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Denarius - Tribus PoW/PoS Hybrid Cryptocurrency

Official subreddit for the Denarius [DNR] Cryptocurrency
[link]

TiPS (FedoraCoin)

TiPS (a.k.a. FedoraCoin) is a new state of the art cryptocoin based on the [Tips Fedora meme](http://knowyourmeme.com/memes/tips-fedora). Our objective is to become the tipping currency of the internet. More information is available in the [BitcoinTalk thread](https://bitcointalk.org/index.php?topic=380466.0).
[link]

How do we deal with the rest of the free riders in bitcoin? I propose a 12.5% fee is deducted from each transaction to support the development pool. Actually, now that there are no free riders, we can lower the fee to a more reasonable 2.5%.

So this proposal covers now exchanges, wallets, users, casinos. There is only one free rider left that we need to deal with. How do we deal with hodlers free riding?
submitted by capistor to btc [link] [comments]

Bitmain’s BTC.com, the free bitcoin block explorer, analytics tool and bitcoin wallet, has launched an open-source bitcoin mining pool and is charging no mining fee until 2017.

Bitmain’s BTC.com, the free bitcoin block explorer, analytics tool and bitcoin wallet, has launched an open-source bitcoin mining pool and is charging no mining fee until 2017. submitted by bitmain_tech to Bitcoin [link] [comments]

Bitmains BTC.com, the free bitcoin block explorer, analytics tool and bitcoin wallet, has launched an open-source bitcoin mining pool and is charging no mining fee until 2017.

Bitmains BTC.com, the free bitcoin block explorer, analytics tool and bitcoin wallet, has launched an open-source bitcoin mining pool and is charging no mining fee until 2017. submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How is your passive income from Crypto going in 2020? So far I have made around $11k plus from approximately 13 or so sources. Details below.

I remember in 2017 there were epic stories of people making fortunes from free crypto-giveaways – for example, the nano faucet gave people fantastic wealth if they held on all year. Then there were things like the various bitcoin forks – great if you cashed in.
Now in 2020 there seems to be another uptrend in terms of the ability to get “free crypto” – in various ways. Overtime this can build up to quite a lot.
This year I have:
  1. Coinbase earn – I’ve done almost all of these and have had a few referrals. I think I earned maybe $200 or so all up, cashed in BTC, and that BTC is probably around $400
  2. Reddit moons – I have earned 3100 moons, sold for roughly $220
  3. Uniswap – My free 400 tokens are still held, so they are worth maybe $1200
  4. Binance Coin – lots of staking and lottery compensation payments here – for example, I recently sold my Flamingo, Venus and Alpha tokens – maybe $30;
  5. Hex – Yes I know it’s a scam, but I think I bit have a decent little payout in a month when my 90% locked tokens open (won’t say how much as that will reveal my BTC wallet holdings);
  6. Swissborg – A fun little “guess the bitcoin app” that has $50 worth of tokens in it now;
  7. Brave Browser – I’ve earned like $20 from that this year (insert: “Its not much but its honest work gif”);
  8. Uniswap Pools etc – Hard to calculate this one but I’m earning some really great fees and Uni from pooling WBTC and WETH – about 0.5% return a week. Was also previously staking Uni / ETH - I made $1000 in fees but mostly gobbled up by impermanent loss.
  9. Honeyswap – Every 48 hours, I log-in to get free honey from the faucet – around $40 or so;
  10. Survey – I did a phone survey for a local project and got given $100 of free tokens;
  11. Livepeer – No idea what this is but I sold two airdrops for around $20;
  12. Nexus Mutual – Probably the king here. Invested $1200 worth. Received a 58% dividend on the first day of staking (say $700) which I reinvested. That $700 is now $8000 or something ridiculous (and itself earning rewards), plus another 13 NXM (So another $416 on top).
  13. And then lots of rats and mice rewards from things like staking Celsius, staking Tezos referral rewards etc. I even have 3000 of that damn Pi coin thing but don’t know where that is going.
  14. And to top it off a free ledger nano for participation in a private group on FB
  15. (EDIT: I forgot to mention I am currently winning a "pick four" crypto competition that I entered in January where you pick four cryptos and the winner takes the pot. I picked BTC, FTX, SNX and CEL - so that might be another $200 to add to my collection!)
So in all, that is an entire bitcoin just for doing a bunch of crazy stuff. Who said it was difficult to join the 21 million club?
So for some people that might be considered a decent pay package for a full time job! What other opportunities do you guys have where you have passive income coming from crypto? Am I missing any obvious ones here?
submitted by Cryptodragonnz to CryptoCurrency [link] [comments]

Gridcoin 5.0.0.0-Mandatory "Fern" Release

https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/5.0.0.0
Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that.
Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap.
We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout.
Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.

Highlights

Protocol

Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now.
Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date.
The transition height is also when the team requirement will be relaxed for the network.

GUI

Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.

Blockchain

The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use.
There are so many goodies here it is hard to summarize them all.
I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures.
The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!

Summary Changelog

Accrual

Changed

Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.

Removed

Beacons

Added

Changed

Removed

Unaltered

As a reminder:

Superblocks

Added

Changed

Removed

Voting

Added

Changed

Removed

Detailed Changelog

[5.0.0.0] 2020-09-03, mandatory, "Fern"

Added

Changed

Removed

Fixed

submitted by jamescowens to gridcoin [link] [comments]

Monero Monetary Policy?

Hello, first time poster here.
From what I can tell, there is significantly less entrenched orthodoxy applied to how monero does things compared to other cryptocurrency. Its the only one with ASIC resistance, has a dynamic block size, is willing to contemplate the concept of linear inflation rather than treating it as an unholy abomination, etc.
In general you guys have done a lot better of a job keeping down transaction fees compared to bitcoin, and as a whole are more inclined to plan for monero as an actual medium of exchange rather than a perpetually deflationary get rich scheme.
With that in mind, I have a few questions:
  1. In the event adoption of this cryptocurrency gets large enough that it ends up putting strain on the current dynamic block size status quo, what's the precise point at which you'll change how things operate in order to prevent a centralization crisis from an excessively large blockchain? What sort of exact security issues/etc prevents things like the lightning network from currently being options for this scenario?
  2. While to a large extent price stability comes from a sufficiently deepened pool of liquidity, as has been seen with recent trends in bitcoin's price, one thing I've got to wonder about is if things such as block rewards and transaction fees can be dynamically adjusted, akin to a more democratic central bank if you will, such that monetary tightening and loosening can be done?
A lack of commitment to permanent deflation would obviously hurt monero's market capitalization, but arguably that's not a particularly important metric compared to transaction volume.
https://finance.yahoo.comyahoo-finance/watchlists/crypto-top-volume-24h
Despite basically being a dubiously backed centralized "cryptocurrency", tether still sees a significant amount of transaction volume purely due to its utility as a unit of currency pegged to the US dollar. Now, while I'm sure precise information on monero's own true transaction volume is under-reported due to strong privacy protections in conjunction with low fees, tether does serve as a reminder for how much demand there is for stability.
Obviously its significantly more difficult to do contractionary monetary policy than inflationary, but would something like say, a decentralized dynamic peg work, where holdings of bitcoin/etc are bought and sold by a digital entity controlled by the miners work in order to stabilize monero? I'm just spitballing thoughts here though and I know there might be potential issues related to chain analysis. If you have any other good reasons why this is a bad idea please feel free to let me know. Thanks!
submitted by Roths____ to Monero [link] [comments]

Passive income update - I'm making staggering returns from honey farming

I previously posted that I had made an entire bitcoin (more or less) just from freebies, airdrops and staking. I have no given up trading for good (maybe) and am more focused on passive income, which I find much more fun and relaxing. Nothing like waking up in the morning and counting your free income.
One of my main passive income sources now (apart from reddit moons of course!) is farming. By that I mean I am a liquidity pool provider AND I stake my liquidity pool tokens to earn the native platform token - i.e. stake WETH / WBTC and earn UNI.
So far my main farming activity has been exactly that, WETH and WBTC. The liqudity fees are quite low, but the bonus UNI is quite nice. Approximately 1 BTC matched with ETH will provide you with roughly 23 UNI a week. So that is around $70, or a 0.6% return per week, plus pool fees. Not bad if you consider it "free" money.
But now honey-swap has initiated its own farming programme via 'hny.farm' (put that address in your browser to go there). I'm currently farming the main pool which is "Dai Daisies" - or xdai / honey. After 24 hours I have checked my fees and pool holdings, combined with my free honey and it's a 5% return per day (the price of honey is flat today so this is pure fees and rewards). And even second day, I claim my free honey (via their faucet), harvest my honey, buy a bit of xdai and put it back in the pool.
This will obviously fluctuate - but even if it was 1% a day that is nearly double what my WETH / WBTC pool produces in a week.
And the great thing is that the gas fees are a fraction of a penny, and transactions are instant, so you can efficiently do this even if you have very small amounts.
Now if somebody could figure out how the hell taxes work with all this I'd be sitting pretty.
submitted by Cryptodragonnz to CryptoCurrency [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

Technical: Taproot: Why Activate?

This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/
Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners?
And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess.
First, let's consider some principles of Bitcoin.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so).
So, how does Taproot affect those principles?

Taproot and Your /Coins

Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash).
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input).
However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits!
Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh?
With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save!
And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well!
(P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1)
Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service!
So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win!
(even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot)
And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!

Taproot and Your Contracts

No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade.
So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust.
Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade.
However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade.
In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address.
Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants).
But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer).
Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos).
(technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).

Taproot and Your Contracts, Part 2: Cryptographic Boogaloo

Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code.
This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded.
And you can do that, with HTLCs, today.
Of course, HTLCs do have problems:
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar".
Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given public key to you.
Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige).
(Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key).
So:
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script.
(technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)

Quantum Quibbles!

Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable??
Well, in theory yes. In practice, they probably are not.
It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash.
When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key.
So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key.
(public keys should be public, that's why they're called public keys, LOL)
And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions.
So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort.
Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers.
For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
So:
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).

Summary

I Wanna Be The Taprooter!

So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!

But I Hate Taproot!!

That's fine!

Discussions About Taproot Activation

submitted by almkglor to Bitcoin [link] [comments]

Polkadot — An Early In-Depth Analysis — Part One — Overview and Benefits

Polkadot — An Early In-Depth Analysis — Part One — Overview and Benefits
Having recently researched Polkadot, as with other projects, I wanted to document what I had learnt, so that others may potential find it useful. Hopefully providing a balanced view, it will consist of three articles outlined below.
Part One — Polkadot Overview and Benefits (This article)
Part Two — In-Depth look at the Consensus
Part Three — Limitations and Issues
I will provide links throughout, providing reference to sections, as well as include a list of sources at the bottom of the article for further reading.
https://preview.redd.it/pr8hmkhhe6m51.png?width=700&format=png&auto=webp&s=58331d0411e684b4c511d59aeabeb789205d8a44

Overview

Frustrated with the slow development of Ethereum 2.0, Dr. Gavin Wood, co-founder of Ethereum and inventor of Solidity, left to begin work on Polkadot, a next generation scalable blockchain protocol that connects multiple specialised blockchains into one unified network. It achieves scalability through a sharding infrastructure with multiple blockchains running in parallel, called parachains, that connect to a central chain called the Relay Chain.
Whilst it shares some similarities with Ethereum 2.0, one key differentiator is that it uses heterogeneous sharding, where each parachains can be customised through the Substrate development framework, enabling them to be optimised for a specific use case and running in parallel rather than same across all shards. This is important as when it comes to blockchain architecture, one size does not fit all and all blockchains make trade-offs to support different features and use cases.
All parachains connect to the relay chain, which validates the state transition of connected parachains, providing shared state across the entire ecosystem. If the Relay Chain must revert for any reason, then all of the parachains would also revert. This is to ensure that the validity of the entire system can persist, and no individual part is corruptible. The shared state makes it so that the trust assumptions when using parachains are only those of the Relay Chain validator set, and no other. Since the validator set on the Relay Chain is expected to be secure with a large amount of stake put up to back it, it is desirable for parachains to benefit from this security.
This enables seamless interoperability between all parachains and parathreads using the Cross-chain Message Passing (XCMP) protocol, allowing arbitrary data — not just tokens — to be transferred across blockchains. Interoperability is also possible to other ecosystems through bridges, which are specifically designed parachains or parathreads that are custom made to interact with another ecosystem such as Ethereum, Bitcoin and Cosmos for example, enabling interoperability. Because these other ecosystems don’t use the same shared state of Polkadot, finality is incredibly important, because whilst the relay chain can roll back all the parachains, it can’t roll back the Ethereum or Bitcoin blockchains for example. This is discussed further in part three.
https://preview.redd.it/lmrz428je6m51.png?width=1000&format=png&auto=webp&s=237ad499f85e960ca50ca884234453ce283a60c0
The relay chain is responsible for the network’s shared security, consensus and cross-chain interoperability. It is secured by Validators and Nominators staking the native DOT tokens. Ultimately scalability for the ecosystem is determined by how scalable the relay chain can be. The number of parachains is determined by the number of validators on the relay chain. The hope is to reach 1000 validators, which would enable around 100 parachains. With each parachain being capable of around 1,000 transactions per second.
Nominators stake their DOT tokens with validators they trust, with the validators likely charging a small commission to cover running costs. If a validator is found to have performed misconduct a percentage of the their stake but also the nominators stake will be slashed depending upon the severity. For Level 4 security threats such as collusion and including an invalid block then 100% of the stake will be slashed.What’s really important to understand is that both the validators own stake and the nominated stake will be slashed, so you could lose all your DOT that you have staked against a validator if they perform maliciously. Therefore, it’s very important not to just try and maximise rewards and being oblivious to the risk, not only can you lose all your DOT, but you are making the entire system less secure (addressed in part three). There have already been several minor slashing incidents so far, so something to really consider.
https://preview.redd.it/aj9v0azke6m51.png?width=700&format=png&auto=webp&s=86134eaef08d1ef50466d1d80ec5ce151327d702

Auction for Parachain Slots

Due to the limited number of parachain slots available, there needs to be a method to decide who gets a parachain slot. This is achieved through a candle-auction where participants bid with DOT to secure a lease on a parchain slot to secure a 6 — 24 month period, with the highest bidders winning. DOT isn’t spent, but rather locked for the duration of the lease and unable to participate in staking and earn rewards. In the event they are unsuccessful in securing a further slot, then the lease expires and the DOT will be returned.
Of the 100 parachain slots that they hope to be able to accommodate, between 10 and 30 will be reserved for system parachains, with the remaining available for either auction slots or used for parathreads. Whilst the DOT is returned, due to the limited number of slots available this could result in significant amounts of DOT needing to be acquired to secure a slot. How the auction mechanics effect the price of DOT also remains to be seen, with potentially a rise from the start of the auction, followed by a fall before the lease ends and the DOT are returned. The plan is to continuously have a small amount of parachain auctions going throughout the year, to minimise any unwanted effects. How comfortable developers will be with locking significant amounts of funds in a highly volatile asset for an extended amount of time, also remains to be seen. They could also be in a position where they can no longer afford to keep their lease and have to downgrade to a parathread (providing the application will still function with the reduced performance or migrate to another platform). See this article for more details on the auction mechanism
https://preview.redd.it/wp8rvxlme6m51.png?width=387&format=png&auto=webp&s=496320d627405362142210e1a4c17ebe43e1f8a1

Parathreads

For applications that don’t require the guaranteed performance of a parachain or don’t want to pay the large fees to secure a parachain slot, then parathreads can be used instead. Parathreads have a fixed fee for registration that would realistically be much lower than the cost of acquiring a parachain slot and compete with other parathreads in a per-block auction to have their transactions included in the next relay chain block. A portion of the parachain slots on the Relay Chain will be designated as part of the parathread pool.
In the event that a parachain loses its slot then it can transition to a parathread (assuming the application can still function with the reduced and varied performance of sharing the slot between many). This also enables small projects to start out with a parathread and then upgrade to a parachain slot when required.

Token

DOT is the native token of the Polkadot network and serves three key functions. (i) It is staked to provide security for the relay chain, (ii) to be bonded to connect a chain to Polkadot as a parachain and (iii) to be used for governance of the network. There is an initial total supply of 1 billion DOT with yearly inflation estimated to be around 10% providing the optimal 50% staking rate is achieved, resulting in rewards of 20% to those that stake (net 10% when take into account inflation). Those that don’t stake lose 10% through dilution. Should the amount staked exceed the optimal 50% then reward rates reduce as well as inflation to make staking less attractive. Likewise if its below 50% then rewards and inflation rate will be higher to encourage staking. Staking isn’t risk free though as mentioned before.

Governance

Polkadot employs an on-chain governance model where in order to make any changes to the network, DOT holders vote on a proposal to upgrade the network with the help of the Council. The council is an entity comprising a 23 seats each represented by an on-chain account. Its goals are to represent passive stakeholders, submit sensible and important proposals, and cancel dangerous or malicious proposals. All DOT holders are free to register their candidacy for the Council, and free to vote for any number of candidates, with a voting power proportional to their stake.
Any stakeholder can submit a public proposal by depositing a fixed minimum amount of DOTs, which stays locked for a certain period. If someone agrees with the proposal, they may deposit the same amount of tokens to endorse it. Public proposals are stored in a priority queue, and at regular intervals the proposal with the most endorsements gets tabled for a referendum. The locked tokens are released once the proposal is tabled. Council proposals are submitted by the Council, and are stored in a separate priority queue where the priorities are set at the Council’s discretion.
Every thirty days, a new proposal will be tabled, and a referendum will come up for a vote. The proposal to be tabled is the top proposal from either the public-proposal queue or the Council-proposal queue, alternating between the two queues.
The Technical Committee is composed according to a single vote for each team that has successfully and independently implemented or formally specified the protocol in Polkadot, or in its canary network Kusama. The Technical Committee is the last line of defence for the system. Its sole purpose is detecting present or imminent issues in the system such as bugs in the code or security vulnerabilities, and proposing and fast-tracking emergency referenda.

Ecosystem

Whilst parachains aren’t currently implemented at this stage, there is a rapidly growing ecosystem looking to build on Polkadot with substrate. Polkadot’s “cousin”, the canary network Kusama used for experimentation, was launched last year by the same team and contributes to the early growth of the overall ecosystem. See here for a list of the current projects looking to build on Polkadot and filter by Substrate based.
https://preview.redd.it/rt8i0hqpe6m51.png?width=700&format=png&auto=webp&s=f6bcf26fa84463765f720c3074ee10157c2735f6
Now that we have covered the basics, in part two I will explain how the consensus mechanism in Polkadot works and covering more of the technical aspects.
submitted by xSeq22x to CryptoCurrency [link] [comments]

How to sell xBricks for money (self post for mod approval)

Preface
I've written this guide with those that are unfamiliar with crypto in mind, however it's still a lengthy process. I'm going to try to present this in a way where you don't have to learn how the underlying crypto technology works, but I will add in links to relevant concepts in case you're curious. This process was a lot more complicated before but I made a web interface to simplify it.
At the time of writing this, FortniteBR BRICKs are worth 10 cents a piece. That makes 1000 bricks worth 100 bucks. The liquidity pool is about $14,000 at the time of writing, meaning that there's room in the market for you to hypothetically get $7,000 if you had a lot of BRICKs.
If at any point throughout this process you need help, DM me!
Misc. Resources That Might Be Helpful
What you need
You will need:
Step 1: Setup
On your desktop computer, install MetaMask. This is an Ethereum Wallet which will allow you to interact with the Ethereum Network and its many sidechains. More on this later.
Follow the setup instructions in MetaMask. If you've never done this before, you'll need to create a new seed phrase. Video tutorial if you get stuck.
YOUR SEED PHRASE IS THE KEY TO YOUR WALLET. ANYONE WHO HAS ACCESS TO YOUR SEED PHRASE CAN TAKE YOUR FUNDS. IF YOU LOSE YOUR SEED PHRASE YOU HAVE NO WAY TO RECOVER YOUR FUNDS. WRITE IT DOWN AND STORE IT IN A SAFE PLACE!!! NEVER GIVE IT OUT TO ANYONE - ANYONE THAT ASKS FOR YOUR SEED PHRASE IS TRYING TO SCAM YOU! DON'T FALL FOR IT!
In the MetaMask interface, you'll see "Main Ethereum Network". This process uses two networks. One of them is the Rinkeby Testnet (where the BRICK tokens are natively) and one of them is the xDAI network which is where we will bridge the tokens to in order to exchange them for Dai, a token which is pegged to the price of the dollar.
From the dropdown, select Rinkeby Testnet. If you're in the assets tab, you should see a thing that shows your ETH balance. Below this, you should see an "add token" button. Click it. Go to "Custom Token" at the top. In "token contract address," paste in the following:
0xe0d8d7b8273de14e628d2f2a4a10f719f898450a
The other fields will autofill. Hit next. You'll now see your BRICK balance (which will be 0, you haven't transferred your bricks yet) in MetaMask if you've done everything right.
You'll need Rinkeby Ether to cover transaction fees. Since we're on a testnet, the Ether is worthless which means people hand it out for free. You can get this Ether from a variety of places:
Now it's time to get your BRICKs from your Reddit vault into your MetaMask wallet.
WARNING: ALL CRYPTO TRANSACTIONS ARE IRREVERSIBLE.
Your Ethereum address shows up under Rinkeby. It should be "0x" followed by a bunch of hex characters. Click on it to copy it to your clipboard. You now need to somehow get this to your mobile device. Email it to yourself, text it to yourself, whatever.
On your Reddit mobile app home screen, click on your profile icon and then go to vault. You'll need to set this up and claim your tokens if you haven't already. Be aware that this is also technically an Ethereum wallet. Keep your seed phrase safe.
Send however many BRICKs you want to sell to your MetaMask wallet. Check to make sure the addresses are the same, but don't worry too much about making a typo or whatever. The chances that you'd make a typo that would result in a valid Ethereum address are slim, if you get a character wrong it'll just tell you it's not a real Ethereum address and prevent you from sending.
It may show an error when you try to send. This is somewhat rare but pretty normal. They often run out of testnet Ether. Come back later and try again.
If it works properly, it'll take about a minute to go through. It may take longer than that.
Once the transaction goes through, you'll see that you have an absurd amount of BRICKs in MetaMask. No, there wasn't a glitch. The people who wrote the code for BRICKs made the decimals of precision weird for some reason. It's off by a factor of 1018. This isn't a big deal.
If you see Bricks and Ether (ETH) in your MetaMask wallet, proceed to the next step. If you're having issues, feel free to DM me.
Step 2: Getting Your BRICKs from Rinkeby to xDai
There's a LOT going on under the hood for this part (deets for those interested). Previously this required manually generating contract interactions, which is kind of a pain if you're new to Ethereum. I made a UI to make this easier (it generates the transactions for you, all you have to do is sign them with your wallet). This took way longer to do than you might guess, so feel free to help a homie out at:
0x4BCcC2569DD93C7dF43431A7b70db569dedB6187
Go to my tool. Hit connect. If you're on the Rinkeby network, it should show your balance in BRICKs. Enter the amount you want to bridge (probably all of them). If neither of us have made any mistakes, it should pop up with a request to spend your BRICKs. If there's any issue with this tool, DM me. This allows the TokenBridge contract to take your BRICKs and put them on the xDai network where you can sell them. This is the part where you'll get an error if you don't have any testnet ETH. Set the gas price to 1 (the suggested price is based on the Main Ethereum Network - it's way too high). After you approve that, it'll give you another thing to accept. This is the actual transaction where it'll bridge to xDai. Again, make sure the gas price is set to 1 and confirm the transaction.
Add xDai to MetaMask
Switch to the xDai network. We're going to add another token. Again, go to "add token" > "custom token" > "token contract address". Paste in:
0x2f9ceBf5De3bc25E0643D0E66134E5bf5c48e191
If the transactions have gone through, you should see your xBricks (the name for BRICKs that have been bridged to xDai) in MetaMask. If not, wait a bit for the transactions to go through. Sometimes there are slowdowns that cause bridging to take a while. Shouldn't take too long, though. Once that's done, you're ready for the next step.
Step 3: Trading Your xBricks for xDai
Go to Honeyswap. Hit "select a token." You'll need to paste in the xBrick address again. Here it is:
0x2f9ceBf5De3bc25E0643D0E66134E5bf5c48e191
Click xBrick.
You'll need to flipflop the trade around by hitting the arrow button. xBrick should be on top. Type in the amount of xBricks you want to sell, or hit max to sell all of them. 1 xDai = $1. You'll need to hit approve first. Set gas price to 1 again. Then you can complete the trade by hitting swap. After a bit, the xDai should show up in your wallet.
Step 4: Mainnet
Everything on Mainnet costs actual money to do. It costs about 50 cents to make a transaction and it costs about 3 bucks to use an exchange like the one we just used. If you don't have mainnet Ether, you won't be able to do anything with your mainnet Dai (what xDai is called when it's bridged back to the main Ethereum network). You may be able to find someone to lend you some ETH to make these transactions with. Whatever you do, just be aware.
If you still want to bridge your xDai into Dai, go here and make sure xDai is on the left. If it's not, go in the top right and select xDai chain. Enter the amount of xDai you want to bridge to mainnet and then hit transfer. Follow the prompts. This part may take up to an hour due to recent network congestion. After it's done, if you go back to Main Ethereum Network in MetaMask you should see your Dai.
If you have a few bucks of ETH, you can use UniSwap to convert your Dai to even more ETH. Uniswap tutorial
Things you can do with ETH
submitted by Oninteressant123 to u/Oninteressant123 [link] [comments]

Eth 2.0 vs Polkadot and other musings by a fundamental investor

Spent about two hours on this post and I decided it would help the community if I made it more visible. Comment was made as a response to this
I’m trying to avoid falling into a maximalist mindset over time. This isn’t a 100% ETH question, but I’m trying to stay educated about emerging tech.
Can someone help me see the downsides of diversifying into DOTs?
I know Polkadot is more centralized, VC backed, and generally against our ethos here. On chain governance might introduce some unknown risks. What else am I missing?
I see a bunch of posts about how Ethereum and Polkadot can thrive together, but are they not both L1 competitors?
Response:
What else am I missing?
The upsides.
Most of the guys responding to you here are full Eth maxis who drank the Parity is bad koolaid. They are married to their investment and basically emotional / tribal in an area where you should have a cool head. Sure, you might get more upvotes on Reddit if you do and say what the crowd wants, but do you want upvotes and fleeting validation or do you want returns on your investment? Do you want to be these guys or do you want to be the shareholder making bank off of those guys?
Disclaimer: I'm both an Eth whale and a Dot whale, and have been in crypto for close to a decade now. I originally bought ether sub $10 after researching it for at least a thousand hours. Rode to $1500 and down to $60. Iron hands - my intent has always been to reconsider my Eth position after proof of stake is out. I invested in the 2017 Dot public sale with the plan of flipping profits back to Eth but keeping Dots looks like the right short and long term play now. I am not a trader, I just take a deep tech dive every couple of years and invest in fundamentals.
Now as for your concerns:
I know Polkadot is more centralized
The sad truth is that the market doesn't really care about this. At all. There is no real statistic to show at what point a coin is "decentralized" or "too centralized". For example, bitcoin has been completely taken over by Chinese mining farms for about five years now. Last I checked, they control above 85% of the hashing power, they just spread it among different mining pools to make it look decentralized. They have had the ability to fake or block transactions for all this time but it has never been in their best interest to do so: messing with bitcoin in that way would crash its price, therefore their bitcoin holdings, their mining equipment, and their company stock (some of them worth billions) would evaporate. So they won't do it due to economics, but not because they can't.
That is the major point I want to get across; originally Bitcoin couldn't be messed with because it was decentralized, but now Bitcoin is centralized but it's still not messed with due to economics. It is basically ChinaCoin at this point, but the market doesn't care, and it still enjoys over 50% of the total crypto market cap.
So how does this relate to Polkadot? Well fortunately most chains - Ethereum included - are working towards proof of stake. This is obviously better for the environment, but it also has a massive benefit for token holders. If a hostile party wanted to take over a proof of stake chain they'd have to buy up a massive share of the network. The moment they force through a malicious transaction a proof of stake blockchain has the option to fork them off. It would be messy for a few days, but by the end of the week the hostile party would have a large amount of now worthless tokens, and the proof of stake community would have moved on to a version of the blockchain where the hostile party's tokens have been slashed to zero. So not only does the market not care about centralization (Bitcoin example), but proof of stake makes token holders even safer.
That being said, Polkadot's "centralization" is not that far off to Ethereum. The Web3 foundation kept 30% of the Dots while the Ethereum Foundation kept 17%. There are whales in Polkadot but Ethereum has them too - 40% of all genesis Ether went to 100 wallets, and many suspect that the original Ethereum ICO was sybiled to make it look more popular and decentralized than it really was. But you don't really care about that do you? Neither do I. Whales are a fact of life.
VC backed
VCs are part of the crypto game now. There is no way to get rid of them, and there is no real reason why you should want to get rid of them. They put their capital at risk (same as you and me) and seek returns on their investment (same as you and me). They are both in Polkadot and Ethereum, and have been for years now. I have no issue with them as long as they don't play around with insider information, but that is another topic. To be honest, I would be worried if VCs did not endorse chains I'm researching, but maybe that's because my investing style isn't chasing hype and buying SUSHI style tokens from anonymous (at the time) developers. That's just playing hot potato. But hey, some people are good at that.
As to the amount of wallets that participated in the Polkadot ICO: a little known fact is that more individual wallets participated in Polkadot's ICO than Ethereum's, even though Polkadot never marketed their ICO rounds due to regulatory reasons.
generally against our ethos here
Kool aid.
Some guy that works(ed?) at Parity (who employs what, 200+ people?) correctly said that Ethereum is losing its tech lead and that offended the Ethereum hivemind. Oh no. So controversial. I'm so personally hurt by that.
Some guy that has been working for free on Ethereum basically forever correctly said that Polkadot is taking the blockchain tech crown. Do we A) Reflect on why he said that? or B) Rally the mob to chase him off?
"I did not quit social media, I quit Ethereum. I did not go dark, I just left the community. I am no longer coordinating hard forks, building testnets, or contributing otherwise. I did not work on Polkadot, I never did, I worked on Ethereum. I did not hate Ethereum, I loved it."
Also Parity locked their funds (and about 500+ other wallets not owned by them) and proposed a solution to recover them. When the community voted no they backed off and did not fork the chain, even if they had the influence to do so. For some reason this subreddit hates them for that, even if Parity did the 100% moral thing to do. Remember, 500+ other teams or people had their funds locked, so Parity was morally bound to try its best to recover them.
Its just lame drama to be honest. Nothing to do with ethos, everything to do with emotional tribalism.
Now for the missing upsides (I'll also respond to random fragments scattered in the thread):
This isn’t a 100% ETH question, but I’m trying to stay educated about emerging tech.
A good quick intro to Eth's tech vs Polkadot's tech can be found on this thread, especially this reply. That thread is basically mandatory reading if you care about your investment.
Eth 2.0's features will not really kick in for end users until about 2023. That means every dapp (except DeFI, where the fees make sense due to returns and is leading the fee market) who built on Eth's layer 1 are dead for three years. Remember the trading card games... Gods Unchained? How many players do you think are going to buy and sell cards when the transaction fee is worth more than the cards? All that development is now practically worthless until it can migrate to its own shard. This story repeats for hundreds of other dapp teams who's projects are now priced out for three years. So now they either have to migrate to a one of the many unpopulated L2 options (which have their own list of problems and risks, but that's another topic) or they look for another platform, preferably one interoperable with Ethereum. Hence Polkadot's massive growth in developer activity. If you check out https://polkaproject.com/ you'll see 205 projects listed at the time of this post. About a week ago they had 202 listed. That means about one team migrated from another tech stack to build on Polkadot every two days, and trust me, many more will come in when parachains are finally activated, and it will be a complete no brainer when Polkadot 2.0 is released.
Another huge upside for Polkadot is the Initial Parachain Offerings. Polkadot's version of ICOs. The biggest difference is that you can vote for parachains using your Dots to bind them to the relay chain, and you get some of the parachain's tokens in exchange. After a certain amount of time you get your Dots back. The tokenomics here are impressive: Dots are locked (reduced supply) instead of sold (sell pressure) and you still earn your staking rewards. There's no risk of scammers running away with your Ether and the governance mechanism allows for the community to defund incompetent devs who did not deliver what was promised.
Wouldn’t an ETH shard on Polkadot gain a bunch of scaling benefits that we won’t see natively for a couple years?
Yes. That is correct. Both Edgeware and Moonbeam are EVM compatible. And if the original dapp teams don't migrate their projects someone else will fork them, exactly like SUSHI did to Uniswap, and how Acala is doing to MakerDao.
Although realistically Ethereum has a 5 yr headstart and devs haven't slowed down at all
Ethereum had a five year head start but it turns out that Polkadot has a three year tech lead.
Just because it's "EVM Compatible" doesn't mean you can just plug Ethereum into Polkadot or vica versa, it just means they both understand Ethereum bytecode and you can potentially copy/paste contracts from Ethereum to Polkadot, but you'd still need to add a "bridge" between the 2 chains, so it adds additional complexity and extra steps compared to using any of the existing L2 scaling solutions
That only applies of you are thinking from an Eth maximalist perspective. But if you think from Polkadot's side, why would you need to use the bridge back to Ethereum at all? Everything will be seamless, cheaper, and quicker once the ecosystem starts to flourish.
I see a bunch of posts about how Ethereum and Polkadot can thrive together, but are they not both L1 competitors?
They are competitors. Both have their strategies, and both have their strengths (tech vs time on the market) but they are clearly competing in my eyes. Which is a good thing, Apple and Samsung competing in the cell phone market just leads to more innovation for consumers. You can still invest in both if you like.
Edit - link to post and the rest of the conversation: https://www.reddit.com/ethfinance/comments/iooew6/daily_general_discussion_september_8_2020/g4h5yyq/
Edit 2 - one day later PolkaProject count is 210. Devs are getting the hint :)
submitted by redditsucks_goruqqus to polkadot_market [link] [comments]

[OWL WATCH] Waiting for "IOTA TIME" 27;

Disclaimer: This is my editing, so there could be always some misunderstandings and exaggerations, plus many convos are from 'spec channel', so take it with a grain of salt, pls.
+ I added some recent convos afterward.
--------------------------------------------------​
📷
Luigi Vigneri [IF]어제 오후 8:26
Giving the opportunity to everybody to set up/run nodes is one of IOTA's priority. A minimum amount of resources is obviously required to prevent easy attacks, but we are making sure that being active part of the IOTA network can be possible without crazy investments.
we are building our solution in such a way that the protocol is fair and lightweight.

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Hans Moog [IF]어제 오후 11:24
IOTA is not "free to use" but it's - fee-less
you have tokens? you can send them around for free
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Hans Moog [IF]어제 오후 11:25
you have no tokens? you have to pay to use the network
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lekanovic어제 오후 11:25
I think it is a smart way to avoid the spamming network problem
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Hans Moog [IF]어제 오후 11:26
owning tokens is essentially like owning a share of the actual network
and the throughput it can process
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Hans Moog [IF]어제 오후 11:26****​
if you don't need all of that yourself, you can rent it out to people and earn money
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Hans Moog [IF]어제 오후 11:27
mana = tokens * time since you own them
simplified
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Hans Moog [IF]어제 오후 11:27
the longer you hold your tokens and the more you have, the more mana you have
but every now and then you have to move them to "realize" that mana
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lekanovic어제 오후 11:28
Is there any other project that is using a Mana solution to the network fee problem ?
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Hans Moog [IF]어제 오후 11:28
nah
the problem with current protocol is that they are leader based
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Hans Moog [IF]어제 오후 11:29
you need absolute consensus on who the current leaders are and what their influence in the network is
that's how blockchains works
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Hans Moog [IF]어제 오후 11:29
if two block producers produce 2 blocks at the same time, then you have to choose which one wins
and where everybody attaches their next block to
IOTA works differently and doesn't need to choose a single leader
we therefore have a much bigger flexibility of designing our sybil protection mechanisms
in a way, mana is also supposed to solve the problem of "rewarding" the infrastructure instead of the validators
in blockchain only the miners get all the money
running a node and even if it's one that is used by a lot of people will only cost
you won't get anything back
no fees, nothing
the miners get it all
📷
Hans Moog [IF]어제 오후 11:31
in IOTA, the node operators receive the mana
which gives them a share of the network throughput
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Hans Moog [IF]어제 오후 11:32
because in blockchain you need to decide whose txs become part of the blocks
and it's not really based on networking protocols like AIMD
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lekanovic어제 오후 11:33
And the more Mana your node have, the more trust your node has and you have more to say in the FPC, is that correct?
📷
Hans Moog [IF]어제 오후 11:33
yeah
a node that has processed a lot of txs of its users will have more mana than other nodes
and therefore a bigger say in deciding conflicts
its a direct measure of "trust" by its users
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lekanovic어제 오후 11:34
And choosing committee for dRNG would be done on L1 protocol level?
Everything regarding Mana will be L1 level, right?
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Hans Moog [IF]어제 오후 11:35
Yeah
Mana is layer1, but will also be used as weight in L2 solutions like smart contracts
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lekanovic어제 오후 11:35
And you are not dependant on using SC to implement this
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Hans Moog [IF]어제 오후 11:35
No, you don't need smart contracts
That's all the base layer
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Hans Moog [IF]어제 오후 11:37
'Time' actually takes into account things like decay
So it doesn't just increase forever
It's close to "Demurrage" in monetary theory
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lekanovic어제 오후 11:36
For projects to be able to connect to Polkadot or Cosmos, you need to get the state of the ledger.
Will it be possible to get the Tangle state?
If this would be possible, then I think it would be SUPER good for IOTA
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Hans Moog [IF]어제 오후 11:38
Yeah but polkadot is not connecting other dlts
Just inhouse stuff
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Hyperware어제 오후 11:39
Is there still a cap on mana so that the rich don't get richer?
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Hans Moog [IF]어제 오후 11:39
Yes mana is capped
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TangleAccountant어제 오후 11:39
u/Hans Moog [IF] My first thought is that the evolution of this renting system will lead to several big mana renting companies that pool together tons of token holders mana. That way businesses looking to rent mana just need to deal with a reliable mana renting company for years instead of a new individual every couple of months (because life happens and you don't know if that individual will need to sell their IOTAs due to personal reasons). Any thoughts on this?
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Hans Moog [IF]어제 오후 11:41
u/TangleAccountant yes that is likely - but also not a bad thing - token holders will have a place to get their monthly payout and the companies that want to use the tangle without having tokens have a place to pay
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TangleAccountant어제 오후 11:42
Oh I completely agree. That's really cool. I'll take a stab at creating one of those companies in the US.
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Hans Moog [IF]어제 오후 11:42
And everybody who wants to run a node themselves or has tokens and wants use the tangle for free can do so
But "leachers" that would want to use the network for free won't be able to do so
I mean ultimately there will always be "fees", as there is no "free lunch".
You have a certain amount of resources that a network can process and you have a certain demand.
And that will naturally result in fees based on supply / demand
what you can do however is to build a system where the actual users of that system that legitimately want to use it can do so for free,
just because they already "invest" enough by having tokens
or running infrastructure
they are already contributing to the well-being of the network through these two aspects alone
it would be stupid to ask those guys for additional fees
and mana essentially tries to be such a measure of honesty among the users
📷
Hyperware어제 오후 11:47
It's interesting from an investment perspective that having tokens/mana is like owning a portion of the network.
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Hans Moog [IF]어제 오후 11:48
Yeah, you are owning a certain % of the throughput and whatever the price will ultimately be to execute on this network - you will earn proportionally
but you have to keep in mind that we are trying to build the most efficient DLT that you could possibly ever build
📷
semibaron어제 오후 11:48
The whole mana (tokens) = share of network throuput sounds very much like EOS tbh
Just that EOS uses DPoS
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Hans Moog [IF]어제 오후 11:50
yeah i mean there is really not too many new things under the sun - you can just tweak a few things here and there, when it comes to distributing resources
DPoS is simply not very nice from a centralization aspect
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Hans Moog [IF]어제 오후 11:50
at least not the way EOS does it
delegating weights is 1 thing
but assuming that the weight will always be in a way that 21 "identities" run the whole network is bad
in the current world you see a centralization of power
but ultimately we want to build a future where the wealth is more evenly distributed
and the same goes for voting power
📷
Hans Moog [IF]어제 오후 11:52
blockchain needs leader selection
it only works with such a centralizing component
IOTA doesn't need that
it's delusional to say that IOTA wouldn't have any such centralization
but maybe we get better than just a handselected nodes 📷
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Phantom3D어제 오후 11:52
How would this affect a regular hodler without a node. Should i keep my tokens elsewere to generate mana and put the tokens to use?
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Hans Moog [IF]어제 오후 11:53
you can do whatever you want with your mana
just make an account at a node you regularly use and use it to build up a reputation with that node
to be able to use your funds for free
or run a node yourself
or rent it out to companies if you just hodl
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semibaron어제 오후 11:54
Will there be a build-in function into the node software / wallet to delegate ("sell") my mana?
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Hans Moog [IF]어제 오후 11:55
u/semibaron not from the start - that would happen on a 2nd layer
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dom어제 오후 9:49
suddenly be incentive to hold iota?
to generate Mana
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Hyperware오늘 오전 4:21
The only thing I can really do, is believe that the IF have smart answers and are still building the best solutions they can for the sake of the vision
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dom오늘 오전 4:43
100% - which is why we're spending so much effort to communicate it more clearly now
we'll do an AMA on this topic very soon
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M [s2]오늘 오전 4:54
u/dom​ please accept my question for the AMA: will IOTA remain a permissionless system and if so, how?
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dom오늘 오전 4:57
of course it remains permissionless
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dom오늘 오전 5:20
what is permissioned about it?
is ETH or Bitcoin permissioned because you have to pay a transaction fee in their native token?
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Gerrit오늘 오전 5:24
How did your industry partners think about the mana solution and the fact they need to hold the token to ensure network throughput?
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dom오늘 오전 5:26
u/Gerrit considering how the infrastructure, legal and regulatory frameworks are improving around the adoption and usage of crypto-currencies within large companies, I really think that we are introducing this concept exactly at the right time. It should make enterprise partners comfortable in using the permissionless network without much of a hurdle. They can always launch their own network if they want to ...
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Gerrit오늘 오전 5:27
Launching their own network can’t be what you want
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dom오늘 오전 5:27
exactly
but that is what's happening with Ethereum and all the other networks
they don't hold Ether tokens either.
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Gerrit오늘 오전 5:32
Will be very exciting to see if ongoing regulation will „allow“ companies to invest and hold the tokens. With upcoming custody solutions that would be a fantastic play.
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Hans Moog [IF]오늘 오전 5:34
It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority
there will still be sharding to keep the network free most of the time
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Hans Moog [IF]오늘 오전 5:35
but without a protection mechanism, somebody could just spam a lot of bullshit and you could break the network(수정됨)
you need some form of protection from this
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M [s2]오늘 오전 5:36
u/Hans Moog [IF] so when I have 0 Mana, I can still send transactions? This is actually the point where it got strange...
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Hans Moog [IF]오늘 오전 5:37
yes you can
unless the network is close to its processing capabilities / being attacked by spammers
then the nodes will favor the mana holders
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Hans Moog [IF]오늘 오전 5:37
but having mana is not a requirement for many years to come
currently even people having fpgas can't spam that many tps
and we will also have sharding implemented by then
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M [s2]오늘 오전 5:39
Thank you u/Hans Moog [IF] ! This is the actually important piece of info!
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Basha오늘 오전 5:38
ok, i thought it was communicated that you need at least 1 mana to process a transaction.
from the blogpost: "... a node with 0 mana can issue no transactions."
maybe they meant during the congestion**, but if that's the case maybe you should add that**
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Hans Moog [IF]오늘 오전 5:42
its under the point "Congestion control:"
yeah this only applies to spam attacks
network not overloaded = no mana needed
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Hans Moog [IF]오늘 오전 5:43
if congested => favor txs from people who have the most skin in the game
but sharding will try to keep the network non-congested most of the time - but there might be short periods of time where an attacker might bring the network close to its limits
and of course its going to take a while to add this, so we need a protection mechanism till sharding is supported(수정됨)
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Hans Moog [IF]오늘 오전 6:36
I don't have a particular problem with EOS or their amount of validators - the reason why I think blockchain is inferior has really nothing to do with the way you do sybil protection
and with validators I mean "voting nodes"
I mean even bitcoin has less mining pools
and you could compare mining pools to dpos in some sense
where people assign their weight (in that case hashing power) to the corresponding mining pools
so EOS is definitely not less decentralized than any other tech
but having more identities having weight in the decision process definitely makes it harder to corrupt a reasonable fraction of the system and makes it easier to shard
so its desirable to have this property(수정됨)

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Antonio Nardella [IF]오늘 오전 3:36
https://twitter.com/cmcanalytics/status/1310866311929647104?s=19
u/C3PO [92% Cooless] They could also add more git repos instead of the wallet one, and we would probably be #1 there too..
----------------------------------------------------------------------------------
Disclaimer:
I'm sorry, maybe I'm fueling some confusion through posting this mana-thing too soon,
but, instead of erasing this posting, I'm adding recent convos.
Certain things about mana seem to be not clear, yet.
It would be better to wait for some official clarification.
But, I hope the community gives its full support to IF, 'cause
there could be always some bumps along the untouched, unchartered way.
--------------------------------------------------------------------------------------
Recent Addition;

Billy Sanders [IF]오늘 오후 1:36

It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority
u/Hans Moog [IF] Im sorry Hans, but this is false in the current congestion control algorithm. No mana = no transactions. To be honest, we havent really tried to make it work so that you can sent transactions with no mana during ties with no congestion, but I dont see how you can enable this and still maintain the sybil protection required. u/Luigi Vigneri [IF] What do you think?📷

Dave [EF]오늘 오후 2:19

Suggestion: Sidebar, then get back to us with the verdict.(수정됨)📷2📷

dom오늘 오후 2:27

No Mana no tx will definitely not be the case(수정됨)📷5📷7***[오후 2:28]***Billy probably means the previous rate control paper as it was written by Luigi. I'll clarify with them📷

Hans Moog [IF]오늘 오후 2:29

When was this decided u/Billy Sanders [IF] and by whom? Was this discussed at last resum when I wasnt there? The last info that I had was that the congestion control should only kick in when there is congestion?!?***[오후 2:29]***📷 📷 📷📷

Navin Ramachandran [IF]오늘 오후 2:30

Let's sidebar this discussion and return when we have agreement. Dave has the right idea

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