BitcoinHekaton – The NEW Bitcoin!

Hi, trying to download Bitcoin Core. It goes through the first 70% of blocks very fast (20% synced), and then slows to almost a complete stop for the last 30% of blocks. What happened? Nothing in the log seems to have changed at that point. Just slower.

MacBook Air Early 2015 (OS 10.13.2 High Sierra). Changed dbcache=3000 (I have 4GB RAM). Not enough GB on my computer, so also moved the blocks folder to an external SSD drive (USB 3.0), and symlinked. Also symlinked the index file back to the computer. Computer is plugged into ethernet, so no WiFi issues. Internet speed is 65 Mbps. I feel like I set it up right, or it wouldn't have started? I Googled the hell out of it and haven't found anything that I haven't tried yet.
Thanks for any ideas!!!
submitted by blue6678 to Bitcoin [link] [comments]

Hi, trying to download Bitcoin Core. It goes through the first 70% of blocks very fast (20% synced), and then slows to almost a complete stop for the last 30% of blocks. What happened? Nothing in the log seems to have changed at that point. Just slower. /r/Bitcoin

Hi, trying to download Bitcoin Core. It goes through the first 70% of blocks very fast (20% synced), and then slows to almost a complete stop for the last 30% of blocks. What happened? Nothing in the log seems to have changed at that point. Just slower. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Intents Festival, The Online Festival v2.0 | Livesets Download (With Saturday!)

Intents Festival, The Online Festival v2.0 | Livesets Download Single sets can be downloaded via a torrent client. The source of the rip for 'Intents Festival, The Online Festival' is a copy of their Twitch Livestream, recorded using streamlink. I never use screen or audio records.
All the 3 stages, Friday Pre-Party, Saturday Outdoor Mainstage and Indoor Stage are all in 1 spreadsheet with multiple tabs. But here are the links directly to the correct tab: Friday Pre-Party Saturday Outdoor Mainstage Saturday Indoor Stage
If you use BitTorrent or μTorrent, shame on you. Get a good torrent client like qBittorrent or Deluge, they dont include advertisements and work as well, if not better.
New! a less than 1 minute tutorial on how to download a liveset if do you do not have qBittorrent yet! Use the pause button if it goes too fast ;) To copy a link from the spreadsheet use 'CTRL+C' or any other equivalent for your OS. You can also add all the livesets at once Example
Note: If you have issues with the download not strarting, you can add my seedbox as a peer manually: 185.45.195.189:20117 Quick tutorial on how to do thisClick me
Note 2: Downloading sets from the Indoor Stage are currently slow as fuck because they are still getting uploaded to a server.
submitted by DyonR to hardstyle [link] [comments]

How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations

BTC Friends,
Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started.
To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS.
Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin.
Before we get to that, a few things to remember:
Bitcoin is a fundamental change from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known.
Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.”
Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more.
Now, some tips to consider:
1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’
A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise:
Bitcoin is…:
Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.
An alternative form of money than what you are given by your local government.
That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY.
While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no!
Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.)
When asked to explain Bitcoin, here is the opening line:
“The FED…is out of control with printing money…”
This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there.
Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is.
Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is.
2. Let Them Lead / Gauge Their Interest / Know When To Stop
When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar.
Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest.
Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more.
For example:
Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?”
Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Wait, what do you mean?”
And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD.
Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question:
I’m sorry, did you not understand something I said?”
“Did I answer your question?”
“Is this interesting to you?”
By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?”
Or maybe even make a comment: “…wow…this stuff is pretty complicated…”
In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck.
Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later).
Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own.
3. Know Your Role / A Little at a Time / Don’t Overcorrect
So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not.
The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part!
Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before.
Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once.
While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain.
For example:
Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!”
Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…”
Keep it simple, factual, and non-confrontational.
Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.”
Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character.
Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more.
Oh, and step 4: Stack Sats and HODL!
submitted by Reinmaker to Bitcoin [link] [comments]

ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
--------------------------------------------------------------------------------------------------------------------------------------------------
Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
---------------------------------------------------------------------------------
Follow ColossusXT on:
Twitter
Facebook
Telegram
Discord
Forums
---------------------------------------------------------------------------------
AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging at Genesis Block.
https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player
This is the third post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series.
97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit.
So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.

Stablecoins

Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility.
There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
The most popular USD-pegged stablecoins include:
  1. Tether ($10B): It’s especially popular in Asia. It’s backed by USD in a bank account. But given their lack of transparency and past controversies, they generally aren’t trusted as much in the West.
  2. USDC ($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
  3. DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Other notable USD-backed stablecoins include PAX, TrueUSD, Binance USD, and Gemini Dollar.
tablecoins are playing an increasingly important role in the world of DeFi. In a way, they serve as common pipes & bridges between the various protocols.
https://preview.redd.it/v9ki2qro12b51.png?width=700&format=png&auto=webp&s=dbf591b122fc4b3d83b381389145b88e2505b51d

Lending & Borrowing

Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid.
Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens.
Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive.
The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
I repeat, all loans are overcollateralized. If the value of the collateral depreciates significantly due to price volatility, there are sophisticated liquidation systems to ensure the loan always gets paid back.
https://preview.redd.it/rru5fykv12b51.png?width=700&format=png&auto=webp&s=620679dd84fca098a042051c7e7e1697be8dd259

Investments

Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments.
Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol.
Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery.
Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur.
And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio.
With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
https://preview.redd.it/agco8msx12b51.png?width=700&format=png&auto=webp&s=3bbb595f9ecc84758d276dbf82bc5ddd9e329ff8

Insurance

As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong.
Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k.
There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Two protocols that are leading the way on DeFi insurance are Nexus Mutual and Opyn. Though they are both still just getting started, many people are already using them. And we’re excited to start working with them at Genesis Block.
https://preview.redd.it/wf1xvq3z12b51.png?width=700&format=png&auto=webp&s=70db1e9587f57d0c470a4f9f4523c216929e1876

Exchanges & Liquidity

Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols.
Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth.
https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943
There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers.
Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound.
There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
Users can earn passive income by supplying liquidity to these markets. It usually comes in the form of sharing transaction fee revenue (Uniswap) or token rewards (Balancer).
https://preview.redd.it/wrug6lg222b51.png?width=700&format=png&auto=webp&s=9c47a3f2e01426ca87d84b92c1e914db39ff773f

Payments

As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto).
Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times.
The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW!
Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized).
Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum).
In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
https://preview.redd.it/svft1ce422b51.png?width=700&format=png&auto=webp&s=9a6afc9e9339a3fec29ee2ae743c07c3042ea4ce

Impact on Genesis Block

At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.”
https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8
When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be.
We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
---
None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block.
So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions.
To look at more projects in DeFi, check out DeFi Prime, DeFi Pulse, or Consensys.
------
Other Ways to Consume Today's Episode:
Follow our social channels:https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto:https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Crypto-Powered: Build on Legacy Finance, Prepare To Die

Crypto-Powered: Build on Legacy Finance, Prepare To Die
The success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy financial infrastructure.
https://reddit.com/link/hmw3sm/video/7sbwo5nh7g951/player
This is the first post of our Crypto-Powered series where we look at what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
---
Today we start a new series called Crypto-Powered. This will be similar to our last series, Spreading Crypto, but now we’re exploring a new theme. At Genesis Block, we’re building a digital bank that’s powered by crypto, blockchain technology, and decentralized protocols. Yes, lots of buzzwords.
What does any of it mean? How does it give us an unfair advantage? What superpowers are unlocked? What are the benefits for users?
In this series, we’ll answer all of these questions. Grab some popcorn. Sit down. Put your feet up. Make yourself comfortable. Let us take you on a journey. Let us be your tour guide down the crypto rabbit hole…
But hold on! Pump those brakes. Before we dive into the crypto rabbit hole, we need to establish some context. We can’t talk about the future of money unless we first understand the problems of money today. We need to understand what’s broken with legacy finance. So let’s do a quick primer on the current state of finance. That will set the stage for the rest of the series. Alright, let’s go.

Fintech & Unbundling

Over the last decade, legacy financial institutions (banks in particular) haven’t been meeting the needs of younger, more digital generations. As a result, fintech startups have emerged and effectively unbundled the consumer banking stack. Whether it was Robinhood for investing, TransferWise for cross-border payments, SoFi for student loans, Wealthfront for wealth management, or Digit for saving… these innovative upstarts all focused on a single use-case and nailed it.
https://preview.redd.it/iwrpg6ek7g951.png?width=800&format=png&auto=webp&s=7648d28955ea4e12795826dc78cdf70d41ffaef1
While great for a period, this led to a lot of fragmentation. Users needed to split their finances across many different services and keep track of what money was where. The cognitive load for many users became overwhelming.

Re-bundling of Finance

As we’ve seen in other industries (eg. media/entertainment), the pendulum swings back to bundled services (Cable TV → Individual Digital Channel Subscriptions → YoutubeTV/Hulu/Disney+), but in a better, more valuable, digital experience for end-users.
https://preview.redd.it/lbmz9gdm7g951.png?width=1200&format=png&auto=webp&s=877da74b64118566a8f630aed706ae1ba6b1ed0f
In the last few years, we’ve started to see a re-bundling of consumer finance. But instead of users going back to traditional banks, the rising generation is choosing to bank directly with these innovative, digital fintech companies.
Each of the startups mentioned above is now offering a more bundled experience with checkings accounts, debit cards, and other financial services. In Europe, we’ve seen the enormous rise of neo/challenger banks like Revolut, Monzo, N26 — all-in-one solutions for modern, consumer finance. That trend is starting to grow in North America with apps like Chime (the original was Simple)
We believe this bundled approach is here to stay — especially for the younger, more mobile, digital generation. They prefer convenient, easy-to-use, all-in-one solutions that require little effort & minimum commitment.
https://preview.redd.it/ko085lp18g951.png?width=800&format=png&auto=webp&s=8ae7e6b87a2a41257fd4816faf60a0bb702c5896

Building on Legacy Finance

While many of these high-flying fintech unicorns have seen incredible success, I believe it will be short-lived as long as they’re building on legacy financial infrastructure. It’s a realization I’ve come to only recently.
In years past, whenever I met a fintech entrepreneur, they’d always suggest that they’d never do a startup in traditional finance again. Too complex. Too expensive. Too slow. I always shrugged it off. Wimps. How hard can it be?
I really didn’t believe or understand that pain until we started Genesis Block. And it wasn’t until we began integrating with some of our partners (Evolve Bank & Trust, I2C, Visa, etc) that I really started to understand.
https://reddit.com/link/hmw3sm/video/vei2flrq7g951/player
The rumors are true. Those fintech entrepreneurs were all right. The pain is real.
Trying to innovate in legacy finance is like running on a hamster wheel blindfolded while powerful, evil rats randomly throw explosives inside.
It feels like you are never making any progress and at any moment you can be destroyed. Luckily at Genesis Block, we’re only integrating with legacy finance at the edges — the onramps and offramps (money in, money out). We’ve worked with great partners and so far have been able to navigate the treacherous terrain.

Legacy Finance is Broken

You must be wondering why and how is it so bad. It’s all the things you’d expect…
The antiquated tech stack of financial institutions. The frustrating process of working with big, bureaucratic, slow-moving organizations. The prehistoric payment systems that haven’t improved in decades (for example, ACH payments and their strange batch processing practices). The countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). The slow settlement times. Systems rife with fraud. An industry oozing with predatory practices and unethical behavior. The moth-eaten laws & regulations that are NOT innovator-friendly (mostly due to powerful Wall Street incumbents who control politicians).
https://reddit.com/link/hmw3sm/video/2hdxxch38g951/player
The list goes on and on. Maybe someday we can dedicate an entire series to it. It’ll be a good bedtime story.
The more familiar I become with how legacy finance works, the more convinced I am that the future of money cannot be built on that foundation.
The fintech darlings of Silicon Valley are all building on extremely shaky ground that is ripe for massive disruption.
They will spend so much time looking backward (integration, compatibility, regulation) that they will have very little time to look forward (innovation, progress, disruption). They will be tangled in the quagmire of archaic tech and the tentacles of outdated regulation.
I don’t believe the ultimate winners in consumer finance will come from the current cohort of fintech unicorns. And that’s because these companies are all building on the pipes of legacy finance.

The Future of Money

The future of money will be built on a foundation that is digital, open-source, permissionless, and decentralized. The future of money will have no borders or middle-men. The future of money will have no institutions or governments controlling or censoring it.
The future of money will be built on blockchain technology. The future of money will be built on “crypto rails.” The future of money is crypto. It’s the missing piece of the internet age — and quite frankly, long overdue.
This is an entirely new paradigm. New infrastructure. New pipes.
https://reddit.com/link/hmw3sm/video/26tjp8vn8g951/player
While blockchain technology provides a strong base, this tech alone won’t be sufficient. As discussed in our last series (Spreading Crypto), these powerful protocols need killer applications to reach broader adoption. The apps need to be simple, convenient, and require no blockchain education. They need to fit nicely within existing workflows and behaviors. A digital bank like Genesis Block is a perfect app to propel crypto to the masses.
At Genesis Block, that’s the foundation we’re building on — a powerful combination of the underlying technology and our unique approach in how it’s delivered.
The future of consumer finance belongs to those who build with blockchain technology & decentralized protocols at its core, and know how to best take it to the billions of people around the world.
That’s our thesis at Genesis Block. Our last series went deep on how the tech reaches and touches end-users. This new series is all about what’s under the hood — crypto & blockchain — and how that gives us an unfair advantage in the world of consumer finance.

Clone Wars

While some fintech products are giving users the ability to buy & hold crypto (Robinhood, Revolut, Cash App), they aren’t leveraging the technology beyond that. And they most certainly aren’t building their infrastructure around it.
So let’s ask the dumb VC question that some of you are thinking: what if these fintech companies or big banks just copy what we’re doing at Genesis Block? What if they add blockchain and crypto?
https://reddit.com/link/hmw3sm/video/c0je9dvx8g951/player
Sorry, you can’t just “add crypto” as if a pizza topping in a Doordash order. That’s not how it works. I mean, you can say you are doing that, but it’s not real. That’s just Innovation Theater.
The systems behind banks and fintech are deeply integrated with legacy financial rails. Trying to retroactively add blockchain in any meaningful way would be like trying to make a 2020 Lambo with a 1910 Ford Model T engine. No matter how talented their engineers are, it just ain’t gonna happen. Not unless they burn it all down and start over. Massive risks. A classic case of Innovator’s Dilemma. Will anyone have the courage? I don’t know. I think they are much more likely to acquire someone like Genesis Block than gamble their entire business on it. But we aren’t cheap.
These new, decentralized protocols are complex, fast-moving, and full of snags. Our team has been in this space for many years — we understand the security tradeoffs, the protocol nuances (we spent a lot of time actually building them), and enough self-awareness to know what we don’t know.
Our team at Genesis Block can run circles around traditional banks and fintech companies. Certainly, they have large audiences and strong balance sheets — which can’t be underestimated. But when it comes to unlocking the enormous, new value to users, as long as the incumbents are building on legacy financial infrastructure, they simply cannot compete with us.

Crypto-Powered

The empires created in the 21st-century world of finance will be crypto-native companies that deeply understand decentralized tech and know how best to leverage it. It will be the teams who build on “crypto rails” first, with bridges back to legacy finance second.
That’s our thesis at Genesis Block. In this series, we intend to lay out a convincing argument for why that’s true.
So now that the stage is set and we’ve introduced the series, I think you’re ready to start learning why blockchain technology is our superpower, our unfair advantage.
You are ready to dive into that crypto rabbit hole.
But first, a word of caution. Once you go in, you may never want to come out. It’s what happened to me and so many others.
Once you see the potential & promise of this incredible technology, you won’t be able to ignore it. You won’t stop thinking about it. It’ll capture your imagination like few other things can.
Don’t be afraid of it. Let it take you.
---
Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Network effect doesn't explain Bitcoin dominance : technical arguments for Bitcoin Maximalism

I often saw some Bitcoiners counter the altcoin shillers with the following argument: "Bitcoin is the first so it has the network effect, so your altcoin will always worth less"
This is not totally wrong but I think this argument is bad. Using it implies implicitly that you admit that Bitcoin is technically less capable than altcoins with their higher transaction rate, fast blocks, instant confirmation, without fees and smart contract support....

And this is WRONG ! Bitcoin price is higher, because Bitcoin is already TECHNICALLY BETTER than any other altcoin and not because of network effect. In 2017, Bitcoin dominance was lower, some altcoin reaches almost the same level than Bitcoin. So network effect is not what prevents an altcoin to take the lead but it is the fact that almost all altcoin that pretend to be better than Bitcoin are technically flawed.
Why ? They use bigger blocks, DAGs (Directed Acyclic Graphs, like used in IOTA or Nano) or wtf they created to disturbe you and make you believe they are better than the good old Bitcoin blockchain. But they have at least one of these two weak points: validation time oand bandwidth.

If they use biggefaster blocks, validation time of block is higher and so block propagation is slower. Less nodes can operate as they may not be able to validate blocks fast enough to keep up with the tip of the chain. You end up like Ethereum that has less and less full verification nodes leading to centralization of the network.
If they use DAGs, they achieve consensus through a "proof-of-stake" vote and always at the cost of bandwidth (quadratic cost in number of node, linear in transaction rate). DAGs are often presented as "each node has its own ledger" but the reality is that the only global ledger you should trust is the complete DAG of the ledgers of each node. Only servers with a shitload of download bandwidth can maintain it as debunked here and here. To not look (in fact be) centralized, some DAG altcoins doesn't, opening the door to history rewrite by buying account that owned a big stake before and still use a lot of bandwidth to reach consensus. Bitcoin just add 80 bytes of proof-of-work data on a block of 1-2MB to achieve it and protect from history rewrite, almost zero cost for the network (that's why we pay fees to miners who carry the cost).
You only have those problems when it reaches a critical level of usage and only then we can see how much those limits where ignored. Until now, very few altcoins reached the limit (maybe Ethereum, and IOTA shows us it is centralized already by stopping the network)
Bitcoin has the highest price because Bitcoin is technically the only possible decentralized king (and a centralized cryptocurrency worths nothing). Yes maybe 1MB limit was too conservativ, yes fees are higher, yes 10 minutes is slow. But if everyone wants their coffee payment to be settled onchain, 1MB or 8MB or 32MB each 10 minutes, minutes or secondes will never be enough while it is a big difference for the network health. You only need the blockchain for settlement, for payment you have Lightning Network that can already destroy PayPal's transaction rate.
So next time you feel convinced by an altcoin that pretend to be better than Bitcoin while being decentralized by design, evaluate the requirement to be a fully validating node and what the overhead of bandwidth needed to achieve consensus. The chances are high that they didn't take care of one of these two issues and end up centralized or broken. You don't need the network effect argument.
submitted by Pantamis to Bitcoin [link] [comments]

Default English word list

Alright so, I took the default database from there https://skribbliohints.github.io/ and with the help of html, I extracted the words to a list separated by commas. It's useful when you want to translate those words into your native language.
Word of advice, when using google translate, do not put all words at once there, it can rapidly worsen the translation.
(And there is a last thing. Their algorithm of picking only custom words is not working really good, at least for me. Meaning that I often get duplicates, despite having a list this big and without duplicates. I'm still trying to find some solution to this, so if somebody is experiencing this as well, share the knowledge please, I will do the same.)
SOLUTION: Thanks for the reply from PepegaWR who identified the cause. I also tested it and there seems to be a custom words limit of 5000 characters. The easiest way in my opinion is to shuffle the words before each session to minimize the impact. Also thanks to the flynger who had the same idea before me :)
Finally, here it is, enjoy the scribbling ^^ :

ABBA, AC/DC, Abraham Lincoln, Adidas, Africa, Aladdin, America, Amsterdam, Android, Angelina Jolie, Angry Birds, Antarctica, Anubis, Apple, Argentina, Asia, Asterix, Atlantis, Audi, Australia, BMW, BMX, Bambi, Band-Aid, Barack Obama, Bart Simpson, Batman, Beethoven, Bible, Big Ben, Bill Gates, Bitcoin, Black Friday, Bomberman, Brazil, Bruce Lee, Bugs Bunny, Canada, Capricorn, Captain America, Cat Woman, Cerberus, Charlie Chaplin, Chewbacca, China, Chinatown, Christmas, Chrome, Chuck Norris, Colosseum, Cookie Monster, Crash Bandicoot, Creeper, Croatia, Cuba, Cupid, DNA, Daffy Duck, Darwin, Darwin Watterson, Deadpool, Dexter, Discord, Donald Duck, Donald Trump, Dora, Doritos, Dracula, Dumbo, Earth, Easter, Easter Bunny, Egypt, Eiffel tower, Einstein, Elmo, Elon Musk, Elsa, Eminem, England, Europe, Excalibur, Facebook, Family Guy, Fanta, Ferrari, Finn, Finn and Jake, Flash, Florida, France, Frankenstein, Fred Flintstone, Gandalf, Gandhi, Garfield, Germany, God, Goofy, Google, Great Wall, Greece, Green Lantern, Grinch, Gru, Gumball, Happy Meal, Harry Potter, Hawaii, Hello Kitty, Hercules, Hollywood, Home Alone, Homer Simpson, Hula Hoop, Hulk, Ikea, India, Intel, Ireland, Iron Giant, Iron Man, Israel, Italy, Jack-o-lantern, Jackie Chan, James Bond, Japan, JayZ, Jenga, Jesus Christ, Jimmy Neutron, John Cena, Johnny Bravo, KFC, Katy Perry, Kermit, Kim Jong-un, King Kong, Kirby, Kung Fu, Lady Gaga, Las Vegas, Lasagna, Lego, Leonardo DiCaprio, Leonardo da Vinci, Lion King, London, London Eye, Luigi, MTV, Madagascar, Mario, Mark Zuckerberg, Mars, McDonalds, Medusa, Mercedes, Mercury, Mexico, Michael Jackson, Mickey Mouse, Microsoft, Milky Way, Minecraft, Miniclip, Minion, Minotaur, Mona Lisa, Monday, Monster, Mont Blanc, Morgan Freeman, Morse code, Morty, Mount Everest, Mount Rushmore, Mozart, Mr. Bean, Mr. Meeseeks, Mr Bean, Mr Meeseeks, Mummy, NASCAR, Nasa, Nemo, Neptune, Netherlands, New Zealand, Nike, Nintendo Switch, North Korea, Northern Lights, Norway, Notch, Nutella, Obelix, Olaf, Oreo, Pac-Man, Paris, Patrick, Paypal, Peppa Pig, Pepsi, Phineas and Ferb, Photoshop, Picasso, Pikachu, Pink Panther, Pinocchio, Playstation, Pluto, Pokemon, Popeye, Popsicle, Porky Pig, Portugal, Poseidon, Pringles, Pumba, Reddit, Rick, Robbie Rotten, Robin Hood, Romania, Rome, Russia, Samsung, Santa, Saturn, Scooby Doo, Scotland, Segway, Sherlock Holmes, Shrek, Singapore, Skittles, Skrillex, Skype, Slinky, Solar System, Sonic, Spain, Spartacus, Spiderman, SpongeBob, Squidward, Star Wars, Statue of Liberty, Steam, Stegosaurus, Steve Jobs, Stone Age, Sudoku, Suez Canal, Superman, Susan Wojcicki, Sydney Opera House, T-rex, Tails, Tarzan, Teletubby, Terminator, Tetris, The Beatles, Thor, Titanic, Tooth Fairy, Tower Bridge, Tower of Pisa, Tweety, Twitter, UFO, USB, Uranus, Usain Bolt, Vatican, Vault boy, Velociraptor, Venus, Vin Diesel, W-LAN, Wall-e, WhatsApp, William Shakespeare, William Wallace, Winnie the Pooh, Wolverine, Wonder Woman, Xbox, Xerox, Yin and Yang, Yoda, Yoshi, Youtube, Zelda, Zeus, Zorro, Zuma, abstract, abyss, accident, accordion, ace, acid, acne, acorn, action, actor, addiction, addition, adorable, adult, advertisement, afro, afterlife, air conditioner, airbag, aircraft, airplane, airport, alarm, albatross, alcohol, alien, allergy, alley, alligator, almond, alpaca, ambulance, anaconda, anchor, angel, anglerfish, angry, animation, anime, ant, anteater, antelope, antenna, anthill, antivirus, anvil, apartment, apocalypse, applause, apple, apple pie, apple seed, apricot, aquarium, arch, archaeologist, archer, architect, aristocrat, arm, armadillo, armor, armpit, arrow, ash, assassin, assault, asteroid, astronaut, asymmetry, athlete, atom, attic, audience, autograph, avocado, axe, baboon, baby, back pain, backbone, backflip, backpack, bacon, bad, badger, bag, bagel, bagpipes, baguette, bait, bakery, baklava, balance, balcony, bald, ball, ballerina, ballet, balloon, bamboo, banana, bandage, bandana, banjo, bank, banker, bar, barbarian, barbecue, barbed wire, barber, barcode, bark, barn, barrel, bartender, base, basement, basket, basketball, bat, bathroom, bathtub, battery, battle, battleship, bayonet, bazooka, beach, beak, bean, bean bag, beanie, beanstalk, bear, bear trap, beatbox, beaver, bed, bed bug, bed sheet, bedtime, bee, beef, beer, beet, beetle, bell, bell pepper, bellow, belly, belly button, below, belt, bench, betray, bicycle, bill, billiards, bingo, binoculars, biology, birch, bird, bird bath, birthday, biscuit, bite, black, black hole, blackberry, blacksmith, blanket, bleach, blender, blimp, blind, blindfold, blizzard, blood, blowfish, blue, blueberry, blush, boar, board, boat, bobsled, bodyguard, boil, bomb, booger, book, bookmark, bookshelf, boomerang, boots, border, bottle, bottle flip, bounce, bouncer, bow, bowl, bowling, box, boy, bracelet, braces, brain, brainwash, branch, brand, bread, breakfast, breath, brick, bricklayer, bride, bridge, broadcast, broccoli, broken heart, bronze, broom, broomstick, brownie, bruise, brunette, brush, bubble, bubble gum, bucket, building, bulge, bull, bulldozer, bullet, bumper, bungee jumping, bunk bed, bunny, burglar, burp, burrito, bus, bus driver, bus stop, butcher, butler, butt cheeks, butter, butterfly, button, cab driver, cabin, cabinet, cactus, cage, cake, calendar, camel, camera, campfire, camping, can, can opener, canary, candle, canister, cannon, canyon, cap, cape, cappuccino, captain, car wash, cardboard, carnival, carnivore, carpenter, carpet, carrot, cartoon, cash, casino, cast, cat, catalog, catapult, caterpillar, catfish, cathedral, cauldron, cauliflower, cave, caveman, caviar, ceiling, ceiling fan, celebrate, celebrity, cell, cell phone, cello, cement, centaur, centipede, chain, chainsaw, chair, chalk, chameleon, champagne, champion, chandelier, charger, cheek, cheeks, cheerleader, cheese, cheeseburger, cheesecake, cheetah, chef, chemical, cherry, cherry blossom, chess, chest, chest hair, chestnut, chestplate, chew, chicken, chihuahua, child, chime, chimney, chimpanzee, chin, chinchilla, chocolate, chopsticks, church, cicada cigarette, cinema, circle, circus, clap, clarinet, classroom, claw, clay, clean, clickbait, cliff, climb, cloak, clock, cloth, clothes hanger, cloud, clover, clown, clownfish, coach, coal, coast, coast guard, coaster, coat, cobra, cockroach, cocktail, coconut, cocoon, coffee, coffee shop, coffin, coin, cola, cold, collapse, collar, color-blind, comb, comedian, comedy, comet, comfortable, comic book, commander, commercial, communism, community, compass, complete, computer, concert, condiment, cone, confused, console, continent, controller, conversation, cookie, cookie jar, copper, copy, coral, coral reef, cord, cork, corkscrew, corn, corn dog, corner, cornfield, corpse, cotton, cotton candy, country, cousin, cow, cowbell, cowboy, coyote, crab, crack, crate, crawl space, crayon, cream, credit, credit card, cricket, cringe, crocodile, croissant, crossbow, crow, crowbar, crucible, cruise, crust, crystal, cube, cuckoo, cucumber, cup, cupboard, cupcake, curry, curtain, cushion, customer, cut, cute, cyborg, cylinder, cymbal, dagger, daisy, dalmatian, dance, dandelion, dandruff, darts, dashboard, daughter, day, dead, deaf, deep, deer, defense, delivery, demon, demonstration, dent, dentist, deodorant, depressed, derp, desert, desk, desperate, dessert, detective, detonate, dew, diagonal, diagram, diamond, diaper, dice, dictionary, die, diet, dig, dinner, dinosaur, diploma, dirty, disaster, disease, dishrag, dispenser, display, diss track, distance, diva, divorce, dizzy, dock, doctor, dog, doghouse, doll, dollar, dollhouse, dolphin, dome, dominoes, donkey, door, doorknob, dots, double, dough, download, dragon, dragonfly, drain, drama, drawer, dream, dress, drink, drip, drive, driver, drool, droplet, drought, drum, drum kit, duck, duct tape, duel, dwarf, dynamite, eagle, ear, earbuds, earthquake, earwax, east, eat, echo, eclipse, eel, egg, eggplant, elbow, elder, election, electric car, electric guitar, electrician, electricity, elephant, elevator, embers, emerald, emoji, employer, emu, end, engine, engineer, equator, eraser, error, eskimo, espresso, evaporate, evening, evolution, exam, excavator, exercise, explosion, eye, eyebrow, eyelash, eye shadow, fabric, fabulous, facade, face, face paint, factory, failure, fairy, fake teeth, fall, family, farm, farmer, fashion designer, fast, fast food, fast forward, father, faucet, feather, fence, fencing, fern, festival, fidget spinner, field, figurine, filmmaker, filter, finger, fingernail, fingertip, fire alarm, fire hydrant, fire truck, fireball, firecracker, firefighter, firefly, firehouse, fireman, fireplace, fireproof, fireside, firework, fish, fish bowl, fisherman, fist fight, fitness trainer, fizz, flag, flagpole, flamethrower, flamingo, flashlight, flask, flea, flight attendant, flock, floodlight, floppy disk, florist, flower, flu, fluid, flush, flute, fly, fly swatter, flying pig, fog, foil, folder, food, forehead, forest, forest fire, fork, fort, fortress, fortune, fossil, fountain, fox, frame, freckles, freezer, fridge, fries, frog, frostbite, frosting, frown, fruit, full, full moon, funeral, funny, fur, furniture, galaxy, gang, gangster, garage, garbage, garden, gardener, garlic, gas, gas mask, gasoline, gasp, gate, gem, gender, generator, genie, gentle, gentleman, geography, germ, geyser, ghost, giant, gift, giraffe, girl, gladiator, glass, glasses, glitter, globe, gloss, glove, glow, glowstick, glue, glue stick, gnome, goal, goat, goatee, goblin, godfather, gold, gold chain, golden apple, golden egg, goldfish, golf, golf cart, good, goose, gorilla, graduation, graffiti, grandmother, grapefruit, grapes, graph, grass, grasshopper, grave, gravedigger, gravel, graveyard, gravity, greed, grenade, grid, grill, grin, groom, grumpy, guillotine, guinea pig, guitar, gumball, gummy, gummy bear, gummy worm, hacker, hair, hair roller, hairbrush, haircut, hairspray, hairy, half, halo, ham, hamburger, hammer, hammock, hamster, hand, handicap, handle, handshake, hanger, happy, harbor, hard, hard hat, harmonica, harp, harpoon, hashtag, hat, hazard, hazelnut, head, headache, headband, headboard, heading, headphones, health, heart, heat, hedgehog, heel, heist, helicopter, hell, helmet, hen, hermit, hero, hexagon, hibernate, hieroglyph, high five, high heels, high score, highway, hilarious, hill, hip hop, hippie, hippo, hitchhiker, hive, hobbit, hockey, holiday, homeless, honey, honeycomb, hoof, hook, hop, hopscotch, horizon, horn, horse, horsewhip, hose, hospital, hot, hot chocolate, hot dog, hot sauce, hotel, hourglass, house, hovercraft, hug, hummingbird, hunger, hunter, hurdle, hurt, husband, hut, hyena, hypnotize, iPad, iPhone, ice, ice cream, ice cream truck, iceberg, icicle, idea, imagination, impact, incognito, industry, infinite, injection, insect, inside, insomnia, internet, intersection, interview, invasion, invention, invisible, iron, island, ivy, jacket, jackhammer, jaguar, jail, jalapeno, janitor, jaw, jazz, jeans, jeep, jello, jelly, jellyfish, jester, jet ski, joker, journalist, journey, judge, juggle, juice, jump rope, jungle, junk food, kangaroo, karaoke, karate, katana, kazoo, kebab, keg, kendama, ketchup, kettle, key, keyboard, kidney, kindergarten, king, kiss, kitchen, kite, kitten, kiwi, knee, kneel, knife, knight, knot, knuckle, koala, kraken, label, laboratory, ladder, lady, ladybug, lake, lamb, lamp, landlord, landscape, lane, language, lantern, lap, laptop, laser, lasso, laundry, lava, lava lamp, lawn mower, lawyer, leader, leaf, leak, leash, leather, leave, leech, legs, lemon, lemonade, lemur, lens, leprechaun, lettuce, levitate, librarian, library, licorice, lid, light bulb, lighter, lighthouse, lightning, lightsaber, lily, lilypad, limbo, lime, limousine, line, link, lion, lips, lipstick, litter box, lizard, llama, loading, loaf, lobster, lock, log, logo, lollipop, loot, loser, lotion, lottery, lounge, love, low, luck, luggage, lumberjack, lung, lynx, lyrics, macaroni, machine, macho, mafia, magazine, magic, magic trick, magic wand, magician, magma, magnet, magnifier, maid, mailbox, mailman, makeup, mall, mammoth, manatee, manhole, manicure, mannequin, mansion, mantis, map, maracas, marathon, marble, margarine, marigold, market, marmalade, marmot, marshmallow, mascot, mask, massage, match, matchbox, mattress, mayonnaise, mayor, maze, meal, meat, meatball, meatloaf, mechanic, meerkat, megaphone, melon, melt, meme, mermaid, message, messy, metal, meteorite, microphone, microscope, microwave, midnight, military, milk, milkman, milkshake, mime, miner, minigolf, minivan, mint, minute, mirror, missile, model, mohawk, mold, mole, money, monk, monkey, monster, moon, moose, mop, morning, mosquito, moss, moth, mothball, mother, motherboard, motorbike, motorcycle, mountain, mouse, mousetrap, mouth, movie, mud, muffin, mug, murderer, muscle, museum, mushroom, musket, mustache, mustard, nachos, nail, nail file, nail polish, napkin, narwhal, nature, navy, neck, needle, neighbor, neighborhood, nerd, nest, network, newspaper, nickel, night, nightclub, nightmare, ninja, noob, noodle, north, nose, nose hair, nose ring, nosebleed, nostrils, notebook, notepad, nothing, notification, novel, nugget, nuke, nun, nurse, nut, nutcracker, nutmeg, nutshell, oar, observatory, ocean, octagon, octopus, office, oil, old, omelet, onion, open, opera, orange, orangutan, orbit, orca, orchestra, orchid, organ, origami, ostrich, otter, outside, oval, overweight, owl, oxygen, oyster, paddle, page, pain, paint, paintball, pajamas, palace, palette, palm, palm tree, pan, pancake, panda, panpipes, panther, pants, papaya, paper, paper bag, parachute, parade, parakeet, parents, park, parking, parrot, party, password, pasta, pastry, path, patient, patio, patriot, pause, pavement, paw, peace, peach, peacock, peanut, pear, peas, peasant, pedal, pelican, pencil, pencil case, pencil sharpener, pendulum, penguin, peninsula, penny, pensioner, pepper, pepperoni, perfume, periscope, person, pet food, pet shop, petal, pharmacist, photo frame, photograph, photographer, piano, pickaxe, pickle, picnic, pie, pig, pigeon, piggy bank, pigsty, pike, pill, pillar, pillow, pillow fight, pilot, pimple, pin, pinball, pine, pine cone, pineapple, pink, pinky, pinwheel, pipe, pirate, pirate ship, pistachio, pistol, pitchfork, pizza, plague, planet, plank, plate, platypus, player, playground, plow, plug, plumber, plunger, pocket, pogo stick, point, poison, poisonous, poke, polar bear, policeman, pollution, polo, pond, pony, ponytail, poodle, poop, poor, popcorn, pope, poppy, popular, porch, porcupine, portal, portrait, positive, postcard, poster, pot, pot of gold, potato, potion, pound, powder, prawn, pray, preach, pregnant, present, president, pretzel, price tag, priest, prince, princess, printer, prism, prison, pro, procrastination, professor, programmer, promotion, protest, provoke, prune, pub, pudding, puddle, puffin, puma, pumpkin, punishment, punk, puppet, purity, purse, puzzle, pyramid, quarter, queen, queue, quicksand, quill, quilt, quokka, raccoon, race, racecar, radar, radiation, radio, radish, raft, rail, rain, rainbow, raincoat, raindrop, rainforest, raisin, rake, ram, ramp, rapper, raspberry, rat, ravioli, razor, razorblade, read, reality, reception, receptionist, record, rectangle, recycling, red, red carpet, reeds, referee, reflection, reindeer, relationship, religion, remote, repeat, reptile, rest, restaurant, retail, revolver, rewind, rhinoceros, rib, ribbon, rice, ring, ringtone, risk, river, roadblock, robber, robin, robot, rock, rocket, rockstar, roll, roof, room, rooster, root, rose, royal, rubber, ruby, rug, ruler, run, rune, sad, saddle, safari, safe, sailboat, salad, sale, saliva, salmon, salt, saltwater, sand, sand castle, sandbox, sandstorm, sandwich, satellite, sauce, sauna, sausage, saxophone, scar, scarecrow, scarf, scary, scent, school, science, scientist, scissors, scoop, score, scream, screen, screw, scribble, scuba, sculpture, scythe, sea, sea lion, seafood, seagull, seahorse, seal, search, seashell, seasick, season, seat belt, seaweed, second, security, seed, seesaw, semicircle, sensei, server, sew, sewing machine, shadow, shake, shallow, shampoo, shape, shark, shaving cream, sheep, shelf, shell, shipwreck, shirt, shock, shoe, shoebox, shoelace, shop, shopping, shopping cart, short, shotgun, shoulder, shout, shovel, shower, shrew, shrub, shy, sick, signature, silence, silo, silver, silverware, sing, sink, sit, six pack, skateboard, skateboarder, skates, skeleton, ski, ski jump, skin, skinny, skribbl.io, skull, skunk, sky, skydiving, skyline, skyscraper, slam, sledge, sledgehammer, sleep, sleeve, slide, slime, slingshot, slippery, slope, sloth, slow, slump, smell, smile, smoke, snail, snake, sneeze, sniper, snow, snowball, snowball fight, snowboard, snowflake, snowman, soap, soccer, social media, socket, socks, soda, soil, soldier, sombrero, son, sound, soup, south, space, space suit, spaceship, spade, spaghetti, spark, sparkles, spatula, speaker, spear, spelunker, sphinx, spider, spin, spinach, spine, spiral, spit, spoiler, sponge, spool, spoon, spore, sports, spray paint, spring, sprinkler, spy, square, squid, squirrel, stab, stadium, stage, stamp, stand, stapler, star, starfish, starfruit, statue, steam, step, stereo, sting, stingray, stomach, stone, stoned, stop sign, stork, storm, stove, straw, strawberry, streamer, street, stress, strong, student, studio, study, stylus, submarine, subway, sugar, suitcase, summer, sun, sunburn, sunflower, sunglasses, sunrise, sunshade, supermarket, superpower, surface, surfboard, surgeon, survivor, sushi, swag, swamp, swan, swarm, sweat, sweater, swimming pool, swimsuit, swing, switch, sword, swordfish, symphony, table, table tennis, tablecloth, tablet, tabletop, taco, tadpole, tail, tailor, take off, talent show, tampon, tangerine, tank, tape, tarantula, target, taser, tattoo, taxi, taxi driver, tea, teacher, teapot, tear, teaspoon, teddy bear, telephone, telescope, television, temperature, tennis, tennis racket, tent, tentacle, text, thermometer, thief, thin, think, thirst, throat, throne, thug, thumb, thunder, thunderstorm, ticket, tickle, tie, tiger, time machine, timpani, tiny, tip, tiramisu, tire, tired, tissue, tissue box, toad, toast, toaster, toe, toenail, toilet, tomato, tomb, tombstone, tongue, toolbox, tooth, toothbrush, toothpaste, toothpick, top hat, torch, tornado, torpedo, tortoise, totem, toucan, touch, tourist, tow truck, towel, tower, toy, tractor, traffic, traffic light, trailer, train, translate, trap, trapdoor, trash can, traveler, treadmill, treasure, tree, treehouse, trend, triangle, trick shot, tricycle, trigger, triplets, tripod, trombone, trophy, tropical, truck, truck driver, trumpet, tuba, tug, tumor, tuna, tunnel, turd, turkey, turnip, turtle, tuxedo, twig, type, udder, ukulele, umbrella, uncle, underground, underweight, undo, unibrow, unicorn, unicycle, uniform, universe, upgrade, vacation, vaccine, vacuum, valley, vampire, vanilla, vanish, vault, vegetable, vegetarian, vein, vent, vertical, veterinarian, victim, victory, video, video game, village, villain, vine, vinegar, viola, violence, violin, virtual reality, virus, vise, vision, vitamin, vlogger, vodka, volcano, volleyball, volume, vomit, voodoo, vortex, vote, vulture, vuvuzela, waffle, waist, waiter, wake up, walk, wall, wallpaper, walnut, walrus, warehouse, warm, wart, wasp, watch, water, water cycle, water gun, waterfall, wave, wax, weak, wealth, weapon, weasel, weather, web, website, wedding, welder, well, werewolf, west, western, whale, wheel, wheelbarrow, whisk, whisper, whistle, white, wife, wig, wiggle, willow, wind, windmill, window, windshield, wine, wine glass, wing, wingnut, winner, winter, wire, wireless, witch, witness, wizard, wolf, wonderland, woodpecker, wool, work, workplace, world, worm, wound, wrapping, wreath, wrench, wrestler, wrestling, wrinkle, wrist, writer, x-ray, xylophone, yacht, yardstick, yawn, yearbook, yellow, yeti, yo-yo, yogurt, yolk, young, youtuber, zebra, zeppelin, zigzag, zipline, zipper, zombie, zoo, zoom,
submitted by StaroSVK to skribbl [link] [comments]

Spreading Crypto: In Search of the Killer Application

Spreading Crypto: In Search of the Killer Application
This is the second post of our Spreading Crypto series where we take a deep dive into what it’ll take to help this technology reach broader adoption.
Mick exploring the state of apps in crypto
Our previous post explored the history of protocols and how they only become widely adopted when a compelling application makes them more accessible and easier to use.
Crypto will be no different. Blockchain technology today is mostly all low-level protocols. As with the numerous protocols that came before, these new, decentralized protocols need killer applications.
So, how’s that going? Where is crypto’s killer application? What’s the state of application development within our industry? Today we’ll try to answer those questions. We’ll also take a close look at decentralized applications — as that’s where a lot of the developer energy and focus currently is. Let’s dive in.

Popular Crypto Applications

The most popular crypto applications today are exchanges like Coinbase and Binance — each with tens of millions of users. Other popular crypto exchanges include Kraken, Bitstamp, Gemini, and Bitfinex. In recent years, new derivatives platforms have emerged like FTX and Deribit.
The most popular crypto applications today are primarily focused on trading, speculation, and finance. This class of applications dwarfs all other types of applications in terms of users and growth. That’s either a sign of strong product/market fit, or we just haven’t yet discovered other good use-cases. Or a mix of both.
https://preview.redd.it/8rnxghfrdh551.png?width=1600&format=png&auto=webp&s=b3df8c3d87410f6b84432df79528ee4324daf04d
Beyond the fact that the most popular crypto applications are all used for speculation, another common thread is that they are all centralized.
A centralized application means that ultimate power and control rests with a centralized party (the company who built it). For example, if Coinbase or Binance wants to block you from withdrawing your funds for whatever reason (maybe for suspicious activity or fraud), they can do that. They have control of their servers so they have control of your funds.
Most popular applications that we all use daily are centralized (Netflix, Facebook, Youtube, etc). That’s the standard for modern, world-class applications today.

Decentralized Applications

Even though the most popular crypto applications are all centralized, most of the developer energy and focus in our industry is with decentralized applications (dApps) and non-custodial products.
These are products where only the user can touch or move funds. Not even the company or developer who built the application can access or control or stop funds from being moved. Only the user has control.
These applications allow users to truly become their own bank and have absolute control of their money.
They also allow users to perform blockchain transactions and interact directly with decentralized protocols. Some of the most popular non-custodial products include Ledger, MetaMask, and MyCrypto (#ProudInvestor).
While the benefits of this type of application are obvious (user has full control of their funds), it comes with a lot of tradeoffs. We will cover that later in this post.
https://preview.redd.it/rs6tj7vsdh551.png?width=1600&format=png&auto=webp&s=86fe5bca3a9466abab5e78c9873ce3b57609f2d2

Libertarianism + Crypto

If the most popular applications tend to be centralized (inside and out of crypto), why is so much of our community focused on building decentralized applications (dApps)? For the casual observer, that’s a reasonable, valid question.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets or dApps), then it’s not really your crypto.
Engrained in the early culture of Bitcoin has always been a strong distrust for centralized authority and power — including the too-big-to-fail government-backed financial system. In the midst of the Financial Crisis, Satoshi Nakamoto included this headline in Bitcoin’s genesis block: “Chancellor on brink of second bailout for banks.” There has always been a close connection between libertarianism & cryptocurrency.
So it’s no surprise that much of the crypto developer community is spending their time building applications that are non-custodial or decentralized. It’s part of the DNA, the soul, the essence of our community.
https://preview.redd.it/fy33zhkvdh551.png?width=1600&format=png&auto=webp&s=386c741f13e9119ecfcfffe1c781d09ce58704ed

Personal Experience

When I was at Mainframe, we built Mainframe OS — a platform that developers use to build and launch decentralized applications (dApps). I’m deeply familiar with what’s possible and what’s not in the world of dApps. I have the battle scars and gray hair to prove it. We’ve hosted panels around the various challenges. We’ve even produced videos poking fun at how complicated it is for end-users to interact with.
After having spent three years in the trenches of this non-custodial world, I no longer believe that decentralized applications are capable of bringing crypto to the masses.
While I totally understand and appreciate the ethos of self-sovereignty, independence, and liberty… I think it’s a terrible mistake that as a community we are spending most of our time in this area of application development. Decentralized applications will not take crypto to the masses.
Mainframe OS

Overwhelming Friction

The user friction that comes with decentralized applications is just too overwhelming. Let’s go through a few of the bigger points:
  1. Knowledge & Education: Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto nerds. Imagine how a normie n00b feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve on this is just too damn high.
  2. User Experience: It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
  3. Loss of Funds Risk: There is no “Forgot Password” functionality when storing your own crypto in a non-custodial wallet. There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. This just isn’t the type of customer support experience people want or are used to.
Onyx Messaging App

What Our Industry Has Wrong

Decentralized applications will always have a place in the market — especially among the most hardcore crypto people and parts of the world where these tools are essential. I’m personally an active user of many non-custodial products. I’m a blockchain early-adopter, I like to hold my own money, and I’m very forgiving of suboptimal UX.
However, I’m not afraid to say the poop stinks. Decentralized applications simply cannot produce the type of product experience that mainstream consumers expect.
If the goal is growth and adoption, as a community I believe we’re barking up the wrong tree. We are trying to make fetch happen. It isn’t gonna happen. Our Netscape Moment is unlikely to arrive as long as we’re focused on decentralized applications.
\"Mean Girls\" movie
There’s a reason why the most popular consumer applications are centralized (Spotify, Amazon, Instagram, etc). There’s a reason why the most popular crypto applications are centralized (Coinbase, Binance, etc).
The frameworks, tooling, infrastructure, and services to support these modern, centralized applications are mature and well-established. It’s easier to build apps that are fast & performant. It’s easier to launch apps that are convenient and on all form-factors (especially mobile). It’s easier to distribute and promote via all the major app store channels (iOS/Android). It’s easier to patch, update, and upgrade. It’s easier to experiment and iterate.
It’s easier to design, build, and launch a world-class application when it is centralized! It is why we’ve chosen this path for Genesis Block.
---
Other Ways to Consume This Content:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Liquid CAD: Canadian dollar payments on the Liquid Sidechain

Hello fellow Canadian bitcoiners or bitcoinca! You will find below all the information related to the launch of Liquid CAD and Bull Bitcoin's Liquid Bitcoin integration. I'll be checking comments here to answer your questions! I'm also posting some comments on my announcement tweet here: https://twitter.com/francispouliot\_/status/1245758698120605697?s=20

Making the Canadian Dollar Bleed Into Bitcoin

Building the infrastructure for the Bitcoin Standard in Canada before the collapse of fiat currencies is the critical mission objective that drives innovation at Bull Bitcoin.
We are very excited to announce an important milestone in fulfilling this duty: the public release of Liquid CAD, our newest product designed to accelerate and facilitate the adoption of Bitcoin.
Liquid CAD is a non-custodial prepaid payment system denominated in Canadian dollars. Units of Liquid CAD (L-CAD) consist of vouchers issued on the Liquid Network as confidential bearer assets that can be transacted peer-to-peer using a Liquid wallet.
Users acquire Liquid CAD by withdrawing their account balance out of Bull Bitcoin, by purchasing Liquid CAD with Bitcoin on Bull Bitcoin, by using the Liquid CAD withdrawal method on other Bitcoin liquidity providers such as Aquanow or by accepting L-CAD as method of payment.
L-CAD assets can only be redeemed for Bitcoin. They cannot be redeemed for a fiat currency payment.
Liquid CAD is a unique project rethinking the concept of fiat-pegged assets, avoiding the banking business model of “fiatcoin” (aka stablecoins) in favor of a prepaid payments model entirely centred around Bitcoin on-ramp and off-ramp. Liquid CAD is not a currency, nor is it a security: it is a prepaid card.
Importantly, the business model of Liquid CAD is not to collect interest on funds in our custody, unlike fiatcoins, but rather to drive the sales of Bitcoin from which we derive our revenue and we benefit from Liquid CAD assets being cashed out and thus removed from our balance sheet. Bull Bitcoin does not get any revenue from interest.
Every time an L-CAD token is purchased by a user, the amount of dollars deposited on Bull Bitcoin is guaranteed to one day be used by someone to purchase Bitcoin. It’s a one-way street: once a unit of fiat is tokenized as L-CAD, it’s never going back to its off-chain fiat form and will ultimately result in a buy order on a Bitcoin trading platform.
The Liquid CAD logo is a drop of blood because our objective is to accelerate “fiat bleed”, a phenomenon best described by Pierre Rochard in his magnificent essay Speculative Attack:
“Bitcoin will not be eagerly adopted by the mainstream, it will be forced upon them. Forced, as in “compelled by economic reality”. People will be forced to pay with bitcoins, not because of ‘the technology’, but because no one will accept their worthless fiat for payments. Contrary to popular belief, good money drives out bad. This “driving out” has started as a small fiat bleed. It will rapidly escalate into Class IV hemorrhaging due to speculative attacks on weak fiat currencies. The end result will be hyperbitcoinization, i.e. “your money is no good here. Bitcoins are not just good money, they are the best money. The Bitcoin network has the best monetary policy and the best brand. We should therefore expect that bitcoins will drive out bad, weak currencies. My own prediction is that slow bleed has been accelerating and is only the first step. The second step will be speculative attacks that use bitcoins as a platform. The third and final step will be hyperbitcoinization.”
Different representations of Canadian dollars compete to be used as payment methods (cash, bank balances, PayPal balances, closed-loop prepaid cards, open-loop prepaid cards, etc.) and that the winner will be the one that has the best Bitcoin saleability, i.e. which can be most easily sold for Bitcoin at a moment’s notice.
We’re very proud to provide this alternative payment method to Canadians in a time where the banking system is falling deeper into crisis, especially as the Canadian dollar is demonstrating itself to be one of the most pointless and weakest currencies that nobody really wants to hold.
Finally, we’re very happy to be partnering with Aquanow, our recommended institutional liquidity provider for high-volume BTC-CAD trading. They will accept Liquid CAD deposits and withdrawals as being interchangeable with Canadian dollars. We hope that Liquid CAD will become the standard representation of Canadian dollar value among Canadian Bitcoin users.

Liquid Bitcoin (L-BTC) integration

In addition to Liquid CAD, Bull Bitcoin is also announcing that Liquid Bitcoin (L-BTC) payments are now supported interchangeably with Bitcoin transactions for all Bull Bitcoin services. This means that our users can buy, sell and spend L-BTC instead of BTC.
Canadian Bitcoin traders can purchase L-BTC from BullBitcoin.com and fund their international trading accounts with L-BTC using ultra fast and cheap confidential transactions. They can also cash-out their Bitcoin balance as L-BTC from these platforms and sell those L-BTC for fiat on Bylls.com, avoiding risky and expensive international wire transfers to unknown and untrusted foreign banks.
The transactional benefits of L-BTC are very potent:
Disclaimer: Liquid Bitcoin (L-BTC) is not the same as Bitcoin (BTC). L-BTC Liquid Network assets are IOUs for Bitcoin held in a multisignature contract by the Liquid Network federation. The custody of the underlying Bitcoin is managed by a decentralized network of 15 members which process transactions and withdrawals from the multisignature contract according to the Liquid Federation protocol rules.

Liquid CAD detailed overview

Peer-to-peer prepaid payments by Bull Bitcoin

Liquid CAD is a non-custodial prepaid payment system denominated in Canadian dollars. Units of Liquid CAD (L-CAD) consist of vouchers issued on the Liquid Network as confidential bearer assets that can be transacted peer-to-peer using a Liquid wallet. Users acquire Liquid CAD by withdrawing their account balance out of the Bull Bitcoin, by purchasing Liquid CAD with Bitcoin on Bull Bitcoin, by using the Liquid CAD withdrawal method on other Bitcoin liquidity providers such as Aquanow or by accepting L-CAD as method of payment.

A new payment method in Canada

Liquid CAD can be used by anyone to send and receive payments denominated in Canadian dollars. Because of the permissionless nature of the Liquid Network, Bull Bitcoin cannot prevent Liquid CAD from being traded on secondary markets. Merchants, individuals and institutions must accept that only Bull Bitcoin can guarantee redemption of the L-CAD and that this redemption will be exclusively paid out in Bitcoin. Accepting Liquid CAD as payment is, in effect, the same as accepting gift cards as payment. However, Bitcoin being the most liquid commodity on the market, it can be transformed into any other currency easily for example using services such a Bylls which allow Canadians to pay all their utility bills, send bank transfers to third parties or sell Bitcoin to their bank account.

Making Canadian dollars bleed into Bitcoin

The purpose of Liquid CAD is to facilitate the transfer fiat in the context of the purchase and sale of Bitcoin and providing innovative new services that help Bitcoin users hedge the value of Canadian dollars against Bitcoin in the context of their commercial transactions. Our goal is to create a payment method that is specifically targeting Bitcoin users that wish to liquidate Canadian dollar payments for Bitcoin. Our mission is to accelerate the phenomenon known as “fiat bleed” whereby Canadians will gradually abandon inferior money (such as the Canadian dollar) for the superior Bitcoin alternative. Every Liquid CAD issued will ultimately be exchanged into Bitcoin. We are excited for the day Liquid CAD will be made obsolete by the inevitable hyperbitcoinization of the Canadian economy.

Regulation: is Liquid CAD a stablecoin?

Liquid CAD is not a general-purpose “stablecoin”. It is a closed-loop Bitcoin prepaid card. It can exclusively be redeemed for Bitcoin on the Bull Bitcoin platform (or at affiliated merchants). Bull Bitcoin is the only counterparty, and it cannot be redeemed for a canadian dollar payment. It is substantively the same as Canadian Tire money. Unlike stablecoins, Bull Bitcoin makes money with L-CAD by driving the sales of Bitcoin on its platform, and doesn’t collect interest on the deposits of Liquid CAD users.
The purchase of Liquid CAD with Canadian dollars is regulated in the Province of Quebec as a prepaid card under the Consumer Protection Act and the Regulation respecting the application of the Consumer Protection Act Consumer Protection Act which define a prepaid card as “a certificate, card or other medium of exchange that is paid in advance and allows the consumer to acquire goods or services from one or more merchants”.
The purchase of Bitcoin using Liquid CAD is regulated in Canada by the Financial Transactions and Reports Analysis Centre of Canada under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17).

Counterparty risk

Like all other closed-loop prepaid instruments, Liquid CAD has counterparty risk. The owners are trusting that they will eventually be able to use Liquid CAD as a payment method on the Bull Bitcoin platform to fund their account and purchase Bitcoin. When a Bull Bitcoin user withdraws his Bull Bitcoin account balance as an L-CAD token, the Canadian dollars he used to fund this balance remains in our possession in the same manner as regular Bull Bitcoin vouchers. These funds are used to execute Bitcoin purchases when L-CAD owners decide to redeem their L-CAD for Bitcoin. In essence, each L-CAD is “backed” by the Canadian dollar deposit of the user that withdraws it from the platform in the first place.

Benefits of using and accepting Liquid CAD for payments

Irreversible, non-custodial and no bank required

Liquid CAD payments cannot be charged back, cancelled, delayed or frozen. There is no intermediary between the sender and the recipient. It is a bearer asset: whoever owns the keys owns the coins. It is a perfect way to accept payments or transact securely without depending on banks and payment processors. Canadians can use Liquid CAD to purchase Bitcoin and then use Bylls.com to pay billers, personal payees or simply sell Bitcoin to their bank account.

Fast transaction and cheap fees

Liquid Network transactions are sent and received instantly and require 1 minute for settlement. Transaction fees paid using Liquid Bitcoin can be as low as 300 satoshis per transaction (a few cents). In order to benefit from these cheap fees, make sure to download the latest version of the Elements software and ensure that the minimum transaction fee is set at 100 satoshis per kilobye. It only takes a few minutes to set up a free Liquid Network wallet, such a Green Wallet by blockstream.

Confidential transactions

Unlike Bitcoin, transactions between the sender and the recipient are encrypted. It is impossible for third parties observing Liquid CAD transactions on a block explorer to determine the amount of the transaction. In addition, it’s also impossible to even know you are using Liquid CAD, since the data identifying the asset itself is also encrypted!

What are the use-cases of Liquid CAD?

Buying and selling Bitcoin

The primary use-case of Liquid CAD is to make it easier to buy and sell Bitcoin on the Bull Bitcoin platform. By withdrawing their balance from Bull Bitcoin, users are reducing some (but not all) of the custody risk associated with keeping fiat currency on an exchange. For example, use Liquid CAD to create your own non-custodial dollar-cost-averaging schedule!

Onboarding new Bitcoin users

New users can be overwhelmed by the experience of dealing with banks to buy Bitcoin (and the heavier KYC process of account funding). You may be tempted to buy Bitcoin for them, but that will impose a lot of burdens on you. It’s much easier to set them up with a Green wallet, send them Liquid CAD and show them how to use Bull Bitcoin! They decide when is the right time for them to invest, with a lower KYC burden.

Hedging Bitcoin price

You may believe the price of Bitcoin will go down in the short term, but you still want to hold Bitcoin in the long term. Normally you have two options: short the Bitcoin price (very risky!) or sell your Bitcoin and receive Canadian dollars in your bank account (inconvenient!). By selling your Bitcoin for Liquid CAD, you can lock in the value of Bitcoin right now and buy them back later without needing to use your bank account or taking risks with leverage.

Accepting payments

As a merchant, you want to receive the settlement of payments in Bitcoin. But this imposes a burden on your customers, which have to deal with the Bitcoin price volatility when they are paying you. Ask your clients to pay you with Liquid CAD, and you can get the settlement with Bitcoin on your own terms.

Payroll and suppliers

What if your staff or suppliers want to get paid in Bitcoin? It can be very difficult, because this means you are effectively buying Bitcoin on their behalf. Instead, you can pay them in Liquid CAD and let them deal with the process of choosing the exchange rate and using their own wallet. Let them deal with the tax burden, exchange rates and Bitcoin wallet security.

List of Bull Bitcoin Liquid Network features

Withdraw account balance as L-CAD

This is conceptually the same as “buying” Liquid CAD with your account balance. We call it “Withdrawing L-CAD” because on the Bull Bitcoin platform, we consider L-CAD and CAD to be interchangeable and fungible.

Fund account balance with L-CAD

To redeem Liquid CAD for Bitcoin, users need to first fund their account by selecting the “Deposit L-CAD” payment method. Bull Bitcoin users must always fund their account first before buying Bitcoin, and then purchase Bitcoin with their account balances. Reminder: account balances cannot be withdraw as fiat payments, but can later be withdrawn again as L-CAD.

Sell Bitcoin for L-CAD

You can sell Bitcoin and receive Liquid CAD payments instead of a bill payment, personal payee payment or bank payment. As soon as the Bitcoin transaction is confirmed, the Liquid CAD transaction is sent to the address you provided.

Liquid Bitcoin (L-BTC) and Bitcoin interchangeability

For every service which involves a Bitcoin payment, the user can substitute traditional Bitcoin payments for Liquid Bitcoin payments. This includes:
***********************************
Original medium post: https://medium.com/@francispouliot/liquid-cad-canadian-dollar-payments-on-the-liquid-sidechain-f7e3309f8a5f
Official landing page: lcad.bullbitcoin.com
Application page: bullbitcoin.com/l-cad
submitted by FrancisPouliot to BitcoinCA [link] [comments]

A REVIEW ON LEASEHOLD DECENTRALIZED PLATFORM

A REVIEW ON LEASEHOLD DECENTRALIZED PLATFORM

https://preview.redd.it/myag8bgerrt41.jpg?width=2226&format=pjpg&auto=webp&s=f2770899309d92ca6acab5b1c5fdcc76f69778a2
INTRODUCTION
In the world today, there are many upcoming blockchain projects with great potentials, each aiming to bring a change to what we know and see in different systems be it in the healthcare industry, financial industry and so on. It is worthy to know that blockchain technology has contributed a lot to the development of many projects owing to its features such as decentralization, tokenization, use of smart contracts etc. Also, in addition to being based on blockchain, many platforms have different consensus algorithms which are believed by the team to help them in achieving their aim. With this being said, there is a blockchain platform known as LEASEHOLD, which aims to bring a change in the property industry.
https://preview.redd.it/a55t1e0drrt41.jpg?width=2048&format=pjpg&auto=webp&s=4ba13f6477ad66c90a2855688e63d60ddb30531d
A REVIEW ON LEASEHOLD PLATFORM
A review helps many potential investors have a feel or glance of what a particular project or platform is all about, before proceeding to read further via the project's whitepaper etc.
  1. The first and foremost thing to know about Leasehold platform is that it is decentralized that is to say, it is based on blockchain. Leasehold is also a profit-sharing business or platform with the sole purpose of sharing rental income via tokenization brought about by blockchain. In the same way, it is good to know that, the Leasehold platform aims to be a valuable one and to achieve this, sees it fit to ensure their token holders are always comfortable hence the idea of rewards being in the form of buy-back and burn; with this strategy, the Leasehold platform take the acquired profits, buys back its tokens from the market and burn them. In other ways, Leasehold token is a Deflationary token which will continue to be bought and burnt as the platform ensures strict growth policies are followed.
  2. Like earlier stated, there are many blockchain projects with different consensus algorithms such as Proof-of-Stake, Proof-of-Work etc, in the case of Leasehold, it will be based on Delegated Proof-of-Stake (DPOS). This DPOS is of the idea that delegates within the platform can create blocks, these delegates are trusted and as such selected to be active within the platform in addition to the fact they secure the chain while getting their rewards which is strictly based on a good performance.
  3. In the blockchain space today, there is a known issue with most platforms and that is the issue of slow transactions etc, thus to stand out from this, the Leasehold team ensured the platform is written in JavaScript, through this way, allowing for fast processing of all functions and services such as transactions, payments and accounting. Also, to ensure efficient services, the Leasehold platform was forked from Lisk, the aim of this is to run as the first Lisk Side-chain through this way having its own Decentralized Exchange (DEX) thereafter.
  4. Talking about a decentralized exchange, it offers more security because, in the crypto space, there are many exchanges that have been hacked, exit scam with funds as well as closing accounts without reason. Therefore, Leasehold will sure have its own because the team wants to offer a secure, safe, trustworthy and reliable platform for trading of LSH tokens. When trading in Leasehold platform's DEX, there will be no malicious acts but instead a good level of trust and transparency.
  5. Another point as to why Leasehold is worthwhile is the fact that it makes it possible for users to partake in profit-sharing without owning properties physically, nor is there a need to identify themselves. In view of this, Leasehold is working towards taking huge advantages of the tourist industry, everyday living industry etc since it has been proven that booking platforms grow with more than double the users from the previous years. With this move, as a user, there is an opportunity to profit by owning the property, while with Leasehold, everything is simplified leading to owning a portion of profits.
  6. Another wonderful attribute of Leasehold platform is that token holders are carried along in the development of the platform, in this case, they are always presented with updated happenings which includes buy-back details, acquisition of properties etc.
  7. Since security is paramount in Leasehold platform, the team created a hub, which will make it possible for token holders to securely store their tokens in their wallet. This wallet is connected directly to the Leasehold network.
  8. There are many projects already in the crypto space which supports mining and same is the case with Leasehold. Leasehold will have a real-time data pool bearing all the financials of the platform's earnings. It will also display a list of the current buy-back funds which will be used for buy-back and burn purposes.
  9. Currently, many people in the world are limited when it comes to using of cryptocurrencies and this is where tokenization comes to play; that is, with tokenization, many people in the world will be free and able to buy crypto easily. With this in mind, in the Leasehold platform is tokenization as well, with tokenization of LSH tokens, people from all over the world will be able to take part in profit-sharing from the Leasehold short term rental markets. This is profitable because a study has shown that, short term rental markets are now booming all over the world because there is no need putting up large amounts of capital at once, which many individuals do not have or have access to.
  10. There are two methods of property rental in Leasehold platform which is developed to accommodate different types of users; a. Property rental of non-owned apartments: This is a method where the Leasehold team will accept the responsibility of running apartments for homeowners which will be at an agreed amount. In this case, the team will use their marketing strategies and booking system methods to ensure the best of services is offered to homeowners while on the other hand, this will also help Leasehold to acquire constant funding for its buybacks. b. Property rental of owned properties: In this method, the Leasehold team will strive to achieve the maximum amount of returns since all profits will belong to the company at the same time distributed to the buybacks. Furthermore, from the profits made, Leasehold will continue buying property on the open market while renting it out using its specially designed cross-platform method.
  11. Just like there are blockchain platforms which sought for funding before continuing building their platform, same is with Leasehold. The team will carry out 5 stages of ITO’s with the aim of raising enough funding so as to acquire small apartments thus starting the renting process and partner site setups. According to the team, the reason for these stages of ITO is that each stage will allow the Leasehold platform to acquire and set up the working business model that will make the buy-back and burn process possible. The end result of this is, Leasehold will be in a position to be free from cryptocurrencies volatility as well as being far bear markets. Leasehold Initial Token Offering (ITO) has started already and stipulated to end by May 2020. Read more on (ITO). (It is wise to make your own research before investing or participating in any token sale.)
https://preview.redd.it/unoy270grrt41.jpg?width=2636&format=pjpg&auto=webp&s=39cd8c18290eadfe97d4588b3b06af816a2f372a
WHY LEASEHOLD IS WORTHY OF ATTENTION
a. The Leasehold team aims for success thus setting strict growth policies which will make it possible for the platform to always acquire more and more property in its life cycle.
b. By allowing ownership of profits to take place in the property rental industry, Leasehold succeeds in bringing liquidity. To make it more interesting, people can buy and sell the rights to profits without having to pay the unnecessary charges of Deed registration and property acquisition.
c. In the world today, the cryptocurrencies are gaining more attention which is seen in Airbnb now accepting Bitcoin, with this in mind, the Leasehold team believes that more platforms are likely to follow hence creating its very own booking system within the ecosystem that will allow users to book holidays with LSH token.
d. Leasehold platform is all about success and growth and with this in mind, the team has already 4 signed contracts for 4 separate apartments which started this month (April 15th). Not only that, but the team is also on the verge of signing more as time goes by.
e. Leasehold has many partners including; i. Booking.com. ii. Airbnb. iii. NightsBridge. iv. HouseME. v. HomeAway. vi. Bookme. vii. Airdna. Read more on partners.
f. For security sakes, and in order to stand out as well, Leasehold created its own wallet which is available and active on different operating systems such as Windows, Mac etc. Steps; i. Download your desired Leasehold Wallet application from the link. ii. Install. iii. Use the option "Create an account" to create an account. Most importantly, remember to save the passphrase, which will enable you as the owner to be able to access the wallet in the future. iv. Login to have a feel of what the wallet looks like.
g. Leasehold token has the ticker LSH, it was forked from Lisk as well as being the first "Lisk Side-chain off Lisk" with a total supply of 100,000,000. Owing to what Leasehold token is backed by, the tokens will be appropriate for trading, holding and booking apartments in the near future. In the same way, to be transparent as regards its buybacks, the necessary information will be available to the public in the form of e-mail and website updates, through this way, users will be able to keep track of the entire platform's Income.
h. Hardly can anyone invest in what he won't profit from; in the case of Leasehold, the team will use the funds generated for property acquisition this means that there will be a strong profitable business built by the team. With this move by the Leasehold team, token holders will grow together with the platform while profiting as well.
https://preview.redd.it/7fkcmlzgrrt41.jpg?width=1080&format=pjpg&auto=webp&s=c87f07488dc657828ec7da823a4e47b97244e512
TO KNOW MORE ABOUT LEASEHOLD
Join the Telegram Group: https://t.me/Leaseholdchat
Follow on Facebook: https://m.facebook.com/Leasehold-101658667937642/
Follow on Twitter: https://twitter.com/LeaseholdHQ
Website: https://leasehold.io/
Whitepaper: https://leasehold.io/roadmap/?q=whitepaper
Discord: https://discordapp.com/channels/634347439641591819/641699094959489065
GitHub: https://github.com/Leasehold
Wallet: https://leasehold.io/wallet
Explorer: https://explorer.leasehold.io/
Timeline: https://leasehold.io/timeline/
About the team: https://leasehold.io/team/

https://preview.redd.it/j797anhirrt41.png?width=1212&format=png&auto=webp&s=e14925fc39fb3e9fdc371ab896c106d7785f32da
Writer’s Bitcointalk Username: Emmy92
Writer’s Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1329140
submitted by jigsonsaid to Crypto_Investments [link] [comments]

How To Get FREE Bitcoin Fast - Free BTC in 2020 Fast Bitcoin miner How to download and start mining Legit !! Free Bitcoin Mining 2018 - Mining Speed 10 BHS - Earn Up 0.0005 BTC Increase slow download and sync of bitcoin blockchain on Mac Fast BTC Miner - How to Download and use ?

Verify release signatures Download torrent Source code Show version history. Bitcoin Core Release Signing Keys v0.11.0+ 01EA5486DE18A882D4C2684590C8019E36C2E964 fast bitcoin miner free download. Blockchain Miner Pro Make money from your blockchain and another bitcoin wallet instantly. Blockchain Miner Pro comes wit Bitsend has a slow Distribution. We generate per Year ~4.35 Mio BSD.In 4 years also 17,4 Mio BSD. Example: Litecoin generate today (after first blockhalving) in 4 years 21 Mio LTC. The Bitcoin Miner is a lightweight store application designed to help Windows 8.1 and 10 users to mine for Bitcoins by connecting one of the online services.The program allows you to use multiple I am running Bitcoin node from here. In the beginning it worked relatively fast, but now: Curr: 56.21 kBit/s Avg: 2.88 MBit/s Min: 0.00 Bit/s Max: 18.92 MBit/s Ttl: 67.55 GByte My Internet connection is fast, it allows much more. I think the bottleneck is because of the increase of new nodes, which try to download the blockchain. How Long do Bitcoin Transactions Take? The short answer: However long it takes to transfer Bitcoin between wallets varies from transaction to transaction.. When you make a Bitcoin transaction, it needs to be approved by the network before it can be completed. The Bitcoin community has set a standard of 6 confirmations that a transfer needs before you can consider it complete.

[index] [24681] [5361] [24952] [19857] [3111] [37] [8079] [11474] [11821] [10910]

How To Get FREE Bitcoin Fast - Free BTC in 2020

In this video I'm going to share a method to earn fast bitcoins in 2020, so far this is the best and fastest way i could earn bitcoin to my BTC wallet. ️ ️ ️ Website earnfreebitcoin.club ... Increase slow download and sync of bitcoin blockchain on Mac - Duration: 2:01. Daniel's Tutorials 893 views. 2:01. Bitcoin Core - Duration: 3:14. Armory Recommended for you. 3:14. Fast Bitcoin miner. How to download and start mining. - Duration: 4:59. Fast BITCOIN BTC Miner 66,281 views. 4:59. Incredible Way the CIA Stole a Soviet Submarine During Cold War - Duration: 14 ... When you are experiencing a slow download and synchronisation of the bitcoin blockchain this little tutorial might be of help. We will disable power nap feature for our system to stop macOS from ... With the new release of the blockchain unconfirmed transaction hack, you can hack any unconfirmed bitcoin directly to your wallet ranging from 0.001 btc to 8btc. ------------------------ 💴How ...

Flag Counter