained through high operating costs. Casper will ease this dynamic, by making it so honest validators can cheaply validate while attackers’ costs are conversely extremely expensive. The Casper update will be a blockbuster update that will fundamentally change the way the Ethereum network functions, of course, greatly for the better, the network’s developers hope.

4 IOTA (or MIOTA)

Internet of Things (IoT) holds one of the biggest potentials for human life change. It might become the fastest growing market in next couple years but the more important thing is that the development in related areas is interconnecting.
Using smartwatch and collect data from our morning run is what we experience today, but in couple years there will be interconnected every single device we use and all machines will communicate to each other.
Since we imagine such a world with billions of devices, machines, and humans that are communicating with each other, we are facing a huge problem with actual infrastructure and hardware/software standards. In other words, scaling will cause problems.
IOTA is a new cryptocurrency that focused on Machine-2-Machine (M2M) transactions. The main purpose of IOTA is to serve the machine economy by enabling feeless M2M (Machine-to-Machine) payments. IOTA is a new currency that enables a machine-to-machine economy that powers the Internet of Things (IoT) infrastructure. It’s radically different from other cryptos because it doesn’t even use blockchain for its transactions.
Instead, it uses a completely new concept called the tangle.
Tangle is an acyclic directed graph. It looks like a web, which is unlike the blockchain. Each transaction is confirmed by only two other nodes. So, IOTA allows for
Unlimited scalability. The more people adopt IOTA, the faster its transactions work. No transaction fees. True microtransactions are possible (because of no transaction fees). Top 5 Best and Promising Cryptocurrency to Invest in 2018
Why Invest in IOTA (MIOTA)?
We personally love the concept and we think it would take off heavily post 2018 and 2019 as more IoT and artificially intelligent (AI) devices become prevalent.
Bitcoin, having been created in 2009 and distributed to hundreds of thousands of computers around the world, is starting to become well understood. There are certainly many areas we need to explore, but certain things like blockchain security have been tested globally and have yet to file.
In addition, Bitcoin is being tested in many other ways, like in scalability and performance in different environments. This has given people a better understanding of the technology and more confidence in what it can or can’t do.
Tangle, on the other hand, has only been in existence since late 2016 in mainnet and is not as widely adopted as blockchain. There’s a lot left to be proven about the technology and it just needs the time to prove itself. Until then, we shouldn’t just ‘assume’ the tech works as expected, but watch it carefully and understand what it excels at and where it fails.
Afterall, if you know its potential, this technology naturally succeeds the blockchain technology as its next evolutionary step and comes out with features required for micropayments conducted on a global scale.
The team behind IOTA has been growing as of late and counts with many experienced individuals. If everything goes well, and if the team is able to accomplish their plans, then the sky is the limit for IOTA. We could be on a brink of seeing a superior technology to the blockchain.
Top 5 Best and Promising Cryptocurrency to Invest in 2018

5 Raiden Network

Like every other blockchain, Ethereum intends to support as many users as it can. At present Ethereum can support only 13 transactions per second and that is relatively lower than Visa and Mastercard. Both Visa and Mastercard can process 4,000 transactions per second.
In order to get Ethereum on a mass adoption, Raiden proposes to provide an easy to use conduit for off-chain (i.e. not on the Ethereum blockchain) payments without the need of trust among the involved parties. This is done by broadcasting transactions on the blockchain only during settlements, and not at each individual transaction between the two parties.
It is similar to the Off-chain Segregated Witness Lightning Network for bitcoin. Inspired by bitcoin’s Lightning Network, the technology would shift the majority of transactions off of the ethereum blockchain to create an alternate network of peer-to-peer payment channels.
Raiden network is an open source project, developed primarily by a company called Brainbot Technologies. From the GitHub repository, the project has been under development since September 2015, or not long after the Ethereum blockchain was live.
The Raiden Network is currently under development and will drastically improve the speed of Ethereum Transactions. The Raiden Network can be applied across a wide range of areas, including content distribution, IoT sector, frictionless token systems, and decentralized exchanges. Additionally, it can be used to access and monetize APIs what is at the core of the machine-to-machine market.
In September 2017, the testnet for the Raiden Network was a major milestone for the project, one that will lead to the next phase of development before the code is ready to launch on the live Ethereum network.
What are the advantages of Raiden Network?
Allows Micro-payments thanks to lower fees (7 times lower than current Blockchain transaction fees); Fast and scalable therefore able to handle the high volume from the micro-transactions; Works with variable tokens as long as they follow Ethereum’s Standard Token API; and Confidential because the single transfers are recorded in a smart contract stored off the public ledger (Off-chain). Why Invest in Raiden Network (RDN)?
Raiden currently consists of three independent projects: µRaiden, Raiden Network, and Raidos. There is a working implementation of µRaiden, which will be deployed on the Ethereum main net shortly.
A developer preview will be released soon and allow Dapp developers to get a first impression of the API and the properties of the system, also enable them to build prototypes that interact with the Raiden Ropsten-based test network. In its current state, the technology is not ready for production use. Significant tooling and even changes to the core protocol still need to be developed.
Raidos is currently only in its planning phase and development has not been kicked off yet.
Mainstream applications for the Raiden network are not hard to find. The Lightning network is not expected to go live anytime soon, whereas Raiden will become a part of the Ethereum ecosystem maybe early 2018.
Many Ethereum users will be willing to pay a small fee to access the Raiden Network. It is one of the few blockchain based projects which will have hundreds of thousands of users as soon as it is launched.
submitted by Electomatic to CryptocurrencyOffers [link] [comments]

Get it together. This is your job, your calling, your family. The next month can take Vertcoin to the next level - or to the sidelines. It depends on each of us:

This community needs a fixer, like Mr. Wolf in Pulp Fiction, who will fix problems as they arise. Issue at 3am? He's there with a detailed Reddit post and answering questions. Concern about early mined coins? He explains the extraordinary fairness behind Vertcoin's launch, how it's not pre-mined, and provides links to transactions on the block explorer to explain just how little of the network those early adopters own vs. early adopters of other coins.
Now get this: no one will volunteer to be the Mr. Wolf. That's a demanding task and no one is up for that level of responsibility. We all need to be the fixers, we need 1,396 Mr. Wolfs. The other day I saw a post here that went unanswered asking if the paper wallet at vertcoin.org is legit and safe to use. Are you fucking kidding me?!!!!!! That was a Vertcoin user, likely interested in cold storage of thousands of dollars worth of Vert (or why bother with a paper wallet), and he didn't receive even one reply. I doubt he's as interested now.
I also keep seeing questions about how, precisely, Vertcoin is ASIC-resistant and why it's not possible for ASIC miners to simply plan ahead given they know the 'schedule'. This needs to be explained in a post and Stickied to the top of this subreddit. It's one of the major reasons for people to invest in this coin's development and future - and if it's not explained, people won't get that.
Consider this: if you were working full-time at some god awful too big to fail bank branch, taking home no more than $40k per year pre-tax, you would make sure that the coffee island was clean and stocked with coffee capsules at all times... you would smile at customers... you would make sure there are enough pens and neatly stacked deposit slips... you would pick up a piece of trash you see outside in front of your branch, even though you didn't put it there.
And yet this community, already a month in, is risking tragedy of the commons laziness -- the sort of laziness Bitcoiners were MIRACULOUSLY able to avoid from entering their community, despite it being composed of fiercely independent-minded libertarian coders who don't like to take orders from anyone! That's a large part of why there's a Bitcoin at all. Bitcoiners understood that, even though there were no direct rewards for their efforts to improve the network, improvements to the network's image or utility would lead to extraordinary indirect rewards in the form of holding a more powerful currency.
If you have even $500 or $1000 worth of Vert today, do you have any idea how much that could be worth in a year's time? Do you? According to Coin Market Cap, Vertcoin has a $6.1 million market cap right now. That's it! Bitcoin's right now is $8.7 billion. For Bitcoin users to see a 10x increase in their currency's value, they would need to become a $87 billion market cap crypto. For us to see the same, we would need $61 million market cap, or only about 1/8th the market cap of Litecoin... yes, Litecoin, a coin which is made completely obsolete by our coin's Scrypt adaptive Nfactor algorithm - and a coin with only 18k subscribers on its subreddit. Vertcoin is only a month old and we have nearly a tenth of that.
If you own Vertcoin now, it's like being employee #15 at Google: sure, every moment may not be a blast, but if this takes off, in even the most moderate way, it will be a life changing event for many of the people reading this. This is your new career. And you're already on the clock.
This is a great coin. The underlying math is superior and the community isn't chock full of dummies as some of the other alts are. We're also too new to cave into overly cautious, reactionary mindsets and attitudes - as you are starting to see creep into the cultures of some older coins. That's not conducive to growth or innovation.
And if I didn't believe this coin's math was superior, I'd be a little worried frankly. Someone created awesome new subreddit graphics and posted it here a couple days ago, and I can't even find their post now... why did someone not implement that person's graphics? Get it done! The social media for this coin so far has been B team at best. It needs to be A team at all times. If you're not up to it because your background is in developing, PLEASE have the humility to pass off some of the social media responsibilities on to people who specialize in making words instead of code.
We all have different strengths to offer this community. Let's do so.
submitted by DavidSeamanUS to vertcoin [link] [comments]

Appeal to authority: A failure of trust

Yesterday a fantastic article was published about Dr Craig Wright. It is well worth a read. The article mentions:
Now the plausibility of the Wired story did take a hit when Greg Maxwell proclaimed that the GPG keys mentioned in the emails could not have been created in 2009. This claim has been been disputed by an anonymously authored paper (likely written by Wright himself), nevertheless we still need to adjust our probabilities accordingly based on these two claims.
Coincidentally are researchers here at hoaxChain happened to be working on analyzing this paper, so we thought we would share our views
The paper discusses one of the four PGP keys in the Tulip Trust document, in particular the signature belonging to our founder, Dr Wright. The PGP key is dated from 2008, however, Mr Maxwell (nullc) has claimed that "The PGP key being used was clearly backdated: its metadata contains cipher-suites which were not widely used until later software". The research aims to disprove what Mr Maxwell said. Before proving Mr Maxwell wrong, the paper explains that one should not trust Mr Maxwell, but instead verify oneself, otherwise one is falling for the appeal to authority fallacy. Indeed, "appeal to authority" is the title of the paper. As the document says:
The logical fallacy of an appeal to authority is made whenever we try to justify an idea through the citing of expertise as the reason to hold that idea. However, even experts are subject to validation. The nature of science is of a system derived through empirical proof and evidence. Generally, an appeal to authority is fallacious when we cite those who have no special expertise. This is of greater concern when we have an individual believed or purporting to be an expert who abuses trust.
The importance of this statement is that Maxwell has firmly asserted that the algorithms, “8,2,9,10,11” have only been added from a later period in 2009. It is stated that the code tree was built on the 09th July 2009 and that this was released on the 04th September of the same year. The challenge to the reader is to engage in an independent scientific examination of the evidence presented.
Changes to the default hash algorithm preferences - 9 July 2009
 - /* SHA-1 */ - strcat(dummy_string,"H2 "); - if (!openpgp_md_test_algo(DIGEST_ALGO_SHA256)) - strcat(dummy_string,"H8 "); + /* The default hash algo order is: + SHA-256, SHA-1, SHA-384, SHA-512, SHA-224. + Ordering SHA-1 before SHA-384 might be + viewed as a bit strange; it is done because + we expect that soon enough SHA-3 will be + available and at that point there should + be no more need for SHA-384 etc. Anyway + this order is just a default and can easily + be changed by a config option. */ + if (!openpgp_md_test_algo (DIGEST_ALGO_SHA256)) + strcat (dummy_string, "H8 "); + + strcat (dummy_string, "H2 "); /* SHA-1 */ + + if (!openpgp_md_test_algo (DIGEST_ALGO_SHA384)) + strcat (dummy_string, "H9 "); + + if (!openpgp_md_test_algo (DIGEST_ALGO_SHA512)) + strcat (dummy_string, "H10 "); + + if (!openpgp_md_test_algo (DIGEST_ALGO_SHA224)) + strcat (dummy_string, "H11 "); - /* RIPEMD160 */ - if (!openpgp_md_test_algo(DIGEST_ALGO_RMD160)) - strcat(dummy_string,"H3 "); 
Source: gnupg
Indeed, one should not trust Mr Maxwell, but instead the claims should be verified. As shown above, the default hash algorithms were actually added in July 2009 as Mr Maxwell claimed. By reading the above code you can verify this for yourself. Therefore, although our advanced scientific research suggests that the appeal to authority fallacy is a genuine thing, it happens not to be relevant in this case. One may then question the title of this paper, which after reading the above code, almost seems to be a completely stupid title.
However, although Mr Maxwell was correct about when the algorithms were added to the software, he is still wrong in saying that the key was backdated. As the paper goes on to explain, in 2008 one could still have manually changed the hash functions used to the ones which were specified at a later date, as the default algorithms. Actually all the hash functions specified in 2009 were available in 2008, the paper even provides complex research and analysis proving these hash functions were published as far back as 2007, which is earlier than 2008 , when the key was generated. To further prove this is possible, the paper even provides screenshots which involve changing the preferred hashing algorithms to the ones specified in 2009, with a version of software from 2008. As the paper explains:
Returning to our example, we can issue the “setpref” sub-command at the command line. This allows the owner of a PGP private key to change the set of hash algorithms used by the key. This change is completed using the following command:
setpref SHA256 SHA1 SHA384 SHA512 SHA224 AES256 AES192 AES CAST5 ZLIB BZIP2 ZIP Uncompressed
hoaxChain can now reveal this amazing sequence of events. For some reason, when creating his PGP key in 2008, Dr Wright manually changed the hashing algorithms used by the software. Then, in a remarkable coincidence, in 2009, the default hashing algorithms for this piece of software happened to change to the ones Dr Wright manually specified a year earlier, including in the exact order Dr Wright used. This is even more of a remarkable coincidence, given that the notes made when the change occurred in 2009 mention that the hashing order "might be viewed as a bit strange". The above implies that Mr Maxwell is wrong and therefore either he is a liar or he is incompetent, or as the paper brilliantly puts it:
We may either conclude that Gregory Maxwell understood what he was asserting and has intentionally misled the community in stating that the PGP keys referenced had been backdated, or that a Bitcoin core developer did not understand the workings of PGP sufficiently.
submitted by hoaxchain to Bitcoin [link] [comments]

Making Bitcoin Mainstream

Everyone who has a stake in bitcoin has an active incentive in seeing the currency becoming as widely adopted and accepted as possible and this is something we should all be working towards.
The next big jump for bitcoin requires your average Joe to see bitcoin as the safe, natural digital currency with clear value. The more people realise its use, the more demand for coins, the higher the price, particularly given the restricted supply.
From my perspective, there are currently three big obstacles that are stopping the 'bitcoin singularity'. I am a medical student, but I extensively studied marketing, and I have some proposals about how to shift these obstacles. I would be interested in hearing what people here think.
Obstacle 1: High transaction costs. You want to buy bitcoin? It will cost you exchange fees. You want to transfer bitcoins? It will cost you incentive fees. You want to store bitcoin in the most secure way? It will cost you hardware expenses. To your average outsider it seems like you are losing money in fees get into bitcoin. Say you spend less than 500 dollars on bitcoin, that becomes a substantial chunk of your investment that a rise in value will not offset for months (or weeks by current surge, which likely won't last).
Solution 1: Someone needs to make a really simple infographic that can be circulated that does the following
*A) Compares SIDE-BY-SIDE the fees associated with running a card/bank account. Bank fees, card fees, withdrawal fees, and brokerage fees are all comparable expenses that people have just accepted. I honestly think people do not equate the two in their mind and this kind of information layout would mitigate the burdensome appearance of bitcoin.
*B) Explains clearly why transaction costs are likely to go down in the future. I don't know if this is actually true. Presumably there will always be miners verifying blocks, and it seems like those algorithms are getting harder... Will transaction costs reduce?
*C) At least demonstrates how to optimise the purchase of bitcoins to reduce transaction burden. Coinbase, for example, has a flat 'convenience' fee for transactions dependent on brackets. I think it would be simple to explain how that can work.
Obstacle 2 High technical knowledge: Again this is an information communication problem. People are nervous/ignorant of bitcoin because they don't understand blockchain technology, or they don't understand why bitcoin specifically is more valuable than its competitors, they are worried by things like a hard fork if they research it, and/or they do not understand how to securely store bitcoin. I am aware ALL of this information is out there. As someone who went through the steep learning curve a while back, and has recently seen family members going through this curve, it really seems like nothing has changed in 3+ years. This information is poorly centralised - scattered out in chunks between nervous YouTube videos with presenters who simultaneously advertise things like bitconnect, or are pitching to a college-level/are swept up in the niche.
Solution 2: We need a dummies guide to BitCoin. And it needs to be an actual dummies guide. If you had to explain Bitcoin to a 5 year old how would you do it? We need that to become Bitcoin's mainstream image.
Obstacle 3: High Volatility: This is, I think, the biggest APPARENT problem, and both the least able to be solved by individuals. I have really been thinking and researching about this over the past few weeks. We often talk about one value of bitcoin being the ability to secure funds beyond the hands of incompetent/aggressive governments who install things like Capital Controls (in Greece) or a Bank Tax (Cyprus) or cause hyperinflation (Venezuela, Zimbabwe) or negative interest rates (Japan). Bitcoin is an obvious solution as a decentralised currency. But why would someone trust their life savings with it if it could just evaporate overnight.
And this is the thing. It won't JUST evaporate. I think this is really the message that needs to be communicated. That Bitcoin has REAL value. It is hard, obviously, to quantify that value numerically. But we need a list of very simple concepts of bitcoin explained to 'the public'. Like the fact that Bitcoin is ANONYMOUS (to a large extent) and so it will always at least be appealing for people avoiding regulation (I honestly see this is one of the cornerstones of Bitcoin's value). The overall trend is up. That Bitcoin is yet to realise its true potential. That crashes HAPPEN but become less frequent the MORE people are involved. That Bitcoin is a 'brand' now which people see as the face of cryptocurrency. That there are alternatives.
So what can we do about it? - Basically, the Bitcoin community needs a solution to the average Joes who are recently asking questions. Of course, there has been huge media coverage because of the recent rush and people are looking into it. We need to convert those curious people into CUSTOMERS! So how do we do this?
And this is the discussion I'd be interested to have!
TL;DR - We all have an incentive to make bitcoin MORE mainstream and in HIGHER demand. Current resources do not explain things well. Or if they exist are not centralised. How do we fix this?
submitted by doctor2022 to Bitcoin [link] [comments]

Bitcoin and cryptocurrency mining explained - YouTube Noob's Guide To Bitcoin Mining - Super Easy & Simple - YouTube How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ... Bitcoin's Lightning Network Explained For Dummies! Will This Solve Bitcoin's Scalability Problem?! Forma más fácil de entender bitcoin for dummies, hash y blockchain

When mining bitcoin, the hashcash algorithm repeatedly hashes the block header while incrementing the counter & extraNonce fields. Incrementing the extraNonce field entails recomputing the merkle tree, as the coinbase transaction is the left most leaf node. The block is also occasionally updated as you are working on it. Bitcoin zu erklären ist manchmal höllisch schwer. Man weiß nie, wo man anfangen soll, und egal wie viel man redet, irgendetwas ist immer noch verwirrend. An dieser Stelle erklären wir Ihnen, wie neue Bitcoins entstehen. Und zwar so einfach, dass es auch Ihre 5-Jährige Nichte versteht. Bitcoin For Dummies Cheat Sheet. Bitcoin has gotten a lot of press, and not all of it good. So is it Internet money, an alternative currency, a parallel financial system, a new way of life? The answer is yes, it’s all of those things and more. Start by finding out the basics of what it is, where it came from, what it does. You can buy bitcoins just like you can buy ice cream and concert ... It uses a different hashing algorithm from Bitcoin, referred to as scrypt mining, so no crossover mining (using the same mining rig for multiple cryptocurrencies) is possible between the two. Other than that, though, in general, the way Litecoin works is very comparable to Bitcoin, as it was essentially a copy of the code. Just like Bitcoin, ASICs have been designed to specifically mine ... Bitcoin Mining for Dummies – How Bitcoins are Mined. Marc Kenigsberg - July 9, 2018 . One of the most common questions about Bitcoin and one of the most misunderstood is the idea of mining for Bitcoins. This article will explain how Bitcoin mining works in plain and simple English. The first thing we need to address is what actually is Bitcoin? Does it exist anywhere physically? Mining for ...

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Bitcoin and cryptocurrency mining explained - YouTube

BITCOIN FOR BEGINNERS 💰 Watch This BEFORE Investing In Bitcoin! ... Ep. #224- Cryptocurrency For Dummies: Cryptocurrency, Blockchain and Bitcoin - Duration: 17:32. Crypt0 23,052 views. 17:32 ... Lightning Network is a popular proposed solution to Bitcoin's debated scalability problem. It is a second-layer off-chain solution which basically allows pee... Bitcoin and cryptocurrency mining explained with the Byzantine Generals Problem. We use it to explain the essence of cryptocurrency mining. https://www.udemy... Get our free Bitcoin course here - https://chrisdunn.com/free-bitcoin-course This Bitcoin basics video series will explain Bitcoin for beginners. You'll lear... This video will show you how to start bitcoin mining from home. It's very easy and "free" to do if you have a gaming PC. *****...

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