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Bitcoin - The Definitive Guide: Revealing Everything About Bitcoin, How it Works, Blockchain Technology, Bitcoin Cash, Trading, Investing, Mining, Security ... the Future of Money (Cryptocurrency Book 1) by Damien J Hunter

Bitcoin - The Definitive Guide: Revealing Everything About Bitcoin, How it Works, Blockchain Technology, Bitcoin Cash, Trading, Investing, Mining, Security ... the Future of Money (Cryptocurrency Book 1) by Damien J Hunter submitted by kimme to FreeEBOOKS [link] [comments]

Cryptocurrency - The Definitive Guide: Revealing Everything About Cryptocurrency: How it Works, Blockchain, Bitcoin, Ethereum, Alt-Coins, Trading, Investing, Mining, Security & the Future of Money by Damien J Hunter

Cryptocurrency - The Definitive Guide: Revealing Everything About Cryptocurrency: How it Works, Blockchain, Bitcoin, Ethereum, Alt-Coins, Trading, Investing, Mining, Security & the Future of Money by Damien J Hunter submitted by kimme to FreeEBOOKS [link] [comments]

08-01 21:22 - '[quote] ??? / Seriously according to you mining is not centralisated now? / We don't have the same definition of centralisation then..' by /u/Ant-n removed from /r/Bitcoin within 12-17min

'''
, with none of the risks of further centralization of mining power that the spammers would so love.
???
Seriously according to you mining is not centralisated now?
We don't have the same definition of centralisation then..
'''
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Author: Ant-n
submitted by removalbot to removalbot [link] [comments]

Do private people mining or exchanging Bitcoin with Fiat fall under FINCEN's definition of "user"?

Do private people mining or exchanging Bitcoin with Fiat fall under FINCEN's definition of submitted by ripper2345 to Bitcoin [link] [comments]

@santisiri Unlikely. So you are open to discussion now? What's your definition of bitcoin maximalism? Mine (and ma… https://t.co/AzhxK9ZZBy - Crypto Dynamic Info - Whales's

Posted at: February 11, 2019 at 08:06AM
By:
@santisiri Unlikely. So you are open to discussion now? What's your definition of bitcoin maximalism? Mine (and ma… https://t.co/AzhxK9ZZBy
Automate your Trading via Crypto Bot : http://bit.ly/2GynF9t
Join Telegram Channel for FREE Crypto Bot: Crypto Signal
submitted by cryptotradingbot to cryptobots [link] [comments]

05-08 22:56 - 'Lightcoin was never no silver. Most of the blocks are completly empty. It is a definition of a shitcoin that brings no value except you can mine it with your outdated rigs.' by /u/BlockchainMaster removed from /r/Bitcoin within 5-10min

'''
Lightcoin was never no silver. Most of the blocks are completly empty. It is a definition of a shitcoin that brings no value except you can mine it with your outdated rigs.
'''
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Author: BlockchainMaster
submitted by removalbot to removalbot [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Transcript of how Philip the tyrant admin of the Bitcoin Cash Telegram group called Spoice stupid, an idiot, a parrot among other insults then banned her instead of discussing Bitcoin Cash. That Telegram group is hostile, ABC/IFP shills run and follows the rBitcoin toxic censorship modus operandi.

David B., [18.10.20 01:46]
https://www.reddit.com/btc/comments/jdagi3/whats_up_with_the_bchn_hypocrisy/

David B., [18.10.20 01:47]
Wut x2

J Stodd, [18.10.20 01:49]
[In reply to David B.]
Their words are meaningless. They have no principles. Wish i could comment but bitcoinxio banned me from rbtc and never told me why

David B., [18.10.20 01:59]
These comments are so toxic

Spoice, [18.10.20 01:59]
In reality, the real continuation of Bitcoin as we all know it is what is carried on by BCHN, BU, BCHD and others

Spoice, [18.10.20 02:00]
ABC is changing the rules to something that is not Bitcoin

Spoice, [18.10.20 02:00]
anyone denying those facts is selling you snake oil

Spoice, [18.10.20 02:00]
If Blockstream tried to take some % to their own benefit, we would have never needed BCH in the first place

Spoice, [18.10.20 02:00]
everyone would have rejected them in a second

J Stodd, [18.10.20 02:01]
[In reply to Spoice]
Bitcoin Cash is not Bitcoin to start with, so who cares?

David B., [18.10.20 02:01]
[ Album ]

Spoice, [18.10.20 02:01]
yet we have ABC trying to pull this theft and all those puppets think it's ok

Spoice, [18.10.20 02:01]
JSTodd that's bullshit

David B., [18.10.20 02:01]
Like trying to talk to a core maxi about altcoins

Spoice, [18.10.20 02:01]
Bitcoin Cash is the most Bitcoin out of all Bitcoins

Spoice, [18.10.20 02:01]
it is the continuation of what Satoshi started

David B., [18.10.20 02:02]
Tbh they aren't even toxic

Michael Nunzio, [18.10.20 02:02]
[In reply to Spoice]
If the hash follows then it is Bitcoin Cash. Only if it doesn't is your claim true

J Stodd, [18.10.20 02:03]
[In reply to Spoice]
Bitcoin is Bitcoin. Bitcoin failed to be Peer to Peer Cash, so Bitcoin Cash attempted to fix this by forking Bitcoin and attacking the root of the problem. This does not mean Bitcoin Cash is literally Bitcoin. Adopt a different argument. Sorry if you bought into that bc of Rogers rantings

J Stodd, [18.10.20 02:05]
Bitcoin Cash can replace Bitcoin, and if Bitcoin dies and BCH wins then sure maybe it can take its name from its grave, but they are different products, trying to say Bitcoin stopped being "Bitcoin" and became BCH is a self contradiction.

Jingles, [18.10.20 02:08]
Jstodd's got some good points.

Jingles, [18.10.20 02:08]
He's learnt so much in the last year ☺️

Spoice, [18.10.20 02:08]
"Bitcoin is Bitcoin" is a false statement. BTC is just an instance of Bitcoin. Bitcoin is the set of rules defined in the whitepaper first and foremost, it is peer to peer electronic cash. BTC no longer fits that criteria. Bitcoin Cash meets them. The fork proposed by ABC also fails to meet that criteria. Therefore the continuation of Bitcoin is in whatever BU, BCHN, Flowee and others will continue.

Jingles, [18.10.20 02:09]
What rules were defined in the WP?

Spoice, [18.10.20 02:10]
Let's see which rules aren't: 1) No coinbase tax going to any centralized entity such as ABC 2) No throttling of TX throughput such as BTC

Spoice, [18.10.20 02:10]
therefore they both fail the simple "Is this Bitcoin?" test

Spoice, [18.10.20 02:11]
Finally, Michael, if you think Hash rate defines what Bitcoin is, you should stick to BTC

Jingles, [18.10.20 02:11]
21 million coins isn't in the WP

Jingles, [18.10.20 02:11]
I asked what rules did the WP define.

Spoice, [18.10.20 02:12]
Because BCH failed that criteria since it forked, therefore your point is wrong

Spoice, [18.10.20 02:12]
https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html

Spoice, [18.10.20 02:12]
The announcement of the white paper included the 21 million limit, close enough

Jingles, [18.10.20 02:12]
HIs announcement isn't the WP

Spoice, [18.10.20 02:12]
show me where Satoshi said that Amaury shoudl tax the chain?

Spoice, [18.10.20 02:12]
Doesn't matter- close enough

Jingles, [18.10.20 02:12]
Bitcoin is the set of rules defined in the whitepaper first and foremost - You

Jingles, [18.10.20 02:13]
My ears pricked up on that comment, so I'm asking you what you meant.

Spoice, [18.10.20 02:13]
Correct. Changing the 21 million hard limit is still more Bitcoin than taxing the Coinbase, yet both will never ever happen. Not to Bitcoin anyway

Jingles, [18.10.20 02:13]
If you meant Satoj's writings pre and post WP then you should be clear about it

Spoice, [18.10.20 02:13]
some bastardized chain might, just not Bitcoin

Jingles, [18.10.20 02:14]
The closest we have to anything to indicate what is "Bitcoiness" is general things like "the longest chain"

Spoice, [18.10.20 02:14]
No, it is never a single thing

David B., [18.10.20 02:15]
REEEE

Jingles, [18.10.20 02:15]
trustless, no single trusted third parties, and rules can change due to incentives via consensus

Spoice, [18.10.20 02:15]
it is a set of common sense and experiment driven and historical relevance and initial parameters and "peer to peer electronic cash" definition indicators

Spoice, [18.10.20 02:15]
never a single thing

Jingles, [18.10.20 02:16]
[In reply to Spoice]
This is like the exact opposite of what you said earlier

Jingles, [18.10.20 02:16]
Bitcoin is defined by the rules in the WP, I mean common sense.

Jingles, [18.10.20 02:16]
🤷‍♂️

Spoice, [18.10.20 02:16]
Nope, the rule set is defined in the white paper should never change, but I never said all rules are defined in the white paper

Jingles, [18.10.20 02:16]
What rules?

Spoice, [18.10.20 02:16]
It is a union

Jingles, [18.10.20 02:17]
What rules are there?

Spoice, [18.10.20 02:17]
Rules in the white paper + what continued to define Bitcoin thereafter

J Stodd, [18.10.20 02:17]
[In reply to Spoice]
> "Bitcoin is Bitcoin is a false statement."
Alas, if we cannot agree on the law of identity, aka A=A, then i dont understand how to hold a conversation with you using logic.
> BTC is an instance of Bitcoin
No, BTC is a ticker used optionally by exchanges. Other common tickers for bitcoin include XBC, XBT, BC (correct me if im wrong on any of these)
> "Bitcoin is a set of rules in the whitepaper"
Super hard to defend this. Theres no mention of a 21M supply cap, no blocksize limit *at all*, and it also says additional rules and incentives can be enforced (implying maybe they should).

Jingles, [18.10.20 02:17]
I go through this with BSVers all the time. We have no spec sheet of rules defining what Bitcoin is from Satoshi.

Spoice, [18.10.20 02:18]
Rules such as what defines a correct block, miners receiving the full incentive of mining it, etc

Jingles, [18.10.20 02:18]
The WP is a highlevel document

Spoice, [18.10.20 02:18]
The WP is a description of a scientific experiment

Spoice, [18.10.20 02:18]
if you want to start your own experiment, be my guest

Jingles, [18.10.20 02:18]
[In reply to Spoice]
Valid tx rules aren't defined in the WP

Spoice, [18.10.20 02:18]
just don't try to call it Bitcoin

Jingles, [18.10.20 02:19]
The word majority is in the WP an awful lot wouldn't you say?

Spoice, [18.10.20 02:19]
Not valid TX rules, but what a proof of work block is and how it diverts the reward to the miner, etc

Jingles, [18.10.20 02:20]
[In reply to Spoice]
and? what about BTC doesn't apply?

Jingles, [18.10.20 02:20]
I'm not arguing for any fork of BCH here.

Spoice, [18.10.20 02:20]
It no longer meets the very title of the white paper experiment, "Peer to peer electronic cash"

Spoice, [18.10.20 02:20]
The BTC instance of the experiment is destined to move away from the very title of the white paper

Jingles, [18.10.20 02:20]
It's electronic, and I use it like cash.

Spoice, [18.10.20 02:20]
that the maintainers even wanted to edit the white paper (Cobra and co) because of this fact

J Stodd, [18.10.20 02:20]
u/Spoice When did BTC stop being Bitcoin in your view? The day Amaury decided to launch the fork, before Segwit happened?
If someone else launched a fork first, they would have been "the real bitcoin"?
This is a game of whoever forks first becomes the real Bitcoin?
What if two people launched a fork at the exact same time, maybe even with identical specs?

Jingles, [18.10.20 02:21]
Where did I go wrong?

Jingles, [18.10.20 02:21]
[In reply to Spoice]
Did they?

Spoice, [18.10.20 02:21]
Doesn't matter if you use it today, its very technical fabric will have to move your transactions to 2nd layers and it will no longer be peer to peer electronic cash on chain

Jingles, [18.10.20 02:21]
peer to peer electronic cash on chain - Not in the wp

Jingles, [18.10.20 02:22]
We have satoj talking about HFT with sidechannels.

Jingles, [18.10.20 02:22]
So what?

Jingles, [18.10.20 02:23]
I think this is a good discussion Phil, nothing disrespectful is being said. I hope this is ok?

Spoice, [18.10.20 02:23]
Doesn't matter, the rule of common sense, which is closer to that title? Increasing a simple variable (Blocksize) to stay on track of the title and experiment, or introduce IOUs and Watchtowers and channels and locked BTC and that whole LN Bastardization? Which is close to the title?

Jingles, [18.10.20 02:23]
No one said that can't happen

Michael Nunzio, [18.10.20 02:24]
[In reply to Spoice]
Congratulations you've made an argument which isn't an argument.

Jingles, [18.10.20 02:25]
The whole thing that was said was the system is based on majority rules, and incentives can be changed. Majority breaks any deadlock.

David B., [18.10.20 02:25]
How to kill a coin 101

Spoice, [18.10.20 02:25]
Logic fails anyone who tries to claim BTC, ABC, BSV or any similar standalone experiments as Bitcoin, because of simple sanity checks and logic checks, often stemming out of common sense - If what you have moves you a single step away from what is otherwise the same old experiment which Satoshi wrote about and unleashed, you're not Bitcoin. If what you have moves you a step closer, it is Bitcoin. and so on and so forth.

Phlip - Not giving away coins, [18.10.20 02:25]
Wow, really fanatical almost religious statements. I guess its Sunday morning.

Jingles, [18.10.20 02:27]
[In reply to Spoice]
There's nothing common about common sense. You point to the WP to make a point, and your point isn't in there.

Spoice, [18.10.20 02:27]
Throttled and you need off-chain IOUs and always-on services to function (BTC) ? Not Bitcoin. Requires permission to be used and could be centrally confiscated on the whim of the organization behind it (BSV)? Not Bitcoin. Premined (Bitcoin Gold, Diamond)? Not Bitcoin. Taxing the miners through Coinbase and changing the incentives which were at play since day 0 (ABC)? Not Bitcoin

Spoice, [18.10.20 02:27]
simple checks really, yet those who are set to benefit will of course be oblivious to these

Phlip - Not giving away coins, [18.10.20 02:28]
This whole “Bitcoin Cash is the true Bitcoin - see whitepaper” is really stupid. It also ignores the history of how Bitcoin Cash came into existence

Jingles, [18.10.20 02:28]
Phillip, remove anyone here that has said Bitcoin Gold was the original Bitcoin immediately

Jingles, [18.10.20 02:28]
^^^^

Jingles, [18.10.20 02:29]
[In reply to Phlip - Not giving away coins]
It falls to pieces the moment it's questioned.

Spoice, [18.10.20 02:29]
It is not about "True" Bitcoin

Spoice, [18.10.20 02:30]
It is about the Bitcoin closest to the experiment which always was

Spoice, [18.10.20 02:30]
I don't care about "True" or not, they all are true

Phlip - Not giving away coins, [18.10.20 02:30]
[In reply to Jingles]
Sorry, I hve stopped reading all the sillyness above. Will reread later

Jingles, [18.10.20 02:30]
[In reply to Phlip - Not giving away coins]
I'm joking around 😂

Spoice, [18.10.20 02:30]
but the rule of entropy says I shouldn't place my money nor effort in experiments which are set to fade eventually, because they have skewed incentives

Phlip - Not giving away coins, [18.10.20 02:31]
[In reply to Spoice]
You get to chose that for yourself but you do not get to dictate it for others

David B., [18.10.20 02:31]
[In reply to Phlip - Not giving away coins]
Don't read it. You will have no braincells left

Spoice, [18.10.20 02:31]
Bitcoin as we know it has a long track record of incentives which work

Spoice, [18.10.20 02:31]
I won't ever dictate it for others

Spoice, [18.10.20 02:31]
I only would dictate it for myself, just like how I never use BTC or BSV today, I won't use ABC tomorrow

Spoice, [18.10.20 02:32]
only because they're new experiments

Spoice, [18.10.20 02:32]
interesting, and I wish them luck

Jingles, [18.10.20 02:32]
"Bitcoin is Bitcoin" is a false statement - Spoice 2020

Spoice, [18.10.20 02:32]
but I would rather stick to the Bitcoin I know

Spoice, [18.10.20 02:32]
that's all

Jingles, [18.10.20 02:32]
I won't ever dictate it for others - Also Spoice
Phlip - Not giving away coins, [18.10.20 02:32]
Bitcoin Cash came with a plan snd goals. They were clearly presented in two presentations that happened before viabtc announced they would mine with ABC software and create a coin and chain named Bitcoin Cash

Spoice, [18.10.20 02:32]
Yes, because he means BTC is Bitcoin, and that's a false statement

Jingles, [18.10.20 02:32]
How is it false?

Spoice, [18.10.20 02:32]
It is an instance of Bitcoin

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33]
[In reply to Michael Nunzio]
you're looking intimidatingly handsome in your new profile picture

Phlip - Not giving away coins, [18.10.20 02:33]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
Lol

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33]
[In reply to J Stodd]
actually a good question

Spoice, [18.10.20 02:34]
Anyway, those are my two cents

Spoice, [18.10.20 02:34]
Everyone is free to choose which experiments to pour their effort on and their money in

Phlip - Not giving away coins, [18.10.20 02:34]
[In reply to Spoice]
You are entitled to your opinion.

Spoice, [18.10.20 02:34]
Andreas is publishing Lightning Network books, I mean

Spoice, [18.10.20 02:34]
So to each his own

Phlip - Not giving away coins, [18.10.20 02:35]
[In reply to Spoice]
Lets leave it at that

Spoice, [18.10.20 02:35]
but Bitcoin as I know it continues with no Tax, and that in my opinion is BCH with no tax

Phlip - Not giving away coins, [18.10.20 02:35]
Ah you had to continue

Phlip - Not giving away coins, [18.10.20 02:36]
Good thing no tax is proposed by anyone
Spoice, [18.10.20 02:35]
Isn't this the Bitcoin Cash telegram?

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:35]
😅

Spoice, [18.10.20 02:36]
If I don't discuss Bitcoin Cash here, where should I?

Spoice, [18.10.20 02:36]
Tax, IFP, call it what you will

Spoice, [18.10.20 02:36]
from my perspective as a user, it's one the same

J Stodd, [18.10.20 02:36]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
I bet nobody will answer it, either

Phlip - Not giving away coins, [18.10.20 02:37]
[In reply to Spoice]
Apparently btc /s

David B., [18.10.20 02:37]
[In reply to Spoice]
As a user what do you care?

Jingles, [18.10.20 02:37]
Ooh, can I shill the Bitcoin room in here?

Spoice, [18.10.20 02:37]
Nah, I prefer quick responses and chats

Spoice, [18.10.20 02:37]
Reddit is broken

Phlip - Not giving away coins, [18.10.20 02:37]
[In reply to Jingles]
Lol

J Stodd, [18.10.20 02:37]
[In reply to Spoice]
Nobody even pays it, it just comes out of the block reward. The block reward is not sentient, it cannot be stolen from or wronged

Phlip - Not giving away coins, [18.10.20 02:37]
Dont push your luck 😉

Jingles, [18.10.20 02:37]
[ 😀 Sticker ]

Michael Nunzio, [18.10.20 02:38]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
You too brother. 🙏

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
[In reply to Michael Nunzio]
but mine is the same....i need new ones everyone always calls me fat because of this one

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
literally if i say 1 thing to any troll anywhere first thing they say is "ok fatass"

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
i blame this dumb photographer

Michael Nunzio, [18.10.20 02:38]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
Don't listen.

Phlip - Not giving away coins, [18.10.20 02:39]
u/spoice maybe write a read.cash article if you really feel you need to educate people

Spoice, [18.10.20 02:39]
David, as a user I believe that each new experiment carries risk with it, why should I take part in a new fork of Bitcoin which has a new set of game-theory rules which doesn't even benefit me, rather it benefits some other entity which will take 5% of any effort or economic activity I produce on this chain? They're also off-loading the risk to me as a usebuildebusiness who choose to join their experiment.

Spoice, [18.10.20 02:40]
Why should I take that risk while the Bitcoin I know and have known for over 10 years worked perfectly for me thus far? (BCH, that is)

Jingles, [18.10.20 02:40]
small fees and empty blocks?

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41]
It will insure that a centralized group has control over development and they are by decree in the code, it's a literal take over.

Phlip - Not giving away coins, [18.10.20 02:41]
[In reply to Spoice]
“BSV-freeze the protocol - true Bitcoin” sounds like more your thing

David B., [18.10.20 02:41]
[In reply to Spoice]
Better run bitcoin core 0.1

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41]
Imagine if satoshi keyd his address in the code to be paid out of every block, but instead of paying himself started a company "Bitcoin Dev Co"

Spoice, [18.10.20 02:42]
Not really, BSV kills the incentives I am discussing too

Phlip - Not giving away coins, [18.10.20 02:42]
[In reply to Jingles]
Please stay nice now

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42]
No one would ever be able to say Bitcoin was Decentralized, Bitcoin Dev Co would get paid directly from the reward.

Jingles, [18.10.20 02:42]
[In reply to Phlip - Not giving away coins]
"BSV: We have all the Bad Idea. On chain"

Spoice, [18.10.20 02:42]
The Nash equilibrium we have tested for the past 10 years will be changed with ABC, it changed with BTC and BSV too

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42]
"Bad Solutions Verified"

Spoice, [18.10.20 02:42]
that game-theory set of incentives

Spoice, [18.10.20 02:43]
why would I want to take a risk with any of those experiments when I gain 0?

David B., [18.10.20 02:43]
Better run bitcoin core 0.1

Spoice, [18.10.20 02:43]
Nope, you're talking technical freezing of development, that's not what I am addressing

Jingles, [18.10.20 02:43]
[In reply to David B.]
Thats the BTC chain though

Phlip - Not giving away coins, [18.10.20 02:43]
[In reply to Spoice]
O please share with us your background in the subject. Or are you now just parroting others

Spoice, [18.10.20 02:44]
BSV wants to freeze the technical development and they want a stable protocol from an API/development perspective

Spoice, [18.10.20 02:44]
but from an incentive ruleset perspective, they already butchered the equilibrium Bitcoin had

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:44]
[In reply to Phlip - Not giving away coins]
That's one of those phrases, when you hear it you know they are just a parrot of someones propaganda. "MUH NASH EQUILIBRIUM!"

David B., [18.10.20 02:44]
Stable = bad?

Jingles, [18.10.20 02:45]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
I love you

Spoice, [18.10.20 02:45]
Philip, for an admin you are ought to be nicer, if you think I am parroting others you're free to think that, but to state it so bluntly in your position is just... wrong

Spoice, [18.10.20 02:46]
If you think the point I made is wrong, discuss it

Phlip - Not giving away coins, [18.10.20 02:46]
[In reply to Jingles]
Maybe talk to him in DM about that?😉

Spoice, [18.10.20 02:46]
not me

Jingles, [18.10.20 02:46]
[In reply to Phlip - Not giving away coins]
working on it.

Phlip - Not giving away coins, [18.10.20 02:46]
[In reply to Spoice]
I ought to be nicer...😂😂😂

Spoice, [18.10.20 02:47]
Also, anyone who studied Bitcoin at length and its set of incentives and game-theory ruleset should know what a Nash Equilibrium is and who the players are in the Bitcoin game

Phlip - Not giving away coins, [18.10.20 02:47]
[In reply to Spoice]
You state as fact. You get to dhow why your statements or opinions are even relevant.

Spoice, [18.10.20 02:48]
If it's not a fact, highlight how

Spoice, [18.10.20 02:48]
don't attack me

Spoice, [18.10.20 02:48]
prove me wrong

Spoice, [18.10.20 02:48]
if you fail that simple debate test

David B., [18.10.20 02:48]
How's that breakfast helping?

Spoice, [18.10.20 02:48]
you should rename from Janitor to Tyrant

Jingles, [18.10.20 02:48]
I'm still waiting to see the defined rules as per the wp

Michael Nunzio, [18.10.20 02:49]
[In reply to Spoice]
Didn't know this was stand up comedy night in here.

Michael Nunzio, [18.10.20 02:49]
I missed the memo

Phlip - Not giving away coins, [18.10.20 02:49]
If I have to prove all idiots on the internet wrong I would have a hard time. You are starting to really waste everybody’s time. You state, you prove. Or you are just generating noise

Phlip - Not giving away coins, [18.10.20 02:50]
[In reply to Spoice]
Be careful now.

Michael Nunzio, [18.10.20 02:50]
Noisy bugger.

Phlip - Not giving away coins, [18.10.20 02:52]
Getting close to just do some cleaning up.

Spoice, [18.10.20 02:52]
If you can't debate technical points I am making about Bitcoin Cash on a Bitcoin Cash Telegram, and within the span of 10 minutes you called me stupid, idiot, noisy and a parrot, you absolutely are a tyrant and I stand by my point: You should not be an admin here, nor anywhere actually. If you think I should be careful for the fear of you banning me, go ahead. You still fail to debate the simplest technical point and yet claim you can "but can't be bothered to". You remind me of that Thermos guy.

Spoice, [18.10.20 02:53]
How do people with 0 technical know how end up in these admin positions is beyond me

Jingles, [18.10.20 02:53]
I challenged your comments and you just changed the goal posts.

Phlip - Not giving away coins, [18.10.20 02:53]
[In reply to Spoice]
Ok. You are not paying me and you are free to create noise elsewhere
submitted by wisequote to btc [link] [comments]

ABC shills such as Shammah Chancellor calls those against the IFP tax "Bitsheviks" - yet ABC proceeds to announce that they will be collecting a socialist tax and handing it back to those they deem "worthy", such as BCHD, etc" - trying to bribe projects into conformity. Isn't that fucking ironic?

The list of the IFP tax/theft supporters is growing smaller and they are having to put their masks down and announce their anti-Bitcoin positions loud and proud.
Bitcoin is not code only, it is a very well balanced technoeconomic system, and no where neither in its whitepaper nor in any sane man's definition of it does it say "pay to this one entity 8% of every coin minted who then can socially redistribute it".
You are the attackers. You are the ones trying to destroy Bitcoin's soundness and centralize its mining and leadership into the hands of one nerd so that you can make him bow to your masters (assuming he's not already kissing their feet).
And to top this all, the one major miner supporting all of this is the same miner "Haipo" who suggested that they should confiscate all unmoved UTXOs since the fork and use them to finance ABC. hahaha. They will literally be stealing MY MONEY to finance this nerd.
Absolutely pathetic, to hell with ABC and their futile attempt, you will go down in the garbage can of history.
So will all your dogs, no matter how loud they bark.
So go ahead, bark louder Shammah.
submitted by wisequote to btc [link] [comments]

FYI: yesterday I got trolled by someone using a password from a hacked account, and fishing for a payout. The password was a simple one I used on a few old accounts. It was really a blessing, because it finally motivated me to set up 1Password, and start migrating my 400+ accts/logins to it.

In case any user has a related question, you'll know why... The subject of the email was my old password. Here's the body:
I know [xxxx] is one of your password on day of hack.
Lets get directly to the point.
Not one person has paid me to check about you.
You do not know me and you're probably thinking why you are getting this email?
in fact, i actually placed a malware on the adult vids (adult porn) website and you know what, you visited this site to experience fun (you know what i mean).
When you were viewing videos, your browser started out operating as a RDP having a key logger which provided me with accessibility to your display and web cam.
immediately after that, my malware obtained every one of your contacts from your Messenger, FB, as well as email account.
after that i created a double-screen video. 1st part shows the video you were viewing (you have a nice taste omg), and 2nd part displays the recording of your cam, and its you.
Best solution would be to pay me $1007.
We are going to refer to it as a donation. in this situation, i most certainly will without delay remove your video.
My -BTC -address: [wishful thinking]
[case SeNSiTiVe, copy & paste it]
You could go on your life like this never happened and you will not ever hear back again from me.
You'll make the payment via Bitcoin (if you do not know this, search 'how to buy bitcoin' in Google).
if you are planning on going to the law, surely, this e-mail can not be traced back to me, because it's hacked too.
I have taken care of my actions. i am not looking to ask you for a lot, i simply want to be paid.
if i do not receive the bitcoin;, i definitely will send out your video recording to all of your contacts including friends and family, co-workers, and so on.
Nevertheless, if i do get paid, i will destroy the recording immediately.
If you need proof, reply with Yeah then i will send out your video recording to your 8 friends.
it's a nonnegotiable offer and thus please don't waste mine time & yours by replying to this message.
submitted by cad908 to sysadmin [link] [comments]

Technical: Taproot: Why Activate?

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

Taproot and Your /Coins

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

Taproot and Your Contracts

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

Taproot and Your Contracts, Part 2: Cryptographic Boogaloo

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

Quantum Quibbles!

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

Summary

I Wanna Be The Taprooter!

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

But I Hate Taproot!!

That's fine!

Discussions About Taproot Activation

submitted by almkglor to Bitcoin [link] [comments]

A useful distinction between "Investing" and "Speculation"

I'm writing this post because I saw discussions in some threads like the SQ/bitcoin thread about if there's any real difference between "investing" and "speculation".
I have a definition which I think is useful. It's not right or wrong, because I'm not the authority on language (nor is anyone) - but if you choose to adopt this definition for yourself, it can help you make financial decisions.
I'm also not passing judgement on speculation - you do what you want with your money. My own portfolio has a mixture of investment and speculation. This framework helps me understand what I'm getting into so I don't lay awake at night with cold sweats worried about my money.
To me, the definition of investing is that there has to be a hypothesis about how your money actually betters the thing being invested in, thus helping to generate the return. When there is no reason your money actually helps the underlying thing, it is speculation.
Here's an easy example, followed by applying this framework to common asset types:
This is useful in evaluating where you put your money and why. People get 'weak hands' when you think you invested, but you actually speculated. If you have a solid investment thesis with conviction, you won't be stricken with doubt when the price simply moves down (but you still have doubt if the company pivots)
submitted by cmv_cheetah to investing [link] [comments]

What's happening with NANO?

I've been in nano since early 2019 and in crypto since 2017. I'm very bullish on the asset due to its minor but many partnerships especially with Twitch. I believe that this coin of 133Million is undervalued and can definitely fly past its ATH in the next bull run. I'm continuing to get more Nano as my second highest asset quantity in my portfolio.
But I have to ask. Is Nano doing anything to promote their asset? They have a friggin gold mine here with Block Lattice, its fast, it feeless, and it's very simple and divisible. I'm always hearing Ripple and bitcoin and ethereum but Nano has been very quiet. Not even any price predictions on YouTube or anywhere on the net especially after it transformed from Raiblocks. Any idea of what's going on because I know Nano isnt a dead coin.
Edit: Nano didnt partner with TWITCH. I meant to say people can be paid in NANO on twitch. I used the wrong word.
submitted by DeadShotXU to nanocurrency [link] [comments]

TweeBuck is about to launch... Exciting? Definitely!

TweeBuck is about to launch... Exciting? Definitely!
The concept of finance is not new, it has been in existence since the earliest days of the exchange. Everyone has the opportunity and ability to be successful if they have the right resources, however, one of the most challenging aspects of building a business is financing it and many often struggle in their endeavour to raise the capital required.
Over the years, the concept developed into a centralized system allowing users to trust their assets (money and any other forms of wealth) to 3rd parties with the goal of receiving monthly or yearly interest.
This concept was great while it lasted but as usual, the only thing that remains constant is change.
Cryptocurrency and Blockchain came into existence some years back as a medium to pay for services rendered via digital currency. Bitcoin, the very first Blockchain, was created but served as a one-way payment medium and nothing more. However, developers saw the vision that something more could be achieved using this same technology, but with more features being included. These were called smart contracts.
Smart contracts do not require both parties to be present, they are automated and use real-time data to generate the result.
Ethereum brought this to reality and a few years later, others saw this opportunity and started making use of it to build DeFi apps, which would later become more preferable to CeFi.

https://preview.redd.it/r29i9sgbbzu51.png?width=468&format=png&auto=webp&s=7234ba1a5ad36e13a057d60303c02cc4efa60a13
Decentralized finance, or DeFi for short, is a general term used to represent financial applications or platforms that are built using one or more Blockchain, that make use of smart contracts to create higher returns on investment.
DeFi alone is a great investment option, but the major challenge it has faced so far is a lack of users or a limited number of users whose sole aim is to increase their vested capital. Up until now, it has not been community-driven, which would create something far greater. Tweebaa intends to achieve this.
What is Tweebaa?
Tweebaa is the world’s only earning commerce platform. Its revolutionary multi-dimensional ecosystem utilizes a value-exchange model and provides everyone with the means and opportunity to generate a substantial income. Tweebaa empowers its users by applying their winning team's proven success methods with “DRTV (Direct Response Television)” and helps bring a global network of traffic to their product or business! Tweebaa has all the great communication features you would want within social networking and of course the best marketplace too! Tweebaa paves the way for users to earn money in a variety of ways whilst also providing the emotional, financial, and social benefits that are often unavailable; all this in one app! Whether you are a business, a student, a seller, a homemaker, an influencer, a labourer, or a contributor to society, Tweebaa rewards you every step of the way!

https://preview.redd.it/rbzc2hucbzu51.png?width=468&format=png&auto=webp&s=97bb0492ccf23673cfb671be1370bfcf4ef07fff
Over the years Tweebaa has distributed wealth to both investors and users alike via its token called TWEE and has remained at the forefront of trends and latest developments. Tweebaa is going DeFi (TweeB) and promises to create a revolutionary system the world is more than ready for.
What is DeFi?
The definition might vary when asked by different individuals, but they all come back to the same meaning; decentralized means to render services such as lending and borrowing with no 3rd party involvement, restrictions, delays, the line waiting, and long queues.
DeFi is currently the most talked-about project echoing around the crypto space. Many are raving about it, while some are still critical.
DeFi farming has to do with individuals providing some form of liquidity to the market which in turn creates returns and keeps the market active. It gained massive attention when it came into existence and is still active and a hot topic of discussion today.
Tweebaa is introducing a new token called TweeB which included all the features of a DeFi coin. Tweebaa users will be able to explore and make use of this newly discovered global network.
What makes TweeB so unique?
At the moment, decentralized finance is mainly directed to an investor's interest with the sole aim of investing or rather putting in money and waiting for results (short-term). One can argue that it has yet to actually become a general platform when compared to centralized finance like the banking system, which offers services for every type of person. TweeB plans to reach a much wider user base, not only including the general cryptocurrency investor pool, but also the entire global network available through Tweebaa.
Using Tweebaa’s existing community, TweeB will create something that is totally different and rewards all users, both depositors and borrowers.
Whether you provide liquidity, lend to the TweeB platform, or make use of its borrowing services by providing crypto supported collateral, users can yield returns, regardless of which direction they decide to take.
Combining the power of Tweebaa and TweeB, the more TiV a user holds, the more interest they will generate.
What is TiV?
TiV is an influence value, which reflects a user's contribution to the APP. People can increase their TiV by using the app in various ways including; adding and purchasing products, engaging and networking with other tycoons, inviting friends, and more.
There are many ways users can increase their TiV performance
  1. Buy & Sell products
  2. Invite more friends
  3. Having your posts liked, commented on, or shared
  4. Evaluating Products
  5. Suggesting Products
  6. Having your Tycoonplace being viewed for more than 30 seconds
  7. Follow 5 new friends
  8. Creating a new post

https://preview.redd.it/0e4fip7ebzu51.png?width=468&format=png&auto=webp&s=b81f13f4b676411adff523bc6a2b611d7f1d2e5d
In the field of DeFi in Tweebaa’s ecosystem, the TiV value is similar to the credit value and plays a vital role in relation to TweeBuck (TweeB).
What is TweeBuck and how will users be able to make full use of this platform?
TweeBuck (TweeB) is the next generation upgrade from its token holders. All potential changes, including adding new marks or adjusting system specifications (for example, leverage factors or interest calculations), must go through the proposal and voting process.
TweeBuck (TweeB) is a token which embeds 1:1 voting right to execute composite governance. Token holders of TweeB can simply delegate their voting rights of utility tokens on ERC-20 to their own or other people’s Ethereum wallets address.
How does TweeBuck plan to reward its users?
TweeB is basically a DeFi-based coin and it plans on providing more financial services, when compared to other types of decentralized finance platforms, using the following features and more.
  • Providing Liquidity (Liquidity mining)
  • Depositing
  • Borrowing

https://preview.redd.it/y8zh5tifbzu51.png?width=415&format=png&auto=webp&s=0ebe7a922ebba38b0e1733de2397b5578c8cf460
Liquidity provider
Basically, users will be able to provide TweeB liquidity on a ratio of 50/50 to whichever coin it is paired with, i.e. TweeB/ETH, TweeB/USDT, and more depending on users and what they prefer.
As a liquidity provider, decisions on which pair to trade TweeB with will be totally dependent on users as it should when referencing a decentralized network.
While the above is performed, liquidity providers get returns in TweeB tokens as more swap is carried out.
Deposit
As mentioned above, TiV plays a vital role when interacting with the Tweebaa platform. The more TiV you have, the more TweeBuck (TweeB) you will receive. The TweeBuck (TweeB) amount received will be based on 60% of the users Twee and 40% from their TiV.
By depositing assets to the Tweebaa platform, users will be able to generate returns that are paid based on the pre-calculated format using different scenarios.
More information regarding this can be found in the whitepaper.
Borrowing
Centralized systems like the banking sector, give out loans to customers and in return, those customers provide collateral which can include land, homes, and other assets. However, the world is going digital and so should borrowing.
TweeB allows users to provide collateral in cryptos like BTC, ETH, and other altcoins which then provide users with the assets they want.
They can provide collateral in BTC and take their desired coin to trade; this can be paid back and their vested collateral closed/removed.
Conclusion
TweeB token omics can be further broken down to self-governance. In terms of DeFi, this simply means users will be able to self-govern the TWEEB platform based on the vested amount they hold. This, in turn, creates a scarcer economy giving more value to the token.
Scarcity is one of many ways to provide value to an asset, take BTC as an example with only 21mil total supply. It has, over-time, created a self-sustaining market which depends on holders and how much they are willing to sell at that point in time.
The same can be said about TweeB. Holders will determine how much they are willing to sell or if they prefer holding it, they will have more scarcity and more value.
In conclusion, TweeB hopes to create a system that is both community-driven and investment-wise, resulting in a system that is far more prevailing than anything currently available.
While the future cannot be predicted, users are advised to carry out their own research before investing.
To increase the awareness of TweeB, different events will be hosted occasionally. To find out more and keep up to date, join the Tweebaa telegram channel(community) if you haven’t already.
submitted by Cryptosavvy_001 to u/Cryptosavvy_001 [link] [comments]

How DAO users can truly control their voting rights

How DAO users can truly control their voting rights
https://blockchaintopbuzz.medium.com/how-dao-users-can-truly-control-their-voting-rights-f945c9c6b65e
Aelf proposed a solution that gives the control of the voting rights back to users by classifying token permissions.
As of today, there are still few complete businesses. In addition to mining and building trading platforms, it is difficult to create a complete business model. Moreover, various trading platforms have gradually grown into enterprises with comprehensive products in the blockchain industry, including wallets, nodes, lending, mining pools, etc.
At the same time, cloud services can reduce the cost of building small exchanges, but they can also lead to big trading platforms monopolizing data. For example, some Internet companies provide free cloud services in order to collect more valuable data.
Currently, Ethereum, which has the richest DeFi ecosystem, is gradually upgrading to V2.0, and its consensus protocol will also be upgraded to PoS. Governance voting can be regarded as the most important feature in the PoS ecosystem.
This year, Yearn.Finance rose to sudden prominence. But due to the governance problem, its community members initiated a hard fork, resulting in YFII. Another DeFi project, YAM, had a unfixable rebase function error. The founding team apologized for the error and announced a ‘Migration Plan’, which will turn the project over to the community.
For a while, governance voting became all the rage. However, the increasingly bigger trading platforms have been criticized by users in governance voting. Is there a proper solution to handling the relationship between the trading platform and governance voting?

What will we lose when trading platforms monopolize the blockchain industry?

In June 2018, during the BP node election before the EOS mainnet launch, node voting began to have a crisis of confidence between token holders and the trading platform. it is widely believed that the top 20 holders of trading platform wallets held about 40% of all the EOS in circulation.
Since then, many trading platforms have enabled the “User Authorization” interface. EOS holders can authorize the token voting rights to the trading platform, who will vote on behalf of the users. The rule caused a backlash from users, forcing these trading platforms to change the rule immediately so that EOS holders could vote on their preferred BP nodes.
After the EOS BP node votes, whether the trading platform has the token voting right has been occasionally discussed, but fewhave noticed it.
Two years later, Justin Sun, founder of TRON, made a commercial acquisition of Steemit, a decentralized social networking platform. After the acquisition was announced, the Steemit community launched a soft fork to resist the project being controlled by TRON. However, Justin Sun voted with the support of trading platforms such as Binance, Huobi and Poloniex to prevent a soft fork.
After being questioned by users, Binance and Huobi said that they would no longer interfere in the voting of the Steemit community. However, hkdev 404 of the Steem community again reveived votes from Huobi accounts. It is said that nearly 40 million votes were cast during the incident, accounting for about 10% of the total circulation of STEEM tokens.
There is no doubt that when the trading platform monopolizes the industry, we will lose our voting right.
How do we defend our voting rights
The fact that the ownership of the tokens belongs to the holders is indisputable, but what about the voting rights of the tokens deposited on the trading platform? How can we defend our voting rights after trading platforms have monopolized the industry?

Trading Platform Model

Traditional centralized trading platforms will assign to each user a separate deposit address. After depositing, the depositedamount will be added into the cold wallet and hot wallet. When users want to withdraw their tokens, the trading platform will transfer the tokens out of the hot wallet. If there is insufficient balance in the hot wallet, then the tokens will be transferred from the cold wallet to the hot wallet, and then be withdrawn.
Under the traditional centralized trading platform model, once users transfer their tokens into a trading platform, it means thetoken ownership (including voting rights) is also transferred to that trading platform.
The aelf solution: classify token permissions and claim back voting rights
For the issue of “voting rights” between token holders and centralized trading platforms, aelf, a decentralized cloud computing blockchain network, has proposed a solution: to establish an aelf Centre Asset Management Contract on the chain. The contract can limit the funds entering the exchange and define different permissions to control the assets.
The main feature of the aelf Centre Asset Management Contract is to create the “Main Virtual Address of the Trading Platform”.
Each exchange has a main virtual address, which can only be used for transfer operation, but not for voting, trading and other operations. As a result, the exchange cannot misappropriate users’ assets for voting. At the same time, the assets of the primary virtual address are publicly available on the chain, which makes it more difficult for the exchange to misappropriate assets.
At the same time, the aelf Centre Asset Management Contract also has the function of “address definition”. The exchange can open different permissions to different addresses, such as opening different permissions according to the amount, transactions exceeding a certain amount can only be given the greenlight by using multiple signatures, and the assets can be frozen through the contract when the assets of the trading platform are stolen, etc.
For the users of the trading platform, the access of the trading platform to the aelf Center Asset Management Contract function will not undermine user experience. The virtual system address of the aelf Center Asset Management Contract will assign a virtual address to each user, which offers the same user experience as the traditional mode.
For the trading platform, each deposit address constructed by the virtual address system is generated by the algorithm and does not need to be carried out on the blockchain. This means that the trading platform does not need to manage a large number of private keys, and there is no risk that the private keys will be lost.
On the most important “voting rights” issue, the aelf Center Asset Management Contract will assign to each user a separate virtual address for voting:
Voting address = Hash (Exchange Main Address + Token + “VOTE”)
Voting process: the tokens are transferred from the main virtual address of the exchange to the special “voting address” for voting, and are then voted. After voting, the tokens are withdrawn from the voting address back to the main virtual address.
We can see that the aelf Centre Asset Management Contract proposed by aelf can improve the efficiency of the trading platform without affecting user experience. In addition, it solves the problem that users would lose their voting rights.
According to the data on Crypto Mode, the market value of PoS tokens has exceeded $33 billion without counting Ethereum. In the field of crypto, it is the biggest ecosystem next to Bitcoin. The most important function of PoS is vote staking. faced with bigtrading platforms, if the status quo continues, retail investors will gradually lose their “voting rights” that belong to them.

Comparison of Market Value of PoS tokens (Source: Crypto Mode)
The emergence of DAO offers an alternative to trading platforms who misappropriate users’ tokens, but it still can not change this situation. Of course, DAO will not die out. Small communities will still use DAO for community governance. The idea behind the design of aelf is to start from the underlying trading platform and solve this issue at the source. Whether the solution can work still takes time. However, as a member of the crypto industry, we should understand the importance of “voting rights”, and cannot allow the exchange to seize our rights at will.
Recently, aelf has also announced its DeFi plan, which includes a new blockchain 3.0 project with a large number of new technical features, such as cross chain function, virtual address and cloud services. Aelf also proposed a set of interoperability solutions with ERC-20 tokens. It can directly access the ETH ecosystem, allow ETH-based applications and wallets to directly access it, and maintain the interoperability with ETH. And aelf will provide a high-performance smart contract operation platform and cloud services that can support cross chain interaction. Users on major cloud servers can easily run aelf’s services and adjust the scale of cloud according to their own business needs.
The implementation of a slew of tools, cloud services and interoperability solutions developed by aelf means that centralized transactions can be directly connected to the aelf network, realizing one-click adaptation to the DeFi ecosystem. With aelf, CeFi and DeFi are able to learn from and complement each other.
submitted by Floris-Jan to aelfofficial [link] [comments]

BetFury Monthly Report

BetFury Monthly Report

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Autumn is always the rainy season. BetFury's rains pour out winnings, dividends, events and cool updates.
If you've been with us the whole month, you probably know how many cool things happened at BetFury. If you have joined us recently you can be sure that we never sit still. The BetFury team is constantly working to make the platform as good and easy to use as possible. So that every Betfurian can enjoy the game and earn money!
Watch what peaks Fury has reached in September!

Dividends

The Dividend pool is pleasing in its size and stability. Dividends pool has increased by ~25 BTC this month.
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Dividends are paid steadily! And this is confirmed by the historic event at BetFury. For the first time the dividends Daily Payouts were over 2 BTC. ~56 BTC were paid out during this month.
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The biggest BFG bonfire on BetFury - the jubilee 10th BFG Token burning!
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The total amount of burned tokens from the 10th token burning session is 32 362 386 BFG:
  • Burned in Auction - 1 058 130 BFG 606 474 BFG(TRX) 451 656 BFG(BTC)
  • Burned in Gaming - 21 304 256 BFG 17 109 456 BFG(TRX) 194 800 BFG(BTC)
  • Burned from Team - 10 000 000 BFG 5 000 000 BFG(TRX) 5 000 000 BFG(BTC)

Mining Price was raised

You know how important it is to own BFG tokens because every month the price rises and the token becomes more expensive. So this month Mining Price growed up as usual. Mine more tokens now to then enjoy their value.
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Current Token Details: Total mined: 1 715 790 736 BFG Total staked: 1 452 257 495 BFG Burned: 180 167 821 BFG

BetFury Events

Every day there are important events at BetFury and we want to share all these events and news with you. Any updates or creation of new games, awarding prizes to the winners of competitions - everything is done with love for you, Betfurians.

Crash Space War

You have been waiting for a long time for the launch of the updated Crash. And this happened! The bravest 50 Jedi shared 0.5 BTC in the Crash Space War.
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BetFury Battles

This is a new format of events with thrills and gives indecently large rewards. Taste the victory of the real fight in Battles. New feelings, new emotions and most importantly new great victories are waiting for you. The first Battle took place at KENO for 24 hours with the prize pool of 0.1 BTC (~$1000) for 50 skilled players. Follow our social networks not to miss further Battles.
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New Gaming Provider and many new cool Slots

Provider MrSlotty has come with gifts for you. He brought a bag full of 50 Slots. Place bets and win the biggest winnings in any currency: BTC, TRX, USDT, BTT.
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The Kings of Success have replenished their chests with 40 new slots and more than 30 Table games. Catch your luck in the best games from: Platipus, Spinomenal, Playson, ReelNRG, Endorphina, Booongo, Tom Horn, Fugaso, GameArt, Habanero.
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BitcoinTalk page updated

Now you can chat, leave reviews and learn many news about BetFury on our page in BitcoinTalk. Welcome to the updated page with new features. Soon there will be the Grand Bounty campaign with big awards.
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BetFury BOXes

Boxes are sold like hotcakes. This month 3 Boxes were sold out: Ruby Box — Price: 0.001BTC | Monthly Rate: 15% Emerald Box — Price: 0.01BTC | Monthly Rate: 11% Sapphire Box — Price: 0.05BTC | Monthly Rate: 12%
1000 Key Boxes were sold out at the price of 0.0001 BTC with Monthly Rate - 50%. All players who bought the Key Box have a chance to get the last part of the key to the wallet with 0.5 BTC. Bitcoins are still in the wallet. Watch the cartoon and find all the tips where the parts of the private key. Withdraw cash from the Key Box and catch a pop-up with the last bit of the private key to the Bitcoin wallet. Collect all parts of the key and open the wallet first. Hurry up! The search becomes more intense!
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However, now you have the opportunity to buy a new Amber Box at a price of 0.005 BTC with Monthly Rate - 10%.
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Oktoberfest moved to BetFury

The loudest autumn event is now celebrated at BetFury. Brewers pour beer from all slots. You can still join the festival and spin slots for mega prizes. https://steemit.com/betfury/@betfury-steem/oktoberfest-will-be-here-on-betfury
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ReelNRG tournament

The Knights spun slots from ReelNRG in a big tournament. The €1000 prize was shared between 20 knights. The players competed in all stages and only the bravest reached the final.
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Rewards

Betfurians filled their pockets with prizes from Weekly Events, Giveaways & Big Wins.
  • Chat Success took place five times this month, which means that 250 winners received prizes. Total amount = 25 000 TRX.
  • Twitter Success rewarded players twice - 200 lucky people received 40 mBTC in total.
  • Slots Race for 777 mBTC has gained momentum four times to reward riders. 200 fastest winners reached the finish line. Total amount of monthly payouts ~3.1 BTC Roll up! A new circle has already started.
  • There are more and more Big Winners and Big Wins are proof of that. The total amount of Big Wins this month - $418 540
The September cloud of Giveaway scattered various awards. Fury held 6 Giveaways! The largest took place on Instagram in honor of 1000 Followers. Join also and don't miss the Giveaway.
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Live Streams

Nothing shows the authenticity of a real game like Live Streams. Big wins live, test drive on new slots, visits to real casinos and a lot more can be seen in a Live Stream. Three cool streamers @badj0ker, @TronWarrior420 & @CEOofNEGATIVITY showed the best games and won in front of the audience during 13 broadcasts.

Community

Follow all events and updates of the platform on social media pages. Be the first one to know all the news. Join the big BetFury family and have fun to the fullest. Telegram Channel - 10.5K Telegram Chat - 26K Twitter - 44K Instagram - 1.2K

Planned Updates

  • New In-house game
  • New slots
  • New Boxes
  • More currencies
  • Huge Bounty

Summary

The month was full of hot news. Big Wins and many awards filled you with emotions. Dividend pools have risen and give sensational payouts. The BetFury team with Commander Fury is ready for new accomplishments for you. So play, enjoy the wins and follow the enchanting novelties. You will definitely like everything!
____________________________________________________________________________________________________________
Link to the Website: https://betfury.io Link to the Telegram: http://t.me/betfury Link to the Twitter: https://twitter.com/betfury_io Link to the Telegram Channel: https://t.me/betfuryofficialchannel Link to the Steemit: https://steemit.com/@betfury-steem Link to Facebook: https://www.facebook.com/BetFury.io/ Link to Instagram: https://instagram.com/betfury.io Link to Reddit: https://www.reddit.com/useBetFury_io
submitted by BetFury_io to u/BetFury_io [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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