Data directory - Bitcoin Wiki

Drop Zone - A Decentralized Marketplace Built on Bitcoin

An anonymous decentralized local marketplace built on Bitcoin.
[link]

Robinhood vs. The Paywall

Paywalls are, technologically speaking, quite fragile. In fact, as of today, if you are quick enough at the keyboard, you can easily copy the full text of a New York Times article before the Javascript kicks in and trims it.
I do this sometimes and I have a fast machine and a fast internet connection, which should make it harder. Other sites are more clever, but for the most part, paywalls are still a bit of a joke.
However, they're getting a lot better and more prevalent. I can imagine that right now an engineer at NYT is working on a better paywall with no practical way of cheating it.
All that aside, an article is just a piece of ordered text and some formatting, and I don't see that changing any time soon. Once you're past the paywall, the text just sits there in your browser, or in your email, or whatever. It can be viewed, copied, pasted, or read by a 3rd party extension.
What would it take, practically speaking, to "Robinhood" that text and make it freely available to everyone whether or not they've paid for it? There are numerous ways to access paywalled content today, which I won't share but aren't hard to find. But I'm interested in whether or not there is a solution that is so robust that it backs publishers into a corner where they need to find another way to make money. And when I say "robust" I mostly mean "legal", because I am assuming that any illegal method would ultimately lose out in a game of legal whack-a-mole (think torrent trackers or darknet markets).
Anyways, some initial considerations...
  1. You'd have to have at least one participant who has access to the paywalled content, but ideally many more than that who can all participate in tossing the content back over the paywall.
  2. You would need to have an immutable and accessible place to put the paywalled content so that other people could point their browsers to that location and see the same content that they would if they were looking at the source.
  3. As noted, you'd want to eliminate as much legal risk as possible. That goes for both the content "suppliers" and the content "consumers" (or, Robinhood and those he gives to).
I am not sure exactly what would happen if I just started copying and pasting paywalled content on, say, Reddit, but I am pretty sure it would catch up with me eventually because I am explicitly re-publishing. This solution would need to be so foolproof that it would put those who would otherwise enforce against it in an untenable position.
So, bear with me, here's what I want to know: how flawed, immoral, antisocial, and generally lacking is the following idea? My suspicion is that it is a pretty bad idea and is also pretty naive, but it's still been fun to think about and maybe some of you would like to discuss it. I am interested in any implications that come to mind.
~
The idea:
If you want to participate in this scheme, you install a browser extension. If you have access to any paywalled content, then every time you visit a page and view that content, the browser extension grabs the text and compresses it to its smallest possible representation.
Next, the browser extension make the smallest possible arbitrary transaction on the blockchain (looks to be about $0.06 currently), and stores as much of the article as it can fit in the OP_RETURN field, which is basically just a blank field for arbitrary text and currently has a size limit of 256 bytes (Note: There are tons of similar ways to accomplish the same thing, any many better blockchains for this use case. I just don't really keep up with the smaller blockchains and think that we can use the Bitcoin blockchain as a simple way to demonstrate the idea).
It may take a few transactions to store an entire article, but once it's part of the blockchain, it's there forever, and anyone who would want to subsequently view that article would only need to have access to the indices of the transactions and software that can de-compress the OP_RETURN values and reconstruct the article. I imagine this would also happen in the browser extension.
In this way, it's a lot like private torrent trackers. Everybody shares what they have access to, and the pieces of data that comprise the underlying media fly around the network freely. The software client is responsible for piecing them together and making the data cohesive for a given end user.
Today, a torrent client is completely legal, but having pirated media on your computer is not. Also, I'm pretty sure that opening your media collection to peers is also illegal, but I'm not actually sure.
Using the blockchain as the storage mechanism changes the calculus a little bit. You're not storing any pirated data on your machine, rather, you are stashing bits and pieces of it in a decentralized ledger, which nobody owns, meaning that nobody is really accountable for it. It's also impossible to take down.
The question of legality here is something like "are you allowed to include copyrighted works in transaction text on the blockchain?". And if not, how many chunks would the article need to be broken apart into to make it no long "The Article", but rather just pieces of arbitrary data which, if put together in the right order, would happen to reproduce "The Article"? Someone who is more knowledgable than I am would need to chime in here.
~
I wanted to get a sense of if this is even practical so I grabbed the text from a NYT article called "Opinion | No, the Democrats Haven’t Gone Over the Edge" by David Brooks.
After running the text through 1000 rounds of compression I got it down to 2702 bytes. The current OP_RETURN size limit for a BTC transaction is 256 bytes, so you would need to make around 10 transactions to store this single article.
And each transaction has a fee that goes to miners, which appears to be around 128 satoshis/byte according to https://privacypros.io/tools/bitcoin-fee-estimato
The BTC sent in a given transaction is recoverable, because it could be sent to a wallet that is owned by the sender, but the fees are unavoidable. Given the current rate, storing a NYT Opinion article on the Bitcoin blockchain, forever, would cost about 2707 * 128 Satoshis, or roughly $37.
So my immediate thought is wow that's expensive. I also know that it's frowned upon by the Bitcoin community and would be perceived as antagonistic by the miners. But my guess is that there's a better way to accomplish the same thing (again, off-chain transactions or using a totally different blockchain such as Ethereum, or BSV).
In fact, in "The unfuckening of OP_RETURN", Shadders shows that one can practically store up to 100kb of text in a given BSV transaction (BSV is a fork of bitcoin, which aims to align more with Satoshi's "original" vision).
The result of Shadders experiment? Well, here's the complete prequel to "Alice and Wonderland" in a single transaction, on the blockchain, forever: https://whatsonchain.com/tx/ef21e71d00b9fce174222e679640b09e29ac8a55f321c93e64b16cc3109959f8
Good thing Alice and Wonderland is in the public domain, right? Or... should it even matter what's "public" and what's "paywalled"?
What do you think?
submitted by mrctte to TheMotte [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

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

Hello Reddit and Ethereum community!

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

Executive summary

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

Response and PoC

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

Live Demo

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

Source Code

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

Scaling

How it works & scales

Architectural Scaling

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

Economic Scaling

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

Scaled Deployment

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

Flexibility in Scaling

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

Cost

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

Getting Started

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

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

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

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

Costs and resources

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

Requirements

Scaling

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

Decentralization

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

Usability Scaling solutions should have a simple end user experience.

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

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

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

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

Bonus Points

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

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

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

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

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

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

Bonus

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

TIME

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

Dragon Den

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

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

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

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

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

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

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

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

Other Considerations

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

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

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

Conclusion

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

Disney Releases Blockchain Platform as Open Source

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

Open Source

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

Dragonchain Foundation

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

Top Trends for Custom Software Development In 2020

Top Trends for Custom Software Development In 2020
Over the past decade, the IT industry has been prosperous with the coming of many innovative technologies. One of the most asked questions by developers who work for Software Development Company is whether the technologies that they’re going to invest in will still be popular tomorrow, or in the next year? Nobody wants to invest in a technology that’s going to be outdated.
The software development industry has been changing at an exceptionally quick movement because of the presentation of new advancements, for example, Artificial Intelligence and Blockchain. Those advances help advance and change software into a basic aspect of individuals' regular daily existences. For instance: a few applications in Machine Learning and Artificial Intelligence, for example, Chatbots will turn out to be profoundly cutting-edge sooner rather than later, permitting organizations to furnish their clients with an exceptionally customized and uniquely custom-made help insight.
One of the undisputed facts in the IT industry is that one technology can easily disappear due to lack of progress and/or also because other technologies can do the same things better and easier. Thus, software development outsourcing companies need to stay up to date with the latest trends of technologies to ensure they can stay ahead of the competition in the near and long-term future. In this article, we discuss some of the trends that going to be dominant in 2020:

Custom Software Development

1. Artificial Intelligence & Machine Learning Development

Today, many business organizations consider digital transformation as a critical part of their overall business plan to innovate themselves in order to thrive in the market. Machine learning and AI are often considered as the leading driving force assisting businesses with their quest for digital transformation. It is estimated that the AI industry is going to generate billions of dollars in revenue in the coming years, which means AI and Machine Learning are going to be in the focus of the IT industry in the near future. Artificial intelligence and Machine Learning permit business associations to change and mechanize different cycles in their everyday business activity. Various use cases for AI and Machine Learning in organizations incorporate chatbot, large information, extortion location, and Predictive examination, and so forth These are generally viable instances of AI development that improve business measures, along with upgrading client support insight. Henceforth, software development organizations should watch out for this zone of AI and Machine Learning Development.

2. Blockchain Technology

Even though Bitcoin and other crypto-currency assets reached their all-time high in 2017 (and have since cooled down), the application of the blockchain technology – that is the key ingredient behind the success of cryptocurrency – is still particularly popular and gaining adoption in various industries such as Fintech, Healthcare, and others. One example of blockchain technology is that it allows businesses organizations to perform many large scale direct transactions within a shorter timeframe (compared to the traditional methods) without the requirement of intermediaries that might be costly and/or time-consuming. Much offshore software development outsourcing company can receive the benefits of developing blockchain-based applications.

3. Software Development and Big Data

Data is essential to ensure the success of digital transformation for businesses. The amount of data captured and available to business seems to increase exponentially day by day. However, without analysis, raw data won’t be of much help to the business unless valuable insights can be gathered from analyzing from such data. Big data is one particular area of interest that making massive changes as to how IT services companies can help businesses making predictions and improving their decision makings based on insights gathered from data. Many software applications are now being developed to help businesses gain competitive advantages in this age of digital transformation.

4. Cyber Security is still very important

As mentioned previously, many companies are currently going through digital transformation, hence they're potential for exposure to security risks such as hacking and malware is going to increase significantly. Considering the cost and time and effort putting into restoring the whole enterprise IT system after an attack, it is better that companies apply security measures to prevent attacks before it happening. Thus, cybersecurity is still one very important area of the whole software development industries and businesses should expect to be ready for external penetration testing and security audits on their IT infrastructure throughout their digital transformation process. Additionally, custom software development companies should focus on enhancing the in-built security measures of their products in order to comply with applicable security laws and regulations. Eliminating vulnerabilities and enhancing security is always of high priority to both customer companies as their software outsourcing partner.

Conclusion

Software development is changing at a lightning speed with the new technologies being introduced regularly to transform and improve the quality of the software products. Developers who are well-versed in the relevant technologies together with the right experience will have the upper hand and continue to rise. It’s important that software application developers and development companies recognize the trends to keep up with the industry standards as well as benefiting themselves from it.
submitted by bonkovska to u/bonkovska [link] [comments]

Don't blindly follow a narrative, its bad for you and its bad for crypto in general

I mostly lurk around here but I see a pattern repeating over and over again here and in multiple communities so I have to post. I'm just posting this here because I appreciate the fact that this sub is a place of free speech and maybe something productive can come out from this post, while bitcoin is just fucking censorship, memes and moon/lambo posts. If you don't agree, write in the comments why, instead of downvoting. You don't have to upvote either, but when you downvote you are killing the opportunity to have discussion. If you downvote or comment that I'm wrong without providing any counterpoints you are no better than the BTC maxis you despise.
In various communities I see a narrative being used to bring people in and making them follow something without thinking for themselves. In crypto I see this mostly in BTC vs BCH tribalistic arguments:
- BTC community: "Everything that is not BTC is shitcoin." or more recently as stated by adam on twitter, "Everything that is not BTC is a ponzi scheme, even ETH.", "what is ETH supply?", and even that they are doing this for "altruistic" reasons, to "protect" the newcomers. Very convenient for them that they are protecting the newcomers by having them buy their bags
- BCH community: "BTC maxis are dumb", "just increase block size and you will have truly p2p electronic cash", "It is just that simple, there are no trade offs", "if you don't agree with me you are a BTC maxi", "BCH is satoshi's vision for p2p electronic cash"
It is not exclusive to crypto but also politics, and you see this over and over again on twitter and on reddit.
My point is, that narratives are created so people don't have to think, they just choose a narrative that is easy to follow and makes sense for them, and stick with it. And people keep repeating these narratives to bring other people in, maybe by ignorance, because they truly believe it without questioning, or maybe by self interest, because they want to shill you their bags.
Because this is BCH community, and because bitcoin is censored, so I can't post there about the problems in the BTC narrative (some of which are IMO correctly identified by BCH community), I will stick with the narrative I see in the BCH community.
The culprit of this post was firstly this post by user u/scotty321 "The BTC Paradox: “A 1 MB blocksize enables poor people to run their own node!” “Okay, then what?” “Poor people won’t be able to use the network!”". You will see many posts of this kind being made by u/Egon_1 also. Then you have also this comment in that thread by u/fuck_____________1 saying that people that want to run their own nodes are retarded and that there is no reason to want to do that. "Just trust block explorer websites". And the post and comment were highly upvoted. Really? You really think that there is no problem in having just a few nodes on the network? And that the only thing that secures the network are miners?
As stated by user u/co1nsurf3r in that thread:
While I don't think that everybody needs to run a node, a full node does publish blocks it considers valid to other nodes. This does not amount to much if you only consider a single node in the network, but many "honest" full nodes in the network will reduce the probability of a valid block being withheld from the network by a collusion of "hostile" node operators.
But surely this will not get attention here, and will be downvoted by those people that promote the narrative that there is no trade off in increasing the blocksize and the people that don't see it are retarded or are btc maxis.
The only narrative I stick to and have been for many years now is that cryptocurrency takes power from the government and gives power to the individual, so you are not restricted to your economy as you can participate in the global economy. There is also the narrative of banking the bankless, which I hope will come true, but it is not a use case we are seeing right now.
Some people would argue that removing power from gov's is a bad thing, but you can't deny the fact that gov's can't control crypto (at least we would want them not to).
But, if you really want the individuals to remain in control of their money and transact with anyone in the world, the network needs to be very resistant to any kind of attacks. How can you have p2p electronic cash if your network just has a handful couple of nodes and the chinese gov can locate them and just block communication to them? I'm not saying that this is BCH case, I'm just refuting the fact that there is no value in running your own node. If you are relying on block explorers, the gov can just block the communication to the block explorer websites. Then what? Who will you trust to get chain information? The nodes needs to be decentralized so if you take one node down, many more can appear so it is hard to censor and you don't have few points of failure.
Right now BTC is focusing on that use case of being difficult to censor. But with that comes the problem that is very expensive to transact on the network, which breaks the purpose of anyone being able to participate. Obviously I do think that is also a major problem, and lightning network is awful right now and probably still years away of being usable, if it ever will. The best solution is up for debate, but thinking that you just have to increase the blocksize and there is no trade off is just naive or misleading. BCH is doing a good thing in trying to come with a solution that is inclusive and promotes cheap and fast transactions, but also don't forget centralization is a major concern and nothing to just shrug off.
Saying that "a 1 MB blocksize enables poor people to run their own" and that because of that "Poor people won’t be able to use the network" is a misrepresentation designed to promote a narrative. Because 1MB is not to allow "poor" people to run their node, it is to facilitate as many people to run a node to promote decentralization and avoid censorship.
Also an elephant in the room that you will not see being discussed in either BTC or BCH communities is that mining pools are heavily centralized. And I'm not talking about miners being mostly in china, but also that big pools control a lot of hashing power both in BTC and BCH, and that is terrible for the purpose of crypto.
Other projects are trying to solve that. Will they be successful? I don't know, I hope so, because I don't buy into any narrative. There are many challenges and I want to see crypto succeed as a whole. As always guys, DYOR and always question if you are not blindly following a narrative. I'm sure I will be called BTC maxi but maybe some people will find value in this. Don't trust guys that are always posting silly "gocha's" against the other "tribe".
EDIT: User u/ShadowOfHarbringer has pointed me to some threads that this has been discussed in the past and I will just put my take on them here for visibility, as I will be using this thread as a reference in future discussions I engage:
When there was only 2 nodes in the network, adding a third node increased redundancy and resiliency of the network as a whole in a significant way. When there is thousands of nodes in the network, adding yet another node only marginally increase the redundancy and resiliency of the network. So the question then becomes a matter of personal judgement of how much that added redundancy and resiliency is worth. For the absolutist, it is absolutely worth it and everyone on this planet should do their part.
What is the magical number of nodes that makes it counterproductive to add new nodes? Did he do any math? Does BCH achieve this holy grail safe number of nodes? Guess what, nobody knows at what number of nodes is starts to be marginally irrelevant to add new nodes. Even BTC today could still not have enough nodes to be safe. If you can't know for sure that you are safe, it is better to try to be safer than sorry. Thousands of nodes is still not enough, as I said, it is much cheaper to run a full node as it is to mine. If it costs millions in hash power to do a 51% attack on the block generation it means nothing if it costs less than $10k to run more nodes than there are in total in the network and cause havoc and slowing people from using the network. Or using bot farms to DDoS the 1000s of nodes in the network. Not all attacks are monetarily motivated. When you have governments with billions of dollars at their disposal and something that could threat their power they could do anything they could to stop people from using it, and the cheapest it is to do so the better
You should run a full node if you're a big business with e.g. >$100k/month in volume, or if you run a service that requires high fraud resistance and validation certainty for payments sent your way (e.g. an exchange). For most other users of Bitcoin, there's no good reason to run a full node unless you reel like it.
Shouldn't individuals benefit from fraud resistance too? Why just businesses?
Personally, I think it's a good idea to make sure that people can easily run a full node because they feel like it, and that it's desirable to keep full node resource requirements reasonable for an enthusiast/hobbyist whenever possible. This might seem to be at odds with the concept of making a worldwide digital cash system in which all transactions are validated by everybody, but after having done the math and some of the code myself, I believe that we should be able to have our cake and eat it too.
This is recurrent argument, but also no math provided, "just trust me I did the math"
The biggest reason individuals may want to run their own node is to increase their privacy. SPV wallets rely on others (nodes or ElectronX servers) who may learn their addresses.
It is a reason and valid one but not the biggest reason
If you do it for fun and experimental it good. If you do it for extra privacy it's ok. If you do it to help the network don't. You are just slowing down miners and exchanges.
Yes it will slow down the network, but that shows how people just don't get the the trade off they are doing
I will just copy/paste what Satoshi Nakamoto said in his own words. "The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server."
Another "it is all or nothing argument" and quoting satoshi to try and prove their point. Just because every user doesn't need to be also a full node doesn't mean that there aren't serious risks for having few nodes
For this to have any importance in practice, all of the miners, all of the exchanges, all of the explorers and all of the economic nodes should go rogue all at once. Collude to change consensus. If you have a node you can detect this. It doesn't do much, because such a scenario is impossible in practice.
Not true because as I said, you can DDoS the current nodes or run more malicious nodes than that there currently are, because is cheap to do so
Non-mining nodes don't contribute to adding data to the blockchain ledger, but they do play a part in propagating transactions that aren't yet in blocks (the mempool). Bitcoin client implementations can have different validations for transactions they see outside of blocks and transactions they see inside of blocks; this allows for "soft forks" to add new types of transactions without completely breaking older clients (while a transaction is in the mempool, a node receiving a transaction that's a new/unknown type could drop it as not a valid transaction (not propagate it to its peers), but if that same transaction ends up in a block and that node receives the block, they accept the block (and the transaction in it) as valid (and therefore don't get left behind on the blockchain and become a fork). The participation in the mempool is a sort of "herd immunity" protection for the network, and it was a key talking point for the "User Activated Soft Fork" (UASF) around the time the Segregated Witness feature was trying to be added in. If a certain percentage of nodes updated their software to not propagate certain types of transactions (or not communicate with certain types of nodes), then they can control what gets into a block (someone wanting to get that sort of transaction into a block would need to communicate directly to a mining node, or communicate only through nodes that weren't blocking that sort of transaction) if a certain threshold of nodes adheres to those same validation rules. It's less specific than the influence on the blockchain data that mining nodes have, but it's definitely not nothing.
The first reasonable comment in that thread but is deep down there with only 1 upvote
The addition of non-mining nodes does not add to the efficiency of the network, but actually takes away from it because of the latency issue.
That is true and is actually a trade off you are making, sacrificing security to have scalability
The addition of non-mining nodes has little to no effect on security, since you only need to destroy mining ones to take down the network
It is true that if you destroy mining nodes you take down the network from producing new blocks (temporarily), even if you have a lot of non mining nodes. But, it still better than if you take down the mining nodes who are also the only full nodes. If the miners are not the only full nodes, at least you still have full nodes with the blockchain data so new miners can download it and join. If all the miners are also the full nodes and you take them down, where will you get all the past blockchain data to start mining again? Just pray that the miners that were taken down come back online at some point in the future?
The real limiting factor is ISP's: Imagine a situation where one service provider defrauds 4000 different nodes. Did the excessive amount of nodes help at all, when they have all been defrauded by the same service provider? If there are only 30 ISP's in the world, how many nodes do we REALLY need?
You cant defraud if the connection is encrypted. Use TOR for example, it is hard for ISP's to know what you are doing.
Satoshi specifically said in the white paper that after a certain point, number of nodes needed plateaus, meaning after a certain point, adding more nodes is actually counterintuitive, which we also demonstrated. (the latency issue). So, we have adequately demonstrated why running non-mining nodes does not add additional value or security to the network.
Again, what is the number of nodes that makes it counterproductive? Did he do any math?
There's also the matter of economically significant nodes and the role they play in consensus. Sure, nobody cares about your average joe's "full node" where he is "keeping his own ledger to keep the miners honest", as it has no significance to the economy and the miners couldn't give a damn about it. However, if say some major exchanges got together to protest a miner activated fork, they would have some protest power against that fork because many people use their service. Of course, there still needs to be miners running on said "protest fork" to keep the chain running, but miners do follow the money and if they got caught mining a fork that none of the major exchanges were trading, they could be coaxed over to said "protest fork".
In consensus, what matters about nodes is only the number, economical power of the node doesn't mean nothing, the protocol doesn't see the net worth of the individual or organization running that node.
Running a full node that is not mining and not involved is spending or receiving payments is of very little use. It helps to make sure network traffic is broadcast, and is another copy of the blockchain, but that is all (and is probably not needed in a healthy coin with many other nodes)
He gets it right (broadcasting transaction and keeping a copy of the blockchain) but he dismisses the importance of it
submitted by r0bo7 to btc [link] [comments]

10-04 05:44 - 'Why DeFi will give birth to killer applications in the banking industry?' (self.Bitcoin) by /u/SMOEY removed from /r/Bitcoin within 14-24min

'''
The financial system is on the verge of collapse, and there are no superheroes who can turn the tide in the real world. Therefore, we must learn how to rely on our own hands to protect the money we have earned. Currently, the best way is to store funds outside the traditional financial system. Decentralized finance, or DeFi for short, may become a killer application in the banking industry.
What exactly is DeFi?
This is an ecosystem of financial applications built on the blockchain (especially Ethereum), which can operate independently without the intervention of third parties or intermediaries. In 2020, the DeFi economy has grown by US$4 billion and is currently one of the fastest growing sectors in the financial sector.
The main problem with DeFi
Currently the only truly decentralized financial application is Bitcoin. Anyone with access to the Internet can store and transfer funds in a decentralized manner. But DeFi has made a further commitment: to introduce decentralization into the mainstream public view. This will provide a global and open alternative to all financial services including savings, loans, investment and insurance. Next, we will introduce three DeFi use cases that are sufficient to disrupt the traditional banking industry:
1. Stablecoins
Stablecoin is the first DeFi use case to achieve a blowout development. The idea of ​​”a cryptocurrency free from the long-term instability of Bitcoin” is very attractive to many people. On the one hand, it has price stability similar to the US dollar or the euro; on the other hand, it also has the speed and convenience of cryptocurrency. The stablecoin perfectly combines the advantages of the two. Currently, about 80% of encrypted transactions are conducted through Tether stablecoin. At the same time, other companies, such as USDC, TruUSD, Dai or PAX, have also experienced explosive growth in the past year. Therefore, the stable currency market definitely deserves our continued attention and expectation. After all, most bank customers are tired of inefficient and expensive services and increasing government supervision.
2. Decentralized Exchanges
Decentralized exchange (DEX) is one of the most breakthrough innovations derived from DeFi. In recent years, the number of DEX has also shown explosive growth. According to data from Dune Analytics, monthly transaction volume in 2020 has grown to nearly $12 billion. So, what is DEX? The essence of DEX is a cryptocurrency platform, users’ assets can be traded without going through an exchange. Therefore, the risk of being stolen and attacked by hackers can be greatly reduced. Currently, the most popular DEX platforms are Curve, Balancer, 0x, Dydx, Kyber, Bancor, IDEX, Oasis and Gnosis Protocol. But in fact, the ultimate reason for attracting people to join DEX is the growing and more complex “know your-client process (KYC)” demand. It stripped the anonymity of customers and caused financial exclusion of more than 2.4 billion people. They are like cancer, engulfing the entire banking system alive.
3. Borrowing and Lending Applications
To say the most compelling development in the DeFi field, one has to mention decentralized lending platforms. The DeFi lending platform can provide loans to users or companies without any intermediaries. Anyone can deposit their available assets into the shared loan pool, and those who want to borrow can withdraw assets from the pool. Currently, the most popular DeFi loan platforms are Compound, Maker, Aave and dYdX. At the same time, companies such as Blockfi, Celsius, CRED, Nexo and Crypto.com also provide annual interest rates of up to 10%. The lending platform enhances the flexibility of banking business and removes strict threshold restrictions on the location, identity, and assets of customers. This use case is expected to lead DeFi into the mainstream market.
4. Insurance
The form of DeFi insurance is still relatively conservative. It mainly acts as a safety net in the DeFi ecosystem. Users no longer need traditional banks or institutions to ensure the safety of their deposits. Although decentralized insurance is not popular in the entire DeFi community at present, it is likely to disrupt the entire insurance industry in the future. If you want to learn about insurance products other than traditional insurance companies, you can check out Nexus Mutual, Opyn, Etherisc and CDx.
Next, where are we going?
DeFi is an interesting idea with trillions of dollars in potential. If we compare DeFi with the traditional financial system, it is not difficult to find the fatal attraction in DeFi. As you can see, some DeFi projects have replaced part of the business in the centralized encryption economy, and it will not be long before it will begin to replace the traditional banking and insurance industries. Now, the financial system needs to be repaired-to make it more transparent, open and efficient. Otherwise, if we don’t properly wrap up this broken financial system, 20 years later, we will eventually pay for our stupidity at this moment.
Source:[[link]2
'''
Why DeFi will give birth to killer applications in the banking industry?
Go1dfish undelete link
unreddit undelete link
Author: SMOEY
1: tr**ple.net*ork/2020***441*.*tml 2: t*u**le.net*ork/2020*00**11*html]^*1
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [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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What is Digital Banking?

What is Digital Banking?
Digital banking is at the core of today’s financial system. However, this wasn’t always the case. Banking has come along way, from going to your local teller and requesting funds, all the way to keeping your crypto insured and safe. Nowadays, nearly every bank offers some form of digital banking to its customers.
What is Digital Banking?
Digital banking sometimes referred to as e-banking slowly emerged over the last few decades. Importantly, digital banking portals allow banks to provide customers with access to traditional banking services via their PC or smart device. These services save customers and the bank time and money. Consequently, they are more popular than ever.

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The History of Digital Banking
The earliest forms of digital banking emerged in the 1960s. It was at this time the world began to see the first ATMs and debit cards introduced. These products were revolutionary for a couple of reasons. For one, for the first time in history, banking customers could access their funds 24/7. Remember, up until this point, you needed to go down to your local branch to withdraw or deposit funds. Depending on where you lived, this process could take considerable time.
The introduction of the internet changed digital banking forever. At first, banks relied on the internet for internal functionalities such as monitoring accounts or fund transfers. However, by the late 1990s, banks began offering services such as balance updates and fund transfers directly from the digital banking portal. By this point, digital banking was on its way to becoming a major trend.
In less than a decade, the internet saw a huge expansion in capabilities. The added data transmission and improved computer manufacturing techniques led to the creation of Smartphones. Today, it’s hard to imagine life without your smartphone. These handy pocket PCs enabled banks to offer a full suite of products from their portals.

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Consequently, a host of new services emerged because of the availability of smartphones. Features such as photo check cashing began to emerge in the market place. This feature allows clients to deposit checks by taking a picture on their cell phone via their banking app.
Given all of the advantages digital banking brings to the sector, it’s easy to see why today, every bank offers some form of digital banking to its clients. Both clients and banks have much to gain from this hi-tech integration.
Digital Banking Benefits
Digital banking is far more convenient for both bank and customers. Customers save valuable time and resources by not having to go to a physical location. Additionally, their transactions are more secure because they don’t require the client to travel with funds in hand.
Importantly, the push for digital banking came mostly from the bankers. Banks gain huge amounts of flexibility and savings via e-banking portals. The money saved on infrastructure can go to further development of their online interfaces. Online banking eliminates much of the hiring, security, rent, and random customer needs such as deposit slips from the banking business model.
Digital Banking vs Online Banking
The field of e-banking has led to major evolutions within the financial sector. Originally, e-banking portals existed to help supplement brick and mortar banks. Today, that’s not the case as more online-only banks emerge.

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Over the last five years, Online-only banks have become a major trend in the market. These firms possess no physical location. As such, clients can conduct all transactions via their PC or smartphone. In most instances, these bank’s client base stretches across the country.
Benefits of e-Banking
As more digital banks appear in the market, it’s important to understand the benefits they introduce. Digital banks are able to be more flexible in who they provide services to, and how they acquire clients. Additionally, studies have shown that customers prefer banks with digital banking portals over their traditional counterparts.

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Easier to Join
The integration of KYC and AML protocols into online banking onboarding changed everything. Now, banks could gain new clients, while remaining compliant, via their online portal. To accomplish this monumental tasks, e-banking onboarding procedures include ID verification systems. Here potential clients must provide a large number of documents, such as ID Proofs, employment proof, address, etc.
Smartphones allow clients to provide these documents in pristine digital quality. Importantly, the digital banking platform automatically extrapolates and processes the relevant data via preprogrammed protocols. This strategy saves the bank and customer valuable time.
Discussing the evolution, Nnamdi Azodo of ALAT Digital Bank spoke on the importance of streamlining the banking sector. He described e-banking as the “application of technology to every banking activity.” Azodo explained that digital banking is the future of banking and that to remain competitive, all banks must embrace these upgrades.
24 Hour Banking
One of the biggest upgrades digital banking brings to the sector is accessibility. Remember, before the dawn of e-banking, you had to go down to your local branch. While in some instances, such as requesting a loan, a personal approach may be what you desire, in most instances, such as a deposit, there is no benefit to in-person transactions.
Digital banking allows you to access your account information and market transactions 24-hours a day and across the globe. This international accessibility helped to push the global economy forward. Now, digital banking is at the core of our global financial system.
Cost Savings
In the old days, banks spent large portions of their earnings on processes such as verification and accounting. Thankfully, computers removed much of this workload for banks. Today, automation plays a critical role in modern banking systems. Automation saves banks money and time when conduction the most common transactions.
Digitization reduces the steps involved in transactions, it also reduces the staff required. Digital banks save a ton on employee and upkeep costs. These costs can then be passed down to customers. These savings are part of the reason why digital banks continue to see widespread adoption globally.
Blockchain Technology
The advent of blockchain technology has pushed digital banking to new heights. Blockchain technology provides banks with a more efficient and transparent alternative to the status quo. This revolutionary technology allows banks to eliminate many of the third-party verification systems currently in place. Consequently, it provides banks with huge cost savings and a more secure platform to conduct transactions within.

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Crypto Digital Banks
Aside from ushering in a new era of efficiency, blockchain tech also introduced the world to cryptocurrencies. Cryptocurrencies such as Bitcoin continue to draw investor interests. Consequently, the emergence of these new financial instruments has created a unique opportunity within the e-banking sector — crypto banks.

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Cryptocurrency digital banks provide traditional banking services to crypto clients such as service providers, investors, or exchanges. For example, a crypto bank allows you to store, save, spend, and transfer cryptocurrencies from the banking portal. This style of banking has grown in popularity over the last five years in tandem with the growth of cryptocurrency use.
Digital Banking — Banking for the World
A new trend in the market is the use of AI to streamline banking processes. Advanced AI algorithms are able to determine the eligibility and qualifications of clients automatically. For example, the online loan you applied for last week may never go in front of a real human. Instead, a bank’s AI system will determine your eligibility for the funding using a set of pre-programmed criteria.

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Digital Banking continues to see growth within the financial sector. Importantly, a multitude of major banking institutions diverted funds from the creation of new branches into e-banking platform upgrades recently. You can expect this trend to continue as the digitization of the market expands. For now, a digital bank could be the perfect solution to all of your banking needs during the coronavirus pandemic.
submitted by IntelligentDream1168 to u/IntelligentDream1168 [link] [comments]

Thanks to all who submitted questions for Shiv Malik in the GAINS AMA yesterday, it was great to see so much interest in Data Unions! You can read the full transcript here:

Thanks to all who submitted questions for Shiv Malik in the GAINS AMA yesterday, it was great to see so much interest in Data Unions! You can read the full transcript here:

Gains x Streamr AMA Recap

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Thanks to everyone in our community who attended the GAINS AMA yesterday with, Shiv Malik. We were excited to see that so many people attended and gladly overwhelmed by the amount of questions we got from you on Twitter and Telegram. We decided to do a little recap of the session for anyone who missed it, and to archive some points we haven’t previously discussed with our community. Happy reading and thanks to Alexandre and Henry for having us on their channel!
What is the project about in a few simple sentences?
At Streamr we are building a real-time network for tomorrow’s data economy. It’s a decentralized, peer-to-peer network which we are hoping will one day replace centralized message brokers like Amazon’s AWS services. On top of that one of the things I’m most excited about are Data Unions. With Data Unions anyone can join the data economy and start monetizing the data they already produce. Streamr’s Data Union framework provides a really easy way for devs to start building their own data unions and can also be easily integrated into any existing apps.
Okay, sounds interesting. Do you have a concrete example you could give us to make it easier to understand?
The best example of a Data Union is the first one that has been built out of our stack. It's called Swash and it's a browser plugin.
You can download it here: http://swashapp.io/
And basically it helps you monetize the data you already generate (day in day out) as you browse the web. It's the sort of data that Google already knows about you. But this way, with Swash, you can actually monetize it yourself. The more people that join the union, the more powerful it becomes and the greater the rewards are for everyone as the data product sells to potential buyers.
Very interesting. What stage is the project/product at? It's live, right?
Yes. It's live. And the Data Union framework is in public beta. The Network is on course to be fully decentralized at some point next year.
How much can a regular person browsing the Internet expect to make for example?
So that's a great question. The answer is no one quite knows yet. We do know that this sort of data (consumer insights) is worth hundreds of millions and really isn't available in high quality. So With a union of a few million people, everyone could be getting 20-50 dollars a year. But it'll take a few years at least to realise that growth. Of course Swash is just one data union amongst many possible others (which are now starting to get built out on our platform!)
With Swash, I believe they now have 3,000 members. They need to get to 50,000 before they become really viable but they are yet to do any marketing. So all that is organic growth.
I assume the data is anonymized btw?
Yes. And there in fact a few privacy protecting tools Swash supplys to its users.
How does Swash compare to Brave?
So Brave really is about consent for people's attention and getting paid for that. They don't sell your data as such.
Swash can of course be a plugin with Brave and therefore you can make passive income browsing the internet. Whilst also then consenting to advertising if you so want to earn BAT.
Of course it's Streamr that is powering Swash. And we're looking at powering other DUs - say for example mobile applications.
The holy grail might be having already existing apps and platforms out there, integrating DU tech into their apps so people can consent (or not) to having their data sold - and then getting a cut of that revenue when it does sell.
The other thing to recognise is that the big tech companies monopolise data on a vast scale - data that we of course produce for them. That is stifling innovation.
Take for example a competitor map app. To effectively compete with Google maps or Waze, they need millions of users feeding real time data into it.
Without that - it's like Google maps used to be - static and a bit useless.
Right, so how do you convince these big tech companies that are producing these big apps to integrate with Streamr? Does it mean they wouldn't be able to monetize data as well on their end if it becomes more available through an aggregation of individuals?
If a map application does manage to scale to that level then inevitably Google buys them out - that's what happened with Waze.
But if you have a data union which bundles together the raw location data of millions of people then any application builder can come along and license that data for their app. This encourages all sorts of innovation and breaks the monopoly.
We're currently having conversations with Mobile Network operators to see if they want to pilot this new approach to data monetization. And that's what even more exciting. Just be explicit with users - do you want to sell your data? Okay, if yes, then which data point do you want to sell.
Then the mobile network operator (like T-mobile for example) then organises the sale of the data of those who consent and everyone gets a cut.
Streamr - in this example provides the backend to port and bundle the data, and also the token and payment rail for the payments.
So for big companies (mobile operators in this case), it's less logistics, handing over the implementation to you, and simply taking a cut?
It's a vision that we'll be able to talk more about more concretely in a few weeks time 😁
Compared to having to make sense of that data themselves (in the past) and selling it themselves
Sort of.
We provide the backened to port the data and the template smart contracts to distribute the payments.
They get to focus on finding buyers for the data and ensuring that the data that is being collected from the app is the kind of data that is valuable and useful to the world.
(Through our sister company TX, we also help build out the applications for them and ensure a smooth integration).
The other thing to add is that the reason why this vision is working, is that the current data economy is under attack. Not just from privacy laws such as GDPR, but also from Google shutting down cookies, bidstream data being investigated by the FTC (for example) and Apple making changes to IoS14 to make third party data sharing more explicit for users.
All this means that the only real places for thousands of multinationals to buy the sort of consumer insights they need to ensure good business decisions will be owned by Google/FB etc, or from SDKs or through this method - from overt, rich, consent from the consumer in return for a cut of the earnings.
A couple of questions to get a better feel about Streamr as a whole now and where it came from. How many people are in the team? For how long have you been working on Streamr?
We are around 35 people with one office in Zug, Switzerland and another one in Helsinki. But there are team members all over the globe, we’ve people in the US, Spain, the UK, Germany, Poland, Australia and Singapore. I joined Streamr back in 2017 during the ICO craze (but not for that reason!)
And did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
We did an ICO back in Sept/Oct 2017 in which we raised around 30 Millions CHF. The funds give us enough runway for around five/six years to finalize our roadmap. We’ve also simultaneously opened up a sister company consultancy business, TX which helps enterprise clients implementing the Streamr stack. We've got no more plans to raise more!
What is the token use case? How did you make sure it captures the value of the ecosystem you're building
The token is used for payments on the Marketplace (such as for Data Union products for example) also for the broker nodes in the Network. ( we haven't talked much about the P2P network but it's our project's secret sauce).
The broker nodes will be paid in DATAcoin for providing bandwidth. We are currently working together with Blockscience on our tokeneconomics. We’ve just started the second phase in their consultancy process and will be soon able to share more on the Streamr Network’s tokeneconoimcs.
But if you want to summate the Network in a sentence or two - imagine the Bittorrent network being run by nodes who get paid to do so. Except that instead of passing around static files, it's realtime data streams.
That of course means it's really well suited for the IoT economy.
Well, let's continue with questions from Twitter and this one comes at the perfect time. Can Streamr Network be used to transfer data from IOT devices? Is the network bandwidth sufficient? How is it possible to monetize the received data from a huge number of IOT devices? From u/ EgorCypto
Yes, IoT devices are a perfect use case for the Network. When it comes to the network’s bandwidth and speed - the Streamr team just recently did extensive research to find out how well the network scales.
The result was that it is on par with centralized solutions. We ran experiments with network sizes between 32 to 2048 nodes and in the largest network of 2048 nodes, 99% of deliveries happened within 362 ms globally.
To put these results in context, PubNub, a centralized message brokering service, promises to deliver messages within 250 ms — and that’s a centralized service! So we're super happy with those results.
Here's a link to the paper:
https://medium.com/streamrblog/streamr-network-performance-and-scalability-whitepaper-adb461edd002
While we're on the technical side, second question from Twitter: Can you be sure that valuable data is safe and not shared with service providers? Are you using any encryption methods? From u/ CryptoMatvey
Yes, the messages in the Network are encrypted. Currently all nodes are still run by the Streamr team. This will change in the Brubeck release - our last milestone on the roadmap - when end-to-end encryption is added. This release adds end-to-end encryption and automatic key exchange mechanisms, ensuring that node operators can not access any confidential data.
If BTW - you want to get very technical the encryption algorithms we are using are: AES (AES-256-CTR) for encryption of data payloads, RSA (PKCS #1) for securely exchanging the AES keys and ECDSA (secp256k1) for data signing (same as Bitcoin and Ethereum).
Last question from Twitter, less technical now :) In their AMA ad, they say that Streamr has three unions, Swash, Tracey and MyDiem. Why does Tracey help fisherfolk in the Philippines monetize their catch data? Do they only work with this country or do they plan to expand? From u/ alej_pacedo
So yes, Tracey is one of the first Data Unions on top of the Streamr stack. Currently we are working together with the WWF-Philippines and the UnionBank of the Philippines on doing a first pilot with local fishing communities in the Philippines.
WWF is interested in the catch data to protect wildlife and make sure that no overfishing happens. And at the same time the fisherfolk are incentivized to record their catch data by being able to access micro loans from banks, which in turn helps them make their business more profitable.
So far, we have lots of interest from other places in South East Asia which would like to use Tracey, too. In fact TX have already had explicit interest in building out the use cases in other countries and not just for sea-food tracking, but also for many other agricultural products.
(I think they had a call this week about a use case involving cows 😂)
I recall late last year, that the Streamr Data Union framework was launched into private beta, now public beta was recently released. What are the differences? Any added new features? By u/ Idee02
The main difference will be that the DU 2.0 release will be more reliable and also more transparent since the sidechain we are using for micropayments is also now based on blockchain consensus (PoA).
Are there plans in the pipeline for Streamr to focus on the consumer-facing products themselves or will the emphasis be on the further development of the underlying engine?by u/ Andromedamin
We're all about what's under the hood. We want third party devs to take on the challenge of building the consumer facing apps. We know it would be foolish to try and do it all!
As a project how do you consider the progress of the project to fully developed (in % of progress plz) by u/ Hash2T
We're about 60% through I reckon!
What tools does Streamr offer developers so that they can create their own DApps and monetize data?What is Streamr Architecture? How do the Ethereum blockchain and the Streamr network and Streamr Core applications interact? By u/ CryptoDurden
We'll be releasing the Data UNion framework in a few weeks from now and I think DApp builders will be impressed with what they find.
We all know that Blockchain has many disadvantages as well,
So why did Streamr choose blockchain as a combination for its technology?
What's your plan to merge Blockchain with your technologies to make it safer and more convenient for your users? By u/ noonecanstopme
So we're not a blockchain ourselves - that's important to note. The P2P network only uses BC tech for the payments. Why on earth for example would you want to store every single piece of info on a blockchain. You should only store what you want to store. And that should probably happen off chain.
So we think we got the mix right there.
What were the requirements needed for node setup ? by u/ John097
Good q - we're still working on that but those specs will be out in the next release.
How does the STREAMR team ensure good data is entered into the blockchain by participants? By u/ kartika84
Another great Q there! From the product buying end, this will be done by reputation. But ensuring the quality of the data as it passes through the network - if that is what you also mean - is all about getting the architecture right. In a decentralised network, that's not easy as data points in streams have to arrive in the right order. It's one of the biggest challenges but we think we're solving it in a really decentralised way.
What are the requirements for integrating applications with Data Union? What role does the DATA token play in this case? By u/ JP_Morgan_Chase
There are no specific requirements as such, just that your application needs to generate some kind of real-time data. Data Union members and administrators are both paid in DATA by data buyers coming from the Streamr marketplace.
Regarding security and legality, how does STREAMR guarantee that the data uploaded by a given user belongs to him and he can monetize and capitalize on it? By u/ kherrera22
So that's a sort of million dollar question for anyone involved in a digital industry. Within our system there are ways of ensuring that but in the end the negotiation of data licensing will still, in many ways be done human to human and via legal licenses rather than smart contracts. at least when it comes to sizeable data products. There are more answers to this but it's a long one!
Okay thank you all for all of those!
The AMA took place in the GAINS Telegram group 10/09/20. Answers by Shiv Malik.
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Particl Marketplace: Where Sellers Meet Buyers

Particl Marketplace: Where Sellers Meet Buyers
People had been speculating since the dawn of crypto when the world’s largest online marketplaces, the ones of the Amazon caliber like eBay, Etsy or AliExpress, and, well, Amazon itself, would start to accept cryptocurrencies. There were a slew of rumors, opinions, and theories thickly interspersed with false reports popping up here and there of Amazon and its little cousins being on the verge of embracing cryptocurrencies. On top of that, someone has actually posted a petition on change.org to add Ether to Amazon as a payment method.
by StealthEX
Long story short, that was a waste of time. High hopes fell flat, and people lost religion. But not all. As the common wisdom goes, when hope dies, action begins. This exposition describes one such effort which tries to bring to fruition the idea of a decentralized marketplace for trading goods and services. And as you might have already figured it out, with a cryptocurrency as a means of payment. So let’s welcome Particl Marketplace and see what it has to offer – and what Amazon has missed.

What is it, in simple words?

Particl Marketplace is an online marketplace where you can trade goods and services. Not a big deal, you may think. However, what distinguishes it from places like Amazon as well as cryptocurrency-enabled marketplaces is the decentralized nature of purchases on Particl. You can think of it as a variety of a decentralized cryptocurrency exchange (aka DEX) where trades are being conducted on-chain. But in case of Particl, it is goods and services that are being traded, not fiat or crypto, with deals on-chain as well, fully encrypted and decentralized.
Particl is a global peer-to-peer privacy-centered marketplace that uses an automated two-party escrow system. It is crypto-agnostic and designed to work with any cryptocurrency, creating a secure, highly-scalable environment supported by a privacy-focused blockchain-based platform. The team behind the project sees its mission in developing “a new decentralized, private and democratic economy” that is governed by the network of its users, with no central authority or middleman getting in the way.
In the project developers’ own words, Particl enables everyone to participate in a free, anonymous exchange of all kinds of goods, without paying any fee and regardless of geographical location. To be sure, you are already thinking about Silk Road and its dark fate, and that the government is going to crack down monumentally on Particl one day. Well, the outcome may vary as the payments on the platform are made using its own cryptocurrency PART, with its laser focus on privacy and anonymity. But more on this later.

How did it grow up?

The development of the Particl project started in early 2017 with the release of the white paper describing the team’s vision for the marketplace, which was shortly followed by a successful seed funding that brought in enough funds ($750,000) to support the development of the project for a year (it turned out sufficient to last for over two years).
These donations helped to establish the Particl Foundation, a non-profit Swiss organization with the goal of providing legal protection for the project to ensure its sustained development and compliance with government regulations. It receives 10% of all the staking rewards generated on the Particl network, making the project self-sustainable and free for most uses.
Unlike other such projects in the crypto arena, Particl has been using its own blockchain from day one, which happened to be July 17, 2017. It was specifically designed to be crypto agnostic by supporting and working with any cryptocurrency. Additionally, it supported the smart contract tech out of the box, giving users an ability to build all kinds of decentralized applications (dApps) that can be directly integrated into the Particl marketplace.
On May 31, 2018, the Particl Marketplace, the Holy Grail of the entire endeavor, was made available for alpha testing on the testnet of the project, which later split into development and stable branches. It went live with the mainnet release of the Particl Open Marketplace on August 12, 2019, which featured Particl Desktop 2.0.0, a client-side application providing user interface and built-in wallet functions.
On November 25, 2019, the Particl Desktop 2.3.0 client was released that enabled Bitcoin payments and marked the introduction of untraceable transactions. With the help of the new in-wallet exchange module, everyone can easily swap their bitcoins for the native PART coin. Moreover, the module allows seamless integration of third-party accountless exchange services right into the marketplace, with StealthEX being one of them.

How is it different from other marketplaces?

The common solution many P2P marketplaces implement to protect buyers and sellers from the other party failing to honor their end of the bargain is through third-party escrow, where the “third-party” in the majority of places and cases is the platform itself that the market participants must mutually trust. In short, it is a single point of failure. And the selling (pardon the pun) point of the entire Particl’s marketplace is its decentralized escrow, which is a thing entirely between the two parties engaged. No middlemen allowed here!
And these are not empty words. Particl implements the concept best known as Mutually Assured Destruction (aptly shortened as MAD), a military doctrine you are certainly familiar with, and probably even afraid of, that consists in a mutual destruction of two belligerent parties in an all-out nuclear holocaust. If you are curious, the idea stems from the game theory and has a lot to do with the Nash Equilibrium, of John Nash’s fame. In a nutshell, Particl removes the need for a trusted escrow agent by introducing MAD escrow smart contracts.
A MAD escrow contract allows to lock funds in a multi-signature address that can be released only if all the parties sign off on the transaction. So both the seller and the buyer lock in the contract an agreed amount for a specified period of time, with the buyer also depositing the payment for the items purchased. The escrowed funds are released when both parties confirm the fulfillment of the agreement. Should one party break the terms, the funds remain locked for good causing a mutual financial loss until both parties agree to sign off.
Another crucial aspect of Particl Marketplace is its end-to-end privacy. The problem with conventional marketplaces acting as an escrow agent is that the communication between the parties should be open to the agent for it to serve as an arbitrator. With Particl, it is no longer required, and all messages between the buyer and the seller are encrypted. Despite being public, only their recipient can decrypt them, which effectively makes messages untraceable.
This is also where the PART coin turns up quite handy. It enables three different privacy modes, and with the most secure mode, the Anon mode, PART transactions utilize the RingCT privacy protocol, which hides both the amount transferred and the identity of the parties transacting. Accordingly, every part of the entire Particl trading environment is thoroughly decentralized, and the full anonymity of market participants is maintained at all times, making the platform a completely trustless marketplace. Big Brother is no longer watching you.
Aside from that, you can stake PART and generate a source of passive income for yourself. Particl uses a custom Proof-of-Stake consensus protocol, allowing you to get a piece of the pie in the form of new coins created at each block according to the scheduled inflation process. The annual inflation rate is initially set to 5% and goes down 1 percentage point every year until it finally floors at 2% indefinitely. Moreover, these rates are a bare minimum as they assume that all PART coins have been staked. Otherwise, the income will be bigger and better as the same rewards are paid to fewer coins.
Additionally, your passive income through staking PART will be augmented by the fees generated through the everyday marketplace operations. Whether it is network fees collected via PART transactions or marketplace listing fees paid by the sellers, all of them contribute to the stakers’ rewards. At the end of the day, staking PART can turn into a profitable business once the Particl platform starts to attract more traffic. In simple words, the more popular the market gets, the more fees it generates, the more coins the stakers earn.
As PART is a standalone cryptocurrency, it can be used outside Particl Marketplace as well. So if you plan on using it for purposes other than eCommerce, it is traded on several exchanges, for example, HitBTC and Bittrex, with more exchanges to list PART in the future. There are native Particl wallets available for storing PART such as Particl Qt with Ledger support, Particl-cli, and Particl Copay Wallet, with the latter available for both the desktop and the mobile. There is also a third-party multicurrency Flare Wallet, enabling cold staking for Particl.
Running Particl is a collective effort, which means no operational costs and no company bagging profits from it. The marketplace buyers don’t pay any commissions other than tiny network confirmation fees, while the sellers are only charged a small listing fee to keep spam listings to a minimum. This creates a highly competitive environment, with the sellers making more profits and the buyers having access to cheaper goods and services as a result.

What’s in the pipeline?

The next major release of the Particl Marketplace should have been Particl Desktop 2.4.0, but it was later rebranded as Particl Desktop 3.0 to reflect its breakthrough nature. It is set for release in the second half of 2020 and will enable the addition of user-created markets and storefronts, effectively turning the Particl marketplace into a network of specialized markets.
And if you think about it, that makes perfect sense. Say, you have a social network account highly merited and full of karma that you want to sell, whatever your reasons might be. Then creating a dedicated market for trading such accounts privately and securely may look extremely appealing to you. Whether it is the right thing to do is another matter, of course.
Kidding aside, it is obviously not about selling or offering something that the society on the whole doesn’t approve of or frowns upon. If you are a freelancer, for example, a graphics designer or a translator, you would be certainly interested in the future freelancer markets – along with your potential employers. Put simply, birds of a feather should flock together.
To keep things in perspective, popular freelancer markets that exist today charge up to 10-20% of what you would get from your client if you negotiated directly. All in all, establishing communities across the marketplace seems to be the next logical step in the natural evolution and growth of the platform. In fact, it is a little surprising that the Particl team didn’t come up with this idea earlier.
Meanwhile, we wish Particl success and good luck in achieving their goals and aspirations.
And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to PART.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your PART coins!
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/08/26/particl-marketplace-where-sellers-meet-buyers/
submitted by Stealthex_io to StealthEX [link] [comments]

how to send and receive bitcoins on blockchain - YouTube Programming the Blockchain in C# 01 ₿ Ripple Signs 4 New Clients, Hacked Bitcoin Wallet, VeChain Hospital Blockchain & Ripple Coil Matthieu Riou on How to Create a Custom Bitcoin Client in Go Bitcoin Transaction

1. Install Bitcoin-Qt Since version 0.9, Bitcoin-Qt was renamed to Bitcoin Core t o reduce confusion between Bitcoin-the-network and Bitcoin-the-software. Bitcoin Core is a full Bitcoin client. It is a thick client, meaning it requires the full blockchain (explained below) on local disk to operate and expose blockchain back to the network to help relay and verify transactions. It’s very simple to change the blockchain file location if you follow the steps carefully. Moving the wallet blockchain files to another directory. Note: To move the blockchain data directory we are going to use the command line parameter. Also this works with almost any crypto currency QT wallets (Bitcoin, Litecoin, Zcash4Win, Monero, Dash, Doge, Verge, etc) Finding the wallet files and ... By default Bitcoin will put its data here: ~/Library/Application Support/Bitcoin/ Directory Contents Files. An overview of these is in files.md in the Bitcoin Core documentation. Personally identifiable data [v0.8 and above] This section may be of use to you if you wish to send a friend the blockchain, avoiding them a hefty download. wallet.dat Bitcoind is a “reference client” created by the core team of Bitcoin developers. This is a full-fledged bitcoin node that downloads the entire transaction history (blockchain) and processes transactions. Bitcoind is somewhat limited in functionality, for example, it cannot give you transaction history at an address that you did not import in advance. However, it provides a fairly powerful ... The original bitcoin blockchain is a public blockchain. It is truly public and open ended in that anyone can participate without permission. It is decentralised and self-governed through network consensus and validation (most commonly proof of work consensus algorithms or “mining”). The transactions carried out on it are transparent and publicly accessible. It is also described as a ...

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how to send and receive bitcoins on blockchain - YouTube

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Dr Peter Steinmetz gives a presentation for the Phoenix Blockchain meetup on Bitcoin basics and how some commands work in the Qt client. “เพียงแค่วันละ 1 นาที ที่จะทำให้คุณรู้จักบิทคอยน์มากขึ้น” อะไรคือ Bitcoin ... GOLDMAN SACHS PRESENTS BITCOIN TO CLIENTS!! ARE MINERS CAPITULATING ??? ... The Blockchain Today 1,360 views. 11:47. Forex, S&P 500, Gold & Bitcoin - Chart Analysis - NY Session July 14, 2020 ... Matthieu Riou on How to Create a Custom Bitcoin Client in Go. Powerpoint Slides are here: http://goo.gl/9QRpzP.

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