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Blockchain, the amazing solution for almost nothing
Article from Jesse Frederik at the Correspondent Highlights: At its core, blockchain is a glorified spreadsheet (think: Excel with one table). In other words, a new way to store data. In traditional databases there’s usually one person who’s in charge, who decides who can access and input data, who can edit and remove it. That’s different in a blockchain. Nobody’s in charge, and you can’t change or delete anything, only view and input data. Nakamoto thought that everyone would be able to work equally hard to solve the puzzles. But some companies have exclusive access to specialised hardware, cheap electricity and space, which makes them much better able to fulfil this role. What was envisioned as decentralised has become centralised again, because of the advantages of scale. Out of over 86,000 blockchain projects that had been launched, 92% had been abandoned by the end of 2017, according to consultancy firm Deloitte. Firstly: the technology is at loggerheads with European privacy legislation, specifically the right to be forgotten. Once something is in the blockchain, it cannot be removed. For instance, hundreds of links to child abuse material and revenge porn were placed in the bitcoin blockchain by malicious users. It’s impossible to remove those. The presumed hackers of Hillary Clinton’s email were caught, for instance, because their identity could be linked to bitcoin transactions. A number of researchers from Qatar University were able to ascertain the identities of tens of thousands of bitcoin users fairly easily through social networking sites. Other researchers showed how you can de-anonymise many more people through trackers on shopping websites. The fact that no one is in charge and nothing can be modified also means that mistakes cannot be corrected. A bank can reverse a payment request. This is impossible for bitcoin and other cryptocurrencies. So anything that has been stolen will stay stolen. There is a continuous stream of hackers targeting bitcoin exchanges and users, and fraudsters launching investment vehicles that are in fact pyramid schemes. According to estimates, nearly 15% of all bitcoin has been stolen at some point. Solving all those complex puzzles requires a huge amount of energy. So much energy that the two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria. Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months. OK, so with bitcoin, banks can’t just remove money from your account at their own discretion. But does this really happen? I have never heard of a bank simply taking money from someone’s account. If a bank did something like that, they would be hauled into court in no time and lose their license. Technically it’s possible; legally, it’s a death sentence. Of course scammers are active everywhere. People lie and cheat. But the biggest problem is scams by data suppliers. (for instance: someone secretly registers a hunk of horse meat as beef), not by data administrators (for instance: a bank makes money disappear). A blockchain is a database – it’s not a self-regulating system that checks all data for correctness, let alone one that calls a halt to unauthorised building works. The same rules apply for blockchain as for any database: if people put garbage into it, what comes out is also garbage. Or as Bloomberg columnist Matt Levine wrote: “My immutable unforgeable cryptographically secure blockchain record proving that I have 10,000 pounds of aluminium in a warehouse is not much use to a bank if I then smuggle the aluminium out of the warehouse through the back door.” Data should reflect reality, but sometimes reality changes and the data stays the same. That’s why we have notaries, supervisors, lawyers – actually, all those boring people that blockchain thinks it can do without. But wasn’t that the whole point of blockchain, that you could do without these trusted third parties? So what are they doing here? If you ask me, they’re building a completely normal, run-of-the-mill database, but extremely inefficiently. Once you’ve cut through all the jargon, the report turns out to be a boring account of database architecture. They write about a distributed ledger (that’s a shared database), about smart contracts (that’s an algorithm) and about proof of authority (that’s the right to veto whatever is entered in the database). “I work with code, so people see me as a magician,” he said proudly. It was always rather surprising to him – a magician? He spends half his time yelling at his screen in frustration, while he programmes strips of duct tape to repair creaky PHP script from years and years ago. What Tim meant was that ICT is like the rest of the world – a big old mess. And that’s something that we – outsiders, laypeople, non-tech geeks – simply refuse to accept. Councillors and managers think that problems – however large and fundamental they are – evaporate instantaneously thanks to technology they’ve heard about in a fancy PowerPoint presentation. How will it work? Who cares! Don’t try to understand it, just reap the benefits! According to a recent survey carried out by consultancy firm Deloitte, 70% of business executives said they had a lot of expertise in the field of blockchain. The greatest advantage of blockchain, according to them, is its speed. That's a bit stupid, because even fanatics see speed as a problem, not a feature. This is the market for magic, and that market is big. Whether it’s about blockchain, big data, cloud computing, AI or other buzzwords.
Yes, I get that this isn't binding legal/financial advice, just roll with it for a sanity check. From what I understand, mining income is taxed like income tax, based on fiat value at the time you got it. Using Excel, I could add the day’s closing price to the exported transactions from my crypto wallets. Fine. If you happen to sell any crypto for fiat, or trade one crypto for another, that's handled likes stocks, with a cost basis and a capital gain/loss. Still fine. Here’s the part that’s way more ridiculous than I anticipated: So say you start mining ETH in 2018, and then a bit later you buy another altcoin with, say 5 ETH. How the %^$# do you figure out the cost basis for that trade? My guess is that using FIFO method you would go back up to the aforementioned Excel spreadsheet with hundreds of .000000124 ETH incoming mining transactions, grab the required chunk of transactions that add up to 5 ETH, and take the cost basis from that. Ok, that’s all well and good. But now what about the next trade? And all future trades for the rest of your life? You’d have to remember that you already sold those first transactions that add up to 5 ETH, and then the next chunk, essentially keeping a running tally of thousands of microtransactions for all future years, since your crypto holdings obviously carry over year to year, and in the year 2030 you may sell off ETH from 2024. Before anyone starts shilling BitcoinTax, CoinTracker or any of the many “.csv import” tax companies that sprung up this year, I want to point out that the very first .csv file I’ve messed with so far was from CoinBase, and was wrong. I’m not even talking about “Coinbase can’t tell what you do with your crypto once it’s off Coinbase” I’m talking about data that was flat-out wrong compared to good old-fashioned logs of my activity that I kept in realtime in Excel (thank God…). Even physically logging into Coinbase and manually scrolling all the way to the date in question showed transactions that matched my records but did not match the .csv file. As much as I would LOVE to throw $50 to make this someone else’s problem, “garbage in = garbage out” says that if I can’t trust the .csv then I can’t trust the return to be correct. If you were mining random garbage on MiningPoolHub, autoexchanging, moving to Binance, swapping for altcoins, converting some to Fiat, whatever floats your boat, how exactly are you going to audit these tax programs to at least ensure that your taxes are even remotely correct? I get that you’re all in the same GD boat, and that you’re just as salty when you realize that all the worthless shitcoins you mined were worth more when you mined them, meaning you probably owe income tax that you don’t even have anymore if you HODLed into the ground. Or that you are either spending half your life trying to figure out how much money to hand to a government that doesn’t even like crypto, or spending half your money for someone else to do the same for you. I need a drink… maybe after I finish taxes.
I loaned money to a user by paying for their end in trades (with proof of transactions). He's refusing to pay, what legal actions should I take?
Posting from a throwaway. Beginning February 28th, I started making loans with another user I’d met on Reddit. I would send him a certain amount via Paypal, and he would send the amount back with slight interest the next day, so that he could sell other people Bitcoin and keep these people coming to him consistently. Basically, he said he was doing this because he was having bank problems and wanted to be able to still do BTC trades and pay certain bills until he got his big bonus on March 22nd, he claimed. March 2nd was when the transactions first stopped being paid. That was fine, as we had agreed on a greater set interest rate for each day that he would be paying for late payments. The deals for the previous 2 days had gone through just fine the next day. However, on March 2nd, I ended up sending 2 payments, one Bitcoin payment to his crypto ledger and a second one via Paypal to a user he was trading with, which he confirmed they received it. On March 3rd, he requested a few more payments, this time via Venmo, to another verified user he was trading with, so we went through with that. The last transaction I had was another on March 11, once more for Paypal. I am able to show that each of these transactions both went through and that he confirmed their being received in our text messages. I assumed the greater good in this person, which was a big mistake given our previous interactions. Over about the next month it was a constant back and forth, typically through text messages, where I would ask him about when he would send, and he would say later that day. This would basically become a daily charade for him, and I basically told him “hey, I reached out for you to help you out, how about some reciprocation and maybe go out of your way a little bit to help me and ease my mind at least” to which the response was typically “nah”. Instead, he told me I shouldn’t have helped him, rather than thanking me for sticking out my neck for him with the money so he could retain his BTC buyers. This charade went on almost on the daily, stressing me out more and more, him giving constant excuses and rarely showing me proof of what he said, so it seems there’s a lot of lies going on. I’ll have to go through our messages and take note of all the things he said he would do but didn’t, as it’s a lot. A few weeks ago, he told me he was meeting with a person he would typically buy BTC from, but when it came time, he was unable to find the dude and couldn’t contact him because of bad cell service. Eventually, he was finally able to meet with the guy, since he was picking him up from the airport. During that time, he claims he gave the BTC seller the money he’d withdrawn, but apparently the seller had to leave early so they weren’t able to get it sent right then and there. He told me the seller would send it as soon as possible, but it never happened. It went on like that for a week, with excuses of saying the seller was busy and eventually never responded. However, I have my doubts he’s telling the truth about this. Around this time, this person I lent to finally got paid his bonus, around $10k from what I saw, and he even showed me the money in his bank account. He said he’d taken out $3k in cash and then went to a BTC atm and sent it to his ledger address instead of mine, since apparently he didn’t have his phone on him at that time for whatever reason, but the friend he was with had his BTC address. This is well after he said he wanted to be done with BTC trades, so that’s another self-contradiction in itself. He told me he would get it sent to me from his ledger once he’d gotten home from work. I checked the address he sent me, and that same day I saw he had already had 3 deposits within a couple days, then there were several withdrawals. About a day after he’d shown me his bank balance of $7k, I asked him to just send the money as Paypal, to which he responded he didn’t have the money in his account anymore, which is BS since he claimed he couldn’t withdraw more than $3k in a day. He had emailed me that that day, he would get the money to me no matter what, be it Paypal or a Visa Gift Card, since he was apparently having Paypal problems, but he didn’t follow through. Leading up until a few days ago, it’s just been him saying he’d get it done, and some variation on an excuse, and ever since I called him out for scamming, he has refused to respond. There are many other lies and excuses he made that I didn’t mention here for the sake of getting to the point, I may update / repost this if I need to touch up on that and add certain details. In regards to legal action I can take, I’m planning on taking him to small claims court. Since this occurred completely over the internet, would I need to go to him in Ohio, or would there be a way to have him come to me, even though I’m the one suing him? Also, what would be the best way to present the evidence (text messages, proof of transactions) so that he won’t be able to believably deny these things? The biggest problem I see is the denial of transactions, since I was basically paying other people he was trading with, whom I can confirm the transactions if I need to do that. We also had a few emails go back and forth regarding the money he owed and him clearly stating when he would send it, to no avail. I’m honestly at a loss of words for the situation, as he has been doing other loans, and he repaid them, even a few with me earlier with me as well. Ultimately, I plan on suing him for the amount I loaned him + what he said he would pay, as he would pay additional interest as he wrote in our contract / loan tracker spreadsheet (which he’d created). If there’s anything I can clear up, please let me know so that this all makes more sense. Thank you all.
InvestInBlockchain - Cryptocurrencies in the Top 100 With Working Products
📷 Bitcoin is the cryptocurrency that started it all back in 2009, after the global financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and outdated, insecure financial infrastructure. Today, Bitcoin is being used for peer-to-peer payments across the globe. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. Without Bitcoin, this list would not exist.
📷 The platform that brought smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects. After Ethereum, teams saw the value of decentralized apps (dapps) and smart contracts, and shifted their focus to compensate. Vitalik Buterin’s Ethereum whitepaper was released in late 2013. The project itself was announced January 2014, with a crowdsale the following July. The system officially went live in July 2015. Since then, hundreds of businesses, individuals, and blockchain projects have adopted Ethereum as their main smart contracts platform.
📷 Ripple is focused primarily on one thing: fast and cheap international transactions. Current banking infrastructure has failed to evolve in the 21st century, such that it still takes 3-5 business days on average for an international transfer to be processed. With just 4 second transaction times and at a fraction of the cost of a wire transfer, Ripple’s working product is already impacting the banking sector. The big knock against Ripple is that its native token, XRP, is completely unnecessary. Indeed, driving adoption of Ripple’s banking solutions is far easier than getting real-world adoption for XRP. If you’re interested in seeing a discussion about how XRP adoption will occur, you might find this reddit thread worth a read. Meanwhile, all of us will just have to wait and see whether XRP adoption strategies ultimately come to fruition.
Bitcoin Cash (BCH)
📷 Bitcoin Cash was created in 2017 when the first ever hard fork of the Bitcoin blockchain took place. The split was the result of Bitcoin’s 1MB blocks filling up. Transaction speeds were declining, fees were increasing, and it became clear to the community that the current model wasn’t sustainable for scaling. In a move that still causes cryptocurrency fights to this day, Bitcoin and Bitcoin Cash soon emerged as separate but similar projects. BCH has 8x the block size of BTC, giving it roughly 8x the transaction throughput. Its fees and transaction times are much faster, as predicted. Learn more about Bitcoin vs Bitcoin Cash.
📷 The Stellar project and its associated Lumens (XLM) token was forked from the Ripple protocol in 2014. Stellar has come into its own since then, providing a blockchain connection service for fiat transactions between banks, payment systems, and people. Stellar is fast and reliable, and it works with practically no fees for the end-user. Stellar is a payments system, meaning its job is to move money as efficiently as possible. Partnerships with banks and financial institutions were key in evaluating its status, as was the ability to actually send money using the network. Several non-profits and commercial entities have agreed to use Stellar as part of their financial infrastructure. Recently, the team partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific and announced an affiliate with Keybase to streamline international transactions. Stellar also has projects being builton its network by major established entities. IBM’s blockchain division is using XLM for their payments infrastructure, for example, and the Veridium startup is working with both organizations to tokenize its carbon credits market.
📷 Litecoin is a Bitcoin fork that was created in 2011 by Charlie Lee as a cheaper and faster (2.5 minute block time instead of 10) alternative to Bitcoin. This is accomplished predominantly because Litecoin uses a Scrypt hashing algorithm instead of the SHA-256 algorithm used by Bitcoin. It’s common to hear Litecoin called “digital silver” to Bitcoin’s “digital gold,” and in reality Litecoin does not really expand upon the functionality of Bitcoin in a significant way so much as it makes different tradeoffs. That being said, it does succeed in being cheaper and faster to use than BTC, which has led to it being accepted by hundreds of merchants and thus making Litecoin one of the most widely used cryptocurrencies for digital payments.
📷 Tether is an unusual project. Whereas most cryptocurrencies rise and fall in value, Tether was designed to stay the same, fixed at a 1:1 ratio with the U.S. dollar. This allows users to store, send, and receive digital currencies across platforms without incurring significant losses due to value fluctuations. The Tether stable coin sounds straightforward, but the project isn’t without controversy. USDT is supposedly backed by real USD sitting in a bank account. But in which account? Who controls it? And is Tether being used to manipulate the value of Bitcoin? It’s all part of the Tether controversy.
📷 Released in 2014 as a fork of Bytecoin, Monero has since made a name for itself as the most popular privacy coin on the market. Most cryptocurrencies offer little in the form of anonymity. Monero was built for privacy from the ground-up, featuring stealth addresses, ring signatures, and complete coin fungibility. All of this adds up to a near-perfect cloak of anonymity, allowing Monero users to conduct transactions without exposing their identity. Monero has had steady growth over the years thanks to a dedicated team of developers and an active community. The project continues to evolve with new privacy features and improved transaction security.
📷 NEO was founded in 2014 as one of the earliest smart contract platforms, giving it a wide breadth of possible functionality. The platform’s strongest use case is digitizing traditional assets so that they can be easily tracked and exchanged on the blockchain. NEO is also well-known as the “Chinese Ethereum,” and the fact that it is a Chinese-based project does seem to make Chinese dapp developers somewhat more likely to build on top of it than other platforms. In fact, NEO has already supported dozens of ICOs and remains one of the predominant platforms for supporting smart contracts and dapps.
Binance Coin (BNB)
📷 Binance Coin is an exchange token used to reduce trading fees on the Binance platform. Users can opt to pay exchange, listing, and withdrawal fees using BNB and enjoy as much as a 50% discount on all charges. This turns out to be a powerful incentive for purchasing and holding BNB, as what trader doesn’t enjoy saving money on transactions? Binance Coin is an ERC-20 token that runs on the Ethereum blockchain. Its purpose is extremely limited, but because such a vast number of Binance users transact with it every day, it qualifies as a working and active product.
📷 Zcash is another immensely popular privacy coin that often cracks the top 20 cryptocurrencies. It uses the tagline “internet money” and promises to fully protect the privacy of transactions with zero-knowledge cryptography. Zcash provides anonymity by shielding transactions on the blockchain, preventing anyone from seeing the sender, recipient, or value of each transaction. The technology is so effective the Ethereum team is investigating it to enable anonymous transactions on their network. Zcash has grown in leaps and bounds in 2018. The dev team published a roadmap through the year 2020, which includes a major features upgrade in the October 2018 Sapling release. Coinbase is also considering listing Zcash, which is a huge boost for any cryptocurrency.
📷 Qtum is a smart contracts platform similar to Ethereum, only with a stronger focus on value transfers and decentralized apps. It’s meant to be something of a hybrid between Bitcoin and Ethereum, allowing businesses to build smart contracts on the platform or just focus on cryptocurrency transactions. Qtum launched in March 2017, and dashed straight to the top. The initial offering sold over $10 million in tokens after just 90 minutes. The project differentiated itself by providing a rare Proof-of-Stake smart contracts platform designed to compensate for some of Ethereum’s shortcomings, including lack of compatibility for mobile devices. Qtum released its mainnet in September 2017, opening the doors to a fully functional smart contract and dapps platform. Several projects already have an established presenceon the network. One of the more exciting ones is Space Chain, which aims to create an open-source satellite network anyone can use for data transmission, storage, and development.
0x Protocol (ZRX)
📷 0x Protocol has one of the most important working products in the entire Ethereum ecosystem. It is a permissionless, open-source protocol that facilitates trustless exchanges of Ethereum tokens through relayers and dapps that build on top of the protocol. Not only has 0x been providing this functionality for over a year now, but they’ve been working to expand the protocol functionality significantly since that initial launch. In 0x protocol 2.0 and beyond, it will be possible to trade tokens built on standards besides ERC-20, including non-fungible ERC-721 tokens. In a market full of scams and vaporware, 0x’s valuable contributions to the Ethereum ecosystem have made it one of the best performing cryptocurrencies of 2018.
📷 Bytecoin is another popular privacy-focused cryptocurrency with a strong community and user base. Transactions on the Bytecoin blockchain are instantaneous, untraceable, unlinkabe, and resistant to blockchain analysis. Bytecoin has been around for a long time now, with contributions to the project beginning in 2012. However, that hasn’t stopped the project’s developers from continuously improving the product. The recently updated Bytecoin roadmap has a hard fork for a consensus update scheduled for August 31, as well as numerous initiatives for community growth constantly in the works.
📷 Founded in 2015 by former Bitcoin developers, Decred’s most important working product is its solution to Bitcoin’s biggest problem. No, not scalability… blockchain governance. You see, early Bitcoiners have been debating block size limitations and the efficacy of other scalability solutions like the Lightning Network for years, even though the problem of scalability really only became discussed in the mainstream in 2017. With its community-based governance model and strong adherence to the core ethos of decentralization, Decred is built to evolve and improve rapidly. That means that it’s equipped to handle not only the scalability problem today, but other big problems that might arise down the line. When you have poor governance, it is an arduous process making any upgrades to a project, no matter how necessary they may seem to the majority of coin holders. Decred’s best-in-class and still improving governance model give it an intriguing case to be a leader in digital payments for a long time to come.
📷 BitShares aims to improve worldwide access to financial services via blockchain. The tagline “assist the unbanked” summarizes the project nicely. In practice, this translates to BitShares operating as a decentralized exchange, one that was built from the ground-up to avoid scalability issues and keep transaction fees low. BitShares was launched in 2014 by Dan Larimer, who would then go on to take a lead development role in both EOS and Steem. The current state of the project offers decentralized asset exchange, price-stable cryptocurrencies, recurring and scheduled payments, user-issued assets, and more, all available through a decentralized system powered by delegated PoS consensus.
📷 Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micropayments. Think of it like Reddit, only instead of just upvoting or downvoting posts, users can actually reward creators for their effort. Steem is a functional cryptocurrency used exclusively on the Steemit platform. That gives it something of a limited use, but seeing as how Steemit is live and boasts a few hundred thousand users, it’s hard to argue it isn’t a working product. Some people may even beearning money using Steemit.
📷 Siacoin is one of the leaders in decentralized cloud storage, a more secure and affordable alternative to centralized cloud storage solutions like Amazon S3, Google Drive, iCloud, Dropbox, and others. Sia 1.0 was launched in June 2016, and has achieved considerable adoption since then. With the $200 billion cloud storage market widely seen as one of the spaces most ripe for blockchain disruption, Sia has gotten off to a nice start by offering a functional decentralized cloud storage platform for over 2 years.
📷 Augur is one of the most recently launched products on this list. The platform mainnet went live in early July 2018, bringing to fruition almost 4 years of post-ICO work. Augur is a decentralized prediction market that uses game theory to generate crowd-sourced insights. Essentially, thousands of people working together have shown the remarkable ability to forecast outcomes. With Augur, users can put REP tokens as bets on these predictions, essentially creating a form of “useful social gambling.” Augur’s release was a long time coming. The project started as far back as 2014, nearly a year before the ICO. The creators cite the complexity of Augur’s smart contracts as the chief cause of the lengthy development time. Regardless of its past, Augur is now a live product with a bright future. Over 300 predictions have already been made, with the largest winning payout hitting $20,000. Betting volume even exceeded $1 million within the first weeks of launch.
Basic Attention Token (BAT)
📷 Basic Attention Token was one of the easiest projects to include on this list. That’s because its working product, Brave Browser, has more than 3 million active usersbetween its mobile and desktop platforms, making it one of the most widely-used working products in the blockchain space. Not only is Brave Browser functional, it’s the only browser on the market that has built-in ad-blocking and tracker blocking, making the browsing experience both cleaner and faster than what you get with other popular browsers like Chrome and Firefox. The future remains uncertain for the BAT token itself, as its adoption depends heavily on whether or not advertisers buy-in to the Brave model, as well as how willing Brave users are to be shown relevant ads and to pass along the BAT they earn to content publishers. Given Brave’s success in just a short time since being launched, though, the future does appear promising for BAT.
📷 Nano (formerly RaiBlocks) is all about scalability. The coin has nearly instant transactions with a completely fee-less structure. The platform accomplishes this by creating a unique blockchain for every account, preventing bloat and allowing for practically infinite scalability. Nano’s motto of “do one thing and do it well” has gotten them a long way. The team doesn’t have to deal with scaling or slowdown issues thanks to the underlying structure of the project, allowing its roadmap to focus on wallet updates and outreach. This is one cryptocurrency that’s essentially feature complete, and it has been for some time.
📷 Golem has set out to be the Airbnb of computing resources. Have you ever needed extra GPU power to finish up a render? How about processing scientific data similar to the [email protected] project? Even if you don’t have those needs, a lot of groups do. Golem aims to provide easy access to those resources, all of which are rentable for a small cryptocurrency fee. Golem hit the mainnet launch button in April 2018, and was met with a fair amount of fanfare. One of the main goals for the feature-incomplete launch was to push the product out so real users could put it to work. The team was interested in strengthening their interactions with end users to help guide the future of the platform. The team has several major milestones planned for the coming months, so the mainnet release is only just the beginning.
Pundi X (NPXS)
📷 Pundi X has been shooting up the market cap rankings so far in Q3 2018, and they also happen to have a working product that just recently became available to retailers. The primary Pundi X product is a point-of-sale (POS) device that enables quick and easy mobile transactions for both fiat and cryptocurrencies. 500 POS devices are already being used by retailers in Asia, and there are thousands more scheduled to be distributed in the coming months. In addition, Pundi X also offers XPASS cards, cryptocurrency credit cards that can work in place of mobile apps for making digital payments. What makes the Pundi X project noteworthy is that it enables consumers to pay retailers in cryptocurrencies like BTC and ETH, and it immediately converts the payments into local fiat currencies so that retailers don’t need to worry about price volatility of the cryptocurrencies. This makes it significantly easier for people to use cryptocurrencies in their daily lives, making Pundi X an exciting project for blockchain enthusiasts who are looking for signs of future mass adoption.
📷 Waves was the first ever blockchain platform that made it possible for anybody — regardless of their programming experience — to create blockchain tokens. Additionally, Waves has a decentralized exchange where tokens can be traded and exchanged with fiat currencies. Since the project’s first releases in 2016, Waves has gone on to make their DEX accessible from mobile phones and expanded its functionality significantly, while also building several strategic partnerships to help grow the Waves community and user base. Ultimately, though, the Waves Client is the project’s most important working product, as it is what allows tokens to be issued, stored, sent, and exchanged among users.
KuCoin Shares (KCS)
📷 Similar to Binance Coin, KuCoin Shares is an exchange token that can be used to pay reduced fees on cryptocurrency trades. KCS has the added bonus of paying dividends to long-term hodlers, as well, paying out a 5% ROI for most users. The nature of KuCoin Shares is one of the reasons the KuCoin exchange has gotten so much attention since it appeared on the scene. The tokens themselves are limited in scope, of course, but the sheer number of people using them for trades and buying them for passive income is enormous.
📷 Wanchain aims to build new and improved financial infrastructure to seamlessly connect the digital economy through blockchain interoperability. The use cases for Wanchain’s network are vast, and they include decentralized financial services, supply chain logistics, medical data sharing and security, digital ID management, and more. With the recently released Wanchain 2.0, it is now possible to transfer Ether cross-chain using Wanchain’s Ethereum Mapping Token, WETH. Ethereum interoperability is just the start, though, and it’s expected that cross-chain support for Bitcoin and a couple of ERC-20 tokens will follow before the end of 2018.
📷 Komodo is a fork of Zcash that uses the same zk-snark cryptography to hide information about transaction participants and amounts being sent. Functional privacy coins aren’t unique (there are a handful on this list) but Komodo does have some unique features. For one, Komodo was the first ever decentralized initial coin offering. Moreover, Komodo helps other developers to build their own customizable blockchain solutions, from building and securing independent blockchains and launching decentralized ICOs, to integrating projects into the cryptocurrency ecosystem. KMD would already qualify as a working product for its anonymity features on digital payments, but add the end-to-end blockchain building solution and it’s clear that Komodo is making meaningful contributions to the cryptocurrency ecosystem.
📷 Ardor is a scalable blockchain platform that allows businesses to create their own child chains and tokens with relative ease. This helps keep blockchain bloat to a minimum and provides multiple transactional tokens without sacrificing core chain transactions. It’s also a remarkably energy efficient platform that uses Proof-of-Stake to power consensus. Ardor launched its mainnet on January 1, 2018 after a full year in testnet status. Its core features are largely in place, with the roadmap set to improve things like scalability and snapshotting. The Blockchain-as-a-Service-platform hosts a few projects of its own, including the Ignis ICO, which was the first child chain on the mainnet.
Huobi Token (HT)
📷 Huobi is a digital asset exchange platform founded back in 2013, now offering well over 250 different trading pairs. The Huobi Token, meanwhile, is an ERC-20 token that is used on the exchange for discounts on trading fees of up to 50%. In addition, 20% of the income generated on the Huboi Pro trading platform is used to buy back HT on the open market. Unlike most buyback programs, the main purpose of Huobi’s program isn’t to reduce the circulating supply of HT. Rather, the HT that is bought back goes into a Huobi Investor Protection Fund, which is used to compensate Huobi users if they lose coins or tokens on the platform, as well as to ensure market stability and protect investor interests.
📷 ZenCash is yet another privacy coin with a working product in the Top 100, originally launched in the first half of 2017. What makes ZenCash unique is that it’s the first blockchain with Transport Layer Security (TLS) integration for node encryption, making communication on the ZenCash network both private and highly secure. Some other interesting parts of the ZenCash product include Tor nodes and built-in chat messaging services. In the future, the ZenCash team will deliver a DAO Treasury Protocol-level Voting System as well as a scalability solution to handle greater transaction volume.
📷 PIVX is another privacy coin that focuses on keeping users and their associated transactions hidden under a cloak of secrecy. The project also tries to keep transactions as fast and fee-less as possible, something not all privacy platforms can boast about. PIVX launched in January 2016. The coin is currently spendable and delivers the privacy features it promises, though it’s not yet a widely accepted currency by merchants. Future plans for PIVX include governance functions to engage the community, wallet voting, and its own zPIV decentralized exchange.
Kyber Network (KNC)
📷 Kyber Network launched their mainnet in Q1 2018, enabling instantaneous and secure inter-token settlements through a Decentralized Liquidity Network. It’s currently possible to swap ERC-20 tokens on the network with just a few mouse clicks, giving it some basic functionality that is already being used to improve liquidity for Ethereum tokens. In the future, however, Kyber Network will expand its functionality significantly in an effort to seamlessly connect dapps, DEXes, protocols, payment systems, token teams, investors, fund managers, and digital wallets.
📷 Bancor is a liquidity provider that enables users to exchange tokens without the need for a third-party to be involved in financing the transaction. Gaining liquidity is incredibly important for young cryptocurrency projects, as a lack of liquidity makes it risky for investors to buy a considerable amount of a given coin or token, knowing that it might be exceedingly difficult to sell should they wish to. Bancor’s technology makes it possible to convert one token to another, so that investors can be confident that they won’t be stuck involuntarily holding a cryptocurrency that they want to sell. This functionality makes the Bancor Liquidity Network one of the most promising working products on this list, and one that has already achieved a good deal of adoption.
Loom Network (LOOM)
📷 Loom Network is still less than a year old, having been founded in October 2017. However, they have accomplished a lot in that short time span, including having launched numerous tools to help software developers learn how to build blockchain solutions. The most important of these tools — and Loom’s biggest working product — is the Loom software development kit (SDK). However, Loom Network is far more than just a simple blockchain coding academy. It is also a production-ready scalability solution for Ethereum, as the Loom developer toolkit helps programmers to build highly scalable dapps which connect to the Ethereum blockchain through special side chains called DappChains. The project may still be in its infancy, but Loom Network is already contributing more utility to the cryptocurrency ecosystem than the vast majority of other cryptocurrency projects.
📷 Polymath wants to be the world’s go-to resource for security tokens on the blockchain. What Ethereum did for tokens, Polymath will do for securities. The advantages of this are enormous, but the Polymath team likes to point to 24/7 market access, the elimination of middlemen, and trading access for 2 billion unbanked people around the world as the chief benefits of their efforts. The Polymath platform launched in October 2017, and has since released a new security token every week, attracting investors and traders alike. It’s not as exciting of a project as some other blockchain tech, but it’s delivering on its promises with a working product.
Bibox Token (BIX)
📷 Bibox is a encrypted digital asset exchange whose primary differentiator from other crypto exchanges is that it integrates AI technology. The purpose of the AI is to help Bibox’s traders, which it does by providing quantitative computation and analysis of trading activity, personalized risk allocation strategy, speech recognition, and objective analysis of the various coins and tokens listed on the exchange. The Bibox exchange first launched back in November 2017. It has operation centers in the US, Canada, mainland China, Hong Kong, Japan, and Estonia. BIX token holders receive 20% of the exchange profits, and also get discounts on trading fees, similar to Binance. https://www.investinblockchain.com/top-cryptocurrencies-working-products/
I've created (yet another) portfolio tracker with asset allocation calculator and ability to use BTC balance to buy/sell
Hey guys, I've got myself into crypto several month ago, and soon I found that portfolio apps that I've tried so far don't have some features that I need. As I'm a JS developer myself, I've decided to build one. It can do pretty much as any other portfolio tracker tool, such as add new buy/sell transactions, calculate value, track prices and so on. I wished to try asset allocation strategy and I didn't want to mess with spreadsheets, so I've added a rebalance calculator. I also wanted to add a possibility to trade with existing BTC balance (say, you have some bitcoins on bittrex and then you decide to exchange some of them to [whatever]coin or vice versa). If you think this might be useful for you, feel free to check it out. It's yet in Beta, so please don't get mad if you spot any bugs - I'd appreciate if you drop me a message and I'll do my best to fix it asap. If you like it but think that it lacks some important features, let me know. There is a roadmap on trello to show what I'm up to at the moment. We have only a web version now, but I'm planning to release Android app (built with react native) in a month or so, and IOS app shortly afterwards. I'm not a designer, so excuse me if it looks a bit ugly. I just wanted to release something that I can actually use myself, and something that can help fellow hodlers. It can't make your portfolio be always green, alas, but hopefully you like it. Cheers!
boldninjaLet's all give a warm welcome to @synth from SkyCoin.net and for taking the time to do this AMA synth *hello mike Hi Synth jakethepanda Hey @synth thrice.pi Hey synth dr10 Hi boldninja I think we can start - you guys know the drill. Give him some time to respond (no more than 2-3 questions on backlog so he can catch up) dr10 How would you - shortly & in easy words - sum-up the advantages of SkyCoin to magazines and non-crypto people? mgaruccio Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on? michaelthecryptoguy Whassup @synth tranzer hi synth. I have a question - are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC? What would you say is the 1 unique feature that Skycoin has? synth It is very difficult, because Skycoin is a very large project and already has +6 years of development. Different parts of the project have different objectives. The cryto, coin part is about solving the problems with the existing consensus algorithms. Being able to do +300 transactions a second, transactions in seconds instead of minutes (faster than credit cards), eliminating miners, eliminating block rewards (eliminating inflation) and eliminating 51% attack and the other problems with mining. then there are other repos and experimental projects under github.com/skycoin such as a meshnet and distributed VPN prototype, where people will be paid coins for forwarding traffic. Also prototypes of distributed social media application, with peer to peer data replication and different experimental projects. Research into immutable data structures for next generation internet. Some of them are very radical. dr10 How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake? mgaruccio So how much exists today? Could I build an app on the platform if I wanted to? mike In terms of the rate of progress, what is currently your greatest limiting factor - like funding, manpower, currently available technology? synth
Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on?
It is not actually a meshnet. It is software defined networking, it is much more powerful than just meshnet. Its a new type of networking and new completely new protocol and networking namespace, independent of the existing internet. It supports source routing, while the existing internet does hot potato routing, so never achieves optimal latencies. It supports multi-homing, which IPv6 does not (Which is critical for when we have gigabit or terabit networking and multi-redundant bandwidth paths) It has default oppurunistic crypto, both link layer and end to end; so everything is encrypted by default, unlike the current internet. It has store and forward networking and will operate in Africa or even under conditions where latencies are in the minutes or hours and packet loss is excessive. Where existing protocols cannot operate reliability. It is much more robust than IPv4/IPv6 or TCP/ip It has improved privacy. If a packet takes a route that is 10 hops, each hop only knows the previous node in the route and the next node in the route. It is not like IPv4 where each packet gives the source and destination. The privacy level is something that does not exist on the current internet. IP addresses are replaced by public key and no one can read traffic to a destination, without knowing the private key of the public key that identifies the destination. The system does not need 3rd parties or certificate authorities. The design is a revolution.
are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC?
The coins are locked into 100 addresses, each with 1 million coins each. And they are released sequentially. There is a complicated locking procedure and releasing new coins requires unamious consent and a shared secret among a group of developers. Anyone in the shared secret group can block distribution of more coins (to stop the problem that killed NXT). So by design the coins were supposed to be difficult to distribut, there had to be a good reason or justification before a distribution would be approved. mike What are the hardware requirements to operate a wireless Skywire (the name for the protocol described above) Node? arc-over-water nxt i think is doing ok.. synth
How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake?
PoS and PoW use miners. Miners receive new coins every block as a block reward. So miners are making money and will fight to control the network. An everyone will suffer because the newly created coins represent inflation. Skycoin was designed to eliminate mining and eliminate the inflation. No block rewards, no new coins. And we needed to develop a new consensus algorithm to do that and there are only a few methods that work, for these constraints. The consensus algorithm is based upon Ben-Or's randomization procedure for achieving consensus in a distributed system, with some improvements for detecting adversarial or malicious nodes who are trying to prevent the consensus process. There are white papers on skycoin.net about the specifics. I would call it "network consensus" and it uses a sort of Web of Trust (WoT), where if the people creating blocks are doing a bad job or attacking the network, then the community can get rid of them. At the same time, the people who control the network, do not have any real power to attack the network except by slowing down transactions and being annoying, so even if they become malicious the only issue is how to get rid of them and select new people. mike Any idea when Skywire will be released and ready to test on hardware nodes (testnet or mainnet)? mgaruccio So if there is no block reward what is the incentive to run a node? vega What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited? michaelthecryptoguy Do you have an idea on the specs of a node that would be required? In the beginning? What about with 10,000 users? (edited) synth
nxt i think is doing ok..
There were three people that each owned 30% of the coin. One decided he wanted out and began dumping. NXT was over 150 million I think. When he started dumping, it basicly killed NXT. Skycoin's distribution was designed to stop dumping by the founders and early people. After Skycoin gets to 30% of the total coins distributed, there will probably a hard time lock on the remaining coins, so that a maximum of 5% of the remaining coins can be released per year. So the distribution for the other 70% of the coins will take a minimum of 14 years (and could be longer). We cannot even sell the rest of the coins, because if we sold 10% of the total now at $5 per coin, it would be 50 million or something and we cannot spend or even use that amount of money. Not at this stage. Ethereum spent 30 million or 70 million in their first year or two after the ICO and then nearly went bankrupt. Silicon Valley wages and offices etc. We have been very conservative and have kept costs down and kept them responsible. Now we have coins like EOS and they want to raise a billion dollars and have not produced anything yet, do not hav a blockchain and I have no idea what they would spend that money on, but they are throwing $350,000 parties in time square for marketing/PR etc... arc-over-water what prevents you from selling? anybody can spend that amount of money? nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it? synth
What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited?
Yes. Bitcoin has no purpose. An altcoin does two things - check your balance - send money to other people Two features - check balance - send For a coin to have value, people need to be forced to buy it to consume specific services. There has to be stuff for people to spend the coin on, that there is demand for. So Bitcoin is really just a purely speculative asset. It generates no cashflow and its value is determined by perception or social convention. Ideally, Skycoin would start off as a "better Bitcoin" (faster, more secure, new algorithm, simplier, etc), then over time we would build up an ecosystem and have some type of backing and tie the coin's value into the network and usebase. The mesh netork (skywire) is good, because it gives something for people to do to get coins and it allows people to consume the coins. You can run your internet traffic through a VPN that tunnels over Skywire and maybe it will be a nominal amount (actually absurdly small amount of money), but there would be real economic activity and a real userbase and community using the coin. Not just speculation. Later on the scope is much wider. arc-over-water So the skycoin wallet will be a VPN for our internet usage? synth
nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it?
What I am saying, is that NXT would be a lot further along than it is now and probably around where Ethereum is, except for that mistake in the distribution and keeping it too concentrated. It set them back by years. They did not consider what the impact on the price would be, over the long term, when one of the early whales started selling off or decided he wanted out. arc-over-water But they did the same again with IOTA, same lead dev.. Its over a $Billion they released and let the market price distribute synth
So the skycoin wallet will be a VPN for our internet usage?
The VPN is just one application, that uses bandwidth over Skywire. There are several things in development. This is a BBS like 4chan, that is completely distributed, with CXO. https://github.com/skycoin/bbs It will run over Skywire also, This is like building a whole new internet from scratch. The apps that run on it are going to specialized and privacy focused, etc GitHub skycoin/bbs Contribute to bbs development by creating an account on GitHub. mike So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it? arc-over-water so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs? rockyj !calculate slackbot Custom Responsehttps://docs.google.com/spreadsheets/d/1FGo3FkC3uSWXGHatPQyny2brMWjAIJsHFCR-Lhkl_m0/edit#gid=0 synth
So if there is no block reward what is the incentive to run a node?
running a consensus node does not cost anything. You can run it on a raspberry pi. The important thing is that if the people doing consensus are doing a bad job, that the community can get rid of them and replace them. The other important thing, is that they can be audited and determined automatically if they are obeying the protocol. the miners in skycoin are not very powerful and cannot do anything except slow down transactions. They are unable to spend other people's money without their private keys, so the consensus/mining nodes are almost irrelevent. It is not like Bitcoin where the miners can hold the network hostage or act selfishly (driving up the transactions fees for their own personal benefit and delaying any innovations that would improve bitcoin for everyone, etc).
So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it?
We have decentralized storage, which is called CXO. But only the bandwidth is monetized by Skywire. We do not nickle and dime and try to attach a coin cost to every API call. Everything that should be free is free. So its a different philosphy. On top of CXO we also have distributed social media applications (simmilar to Steemit) CXO is very similar to IFPS, but simplier and designed for our internal infrastructure and with our crypto standards, instead of being a mismash. mike Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network, in effect reducing their impact on consensus? looks like you answered the question above while I was typing... tranzer How many tx/s can skycoin handle? What are block times? thrice.pi 300 right? ^ arc-over-water on your website it says you will have a NON- Turing complete lisp language? synth
so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs?
We will have a distribution page, up on the website soon. Its complicated. Skywire, is designed to pull coins out of circuation, through a sort of tithe on network activity and it does automatic buy backs effectively. So the distribution will actually peak and then decline. But one distribution is from the locked coins, and the locked coins are freed, then circulate, then end up at the foundation (from the skywire tithe are pulled out of circulation), but still count towards the free float. The coin holders also receive a coinhour dividend and there will be a market rate conversion between coin hours and Skycoins and coinhours are the actual currency for the Skywire network. If you do not have enough coin hours, then you sell Skycoin for CoinHour at the market rate, to purchase bandwidth; but if you have a lot of coins then you have enough coin hours for downloading movies or VPN or whatever you are doing and it is essentially free. So there is a dual level economic structure. Both with coin buybacks to pull coins out of circulation and with a dividend or incentive to encourage users to hold the coin if they are using the network. arc-over-water so there will be two currencies, holding one reserves the other synth
Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network
Yes. This is very important. The person dialing a connection, chooses the path of the connection! You can choose the lowest latency path for video games or Skype, and choose highest throughput paths for video downloads etc. Or can choose paths through specific nodes or facilities or countries, for security concerns and to minimize the number of points that the traffic could be intercepted at. mike Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned? dr10 When do you plan to be able to present your planned technology and services to the masses? When can they use what you try do accomplish? synth
on your website it says you will have a NON- Turing complete lisp language?
That is probably an error. LOL. We will have a new website soon. There is no scripting language on the skycoin blockchain. Each transaction is constant time (for efficiency and security and to achieve the highest transaction rate and to keep the coin simple). However, we have a language called CX in development, which is a next generation language that is beyond "smart contracts" and the toy things on ethereum. It uses immutable datastructures and is something completely new. Most of the skycoin "smart contracts" will probably be off blockchain or in personal blockchains and we do not want to shove all the data onto the main chain, because forcing everyone to download everyone one elses contracts it the world is just spamming the blockchain to death. There are better ways to do it.
Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned?
Yes. We are going to get from 20% to 30% distributno of the coins, through network incentives for people running Skywire nodes, consensus nodes and services. I think this is going to be massive for marketing. And it is the best way to get the coins out to the users, instead of all the coins being held by whales samuelvihollandia I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see? arc-over-water Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different? synth
I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see?
No. This is just something easy, that we have working. Its not the largest applicatoin at all. 80% of internet traffic right now is bitorrent and the bitorrent sites are being systematically shutdown and driven off the internet. They wont go away, but will jut go underground. What.cd (largest music tracker, with 800k people) was just shut down, bakabt (largest anime tracker) has gone closed registration, Nyantorrent etc... User communities of millions of people will be migrating from the clearnet (the existing corporate shit-net) to the "new internet". We are going to see people migrating by the millions, whole user communities of millions of people. arc-over-water Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background? - Maidsafe is open and clear so is IOTA and Stellar etc. Can you let us know who you and your team are? Especially you are talking about 15 year and up obligations.. techbytes Do we need to hold skycoin to run Skywire nodes or consensus nodes like masternodes from other coins? synth
Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different?
Maidsafe is in version 2 or 3. Maidsafe will not have a real coin until version 9. Each version takes them about two or three years. Maidsafe will not be "done" or ready for atleast 18 years at this rate. Skycoin has been in development for ~6 years and the meshnet for 4 years and it will be finished in a few months. To the poin that people can start using it. Skycoin is similar to maidsafe in the objective, but has a different approach and architecture and primitives. We did not try to do everything, but focused on a smaller, tractable core and got that done. There will be multiple projects in this space, but few teams are able to plan on the time horizon necisary for building a new internet or able to design each of the components of a system this large, or figure out how to do it so that it is useful at each stage of construction of a project that may take a decade. (edited) mike Can you see a way for Ark and Skycoin to build on each other in a synergistic manner? I'm all for not reinventing the wheel, especially when it looks like it will be replaced with antigravity like Skycoin. I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer. arc-over-water are you up to date on Maidsafe, they are nearly out of Alpha and its more like release early next year? But that being said, Maidsafe says once it is released it is like a virus or AI type, so does Tau Chain, and also Autonomic by HunterMinerCrafter, are we heading towards AI with Maid, Sky Tau and Autonomic? dr10 smartbridge now! :kappa: mike So Skycoin would act as a sort of global decentralized cloud server to build on top of. To communicate, it is more like sharing encrypted files to selected recipients than it is sending messages or hosting sites on a specific server. synth
Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background?
I think there are over ~60 people who have worked on Skycoin or have made major contributions. Its really a project from the darknet. Many of the contributors are anonymous. Some of them have security clearances and were in the military industrial complex and one of them worked at the San Diego Naval Defence Research Lab and a lot of the idea for the networking protocols came out of public sector academic researched, funded from there. We also have a lot of very very early Bitcoin people, hardcore crypto people that predate Bitcoin and an Ethereum core developer, etc.. On the Chinese side we have an early investor in Alibaba and telecom investor. And are doing pilot with china aviation group (owns four publicly traded airline companies) and apparently now Sinopec (which is 2nd largest publicly traded corporation in world). Then we have people who are part of israeli and US intelligence and are probably doing some sort of money laundering or phychological operations background, who just showed up for some reason. This group seems very interested in the "applications" of these coins and how to improve tranaction privacy and the specifics of the CoinJoin protocol implementation. We got a lot of advice from people experienced in forensic accounting and what they wanted to see and where they felt Bitcoin was deficient and where it leaked metadata. Then a bunch of PHD level people doing research into distributed database consensus algorithms and another group doing programming language research. Then a lot of people from the deep darknet, anon, frog twitter and cipher punks and bitorrent communities. (really should be listed as two seperate groups). And people from the Russian darknet community. We have like eight Ivans. (edited)
I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer.
Yes. The key functionality is two things - connecting to people by public key (networking) - distributing self validating, immutble data peer to peer (transactions, blocks etc... content addressible storage) And you can build almost anything on those two building blocks. The whole internet will eventually be rewritten on top of those primitives and it will replace many of the existing protocols. arc-over-water Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct? samuelvihollandia Are you planning to enter a different exchange market soon? arc-over-water Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.. (edited) thrice.pi with all these outside parties that helped to build skycoin and bring it where it is today who are the main core team who will help to keep all these cool features running. Will these outside parties be recruited for the long haul? synth
Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct?
The people who funded the project for the first four years, were early bitcoin and deep crypto people; who were unhappy with the fact that Bitcoin and the other alts did not seem concerned about the core issues at all. They gave us over 1200 bitcoin I think, over several years and did not ask for anything in return. The early Skycoin devs were doing academic research, architecture and new algorithms. Prototyping and simulation. The later stage people were more project managers and doing implementation. We did four ICOs for small amounts, to fund development and to allow developers working on the project to buy in. The first ICO I remember was at $0.10 per coin and the price now is about $4.00 per coin, so its up ~35x or 40x, but when you consider the Bitcoin price going from $100 to $3000, the increase has not been so much. lol (edited) arc-over-water With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure? mike Would Intel Edison or Joule, or Samsung Artik 10 work well as a Skywire wireless node? They have 2 Gb-8 Gb RAM, 8-64 Gg eMMC storage, 802.11n wireless, bluetooth, and some with Zigbee? synth
Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.
I think there wer three different groups that merged together in first three years, that had similar objectives. Because the code was in different language. There was python, C code and then eventually golang and the golang code became the basis for the current codebase. The way the coin allocations work, is that it requires unamimious consent for releasing coins and it has to be for a specific, ear marked purpose and can be blocked by any of the devs. Then there is a pool of coins in bitcoin for various project managers to allocate. And that is an operational fund for paying developers, contractors, marketing etc. Then different people have different responsibilities. Then we also have corporate funding and sponsorship and some companies paying our full time devs etc, which helps a lot. arc-over-water Silicon Valley (TV SHOW) recently had their decentralized web running on a network or refrigerators? So i would guess, smart phones, smart gadgets? Home gadgets etc could add services and receive rewards from Sky? mike best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors. Even chip designers now don't really know what they're putting into the chips since they just drag and drop black boxes known as IP cores into the ASIC designs. synth
With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure?
I think the Skycoin price has been doubling every 40 days, for as long as I can remember. However, it will still be years before it is in the top 20, its still a long way to climb. It took bitcoin years to go from 0 to $1, even though it was growing at 1% per day the whole time for six years.
best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors.
we are going to use arm arc-over-water IOTA is also working on their own hardware for nodes etc, Trinary asset is JINN synth all intel and AMD systems have remote management engine backdoors. So they are not safe for storing large amounts of coins. We also have alpine linux and special version of linux, that is 6 MB and has everything that is needed for running our toolchain. It will not have any binary blobs in the kernel or anything that we cant compile from source. It does not have systemd and does not have gli, but uses musl. And does not have openssl. mike so looks like the Samsung Artik 5 and 10 can run it no problem, they're ARM based. 25x35x4mm package for the Artik 10, Artik 5 is smaller, less powerful but has 2 separate antenna ports, nice for mesh networking with an omni and a directional antenna. earlyarkinvestor how does Ark compare to Lisk? synth uploaded this image: 1923810435.jpg Add Comment earlyarkinvestor isn't Lisk trying to achieve interoperability between blockchains as well synth uploaded this image: 1433594905.jpg Add Comment synth uploaded this image: 1432540863.jpg Add Comment synth uploaded this image: 2049465686.jpg Add Comment mike nice! looks like an ARM based server rack let me know if you need any help with it, see you're on solidworks, which I run as well. synth this is the skycoin cluster; it has 8 CPU boards; 4 cores per CPU, 2 GB of ram per CPU and 64 bit ARM processor. Only one program will run on each individual board, so there is compartmentalization and a physical gap so that compromising one process on a system does no allow all other processes on the system to be compromised mike looks like 2 ethernet ports per board. synth and the hardware does not have the qualcom backdoors and is actually chinese equipment; and the backdoors are normally at the kernel level because they are not at hardware backdoors yet lol mike do they have SATA ports, maybe M.2 for storage? synth and we will hav an ARM openwrt router eventually too this model does not have SATA, but we have a model with SATA; you could hook up 16 2 TB drives, lol and download half the piratebay to your cluster (edited) the skycoin infrastructure is cluster based and designed for running across +300 computers, with one "node" deployed per computer. Eithe a CXO storage node, or a skywire SDN/meshnet node, or a VPN end point node or a consensus network, or skycoin node, etc. We have multiple node/application types. so this is a "personal cloud' by itself its not like StoreJ where you have other people storing your stuff; you are going to have ~5 clusters and 300 computers and can store your own files, on your own internet, on your own hardware. You do not need to go outside of your own network. mike Have thought it'd be nice to have a board with an array of M.2 sockets to run SSD arrays without all the cables, have the busses shielded in circuit board. synth yes, i think there will be m.2 eventually these actually use a microSSD for storage, and its 48MB/s mike any idea on the pricing on your ARM boards in quantity? We are looking at Intel for Bitseed V3, but ARM would be good to stay with, especially using your boards if there is SATA. arc-over-water Do you have a general idea of usable functions to be released next in what order? The first release was the Coin and wallet, then the ICOs and can you give a general future with dates if you can synth the boards are $30 each and the memory for solid state, is actually more than the the cost of the CPU/RAM/board now. Which is sort of insane. mike so you have microSSD, what's maximum size? we shipping 1with Tb hard drives right now synth Bitseed mike is going to help with this; so we can pool the boards and do a custom PCB mike yes, that's where we see the price jumps, is in RAM and eMMC costs. and it's hard to find low cost boards with SATA synth try the orange pi the price goes up 30% for SATA mike yes, very nice specs. synth eventually, we will make one that has custom PCB and is a pluggable blade server, I think. mike I like the Samsung Artiks for the tiny form factor for drone routers, cubesat/picosat possibilities. but like the fact that you are controlling much deeper down the supply chain with your boards. synth we only need ram, CPU, then microSD slot; and that is it. so the wifi and all this other stuff is just crap and its junk. We only have communication, storage and computation. So should be minimialist.
For all you miners, day traders, and investors, I think you may find this useful to keep track of your funds.
https://docs.google.com/spreadsheet/ccc?key=0AmFMrStBjnl8dGtWUUxSb0lKWkxwVzhaR2dCODZKeHc&usp=sharing How to keep track of funds? Much confuse. I had the same problem too, shibe. So I made this! First, make a copy. Then enter your mining rig cost, coin balance numbers, enter in costs and other transactions (scroll down) into the corresponding cells to calculate totals for BTC/USD, net worths, and profits/gains I started making this spreadsheet a few weeks ago as a personal financial balance/asset tracker and since then expanded on it quite a bit. It uses scripts to retrieve exchange data on coins. I thought about posting it in the Bitcoin subreddit, but I wanted to share it with you fellow shibes first! Request if you want me to add a specific coin. EDIT: If the totals get stuck on "Thinking...", changing each coin balance value to something other than what it was previously usually fixes it. Or make another copy. I think it's a problem with google spreadsheet
I made bitcoin tracking spreadsheet complete with live crypto price updates, moon math, and a full history of your Portfolio and trading performance (Updated). This is a spreadsheet that I have developed for myself gradually over the last couple years. I have found it very helpful for keeping track of my bitcoin holdings (great for tax purposes). No need to trust third party apps to keep your ... The bitcoin portfolio management app works on macOS and Windows with the Linux coming soon. They currently support most of the main crypto exchanges including Binance, Gemini, GDAX, Kraken, Bitfinex, Bitstamp, OKEX, Bittrex, Poloniex, Huobi, UpBit, and HitBTC. Spreadsheet. Special features: Customizable/Flexible; Matching private transaction timestamps to real-world events – such as buying something online or selling coins for fiat – can deanonymize users. Monero uses RingCT and stealth addresses to obscure data, features that make Monero private by default. When you send a transaction on Monero, six other random signatures are pulled from the blockchain and included in your transactions. Anyone ... Jede Bitcoin-Transaktion ist durch eine Digital-Signatur wie auch durch Tracker abgesichert. Einer der vielen Gründe, der für die Verwendung von Bitcoins und Altcoins spricht, ist die hohe Sicherheit, denn die Transaktionen werden auf einer Blockchain inklusive der Tracker gespeichert, die nicht zu hacken ist. Eine Blockchain kann sich ein Laie wie eine unendlich lange Perlenkette vorstellen ... Cryptosheet Crypto Portfolio Tracking Spreadsheet Use Cases Conversions. Cryptosheet allows crypto portfolio owners to handle their conversion easily from fiat to virtual currencies. Simplicity. Cryptosheet's innovative interface puts a simple user guide on exactly how they can input their crypto transaction and get easy-to-follow instructions ...
Cryptocurrencies: Spreadsheet For Tracking Profit & Loss ...
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