Masari (MSR) is a scalability-focused, untraceable, secure, and fungible cryptocurrency using the RingCT protocol. Masari is the first CryptoNote coin to develop uncle mining and a fully client side web wallet.
2 March listed. Ethereum eRush is the first and the only coin that be mined by 'Proof of Live' consensus algorithm. #EthereumeRush #Bitcoin #blockchain #Cryptocurrrency #CryptoNews #sistemkoin #coinsbit For more info: https://t.co/1u5omI5voZ https://t.co/XkUFFeMRVE
Ethereum eRush is the first and the only coin that be mined by 'Proof of Live' consensus algorithm. #EthereumeRush #Bitcoin #blockchain #Cryptocurrrency #CryptoNews #sistemkoin #coinsbit For more info: https://t.co/1u5omI5voZ https://t.co/XkUFFeMRVE
- I've seen charts online breaking down the mining pool ownership percentage of BTC. I also know some pools have committed to cap their hash power and operations so as not to gain 51%. However, is it possible that a 51% attack could already be occurring and we have no idea? How do we know the mining operations aren't in collusion already and have not already been double spending, etc? If fraudulent activity occurs would we actually ever know? - In order for changes to the Bitcoin protocol to be made, 95% consensus must be achieved, otherwise a hard fork would need to occur? Is this the primary reason why changes to the core protocol are so difficult to make? - With regards to consensus mechanism, moving aside whether PoW/PoS/Other is the proper solution, since the vast majority of voting belongs to large mining pools why would they ever vote for PoS or another non-mining solution? It seems even if a superior consensus mechanism exists it is highly doubtful BTC would ever deviate without a hard fork? Thanks!
Ultimate glossary of crypto currency terms, acronyms and abbreviations
Disclaimer: This is my editing, so there could be always some misunderstandings and exaggerations, plus many convos are from 'spec channel', so take it with a grain of salt, pls. + I added some recent convos afterward. -------------------------------------------------- 📷 Luigi Vigneri [IF]어제 오후 8:26 Giving the opportunity to everybody to set up/run nodes is one of IOTA's priority. A minimum amount of resources is obviously required to prevent easy attacks, but we are making sure that being active part of the IOTA network can be possible without crazy investments. we are building our solution in such a way that the protocol is fair and lightweight. 📷 Hans Moog [IF]어제 오후 11:24 IOTA is not "free to use" but it's - fee-less you have tokens? you can send them around for free 📷 Hans Moog [IF]어제 오후 11:25 you have no tokens? you have to pay to use the network 📷 lekanovic어제 오후 11:25 I think it is a smart way to avoid the spamming network problem 📷 Hans Moog [IF]어제 오후 11:26 owning tokens is essentially like owning a share of the actual network and the throughput it can process 📷 Hans Moog [IF]어제 오후 11:26**** if you don't need all of that yourself, you can rent it out to people and earn money 📷 Hans Moog [IF]어제 오후 11:27 mana = tokens * time since you own them simplified 📷 Hans Moog [IF]어제 오후 11:27 the longer you hold your tokens and the more you have, the more mana you have but every now and then you have to move them to "realize" that mana 📷 lekanovic어제 오후 11:28 Is there any other project that is using a Mana solution to the network fee problem ? 📷 Hans Moog [IF]어제 오후 11:28 nah the problem with current protocol is that they are leader based 📷 Hans Moog [IF]어제 오후 11:29 you need absolute consensus on who the current leaders are and what their influence in the network is that's how blockchains works 📷 Hans Moog [IF]어제 오후 11:29 if two block producers produce 2 blocks at the same time, then you have to choose which one wins and where everybody attaches their next block to IOTA works differently and doesn't need to choose a single leader we therefore have a much bigger flexibility of designing our sybil protection mechanisms in a way, mana is also supposed to solve the problem of "rewarding" the infrastructure instead of the validators in blockchain only the miners get all the money running a node and even if it's one that is used by a lot of people will only cost you won't get anything back no fees, nothing the miners get it all 📷 Hans Moog [IF]어제 오후 11:31 in IOTA, the node operators receive the mana which gives them a share of the network throughput 📷 Hans Moog [IF]어제 오후 11:32 because in blockchain you need to decide whose txs become part of the blocks and it's not really based on networking protocols like AIMD 📷 lekanovic어제 오후 11:33 And the more Mana your node have, the more trust your node has and you have more to say in the FPC, is that correct? 📷 Hans Moog [IF]어제 오후 11:33 yeah a node that has processed a lot of txs of its users will have more mana than other nodes and therefore a bigger say in deciding conflicts its a direct measure of "trust" by its users 📷 lekanovic어제 오후 11:34 And choosing committee for dRNG would be done on L1 protocol level? Everything regarding Mana will be L1 level, right? 📷 Hans Moog [IF]어제 오후 11:35 Yeah Mana is layer1, but will also be used as weight in L2 solutions like smart contracts 📷 lekanovic어제 오후 11:35 And you are not dependant on using SC to implement this 📷 Hans Moog [IF]어제 오후 11:35 No, you don't need smart contracts That's all the base layer 📷 Hans Moog [IF]어제 오후 11:37 'Time' actually takes into account things like decay So it doesn't just increase forever It's close to "Demurrage" in monetary theory 📷 lekanovic어제 오후 11:36 For projects to be able to connect to Polkadot or Cosmos, you need to get the state of the ledger. Will it be possible to get the Tangle state? If this would be possible, then I think it would be SUPER good for IOTA 📷 Hans Moog [IF]어제 오후 11:38 Yeah but polkadot is not connecting other dlts Just inhouse stuff 📷 Hyperware어제 오후 11:39 Is there still a cap on mana so that the rich don't get richer? 📷 Hans Moog [IF]어제 오후 11:39 Yes mana is capped 📷 TangleAccountant어제 오후 11:39 u/HansMoog [IF] My first thought is thatthe evolution of this renting system will lead to several big mana renting companies that pool together tons of token holders mana. That way businesses looking to rent mana just need to deal with a reliable mana renting company for years instead of a new individualevery couple of months (because life happens and you don't know if that individual will need to sell their IOTAs due to personal reasons). Any thoughts on this? 📷 Hans Moog [IF]어제 오후 11:41 u/TangleAccountantyes that is likely - but also not a bad thing - token holders will have a place to get their monthly payout and the companies that want to use the tangle without having tokens have a place to pay 📷 TangleAccountant어제 오후 11:42 Oh I completely agree.That's really cool. I'll take a stab at creating one of those companies in the US. 📷 Hans Moog [IF]어제 오후 11:42 And everybody who wants to run a node themselves or has tokens and wants use the tangle for free can do so But "leachers" that would want to use the network for free won't be able to do so I mean ultimately there will always be "fees", as there is no "free lunch". You have a certain amount of resources that a network can process and you have a certain demand. And that will naturally result in fees based on supply / demand what you can do however is to build a system where the actual users of that system that legitimately want to use it can do so for free, just because they already "invest" enough by having tokens or running infrastructure they are already contributing to the well-being of the network through these two aspects alone it would be stupid to ask those guys for additional fees and mana essentially tries to be such a measure of honesty among the users 📷 Hyperware어제 오후 11:47 It's interesting from an investment perspective that having tokens/mana is like owning a portion of the network. 📷 Hans Moog [IF]어제 오후 11:48 Yeah, you are owning a certain % of the throughput and whatever the price will ultimately be to execute on this network - you will earn proportionally but you have to keep in mind that we are trying to build the most efficient DLT that you could possibly ever build 📷 semibaron어제 오후 11:48 The whole mana (tokens) = share of network throuput sounds very much like EOS tbh Just that EOS uses DPoS 📷 Hans Moog [IF]어제 오후 11:50 yeah i mean there is really not too many new things under the sun - you can just tweak a few things here and there, when it comes to distributing resources DPoS is simply not very nice from a centralization aspect 📷 Hans Moog [IF]어제 오후 11:50 at least not the way EOS does it delegating weights is 1 thing but assuming that the weight will always be in a way that 21 "identities" run the whole network is bad in the current world you see a centralization of power but ultimately we want to build a future where the wealth is more evenly distributed and the same goes for voting power 📷 Hans Moog [IF]어제 오후 11:52 blockchain needs leader selection it only works with such a centralizing component IOTA doesn't need that it's delusional to say that IOTA wouldn't have any such centralization but maybe we get better than just a handselected nodes📷 📷 Phantom3D어제 오후 11:52 How would this affect a regular hodler without a node. Should i keep my tokens elsewere to generate mana and put the tokens to use? 📷 Hans Moog [IF]어제 오후 11:53 you can do whatever you want with your mana just make an account at a node you regularly use and use it to build up a reputation with that node to be able to use your funds for free or run a node yourself or rent it out to companies if you just hodl 📷 semibaron어제 오후 11:54 Will there be a build-in function into the node software / wallet to delegate ("sell") my mana? 📷 Hans Moog [IF]어제 오후 11:55 u/semibaronnot from the start - that would happen on a 2nd layer ------------------------------------------------------------------------------------------------------------ 📷 dom어제 오후 9:49
suddenly be incentive to hold iota?
to generate Mana 📷 Hyperware오늘 오전 4:21 The only thing I can really do, is believe that the IF have smart answers and are still building the best solutions they can for the sake of the vision 📷 dom오늘 오전 4:43 100% - which is why we're spending so much effort to communicate it more clearly now we'll do an AMA on this topic very soon 📷 M [s2]오늘 오전 4:54 u/dom please accept my question for the AMA: will IOTA remain a permissionless system and if so, how? 📷 dom오늘 오전 4:57 of course it remains permissionless 📷 dom오늘 오전 5:20 what is permissioned about it? is ETH or Bitcoin permissioned because you have to pay a transaction fee in their native token? 📷 Gerrit오늘 오전 5:24 How did your industry partners think about the mana solution and the fact they need to hold the token to ensure network throughput? 📷 dom오늘 오전 5:26 u/Gerritconsidering how the infrastructure, legal and regulatory frameworks are improving around the adoption and usage of crypto-currencies within large companies, I really think that we are introducing this concept exactly at the right time. It should make enterprise partners comfortable in using the permissionless network without much of a hurdle.They can always launch their own network if they want to ... 📷 Gerrit오늘 오전 5:27 Launching their own network can’t be what you want 📷 dom오늘 오전 5:27 exactly but that is what's happening with Ethereum and all the other networks they don't hold Ether tokens either. 📷 Gerrit오늘 오전 5:32 Will be very exciting to see if ongoing regulation will „allow“ companies to invest and hold the tokens. With upcoming custody solutions that would be a fantastic play. 📷 Hans Moog [IF]오늘 오전 5:34 It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority there will still be sharding to keep the network free most of the time 📷 Hans Moog [IF]오늘 오전 5:35 but without a protection mechanism, somebody could just spam a lot of bullshit and you could break the network(수정됨) you need some form of protection from this 📷 M [s2]오늘 오전 5:36 u/HansMoog [IF]so when I have 0 Mana, I can still send transactions? This is actually the point where it got strange... 📷 Hans Moog [IF]오늘 오전 5:37 yes you can unless the network is close to its processing capabilities / being attacked by spammers then the nodes will favor the mana holders 📷 Hans Moog [IF]오늘 오전 5:37 but having mana is not a requirement for many years to come currently even people having fpgas can't spam that many tps and we will also have sharding implemented by then 📷 M [s2]오늘 오전 5:39 Thank youu/HansMoog [IF] ! This is the actually important piece of info! 📷 Basha오늘 오전 5:38 ok, i thought it was communicated that you need at least 1 mana to process a transaction. from the blogpost: "... a node with 0 mana can issue no transactions." maybe they meant during the congestion**, but if that's the case maybe you should add that** 📷 Hans Moog [IF]오늘 오전 5:42 its under the point "Congestion control:" yeah this only applies to spam attacks network not overloaded = no mana needed 📷 Hans Moog [IF]오늘 오전 5:43 if congested => favor txs from people who have the most skin in the game but sharding will try to keep the network non-congested most of the time - but there might be short periods of time where an attacker might bring the network close to its limits and of course its going to take a while to add this, so we need a protection mechanism till sharding is supported(수정됨) 📷 Hans Moog [IF]오늘 오전 6:36 I don't have a particular problem with EOS or their amount of validators - the reason why I think blockchain is inferior has really nothing to do with the way you do sybil protection and with validators I mean "voting nodes" I mean even bitcoin has less mining pools and you could compare mining pools to dpos in some sense where people assign their weight (in that case hashing power) to the corresponding mining pools so EOS is definitely not less decentralized than any other tech but having more identities having weight in the decision process definitely makes it harder to corrupt a reasonable fraction of the system and makes it easier to shard so its desirable to have this property(수정됨) ------------------------------------------------- 📷 Antonio Nardella [IF]오늘 오전 3:36
u/C3PO[92% Cooless]They could also add more git repos instead of the wallet one, and we would probably be #1 there too.. ---------------------------------------------------------------------------------- Disclaimer: I'm sorry, maybe I'm fueling some confusion through posting this mana-thing too soon, but, instead of erasing this posting, I'm adding recent convos. Certain things about mana seem to be not clear, yet. It would be better to wait for some official clarification. But, I hope the community gives its full support to IF, 'cause there could be always some bumps along the untouched, unchartered way. -------------------------------------------------------------------------------------- Recent Addition;
Billy Sanders [IF]오늘 오후 1:36
It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority
u/HansMoog [IF] Im sorry Hans, but this is false in the current congestion control algorithm. No mana = no transactions. To be honest, we havent really tried to make it work so that you can sent transactions with no mana during ties with no congestion, but I dont see how you can enable this and still maintain the sybil protection required. u/LuigiVigneri [IF] What do you think?📷
Dave [EF]오늘 오후 2:19
Suggestion: Sidebar, then get back to us with the verdict.(수정됨)📷2📷
dom오늘 오후 2:27
No Mana no tx will definitely not be the case(수정됨)📷5📷7***[오후 2:28]***Billy probably means the previous rate control paper as it was written by Luigi. I'll clarify with them📷
Hans Moog [IF]오늘 오후 2:29
When was this decided u/BillySanders [IF] and by whom? Was this discussed at last resum when I wasnt there? The last info that I had was that the congestion control should only kick in when there is congestion?!?***[오후 2:29]***📷 📷 📷📷
Navin Ramachandran [IF]오늘 오후 2:30
Let's sidebar this discussion and return when we have agreement. Dave has the right idea
https://preview.redd.it/al1gy9t9v9q51.png?width=424&format=png&auto=webp&s=b29a60402d30576a4fd95f592b392fae202026ca Hopefully any questions you have will be answered by the resources below, but if you have additional questions feel free to ask them in the comments. If you're quite technically-minded, the Zano whitepaper gives a thorough overview of Zano's design and its main features. So, what is Zano? In brief, Zano is a project started by the original developers of CryptoNote. Coins with market caps totalling well over a billion dollars (Monero, Haven, Loki and countless others) run upon the codebase they created. Zano is a continuation of their efforts to create the "perfect money", and brings a wealth of enhancements to their original CryptoNote code. Development happens at a lightning pace, as the Github activity shows, but Zano is still very much a work-in-progress. Let's cut right to it: Here's why you should pay attention to Zano over the next 12-18 months. Quoting from a recent update:
Anton Sokolov has recently joined the Zano team. ... For the last months Anton has been working on theoretical work dedicated to log-size ring signatures. These signatures theoretically allows for a logarithmic relationship between the number of decoys and the size/performance of transactions. This means that we can set mixins at a level from up to 1000, keeping the reasonable size and processing speed of transactions. This will take Zano’s privacy to a whole new level, and we believe this technology will turn out to be groundbreaking!
If successful, this scheme will make Zano the most private, powerful and performant CryptoNote implementation on the planet. Bar none. A quantum leap in privacy with a minimal increase in resource usage. And if there's one team capable of pulling it off, it's this one.
What else makes Zano special?
You mean aside from having "the Godfather of CryptoNote" as the project lead? ;) Actually, the calibre of the developers/researchers at Zano probably is the project's single greatest strength. Drawing on years of experience, they've made careful design choices, optimizing performance with an asynchronous core architecture, and flexibility and extensibility with a modular code structure. This means that the developers are able to build and iterate fast, refining features and adding new ones at a rate that makes bigger and better-funded teams look sluggish at best. Zano also has some unique features that set it apart from similar projects: Privacy Firstly, if you're familiar with CryptoNote you won't be surprised that Zano transactions are private. The perfect money is fungible, and therefore must be untraceable. Bitcoin, for the most part, does little to hide your transaction data from unscrupulous observers. With Zano, privacy is the default. The untraceability and unlinkability of Zano transactions come from its use of ring signatures and stealth addresses. What this means is that no outside observer is able to tell if two transactions were sent to the same address, and for each transaction there is a set of possible senders that make it impossible to determine who the real sender is. Hybrid PoW-PoS consensus mechanism Zano achieves an optimal level of security by utilizing both Proof of Work and Proof of Stake for consensus. By combining the two systems, it mitigates their individual vulnerabilities (see 51% attack and "nothing at stake" problem). For an attack on Zano to have even a remote chance of success the attacker would have to obtain not only a majority of hashing power, but also a majority of the coins involved in staking. The system and its design considerations are discussed at length in the whitepaper. Aliases Here's a stealth address: ZxDdULdxC7NRFYhCGdxkcTZoEGQoqvbZqcDHj5a7Gad8Y8wZKAGZZmVCUf9AvSPNMK68L8r8JfAfxP4z1GcFQVCS2Jb9wVzoe. I have a hard enough time remembering my phone number. Fortunately, Zano has an alias system that lets you register an address to a human-readable name. (@orsonj if you want to anonymously buy me a coffee) Multisig Multisignature (multisig) refers to requiring multiple keys to authorize a Zano transaction. It has a number of applications, such as dividing up responsibility for a single Zano wallet among multiple parties, or creating backups where loss of a single seed doesn't lead to loss of the wallet. Multisig and escrow are key components of the planned Decentralized Marketplace (see below), so consideration was given to each of them from the design stages. Thus Zano's multisig, rather than being tagged on at the wallet-level as an afterthought, is part of its its core architecture being incorporated at the protocol level. This base-layer integration means months won't be spent in the future on complicated refactoring efforts in order to integrate multisig into a codebase that wasn't designed for it. Plus, it makes it far easier for third-party developers to include multisig (implemented correctly) in any Zano wallets and applications they create in the future. (Double Deposit MAD) Escrow With Zano's escrow service you can create fully customizable p2p contracts that are designed to, once signed by participants, enforce adherence to their conditions in such a way that no trusted third-party escrow agent is required. https://preview.redd.it/jp4oghyhv9q51.png?width=1762&format=png&auto=webp&s=12a1e76f76f902ed328886283050e416db3838a5 The Particl project, aside from a couple of minor differences, uses an escrow scheme that works the same way, so I've borrowed the term they coined ("Double Deposit MAD Escrow") as I think it describes the scheme perfectly. The system requires participants to make additional deposits, which they will forfeit if there is any attempt to act in a way that breaches the terms of the contract. Full details can be found in the Escrow section of the whitepaper. The usefulness of multisig and the escrow system may not seem obvious at first, but as mentioned before they'll form the backbone of Zano's Decentralized Marketplace service (described in the next section).
What does the future hold for Zano?
The planned upgrade to Zano's privacy, mentioned at the start, is obviously one of the most exciting things the team is working on, but it's not the only thing. Zano Roadmap Decentralized Marketplace From the beginning, the Zano team's goal has been to create the perfect money. And money can't just be some vehicle for speculative investment, money must be used. To that end, the team have created a set of tools to make it as simple as possible for Zano to be integrated into eCommerce platforms. Zano's API’s and plugins are easy to use, allowing even those with very little coding experience to use them in their E-commerce-related ventures. The culmination of this effort will be a full Decentralized Anonymous Marketplace built on top of the Zano blockchain. Rather than being accessed via the wallet, it will act more as a service - Marketplace as a Service (MAAS) - for anyone who wishes to use it. The inclusion of a simple "snippet" of code into a website is all that's needed to become part a global decentralized, trustless and private E-commerce network. Atomic Swaps Just as Zano's marketplace will allow you to transact without needing to trust your counterparty, atomic swaps will let you to easily convert between Zano and other cyryptocurrencies without having to trust a third-party service such as a centralized exchange. On top of that, it will also lead to the way to Zano's inclusion in the many decentralized exchange (DEX) services that have emerged in recent years.
Where can I buy Zano?
Zano's currently listed on the following exchanges: https://coinmarketcap.com/currencies/zano/markets/ It goes without saying, neither I nor the Zano team work for any of the exchanges or can vouch for their reliability. Use at your own risk and never leave coins on a centralized exchange for longer than necessary. Your keys, your coins! If you have any old graphics cards lying around(both AMD & NVIDIA), then Zano is also mineable through its unique ProgPowZ algorithm. Here's a guide on how to get started. Once you have some Zano, you can safely store it in one of the desktop or mobile wallets (available for all major platforms).
How can I support Zano?
Zano has no marketing department, which is why this post has been written by some guy and not the "Chief Growth Engineer @ Zano Enterprises". The hard part is already done: there's a team of world class developers and researchers gathered here. But, at least at the current prices, the team's funds are enough to cover the cost of development and little more. So the job of publicizing the project falls to the community. If you have any experience in community building/growth hacking at another cryptocurrency or open source project, or if you're a Zano holder who would like to ensure the project's long-term success by helping to spread the word, then send me a pm. We need to get organized. Researchers and developers are also very welcome. Working at the cutting edge of mathematics and cryptography means Zano provides challenging and rewarding work for anyone in those fields. Please contact the project's Community Manager u/Jed_T if you're interested in joining the team. Social Links: Twitter Discord Server Telegram Group Medium blog I'll do my best to keep this post accurate and up to date. Message me please with any suggested improvements and leave any questions you have below. Welcome to the Zano community and the new decentralizedprivateeconomy!
Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain. The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.
The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions. When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved. This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency. Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
1.1 OVERVIEW ABOUT ARYACOIN
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community. Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details. Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda. Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified. Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin. Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim. Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details. Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time. According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public. In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks. AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.
1.1.1 ARYACOIN HISTORY
Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team. Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin. “We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said. Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC. Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees. “We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.” “One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”. “So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.” “We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.”
1.1.2 ARYACOIN’S MAIN GOAL
Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe. Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.
1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE
Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur. Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.
1.1.4 BENEFITS OF USING ARYACOIN
Aryacoin solution offers the following benefits:
Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.
1.1.5 ARYACOIN FEATURES
1. Anonymity The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country . 2. Real Life Usage aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere. 3. Offline Exchanges They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future! 4. Transactions When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending. 5. Business Partner with Simplex Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries. In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020. Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.
1.1.6 WHY CHOOSE ARYACOIN?
If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!
1.1.7 ARYANA CENTRALIZED EXCHANGE
Aryana, the first Iranian exchange is a unique platform with the following features:
The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second. The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline. The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.
1.1.8 HOW DOES ARYACOIN WORK?
Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.
2. ARYACOIN TECHNOLOGY
They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash. For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it. The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.
The steps to run the network are as follows:
New transactions are broadcast to all nodes.
Each node collects new transactions into a block.
Each node works on finding a difficult proof-of-work for its block.
When a node finds a proof-of-work, it broadcasts the block to all nodes.
Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.
2.3 AYAPAY PAYMENT SERVICES GATEWAY:
According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world. This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee. In other similar systems or even systems such as PayPal, money is stored in the user account.
2.4 CONSENSUS ALGORITHM IN ARYACOIN
The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.
2.5 DOUBLE-SPEND PROBLEM AND SOLUTION
One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.
3. ARYACOIN ROADMAP
April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected December 2019: The launch of AYA Pay April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain. June 2020: Aryana Exchange goes live, opening more trading opportunities globally July 2020: The enabling of our Coin Exchanger November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem Q1 2021: Alef B goes live (more details coming soon)
Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.
How DAO users can truly control their voting rights
https://blockchaintopbuzz.medium.com/how-dao-users-can-truly-control-their-voting-rights-f945c9c6b65e Aelf proposed a solution that gives the control of the voting rights back to users by classifying token permissions. As of today, there are still few complete businesses. In addition to mining and building trading platforms, it is difficult to create a complete business model. Moreover, various trading platforms have gradually grown into enterprises with comprehensive products in the blockchain industry, including wallets, nodes, lending, mining pools, etc. At the same time, cloud services can reduce the cost of building small exchanges, but they can also lead to big trading platforms monopolizing data. For example, some Internet companies provide free cloud services in order to collect more valuable data. Currently, Ethereum, which has the richest DeFi ecosystem, is gradually upgrading to V2.0, and its consensus protocol will also be upgraded to PoS. Governance voting can be regarded as the most important feature in the PoS ecosystem. This year, Yearn.Finance rose to sudden prominence. But due to the governance problem, its community members initiated a hard fork, resulting in YFII. Another DeFi project, YAM, had a unfixable rebase function error. The founding team apologized for the error and announced a ‘Migration Plan’, which will turn the project over to the community. For a while, governance voting became all the rage. However, the increasingly bigger trading platforms have been criticized by users in governance voting. Is there a proper solution to handling the relationship between the trading platform and governance voting?
What will we lose when trading platforms monopolize the blockchain industry?
In June 2018, during the BP node election before the EOS mainnet launch, node voting began to have a crisis of confidence between token holders and the trading platform. it is widely believed that the top 20 holders of trading platform wallets held about 40% of all the EOS in circulation. Since then, many trading platforms have enabled the “User Authorization” interface. EOS holders can authorize the token voting rights to the trading platform, who will vote on behalf of the users. The rule caused a backlash from users, forcing these trading platforms to change the rule immediately so that EOS holders could vote on their preferred BP nodes. After the EOS BP node votes, whether the trading platform has the token voting right has been occasionally discussed, but fewhave noticed it. Two years later, Justin Sun, founder of TRON, made a commercial acquisition of Steemit, a decentralized social networking platform. After the acquisition was announced, the Steemit community launched a soft fork to resist the project being controlled by TRON. However, Justin Sun voted with the support of trading platforms such as Binance, Huobi and Poloniex to prevent a soft fork. After being questioned by users, Binance and Huobi said that they would no longer interfere in the voting of the Steemit community. However, hkdev 404 of the Steem community again reveived votes from Huobi accounts. It is said that nearly 40 million votes were cast during the incident, accounting for about 10% of the total circulation of STEEM tokens. There is no doubt that when the trading platform monopolizes the industry, we will lose our voting right. How do we defend our voting rights The fact that the ownership of the tokens belongs to the holders is indisputable, but what about the voting rights of the tokens deposited on the trading platform? How can we defend our voting rights after trading platforms have monopolized the industry?
Trading Platform Model
Traditional centralized trading platforms will assign to each user a separate deposit address. After depositing, the depositedamount will be added into the cold wallet and hot wallet. When users want to withdraw their tokens, the trading platform will transfer the tokens out of the hot wallet. If there is insufficient balance in the hot wallet, then the tokens will be transferred from the cold wallet to the hot wallet, and then be withdrawn. Under the traditional centralized trading platform model, once users transfer their tokens into a trading platform, it means thetoken ownership (including voting rights) is also transferred to that trading platform. The aelf solution: classify token permissions and claim back voting rights For the issue of “voting rights” between token holders and centralized trading platforms, aelf, a decentralized cloud computing blockchain network, has proposed a solution: to establish an aelf Centre Asset Management Contract on the chain. The contract can limit the funds entering the exchange and define different permissions to control the assets. The main feature of the aelf Centre Asset Management Contract is to create the “Main Virtual Address of the Trading Platform”. Each exchange has a main virtual address, which can only be used for transfer operation, but not for voting, trading and other operations. As a result, the exchange cannot misappropriate users’ assets for voting. At the same time, the assets of the primary virtual address are publicly available on the chain, which makes it more difficult for the exchange to misappropriate assets. At the same time, the aelf Centre Asset Management Contract also has the function of “address definition”. The exchange can open different permissions to different addresses, such as opening different permissions according to the amount, transactions exceeding a certain amount can only be given the greenlight by using multiple signatures, and the assets can be frozen through the contract when the assets of the trading platform are stolen, etc. For the users of the trading platform, the access of the trading platform to the aelf Center Asset Management Contract function will not undermine user experience. The virtual system address of the aelf Center Asset Management Contract will assign a virtual address to each user, which offers the same user experience as the traditional mode. For the trading platform, each deposit address constructed by the virtual address system is generated by the algorithm and does not need to be carried out on the blockchain. This means that the trading platform does not need to manage a large number of private keys, and there is no risk that the private keys will be lost. On the most important “voting rights” issue, the aelf Center Asset Management Contract will assign to each user a separate virtual address for voting: Voting address = Hash (Exchange Main Address + Token + “VOTE”) Voting process: the tokens are transferred from the main virtual address of the exchange to the special “voting address” for voting, and are then voted. After voting, the tokens are withdrawn from the voting address back to the main virtual address. We can see that the aelf Centre Asset Management Contract proposed by aelf can improve the efficiency of the trading platform without affecting user experience. In addition, it solves the problem that users would lose their voting rights. According to the data on Crypto Mode, the market value of PoS tokens has exceeded $33 billion without counting Ethereum. In the field of crypto, it is the biggest ecosystem next to Bitcoin. The most important function of PoS is vote staking. faced with bigtrading platforms, if the status quo continues, retail investors will gradually lose their “voting rights” that belong to them. Comparison of Market Value of PoS tokens (Source: Crypto Mode) The emergence of DAO offers an alternative to trading platforms who misappropriate users’ tokens, but it still can not change this situation. Of course, DAO will not die out. Small communities will still use DAO for community governance. The idea behind the design of aelf is to start from the underlying trading platform and solve this issue at the source. Whether the solution can work still takes time. However, as a member of the crypto industry, we should understand the importance of “voting rights”, and cannot allow the exchange to seize our rights at will. Recently, aelf has also announced its DeFi plan, which includes a new blockchain 3.0 project with a large number of new technical features, such as cross chain function, virtual address and cloud services. Aelf also proposed a set of interoperability solutions with ERC-20 tokens. It can directly access the ETH ecosystem, allow ETH-based applications and wallets to directly access it, and maintain the interoperability with ETH. And aelf will provide a high-performance smart contract operation platform and cloud services that can support cross chain interaction. Users on major cloud servers can easily run aelf’s services and adjust the scale of cloud according to their own business needs. The implementation of a slew of tools, cloud services and interoperability solutions developed by aelf means that centralized transactions can be directly connected to the aelf network, realizing one-click adaptation to the DeFi ecosystem. With aelf, CeFi and DeFi are able to learn from and complement each other.
How is the stability of the PYRK network achieved?
⚖️ Stability in PYRK is ensured through the use of a triple PoW algorithm. The idea of a multi-algorithm originated in Digibyte. Splitting the mining into three different algorithms effectively splits the amount of work performed by each algorithm to 33% of the total network hash rate. 🔹 The triple consensus algorithm in PYRK includes SHA256, Scrypt, and X11. Each of these algorithms has been selected for their reliability and security performance. 🔹 With this solution, any pool or miner mining can only achieve 33% of the total hash rate even if they are mining 100% of the hash rate of a single algorithm. It is an exceedingly unlikely case that a single miner attains 100% of the hash rate of a single algorithm. 🔹 The triple algorithm approach helps to further protect the network from bad actors while also providing the preferred Proof-of-Work mechanism. 🛡 Multishield is another factor for network stability. In order to maintain an "average" block timing, blockchains such as Bitcoin, Litecoin, and Pyrk all use different methods of "difficulty retargeting". The idea is that as there is more hash-power provided by the miners it needs to become harder and harder to find the blocks. Read more about PYRK solutions here: https://www.pyrk.org https://preview.redd.it/obwks3p80vu51.png?width=1200&format=png&auto=webp&s=054d63d83fe07145934566387e502456a129ee89
The consensus algorithm of BCH has a decade long track record while Btc has changed its underlying consensus algorithm ( value proposition, economic incentives) Btc is much more uncertain in terms of its track record. Justin Bons Cyber Capital
PT Super Public Chain has the potential to outperform all mainstream public chains
Public chains have become a topic that is widely discussed, and it used to be all about comparing who had the better headlines and everyone was talking about Blockchain 3.0. Their normal method was to take a prominent indicator and make comparisons between them and a mainstream public chain in the market, and then come to a predetermined conclusion. Few articles objectively and comprehensively compare the current mainstream public chains in the market and give the public an intuitive and credible conclusion. Today, we are going to break this bad habit of this industry and make a horizontal comparison of the current mainstream public chains, and thus intuitively and objectively tell you what the differences are between public chains. https://preview.redd.it/heczp9tj29t51.jpg?width=1772&format=pjpg&auto=webp&s=cbac81221394b3d5294b8c6eb1be52581b0d725f Contestants: First generation public chain: BTC (father of blockchain) Second generation public chain representatives: ETH, EOS Third generation public chain representatives: polkaDOT, VDS, PT public chain Criteria for the different generations: classification
First generation public chain: mainly referring to the transformation from theory to the implementation of blockchain, Bitcoin is recognized as the representative of the first generation of blockchain.
Second generation public chain: the main purpose is to explore the possibility of blockchain applications, among which ETH is the representative. Although EOS claims to be the third-generation public chain, it really should belong to the enhanced version of the second-generation public chain.
Third generation public chain is on top of the second generation. It has generally found its niche, and comes with more valuable technical public chains, such as VDS resonance, or polkaDOT’s superb cross chain innovation, PT public chain's full chain compatibility mode and ultra-high throughput.
Four dimensions for comparison:
Public chain consensus: the core indicator of public chain innovation, which directly affects the performance and security of the public chain, with a top score of five stars.
Usage scenarios of the public chain: it mainly reflects the commercial value of the public
TPS: before upgrading to the 2.0 network, the TPS of ETH can only handle 30 transactions per second, which is considered to be in the weak category, and thus I can only give 1.5 stars.
Influence: the representative of the second generation blockchain, giving it 4 stars.
To sum up, the average score of the second-generation public chain ETH is 3.625 stars. EOS (Second generation public chain):
Consensus: OPOS is a new set of consensus created in addition to POW, which perfectly avoids the shortcomings of the POW consensus mechanism. However, its own security has not been recognized by the community. Coupled with the existence of a centralized "referee mechanism", DPOS on the EOS chain has always received mixed reviews in the industry. At this stage, it only deserves a 3-star rating.
Usage scenario: thanks to the improvement of the consensus mechanism, EOS has the possibility of being suitable for large-scale applications. There have also been popular applications such as Pixel Wars. However, due to the high rental costs of CPU resources, developers are becoming more and more distant from the EOS ecosystem, and it has been a long time since there have been any popular new applications, so only 2.5 stars.
TPS: EOS claimed to have a million concurrency at the beginning of development, but the actual tested volume is 3800 transactions per second at the moment. Compared with the first two public chains, this was a major breakthrough, scoring it 5 stars.
Influence: at the beginning when launched, there was a massive wave of interest but then there were no popular applications and the ecosystem has gradually withered away, so influence gets only 2 stars.
To sum up, the average score of the second-generation public chain EOS is 3.125 stars. polkaDOT (Third generation public chain)
Consensus: NPOS is an updated consensus, based on an improved DPOS. The double confirmation mechanism makes it more difficult for nodes to be corrupted, but the cost is higher, so taking into account the utility of the public chain performance, I’ll give it 4 stars.
Usage scenarios: polkaDOT provides a cross-chain relay chain mode, and its own positioning is to connect highways without public chains. At present, there is still a lack of real demand in terms of practical scenarios. So far, polkaDOT has been in a tepid state, giving it 3.5 stars.
TPS: the processing is 1000 transactions per second on the chain, and taking into account the safety and efficiency, this is a relatively ideal performance, giving an overall score is 4 stars. United States, but at present, based on its budding state, it can only score 2 stars for the time being. To sum up, the average score of the third-generation public chain PT is 3.5 stars.
In summary, from the score point of view, the scores of the three generations of public chain are beyond my original expectations. The second-generation public chain is still the preferred platform for mainstream applications, with mature technology, a friendly development environment and low user education costs being the key advantages. However, the third-generation public chain, as a latecomer, generally has a lower score. The technical purposes of the third-generation public chain are very obvious, so there is the phenomenon of partiality. Some of the main functions came close to a full score, while the rest scored relatively low. https://preview.redd.it/vic3k7j049t51.jpg?width=3334&format=pjpg&auto=webp&s=27a24ce91445d25881d25a8ac8abbbdffbf82a8f I am very optimistic about the PT public chain. As a latecomer, PT public chain has the first decentralized Dpos+Spos consensus mechanism in the blockchain circle. It has high security, high privacy levels, high efficiency, high capacity expansion, supports compatibility and cross chain technologies, which makes it easier to carry out multi technology development. It also innovates the efficiency of the destruction mechanism of mining coalescence, effectively improving the shortcomings of the traditional mining allocation mechanism, eliminating speculative players, and increasing the participation rate of consensus innovation in the technology and methodology. However, due to the weakness of the latecomers themselves, the ecosystem is in its infancy, and there has not been enough time for all of the innovative mechanisms to be tested by the market, so I can chain and is an important basis for measuring the commercial prospects of the public chain, with a top score of five stars.
TPS of public chain: represents the maximum potential upper limit of the public chain, with top score of five stars.
Influence / achievement of public chain: represents the contribution value of the public chain to the blockchain industry, with a top score of five stars. These four dimensions mainly consider the practicability of the public chain, and focus on the commercial value itself, as I believe that productivity is the only standard by which to measure technology. BTC (first generation public chain)
Consensus: POW (workload proof mechanism) this is a consensus with the highest degree of security and decentralization so far. The disadvantage is that it is less efficient, because it is the pioneer of POW, so we will give it a great score of 4 stars.
Usage scenario: digital currency (payments, transfers, asset management) although BTC is currently the most commonly accepted digital currency, it has a single purpose. We give it a score of 2.5 stars.
TPS: it can only process 7 transactions per second, which is also the major factor restricting the popularity of BTC at present. This was a technology compromise in the initial start-up stage, we can only rate it 1.5 stars.
Influence: the father of blockchain, the founder of digital currency, it has to be the top score of 5 stars.
To sum up, the average score of the first-generation public chain is 3.25 stars. ETH (Second generation public chain)
Consensus: POW (Proof of Workload) it is the same as bitcoin's consensus mechanism, and its advantages and disadvantages are also basically the same. The difference is that ETH has added an algorithm against mining machines, which makes the computing power more decentralized. In addition, the witness mechanism of DPOS was introduced in the era of ETH2.0, which means I can give a score of 4 stars.
Usage scenario: in terms of applications, ETH is invincible. It has the largest user group and developer team in the industry. It has produced popular and even quasi killer applications like Cryptocat, FOMO3D and DEFI, which is the king of blockchain applications. This gives it a full score of five stars.
Influence: the influence is limited to a small portion of the technology exploration community, giving it a 2.5-star rating.
To sum up, the average score of the third-generation public chain polkaDOT is 3.5 stars. VDS (Third generation public chain)
Consensus: due to the lack of powerful computing power to support it, the safety and the performance of the public chain have basically not been considered, so, only 1.5 stars can be given.
Usage scenario: it has its own resonance mechanism, and it is no exaggeration to say that VDS was the most popular public chain in 2019. It immediately gained explosive popularity in the industry. We have to give credit to this kind of strength, scoring it 4.5 stars.
TPS: the official marker is 60,000 transactions per second, but there is no way to evaluate it, and only one star is given.
Influence: the once explosive project is now a thing of the past. All of the ecological hot spots have already been extinguished and only one star can be given.
To sum up, the average score of the third-generation public chain VDS is 1.875 stars. PT Public Chain (Third generation public chain)
Consensus: DPOS+SPOS, double consensus. This is the application of the latest blockchain research results, which effectively balances the differing demands of security, efficiency and decentralization. It may become the mainstream in the future. Here I’m giving a high score of 4.5 stars.
Usage scenario: built-in cross chain, quantum computer confrontation, and has the first multi-currency aggregate mining mode. At present, PT public chain is the only fair chain in existence with zero pre-mining, zero reservations and zero handling charges. It is a public chain with long-term development potential. The PT public chain has just been put online, and the current ecosystem is still far from perfect, so, only scoring 4 stars.
TPS: under the normal condition of the main chain, the processing speed of 4,000 transactions per second is excellent, but the PT public chain also has a hidden power-up mode. Once the fragmentation mechanism is enabled, processing speed of up to 100,000 transactions per second can be achieved, which is quite amazing data. At present, it can only be given 3.5 stars based on the normal state.
Influence: as a public chain, PT has utilized a lot of new technology research, and also has a lot of innovation built into the operations. Recently, it has become popular in Europe and the only give it a low score unfortunately. However, this score can only be used as a reference based on the specific current environment. Over time, the public chain ecosystem has had its ups and downs, user migration, pop-ups, technology iterations, etc., I still believe that the public chain, with its technical advantages and model innovations, such as PT, can stand out in the market, and time will be the best witness. Just as the PT white paper says, you will slowly get rich together if you make the right choice.
Everyone and his grandma know what cryptocurrency mining is. Well, they may not indeed know what it actually is, in technical terms, but they have definitely heard the phrase as it is hard to miss the news about mining sucking in energy like a black hole gobbles up matter. On the other hand, staking, its little bro, has mostly been hiding in the shadows until recently. by StealthEX Today, with DeFi making breaking news across the cryptoverse, staking has become a new buzzword in the blockchain space and beyond, along with the fresh entries to the crypto asset investor’s vocabulary such as “yield farming”, “rug pull”, “total value locked”, and similar arcane stuff. If you are not scared off yet, then read on. Though we can’t promise you won’t be.
Cryptocurrency staking, little brother of crypto mining
There are two conceptually different approaches to achieving consensus in a distributed network, which comes down to transaction validation in the case of a cryptocurrency blockchain. You are most certainly aware of cryptocurrency mining, which is used with cryptocurrencies based on the Proof-of-Work (PoW) consensus algorithm such as Bitcoin and Ether (so far). Here miners compete against each other with their computational resources for finding the next block on the blockchain and getting a reward. Another approach, known as the Proof-of-Stake (PoS) consensus mechanism, is based not on the race among computational resources as is the case with PoW, but on the competition of balances, or stakes. In simple words, every holder of at least one stake, a minimally sufficient amount of crypto, can actively participate in creating blocks and thus also earn rewards under such network consensus model. This process came to be known as staking, and it can be loosely thought of as mining in the PoS environment. With that established, let’s now see why, after so many years of what comes pretty close to oblivion, it has turned into such a big thing.
Why has staking become so popular, all of a sudden?
The renewed popularity of staking came with the explosive expansion of decentralized finance, or DeFi for short. Essentially, staking is one of the ways to tap into the booming DeFi market, allowing users to earn staking rewards on a class of digital assets that DeFi provides easy access to. Technically, it is more correct to speak of DeFi staking as a new development of an old concept that enjoys its second coming today, or new birth if you please. So what’s the point? With old-school cryptocurrency staking, you would have to manually set up and run a validating node on a cryptocurrency network that uses a PoS consensus algo, having to keep in mind all the gory details of a specific protocol so as not to shoot yourself in the foot. This is where you should have already started to enjoy jitters if you were to take this avenu entirely on your own. Just think of it as having to run a Bitcoin mining rig for some pocket money. Put simply, DeFi staking frees you from all that hassle. At this point, let’s recall what decentralized finance is and what it strives to achieve. In broad terms, DeFi aims at offering the same products and services available today in the traditional financial world, but in a trutless and decentralized way. From this perspective, DeFi staking reseblems conventional banking where people put their money in savings accounts to earn interest. Indeed, you could try to lend out your shekels all by yourself, with varying degrees of success, but banks make it far more convenient and secure. The maturation of the DeFi space advanced the emergence of staking pools and Staking-as-a-Service (SaaS) providers that run nodes for PoS cryptocurrencies on your behalf, allowing you to stake your coins and receive staking rewards. In today’s world, interest rates on traditional savings accounts are ridiculous, while government spending, a handy euphemism for relentless money printing aka fiscal stimulus, is already translating into runaway inflation. Against this backdrop, it is easy to see why staking has been on the rise.
Okay, what are my investment options?
Now that we have gone through the basics of the state-of-the-art cryptocurrency staking, you may ask what are the options actually available for a common crypto enthusiast to earn from it? Many high-caliber exchanges like Binance or Bitfinex as well as online wallets such as Coinbase offer staking of PoS coins. In most cases, you don’t even need to do anything aside from simply holding your coins there to start receiving rewards as long as you are eligible and meet the requirements. This is called exchange staking. Further, there are platforms that specialize in staking digital assets. These are known as Staking-as-a-Service providers, while this form of staking is often referred to as soft staking. They enable even non-tech savvy customers to stake their PoS assets through a third party service, with all the technical stuff handled by the service provider. Most of these services are custodial, with the implication being that you no longer control your coins after you stake them. Figment Networks, MyContainer, Stake Capital are easily the most recognized among SaaS providers. However, while exchange staking and soft staking have everything to do with finance, they have little to nothing to do with the decentralized part of it, which is, for the record, the primary value proposition of the entire DeFi ecosystem. The point is, you have to deposit the stakable coins into your wallet with these services. And how can it then be considered decentralized? Nah, because DeFi is all about going trustless, no third parties, and, in a narrow sense, no staking that entails the transfer of private keys. This form of staking is called non-custodial, and it is of particular interest from the DeFi point of view. If you read our article about DeFi, you already know how it is possible, so we won’t dwell on this (if, on the off chance, you didn’t, it’s time to catch up). As DeFi continues to evolve, platforms that allow trustless staking with which you maintain full custody of your coins are set to emerge as well. The space is relatively new, with Staked being probably the first in the field. This type of staking allows you to remain in complete control of your funds, and it perfectly matches DeFi’s ethos, goals and ideals. Still, our story wouldn’t be complete if we didn’t mention utility tokens where staking may serve a whole range of purposes other than supporting the token network or obtaining passive income. For example, with platforms that deploy blockchain oracles such as Nexus Mutual, a decentralized insurance platform, staking tokens is necessary for encouraging correct reporting on certain events or reaching a consensus on a specific claim. In the case of Nexus Mutual, its membership token NXM is used by the token holders, the so-called assessors, for validating insurance claims. If they fail to assess claims correctly, their stakes are burned. Another example is Particl Marketplace, a decentralized eCommerce platform, which designed a standalone cryptocurrency dubbed PART. It can be used both as a cryptocurrency in its own right outside the marketplace and as a stakable utility token giving stakers voting rights facilitating the decentralized governance of the entire platform. Yet another example is the instant non-custodial cryptocurrency exchange service, ChangeNOW, that also recently came up with its stakable token, NOW Token, to be used as an internal currency and a means of earning passive income.
Nowadays, with most economies on pause or going downhill, staking has become a new avenue for generating passive income outside the traditional financial system. As DeFi continues to eat away at services previously being exclusively provided by conventional financial and banking sectors, we should expect more people to get involved in this activity along with more businesses dipping their toes into these uncharted waters. Achieving network consensus, establishing decentralized governance, and earning passive income are only three use cases for cryptocurrency staking. No matter how important they are, and they certainly are, there are many other uses along different dimensions that staking can be quite helpful and instrumental for. Again, we are mostly in uncharted waters here, and we can’t reliably say what the future holds for us. On the other hand, we can go and invent it. This should count as next. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example ETH to BTC. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins! The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/09/08/cryptocurrency-staking-as-it-stands-today/
https://preview.redd.it/nnuhfz6q01t51.png?width=700&format=png&auto=webp&s=15ce35581f2ebad02af140180f5a8b1fe7931f00 Technology & Products Public Chain Development · WASM AMPL contract debugging (100%) · Research on WASM zero-knowledge proof anonymous transfer (50%) · WASM Sushi contract coding (100%) · WASM RPC iOS asynchronous library commissioning (100%) · Verification of the signature push public key algorithm and testing its codability (C++, go) through RPC (100%) · The new lock-up airdrop contract function: lock-up users can claim the unlocked assets by entering RegID (100%) · Porting ASWAP contract to public chain 3.0, adding platform fee processing (100%) · Optimization of Yield Farming contract reward distribution (100%) · Optimization of Yield Farming contract penalty distribution mechanism (100%) · Yield Farming contract testing (100%) · Deployment and initial configuration of WICC and WGRT yield farming contracts and Wayki-X contract completed (100%) · Ownership of issuance and transfer rights of the bottom-level token ROG transferred to Wayki-X contract (100%) · The initial generation of ROG completed. 10.08M ROG entered the WICC pool, 2.52M ROG entered the WGRT pool (100%) · The first 189,000 ROG was minted in Wayki-X contract for rewards by inflation (12.6M × 1.5%) (100%) · Transfer of 70,000 ROG to AEX for Ecosystem Yield Farming completed (100%) · WASM developer documentation: added detailed WASM table (Simplified Chinese) (100%) · WASM developer documentation: added call of multiple contracts and multisignature transactions in WASM contract (Simplified Chinese) (100%) Application Development · Yield Farming back end API (100%) · Yield Farming front end page optimization (100%) · Yield Farming front end localization (100%) · Yield Farming pre-release initial API docking (100%) · Yield Farming application testing (100%) · Yield Farming application release (100%) · xUSD & ROG added to Instant in WaykiTimes Android (100%) · Memory leak issue fixed in Instant in WaykiTimes (100%) · Data loading error when swiping in Discover fixed in WaykiTimes (100%) · Data display optimized in Getting Started in WaykiTimes · UI debugging of several pages in WaykiTimes (100%) · WaykiTimes 3.0.4 released (100%) · WaykiTimes Help Center released (100%) · WaykiTimes Getting Started released (100%) · WaykiTimes remember password function released (100%) · WaykiTimes iOS App Store version tested (100%) · Google crash analysis and testing added to WaykiTimes Android (100%) · Solved the data loading issue when swiping in Wayki-X Synths (100%) · Wayki-X price feed delay fixed (100%) · Amount issue in the plug-in wallet fixed (100%) · Display error of release contract type of universal transactions fixed on the blockchain explorer (100%) · WASM contract display specifications for the blockchain explorer completed (100%) · Development of the Coinbase integration project (wicc-rosetta-api) (85%) Plan for October Public Chain Development · Research on WASM zero-knowledge proof anonymous transfer · Correction of ASWAP contract proof of liquidity token generation rules · ASWAP contract testing · Docking of ASWAP contract with third parties · Continuous updating of coind RPC interface documentation Application Development · Trade — transaction details HTML5 page to native page transfer in WaykiTimes · Development of the Coinbase integration project (wicc-rosetta-api) Market International Market · On September 4, Russian volunteers opened the second WaykiChain Russian group in Telegram: https://t.me/waykichainrussian. · On September 6, WaykiChain opened the official community in Discord: https://discord.gg/XyAkqa. · On September 6, WaykiChain CTO Richard Chen was invited to the Blockchain + Innovative Service and Industrial Application Conference and the China Chamber of International Commerce Blockchain Innovation Service Industry Committee Establishment Conference as a member of the expert group. · On September 11, the famous US blockchain TV program Exploring the Block tweeted about WaykiChain, showing it is optimistic about the future development of the integrated DeFi ecology of WaykiChain. · On September 11, the famous business platform Yahoo Finance released WaykiChain project information and announced that WaykiChain CEO Gordon Gao gives an interview to NASDAQ MarketSite’s Jane King on September 12. · At 7:00 PM EDT on September 12, world’s largest financial channel Bloomberg TV reported that WaykiChain CEO Gordon Gao was interviewed by Jane King of NASDAQ MarketSite. The interview aired on Fox Business Network at 10:30 PM EDT on September 14. · On September 12, cryptocurrency Twitter account Crypto Catalog tweeted about WaykiChain, showing it is optimistic about the future development of the integrated DeFi ecology of WaykiChain. · On September 13, DeFi List added WaykiChain governance token WGRT. · On September 13, WaykiChain reached market cooperation with the Indian blockchain influencer Gmadvice who started to serve as WaykiChain community manager in India. · On September 16, WaykiChain released “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance” on Twitter. Up to September 21, the news hit 2,400+ retweets. · On September 17, the cryptocurrency influencer DeFi List retweeted “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance”. · On September 18, WaykiChain reached strategic market cooperation with the Korean crypto influencer Pantera who will help WaykiChain establish a broad and strong consensus in Korea. · On September 19, “WaykiChain Dual-pool ROG Yield Farming Korean Group” community established. · On September 20, the influencer Crypto Wendy retweeted “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance”. · On September 21, 130+ Korean media outlets published “WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool for ROG Genesis Issuance”. · On September 23, WaykiChain co-founder and CEO Gordon Gao was invited to an AMA session with ICO Pantera Group, Korea’s top Telegram group (stats by u/combot), where he shared his insights into DeFi with 4,000+ Korean users and introduced WaykiChain’s ROG Genesis Yield Farming. · On September 24, WaykiChain tweeted “ROG Genesis Yield Farming FAQ” and “Leave your question/problem toward WaykiTimes/Wayki-X/ROG Genesis Yield Farming in the Google forms below to share 800 WICC Giveaway!”, the number of engagements is 1,500+. · On September 24, WaykiChain global partner Vincent Lionheart was invited to an AMA session to D’va Community. · On September 24, The Business Telegraph, Bitcoin Garden, and other media published “WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool”. · On September 24, WaykiChain tweeted the ROG Genesis Yield Farming Countdown. The news hit 1,000+ retweets. · On September 25, ROG Genesis Yield Farming news was the day’s hit in Korea with 5,000+ views on Korean cryptocurrency forums. National Market · On September 1, CoinTiger listed WaykiChain governance token WGRT and opened the WGRT/USDT pair. WGRT net buy & hold competition started and the CoinTiger community joined a series of WGRT-themed challenges. · On September 1, WaykiChain governance token WGRT successfully mapped to Ethereum and ERC-20 WGRT was created. The world’s largest DEX Uniswap officially supported it and listed the WGRT/USDT pair. · On September 2, WaykiChain Strategic Analyst Jing Tao gave the speech “WGRT Dragon, Fly, Tiger, and Leap: Community Governance Upstart” to the MXC community and distributed 3 gold bars to the event participants. · On September 7, WaykiChain Strategy Analyst Jing Tao attended [This Is Coin Coffee] live DeFi contest co-sponsored by Coinka, fogwu.com, and tuoniaox.com. WEDEX founder & CEO, Loopring co-founder Chen Xiaoliang and ChainNews Research Director Pan Zhixiong joined the event. · On September 9, Gate.io selected WaykiChain governance token WGRT for the Listing Vote. Each voter had a chance to share an airdrop of 420,875.43 WGRT. WGRT passed the voting with 53,293,775 votes and was successfully listed on Gate.io. · On September 10, WGRT/USDT trading pair and WGRT withdrawals opened on Gate.io. · On September 10, WaykiChain released WaykiChain Governance Token WGRT Information and Addresses. The team announced that before July 1, 2021, WGRT circulating supply will be strictly controlled at 10% of the total supply, or 2.1 billion. · On September 9 to 11, WaykiChain was invited to IoT World China & 5G China along with 400+ exhibitors including Huawei, Baidu, and Tencent. WaykiChain demonstrated the integrated public chain DeFi ecosystem that will help China’s digital construction. · On September 11, WaykiChain Strategy Analyst Jing Tao was invited to the Bepal community and shared the speech “WaykiChain Governance Token WGRT: Accumulation and Breakout”. WaykiChain airdropped 3,000 WGRT and cash red envelopes to the Bepal community members. · On September 12, WaykiChain Technology & Development Manager Yuanhang Xiao and Strategy Analyst Jing Tao introduced [New WaykiChain DeFi Product: Decentralized Synthetic Asset Issuance Protocol Wayki-X] in the official WaykiChain yizhibo account. During the live broadcast, WaykiChain distributed pure gold bars and branded gifts to lucky users. · On September 13, WaykiChain co-founder & CEO Gordon Gao and Overseas Director Qiyuan Mei shared the speech “WaykiChain Opens the Era of Integrated DeFi Public Chains” in the Gate.io live broadcast room. Gate.io CPO Jiuer was the broadcast host. The guests explained WaykiChain’s DeFi strategy and revealed the launch of Yield Farming. · On September 15, WaykiChain CEO Gordon Gao and BTC38 co-founder Tianwei Huang held the live stream titled “Eight Questions to Explain DeFi Trends and Opportunities” in yizhibo. The hosts analyzed the status and trends of DeFi, discussed DeFi deployment by public chains and exchanges, and new opportunities in synthetic asset trading. WaykiChain distributed pure gold bars and branded gifts to lucky viewers of the stream. · On September 16, WaykiChain Strategy Analyst Jing Tao shared the speech titled “WaykiChain’s Integrated DeFi Ecosystem Layout” as the guest of btcmoney.cc. · On September 18, Bying community invited WaykiChain Strategy Analyst Jing Tao to share the speech “New DeFi Opportunity: Phoenix Yield Farming”. WaykiChain held a WICC airdrop for Bying community members. · On September 18, WaykiChain published the article “No Pre-mining, ICO, or Reserve! WaykiChain Launches Dual-pool Phoenix Yield Farming”. · On September 19, WaykiChain published the article “Chapter 1. The Financial Innovation of Blockchain Reformation. The Origin, Logic, and Value of WaykiChain ROG” introducing the background of ROG, the operation mechanism of the decentralized synthetic asset system Wayki-X, and the value foundation of ROG in detail. · On September 23, “No Pre-mining, ICO, or Reserve! WaykiChain ROG Genesis Farming and Early Release Guide” was released across Chinese media. · On September 24, WaykiChain CEO Gordon Gao, CTO Richard Chen, and CPO Xi Zhang held a joint live stream on yizhibo explaining the future planning of WaykiChain decentralized synthetic asset issuance protocol Wayki-X, ROG, and WaykiChain DeFi in terms of business model, technology, and products. WaykiChain distributed 1 pure gold bar and 6 branded gifts to the lucky stream viewers. · On September 24, Gate.io and WaykiChain launched the WGRT Investment Competition. The prizes are a BMW G 310 R motorcycle, a 13” MacBook Pro, a 10.2” iPad, 17 pure gold bars and 99,000 WGRT. · On September 25, various Chinese media released “Wayki-X 101: WaykiChain Decentralized Synthetic Asset Protocol” introducing the functions and mechanism of the decentralized synthetic asset issuance protocol Wayki-X and the value of its token ROG in detail. · On September 25, WaykiChain launched the “Looking for the Genesis Prophet” community event. The winners received 10 branded gifts. · On September 25, WaykiChain ROG Genesis Yield Farming launched. WICC and WGRT pool quotas (5 million and 25 million, respectively) were full within just one hour. · On September 25, WaykiChain reached ecosystem partnership with AEX. AEX became the first platform to join ROG Ecosystem Yield Farming. · On September 25, WaykiChain partnered with Bying wallet. ROG Genesis Yield Farming is available in Bying wallet. · On September 26, ROG, the main token of WaykiChain’s decentralized synthetic asset issuance protocol Wayki-X, was listed on AEX. ROG/USDT trading pair is available. · On September 26, WaykiChain CEO Gordon Gao gave lectures “DeFi Financial Principles and Commercial Applications” and “DeFi Industry Panoramic Scan” at The First Offline Practical Training Camp of Hash Power University, Shanghai Station. Participants included Ontology founder Jun Li, Chainlink Labs — China Head Philip Fei, Digital Renaissance Foundation Managing Director Cao Yin, and Waterdrip Capital founding partner Zheng Yushan. · On September 28, WaykiChain co-founder and CEO Gordon Gao was a guest at Hash Power Knowledge Base Private Meeting, Shenzhen Station where he shared the speech titled “Feasible Ways of DeFi Application Popularization”. Other guests included Ontology founder Jun Li, DeBank founder and CEO Tang Hongbo, and Huobi Research Chief Technical Researcher Tianyuan Ma.
I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required. As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
It is an FREE App. Free to download (with no ads) either from google play or apple store. You may search pi, pinetwork,or minepi.
Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (Marshlerouge).
After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation: Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate.
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
It’s the consensus algorithm used by bitcoin and many other major blockchains and cryptocurrencies. Proof of stake, however, is the second most common consensus algorithm. Proof of stake, or PoS, was launched in 2012 by Sunny King and Scott Nadal, although PoS-related theories date back to the early days of bitcoin. PoS consensus algorithms were developed to solve a crucial problem in the ... Few chain implementing this consensus are Bitcoin, Ethereum, ZCash, LiteCoin. 2. Proof of Stake Due to the issues faced by the proof of work algorithm concerning the unnecessary wastage of electricity resources, there has been different effort to create new consensus algorithm that will be better and use less resources compare to proof of work. Consensus in blockchain networks is reached by miners. The exact nature of mining processes and subsequent miner responsibilities/actions may differ between consensus algorithms (PoW vs PoS, etc) and the differing functioning parameters (smart contract functionality, etc) of networks, but they all serve the main function of validating the transactions on the network. Bitcoin mining is the heart of the distributed consensus algorithm that enforces the consistency of BTC transactions. An explanation of cryptographic proof-of-work protocols, which are used in various cryptographic applications and in bitcoin mining. Find all you need to know and get started with Bitcoin on bitcoin.org.Why Bitcoin Really Does Represent the Democratization of Money. and mining ... Bitcoin Halving and Its Affects. Every 210,000 blocks, or approximately once every four years, Bitcoin undergoes a halving event where the mining rewards are cut in half.The current block reward ...
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