Bitcoin Fee Calculator, Estimation + Chart of Unconfirmed ...
Weekly Update: ParJar Swap private beta, Fantom Opera Network Special-fee Contract, SelfKey + ThreeFold, Open Staking live on Harmony…– 15 May - 21 May'20
Hey Parachuters! Seems like ages since I last posted a weekly update, right? Unfortunately, got super busy with IRL work and couldn’t keep up. But fret not! I finally scraped some time out today to get upto speed with all the news from the Parachute universe in May and June and organised them into a series of weekly updates like the ones I used to write earlier. But instead of posting them one by one everyday, thought it might be best to release them all at one go. So here's Part I of VI - All that happened at Parachute + partners from 15 May - 21 May'20: The ParJar swap feature beta testing started this week with a call to testers far and wide. Click here for the latest update and stats on ParJar straight from Cap's mouth - "...it took almost two years of betas and growth to reach 1 million tips (March 7th) nd it’s taken 2 months to to add another 400k..". Amazing! The #par4par raffle continues with a 500k $PAR pool. Peace Love hosted a general knowledge trivia in TTR this week for 10k $PAR in prizes. Gamerboy’s random trivia and Victor’s “Big Trivia” in Tiproom were quite fun as well. Naj (who’s also this week’s Parena winner) hosted a six set quiz in TTR. Charlotte’s been hosting quizzes in a new format for quite some time now. This week too she held one in Tiproom. Jason started a #culturalweekend prompt with an invitation to Parachuters to share "about a cultural dance or ceremony" from their area. "Explain in detail about the dance and why it is important" for some cool $PAR. Among many of the cool stories shared by Parachuters included Nico’s Occitan music from Italy and Soleira’s Dancing Devils of Tinaquillo. Congratulations to Clinton’s FLI charity for partnering with Lumenthropy which is Stellar's philanthropic arm. Remember, all profits from the Parachute Shop go to FLI. Another crypto league with a 150k $PAR prize pot started this week. Gian’s Two-For-Tuesday was a free for all. To revisit all the awesome music posted for 2FT, check out the playlist made by Sebastian. Naj came back from near certain defeat in the finale to win this week’s Parena aXpire CEO Matthew Markham penned an article on remote work and billing software for legal firms. An updated e-flyer for Bilr was released as well. To track the latest $AXPR burn, click here. 2gether added customer support capabilities to their Twitter, Facebook and Discord. Plus, an incident tracker status page was added this week. The XIO dApp which is still in private beta has already seen 500k+ $XIO tokens locked into it. Awesome! To get a feel of how the dApp works, check out Dash’s latest video demo where he also shared some updates on tokenomics. Uptrennd founder Jeff Kirdeikis interviewed Dash over an hour long session to talk all things XIO. $XIO got listed on Idex. Click here to watch an update video on the latest developments. For XIO discussions this week, Citizens brainstormed over the base liquidity pair on Uniswap V2. DeFi Nation’s Clayton Roche wrote a detailed commentary on what XIO is doing right. Birdchain’s mid-May update came out this week. Voyager hosted a business update conference call this week. CEO Steve Ehrlich talked about the platform and crypto in general with Charlie Shrem on the Untold Stories podcast this week. Voyager’s Q3 2020 results were released. Still figuring out how to fund your Voyager wallet? Watch this video to find out. An upgrade to Fantom’s Opera Network was pushed which allows staking different amounts over time. For the latest project update, click here. A community AMA also happened this week where the team talked about a new staking proposal called Fluid Staking. Jeff from Uptrennd sat down to interview IOST co-founder Terry Wang this week. Uptrennd broke into the top 20k Alexa global rankings. Woohoo! GET Protocol’s GUTS Tickets app is now available in Italian as well. DoYourTip’s $DYT is now available on Uniswap V2. What a welcome sight for support engineers. Source: https://2gether.statuspage.io/history Switch’s $ESH token was listed on Stex, ProBit, Crex 24, Hotbit, Bilaxy and Bitcoin.com this week. Bitcoin.com also announced support for the $GHOST airdrop along with a deposit and trade competition. Continuing on its acquisition spree from last week, Switch acquired gaming platform Wavesbet and voting dApp ClearPoll. Whitepaper for the GHOST project by John McAfee was released. They will be airdropping their tokens 1:1 to $ESH HODLers on the 25th. The release of $GHOST has been contentious to say the least. Reflecting on some of the plagiarism allegations levelled against the project, the crew shared their side of the story. The team also sat down for an AMA with Coiner Vietnam. District0x’s latest weekly update talked about the upcoming DappDigest and new developments in Meme Factory among other news. The Q4 2019 quarterly report was released as well. Read all about Hydro’s Financial Offers framework here. If you are a graphic designer, don’t forget to check out this gig at Sentivate. US-residents only. OST’s Simona Pop will be attending a panel discussion by Outlier Ventures next week to talk about dev onboarding. P2P internet ecosystem ThreeFold announced a multi-faceted partnership with SelfKey for KYC and new user onboarding services. Following last week's community vote on the most attractive marketplaces, Passports Marketplace was found to be the most popular. This week, the community voted on their most preferred blockchain to be added to the app. Bank of Hodlers joined SelfKey's Loans Marketplace while Tokens.net joined the Exchanges Marketplace. COTI did a study on IoT payments and how it could offer a solution. The project was selected for the next listing vote on Gate.io. COTI community also got an opportunity to interact with the AtomicWallet team through an AMA this week. Hydro has been constantly updating its dev tools to offer a seamless developer experience Click here to read the latest Constellation Hypergraph mainnet stats. New features were added to the Molly wallet. Click here for steps to install the wallet. TheDailyChain expanded on how the $DAG ecosystem was growing. Pynk CEO Seth Ward wrote about the future of fintech in his EM360 article. Congratulations on crossing the 1k follower mark on Medium. In Shuffle Monster news, most of the $SHUF liquidity on Uniswap was moved to the V2 pool this week. New features were added to the Wibson app with the latest release giving more data control powers to the end user. Pre-staking started on the Harmony mainnet with the opening up of bids by validators followed by the election of the first batch of validators thereby marking the start of Open Staking. And just after, Harmony became the first ever blockchain to support sharded PoS. The news of Open Staking going live was covered by Coindesk and Cointelegraph. More details on what next was shared in a Coinspeaker article. How does a delegator fit into the overall scheme of things? Check out this video. Open staking noobs will find these 101 tutorials helpful. CTO Rongjian Lan also did a community call to explain about it. For the latest development updates otherwise known as #pow thread, click here. Harmony’s EPoS is designed to be fair to all stakers. So make sure to optimise your staking rewards. $ONE Binance wallets were taken down briefly for a temporary maintenance activity. They now support the mainnet coin. Hope you had a chance to participate in the guess-effective-median-stake contest to win some cool $ONE prizes. Click here for the latest staking stats. $ONE was added to Binance Savings which offers a fixed rate of return on locked savings. A minor bug in the staking bug was removed. The APR numbers should get calculated more accurately now. The crew appeared for an AMA with StakingHub. Congratulations to the winners of Stake Heist! Binance and BitMax announced support for staking with BItMax crew also appearing for an AMA. IntelliShare crew sat down for an AMA with CoinNess this week. And with that, we have to close for this week in the Parachuteverse! See you again with another update. Ciao!
Weekly Update: The Parachute culture, $COTI on Gate.io, Pynk crowdfunding campaign live, Voyager + Sterling Trading Tech…– 22 May - 28 May'20
Heyo! Continuing with our six-part catch up series to get up to date on the May and June news from Parachute and partners, here’s Part II of VI (22 May - 28 May'20): If you're in crypto, there's often the random pump/moon/wenBinance talk that props up from time to time in groups. Especially, when someone new joins a project and is unfamiliar with the community culture. At Parachute, we have always made it a point to have more meaningful discussions than price. Cap shared some of his thoughts on this as well. For the #culturalweekend prompt this week, Jason got Parachuters to share about “something weird your family does that is a tradition for them but not a traditional tradition”. Peace Love’s Big Trivia in TTR was quite fun as always. The beta testing group for ParJar swaps was set up this week. Also, Chris organised something amazing this week which will possibly remain a secret amongst Parachute admins (and Doc Vic 😊 ). But if word of it ever goes out, you’ll realise why Parachute is the most wholesome project in all of crypto. Chris also gave out some cool $PAR to folks in the Parachute channel to talk about "something that you didn't spend much money on that had a big impact on your quality of life". This week's Two-for-Tuesday featured music from "female artists, including bands with at least one female member". Click here for the playlist. Thanks Sebastian! Some good cheer from Alexis all the way from Germany aXpire’s May recap video covers product updates from Bilr, PayBX etc. To track this week’s 20k $AXPR burn, click here. The team also shared success strategies for law firms. 2gether co-founder Salvador Casquero wrote about best security practices in finance. A new update was pushed to Wednesday Coin’s dApp, WednesdayClub. In this week’s XIO discussions, Citizens talked about ideal time allocation strategies for research and execution. Top Citizens on the Leaderboard stand a chance to win some cool merch. Also, watch out for pesky scams. Voyager announced a partnership with Sterling Trading Tech to launch a crypto trading widget. Proactive Investors covered Voyager in its latest piece chronicling their growing user base. As mentioned in a previous update, CEO Stephen Ehrlich’s crypto investment webinar happened this week. Switch crew did a community AMA just before the $GHOST airdrop snapshot. The team expanded with new dev hires. In preparation for the $GHOST airdrop, ProBit completed its $VSF:$ESH swap and Stex announced support for $ESH/$GHOST airdrop. $ESH was listed on HitBTC and Changelly. Folks who guessed these exchanges correctly won some tokens as well. Founder Josh Case sat down with Mr. Backwards for an interview. Among several updates to the Ghost website, a staking calculator was added. Click here to read the latest technical update from Fantom. $FTM was in the running to be added as a collateral for DAI. Congratulations to Uptrennd for becoming the highest ranked blockchain-based social media platform as per Alexa. They started a SmartLink campaign with 2key Network. The first Uptrennd halvening went live this week. The team is reachable on Discord from now as well. District0x’s latest District Weekly and Dev Updates can be read here and here respectively. Hydro team shared their thoughts on how virtual cards for independent contractors (otherwise referred to as 1099 employees) could improve reimbursement practices. Entries for their Decentralization Ambassador program were opened this week. These look great, XIO team This is what is planned for the GHOST ecosystem currently SelfKey compiled a master list of crypto lending platforms. The Loans Marketplace will feature many of these. Full transcript of the May 12th AMA was released. SelfKey advisor Edmund Lowell spoke at the BlockConf DIGITAL conference this week. Mongolian exchange AIS-X joined the Exchange Marketplace. Pynk’s crowdfunding campaign on Seedrs went live this week. Check out their campaign video here. Amazing production! Plus, this cool feature in City A.M. was the perfect way to close off the week. Wibson hosted a meetup (online of course!) for its Spanish speaking community this week. The crew also introduced the app at an Ethereum event in Buenos Aires. Harmony burned all mainnet tokens mined before Open Staking going public. The latest staking stats and validator data can be seen here and here respectively. That’s right, 3B+ $ONE is already staked. Woohoo! With its latest CoinDCX listing, $ONE got its first INR trading pair. Saweet! The major improvement proposals that were discussed with the community this week were making Open Staking more decentralized and creating a more liquid staking market. This led to the first release after Open Staking. The winners of the effective-median-stake contest were announced. Hope you got a chance to take part in the Flash Quiz. Do you know about all the projects that have been built in the Harmony ecosystem? Here’s a rundown. The team hosted an AMA as well. BitMax changed some of its rules for $ONE staking. Check out COTI’s latest network growth stats here. And super congratulations on winning the Gate.io listing vote! $COTI was also added to Binance’s Locked Savings staking program. Broking platform Troy Trade partnered with COTI to improve its scalability. DoYourTip’s $DYT now has 2500+ HODLers. Neat! Mycro was invited to join BitForex’s app platform CAPP Town. GET Protocol’s GUTS Tickets was covered in Cryptogeeks’ latest blogpost on blockchain-based ticketing. And with that, it’s a wrap for this week in Parachute and partners! See you again with another update. Cheerio!
WitLess Mining - Removing Signatures from Bitcoin Cash
A Selfish Miner Variant to Remove Signatures from Bitcoin Cash WitLess Mining is a hypothetical adversarial hybrid fork leveraging a variant of the selfish miner strategy to remove signatures from Bitcoin Cash. By orphaning blocks produced by miners unwilling to blindly accept WitLess blocks without validation, a miner or cartel of collaborating miners with a substantial, yet less than majority, share of the total Bitcoin Cash network hash power can alter the Nash equilibrium of Bitcoin Cash’s economic incentives, enticing otherwise honest miners to engage in non-validated mining. Once a majority of network hash power has switched to non-validated mining it will be possible to steal arbitrary UTXOs using invalid signatures - even non-existent signatures. As miners would risk losing all of their prior rewards and fees were signatures to be released that prove their malfeasance, it could even be possible to steal coins using non-existent transactions, leaving victims no evidence to prove the theft occurred. WitLess Mining introduces two new data structures, the WitLess Transaction (wltx) and the WitLess Transaction Input (wltxin). These data structures are modifications of their standard counterpart data structures, Transaction (tx) and Transaction Input (txin), and can be used as drop-in replacements to create a WitLess Block (wlblock). These new structures provide WitLess Miners signature-withheld (WitLess) transaction data sufficient to reliably update their local UTXO sets based on the transactions contained within a WitLess block while preventing validation of the transaction signature scripts. The specific mechanism by which WitLess Mining transaction and block data will be communicated among WitLess miners is left as an exercise for the reader. The author suggests it may be possible to extend the existing Bitcoin Cash gossip network protocol to handle the new WitLess data structures. Until WitLess Mining becomes well-adopted, it may be preferable to implement an out-of-band mechanism for releasing WitLess transactions and blocks as service. In order to offset potential revenue reduction due to the selfish mining strategy, the WitLess Mining cartel might provide a distribution service under a subscription model, offering earlier updates for higher tiers. An advanced distribution system could even implement a per-block bidding option, creating a WitLess information market. Regardless of the distribution mechanism chosen, the risk having their blocks orphaned will provide strong economic incentive for rational short-term profit-maximizing agents to seek out WitLess transaction and block data. To encourage other segments of the Bitcoin Cash ecosystem to adopt WitLess Mining, the WitLess data structures are designed specifically to facilitating malicous fee-based transaction replacement:
The lock_time field of wltx can be used to override the corresponding field in the standard form of a transaction, allowing the sender to introduce an arbitrary delay before their transaction becomes valid for inclusion in a block.
The sequence field of wltxin can be used to override the corresponding field in the standard form of a transaction input, allowing the sender to set a lower sequence number thereby enabling replacement even when the standard form indicates it is a final version.
It is expected that fee-based transaction replacement will be particularly popular among malicious users wishing to defraud 0-conf accepting merchants as well as the vulnerable merchants themselves. The feature is likely to encourage higher fees from the users resulting in their WitLess transaction data fetching a premium price under subscription- or market-based distribution. Malicious users may also be interested in subscribing directly to a WitLess Mining distribution service in order to receive notification when the cartel is in a position to reliably orphan non-compliant blocks, during which time their efforts will be most effective.
WitLess Block - wlblock
The wlblock is an alternate serialization of a standard block, containing the set of wltx as a direct replacement of the tx records. The hashMerkleRoot of a wlblock should be identical to the corresponding value in the standard block and can verified to apply to a set of txid by constructing a Merkelized root of txid_commitments from the wltx set. The same proof of work validation that applies to the standard block header also ensures legitimacy of the wltx set thanks to a WitLess Commitment included as an input to the coinbase tx.
WitLess Transaction - wltx
Transaction data format version as it appears in the corresponding tx
Always 0x5052 and indicates that the transaction is WitLess
Number of WitLess transaction inputs (never zero)
A list of 1 or more WitLess transaction inputs or sources for coins
Number of transaction outputs as it appears in the corresponding tx
A list of 1 or more transaction outputs or destinations for coins as it appears in the corresponding tx
The block number or timestamp at which this transaction is unlocked. This can vary from the corresponding tx, with the higher of the two taking precedence.
Each wltx can be referenced by a wltxid generated in way similar to the standard txid.
WitLess Transaction Input - wltxin
The previous output transaction reference as it appears in the corresponding txin
The length of the signature script as it appears in the corresponding txin
32 or 0
Only for the first the wltxin of a transaction, the txid of the tx containing the corresponding txin; omitted for all subsequent wltxin entries
Transaction version as defined by the sender. Intended for replacement of transactions when sender wants to defraud 0-conf merchants. This can vary from the corresponding txin, with the lower of the two taking precedence.
WitLess Commitment Structure
A new block rule is added which requires a commitment to the wltxid. The wltxid of coinbase WitLess transaction is assumed to be 0x828ef3b079f9c23829c56fe86e85b4a69d9e06e5b54ea597eef5fb3ffef509fe. A witless root hash is calculated with all those wltxid as leaves, in a way similar to the hashMerkleRoot in the block header. The commitment is recorded in a scriptPubKey of the coinbase tx. It must be at least 42 bytes, with the first 10-byte of 0x6a284353573e3d534e43, that is:
1-byte - OP_RETURN (0x6a) 1-byte - Push the following 40 bytes (0x28) 8-byte - WitLess Commitment header (0x4353573e3d534e43) 32-byte - WitLess Commitment hash: Double-SHA256(witless root hash) 43rd byte onwards: Optional data with no consensus meaning
If there are more than one scriptPubKey matching the pattern, the one with highest output index is assumed to be the WitLess commitment.
GRAFT NETWORK: AMA - questions and answers (summary from Discord)
Could you talk a little about the software development process that Graft uses? What development methodology does Graft use? Is it an industry-standard model (such as agile, incremental, or waterfall) or something custom designed? Perhaps you could walk us through how the process works, for example how a concept goes from initial idea to implementation to testing to competition?
We use an agile methodology with two-week sprints. The system is quite complex with many components that we have to time together into planned releases. We started with formal testing but are quickly migrating towards community supported rollouts. You can see how various pieces stitch together looking at our development roadmap. Question 2
"I currently scan various blockchain projects"". Ive noticed several unresponded pull requests that seem to be ignored"" In understanding C++ for a number of years. They seem to be solutions for a drastic fix. I can not involve myself in a blockchain that the dev doesn't fix issues in a timely manner. How can i invest with any courage the dev and the project is community oriented if they do not listen to pull requests! Is there any particular reason why PR are being ignored and is the super node RTA going to launch without any review from all pull requests?"
We pay attention to all pull requests. Pull requests however are not "just push an approve" button activity - they have to be vetted, tested, incorporated into the release schedule, and timed for the appropriate network update (fork) - all these things take time and are gated by the development and release schedule. Question 3
It is appreciated that the Graft Team have said many times that people who buy GRFT aren't investors. But if GRFT is truly a 'community' coin then it would help if someone is available to give one consistent message from the Graft team to the people that form the community. There is often misinformation and confusion in the telegram and elsewhere because there isn't someone from the core team that is managing communication with the community. Will you be hiring an individual or team to manage communication with the community?
We are sometimes constrained as to what we can share due to incomplete conceptual framework (we start out with broad brush strokes and then fill in the details as we move closer to implementation), private info from 3rd parties that we're not at liberty to share (such is often the case with exchanges or other partners), or simply are working on something that may or may not pan out and we try to avoid situations where we overpromise and underdeliver. As engineers, we tend to communicate once something is done and no uncertainties remain - we're learning however to communicate more, bear with us :)" Question 4
In the current alpha implementation, the RTA SuperNode requires a hot wallet with full spend keys on the VPS running the SuperNode. This seems dangerous: if we imagine graft at $1, that means a T4 is holding a hot wallet worth a quarter of a million USD, which makes it a tempting target for hacks—someone who gains access to the VPS could steal the entire stake plus any transaction fees. Why did Graft decide to go with a hot wallet approach as opposed to the cold-stake approach (of submitting stakes as time-locked transactions on the blockchain) commonly used by other Masternode systems?
First, it's important to take into account the specifics of the Cryptonote protocol - proof of balance in a CryptoNote wallet is not as easy as doing the same in ""regular"" non-private blockchains. Second, we are aware of this issue and already have it in the backlog, so it will be resolved in the future RTA release. Question 5
"The recently announced stimulus plan for supernodes was unveiled without any details at all as to how it will work. This has led the community taking wild guesses as to how it might work (e.g. with the unofficial calculator floating around) and what the payoffs might be. Proper planning for potential supernode operators requires the actual details. When do you plan to formalize the stimulus payoff details so that people can start deciding whether or not they want to run supernodes?"
The stimulus plan will take a bit of flushing out. We have defined the general direction and the targets for the incentives and will be filling in the details as we get to the roll out stage. The goal is to make the network perform at roughly 100k tx monthly volume. Question 6
There has been quite some discussion recently on the GRAFT blockchain telegram channel about the upcoming Monero CNv2 fork and the impact it may have on the GRAFT blockchain. Some are convinced that the fork will lead to a substantial migration of ASIC/FPGA hashrate to GRAFT (being the most profitable CNv1) from XMR. This in turn could lead to centralization of the network, a potential drop in value (as the farms are less like to hold their GRAFT) and even outright attacks. It would be great to get more information from you on this topic, if you plan to fork to CNv2 or any of the CNv1 derivates in the coming months?
The GRAFT dev team is working on the patch. We will announce the date of the hard fork shortly Question 7
Where are we with Verifone and Ingenico exactly? What will be procedure for merchant to turn on GRAFT as currency on their POS machines, and will it require manual update?
Regarding Verifone software - it is done and ready for the rest of the network - of course there are iterations and updates happening on that as we go as all these things are interconnected. Using GRAFT on Verifone terminals only requires Engage-compatibility. Engage is their app platform - they are rolling it out to various models starting with the newest / most capable ones. To enable GRAFT, the merchant has to go to Verifone marketplace, add the app to their merchant account, configure the wallet and few other payment gateway options. As simple as that. Regarding Ingenico - we are waiting for the platform upgrade from their side and opening API's - tentatively Q1 2019, so for now our primary goal is to get the Verifone terminal to work flawlessly. Question 8
Could you briefly share the Graft Team marketing plan and road marks that you are following to implement the plan?
Here's an example of what we're thinking and driving towards. https://www.graft.network/merchant-service-provide . Please keep in mind however, that this is a decentralized, community project, so core team's involvement in marketing and distribution is focused on working on core software and integrations. Question 9
Many people have attempted to send coins from the mobile wallet to Cryptopia. The transaction fails because the mobile wallet does not support non-integrated payment ID's. The users then contact Cryptopia about the lost coins and then Cryptopia asks for a payment ID. There are a few problems with this all too common scenario, but the biggest problem in my opinion is that the mobile wallet does not provide access to transaction ID's. Will the mobile wallet soon be able to display transaction ID's?
Cryptopia is the only exchange that does not support integrated addresses. We've contacted their devs several times and asked to implement this support. They promised to do it but never provided any ETA. By the way, they do not support integrated address for Monero or other CryptoNote coins, not just GRAFT. Here is the latest response from Cryptopia devs: "We’ve escalated this issue and hope to have an ETA for you in the near future. We haven’t forgotten about it." 2) In the next releases of the wallets we plan to add both detached payment id & full transaction history (including Tx ID). Question 10
When will the results of the RTA alpha testing (bug reports/fixes/etc.) be made public? Or if they won't be, when will you start accepting public bug reports for RTA supernodes?
As you may have noticed, we have started communicating the development status on a weekly basis providing lots of details to the community. The results of the testing feed back into the development with the end result of a public alpha and then beta state of the product. Question 11
Do you plan to conduct any external security audit of the platform (RTA/Exchange brokers/etc.) before the final production release?
One-time security audits are largely ineffective (subpar, expensive, and short lived) as the code changes literally every day. The code is open to the community to examine and find bugs. We're also looking into implementing a bug bounty program. (Note that both GRAFT co-founders are CISSP certification holders and have serious infosec background.) Question 12
What is the long-term plan for continuing Graft’s management? Some other coins have defined organization structures that are designed to continue without the present Dev teams. Has the Graft team thought about how Graft will be managed on an ongoing basis once the project reaches maturity?
Good question. We recognize that there is a natural evolution in a decentralized project governance as the project matures. We are considering a DAO path potentially, taking notes from other leading projects, and looking to incorporate some of the innovative models (like quadratic voting) that provide equalized participation. Question 13
Multiple sites out there already support payments with cryptocurrency. How's GRAFT different?
The primary purpose of the GRAFT project is to build a DECENTRALIZED payment network - the fact that it can process crypto payments is one of the important by-products, not the be all and end all. The devil is in the details - centralized payment brokers go against the principles of decentralization and they don't scale. GRAFT's goal is a decentralized payment network with no borders, no single party controls, no (or marginalized) banks, agnostic to the currency you pay with. Question 14
I've heard that early supernode holders will be incentivized to participate in the graft network and I applaud that. Doesn't it make sense to incentivize merchants to encourage graft usage by offering a transaction fee holiday for some time period up front? You could still pay the network supernode participants out of the coins set aside for incentives (or not). I think that incentivizing the vendor will go MUCH further towards promoting crypto adoption.
Yes, we're thinking about incentivizing other eco-system participants and have thought about waving the transaction fees for the merchants for period of time. It's not clear whether it's strong enough of an incentive for them to adopt a new payment network if they didn't have an interest in it before. We are thinking that the focus with merchants should be on creating awareness in the industries that are notoriously hard to get merchant services in, as well as making it super easy for them to integrate GRAFT into their existing systems and processes. Question 15
Service Brokers are going to be One of the most critical part of the Graft Ecosystem. Considering an example where Bitcoin payment is made by a buyer and Merchant's payout choice is in Fiat USD. This is the most obvious use case I could think of. And the kind of liquidity needed for converting BTC to USD is going to be huge (to make settlement seemless). I fear individuals (SN owners) could provide this liquidity. Unless a major exchange could be a service broker I personally feel this will be difficult. Hard fact being we are facing difficulties in listing Graft on a bigger exchange, so what's the plan on getting a high liquidity exchange?
You're right - payout brokers are one of the keys to the functional network. We anticipate the liquidity to come from both smaller and larger brokers. The plan is that once the project gains recognition and adoption in the marketplace, the exchanges will open up as it's a very lucrative market for them. At this time we have a number of smaller payout brokers who have registered their intent to provide these services to the network. Question 16
One problem with almost every cryptocurrency is the boundless growth of the blockchain data. One of the numbers that got pulled from the reward post was 100k transactions per day. Graft transactions average about 12kB, so put those together and you get the blockchain growing by 1.2GB/day. It'll hit nearly 100 gigs after 2 months, nearly 500 gigs after a year.Does Graft have any long-term plan to reduce that storage requirement at the node and/or supernode level?
We appreciate your efforts to involve the community in the project, how would you like to improve this relationship over the next few months?
Thanks for this question. As a decentralized project, we have to really pull back on implementing roll-out and adoption plans for the network and rely on the community to take over and form their own geographic and industry clusters with their own promotion and business plans for the network. We will know that the network is thriving if there are initiatives, ideas, local governance, and business models that go well beyond what was envisioned by the founding team OK - One last question
How does GRAFT handle void transaction? Is that similar to void transaction of Credit card's?
oid transactions are typically handled by the point of sale, before it even comes to the settlement. If payment is processed, some payment processors allow voiding such transaction. On blockchain it is impossible to reverse (void) a transaction after it is added to the transaction pool (even before it's added to the block), so RTA "void" should be replaced by refund (return) transaction.
Another Quarter, Another Release! The Groestlcoin production factory has been working overtime as always in order to deliver even more tech to push Groestlcoin mainstream when the time comes. There have been many new fantastic wallets and exchanges added to Groestlcoins repertoire over the past 3 months so we will re-cap these before moving on to what is new today.
Groestlcoin added to SatWallet – A 3-in-1 service. Multicurrency wallet, exchange and soon a debit card!
ChangeHero announced a week of 0% commission for Groestlcoin trades.
Added to BC Bitcoin cryptocurrency exchange, offering 8 fiat pairs!
Added to Chameleon Pay mobile wallet for Android and iOS!
Added to the Okex' strategic partners cryptocurrency exchange; CoinAll! Offering BTC and ETH pairs! With a 21,5000 GRS Giveaway!
Added to Spark Card! Our second MasterCard for Groestlcoin! Provided by Pungoio, powered by TarjetaSpark and issued by Mastercard!
Added to Swirlpay! A decentralised peer-to-peer payment gateway.
Added to Archos Safe-T Mini hardware wallet! Built around encrypted Chipset memory.
Added to Agama Wallet – A multi-asset encrypted wallet for iOS, Android, Windows, Mac OS and Linux from Komodo.
Added to Mr Coin exchange, with 2 fiat pairs (EUR and HUF)
Added to CryptoFacil Exchange – An exchange powered by Bittrex and is a fiat gateway. Leaving you with the ability to buy GRS with Visa and Mastercard.
Added to Bits Game – A gambling service with 2 'PvP' games
Added to Boost X Change Cryptocurrency exchange!
Added to Sucon's Suworld Korean cryptocurrency exchange!
Added to DCXinsta cryptocurrency exchange and swap service with Fiat pairings.
Added to DCXtrade, an Indian cryptocurrency exchange with BTC and ETH pairings.
Added a fiat KRW pairing on Huobi Korea Cryptocurrency Exchange!
Added to AirGap wallet, allowing you to securely store your GRS on an offline device.
Added as a payment method on hodlhodl, allowing you to make global trades without KYC/AML.
Added to TrustWallet cryptocurrency wallet for iOS and Android
The existing Magnum wallet adds SegWit support for the wallet! Allowing SegWit addresses to be used and created from within the wallet.
Added to CycleBit – Who provide POS Terminals that accept GRS payments anywhere, in-store and online. 130 coffee houses in Spain already accept GRS using Cyclebit POS terminals!
Added to Bitinka Cryptocurrency exchange! The #1 exchange in Latin America with 5 fiat and cryptocurrency pairs!
Added to Atomic wallet, a non-custodial cryptocurrency wallet with encrypted private keys and 40,000 monthly users.
Added to NoMiddleMan cryptocurrency payment gateway, offering no usernames, no registration, no KYC, no fees. Completely free to use!
Added to Blockchair! An advanced data analysis tool, mempool monitor and block explorer!
Added to SecuX V20, SecuX W20 and SecuX W10 hardware wallets!
Re-forged: Groestlcoin Samourai
Groestlcoin Samourai is a wallet for the streets. A modern Groestlcoin wallet hand-forged to keep your transactions private, your identity masked, and your funds secure. Its main advantages are its extreme portability and is the most secure Groestlcoin mobile HD wallet. We've built a wallet that Groestlcoin deserves. If you are looking for a wallet that Silicon Valley will never build, the regulators will never allow, and the VC's will never invest in, this is the perfect wallet for you. ![Groestlcoin Samourai Release Video](http://img.youtube.com/vi/i3WU8Tde8XQ/0.jpg)
Head over to the Groestlcoin Samourai Release Page here for the full release announcement.
Groestlimage turns any file into a mnemonic phrase allowing users to generate Groestlcoin private keys and addresses based on the data URI of the provided file. A picture is worth a thousand Groestls.
Turn any image, document or audio file into a BIP39 mnemonic phrase
Groestlcoin Core Config Generator is a simple GUI to configure the groestlcoin.conf file – A developers dream tool! Each configuration option is available via the user interface, grouped by what attributes they affect. For ease of getting started with a new configuration, a variety of preset "node classes" are available on the right-hand-side of the screen. Selecting a preset will load our recommended base configuration for a node fitting that description, at which point you can then tune the configuration at the single option level.
Choose between Mining, Non-Standard Ports, Low Bandwidth, Pruned, Raspberry Pi, Tor, Testnet, Regtest, Non-Syncing and Lightning Éclair presets.
Groestlcoin Simple Push TX is a server to push Groestlcoin transactions via SMS. Now everybody can send new transactions via SMS if the Internet is not usable (i.e. blocked by government entities or becomes otherwise unavailable).
Ability to push either Base64 or Hex-Encoded Raw Transactions via SMS.
Send SMS transactions to PushTX through the number +32460224477 (+32460224GRS)
Electrum-GRS is Groestlcoins #1 thin-client for Windows, MacOS, Linux and Android, based on a client-server protocol. Supporting multi-sig wallets without the bloat of downloading the entire blockchain.
New Features (Universal)
Electrum Protocol: The client's "User Agent" has been changed from "3.3.6" to "electrum/3.3.6". Other libraries connecting to servers can consider not "spoofing" to be Electrum
Added CoinGecko.com fiat rate provider. Changed default provider to CoinGecko.com
Minor bugfixes and usability improvements.
New Features (Windows, MacOS, Linux)
Fix Crash during 2FA wallet creation
Fix Synchroniser so that it does not keep resubscribing to addresses of already closed wallets.
Fix removing addresses/keys from imported wallets
The logging system has been overhauled. Logs can now also optionally be written to disk, disabled by default.
Fix a bug in the synchroniser where client could get stuck. Also show the progress of history sync in the GUI.
Fix Revealer in Windows and MacOS binaries
Ledger Nano X is now recognised, supporting mainnet and testnet
KeepKey is now recognised and supports mainnet and testnet
Device was not getting detected using Windows binary
Support Firmware 6.0.0+
Implement "Seedless" mode
Coin Control in QT – Implemented freezing individual UTXOs in addition to freezing addresses
Fix CPFP – The fees already paid by the parent were not included in the calculation, so it was always overestimated.
Testnet – There is now a warning when the client is started in testnet mode as there were several reports of users getting scammed through social engineering.
CoinChooser – Performance of creating transactions has been improved significantly for larger wallets.
Importing/Sweeping WIF keys: Stricter checks
Several other minor bugfixes and usability improvements.
New Features (Android)
Fix rare crash when changing exchange rate settings
Fix bug with local transactions
Allow selecting Fiat Rate providers without historical data
Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium
dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements. In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds. Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack). Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing. dcrdata: work ongoing on improved design, adding more charts and improving Insight API support. Android: design work advancing. Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters. Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here. Trezor support is expected to land in their next firmware update. Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings. Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM. Two new faces were added to contributors page. Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s] Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate. Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.
Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin. @SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit). A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.com – translated) Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these twothreads.
A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee. Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now. Exchange integrations:
Upbit added DCKRW and DCUSDT pairs. A user reported that DCR deposits and withdrawals are now available.
CoinEx announced the launch of DCBTC and DCBCH pairs.
Bleutrade added DCUSDT pair. Note their reply to our tweet. It was the first exchange to list Decred minutes after launch.
Brazilian exchange OmniTradeadded DCBRL fiat pair following a poll. Worth noting that it is one of the first to integrate Trezor sign-in.
There are reports that DCR was added to Abucoins and Tor Exchange but we don't know much about them.
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR. @i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel. Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue) CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot! Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 12, video, video (from 32 min)) Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos) Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures. Second Decred meetup in Hangzhou, China. (photos) Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo) Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2) Upcoming events:
The Long-Term Bullish Case for Decred by Ben Davidow (medium.com)
Hardware Companies Are Launching Dedicated ASIC Miners for Decred (btcmanager.com)
Iterative Capital partner Chris Dannen and journalist Ben Schiller speak with Marco and Jonathan from Decred at Consensus 2018 (soundcloud)
Decred Review: What is DCR, the Decred Community & Possible Challenges by BitBoy Crypto (youtube)
Decred Founder: Bitcoin Paved Way, Phase 2 Will Shock You! (Marco Peereboom) by Pure Blockchain Wealth (youtube)
Decred & Blocknet: Revolutionary governance for every community feat. JZ at Consensus 2018 (youtube)
Decred coin - Will it be better than Bitcoin? by Bitassist (youtube)
Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31. Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies. @R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students. dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search. Forum: potential social attacks on Decred. Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more. One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain. Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.
The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap. The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world. An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.
David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied. Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago. Threepure PoWcoins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them. Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges. Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ. Poloniex announced lower trading fees. Bittrex plans to offer USD trading pairs. @sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)
About This Issue
Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel. Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
Ultimate Bitcoin Stress Test - Monday June 22nd - 13:00 GMT
Three days ago, CoinWallet.eu initiated a relatively limited stress test on the Bitcoin blockchain to determine whether or not we alone could have a large impact on the ecosystem as a whole. While our initial tests merely created full blocks for a multiple hour period, transaction confirmation times remained within 6 blocks for most transactions. This test was both limited and basic. Today we undertook a similar testing initiative once again, this time with a modified methodology. The result was roughly 3 hours of full blocks combined with increased confirmation times for many Bitcoin transactions. By selecting random transactions that were not initiated by our team, we were able to determine that many standard fee transactions were taking 2-5 blocks before receiving a single confirmation. Bitcoin is at a breaking point, yet the core developers are too wound up in petty arguments to create the required modifications for long term sustainability. If nothing is done, Bitcoin will never be anything more than a costly science project. By stress testing the system, we hope to make a clear case for the increased block size by demonstrating the simplicity of a large scale spam attack on the network. The plan - We have setup 10 Bitcoin servers that will send approximately 2 transactions per second each - Each of these transactions will be approximately 3kb in size and will each spend to 10-20 addresses - The outputs will then be combined to create large 15-30kb transactions automatically pointing back to the original Bitcoin servers. Example: https://blockchain.info/tx/888c5ccbe3261dac4ac0ba5a64747777871b7b983e2ca1dd17e9fc8afb962519
Certain servers will be configured to include marginally larger than standard fees, thus guaranteeing delays from standard SPV wallets.
The target will be to generate 1mb worth of transaction data every 5 minutes. At a cost of 0.0001 per kb (as per standard fees) this stress test will cost approximately 0.1 BTC every five minutes. Another way to look at the cost is 0.1 BTC per full block that we generate. We have allocated 20 BTC for this test, and therefore will be able to single handedly fill 100 blocks, or 32 hours worth of blocks. However, we will stop pushing transactions after 24 hours at 13:00 GMT Tuesday June 23. Predictions
Our above estimates are based on 1 block being mined every 10 minutes. This is standard, however deviations are likely to create temporary blips in our testing, in particular when there is an hour gap between confirmations.
The above calculations are based on each block being exactly 1mb and no other transactions appearing in the blocks. This is obviously unrealistic due to the fact that the average block size without our intervention is approximately 600kb. Furthermore, at least 30% of miners continue to cap blocks at 731kb. Others cap at 926kb.
Conclusions For the sake of avoiding un-necessary calculations, lets assume that each block is 926kb in size, the average normal Bitcoin transaction volume is 600kb per block, and CoinWallet.eu will be pushing 2mb of transaction data into the network every 10 minutes. Under these conditions, the amount of transaction data being pushed to the network every 10 minutes (or every average block) will be ~2600kb. This will result in a 1674 kb backlog every 10 minutes. By 14:00 GMT Monday June 22, the mempool of standard fee transactions will be 10mb By 24:00 GMT Monday June 22nd, the mempool of standard fee transactions will be 130mb By 13:00 GMT Tuesday June 22rd, the mempool of standard fee transactions will be 241mb At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday.
Just a quick guide to Raiden for newcomers. I'm not an expert so please feel free to jump in with any information I've missed or anything that isn’t correct. Cheers. What is Raiden? "The Raiden Network is an off-chain scaling solution for performing ERC20-compliant token transfers on the Ethereum blockchain. It is Ethereum’s version of Bitcoin’s Lightning Network, enabling near instant, low-fee, scalable, and privacy-preserving payments."1 In plain English, Raiden lets you transfer ETH or any ERC20 token-much faster and cheaper than is currently possible. (See 'further reading' for details on what ERC20 tokens are). So, it makes crypto transfers faster and cheaper. Is that necessary? Yes. Currently, the Ethereum blockchain is capable of processing around 15 transactions per second. You may see this referred to as Tx/sec. By comparison. Visa has stated that they can operate at 56,000 transactions per second. 2 During busy periods the system can become clogged and transactions can take hours. Think back to the spat of ICOs in summer 2017, or the more recent CryptoKitties craze, for examples. Vitalik Buterin, the co-founder of Ethereum, acknowledged as much in a recent blogpost: "With the Ethereum blockchain teaching millions of transactions per day, and both Ethereum and other blockchain projects frequently reaching their full transaction capacity, the need for scaling progress is becoming more and more clear and urgent."3 If crypto is going to contend for mainstream adoption, it needs to speed up big time. This is where Raiden comes in. You don't need to wait for any blocks to be mined. Its transfers are instant. And cheaper? Transfers made on the Ethereum blockchain are calculated based on the computational resource needed to make it. Whether your transfer is big or small, the fee will not be massively different as they all go through a similar process. With Raiden, the fees are proportionate. This means everyday transactions like buying a cup of coffee will carry a much smaller fee. Even making thousands of tiny payments of just a few pennies/cents will not add up to a large fee, as it would do in the current system. How does Raiden work? The Raiden network operates on top of the Ethereum blockchain, but a lot of the heavy lifting takes place off-chain. Transactions take place between two parties using something called balance proofs. Near-limitless transactions can take place simultaneously, off-chain, with two exceptions; a one-off on-chain transaction at the beginning, and another at the end. You can read all about the specifics here. A very simplified way to think about it is to imagine a train with 100 passengers all waiting to board in one queue. At the train door the conductor takes payment, gives out change, ensures everything is in order and lets customers on one at a time. This would take a very long time. Now imagine there are 100 machines to the side that dispense tickets. Everybody goes to get a ticket instantly, then returns to the conductor. There is still only one conductor, but he can now quickly get the passengers on the train without wasting time. In this analogy, Ethereum is the conductor and Raiden is the ticket machines. The passengers buy their tickets (make transactions) to the side (off-chain). There is still only one conductor (Ethereum blockchain). But instead of queuing up for ages and clogging up the system, the process is sped up by performing most of the work to the side (off-chain) and everybody gets on the train (makes a transaction) much faster. The destination is the same, but the journey is quicker. Apologies for the very unscientific analogy :) How long until Raiden is ready to go? Raiden was initially scheduled for launch in March 2017 but was pushed back. Currently Raiden is still in the development phase but a limited release is coming soon. This will give Dapp developers a taste of Raiden ahead of its full release. They'll also be able to build prototypes that can interact with the Raiden Ropsten-based test network. What is µRaiden? µRaiden is similar to Raiden in that it allows for off-chain transactions. The micropayments that happen off-chain are free, and µRaiden is already live. However, one major difference between this and Raiden is the linear transactions. It cannot be established for many-to-many payments like Raiden can. And what is Raidos? Raidos, or Raiden 2.0, is still in its early stages. Instead of only dealing in ERC20 tokens, it will look to cover all types of smart contract. So Raiden, µRaiden and Raidos are all from one company? Yes. If you invest in Raiden tokens, you're effectively investing in all three at once. What is the point of Raiden tokens (RDN)? For people who want to use Raiden without running a full node - which will be the vast, vast majority - Raiden tokens will have to be bought and used. Users who run a full node will not require Raiden tokens. I heard that the token isn't needed, and the ICO was just a 'cash grab'... Originally, Raiden did not plan to launch a token or hold an ICO of its own. However, the company changed tack and held an ICO which raised just shy of 110,000 ETH. 4 The crypto community, and ETH holders in particular, felt that they were being robbed of value. Those who had bought and held Ethereum would have hoped the news of Raiden would boost the price of their holdings. But with a separate token the perceived consensus was that this move took value away from ETH and into RDN, at least in the short term. Vitalik Buterin also weighed in on Twitter, saying he wished RDN hadn't held an ICO but equally stating that he understood it was necessary: “I wish they didn’t [hold an ICO] but I totally understand why they did and do not blame them.”5 The way things panned out left a bitter taste for many crypto investors. But the token certainly does have a very real use. Where can I buy Raiden tokens (RDN)? You can currently buy RDN at a handful of exchanges: Binance OKEx Huobi Kucoin EtherDelta Further reading: What are ERC20 tokens? Raiden 101 Vitalik Buterin blog update Sources and links: 1 https://raiden.network/101.html 2 https://mybroadband.co.za/news/banking/206742-bitcoin-and-ethereum-vs-visa-and-paypal-transactions-per-second.html 3 https://blog.ethereum.org/2018/01/02/ethereum-scalability-research-development-subsidy-programs/ 4 https://token.raiden.network/ 5 https://twitter.com/VitalikButerin/status/911300771819352064?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fwww.ethnews.com%2Fvitalik-buterin-responds-to-raiden-ico
Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 39 questions! If your question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter. The winner of the Q3 AMA Contest is:peanutman Q: Why does your blockchain exist and what makes it unique? A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Q: What is the Colossus Grid? A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. Q: I love how the COLX team makes improvements to COLX continuously and has stuck to the roadmap which looks very impressive for the future. The coin is starting to get some personality. However, with the current amount of existing crypto projects these improvements don't mean so much if noone ever hears about COLX. Currently I never see COLX pop up in the crypto news that I follow, and it's as if COLX doesn't even exist. As a developer myself I sometimes fall for the "if the technology is awesome it will automatically become popular" mentality, but sadly it doesn't work that way. So to summarise my question: What are the plans to bring COLX to the masses and to make sure the average crypto investor knows it exists? PS: Colossuscoin has existed long before (pre-2014?) the big boom we saw last christmas which is already a major benefit over other projects, but COLX never seems to play that card. Why is this not on the website frontpage and hidden in one line of the whitepaper. Being able to claim that the team has at least 4 years of experience with the project sounds like a pretty convincing argument for investors to me... Especially since most investors never heard of COLX and think it's just another project that popped up to capitalise on the crypto boom. A: As we get closer to releasing our product our strategic marketing presence will increase. We started this with no developer’s fund, and no pre-mine for the team. We have continued to grow the community and they will play a role in are strategic marketing. Now that governance is being utilized we will be allocating funding for various marketing opportunities. The community recently funded a crowdfund for a PR campaign. Marketing will increase as we get closer to the Colossus Grid. Having a working product is an important piece of the puzzle for legitimizing a project like ColossusXT. Q: What experience does anyone on the team have with distributed computing before COLX? A: The team is comprised of many individuals who have a very diverse technical backgrounds in development, operations and project management. We do have team members with experience in the grid computing industry. At this time, they have not opted to share any information due to their privacy rights. Q: How would COLX really add value with its 'Collossus Grid' ? What set of existing services will it challenge or disrupt if it came to fruition? A: We will be reaching out and building relationships with businesses and that can utilize the Colossus Grid, and/or contribute. There are several industries and services that the Colossus Grid will challenge; from medicine to cognitive and behavioral sciences, from supply chain to marketing, from automotive and traffic control to climate science. Many of the existing services are centralized and do not provide any means of transparency through business practices or provide adequate means of privacy for the consumer. The Colossus Grid will provide a solution to these problems along with being energy efficient. ColossusXT has a clear path to grid computing, the energy consumption alone from a Supercomputer is about $6M in energy costs a year, not to mention $150-250m for assembly and design. The Colossus Grid makes supercomputing available for any consumer or data center, whilst saving energy, upfront costs, and entirely removing the maintenance involved with large data centers. Q: Is there any special modification done on Zerocoin protocol being used on COLX? A: Yes, some small design changes were made so that it would work with our product, but the overall functionality of the protocol is the same. The team is looking to make some additional modifications, one of which that has been discussed is adding the ability to stake zCOLX. We are looking at publishing an updated Roadmap soon to reflect more on the vision of 2019. Q: Will there be more use cases or user stories for IoT and Grid Computing? A: Yes, these use-cases will evolve as the IoT evolves and the demand for computational power increases. I referenced some use-cases in a previous question. Q: Could COLX solve some or the problem for an existing IT services industry and if so how? What could they gain by jumping onboard this platform? A: Yes, some of the existing problems in the IT service industry can be solved by different blockchains. ColossusXT will be solving the problem of ‘Lack of computational power to process DATA’, and by using the Colossus Grid platform users can earn ColossusXT for contributing their computational power, or storage, but all this will serve a great purpose of contributing computing power to solve real world problems to make the world a better and more efficient place. Q: Who do you anticipate will be the end user base of both colx and the grid? B2B or everyday folk? A: It’s difficult to anticipate the blockchain world, as we increase our marketing strategies for the Colossus Grid I would like to see a healthy balance here. Q: Is there any competition from other coins that you think are developing similar concepts and what makes COLX superior to them and what other coins you could see yourself helping and interacting with in a positive way? (Camhole) A: Yes, there are other blockchain projects in the Grid Computing sector. Golem being the more prominent competition. The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. I’m more than happy to talk with other blockchain team members about anything relating to our projects. The free expression of thoughts and ideas is what makes the ColossusXT community so amazing. Q: What is the best way as a new user to support the grid, does staking do enough or is running a Masternode the best way to participate? A: I think there is some confusion here on how you support the Colossus Grid. There best way to support the Colossus Grid is to contribute as much computing power available. Spread awareness to your friends, family and co-workers when the Colossus Grid is live so that they can contribute. Running a Masternode can also support the network, but in a very different way. As the Masternode verifies blocks on the blockchain. Q: Will there be a extra incentive to owning a masternode? When the colossus grid comes. I remember reading that masternodes possibly will help the Blockchain overall by reducing it footprint. As sharenodes become inhouse which increases overall masternodes total and the slight increase for those staking now since 500k block. Is it a concern that there might not be enough incentive to keep those running nodes to stay? A: Fees and revenue structure for the Colossus Grid is still in ongoing discussion and will not be revealing information at this time. What a masternode does for the network is likely to change of the course of the project development. This could lead to additional incentives for masternode holders. Having said that, ColossusXT has one of the more reserved MN ROIs / Inflation strategies in the business with a goal of retaining the long-term health of the currency. Q: Once the grid succeeds in 2019 will colx still push for opportunities as a privacy currency aswell. Obviously main focus is armis and the grid but diversification helps too once the big goal is acheived? A: Privacy will always be the foundation of ColossusXT. We will not shy aware from our advocacy towards privacy. Q: Colossusxt being its own blockchain, is there opportunities for dapps or other company's that maybe arent or are in the computing sector be allowed to build there network on colx? A: Yes, this is possible if the community shows interests in this. What we want to avoid is a situation like what happened with ETH; where their network was bogged down by the countless other projects utilizing the network. One of the reasons ColossusXT opted for its own blockchain was to avoid situations like this. Q: Will zColx also be able to used at places like Crypto Emporium? A: Yes, if you spent zCOLX on the address provided by a 3rd party, 3rd party will receive it as COLX and will not be able to trace it back. However, profiling on 3rd party sites may link tx with yourself (considering you will have an account on this 3rd party site and some transaction will be requested from this account). Q: Has colx thought of a vision beyond the Colossus grid? Where does it want to go and how does it want to keep itself relevant as an innovator in latest technology? A: The need for computing power is increasing every day, as well as the amount of DATA that needs to be processed and interpreted. As technology continues to evolve, we expect this need to further increase. The Colossus Grid end goal would be to come preinstalled on devices that use a CPU, when this CPU is not being actively used it will contribute to the Colossus Grid and reward the owner in ColossusXT (COLX). As technology evolves, privacy will always be an important security feature and part of the framework of the Colossus Grid. We will continuously evolve with technology to offer the highest privacy protections. Q: Is the shared market place still on agenda? A: The marketplace is still planned. This is a feature that will be released after the Colossus Grid. The Colossus Grid will have a marketplace for sharing computing power and storage, this will be further expanded upon after the Colossus Grid vision is realized. Q: What does hardware wallet support mean in 2019 roadmap? A: This means that we will become allocating budget and development towards integrating with a hardware wallet. We will more than likely begin discussing which hardware wallet the community is interested in as we get closer to this item on the roadmap. Q: Will the team be attending any cloud/computing conferences next year theres a few decent ones uk singpore us. A: I (PioyPioyPioy) would love to attend some conferences. If any are near my location I will attend, and while I cannot speak specifically on any conferences at this time for cloud/computing. I would like the opportunity to have the Colossus Grid live so that we can not only attend, but also be a speaker and present the Colossus Grid, maybe something can line up for Alpha or Beta launches. Q: Where do you see crypto going next year? And which role does COLX fullfill in this? Keep up the good work! A: It’s impossible for me to speculate on where “crypto” in general could be next year. I don’t think this would be ethical either. The role ColossusXT will fill in this industry and our vision outlined in the roadmap will grow to encompass many different aspects. There are more huge data sources contributing to our view of the world. Potentially, we can analyze and predict more of the characteristics of the world around us than ever before, across all disciplines and industries from medicine to cognitive and behavioral sciences, from supply chain to marketing, from automotive and traffic control to climate science. As the Colossus Grid grows and spreads, so does our reach into providing privacy to the consumer, and transparent business practices. Q: Looking forward to the grid, and be able to use distributed computing and storage. Will the grid also be able to provide distributed openCL or Cuda resources, or will it be cpu only? A: Having users being capable of distributing the power of GPUs is something we have seen a lot of interest in from the public, and we can see where it may add to a good consumer business model as it relates to “mining” of other crypto currencies etc. Powerful GPUs also excel at cyber security related tasks that our team is very interested in marketing to clients. So the short answer is yes, our goal is to be able to distribute all computing resources as an end product. Q: Will Colx have one click masternode feature on Mobile App platforms such as iOS and Android ? A: For mobile app, this is possible through our partner Linda mobile wallets which allows you to stake and create masternodes without you having to leave your phone or PC on 24/7, and it won't drain your phone battery:
Q: If colx has a hard time establishing itself onto new exchanges due the leadership using anonymity. Would the Colx team consider unveiling themselves to expand the Colx community even though privacy is the main pillar of COLX? A: Team members may disclose information themselves as they see fit. There is no requirement for team members to provide any private information online. The team has no problem completing KYC documents, or providing more information about ourselves during business agreements, or discussions. Q: Will there be Colx merchandise in the future? I would definitely buy a hoodie to support my favorite project! A: There is already a merchandise store. You can purchase with ColossusXT, or other crypto currencies and fiat. ColossusXT Merchandise Store Q: Is implementing grid computing just a shiny new gimmick to draw attention, like the 'eco-friendly coin' a year ago? Or will this become the main focus of colx? Is there any prior experience in the team with regards to grid computing? A: The Colossus Grid has been the focus, and the ‘eco-friendly’ is not a gimmick. The Colossus Grid is eco-friendly, will reduce energy consumption, and will efficiently process large amounts of DATA for substantially less than operating a supercomputer in today’s standards. Yes, there are team members with experience in the grid computing industry. Q: What is the biggest plan of COLX for it to be known to the whole world and become one of the biggest crypto in the history? A: One of our biggest goals is to continue to complete our objectives and release the Colossus Grid to provide a private and efficient method of processing and distributing computing power, and storage. Growing the community and business relationships, as well as continuing to achieve our vision outlined in the whitepaper and roadmap will all provide the foundations we are laying to provide the operational success of ColossusXT. Q: Will have minimum requirements to be part of the colossus grid in terms of computational power or storage capacity and what online availability should the equipment that provides its services have? A: We are not announcing any definitive details on fees or requirements attributed to the Colossus Grid as this time, as these are still ongoing discussions. Q: In order to become a grid computing coin ColossusXT would have to shift from PoS to PoW. Customers would submit a work package to the network and the various connected nodes do the calculations and receive some kind of payment. So in this case the correctness and speed of the calculations is the metric that decides if a node is a good node or not, and how much reward it gets (PoW, much like bitcoin mining). This is in contrast with the current PoS approach where corrupt nodes are discouraged by forcing masternodes to put significant collateral on the line. Current masternodes don't have to do much work and network/hardware requirements are minimal. What does the switch to PoW mean for the current owners of masternodes that bought into ColossusXT as a PoS investment? Does this mean that current masternodes will lose their value? Will expensive high-performance computers become the new way of becoming a masternode and earning money with ColossusXT? A: ColossusXT will not be switching to PoW. The PoS system we have in place is not meant to be changed to PoW. The PoS system has been created as a privacy currency/network and this is the currency being used as a bartering tool. The Colossus Grid is an additional layer of the network and will not rely on PoW to function. Q: What is the status of the Marketplace announced in the whitepaper? A: The marketplace is still planned. This is a feature that will be released after the Colossus Grid. The Colossus Grid will have a marketplace for sharing computing power and storage, this will be further expanded upon after the Colossus Grid vision is realized. Q: What’s the difference in COLX and zerocoin....I’m confused A: We have created some Wiki entries and a Medium article to provide more information. I will provide the links below, if you have any questions please join us in discord. What is Zerocoin? What is zCOLX? Q: Whats the status of the PR campaign for which crowdfunding was recently done for? A: The PR campaign is in progress. I provided them with some information, and we have finalized the payment. I would expect to see it come into effect soon, but I don’t have an estimate date to provide. Q: Collosus has a huge and helping community. I've seen the things they can achieve together, usually under the leadership of pete. Will colossus ever have a donation division. Or maybe a separate project run by and on colossus which is used for donations? A: There is already rain in the Discord server daily, different tasks often come up throughout the community to earn COLX as well, the team’s will maintain focus on our current tasks, and when available there will always be events, tasks or goals that can activate rewards. Q: How much emphasis is being placed on targeting mobile users via a Colossus Grid app? This seems like an enormous market to target with many of them not even interested in crypto per se. Maybe an app that allows the users to purchase colx so they can back up their pictures to free up space or even perform whole phone backups? A: The team’s first focus will be delivering the Colossus Grid for desktop/laptop computers. We are watching the mobile device market, and as the power of mobile devices continues to grow, we will also allocate resources for the Colossus Grid on mobile. Q: How does COLX plan to take on some existing grid compute coins like 'Golem'? How different or advanced are we aiming to build in comparison? A: There will be some similarities between ColossusXT and Golem. We have very similar visions, and I participated in their Beta. There will also be very noticeable privacy features that ColossusXT will provide for the consumer that are not a part of ‘Golem’ at this time. Q: Besides having privacy/I2P, in what other ways would the Colossus Grid be different from Golem/iExec/etc? A: I participated in the Golem Beta, so without giving too much away. We aim to make ColossusXT a more user-friendly experience. This will include the process of installing, setting up, and contributing or participating without sacrificing any personal information. Q: COLX seems to have a lot of stuff in the pipeline. With its focus on privacy and anonymity, does the development of COLX and its use have any plans to make a difference in charitable, environmental or medical spaces or industries? A: Sure, we currently contribute to the World Grid. If you have any charities, you would like to recommend we can look at them. Send me an email [[email protected]](mailto:[email protected]) Q: Since 2017 I have been fully invested in this project; the ambitious idea of The Grid and the commitment of your team to the Roadmap presented Q1 of this year has made me a Colx cheerleader. Now I see a lot of technology related questions in this thread, which is always helpfull! However, most of them can be easily answered, some of them even with a simple "Yes" or "No" reply. I would like to shift my question(s) to you to a different topic, the way the project will move forward by the use of PR marketing and business partnerships. My question to you is therefor the following; Colx has had no ICO, therefor seems to be missing some liquidity. Not perse a problem, this is the reason the Colx project is deemed to be a community effort, which has been proven correct over the course of this year. Another solution would be having business partnerships to level out the missing knowlege or opportunities to reach certain markets/audience. This latter solution provides the following question; "On a Strategic business level, what moves can we Expect to ensure usage of the Grid and Its Marketplace, expanding into reallife usecases after the launch? Can we expect partnerships to reach certain markets? A collaboration with organisations in medicinal research for example? And How will your team see contribution of community in this?" Curious how you guys see the exciting future for Colx AFTER the launch. Of course, still a bit far ahead, but sure enough something to evaluate and prepare for! J GBD A: We will build a quality product to offer to investors without an ICO, and without private funding. Our relationship and partnership building is already underway for the Colossus Grid. The community is the biggest part of this project, and as our available computing power increases and becomes available on the Colossus Grid we will be able to offer more to businesses. These use cases are expansive, and can be utilized by many different businesses to reduce energy, overhead costs, and upfront costs for many industries to include medical research. Q: I am just new in cryptocurrency and I am looking for good coins that worthy for my funds investment. Some coins was already introduced to me but only COLX catch my attention. Honestly I don't still have the full knowledge about it, how can COLX makes me full attached with it? what COLX can do to gain my full trust and love? How can COLX give me the assurance of gaining?. Thats all :) Hope COLX can get my full trust to it. A: The only thing the ColossusXT team can do is continue to develop and meet or goals on the roadmap. I can assure you that the team is working everyday to complete their tasks, and we are active within the community so that we can better represent the community. There are very few projects that provide live support daily, ColossusXT is one of them. Ultimately the choice to invest in a project is yours. Read our Whitepaper if you haven’t yet and join us in discord. Q: Is the GRID already on beta testing stage? A: No, Alpha testing will begin in 2019. Ensuring that the privacy features are working as intended. Active community members, partners, and contributors will be invited to participate in the Beta. Q: Has a proposed tariff been documented yet for people to use the new Colossus Grid and what percentage of the fees will go to the Colossus members for sharing their resorces..? Pete009 A: Fees associated with the Colossus Grid have not been defined at this time. This is an ongoing discussion as it needs to be a sustainable ecosystem. Q: What is Colossus Grid really going to enable to the 'common-man' and 'enterprise' user? Any examples of a simple to advanced application? ex. Can the grid be used to store Media (Photos/Videos) in blockchain privacy for common-man? A: The ‘common-man’ can contribute data, or storage from his computer(s) and be rewarded when someone purchases that computing power on the marketplace. Yes, you will be able to store media on the distributed storage portion of the Colossus Grid. Important Information: Website Whitepaper Roadmap Wiki Governance Partners Follow ColossusXT on: Twitter Facebook Telegram Discord Forums Interested in joining the ColossusXT team? Contribute an Idea! AMA History: 2018 Q1 2018 Q2
Who runs the Bitcoin system? A brief of who holds the power.
This is a work in progress, so any constructive criticism is appreciated. In the beginning there were few people running btc, records indicate that Satoshi, or SN, mined more than half of the blocks in the first year. Over times hobbyists began to run nodes, often for a small amount of time before stopping. Some very few amount of people believed in the idea and ran their computers as often as they could. But times have changed and people can't use a desktop to mine bitcoins anymore. Specific hardware components called ASICs have been developed. Application specific integrated circuit chips are not like computer chips in normal computers, they are built and specialized for specific uses. Bitcoin mining companies have created their own ASICs which perform the lions share of mining these day, they also get most of the reward. Some companies produce these chips and sell them to other companies and the public, while some companies fabricate these chips and use them themselves. * There are a number of players that each have some amount of influence on the bitcoin ecosystem. Miners Mining pool operators Nodes Users Companies Developers Governments ISPs * Influence of Miners Miners secure txs and holdings. Many miners all operating independently create security for the Bitcoin system. If most miners stop working then someone with enough hashing/computing power could give their coins back to themselves after they gave them to someone else. This is known as a 51% attack as this 'bad actor' needs over 50% of the network's hashing power to succeed every time. With more miners this becomes very expensive. It is thought that by spending as little as 2 Billion USD someone could buy enough hashing power to perform a 51% attack as of 2015. Miners can refuse to put into blocks any txs they don't like, blacklisting someone's chance to get their tx into the next block with whatever proportion of global hashpower that miner has. However this is usually very small, so little chance, and even so then next block is likely to contain said tx. If miners colluded they could try and censor a tx for a little while, but with many miners this would only be a delay and a difficult on at that. Miners control putting txs into blocks and creating blocks for the blockchain, they receive a generation transaction known as the 'coinbase reward' for doing so. If they stopped working they would stop getting paid. Can they control a system if they can't destroy it? * Io Mining Pools Mining pool operators run the software and full blockchain that others use to collectively mine. The bigger and faster a pool, the more blocks it will find, the more reward it will get, the more it's members will get paid, the more people will want to join it. It's the miners' computers that do the calculations but it is the pool operators that harness that hashpower and apply it, giving out more consistent rewards for everyone. But people are just doing the computations that the pool tells them, if the pool operators wants to they could try to censor txs from or to someone they disagree with, making it harder for that person to send to receive payment. But like miners their attack would only be a delay. Unless they conspired with other pool operators to in which case they would increase their chances of success. They would need over 50% of the global hashing power to succeed with this. If they shut down miners could easily move to another pool * Io Nodes Nodes can and often are run by altruists who want to help the network at some minor expense to themselves, if it is only time. Business, and those with a large stake in Bitcoin also run nodes but they do it for their own sake and not to help the network. Nodes receive broadcast txs, validate them, and rebroadcast them to their list of connected nodes. The network could likely sustain a large drop in nodes, but this increases the risk that any one node or group of nodes could refuse to forward txs they disagree with. * Io Users Users are people who spend and receive coins on some time table. Some might consider those that buy and hold coins not to be users, but that is talk for another time. If the users are unhappy with the system they might leave and use another system. If Bitcoin or any crypto has no users it has no utility, because what use is a system no one wants to use. Users have to bear the consequences of developers' decisions. They have to wait for inclusion in block, wait for conformation, pay fees, use wallets or client software, etc. If most users stop buying, selling, and txing the media will surely report on Bitcoin's impending doom, which may scare others away exacerbating the problem. Though in many stories in the past have cried wolf in this regard cryptos still exist, if there was an insurmountable problem in one crypto users would probably migrate to another option. * Io Cos Companies control things such as exchange points like websites and kiosks, wallet application and hardware, mining hardware production, websites or discussion forums, remittence or transmission applications, etc. They can publicly endorse any changes they agree with disagree with and try to sway opinion. Those with a large number of users can try and use said numbers of users as leverage for support of proposals. Each realm has a number of things it can do to influence workings or public perception. Some companies have in the past performed capacity tests on the Bitcoin network, throttling normal transactions and clogging the network. Companies and individuals with enough knowledge and malice can temporarily slow the network, but to do so require spending resources on fees. * Io Govs Governments have exerted little influence so far on cryptos, with some agencies advocating against heavy regulation that might stifle new growth. A few governments have issued restrictions or outright bans on cryptos. Restrictions mostly apply to businesses and those that deal with local fiat. These actions might stifle start up companies that don't have large amounts of funding. Banning use of cryptos, particular ones or in general, makes it illegal for people to use. This can make cryptos less popular locally or push their use into the black market. Government exert local power and some government like to censor the internet. Crypto use is still possible but it is more difficult. * IoISPs Internet service providers, or ISPs, connect most homes and businesses to the internet. All internet traffic goes through them before being routed to the end recipient. Much web traffic these days is encrypted, but much of that encryption is weak or compromised, and a large amount of web traffic isn't encrypted at all. So anyone who taps into the connection can see what is happening. This is especially easy for ISPs who host the traffic. ISPs then have the ability to monitor some amount of web traffic, and stop thing that they don't like from getting out or to the real recipient. They also have the ability to modify data in transit and or reroute it. This means they potentially can reroute the hashpower of a mining pool to their own ends. However these actions would likely be detected quickly and corrected; and nothing like this has ever been documented. This is all part of an intro so I'm not going into great detail here, and some things aren't perfectly accurate for the sake of beginners. Interested to hear any thoughts.
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How Much Can You Make Mining Bitcoin With 6X 1080 Ti ...
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