What is Bitcoin mining, and why is it necessary? – Coin Center
How Many Bitcoins Are There? How Many Left to Mine? (2020)
Why Osana takes so long? (Programmer's point of view on current situation)
I decided to write a comment about «Why Osana takes so long?» somewhere and what can be done to shorten this time. It turned into a long essay. Here's TL;DR of it:
The cost of never paying down this technical debt is clear; eventually the cost to deliver functionality will become so slow that it is easy for a well-designed competitive software product to overtake the badly-designed software in terms of features. In my experience, badly designed software can also lead to a more stressed engineering workforce, in turn leading higher staff churn (which in turn affects costs and productivity when delivering features). Additionally, due to the complexity in a given codebase, the ability to accurately estimate work will also disappear. Junade Ali, Mastering PHP Design Patterns (2016)
Longer version: I am not sure if people here wanted an explanation from a real developer who works with C and with relatively large projects, but I am going to do it nonetheless. I am not much interested in Yandere Simulator nor in this genre in general, but this particular development has a lot to learn from for any fellow programmers and software engineers to ensure that they'll never end up in Alex's situation, especially considering that he is definitely not the first one to got himself knee-deep in the development hell (do you remember Star Citizen?) and he is definitely not the last one. On the one hand, people see that Alex works incredibly slowly, equivalent of, like, one hour per day, comparing it with, say, Papers, Please, the game that was developed in nine months from start to finish by one guy. On the other hand, Alex himself most likely thinks that he works until complete exhaustion each day. In fact, I highly suspect that both those sentences are correct! Because of the mistakes made during early development stages, which are highly unlikely to be fixed due to the pressure put on the developer right now and due to his overall approach to coding, cost to add any relatively large feature (e.g. Osana) can be pretty much comparable to the cost of creating a fan game from start to finish. Trust me, I've seen his leaked source code (don't tell anybody about that) and I know what I am talking about. The largest problem in Yandere Simulator right now is its super slow development. So, without further ado, let's talk about how «implementing the low hanging fruit» crippled the development and, more importantly, what would have been an ideal course of action from my point of view to get out. I'll try to explain things in the easiest terms possible.
else if's and lack any sort of refactoring in general
Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away. Antoine de Saint-Exupéry
This is why refactoring — activity of rewriting your old code so it does the same thing, but does it quicker, in a more generic way, in less lines or simpler — is so powerful. In my experience, you can only keep one module/class/whatever in your brain if it does not exceed ~1000 lines, maybe ~1500. Splitting 17000-line-long class into smaller classes probably won't improve performance at all, but it will make working with parts of this class way easier. Is it too late now to start refactoring? Of course NO: better late than never.
If you think that you wrote this code, so you'll always easily remember it, I have some bad news for you: you won't. In my experience, one week and that's it. That's why comments are so crucial. It is not necessary to put a ton of comments everywhere, but just a general idea will help you out in the future. Even if you think that It Just Works™ and you'll never ever need to fix it. Time spent to write and debug one line of code almost always exceeds time to write one comment in large-scale projects. Moreover, the best code is the code that is self-evident. In the example above, what the hell does (float) 6 mean? Why not wrap it around into the constant with a good, self-descriptive name? Again, it won't affect performance, since C# compiler is smart enough to silently remove this constant from the real code and place its value into the method invocation directly. Such constants are here for you. I rewrote my code above a little bit to illustrate this. With those comments, you don't have to remember your code at all, since its functionality is outlined in two tiny lines of comments above it. Moreover, even a person with zero knowledge in programming will figure out the purpose of this code. It took me less than half a minute to write those comments, but it'll probably save me quite a lot of time of figuring out «what was I thinking back then» one day. Is it too late now to start adding comments? Again, of course NO. Don't be lazy and redirect all your typing from «debunk» page (which pretty much does the opposite of debunking, but who am I to judge you here?) into some useful comments.
This is often neglected, but consider the following. You wrote some code, you ran your game, you saw a new bug. Was it introduced right now? Is it a problem in your older code which has shown up just because you have never actually used it until now? Where should you search for it? You have no idea, and you have one painful debugging session ahead. Just imagine how easier it would be if you've had some routines which automatically execute after each build and check that environment is still sane and nothing broke on a fundamental level. This is called unit testing, and yes, unit tests won't be able to catch all your bugs, but even getting 20% of bugs identified at the earlier stage is a huge boon to development speed. Is it too late now to start adding unit tests? Kinda YES and NO at the same time. Unit testing works best if it covers the majority of project's code. On the other side, a journey of a thousand miles begins with a single step. If you decide to start refactoring your code, writing a unit test before refactoring will help you to prove to yourself that you have not broken anything without the need of running the game at all.
This is basically pretty self-explanatory. You set this thing once, you forget about it. Static code analyzer is another «free estate» to speed up the development process by finding tiny little errors, mostly silly typos (do you think that you are good enough in finding them? Well, good luck catching x << 4; in place of x <<= 4; buried deep in C code by eye!). Again, this is not a silver bullet, it is another tool which will help you out with debugging a little bit along with the debugger, unit tests and other things. You need every little bit of help here. Is it too late now to hook up static code analyzer? Obviously NO.
Say, you want to build Osana, but then you decided to implement some feature, e.g. Snap Mode. By doing this you have maybe made your game a little bit better, but what you have just essentially done is complicated your life, because now you should also write Osana code for Snap Mode. The way game architecture is done right now, easter eggs code is deeply interleaved with game logic, which leads to code «spaghettifying», which in turn slows down the addition of new features, because one has to consider how this feature would work alongside each and every old feature and easter egg. Even if it is just gazing over one line per easter egg, it adds up to the mess, slowly but surely. A lot of people mention that developer should have been doing it in object-oritented way. However, there is no silver bullet in programming. It does not matter that much if you are doing it object-oriented way or usual procedural way; you can theoretically write, say, AI routines on functional (e.g. LISP)) or even logical language if you are brave enough (e.g. Prolog). You can even invent your own tiny programming language! The only thing that matters is code quality and avoiding the so-called shotgun surgery situation, which plagues Yandere Simulator from top to bottom right now. Is there a way of adding a new feature without interfering with your older code (e.g. by creating a child class which will encapsulate all the things you need, for example)? Go for it, this feature is basically «free» for you. Otherwise you'd better think twice before doing this, because you are going into the «technical debt» territory, borrowing your time from the future by saying «I'll maybe optimize it later» and «a thousand more lines probably won't slow me down in the future that much, right?». Technical debt will incur interest on its own that you'll have to pay. Basically, the entire situation around Osana right now is just a huge tale about how just «interest» incurred by technical debt can control the entire project, like the tail wiggling the dog. I won't elaborate here further, since it'll take me an even larger post to fully describe what's wrong about Yandere Simulator's code architecture. Is it too late to rebuild code architecture? Sadly, YES, although it should be possible to split Student class into descendants by using hooks for individual students. However, code architecture can be improved by a vast margin if you start removing easter eggs and features like Snap Mode that currently bloat Yandere Simulator. I know it is going to be painful, but it is the only way to improve code quality here and now. This will simplify the code, and this will make it easier for you to add the «real» features, like Osana or whatever you'd like to accomplish. If you'll ever want them back, you can track them down in Git history and re-implement them one by one, hopefully without performing the shotgun surgery this time.
Again, I won't be talking about the performance, since you can debug your game on 20 FPS as well as on 60 FPS, but this is a very different story. Yandere Simulator is huge. Once you fixed a bug, you want to test it, right? And your workflow right now probably looks like this:
Fix the code (unavoidable time loss)
Rebuild the project (can take a loooong time)
Load your game (can take a loooong time)
Test it (unavoidable time loss, unless another bug has popped up via unit testing, code analyzer etc.)
And you can fix it. For instance, I know that Yandere Simulator makes all the students' photos during loading. Why should that be done there? Why not either move it to project building stage by adding build hook so Unity does that for you during full project rebuild, or, even better, why not disable it completely or replace with «PLACEHOLDER» text for debug builds? Each second spent watching the loading screen will be rightfully interpreted as «son is not coding» by the community. Is it too late to reduce loading times? Hell NO.
Or any other continuous integration tool. «Rebuild a project» can take a long time too, and what can we do about that? Let me give you an idea. Buy a new PC. Get a 32-core Threadripper, 32 GB of fastest RAM you can afford and a cool motherboard which would support all of that (of course, Ryzen/i5/Celeron/i386/Raspberry Pi is fine too, but the faster, the better). The rest is not necessary, e.g. a barely functional second hand video card burned out by bitcoin mining is fine. You set up another PC in your room. You connect it to your network. You set up ramdisk to speed things up even more. You properly set up Jenkins) on this PC. From now on, Jenkins cares about the rest: tracking your Git repository, (re)building process, large and time-consuming unit tests, invoking static code analyzer, profiling, generating reports and whatever else you can and want to hook up. More importantly, you can fix another bug while Jenkins is rebuilding the project for the previous one et cetera. In general, continuous integration is a great technology to quickly track down errors that were introduced in previous versions, attempting to avoid those kinds of bug hunting sessions. I am highly unsure if continuous integration is needed for 10000-20000 source lines long projects, but things can be different as soon as we step into the 100k+ territory, and Yandere Simulator by now has approximately 150k+ source lines of code. I think that probably continuous integration might be well worth it for Yandere Simulator. Is it too late to add continuous integration?NO, albeit it is going to take some time and skills to set up.
Stop caring about the criticism
Stop comparing Alex to Scott Cawton. IMO Alex is very similar to the person known as SgtMarkIV, the developer of Brutal Doom, who is also a notorious edgelord who, for example, also once told somebody to kill himself, just like… However, being a horrible person, SgtMarkIV does his job. He simply does not care much about public opinion. That's the difference.
Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing
Written by chaintalk.tv https://preview.redd.it/v238540taz751.jpg?width=1280&format=pjpg&auto=webp&s=2a852e171a74e49da802d7c12fadba452cf4cf43 We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below. How come you decided to open up CoinEx to other cryptos other than just BCH? Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development. As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading. How does CoinEx integrate with the ViaBTC Pool? Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May. As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology. After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners. Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms. The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately. CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them? Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets. To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx. During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users. At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer. In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform. From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from? Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more. Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April. With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges? Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday. Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible. Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries. Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure. What is the geographical breakdown of the CoinEx userbase? Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea. Do you have plans to focus on any certain jurisdictions? How will you do that? Eddie Jiang: When we evaluate regions, two things matter: policy and potential. Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher. For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons. CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation. Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations. What is CoinEx Chain and CoinEx DEX? Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security. On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it. CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators. It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible. Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity. How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption? Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks. The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs. The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team. Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience. How will CoinEx Chain and DEX help the crypto industry as a whole? Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility. CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts. But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts. Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem. Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives. With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space? Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine. What updates is the CoinEx team most excited for? Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential. Original article ClickHEREto register on CoinEx
Dieter Fishbein, Ecosystem Development Lead, Web3 Foundation
Dan: Hey everyone, thanks for joining us for the Polkadot Launch AMA. We have Dieter Fishbein (Head of Ecosystem Development, our business development team), Logan Saether (Technical Education), and Will Pankiewicz (Master of Validators) joining us today. We had some great questions submitted in advance, and we’ll start by answering those and learning a bit about each of our guests. After we go through the pre-submitted questions, then we’ll open up the chat to live Q&A and the hosts will answer as many questions as they can. We’ll start off with Dieter and ask him a set of some business-related questions.
Dieter could you introduce yourself, your background, and your role within the Polkadot ecosystem?
Dieter: I got my start in the space as a cryptography researcher at the University of Waterloo. This is where I first learned about Bitcoin and started following the space. I spent the next four years or so on the investment team for a large asset manager where I primarily focused on emerging markets. In 2017 I decided to take the plunge and join the space full-time. I worked at a small blockchain-focused VC fund and then joined the Polkadot team just over a year ago. My role at Polkadot is mainly focused on ensuring there is a vibrant community of projects building on our technology.
Q: Adoption of Polkadot of the important factors that all projects need to focus on to become more attractive to the industry. So, what is Polkadot's plan to gain more Adoption? [sic]
A (Dieter): Polkadot is fundamentally a developer-focused product so much of our adoption strategy is focused around making Polkadot an attractive product for developers. This has many elements. Right now the path for most developers to build on Polkadot is by creating a blockchain using the Substrate framework which they will later connect to Polkadot when parachains are enabled. This means that much of our adoption strategy comes down to making Substrate an attractive tool and framework. However, it’s not just enough to make building on Substrate attractive, we must also provide an incentive to these developers to actually connect their Substrate-based chain to Polkadot. Part of this incentive is the security that the Polkadot relay chain provides but another key incentive is becoming interoperable with a rich ecosystem of other projects that connect to Polkadot. This means that a key part of our adoption strategy is outreach focused. We go out there and try to convince the best projects in the space that building on our technology will provide them with significant value-add. This is not a purely technical argument. We provide significant support to projects building in our ecosystem through grants, technical support, incubatoaccelerator programs and other structured support programs such as the Substrate Builders Program (https://www.substrate.io/builders-program). I do think we really stand out in the significant, continued support that we provide to builders in our ecosystem. You can also take a look at the over 100 Grants that we’ve given from the Web3 Foundation: https://medium.com/web3foundation/web3-foundation-grants-program-reaches-100-projects-milestone-8fd2a775fd6b
Q: On moving forward through your roadmap, what are your most important next priorities? Does the Polkadot team have enough fundamentals (Funds, Community, etc.) to achieve those milestones?
A (Dieter): I would say the top priority by far is to ensure a smooth roll-out of key Polkadot features such as parachains, XCMP and other key parts of the protocol. Our recent Proof of Authority network launch was only just the beginning, it’s crucial that we carefully and successfully deploy features that allow builders to build meaningful technology. Second to that, we want to promote adoption by making more teams aware of Polkadot and how they can leverage it to build their product. Part of this comes down to the outreach that I discussed before but a major part of it is much more community-driven and many members of the team focus on this. We are also blessed to have an awesome community to make this process easier 🙂
Q: Where can a list of Polkadot's application-specific chains can be found?
A (Dieter): The best list right now is http://www.polkaproject.com/. This is a community-led effort and the team behind it has done a terrific job. We’re also working on providing our own resource for this and we’ll share that with the community when it’s ready.
Q: Could you explain the differences and similarities between Kusama and Polkadot?
A (Dieter): Kusama is fundamentally a less robust, faster-moving version of Polkadot with less economic backing by validators. It is less robust since we will be deploying new technology to Kusama before Polkadot so it may break more frequently. It has less economic backing than Polkadot, so a network takeover is easier on Kusama than on Polkadot, lending itself more to use cases without the need for bank-like security. In exchange for lower security and robustness, we expect the cost of a parachain lease to be lower on Kusama than Polkadot. Polkadot will always be 100% focused on security and robustness and I expect that applications that deal with high-value transactions such as those in the DeFi space will always want a Polkadot deployment, I think there will be a market for applications that are willing to trade cheap, high throughput for lower security and robustness such as those in the gaming, content distribution or social networking sectors. Check out - https://polkadot.network/kusama-polkadot-comparing-the-cousins/ for more detailed info!
Q: and for what reasons would a developer choose one over the other?
A (Dieter): Firstly, I see some earlier stage teams who are still iterating on their technology choosing to deploy to Kusama exclusively because of its lower-stakes, faster moving environment where it will be easier for them to iterate on their technology and build their user base. These will likely encompass the above sectors I identified earlier. To these teams, Polkadot becomes an eventual upgrade path for them if, and when, they are able to perfect their product, build a larger community of users and start to need the increased stability and security that Polkadot will provide. Secondly, I suspect many teams who have their main deployment on Polkadot will also have an additional deployment on Kusama to allow them to test new features, either their tech or changes to the network, before these are deployed to Polkadot mainnet.
Logan Saether, Technical Education, Web3 Foundation
Q: Sweet, let's move over to Logan. Logan - could you introduce yourself, your background, and your role within the Polkadot ecosystem?
A (Logan): My initial involvement in the industry was as a smart contract engineer. During this time I worked on a few projects, including a reboot of the Ethereum Alarm Clock project originally by Piper Merriam. However, I had some frustrations at the time with the limitations of the EVM environment and began to look at other tools which could help me build the projects that I envisioned. This led to me looking at Substrate and completing a bounty for Web3 Foundation, after which I applied and joined the Technical Education team. My responsibilities at the Technical Education team include maintaining the Polkadot Wiki as a source of truth on the Polkadot ecosystem, creating example applications, writing technical documentation, giving talks and workshops, as well as helping initiatives such as the Thousand Validator Programme.
Q: The first technical question submitted for you was: "When will an official Polkadot mobile wallet appear?"
A (Logan): There is already an “official” wallet from Parity Technologies called the Parity Signer. Parity Signer allows you to keep your private keys on an air-gapped mobile device and to interactively sign messages using web interfaces such as Polkadot JS Apps. If you’re looking for something that is more of an interface to the blockchain as well as a wallet, you might be interested in PolkaWallet which is a community team that is building a full mobile interface for Polkadot. For more information on Parity Signer check out the website: https://www.parity.io/signe
Q: Great thanks...our next question is: If someone already developed an application to run on Ethereum, but wants the interoperability that Polkadot will offer, are there any advantages to rebuilding with Substrate to run as a parachain on the Polkadot network instead of just keeping it on Ethereum and using the Ethereum bridge for use with Polkadot?
A (Logan): Yes, the advantage you would get from building on Substrate is more control over how your application will interact with the greater Polkadot ecosystem, as well as a larger design canvas for future iterations of your application. Using an Ethereum bridge will probably have more cross chain latency than using a Polkadot parachain directly. The reason for this is due to the nature of Ethereum’s separate consensus protocol from Polkadot. For parachains, messages can be sent to be included in the next block with guarantees that they will be delivered. On bridged chains, your application will need to go through more routes in order to execute on the desired destination. It must first route from your application on Ethereum to the Ethereum bridge parachain, and afterward dispatch the XCMP message from the Polkadot side of the parachain. In other words, an application on Ethereum would first need to cross the bridge then send a message, while an application as a parachain would only need to send the message without needing to route across an external bridge.
Q: DOT transfers won't go live until Web3 removes the Sudo module and token holders approve the proposal to unlock them. But when will staking rewards start to be distributed? Will it have to after token transfers unlock? Or will accounts be able to accumulate rewards (still locked) once the network transitions to NPoS?
A (Logan): Staking rewards will be distributed starting with the transition to NPoS. Transfers will still be locked during the beginning of this phase, but reward payments are technically different from the normal transfer mechanism. You can read more about the launch process and steps at http://polkadot.network/launch-roadmap
Q: Next question is: I'm interested in how Cumulus/parachain development is going. ETA for when we will see the first parachain registered working on Kusama or some other public testnet like Westend maybe?
A (Logan): Parachains and Cumulus is a current high priority development objective of the Parity team. There have already been PoC parachains running with Cumulus on local testnets for months. The current work now is making the availability and validity subprotocols production ready in the Polkadot client. The best way to stay up to date would be to follow the project boards on GitHub that have delineated all of the tasks that should be done. Ideally, we can start seeing parachains on Westend soon with the first real parachains being deployed on Kusama thereafter. The projects board can be viewed here: https://github.com/paritytech/polkadot/projects Dan: Also...check out Basti's tweet from yesterday on the Cumulus topic: https://twitter.com/bkchstatus/1270479898696695808?s=20
Q: In what ways does Polkadot support smart contracts?
A (Logan): The philosophy behind the Polkadot Relay Chain is to be as minimal as possible, but allow arbitrary logic at the edges in the parachains. For this reason, Polkadot does not support smart contracts natively on the Relay Chain. However, it will support smart contracts on parachains. There are already a couple major initiatives out there. One initiative is to allow EVM contracts to be deployed on parachains, this includes the Substrate EVM module, Parity’s Frontier, and projects such as Moonbeam. Another initiative is to create a completely new smart contract stack that is native to Substrate. This includes the Substrate Contracts pallet, and the ink! DSL for writing smart contracts. Learn more about Substrate's compatibility layer with Ethereum smart contracts here: https://github.com/paritytech/frontier
Will Pankiewicz, Master of Validators, Parity Technologies
Q: (Dan) Thanks for all the answers. Now we’ll start going through some staking questions with Will related to validating and nominating on Polkadot. Will - could you introduce yourself, your background, and your role within the Polkadot ecosystem?
A (Will): Sure thing. Like many others, Bitcoin drew me in back in 2013, but it wasn't until Ethereum came that I took the deep dive into working in the space full time. It was the financial infrastructure aspects of cryptocurrencies I was initially interested in, and first worked on dexes, algorithmic trading, and crypto funds. I really liked the idea of "Generalized Mining" that CoinFund came up with, and started to explore the whacky ways the crypto funds and others can both support ecosystems and be self-sustaining at the same time. This drew me to a lot of interesting experiments in what later became DeFi, as well as running validators on Proof of Stake networks. My role in the Polkadot ecosystem as “Master of Validators” is ensuring the needs of our validator community get met.
Q: Cool thanks. Our first community question was "Is it still more profitable to nominate the validators with lesser stake?"
A (Will): It depends on their commission, but generally yes it is more profitable to nominate validators with lesser stake. When validators have lesser stake, when you nominate them this makes your nomination stake a higher percentage of total stake. This means when rewards get distributed, it will be split more favorably toward you, as rewards are split by total stake percentage. Our entire rewards scheme is that every era (6 hours in Kusama, 24 hours in Polkadot), a certain amount of rewards get distributed, where that amount of rewards is dependent on the total amount of tokens staked for the entire network (50% of all tokens staked is currently optimal). These rewards from the end of an era get distributed roughly equally to all validators active in the validator set. The reward given to each validator is then split between the validators and all their nominators, determined by the total stake that each entity contributes. So if you contribute to a higher percentage of the total stake, you will earn more rewards.
Q: What does priority ranking under nominator addresses mean? For example, what does it mean that nominator A has priority 1 and nominator B has priority 6?
A (Will): Priority ranking is just the index of the nomination that gets stored on chain. It has no effect on how stake gets distributed in Phragmen or how rewards get calculated. This is only the order that the nominator chose their validators. The way that stake from a nominator gets distributed from a nominator to validators is via Phragmen, which is an algorithm that will optimally put stake behind validators so that distribution is roughly equal to those that will get in the validator set. It will try to maximize the total amount at stake in the network and maximize the stake behind minimally staked validators.
Q: On Polkadot.js, what does it mean when there are nodes waiting on Polkadot?
**A (Will):**In Polkadot there is a fixed validator set size that is determined by governance. The way validators get in the active set is by having the highest amount of total stake relative to other validators. So if the validator set size is 100, the top 100 validators by total stake will be in the validator set. Those not active in the validator set will be considered “waiting”.
Q: Another question...Is it necessary to become a waiting validator node right now?
A (Will): It's not necessary, but highly encouraged if you actively want to validate on Polkadot. The longer you are in the waiting tab, the longer you get exposure to nominators that may nominate you.
Q: Will current validators for Kusama also validate for Polkadot? How strongly should I consider their history (with Kusama) when looking to nominate a good validator for DOTs?
A (Will): A lot of Kusama validators will also be validators for Polkadot, as KSM was initially distributed to DOT holders. The early Kusama Validators will also likely be the first Polkadot validators. Being a Kusama validator should be a strong indicator for who to nominate on Polkadot, as the chaos that has ensued with Kusama has allowed validators to battle test their infrastructure. Kusama validators by now are very familiar with tooling, block explorers, terminology, common errors, log formats, upgrades, backups, and other aspects of node operation. This gives them an edge against Polkadot validators that may be new to the ecosystem. You should strongly consider well known Kusama validators when making your choices as a nominator on Polkadot.
Q: Can you go into more details about the process for becoming a DOT validator? Is it similar as the KSM 1000 validators program?
A (Will): The Process for becoming a DOT validators is first to have DOTs. You cannot be a validator without DOTs, as DOTs are used to pay transaction fees, and the minimum amount of DOTs you need is enough to create a validate transaction. After obtaining enough DOTs, you will need to set up your validator infrastructure. Ideally you should have a validator node with specs that match what we call standard hardware, as well as one or more sentry nodes to help isolate the validator node from attacks. After the infrastructure is up and running, you should have your Polkadot accounts set up right with a stash bonded to a controller account, and then submit a validate transaction, which will tell the network your nodes are ready to be a part of the network. You should then try and build a community around your validator to let others know you are trustworthy so that they will nominate you. The 1000 validators programme for Kusama is a programme that gives a certain amount of nominations from the Web3 Foundation and Parity to help bootstrap a community and reputation for validators. There may eventually be a similar type of programme for Polkadot as well. Dan: Thanks a lot for all the answers, Will. That’s the end of the pre-submitted questions and now we’ll open the chat up to live Q&A, and our three team members will get through as many of your questions as possible. We will take questions related to business development, technology, validating, and staking. For those wondering about DOT: DOT tokens do not exist yet. Allocations of Polkadot's native DOT token are technically and legally non-transferable. Hence any publicized sale of DOTs is unsanctioned by Web3 Foundation and possibly fraudulent. Any official public sale of DOTs will be announced on the Web3 Foundation website. Polkadot’s launch process started in May and full network decentralization later this year, holders of DOT allocations will determine issuance and transferability. For those who participated in previous DOT sales, you can learn how to claim your DOTs here (https://wiki.polkadot.network/docs/en/claims).
Telegram Community Follow-up Questions Addressed Below
Q: Polkadot looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Polkadot to give it the importance it deserves? What are your planning to achieve with your project?
A (Will): Personally, what I think differentiates it is the governance process. Coordinating forkless upgrades and social coordination helps stand it apart. A (Dieter): The wiki is awesome - https://wiki.polkadot.network/
Q: Over 10,000 ETH paid as a transaction fee , what if this happens on Polkadot? Is it possible we can go through governance to return it to the owner?
Q: What is the minimum ideal amount of DOT and KSM to have if you want to become a validator and how much technical knowledge do you need aside from following the docs?
A (Will): It depends on what the other validators in the ecosystem are staking as well as the validator set size. You just need to be in the top staking amount of the validator set size. So if its 100 validators, you need to be in the top 100 validators by stake.
Q: Will Web3 nominate validators? If yes, which criteria to be elected?
Q: How did you manage to prove that the consensus protocol is safe and unbreakable mathematically?
A (Dieter): We have a research teams of over a dozen scientists with PhDs and post-docs in cryptography and distributed computing who do thorough theoretical analyses on all the protocols used in Polkadot
Q: What are the prospects for NFT?
A: Already being built 🙂
Q: What will be Polkadot next roadmap for 2020 ?
A (Dieter): Building. But seriously - we will continue to add many more features and upgrades to Polkadot as well as continue to strongly focus on adoption from other builders in the ecosystem 🙂 A (Will): https://polkadot.network/launch-roadmap/ This is the launch roadmap. Ideally adding parachains and xcmp towards the end of the year
Q: How Do you stay active in terms of marketing developments during this PANDEMIC? Because I'm sure you're very excited to promote more after this settles down.
A (Dan): The main impact of covid was the impact on in-person events. We have been very active on Crowdcast for webinars since 2019, so it was quite the smooth transition to all-online events. You can see our 40+ past event recordings and follow us on Crowdcast here: https://www.crowdcast.io/polkadot. If you're interested in following our emails for updates (including online events), subscribe here: https://info.polkadot.network/subscribe
Q: Hi, who do you think is your biggest competitor in the space?
A (Dan): Polkadot is a metaprotocol that hasn't been seen in the industry up until this point. We hope to elevate the industry by providing interoperability between all major public networks as well as private blockchains.
Q: Is Polkadot a friend or competitor of Ethereum?
A: Polkadot aims to elevate the whole blockchain space with serious advancements in interoperability, governance and beyond :)
Q: When will there be hardware wallet support?
A (Will): Parity Signer works well for now. Other hardware wallets will be added pretty soon
Q: What are the attractive feature of DOT project that can attract any new users ?
A: We are working on integrations on all the biggest and best wallet providers. ;)
Q: What event/call can we track to catch a switch to nPOS? Is it only force_new_era call? Thanks.
A (Will): If you're on riot, useful channels to follow for updates like this are #polkabot:matrix.org and #polkadot-announcements:matrix.parity.io A (Logan): Yes this is the trigger for initiating the switch to NPoS. You can also poll the ForceEra storage for when it changes to ForceNew.
Q: What strategy will the Polkadot Team use to make new users trust its platform and be part of it?
Q: What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?
A (Will): Governance I see as a huge problem. For example upgrading Bitcoin and making decisions for changing things is a very challenging process. We have robust systems of on-chain governance to help solve these coordination problems
Q: How involved are the Polkadot partners? Are they helping with the development?
Q: Can you explain the role of the treasury in Polkadot?
A (Will): The treasury is for projects or people that want to build things, but don't want to go through the formal legal process of raising funds from VCs or grants or what have you. You can get paid by the community to build projects for the community. A: There’s a whole section on the wiki about the treasury and how it functions here https://wiki.polkadot.network/docs/en/mirror-learn-treasury#docsNav
Q: Any plan to introduce Polkadot on Asia, or rising market on Asia?
**A (Will):**We're globally focused
Q: What kind of impact do you expect from the Council? Although it would be elected by token holders, what kind of people you wish to see there?
A (Will): Community focused individuals like u/jam10o that want to see cool things get built and cool communities form If you have further questions, please ask in the official Polkadot Telegram channel.
Industry Insight shared by WaykiChain CEO, Gordon Gao
The opening of 2020 is very chaotic considering coronavirus broke out globally, all kinds of assets experienced significant shocks, oil price plummeted, gold prices suffered volatility, and US stocks experienced several trading curbs, etc and different kinds of epic Black swan event happened. What do you think about the influence of these unusual events towards DeFi?
I think it’s the best thing that can happen to DeFi. Because all these things help expose underlying problems, such as economic bubble, indiscriminate leverage, credit crisis, which can cause people to distrust the financial system. And DeFi is the revolution against the traditional financial system, it is a complete subversion. Paul Jones thinks that the government over issued currencies, so he needs to transit his assert to Bitcoin. Crisis means opportunity. The traditional financial system has long-existing problems. Most of the assets were made by capitalists, some in reasonable ways, while the others are simply robbery. But most of the people didn’t realize it. Henry Ford says, people don’t even know how our currencies and bank system works, which is good, since if they know, there will be a revolution before the next morning. Now all kinds of black swan events can make people aware of risks, and before the final risk comes, choose a more transparent and fair way to participate in finance.
Since this year, more and more public chains have begun to deploy the DeFi ecosystem. DeFi ecosystem has become an important direction for public chains to explore the landing of the blockchain this year. Can you analyze why the public chain has gathered to develop the DeFi ecosystem this year?
Most public chains have explored for a long time. Last year, many people said that the public chain industry was dead, but I feel that they just didn’t find the rigid demand for landing applications. Now everyone has begun to understand that DeFi is the best way out of the public chain. WaykiChain started to develop the first product of DeFi in March last year-The stablecoin and collateral loan agreement (WaykiCDP). However, it was not popularly called as DeFi at that time. Now, what we start with is to find a rigid-demanded scenario for the blockchain landing, and shorten the user’s path to enter into ecology. In this circle, most of the people are speculators and investors who hold two big needs of borrowing and making money, and DeFi is doing this business. From another perspective, the emergence of Bitcoin has created a new currency, and the role of public chains and smart contracts is to allow the currency to circulate under certain rules. Isn’t this just finance? In other words, if blockchain can’t even do finance, then it is just a scam.
can you explain to us the status and scale of the DeFi market nowadays?
The size of the DeFi industry can be roughly measured by the value of lock-up. Ethereum, as the largest DeFi platform at present, occupies most of the market share. Now the lock-up value on Ethereum is around USD 1 billion. Since last year, other public chains have started to have DeFi applications, including WaykiChain, cosmos, Polkadot, TRON, etc. The current DeFi scale on WaykiChain is not as good as Ethereum in terms of absolute volume, but in terms of the proportion of DeFi locks, WaykiChain definitely has the highest proportion so far, reaching the total of 17%. In terms of absolute volume, only niche players in the currency circle participate in DeFi, but DeFi has maintained market growth in the past two years, and the amount of lock-up positions has risen sharply, so the entire market still has a lot of room for each project party to explore.
compared to Bitcoin mining, DeFi is obviously more decentralized and suitable to the public. From a broad aspect, what advantage do you think DeFi has when compared to traditional finance, and what is the meaning of it towards the finance industry?
I like this question, so I will spend more time explaining it. I think the difference of DeFi can be shown in 3 points: DeFi can change the role people play in the financial system. In traditional finance, as an ordinary user, your role and participation process are very limited. However, this limitation is determined by all aspects, such as the credit problem, the threshold of the number of funds, as well as the license and the threshold of power, and so on. Such limitations often make ordinary users vulnerable groups in the financial system. And under the rules of the top class, wealth will always flow to the top. For example, global currencies have been issued continuously, have we participated in the decision? No. Has it been issued to individuals? No. We can only see that the world keeps issuing money, and the money in our hands is depreciating, while there is nothing we can do. But DeFi is different. Let me give an example. WaykiChain DeFi's governance coin WGRT, the holder has both the power of governance parameters and the benefits of the interest and penalty of the entire system. This is a role you cannot play in traditional finance. In DeFi system, it is full of fairness. DeFi can reduce financial costs. Since the beginning of the industrial era, the global financial structure has remained unchanged, relying heavily on various intermediate institutions. Central banks, investment banks, commercial banks, securities companies, etc. It can be said that any financial activity needs to have more than one intermediary profit from it. For example, in addition to the loss of the price difference of a transaction, a transaction also includes brokerage commissions, exchange transaction fees, stamp duties of regulatory authorities, etc. The price difference earned by these so-called "middlemen" makes them the richest class in the world. However, DeFi adopts an open protocol and provides low-cost financial services for everyone at low cost, which greatly reduces the cost of transactions. DeFi can improve the efficiency of finance. Blockchain enables financial transactions to achieve transaction settlement. It has gone beyond the traditional settlement system of financial institutions. When it comes to cross-border transactions. In terms of the transfer, a cross-border transfer can sometimes take several days, but in the blockchain system or DeFi system, the actual ownership of assets has changed when the transaction occurs. There’s one more point that I want to mention that is DeFi can derive something that traditional finance doesn’t have. For example, the constant product market maker is an innovative product in the field of DeFi. We believe that DeFi can not only improve and improve the original traditional finance but also have more innovations to be discovered. The CTO of our team wrote such a sentence in the introduction of WaykiChain code: “the only limitation of the blockchain is our imagination.”
At present, there is a strange situation in the industry. When asked DeFi, many people said they know it. But when it comes to the question of who invest it, everyone said they didn’t. What do you think is the reason for this situation? Where are the potential users of DeFi?
There should still be some people who have invested in the DeFi project. This year's link, knc, and mkr are all DeFi concepts, and they all have good market performance, including WaykiChain is also a DeFi concept, and our community is not small. It's just that few people are using DeFi products. In fact, not only a few people use DeFi products, but also fewer people who put coins in wallets to play any application in addition to the use of exchanges to speculate coins in the currency circle. For example, I got data before that showed only 14,000 people on Ethereum participate in DeFi. DeFi currently lacks a popular hit, like Dapp's ethernet cat, fomo3D, which can mobilize the market's passion at once. WaykiChain will release a DeFi product called Wayki-X in the second half of this year. Concerning synthetic asset transactions, we are confident that this product will become a hot issue. The first-level potential users of DeFi are users of public chain tokens, especially for collateral-type DeFi applications. For example, users who hold ETH are potential users of DeFi on Ethereum. Only if I look high on ETH, I will collateral ETH for various other financial activities. The same is true for WaykiChain. So if most of the non-DeFi public chains are removed, and most Bitcoin holders, this first-level potential user is still very limited. The second-level potential users are DeFi participants, such as participating in DEX transactions, or using other assets to purchase DeFi stable coins for investment and so on. The third-level potential users are some users outside the circle. They will take advantage of income opportunities, such as wealth management and other applications to come in contact with DeFi. This most extensive market has not been well developed. Ethereum already has an integrated DeFi ecosystem, and there are plenty of branches on it, plus a lot of public chains have poured into the DeFi track this year. However, the current scale of DeFi users is still small, and many people are worried that so many public chains are pouring into the DeFi track, but the market can’t digest so many DeFi products, thus they may finally be of varying quality. Are you worried about this problem? I am not worried. First of all, the advantage of Ethereum is not that great. The DeFi ecosystem on Ethereum can be said to be in full bloom, but it is not integrated. In addition, Ethereum now establishes DeFi in a savage way of development. I feel that it is just a child who plays on the beach and cannot build a skyscraper. The financial system needs to be framed, at least the asset standards should be unified, the pricing unit should be unified, and the liquidity measurement standards should be unified. DeFi on Ethereum does not have all these uniformities above, so many problems have arisen this year. Although the single-module product looks fine, once it comes to the “interoperability” that DeFi on Ethereum is proud of, three particularly serious security incidents occurred. Another thing is that if users want to use DeFi on Ethereum completely, they have to cross many products, and each time they exchange currency, they must bear the loss of the price difference, which will disperse the liquidity of DeFi. WaykiChain’s thinking is different from that of Ethereum. What WaykiChain wants to do is an integrated DeFi public chain, which means that we will unify the currency, unify the standard of asset release, unify the valuation unit, and unify the liquidity. Based on those preconditions, then smart contracts use imagination to build more products, and ultimately provide users with a one-stop DeFi experience. The market covered by DeFi is huge, so we don’t worry about competition. If you introduce 1% of Bitcoin’s market value to any public chain, it is enough to support a very large DeFi project, not to mention the introduction of traditional assets in the future.
How do you view DeFi’s development prospects and future market scale? Where do you think the ceiling for DeFi development is?
In the near term, although DeFi’s volume has developed rapidly, it is still very small. The current market value of the digital currency is about more than 270 billion US dollars, but the collateral in the DeFi agreement is only 1 billion US dollars. I think it will reach 20 billion US dollars in two years. It can be seen that the future market is still very broad. In addition to the need to compete for the Bitcoin market, mature public chains are also a development idea for DeFi empowerment of other public chains. For the ceiling of DeFi development, it is not yet seen now, but the first bottleneck that may be encountered is how to release off-chain assets to the blockchain to expand the overall DeFi market cap.
WGRT has set a strict risk control mechanism in terms of safety, convenience, and risk reserve. Such a professional and rigorous team believes that in the near future, it will present a different DeFi ecosystem to everyone. According to some latest data, there are more than 4,000 bitcoins locked in the DeFi ecosystem. What do you think is the reason that BTC has poured into the DeFi battlefield in large numbers? Will this set off a new round of DeFi boom?
The BTC market is the most attractive part of DeFi. Let me explain a few things. 1.For BTC currency holders, these people are optimistic about BTC for a long time, but when they lack liquidity at hand, they need a loan agreement to help them get some cash. However, the centralized financial platform has various security risks, such as asset theft, asset misappropriation, or platform running. Some money holders who pay special attention to security will choose the DeFi protocol.
In terms of DeFi projects, the market value and volume of BTC is the largest, so whoever can occupy the BTC market will become a giant.
For the DeFi market, BTC itself does not have programmability, so any other public chain needs to do a cross-chain protocol to introduce BTC, so the largest market provides the most fair competition environment. WaykiChain introduced a decentralized cross-chain mechanism in the upcoming public chain version 3.0. After going online, users can collateral BTC or ETH to generate stablecoin. At the same time, the interest paid by users, as well as the penalties that are cleared in the middle, are also to be repurchased for the destruction of WGRT.
WaykiChain's DeFi lockup volume actually reached 17% of the total, and it is expected to break new highs next. Gordon, what form and changes do you think the DeFi market will develop in the future? How should WaykiChain seize market opportunities?
First, the form of products will be more diversified, and many innovative products will appear. Second, the product will be more professional and have a better experience, while providing one-stop financial services. This is the direction that WaykiChain is currently doing. Third, the DeFi on the public chain will expand through cross-chain. For example, as mentioned earlier, the DeFi on the public chain will compete for the Bitcoin market. However, in addition to competing for the Bitcoin market, the market for more small currencies cannot be ignored. We will also try to use the WaykiChain DeFi system to empower other small currencies or public chains. So that their currency users can also enjoy the financial services brought by DeFi. This market has not yet been explored.
What plans does WGRT follow?
We want to build the world's first integrated DeFi public chain. The development of WGRT is inseparable from the promotion and use of stablecoin WUSD. Therefore, our follow-up plan is mainly to build more products around the stable currency system to empower WUSD. At the end of July this year and early August, we will launch a new product called WaykiX, which is a synthetic asset trading platform that can trade almost all types of assets in the world. After that, we will also launch WUSD financial management, so that the currency holders can enjoy a fixed income. At the same time, we will also develop asset securitization business, and publish some high-quality asset targets on WaykiChain, such as Vietnam real estate, European and American government bonds, etc., while expanding the volume of DeFi assets on WaykiChain, to the community more Investment opportunities.
Is there any plan after WGRT listed on OKEx?
Yes, I will answer in terms of two levels, the first level is the ecological level, and the second level is the level of the entire coin itself. From an ecological perspective, the quality of WGRT depends on the entire stablecoin system, and whether more people can use it. The stablecoin WUSD develops well, so the whole WGRT becomes the biggest beneficiary. In fact, the series of DeFi products we created later are all based on the stablecoin WUSD, such as the Wayki-X synthetic asset trading platform. After the Wayki-X synthetic asset trading platform is launched at the end of July and early August, the market will have a lot of demand for WICC. We will also use this platform as a fist product of this year to promote, so as to ensure the benefit of the entire WGRT. In addition, the real estate in Vietnam and the national debt in Europe are based on financial products issued by WUSD, and they will also promote the development of WGRT. The WGRT coin will be launched on OKEx, and then some high-quality second-tier exchanges will be listed to enhance its liquidity. When the liquidity is sufficient, we will also impact other first-tier exchanges, including domestic first-tier and international first-tier exchanges.
The project loses its voice and how Forbes stands out
https://preview.redd.it/rstkulyt9f551.png?width=764&format=png&auto=webp&s=c29cc40bdb0a46f7d24d11d1cfb0334a29e1ce69 With the success of bitcoin, the currency circle has officially entered the "bull market cycle", but many friends are complaining that it is more and more difficult to earn money in the currency circle. Indeed, today's futures have been reduced to leek harvesters, and Shanzhai coins are half dead under the hard support of the project side, while the big model coins of the great fire of 19 years have disappeared. Many people will ask why the 17-year ICO, 18-year IEO and 19-year model currency will not be seen until 2020 without strong policy intervention. It's not hard to understand. The reasons are as follows: 1., after 17 years of super bull market, the past 3 years are in the bubble stage. After being cheated countless times, leek is more cautious about new projects. The era when a white paper and an official website can circle money is gone forever. 2. The blockchain project is difficult to land and has no physical support. In the currency circle, no matter what projects boast heaven, unlike industry, there is no sustained hematopoietic capacity, and ultimately only to end up with zero. 3. All model coins are Ponzi schemes. Not to mention model currencies, all models are pyramid pyramid schemes, which reward the first arrivals with the money of the latecomers. The bigger the bubble, the collapse is only a matter of time. Is it true that the currency circle is so dead that there is no hope? If you really want to start a new craze in the currency circle, the top 3 problems must be overcome. That is to say, if there is a project that can control risks without bubbles, there is physical support, without pyramid schemes, it will be a long and steady way to make money. Before that, there must be some people who say it's a dream. After the epidemic, the state vigorously supports the enterprises to revive the economy. However, in reality, it's very difficult for entities to do it, let alone blockchain projects. As a result, I noticed a project called Forbes. After studying the white paper, I suddenly felt that like discovering a new continent, unlike any project I have ever seen, this project has perfectly realized the above vision! Let's explore it with curiosity and see what kind of immortal project it is. https://preview.redd.it/j4p5cddgaf551.png?width=740&format=png&auto=webp&s=f380453bc8a63995ae15b7f32186dc34fa36e3ba 1、 0 raise funds, start the fund only by regular mining business First of all, Forbes project is 0 fund-raising. Note that there is no fund-raising at the beginning, which eliminates the possibility of encircling money. Before the introduction of Forbes project token GFS, only bitcoin mining business was started. This bitcoin mining seems to be impossible. What does this have to do with the project itself? Let's explain later. First of all, mining business. Forbes first launched the "miner Alliance Plan". If you want to participate in it, you only need to pledge the deposit to purchase computing power or mining machines, and you can continue to get mining profits. Note why the project risk is controllable. The key points are:
The deposit is returned daily for a period of one year through the smart contract.
The smart contract is deployed on Ethereum. The deposit usdt is returned every day. The smart contract is open-source, which ensures that the principal can be recovered 100% regardless of the outcome of the project.
Mining income can be withdrawn every day.
The income from bitcoin mining will also be automatically converted into stable currency, which can be withdrawn every day, so as to realize the stable earning.
Solid bitcoin ore pool support, which can be inspected on site.
The reason why the project is supported by entities is that 100% of the deposit mortgaged by users is used to purchase bitcoin mining machines. Forbes cooperates with bitcoin China, the global head mining pool, which can be visited at any time. In this way, in the early stage of Forbes project, users can participate in bitcoin mining through 100% deposit return, and earn mining profits with little risk. If it's just mining, Forbes can't make a big impact on the currency circle. After all, there are two problems. One is that the cycle is too long; the other is that there is no promotion model. Although the model coins of the 19-year fire are all the end of collapse, the reason for the fire is that there are models to see how Forbes breaks. https://preview.redd.it/ef7baf60bf551.png?width=1450&format=png&auto=webp&s=fab5db6ad76301bc14186ab9de199c58a4d4ae20 2、 Static and dynamic dual mode, the fuse is on fire As mentioned above, the return cycle of buying deposit for mining machine is as long as one year, which may deter many people. Forbes has designed two modes. If you don't do anything after buying the miner, you can only make money slowly through the deposit released every day and the income generated. At present, the annual income is about 180%, which is called static mode. If you want to make money quickly, Forbes has designed a dynamic model. In dynamic mode, there are three modules.
Promotion in wet season.
In the mining circle, if there is a high water period, the benefits of mining will increase, so Forbes will often launch this activity in the high water period. 10% of the deposit of the first single miner directly pushed by the users to the top 5 will be released immediately. For example, if I bought a 1000u miner, the deposit of 1000u would have been released in one year, but if I recommend five more people to buy the miner, and all the five people buy the 1000u miner, then 10% of the total amount of deposit, that is, 500U, can be released immediately. In this way, I can promote up to 5 people and get back half of the original immediately. In addition, it should be noted that the funds released here are the sum of deposit and income, not only the deposit!
Direct promotion increased release by 20%, indirect promotion increased release by 10%.
It's easy to understand. Let's take my purchase of 1000u mining machine as an example. When it is not promoted, the deposit plus mining revenue will release 7U in total every day. If one person is directly pushed, and this person purchases 1000u mining machine, I will increase the release money by 20%, i.e. 1.4u. If the person who is directly pushed also buys 1000u mining machine, it is indirect promotion. I can increase the release money by 10%, i.e. 0.7u, My daily release gold is 7U + 1.4u + 0.7u = 9.1u. The more you push, the faster you release, that's the mechanism.
Labor Union level release.
The so-called labor union refers to other performance areas beyond the maximum performance line under umbrella, because I am the recommender of all people under umbrella, so I am the president. In order to encourage users to join the trade union, the presidents of different levels of trade unions can get different levels of release rewards. For example, if I only need 50000 U of direct and indirect funds to become a V1 Union, then 12% of the total income of bitcoin dug out by the whole network will be equally distributed to the presidents of all V1 unions for release, and so on. In Forbes' promotion model, all these promotion rewards are only the release of your principal and income, not the money from your family. This is different from other MLM project core elements! In other words, it would take a year to release the principal and mining income without doing anything at all, but if I promote, it can greatly increase the speed of capital recovery and income generation. When the promotion reward reaches the sum of the deposit and income that should have been obtained, the promotion reward is no longer effective. Some may say that I have worked so hard to build such a large community. It is not worth it just for the principal and about 180% of the annual mining income. In fact, when the deposit and income are released completely, you can choose to re invest again, so that the promotion reward can be released all the time. Someone will ask again, the income of bitcoin mining is uncertain every day, why is the release associated with the expected future income? Forbes expects mining bitcoin's annual revenue to reach 180%, far higher than other mining pools. Where does the capital come from? It is very important to explain this problem, because Forbes is a pure entity, no bubble project, and there can be no Ponzi scheme.
As the project has its own promotion mode, once it is started, the ore pool will grow rapidly by fission, so the huge size of the ore pool will have a lot of base gas and ask for the price of the power plant. Generally, the cost of pool electricity may be more than 0.35, while Forbes can save a lot of electricity cost.
With the support of the world's top mining pools, the more mining machines are purchased, the less the marginal cost, so the cost of mining machines is actually lower than the average cost of all users, and this cost difference is also one of the benefits.
Forbes has set up a "mining pool fund", which uses 20% of the income from the mining output of the whole network to enter the fund pool. This fund is dedicated to the purpose of continuous purchase of mining machines to expand the income. Therefore, the project has the capacity of continuous hematopoiesis.
https://preview.redd.it/1hd299u9bf551.png?width=1434&format=png&auto=webp&s=b1db1e2a63ad6b8d38814e4f254a716dcb195850 3、 Forbes takes the overall situation and the final project vision is to realize distributed finance. have ulterior motives. It would be a mistake to think that Forbes is just a new exploration of the mining model. What the project really wants to achieve is the landing of cross chain technology and the first echelon of distributed finance. "Forbes miner alliance" is only the first step. With the launch of the main network, many node ecology gathered through mining will suddenly have a place to play, which to play, invincible. As we all know, the most popular concept of blockchain is difi (distributed Finance), which is also the field that Ethereum 2.0 will further explore in the future. What Forbes really wants to build in the future is to win the crown of decentralized finance and become the "UnionPay" of the currency circle. Then when the Forbes ore pool is mature, Forbes will launch the main network and token GFS, and the output of GFS can only be obtained by purchasing a special miner. Because participating in the early bitcoin mining is also equivalent to contributing to the node ecology, users can choose to convert the mining revenue into GFS vouchers during the miner alliance period, and after the main network line, they can map to the main network token one by one. If we are optimistic about the future of GFS, it is a good choice to exchange mining income into GFS voucher in advance. Of course, it is still the saying that the Forbes project is real, real landing, zero risk, no bubble. Unlike other deceptive projects, which will forcibly exchange the proceeds into the project token, the users can freely choose to exchange the mining proceeds for GFS, and they can also freely choose to purchase GFS mining machines in the future. It doesn't matter if you don't look forward to Forbes project. It's good to make bitcoin mining money in a safe and stable way. After all, everyone's cognition is different and their risk tolerance is different. For me, such a solid project is hard to see in the currency circle. Forbes is not only real, but also does not adhere to the traditional entity mining, and the innovative introduction of no foam promotion mode. It can be predicted that this mode is sustainable development, and even I look forward to challenging the top mines of bitcoin. The earlier I participate in the project, the more meat I can eat. This is the essence of my participation in many projects. My mining income has been converted into GFS certificate almost the first time. After all, Forbes project has just started, facing a vast ocean to be developed. 报错
Onion Monero Blockchain Explorer by mWo12 included.
Auto loading menu for Monero updates, and script that auto detects, formats and mounts attached USB drives. Labels drive for simple detection by future versions of PiNode-XMR so the blockchain is maintained between versions.
tor bridging Node - routes your transactions through the tor network
Public Node - Using new RPC payment feature* - soon
Private Node - with mining (For education/experiment only)
Simple control with Web-UI
View Monero node and hardware status
Control bandwidth, connection limits and RPC port
Transaction pool and summary viewer
View connected peer info
Monerod log file view page
Easy setup menu for config of passwords, USB storage, Update and optional dynamic DNS.
All the benefits of running on a Pi, silent/fanless, low power (approx 15w) for 24/7 node, low cost.
Headless (No need for extra monitor,keyboard,etc) and connect via Ethernet or WiFi**
Background: I've been making nodes for other coins for a few years to learn about some crypto basics. It got a bit of interest for I have a site https://PiNode.co.uk but recently far more advanced projects have come on the scene (such as RaspiBlitz for Bitcoin) which was so far superior there was no sense pursuing it . However there are benefits for Monero users running their own node and we didn't have that quality of plug and play node. So I've been giving it a go and this is the result. The Future of PiNode-XMR: First of all project needs feedback to continue, I don't know what to develop and introduce unless people say what they don't like, do like or want. Second, it'd be great if anyone else in the Monero community would like to get involved, we have a great group and I'm sure there is an aspect of this project someone takes an interest in. Please get in touch. Like if there are any budding website designers in our midst the UI is the last module of this project that isn't open source, it's from a template and I've put it together best I can but...throwing that out there :) I'd be nice if the monero community could completely own this project, completely open source. Finally, I know that now there is more choice on the single board computer market and although the Raspberry Pi is popular it may not be the best hardware choice. So the next plan is to rather than make disk images that are hardware specific, to instead make scripts that are based on an OS ( probably Debian ). This way this project can be built by anyone using a single command onto Pine64, Odroid, Bananapi or any old laptop/pc with Debian for thier full node. Thanks for taking an interest and readingDan The "Advanced Settings" page from the UI for a bit of colour after all that text: https://preview.redd.it/4pqg5mcqr6941.png?width=1340&format=png&auto=webp&s=aa1f9ee176746ea064c8e8573ba04ee864ab5bc3 Edit: Added download link to this page too. Corrected image layout. Edit2: Added hash of image. And note it's also possible to flash the image directly onto a USB drive with a program like Rufus and not insert a MicroSD at all. You'll need to then manually expand that partition to the size of the drive, but may be useful to know.
I earned about 4000% more btc with my android tablet than with a $250 ASIC mini rig setup using GekkoScience Newpac USB miners!
Requirements: 1.) Android Device with access to Google Play Store. *I haven't tried yet but you may be able to use tis on Android TV devces as well by sideloading. If anyone has success before I try, let me know! -Note, I did this with a Samsung Galaxy Tab S6 so its a newer more powerful device. If your android is older, your profts will most likely be less than what I earned but to give a projected range I also tested on my Raspberry Pi 4 running a custom LineageOS rom that doesn't allow the OS to make full use of the Pi's specs and I still got 500 h/s on that with Cloud boost, so about 60% of what my Tab 6 with MUCH Higher Specs does. **Hey guys. Before I get started i just wanted to be clear about one thing. Yes I have seen those scammy posts sharing "miracle" boosts and fixes. I have a hard time believing stuff online anymore. But this is honestly real. Ill attach photos and explain the whole story and process below. Thanks for taking the time to read and feel free to share any thoughts, concerns, tips, etc* So last week I finally got started with my first mini rig type mining build. I started getting into crypto about a year ago and it has taken me a long time to even grasp half of the projects out there but its been fun thus far! Anyways my rig was 2 GekkoScience Newpac USB miners, a Moonlander USB miner to pair with an FPGA i already had mining, a 10 port 60W 3.0 USB hub and 2 usb fans. The Newpacs actually are hashing at a combined 280 g/s which is actually better than their reported max hash rate when overclocked. Pleasant surpise and they are simple!! I just wanted to get a moonlander because my fpga already mines on Odocrypt for DGB and I just wanted to experience Scrypt mining and help build the DGB project. The Newpacs are mining BTC though. After I got everything up and running i checked my payout daily average after 1 week. I averaged .01 a day TOTAL between all three miners with them all perforing ABOVE SPEC!!! I had done research so i knew I wouldnt earn much. More than anything i just wanted to learn. But still. I was kinda surprised in a negative way. Yesterday I actually earned less than .01 Frustrated I went back to scouring the web for new ideas. About a year ago, when II was starting, I saw an app on my iphone called CryptoBrowser that claimed to mine btc on your phone without actually using phone resources using a method of cloud mining. I tried it for a week and quit because I earned like .03 after a ton of use and seemed scammy. Plus my iphone actually would get very hot when doing this so I quit using it as it seemed like a possible scam with all the cryptonight browser mining hacks and malware out there. Anyways I was on my Galaxy Tab S6 and saw that CryptoBrowser released a "PRO" edition for 3.99 on Google Play. I bought it for Sh*ts and giggles and booted it up. It came with what they called "Cloud Boost" Essentially this is a button you press and it multiplys the estimated hashrate that it gives you device by the number shown on the boost button. (With the purchase of PRO you get one free x10 boost. You can purchase additional boosts to use with other android devices but those are actually pretty pricy. Another x10 boost was like $25 if i remember correctly). I played with it for about an hour to see if it actually worked like it said it would this time. To my surprise, as i was browsing, my device didnt increase in temperature AT ALL!!!!! I checked my tast manager to confirm and it was indeed true, my memory and usage barely went up. it was giving me an estimated range of 80-105 on the hashrate. Once i pushed the x10 boost button, that went to 800-1150 h/s. I switched my screen to not go to sleep, plugged it to the charge and let it run on the browser page, hashing. When you push the boost button, it runs for 3 hours at the boosted speeds. After that it goes back to normal but if you press the button again, it boosts everything again. There is no limit to how many times you use it. After checking what I earned after 24 hours, I HAD MADE .40 in BTC!!!!! I JUST EARNED OVER 4000% MORE THAN MY $280 MINING RIG EARNED ME!!!! I was blown away. Maybe this was a fluke? I did it again next day. Every 3 hours or so I would push the button again but thats all. Sure enough, .35 that day. Also, it realy BTC. I requested a payout and although it took like 12 hours for them to send me an email stating they had just sent it, I actually did recieve the state amount of BTC within 24 hours in my personal wallet. The fees to send are SUPER LOW!. Like .01 Below I will list the steps I took, along with an explanation of thier "Mining" process on Androids. Reminder, this ONLY WORKS ON ANDROIDS. Also DO NOT use cryptobrowser on a physcal laptop or desktop. I ran it on an old laptop for three days last year and it fried it. It does actually use your hardware on those platforms to mine and it is not efficnet at all as I suspect they prob steal over half of your power for themselves using the REAL RandomX protocol via browser mining which is EXTREMELY INEFFICIENT DONT TRY IT!! -----How To Do This Yourself: Cryptotab Browser states the program works on Android devices by estimating what it thinks the hashrate would be for your device specs and siimulates what you would mine in a remote server however you still earn that estimated coin amount. It is not a SHA-256 process or coin that they say is mining, rather it is XMR and they swap that and pay it out to you in BTC Bitcoin. However I know damn well my Tab S6 doesnt hash 80-105 h/s on RandomX because I have done it with a moodified XMRig module i ported to Android. I got 5 h/s a sec if I was getting any hashes at all. But thats besides the point as I still was making money. Now, when you press that cloud boost button it immediately boosts that hash rate it estimates by the number on the cloud boost. As stated above, you can purchase more boosts and gift them or use them on extra android devices that you may have. Again, they are pricey so I'm not doing that plus it would just mean that I have another device that I have to leave on and open. The boosts come in x2, x4, x6, x8 and x10 variants. Again, they have unlimited uses. Here is the link to grab yourself CryptoBrowser Pro from CryptoTab. This IS A REFERRAL LINK! This is where I benefit from doing tis tutorial. Like i said, I want to be transparent as this is not a scam but I'm also not doing this out of the love of my heart. Their referral system works in that people that use the donwload the app using your link are your stage 1 referrals. Anytime they are mining, you earn a 15% bonus. So say they mine $.30 one day. You would get paid out an additional $.045 in your own balance (it does not come out of the referred user balance fyi so no worries). Then lets say that referred miner also gets their own referrals. I would get a 10% bonus on whatever THOSE people mine. This goes on and on for like 8 tiers. Each tier the bonus percntage essential halves. So again, I stand to benefit from this but it also is stupid to not make this visible as its WAY CHEAPER, EASIER AND MORE PROFITABLE TO GET BTC USING THIS METHOD THAN IT IS USING ASICS!! THIS EARNS ALMOST AS MUCH BTC AS AN ANTMINER S7 DOES RUNNING 24/7 ONLY WITHOUT THE HUGE ELLECTRICTY BILL AND COSTS!!!!) Thats it. Again, if you have concerns, let me know or if you have suggestions, other tips, etc... mention those as well!!! https://cryptotabbrowser.com/8557319 Links to Picture Proof http://imgur.com/gallery/P13bEsB
jl777’s first law of blockchain dynamic:“Once the value of the assets exceeds the value of the underlying platform, it become irresistible to invent ‘taxes’ to extract a rent-seeking position”
In the ‘multi-chain’ category of blockchain platforms, Komodo stands out both as a pioneer and as the most extreme application of such design. Creating and running fully independent blockchains is one of Komodo main design features, so I want to talk a little about the concept of ‘blockchain sovereignity’ and how it compares with the competition. First I need to define the meaning of blockchain sovereignity, I’ll offer this one:
Sovereignity is a project’s degree of independence from the platform it's built upon. The more its reliability, features and costs are immune from the base layer’s own reliability, features, costs, changes or events, the more it’s ‘sovereign’.
This concept isn’t much talked about in the cryto space but it’s going to grow in importance in future. Actually it’s already been important… in the past 6 years I’ve seen more than one project wrecked by backward incompatible changes on the underlying platform: does anyone remember Counterparty and the op_return story? Or when Vitalik tried first to build his idea on Bitcoin? Or the Supernet project on Nxt? So this is not just an abstract problem! How does this concept apply to project built on Komodo technology? On Komodo they will enjoy by default the following ‘sovereign’ features:
Every Smartchain is completely independent from Komodo and from each other
It doesn’t cost any Komodo to create or use a Smartchain
A Smartchain pays its own tx fees in its own native coin
A Smartchain has its own open network of nodes, consensus rules and customization possibilities
In other words they’re all as independent blockchains as they can be, though they come with cross-chain interoperability. If aliens pulverized all Komodo nodes from orbit, any Smartchains would continue to work. Exactly like Litecoin would continue to work if Bitcoin disappeared or vice-versa. In fact anyone is free to create a fully functional Smartchain and it wouldn’t make difference if it never interacted with the rest of Komodo ecosystem! How does such design compare with other multi-chain platforms? Ethereum has by far the most developed infrastructure after Bitcoin. Now it’s under a gradual transition to a 2.0 version that should be completed sometimes between 2020 and 2021. Ethereum was born with a single chain design but the 2.0 plan has striking resemblances with a sort of multichain or bespoke architecture: the base layer will adopt a sharding technology and far larger use will be made of various 2nd layer scaling solutions: Plasma, State Channels, Payment Channels and ZK-STARKs. All of them come with different trade-offs but overall they should fix the scaling problems. Yet from the point of view of ‘sovereignity’ this design doesn’t offer much. Projects using 2nd layers solutions will be safe from congestion but their security, fees and interoperability will still be strongly dependent upon the base layer. Indeed their very existence depends on it, no plasma sidechain can exist without Ethereum! Despite a well developed smart contract technology, no real customizations are possible at the core level and the gas cost remains a concern for resource-intensive applications. Polkadot was born specifically as a multichain scalable & interoperable protocol. Yet the chains based on it, called parachains, are strongly dependent on the base layer for security and only a limited number of parachain slots exist. Their number gets increaesed in time but, in order to avoid squatting, they must be won via an auction mechanism. Thus a parachain is only ‘rented’, working in practice like a subscription model. This design is very little reassuring from the ‘sovereignity’ point of view! Ardor is a platform that allows to create individual ‘Child Chains’ for specific businesses or purposes. Such childchains have their own token but the Ardor token is still needed to pay for block creation purpose, so it comes with an automatic market-based exchange mechanism between them. Childchains are safe from congestion but still completely dependent on the base layer for security and survival. They come with smart contract and useful features but no advanced customizations are possible. Cosmos is a network of independent application-specific blockchains, i.e. it allows to create custom blockchains using both prebuilt modules or creating your own. Cosmos is probably the one coming closer to Komodo in terms of sovereignity and customizations and it has many clever mechanisms and features that make it one of the most interesting projects in the crypto space. The customizations possibilities are greater than most competitors, yet compared to Komodo there are parts where it’s lacking: first the only consensus algo choice is Tendermint and don’t seem to be options to customize that. Then the Atom coins are required for transactions between blockchains and payment of commissions. And last the smart contract language is still interpreted and gas-based. I think it’s fair to say that Komodo wins hands down in the blokchain ‘sovereignity’ category. But let’s also ask another important question: does ‘blockchain sovereignity’ really matter? I’ve mentioned a few examples where it did make a huge difference, yet the proper answer is that it depends… there exists a very large spectrum of blockchain-based projects with very different needs! At one end of the spectrum we find tokens with a temporary utility. At the other extreme there are mission-critical projects with highly customized features. For the former ‘sovereignity’ is of no importance. For the latter it can make the difference between working and catastrophe. Everything in the middle have to decide for itself on a case by case base. I think tokens/colored coins are perfectly fine for the simplest cases. Ethereum, Cosmos, Polkadot, Ardor and others are probably fine too for more advanced cases. Komodo’s target market overlaps with them but its ultimate audience are the most ambitious and challenging projects, the ones needing full sovereignity and state-of-the-art customizations at the core level. The base degree of independence enjoyed by developers using Komodo technology is further compounded by unique technological advances like the Antara framework. With Antara any program, software, blockchain rule and feature can be coded into special purpose modules. ‘Smart contracts’ are just a subset of what Smartchains can be programmed to do. Anything is possible, including changes to core consensus rules. The modules are compiled with the daemon and run at native cpu speed, without gas fees or virtual machine. Antara represents a qualitative jump above all existing ‘smart contract’ technologies, similar to the difference between Asic mining vs Cpu mining.
jl777:“It seems almost all other smartcontract solutions are just a variation on the self-limiting GAS model. You would think there would be a better solution, and there is. The transactionalized… model totally avoids the GAS issue, runs the custom code at native CPU speeds (not interpreted) and best of all the performance is not affected by any other project as you have your own Smartchain...”
The library of Antara modules continues expand and simple dApps can be created using the large set of rpc calls available from existing modules. Developing an entire module from scratch isn’t stuff for weekend coders but any serious project looking for state-of-the-art custom solutions is certainly going to pay attention! To recap, if you’re planning to use a platform to launch a blockchain-based project (especially a very complex one) there’s a set of questions that you must ask yourself before proceeding:
In which specific ways, if any, is your project depending to the underlying platform?
Could the platform developers or the coin holders (via on-chain governance system), decide to increase costs, charge additional fees, deprecate functionalities or make other dramatic changes?
Would you have any saying on such decisions?
How would such changes affect your project?
And what are you going to do in such case?
If the questions above matter to you, then it’s time to take the concept of ‘blockchain sovereignity’ seriously.
Jl777 “Smart projects that want to build a valuable use-case would want to minimize… all future incremental costs… ideally minimal or zero, like zero tax platform. Since this sounds too good to be true, most maybe don’t even imagine it is possible, but the smart projects will analyze these critical details...”
You may wonder why there aren’t more free platforms like Komodo? The reason is simple: all coin holders are concerned with finding use cases that give value to their coin. Moreover some platforms have big VC funders that want a return on their investment. So the more use cases the better: simple, isn’t it? Unfortunately this leads to short-sighted decisions, like forcing the use of a coin in any possible way or putting a cap on usage or ‘fee market’ fantasies.
Jl777 “Increasing tax rates might boost revenues temporarily from projects that are locked in, but as soon as the taxes become meaningful, every effort is made to migrate, regardless of the cost to migrate. Isn’t it better to start in a tax free zone?”
Komodo is unique in this regard, as it has made a deliberate design decision to be as much permissionless and free as possible. Some people find this design hard to understand: I could buy a Lambo if I had one dollar for every time someone asked “So what is Komodo use case?”. It takes some long-term vision to understand the benefits. Komodo does have use-cases but none of them is obligatory or costly. Projects building on its technology are free to use Komodo or not to use it at all. They can design their own alternatives. They could even create a separate dPoW network! Yet Komodo remains the cheapest, simplest and most liquid option and center of its ecosystem. This fact alone ensures it’s going to be actually used.
MrKomodoWorld: “Instead of devising schemes to make projects pay, Komodo has devised schemes that prevents itself from forcing projects to pay”
An extensive list of blockchain courses, resources and articles to help you get a job working with blockchain.
u/Maximus_no and me spent some time at work collecting and analyzing learning material for blockchain development. The list contains resources for developers, as well as business analysts/consultants looking to learn more about blockchain use-cases and solutions.
Certifications and Courses
IIB Council Link to course: IIB council : Certified Blockchain Professional C|BP is an In-Depth, Industry Agnostic, Hands-On Training and Certification Course specifically tailored for Industry Professionals and Developers interested in implementing emerging technologies in the Data-Driven Markets and Digitized Economies. The IIB Council Certified Blockchain Professional (C|BP) Course was developed to help respective aspiring professionals gain excessive knowledge in Blockchain technology and its implication on businesses. WHO IS IT FOR:
C|BP is developed in line with the latest industry trends to help current and aspiring Professionals evolve in their career by implementing the latest knowledge in blockchain technology. This course will help professionals understand the foundation of Blockchain technology and the opportunities this emerging technology is offering.
If you are a Developer and you are willing to learn blockchain technology this course is for you. You will learn to build and model Blockchain solutions and Blockchain-based applications for enterprises and businesses in multiple Blockchain Technologies.
This exam is designed for non-technical business professionals who require basic knowledge about Blockchain and how it will be executed within an organization. This exam is NOT appropriate for technology professionals seeking to gain deeper understanding of Blockchain technology implementation or programming.
A person who holds this certification demonstrates their knowledge of:
· What is Blockchain? (What exactly is it?) · Non-Technical Technology Overview (How does it work?) · Benefits of Blockchain (Why should anyone consider this?) · Use Cases (Where and for what apps is it appropriate?) · Adoption (Who is using it and for what?) · Future of Blockchain (What is the future?)
A person who holds this certification demonstrates their ability to:
· Architect blockchain solutions · Work effectively with blockchain engineers and technical leaders · Choose appropriate blockchain systems for various use cases · Work effectively with both public and permissioned blockchain systems
This exam will prove that a student completely understands:
· The difference between proof of work, proof of stake, and other proof systems and why they exist · Why cryptocurrency is needed on certain types of blockchains · The difference between public, private, and permissioned blockchains · How blocks are written to the blockchain · Where cryptography fits into blockchain and the most commonly used systems · Common use cases for public blockchains · Common use cases for private & permissioned blockchains · What is needed to launch your own blockchain · Common problems & considerations in working with public blockchains · Awareness of the tech behind common blockchains · When is mining needed and when it is not · Byzantine Fault Tolerance · Consensus among blockchains · What is hashing · How addresses, public keys, and private keys work · What is a smart contract · Security in blockchain · Brief history of blockchain · The programming languages of the most common blockchains · Common testing and deployment practices for blockchains and blockchain-based apps
A person who holds this certification demonstrates their ability to:
· Plan and prepare production ready applications for the Ethereum blockchain · Write, test, and deploy secure Solidity smart contracts · Understand and work with Ethereum fees · Work within the bounds and limitations of the Ethereum blockchain · Use the essential tooling and systems needed to work with the Ethereum ecosystem
This exam will prove that a student completely understands how to:
· Implement web3.js · Write and compile Solidity smart contracts · Create secure smart contracts · Deploy smart contracts both the live and test Ethereum networks · Calculate Ethereum gas costs · Unit test smart contracts · Run an Ethereum node on development machines
Basic course with focus on Bitcoin. After this course, you’ll know everything you need to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies. You’ll have the conceptual foundations you need to engineer secure software that interacts with the Bitcoin network. And you’ll be able to integrate ideas from Bitcoin in your own projects.
· A mid / basic understanding of blockchain technology and its long-term implications for business, coupled with knowledge of its relationship to other emerging technologies such as AI and IoT · An economic framework for identifying blockchain-based solutions to challenges within your own context, guided by the knowledge of cryptoeconomics expert Christian Catalini · Recognition of your newfound blockchain knowledge in the form of a certificate of completion from the MIT Sloan School of Management — one of the world’s leading business schools Orientation Module: Welcome to Your Online Campus Module 1: An introduction to blockchain technology Module 2: Bitcoin and the curse of the double-spending problem Module 3: Costless verification: Blockchain technology and the last mile problem Module 4: Bootstrapping network effects through blockchain technology and cryptoeconomics Module 5: Using tokens to design new types of digital platforms Module 6: The future of blockchain technology, AI, and digital privacy
· A mid / basic understanding of what blockchain is and how it works, as well as insights into how it will affect the future of industry and of your organization. · The ability to make better strategic business decisions by utilizing the Oxford Blockchain Strategic framework, the Oxford Blockchain Regulation framework, the Oxford Blockchain Ecosystem map, and drawing on your knowledge of blockchain and affiliated industries and technologies. · A certificate of attendance from Oxford Saïd as validation of your newfound blockchain knowledge and skills, as well as access to a global network of like-minded business leaders and innovators. Module 1: Understanding blockchain Module 2: The blockchain ecosystem Module 3: Innovations in value transfer Module 4: Decentralized apps and smart contracts Module 5: Transforming enterprise business models Module 6: Blockchain frontiers
[Proof of Work] - very short, cuz it's well-known.  Bitcoin - to generate a new block miner must generate hash of the new block header that is in line with given requirements. Others: Ethereum, Litecoin etc. [Hybrid of PoW and PoS]  Decred - hybrid of “proof of work” and “proof of stake”. Blocks are created about every 5 minutes. Nodes in the network looking for a solution with a known difficulty to create a block (PoW). Once the solution is found it is broadcast to the network. The network then verifies the solution. Stakeholders who have locked some DCR in return for a ticket* now have the chance to vote on the block (PoS). 5 tickets are chosen pseudo-randomly from the ticket pool and if at least 3 of 5 vote ‘yes’ the block is permanently added to the blockchain. Both miners and voters are compensated with DCR : PoS - 30% and PoW - 60% of about 30 new Decred issued with a block. * 1 ticket = ability to cast 1 vote. Stakeholders must wait an average of 28 days (8,192 blocks) to vote their tickets. [Proof of Stake]  Nxt - The more tokens are held by account, the greater chance that account will earn the right to generate a block. The total reward received as a result of block generation is the sum of the transaction fees located within the block. Three values are key to determining which account is eligible to generate a block, which account earns the right to generate a block, and which block is taken to be the authoritative one in times of conflict: base target value, target value and cumulative difficulty. Each block on the chain has a generation signature parameter. To participate in the block's forging process, an active account digitally signs the generation signature of the previous block with its own public key. This creates a 64-byte signature, which is then hashed using SHA256. The first 8 bytes of the resulting hash are converted to a number, referred to as the account hit. The hit is compared to the current target value(active balance). If the computed hit is lower than the target, then the next block can be generated.  Peercoin (chain-based proof of stake) - coin age parameter. Hybrid PoW and PoS algorithm. The longer your Peercoins have been stationary in your account (to a maximum of 90 days), the more power (coin age) they have to mint a block. The act of minting a block requires the consumption of coin age value, and the network determines consensus by selecting the chain with the largest total consumed coin age. Reward - minting + 1% yearly.  Reddcoin (Proof of stake Velocity) - quite similar to Peercoin, difference: not linear coin-aging function (new coins gain weight quickly, and old coins gain weight increasingly slowly) to encourage Nodes Activity. Node with most coin age weight have a bigger chance to create block. To create block Node should calculate right hash. Block reward - interest on the weighted age of coins/ 5% annual interest in PoSV phase.  Ethereum (Casper) - uses modified BFT consensus. Blocks will be created using PoW. In the Casper Phase 1 implementation for Ethereum, the “proposal mechanism" is the existing proof of work chain, modified to have a greatly reduced block reward. Blocks will be validated by set of Validators. Block is finalised when 2/3 of validators voted for it (not the number of validators is counted, but their deposit size). Block creator rewarded with Block Reward + Transaction FEES.  Lisk (Delegated Proof-of-stake) - Lisk stakeholders vote with vote transaction (the weight of the vote depends on the amount of Lisk the stakeholder possess) and choose 101 Delegates, who create all blocks in the blockchain. One delegate creates 1 block within 1 round (1 round contains 101 blocks) -> At the beginning of each round, each delegate is assigned a slot indicating their position in the block generation process -> Delegate includes up to 25 transactions into the block, signs it and broadcasts it to the network -> As >51% of available peers agreed that this block is acceptable to be created (Broadhash consensus), a new block is added to the blockchain. *Any account may become a delegate, but only accounts with the required stake (no info how much) are allowed to generate blocks. Block reward - minted Lisks and transaction fees (fees for all 101 blocks are collected firstly and then are divided between delegates). Blocks appears every 10 sec.  Cardano (Ouroboros Proof of Stake) - Blocks(slots) are created by Slot Leaders. Slot Leaders for N Epoch are chosen during n-1 Epoch. Slot Leaders are elected from the group of ADA stakeholders who have enough stake. Election process consist of 3 phases: Commitment phase: each elector generates a random value (secret), signs it and commit as message to network (other electors) saved in to block. -> Reveal phase: Each elector sends special value to open a commitment, all this values (opening) are put into the block. -> Recovery phase: each elector verifies that commitments and openings match and extracts the secrets and forms a SEED (randomly generated bytes string based on secrets). All electors get the same SEED. -> Follow the Satoshi algorithm : Elector who have coin which corresponded to SEED become a SLOT LEADER and get a right to create a block. Slot Leader is rewarded with minted ADA and transactions Fee.  Tezos (Proof Of Stake) - generic and self-amending crypto-ledger. At the beginning of each cycle (2048 blocks), a random seed is derived from numbers that block miners chose and committed to in the penultimate cycle, and revealed in the last. -> Using this random seed, a follow the coin strategy (similar to Follow The Satoshi) is used to allocate mining rights and signing rights to stakeholders for the next cycle*. -> Blocks are mined by a random stakeholder (the miner) and includes multiple signatures of the previous block provided by random stakeholders (the signers). Mining and signing both offer a small reward but also require making a one cycle safety deposit to be forfeited in the event of a double mining or double signing. · the more coins (rolls) you have - the more your chance to be a minesigner.  Tendermint (Byzantine Fault Tolerance) - A proposal is signed and published by the designated proposer at each round. The proposer is chosen by a deterministic and non-choking round robin selection algorithm that selects proposers in proportion to their voting power. The proposer create the block, that should be validated by >2/3 of Validators, as follow: Propose -> Prevote -> Precommit -> Commit. Proposer rewarded with Transaction FEES.  Tron (Byzantine Fault Tolerance) - This blockhain is still on development stage. Consensus algorithm = PoS + BFT (similar to Tendermint): PoS algorithm chooses a node as Proposer, this node has the power to generate a block. -> Proposer broadcasts a block that it want to release. -> Block enters the Prevote stage. It takes >2/3 of nodes' confirmations to enter the next stage. -> As the block is prevoted, it enters Precommit stage and needs >2/3 of node's confirmation to go further. -> As >2/3 of nodes have precommited the block it's commited to the blockchain with height +1. New blocks appears every 15 sec.  NEO (Delegated Byzantine Fault Tolerance) - Consensus nodes* are elected by NEO holders -> The Speaker is identified (based on algorithm) -> He broadcasts proposal to create block -> Each Delegate (other consensus nodes) validates proposal -> Each Delegate sends response to other Delegates -> Delegate reaches consensus after receiving 2/3 positive responses -> Each Delegate signs the block and publishes it-> Each Delegate receives a full block. Block reward 6 GAS distributed proportionally in accordance with the NEO holding ratio among NEO holders. Speaker rewarded with transaction fees (mostly 0). * Stake 1000 GAS to nominate yourself for Bookkeeping(Consensus Node)  EOS (Delegated Proof of Stake) - those who hold tokens on a blockchain adopting the EOS.IO software may select* block producers through a continuous approval voting system and anyone may choose to participate in block production and will be given an opportunity to produce blocks proportional to the total votes they have received relative to all other producers. At the start of each round 21 unique block producers are chosen. The top 20 by total approval are automatically chosen every round and the last producer is chosen proportional to their number of votes relative to other producers. Block should be confirmed by 2/3 or more of elected Block producers. Block Producer rewarded with Block rewards. *the more EOS tokens a stakeholder owns, the greater their voting power [The XRP Ledger Consensus Process]  Ripple - Each node receives transaction from external applications -> Each Node forms public list of all valid (not included into last ledger (=block)) transactions aka (Candidate Set) -> Nodes merge its candidate set with UNLs(Unique Node List) candidate sets and vote on the veracity of all transactions (1st round of consensus) -> all transactions that received at least 50% votes are passed on the next round (many rounds may take place) -> final round of consensus requires that min 80% of Nodes UNL agreeing on transactions. It means that at least 80% of Validating nodes should have same Candidate SET of transactions -> after that each Validating node computes a new ledger (=block) with all transactions (with 80% UNL agreement) and calculate ledger hash, signs and broadcasts -> All Validating nodes compare their ledgers hash -> Nodes of the network recognize a ledger instance as validated when a 80% of the peers have signed and broadcast the same validation hash. -> Process repeats. Ledger creation process lasts 5 sec(?). Each transaction includes transaction fee (min 0,00001 XRP) which is destroyed. No block rewards. [The Stellar consensus protocol]  Stellar (Federated Byzantine Agreement) - quite similar to Ripple. Key difference - quorum slice. [Proof of Burn]  Slimcoin - to get the right to write blocks Node should “burn” amount of coins. The more coins Node “burns” more chances it has to create blocks (for long period) -> Nodes address gets a score called Effective Burnt Coins that determines chance to find blocks. Block creator rewarded with block rewards. [Proof of Importance]  NEM - Only accounts that have min 10k vested coins are eligible to harvest (create a block). Accounts with higher importance scores have higher probabilities of harvesting a block. The higher amount of vested coins, the higher the account’s Importance score. And the higher amount of transactions that satisfy following conditions: - transactions sum min 1k coins, - transactions made within last 30 days, - recipient have 10k vested coins too, - the higher account’s Important score. Harvester is rewarded with fees for the transactions in the block. A new block is created approx. every 65 sec. [Proof of Devotion]  Nebulas (Proof of Devotion + BFT) - quite similar to POI, the PoD selects the accounts with high influence. All accounts are ranked according to their liquidity and propagation (Nebulas Rank) -> Top-ranked accounts are selected -> Chosen accounts pay deposit and are qualified as the blocks Validators* -> Algorithm pseudo-randomly chooses block Proposer -> After a new block is proposed, Validators Set (each Validator is charged a deposit) participate in a round of BFT-Style voting to verify block (1. Prepare stage -> 2. Commit Stage. Validators should have > 2/3 of total deposits to validate Block) -> Block is added. Block rewards : each Validator rewarded with 1 NAS. *Validators Set is dynamic, changes in Set may occur after Epoch change. [IOTA Algorithm]  IOTA - uses DAG (Directed Acyclic Graph) instead of blockchain (TANGLE equal to Ledger). Graph consist of transactions (not blocks). To issue a new transaction Node must approve 2 random other Transactions (not confirmed). Each transaction should be validate n(?) times. By validating PAST(2) transactions whole Network achieves Consensus. in Order to issue transaction Node: 1. Sign transaction with private key 2. choose two other Transactions to validate based on MCMC(Markov chain Monte Carlo) algorithm, check if 2 transactions are valid (node will never approve conflicting transactions) 3. make some PoW(similar to HashCash). -> New Transaction broadcasted to Network. Node don’t receive reward or fee. [PBFT + PoW]  Yobicash - uses PBFT and also PoW. Nodes reach consensus on transactions by querying other nodes. A node asks its peers about the state of a transaction: if it is known or not, and if it is a doublespending transaction or not. As follow : Node receives new transaction -> Checks if valid -> queries all known nodes for missing transactions (check if already in DAG ) -> queries 2/3 nodes for doublepsending and possibility -> if everything is ok add to DAG. Reward - nodes receive transaction fees + minting coins. [Proof of Space/Proof of Capacity]  Filecoin (Power Fault Tolerance) - the probability that the network elects a miner(Leader) to create a new block (it is referred to as the voting power of the miner) is proportional to storage currently in use in relation to the rest of the network. Each node has Power - storage in use verified with Proof of Spacetime by nodes. Leaders extend the chain by creating a block and propagating it to the network. There can be an empty block (when no leader). A block is committed if the majority of the participants add their weight on the chain where the block belongs to, by extending the chain or by signing blocks. Block creator rewarded with Block reward + transaction fees. [Proof of Elapsed Time (POET)]  Hyperledger Sawtooth - Goal - to solve BFT Validating Nodes limitation. Works only with intel’s SGX. PoET uses a random leader election model or a lottery based election model based on SGX, where the protocol randomly selects the next leader to finalize the block. Every validator requests a wait time from an enclave (a trusted function). -> The validator with the shortest wait time for a particular transaction block is elected the leader. -> The BlockPublisher is responsible for creating candidate blocks to extend the current chain. He takes direction from the consensus algorithm for when to create a block and when to publish a block. He creates, Finalizes, Signs Block and broadcast it -> Block Validators check block -> Block is created on top of blockchain.  Byteball (Delegated Byzantine Fault Tolerance) - only verified nodes are allowed to be Validation nodes (list of requirements https://github.com/byteball/byteball-witness). Users choose in transaction set of 12 Validating nodes. Validating nodes(Witnesses) receive transaction fees.  Nano - uses DAG, PoW (HashCash). Nano uses a block-lattice structure. Each account has its own blockchain (account-chain) equivalent to the account’s transaction/balance history. To add transaction user should make some HashCash PoW -> When user creates transaction Send Block appears on his blockchain and Receive block appears on Recipients blockchain. -> Peers in View receive Block -> Peers verify block (Double spending and check if already in the ledger) -> Peers achieve consensus and add block. In case of Fork (when 2 or more signed blocks reference the same previous block): Nano network resolves forks via a balance-weighted voting system where representative nodes vote for the block they observe, as >50% of weighted votes received, consensus achieved and block is retained in the Node’s ledger (block that lose the vote is discarded).  Holochain - uses distributed hash table (DHT). Instead of trying to manage global consensus for every change to a huge blockchain ledger, every participant has their own signed hash chain. In case of multi-party transaction, it is signed to each party's chain. Each party signs the exact same transaction with links to each of their previous chain entries. After data is signed to local chains, it is shared to a DHT where every neighbor node validate it. Any consensus algorithms can be built on top of Holochain.  Komodo ('Delegated' Delayed Proof of Work (dPoW)) - end-to-end blockchain solutions. DPoW consensus mechanism does not recognize The Longest Chain Rule to resolve a conflict in the network, instead the dPoW looks to backups it inserted previously into the chosen PoW blockchain. The process of inserting backups of Komodo transactions into a secure PoW is “notarization.” Notarisation is performed by the elected Notary nodes. Roughly every ten minutes, the Notary nodes perform a special block hash mined on the Komodo blockchain and take note of the overall Komodo blockchain “height”. The notary nodes process this specifc block so that their signatures are cryptographically included within the content of the notarized data. There are sixty-four “Notary nodes” elected by a stake-weighted vote, where ownership of KMD represents stake in the election. They are a special type of blockchain miner, having certain features in their underlying code that enable them to maintain an effective and cost-efcient blockchain and they periodically receives the privilege to mine a block on “easy difculty.” Source: https://www.reddit.com/CryptoTechnology/comments/7znnq8/my_brief_observation_of_most_common_consensus/ Whitepapers Worth Looking Into: IOTA -http://iotatoken.com/IOTA_Whitepaper.pdf NANO -https://nano.org/en/whitepaper Bitcoin -https://bitcoin.org/bitcoin.pdf Ethereum: https://github.com/ethereum/wiki/wiki/White-Paper Ethereum Plasma (Omise-GO) -https://plasma.io/plasma.pdf Cardano - https://eprint.iacr.org/2016/889.pdf
The truth is, bitcoin “mining” is a misnomer. When gold is mined, nothing is achieved beyond the discovery of new gold. When bitcoins are mined, however, a valuable service is provided to the Bitcoin network: decentralized transaction recordation and validation. Double Spending. Bitcoin relies on miners to record and validate transactions because of a particular problem inherent in any ... Add to that the low efficiency of gas engines used to power the mining modules – it’s less than 30% and most of the energy is still lost as heat and through the exhaust pipe. Bans imposed on ... You can earn cryptic money by mining, without having to deposit money.However, you certainly don't have to be a miner who has his own encryption. You can also buy crypto by using the Fiat currency (USD, EUR, AUR, etc.); you can trade on a stock exchange like Bitstamp using another crypto (for example: Using Ethereum or NEO to purchase Bitcoin); You can even win by playing video games or by ... Bitcoin Mining Hardware Guide The best Bitcoin mining hardware has evolved dramatically since 2009. At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 ... By connecting these inverse pains, we can satisfy both needs with no cost to market expense. The electricity created operates both the intensive computing and telecommunication modules that mine the cryptocurrency bitcoin, as well as the necessary cooling systems to prevent these supercomputers from overheating. Ribeiro continues:
How Much Can You Make Mining Bitcoin With 6X 1080 Ti ...
What do you need to mine one Bitcoin BTC coin in 2020? Let's review Bitcoin mining profitability and what BTC mining rigs you would need to mine an entire co... This video goes over my 7 day 1 week Bitcoin Mining experiment. I let my computer Mine for Bitcoin for a week straight, to see how much money I could generat... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X IMPORTANT!! This method only illustrates how mining works. You will not make any money f... bitcoin mining bitcoin mining calculator bitcoin mining hardware bitcoin mining pool bitcoin mining rig bitcoin mining software bitcoin mining farm bitcoin mining explained bitcoin mining computer ... The virtual goldrush to mine Bitcoin and other cryptocurrencies leads us to Central Washington state where a Bitcoin mine generates roughly $70,000 a day min...