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Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
Pundi X’s mission is to make buying crypto currency as easy as buying bottled water. As the Walmart and 7-Eleven of crypto currency, we want users to buy and use crypto currency anytime anywhere. Pundi X a leading Singaporean-based blockchain company recently ranked by KPMG as one of the world’s “Emerging 50” firms that are at the forefront of innovative technologies and practices in its 2018 Fintech100 report of Leading Global Fintech Innovators. We have a product poised for mass adoption infrastructure, where consumers can buy and sell crypto at any participating retailer and spend their crypto. For every transaction, through the XPOS (which is a point of sales) machine, there will be a token burn coming. Token burns mean reduced supply over time. The more machines in outlets and more people using crypto means supply will decrease, therefore the demand will increase. Pundi X will not be an erc20 token for long, Pundi X is creating its own blockchain called the f(x) blockchain. https://i.redd.it/z3mp6tfp1qi21.jpg -Instanttransactionsworldwide24/7. -Nomonthlychargesoranyhiddenfees. -Merchantswillreceiverevenueback,awhopping65%fromthetotaltransaction fee,oneverysingleCryptorelatedtransactions. -Consumerscanreadilybuy/sellCryptocurrenciesstraightfromtheactual XPOSdevice. -NoBanksneeded,henceservingtheun-bankedandtheunder-bankedpopulation. -MerchantscanreceivepaymentintheirlocalfiattoavoidCryptofluctuations. -SupportsMobilepayments,NFC,QRCodeandallcurrenttraditionalpayments. -ThePOScansetupyourinventory,loyaltyprograms,ads,andprintsmartreceipts. -AvoidhighVisa/MasterCard/CreditCardfeesusingXPOSsolutions.
- 5,500 XPOS Dispatched already to 25 countries. - Tested over a two day period in the Historical first ever crypto mass event with "Ultra Taiwan Music Festival" with 30,000 + attendees, went flawlessly, (see videos on Pundix Official YouTube Channel). - 7,000 More XPOS going out soon. - 300,000 XPASS dispatched. - 60,000 + Transactions over the XPOS. - 20 + Top Crypto Exchanges. - 45 + Events attended. - 150 + Team members. - 7 Head Offices globally.
Function X Blockchain – A game Changer:
https://i.redd.it/5ibzoexntpi21.jpg The f(x) (short for Function X) blockchain under current test environments, each XPOS is an f(x) node; all data from the XPOS will be fully encrypted and stored in f(x) low level IPFS. Our IPFS is one that is specially designed for XPOS, f(x) and other smart devices. The f(x) public ledger will record all transactions, and the chain deploys sharding and PBFT. At Pundi X, we believe that open source is the way to go and to strengthen the blockchain community. We will gradually enable all of our operating system and f(x) chain’s code to be open source. It will be free for all Dapp software and hardware manufacturers to develop products for the f(x) ecosystem, hence achieving true decentralization. Let’s all work together and re-engineer a decentralized world. 10x for Speed; Visa can run 7,000–20,000 transactions-per-second (“TPS”). Any blockchain that offers small multiples of speed improvement is unlikely to displaced a tried-and-tested system like Visa. A 10X increase means 200,000K TPS has to be achieved. Our upcoming blockchain called Function X (fx for short), we have to make sure we are comparable if not faster, at 10X it is at least 200,000 TPS, not just on paper, but in real application. Sharding depends heavily on the availability of nodes. Confirmation processes increase by an order of magnitude when you increase node counts, we are already deploying the XPOS which will act as nodes. 10x for Scaling; Scalability in a restaurant means how fast can you serve your meals, the faster you can scale, the more business you can have. Therefore, companies like McDonald’s spend a lot of effort shortening the time between ordering and checkout to serve its customers. Scalability in blockchain is similar: it depends on the code (how fast can the burgers be flipped) and also nodes (how many cashiers can confirm the order). So whose code is the best? We will only know when proven. And what about nodes? The blockchain with the largest nodes will prevail. Currently Ethereum has the most nodes, but maybe not for long. 10x for Consensus; And what about nodes? The blockchain with the largest nodes will prevail. Currently Ethereum has the most nodes, but maybe not for long. With our minimum plan to roll out 100,000 XPOS in three years, we will be able to scale up transaction numbers significantly as the number of XPOS devices increases. Can we do much more than 200,000 TPS? Let’s analyze: Sharding is a process of dividing a global network into pieces of a local network. Each local network would then take charge of two-thirds consensus so that a particular transaction is verified in the local network and then broadcast to the global network. Five Pillars of Function X Blockchain;
Fx Operation System - (ROM) Android-modified blockchain-enabled operating system. Users can switch seamlessly between fx blockchain and regular everyday android mode.
FXTP - (Web Protocol). Decentralized transmission protocol (P2P) and similar to https.
Docker - Open Source platform for developers to build, ship, and run distributed applications (DApps).
IPFS - Storage of various contents.
Public Blockchain - A High performance and secure public blockchain.
The XPhone, and the first true blockchain phone call, we demonstrated to thousands that we had a new protocol for communication that could take blockchain beyond the world of financial transfers. The X phone is powered by Function X OS which is based off the Android OS 9.0, so there is a backward compatibility with any Android apps. Blockchain-based calling and messaging can be toggled on and off on the phone operating system, which builds upon Android 9.0. On the blockchain mode, the services in the XPhone can operate completely independently of centralized carriers. Users can route phone calls, messages, and data via blockchain nodes without the need for centralized service providers. The XPhone is in fact the first mobile phone that can run completely on a decentralized ecosystem powering telephony, messaging, and data transmission. The XPhone itself significantly expands the use of blockchain technology beyond financial transfers. Every XPhone is also a node on the network to contribute to the operation of the blockchain ecosystem. Content and connectivity are organized in a distributed, node-to-node manner. https://i.redd.it/ne3iufycqqi21.png - Every device in the Function X ecosystem will be a node and each will have its own address and private key, uniquely linked to their node names, not unlike traditional URL and IP addresses. - The OS can be overlayed to any existing Android devices without any compromises and compliment as a node to the function X blockchain. - Using a new DApp published on Function X, Zac hailed a New York City cabbie from midtown Manhattan to Central Park via a smart contract executed on Function X. The taxi order was both conducted and recorded on-chain and by-passing any ride-hailing service via XPhone. - In the browser, you may browse the traditional Internet via HTTP or use the blockchain Internet via FXTP. - In f(x) OS, users are able to switch seamlessly between two modes. The blockchain mode allows a user to be connected to the blockchain - everything which you do in this mode like texting, calling, taking photos, browsing, etc. will be transmitted via the blockchain. In the traditional mode, it is like any other Android phone. - You can develop DApps for X Play Store and regular apps for Google Play Store. Note: Final design and specs are subject to change. The FX blockchain: Giving data control back to users and creators. “What this all means is that data control can and must be given back to users,” said Pundi X Founder and CEO Zac Cheah. “Telecommunications and Internet companies have derived tremendous value from controlling data. By decentralizing apps, we can put this data onto a smart contract, effectively giving control back to creators and to users”. “Much of what we call peer-to-peer or ‘decentralized’ services continue to be built upon centralized networks. We are changing that,” added Cheah. Mobile devices as nodes; “Scalability in blockchain is derived from the number and geographic spread of nodes. It is clear how achieving a critical mass in terms of scale will require something with a high utility for people. The XPhone thus has the potential to establish a large global pool of nodes,” said Pitt Huang, co-founder and CTO of Pundi X. “And with Function X offering people the choice to be independent of a centralized communications network we’ve created a new use, a high and universal utility for blockchain. In turn, this will give life to a network large enough to support better scale, throughput, and new potential applications, plus true decentralization that has so far eluded blockchain.” YouTube in-depth close up videos;
Major Partners: -American Chamber of Commerce Korea, AMCHAM is the largest foreign chamber in Korea with around 1,800 individual members from almost 900 member companies with diverse interests and substantial participation in the Korean economy. Their partners includes, MacDonald’s, Star Bucks, Hyundai, United Airlines, Citi, Hawaiian Airlines, MetLife, Ford, Honeywell, Johnson & Johnson, Bayer, Cisco, HUB, Nike, Oracle, Kelly, Philip Morris, Hyosung, Cigna, Kim & Change, Pfizer Korea, and many more, see link below; http://www.amchamkorea.org/?ckattempt=3 -Ebooc (Government UEA) Ebooc and Pundi X will provide several other applications for consumers such as making retail payments; paying for government services, fees and fines; utilities and bills; telecommunication bills and school fees on POS devices running a stable, digital equivalent of traditional fiat currencies in the region. The move brings our world-leading, blockchain-based XPOS technology, XPASS card and e-wallet to the Gulf, Middle East and North Africa region for the first time with Ebooc as the official partner under the terms of a strategic partnership agreement as executed. Additional Back information about the Founder of Ebooc: Entrepreneur & Senior UAE Government Official with deep Government experience of over 20 years. From his current role as Assistant Undersecretary, Industrial Development Sector at Ministry of Economy, UAE, Abdalla has been able to participate in policy-making and planning strategy for ministry of Economy and oversee the operations and major projects within the industrial sector. Developing action plans and programs for the industrial sector, overall supervision of the industrial licenses issued by the ministry, General supervision of Institutions Support Department, which specializes in conducting necessary studies for the development of industrial exports. Regulations and specifications of Foreign Affairs in coordination with stakeholders Prior to this was the CEO strategic planning & affairs at Emirates Post Group was on the Board of Directors of Wall Street Exchange Chairman of the Executive Committee ; Vice Chairman of the Emirates Marketing & Promotion Corp. Board Member of the Emirates Courier Services – Empost. https://medium.com/pundix/ann-pundi-x-technology-to-debut-in-the-gulf-and-middle-east-5b7651b4bd14 -NEM, (Deal to deploy additional 20k XPOS units) A commitment to use NEM's blockchain technology to produce 20,000 of the world's first NEM-based POS terminals, called NEM XPOS. To foster this project, we completed a private allocation totalling US $ 17 million (USD) on April 5, 2018. The fund will be used for technical integration and production of at least 20,000 XPOS NEMs over a three-year period. https://medium.com/pundix/aloca%C3%A7%C3%A3o-privada-de-17m-usd-%C3%A9-conclu%C3%ADda-para-o-nem-xpos-5a7074b39b5c -Ubivelox, they have become an international innovator in the development of smart cards, mobile communications and blockchain (ranked 6th largest in the world). The two companies will work together on XPOS and XPASS technology development, security and market deployment, which will not only facilitate the promotion of Pundi X in Korea, but also help accelerate the layout in the global market. https://medium.com/pundix/%E9%9F%A9%E5%9B%BD%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8ubivelox%E4%B8%8Epundi-x%E5%BB%BA%E7%AB%8B%E6%88%98%E7%95%A5%E5%90%88%E4%BD%9C%E4%BC%99%E4%BC%B4%E5%85%B3%E7%B3%BB-91f3665f0ae9 -QEX Fund SP; At Consensus: Invest 2018 in New York, we introduced the QEX fund in partnership with Quantum Energy Asset Management (QEAM). QEAM & R.E. Lee International Capital unveil $100 million fintech-focused hybrid fund, QEX Fund SP. Vic has over three decades of experience in banking and securities, including as the former Chief Operating Officer, Asia Pacific, for Global Transaction Services at Bank of America Merrill Lynch, and as the former Chief Risk Officer at Hong Kong Exchanges and Clearing. “The combined expertise of QEAM, R.E. Lee International Capital and Pundi X provides a differentiated offering and a strong edge, amplifying the unique proposition of traditional finance and technological expertise in fintech and emerging innovative technologies such as blockchain,” said Mr. Tham. “It is rare to bring together a team that has decades of experience in fund management, securities, banking and also emerging fintech and blockchain technology all under one roof.” R.E. Lee International Capital Pte. Ltd. QEX Fund SP is targeting a USD $100 million fund size with a minimum subscription of USD $300,000 and is available to non-US accredited investors from today. For further information, please email to; [[email protected]](mailto:[email protected]) https://medium.com/pundix/pundi-x-announces-qex-fund-in-partnership-with-quantum-energy-asset-management-to-grow-the-247b473d96a5
The F(x) Coin;
The f(x) ecosystem is fully decentralized. It’s designed and built to run autonomously in perpetuity without the reliance or supervision of any individual or organization. To support this autonomous structure, f(x) Coin which is the underlying ‘currency’ within the f(x) ecosystem has to be decentralized in terms of its distribution, allocation, control, circulation and the way it’s being generated. https://i.redd.it/scikiwyj7qj21.jpg Broadly, there are four main participants in the f(x) ecosystem, as shown above:
Consumer: Users enjoy the decentralized service provided by the f(x) ecosystem.
Infrastructure Service Provider: Providing infrastructure service like the ones provided by mobile carrier, Amazon AWS but in a decentralized way.
Developer: Building DApp upon f(x) network like Uber, AirBnb, Alibaba.
Financial Service Provider: Providing liquidity of f(x) coin like NASDAQ, Morgan Stanley.
Infrastructure service provider, Developer and Financial service provider contribute the seamless operation and service shall generate the positive circulation, innovation and value flow to the f(x) ecosystem. The value flow of the Function X ecosystem;
Infrastructure service provider can offer the service, such as Blockchain, FXTP, DDocker and IPFS to earn f(x) Coin.
Developer can build applications upon f(x) OS to earn f(x) Coin and at the same time they need to pay for the infrastructure service.
Consumer enjoys the service and pays for the service in f(x) Coin.
Developer and infrastructure service provider shall earn f(x) Coin in return by providing their service and they can liquidate it through the financial service provider to earn some profit.
Together, these four participants will create a positive value flow. More service providers will enhance the quality of service and attract more consumers. More consumers will bring more value to the ecosystem by attracting more service providers,and creating f(x) Coin liquidity. Deep liquidity of f(x) Coin will attract more financial service providers to enhance the stability and quality of liquidity. This will attract more service providers to the ecosystem.
Utility of f(x) Coin;
f(x) Coin is the native ‘currency’ of the Function X blockchain and ecosystem. Services rendered in the ecosystem will be transacted with the f(x) Coin. Possible scenarios include:
For service providers: To get paid by developers, companies and consumers for providing storage nodes, DDocker and speeding up of network connections. The role of service providers will described in other sections.
For consumers: To pay service fees for using DApps, nodes, network resources, storage solutions and other services within the f(x) ecosystem.
For developers: To pay for services and resources rendered in the ecosystem such as smart contract creation, file storage (paid to IPFS service provider), code hosting (paid to DDocker service provider), advertisements (paid to other developers) and others. To get paid by the enterprises or organizations which require the developer’s service.
For enterprises or organizations: To pay for service fees, developer fees and advertisements. Services provided to consumers will be charged and denominated in f(x) Coin.
For phone and hardware manufacturers: To pay for the Function X Operating System customization. Note: we plan to only build a few thousands of the XPhone flagship handsets and leave the rest to third-party manufacturers to build more using our operating system.
For financial institutions: to receive payment for financial services rendered for the ecosystem.
Visa, MasterCard, Apple Pay, Samsung, American Express, BNB, LTC, XVG, NPXS, E2Pay.co.Id, Alipay, M-bayar, Go Pay, WeChat, Xpos Consortium, Ubivelox, XPOT and many more. Distributors; Manticora Capital, Bit Captial, Ubivelox, BlockPay and more to follow. Blockchain; NEM, UTrust, GGOX, Verime, Wanchain, Stella, Genaro Network. More to follow.
Why Pundi XPOS;
Pundi XPOS not only facilitates cryptocurrency payment or transactions but also accepts transactions through mobile wallets and traditional bank cards. Our POS solution can support retail intelligence, inventory management, order management, marketing and loyalty programs. Pundi XPOS device is an all-in-one solution for retailers. https://i.redd.it/qj6sbsfaeqi21.jpg · Accept cryptocurrency as payment · Intelligence clearing system to increase the value of the store properties · Selling and buying crypto currencies · Support BTC, ETH, NPXS, BNB, XEM, QTUM, XVG, ACT, LTC, DGD, XLM and more crypto currencies. · Support cryptocurrency payment card, such as Pundi XPASS card. · Support mobile payment apps, such as Alipay, Visa, Mastercard, ApplePay, E2Pay, Go-Pay, Pundi-Pundi, and WeChat Pay. · Support cryptocurrency wallet payment, such as Qbao, X Wallet, Nem Wallet and more. · Establish credit history and reduce financial risks · Provide a gateway for financial service providers · Support loyalty / membership management system · Support promotional and NPXS reward system · Support 3rd party delivery and logistic service providers Additional factors; - Instant Transactions - XPOS transactions happen instantly at less than 0.5 seconds. No delays. Just pay and go. - Fiat Settlement without Volatility - To avoid any volatility risk, merchants will receive their settlement in fiat money. - Work Easily With XPASS & XWallet - The XPASS card is an easy-to-use tap card for crypto beginners. Top it up with your preferred cryptocurrency and pay with ease. You can also pair your XPASS card onto the XWallet mobile app and use it with the XPOS. - Support Multiple Cryptocurrencies - The XPOS is cryptocurrency-neutral, so you can transact with your favorite coins or tokens like BTC, ETH, BNB, NPXS, etc. - Buy Cryptocurrency With Ease - In addition to making payment, customers can purchase cryptocurrency like Bitcoin from the XPOS with ease. The experience is as easy as buying a cup of coffee. - Merchants get back 0.65% of the total fee for every crypto transactions. Please see the Medium reports for more details on all developments to date: https://medium.com/@PundiXLabs XPOS Order Form; https://goo.gl/forms/yxSRHlK99h3xHF3N2 XPASS Card Order Form; https://forms.monday.com/forms/088c80c8f7e4f1ba13816312097ddcd3
The XWallet mobile app connects regular digital asset wallets with the Pundi X payment ecosystem. It allows users to easily make payments in physical stores via the XPOS & e-commerce using our "Collect" feature of the app. https://i.redd.it/j5kcce6vtqi21.jpg The XWallet can also be paired with the XPASS, making it a digital payment app that can be used anytime, anywhere. To download App for Android or ISO see below and to see a built-in guide for merchants and users guide are within the actual XWallet App or here: https://xwallet.pundix.com/
Merchants Collect Feature (e-commerce);
1. Submit an XWallet Merchant application via the app and once the application gets approved, then your “Collect” page would be marked with “Pundi X verified merchant”. 2. You can open the XWallet app, then show the QR code on “Collect” page for customers to scan and pay; 3. You can also tap “Save” on “Collect” page to download your QR code as a picture, print it out, and place it by the checkstand for customers to scan and pay. This would be a more convenient way to collect payments. 4. Collected cryptocurrency assets would go directly to the XWallet Merchant’s Virtual Card account. My actual QR code, scan to see UI on XWallet. This is a powerful tool for e-commerce's to upload their QR Code on websites payout section. Sending any supported currencies on the X Wallet is accepted by one single QR Code, such as the above.
You can easily manage your digital assets, check your current balance, or top-up in the XWallet. By default, each user will have a virtual XPASS card in the app. You can also pair your XWallet with your Pundi XPASS card to make payments directly from the app when needed. If you lose the XPASS card, you can transfer all your tokens from the XPASS card to the XWallet app or to another XPASS card. https://i.redd.it/g0fcksz3oqi21.jpg
Instant Payments Online or Offline;
Transactions via an internet-connected XWallet or XPASS can be processed immediately, while offline transactions can be made by scanning the QR code, which will later be uploaded onto the blockchain. The XWallet, in short, keeps up with your busy lifestyle. How to top up your XWallet from other wallets;
Select the ‘Card’ icon and choose the virtual card.
Select the type of currency you want to top up.
Tap on the ‘Receive’ icon and choose ‘View address’.
Copy the top-up address or scan the QR code.
On your other wallet, choose the correct type of cryptocurrency and insert the XWallet top-up address to make the transfer.
(Note: The speed of transferring tokens from other wallets to the XWallet app varies, depending on their relevant blockchain network conditions. To make instant payment transaction at any XPOS merchant, we recommend users top up their XWallet account from other wallets at least 6 hours before using the app.). XPASS Card Order; https://forms.monday.com/forms/088c80c8f7e4f1ba13816312097ddcd3
Burning of NPXS;
A quick summary of Pundi X token’s utility on each and every transaction:
A bit of it is burnt for every crypto related transaction that happens in through our XPOS.
The token is used to list other tokens in our XPOS, for example, QTUM paid us a sum of NPXS to be listed later in our XPOS, and this will include future coins that will be listed in our XPOS.
Loyalty programs are made & paid with NPXS.
Ads that run through our XPOS are also paid in NPXS.
Future products will be paid with NPXS.
Claim goods and services from merchants.
The XPOS is comprised of two parts, the consumer and merchant.
The Point of Sale device (XPOS);
For the merchants;
You get 1% extra as a fee. You can set it up from 0-3%, but we recommend 1% fee.
You can sell crypto again with that 1% fee.
You can sell the XPASS cards.
The POS can setup your inventory, loyalty programs, ads, and print smart receipts.
You can accept crypto, again the 1% fee.
You will be one of the first to change how the world uses crypto.
For the XPASS holders;
They can liquidate their crypto assets through our merchants, hassle free.
They get a special discount.
If you lose the XPASS black card, we are able to recover it (as long as you have the security card).
To better comply with ever-changing regulatory requirements, our legal team has advised the company to release the remaining unlocked tokens, starting from April 1, 2019, and to complete the program early by the end of June, 2019. Given the shortened period, we will increase the unlocked-token rate over the next three months. Please note that the total distributed amount of the tokens will remain the same as stated in the whitepaper. You need to hold your NPXS or NPXSXEM on supported exchanges or wallets such as XWallet, Binance, Imtoken or in any ERC20 wallets that you control your private key. Snapshots will be done on a daily basis and at random times for the next 3 months. The unlocked tokens are calculated on your total tokens held, which are then distributed. Program schedule below; Starts:00:00:00GMT+8onMarch1,2019 Ends:23:59:59GMT+8onMay31,2019 Unlockedtokenratepermonth:11.063% You need to hold the whole month to receive the full %. If you hold less days, you will receive less %. We recommend you to use an ERC20 wallet that you control your private key, because Binance for example uses their own system, so if they do their calculations wrong, it wont be Pundi X's fault. Supported wallets and exchanges below: Exchanges; BinanceOkcoinkrBittrex InternationalHotbit - npxsxem tokens supportedWazirXUpbit Wallets; Xwallet - npxsxem tokens supportedCoinmiEthosImtokenTrust walletEnjinEidooExodus Web Wallets; MyEtherWalletMetaMaskMistParityGeth LedgerXwallet Web - npxsxem tokens supported Hardware Wallets; Ledger Nano S Trezor
The formula to calculate the base of your NPXS/NPXSXEM monthly holdings is the same as previous months but the rate is adjusted: [(The average of the daily lowest NPXS amount of the month X 10%) + (the daily average NPXS amount of the month X 90%)] X 11.063%
This will be a new option in addition to transferring NPXS / NPXSXEM into the XWallet. The Team is working hard to enable the private wallet option before March 10, the day of this "OPTIONAL" staking process kicking off. We will do this by having holders “register” their own ERC20 or NEM wallet public address, in XWallet so that we can properly track the holdings of NPXS / NPXSXEM in those wallets to enable decentralized staking", allowing you to get the fx coins in the Xwallet, whilst getting your normal unlocks where you're getting them now. Nano S will be supported as well.
Case study of fees;
▪ 100% of Pundi X’s revenue that is generated through transactions on the XPOS will be removed permanently from our NPXS token circulation (and that's called token burn). This means that if Pundi X makes $1 of revenue from a transaction, they will take $1 worth of NPXS out of circulation permanently. NPXS tokens taken out of circulation will never be able to re-enter the circulation in any way as they will no longer exist. ▪ if the transaction is made in Pundi X tokens, we will take the tokens immediately out of the total supply. If the transaction is made in other tokens or fiat, we will use the proceeds to buyback NPXS, after which we will permanently remove the NPXS tokens from circulation and ensure they can never re-enter circulation. ▪ In case of a fiat to crypto transaction (including a payment with mastercard/visa) NPXS will be also burned. ▪ Case study 1: a user buys $1,000 worth of crypto from a merchant in a store using Pundi XPASS card. The total charge a user has to pay is $1,010; $1,000 for the crypto and $10 for the service fees. Of the $10 received, $6.50 is paid to the shop merchant for rendering this service. $3.50 is paid to Pundi X for providing XPOS (switch) and XPASS (Issuer) service.
E-mail update from Richard - the team have been busy :) Electroneum - Tech Update, Instant Payment Patent & More Hi Everyone, I’m currently whizzing around Asia and the Middle East to meet with some important contacts that were made at the Mobile World Congress in Barcelona. This is going to be quite a long update (I’ve just read through it as I make this comment – and it’s a monster! I knew I should have written a novel) Here’s a synopsis (not in any order) for a fast update – then read the detail below, if you want to know more… Patent Pending Secured! We’ve worked on this since last year, it protects our cryptocurrency hybrid system that will allow us to provide INSTANT cryptocurrency payments as well as cryptocurrency subscription payments! It is a game changer for the entire cryptocurrency industry, when it comes to everyday use. Market sentiment (and how to change it) I’ll cover why the market has been filled with FALSE negativity and how we are going to change it (you can help too!). Tech update (51% Attack, ASICS & more) There is no hard evidence that there IS a 51% attack taking place. The evidence that is being used is not evidence of a 51% attack in this instance, it’s a timestamp bug that is causing no problems at all. ASICS are nothing to worry about – we have ASIC resistance in the next update – which will be before the ASIC chips are widely available. Blockchain flooding, we are working on this from two ends – a blockchain update AND our patent makes the blockchain flooding far less problematic. New technical team member introductions Two new blockchain based team members to introduce, who are already well in to fixing everything the market is worried about. Growth (let’s end on a positive note!) Did you know that Electroneum is ahead of Twitter, Facebook & Dropbox in speed of growth? I’ll explain why. Here are the full details if you want to dive in. Otherwise, thanks for reading this far - have a great day! Changing the market sentiment… There is an enormous amount of negative and often false information flying around the internet about Electroneum. There has been a concerted effort by a number of very credible sounding people to try and damage the Electroneum brand for their own reasons or for their own financial gain. A relatively small number of people have been spreading lies, fears and doubts at any sign of positivity. There is also an automated trading strategy that has kept placing tiny sell orders just under the market price which along with the negative narrative, has resulted in loop of negativity that seems to feed itself. I’d like everyone to know that the Electroneum project is not in any danger and whilst there are some legitimate questions such as when we will be implementing ASIC resistance (covered below), there is nothing that is going to cause us long term harm. An important thing to remember is that a group of people think it is worth spending a lot of their own money, and time, trying to discredit Electroneum and our team. We’ve always expected this because we are disruptive to the industry. There is no other cryptocurrency that is poised to reach so many users, and there is no other cryptocurrency that has solved the problem of instantaneous transactions that will allow cryptocurrencies (not jut ours!) to be spent online or in shops, restaurants, cafés etc. Currently the volume of ETN traded every day is low and the ability for someone to manipulate the price exists. As we move forwards onto the largest crypto exchanges and we start delivering on our promises, I hope to see that daily trading volumes grow to the point that that cannot be manipulated. We will change the sentiment of people who doubt the project of the coming weeks and months with both innovative technology and by becoming the first cryptocurrency to start being used in everyday transactions by millions of users. If you’d like to see market sentiment changing – don’t forget you can help! Any time you see negativity for negativity’s sake make a comment that points out some positives. I’m not asking for a giant spam army to take over the world (evil laugh) but all of YOU are Electroneum. It wouldn’t exist without you, so feel free to get involved and make positive comments about YOUR project. Electroneum. Two New Blockchain Developers to Introduce Chris Harrison, working from our UK office. Chris joined us recently and has a background in Fintech and blockchain. He brings an exceptionally high level of understanding of the mathematics behind cryptocurrencies and develops in C++ (among others!), the language that our blockchain codebase is written in. He is working closely with our existing team and our second new blockchain starter Andre. https://www.linkedin.com/in/christopher-harrison-3a95a2a0/ Andre Patta, working from Brazil. Andre has a huge amount of experience as a corporate software engineer working with companies such as Ericsson, and has spent much of his time in recent years working on the interaction of decentralised technology with the financial sector. He has worked extensively with the blockchain technologies of Ethereum and Monero. https://br.linkedin.com/in/andre-patta-77859b56 We are very lucky to have an AWESOME Electroneum team and both of the two new developers will add their strengths and take us to new heights. Tech Update Both of the new team members are already working closely with our existing team to get a blockchain update ready for release. This will include ASIC resistance, update to the core blockchain code, an algorithm tweak to prevent empty blocks being profitable for miners and a number of bug fixes and tweaks. ASIC Resistance There seems to be a lot of misinformation circulating about ASICS. ASICS are a type of computer chip designed to do just one job, and do it well. There is a new ASIC out that enables owners of those machines to mine ETN at a much higher hashrate than GPU miners, however there are currently only very limited numbers of them, and they are not available to purchase at the moment (they are not easy to buy, we are trying to get some for testing). The next batch are due out in June. We will have our ASIC resistance in place before they become a potential problem to us. 51% attack. There are rumours that a 51% attack on ETN is happening. People have been quoting altered timestamps as evidence of this, but that is a bug that we are aware of and has been there since the first day we launched. It will be fixed but is nothing to worry about. Orphaned blocks have no fundamentally negative effect on the functionality of the blockchain. Any cryptocurrency can suffer from a 51% attack – where someone controls 51% or more of the mining power, it gives them the ability to make false entries into the ledger – however there is no HARD evidence that this is taking place. Our investigations have been unable to identify an attack, however people are starting to believe it because of the credibility of some of the article writers and the timestamp issue. Ask yourself this – if someone could manipulate a cryptocurrency and make money from that manipulation, why would they announce their ability by altering time stamps? They would not. The rumours of this attack are what is called FUD in this market (the spreading of Fear Uncertainty and Doubt). Blockchain flooding. It’s true that someone is spending their own money to flood the ETN blockchain with transactions. Whilst a lot is being made of it by the same people, It’s actually been quite useful to us, as we need to understand the load requirements for true mass adoption. We have some great data from is and are working on a tweak to the blockchain code that will enable us to do something about this, including a change to the dynamic block sizing algorithm (more on this in another update) – but remember that our instant payment system that is coming and is protected in our patent (see below), makes a blockchain flooding attack completely harmless against ETN. Our systems can verify the payment and if it takes hours to hit the blockchain, the user and vendor are unconcerned (read about this in the patent section below). In short, don’t worry, all the tech is in hand. Technical glitches and problems will always happen in any company scaling as fast as we are – but we will always find them and resolve them. Instant cryptocurrency payments & crypto subscriptions - Patent Pending We are completely confident we will be the largest cryptocurrency by user numbers within a year. We are also confident that we will be the most widely USED cryptocurrency, with developments in instant EPOS (electronic point of sale – or tills as we call them in England!) and ecommerce. Our instant cryptocurrency payment technology patent is now officially “patent pending” so we can now discuss some exciting details about it. I’ve made hints about this for weeks, I really thought we’d have it submitted sooner, but it’s an exceptionally detailed patent that enables us to do some VERY exciting things! Instantaneous Cryptocurrency Payments We have a hybrid model, with a centralised app and decentralised blockchain it enables us to INSTANTLY confirm to a vendor (shop or online store) that an Electroneum user HAS the funds available in their wallet and therefore they can checkout of an ecommerce system or pay at a shop till and take the goods or service, instantly. We then (internally) ring-fence the funds to prevent them double spending (just like the blockchain does) – and move the transaction to the blockchain in good time. The vendor and the user are happy because they got to buy something in a shop or online with zero fuss, bother or delay, and the vendor trusts us to ensure the payment is on its way. Vendors are used to waiting after an instant SUCCESS or FAILURE message – as that’s what a credit card machine does. The money from a credit card sale is only deposited into the vendors bank after a couple of days or more. Some of the retailers we’ve been speaking to right back from last year, absolutely needed instantaneous payments before they would ever consider accepting cryptocurrency – which is why we’ve spent so much time and effort on this patent and the back-end technology that allows it. (not a small amount of money either!). A lot of large vendors have been waiting for this patent to be filed, as it changes the entire way a cryptocurrency can be used and takes it out from being just a relatively small technical user group, to being a genuinely useful way to make real world transactions. If the user is using the Electroneum App or web wallet system, and the vendor has an account with us, the instant payment system will be available to them. Instant payments can even happen between our users – allowing anyone to instantly transfer funds. The back – end system is not quite ready to roll out, but we’ve already been writing the code in advance of the patent going live. We will have it to MVP (minimum viable proposition) within the next couple of months (sooner if we can), which will allow vendors to get an instant notification of a payment, which they can hook in to their existing payment processing facility. We are working with integration with a couple of mobile network operators first, as we are commercially further ahead with them than anyone else. We are keen to work with any large brands as they can leverage being “first in their industry” to accept cryptocurrency and gain the benefit of free publicity. Cryptocurrency Subscription Payments So, if instant cryptocurrency payments wasn’t exciting enough, the technology and the patent covers something else that is a first in cryptocurrencies too, subscription payments in crypto! Our hybrid model ALSO allows us to prompt a user for permission and then set up a subscription to make a regular payment to a vendor! Who do we know who likes subscriptions? Well, just about everybody in business is the answer – starting with the mobile operators. Our patent covers subscriptions in cryptocurrencies and it covers subscriptions in cryptocurrencies to the value of any fiat currency, allowing a subscription to be either XX ETN per month (or week etc) or YY US Dollars worth of ETN per month. Users can control their subscriptions and permissions via a web interface (to be released). Our patent covers all cryptocurrencies and even allows us to provide instant payments or subscriptions in any OTHER cryptocurrency via our system. The patent is over 100 pages of text and flowcharts, so it’s extremely robust and covers a number of other cryptocurrency innovations too, but I think that’s enough for now! That’s right – we now have a protected patent that allows us to add bitcoin, Ethereum, monero or virtually any other cryptocurrency to our app and allow users to make instant crypto payments to any vendor who wants to have the convenience of instant check-out. This won’t be happening this year, as we want to get Electroneum (ETN) out there first into the market, but it gives us the ABILITY to provide this if the market demands it. We could therefore work with a large multinational vendor who had chosen a different cryptocurrency, but still leverage the Electroneum brand, as part of our strategy for brand dominance and growth. There’s bound to be a ton of questions and there’s bound to be a lot of people trying to claim that this can’t happen or it doesn’t exist – but I assure you that the patent is filed (patent app. Number 1805708.3) and Dentons are confident of our claims, and we are going to deliver everything we’ve said we will. This single jurisdiction patent application protects the idea we apply for global patents. It covers a number of other things too, that we’ve discovered by being the first people to ever handle this volume of cryptocurrency users in a hybrid app. Since we’ve found solutions for a lot of the problems, we’ve patented the techniques to give Electroneum the intellectual property rights, enabling us to protect the process, or even earn royalties from their use elsewhere. One of the phrases we heard last year speaking to one of the large vendors we are in discussion with was “Where is your moat?”. What they meant by this is what is to stop someone else coming along and offering the same thing. What protects the Electroneum business model (other than our massive first mover advantage)? This patent is exactly what they were after. If gives them a reason to publicly endorse us as a fintech partner, because we are following the corporate path. We are now protected. No new ICO can think “great idea” and take it, as it’s protected by global patent laws. Faster growth than Twitter & Facebook - a positive thought to finish on. In amongst some of the negativity recently I thought – “hey! There’s another thing I’d like to point out to detractors and those with only negative comments for ETN”. We are already up there with some of the greats. Think about it, we’ve already shown that we can grow faster than Twitter, Facebook and Dropbox (we hit 1m users after 5 months of being live – Twitter took 2 years, Facebook 10 months and Dropbox 7 months). Now think what we can do with a global patent that enables us to transact any cryptocurrency instantly into any shop or ecommerce system, coupled with a method to introduce new users to cryptocurrency in their millions. I hope you are as excited about the future as I am. Don’t worry about the future of Electroneum, we are building strong foundations to ensure we deliver what we’ve always promised. Cryptocurrency mass adoption. It’s coming… As always, I wish you all health, happiness and a wonderful weekend Richard Ells Electroneum Founder
Basics for how to do carding Points we will go through: - What is carding? - What are the factors relates to carding? - How it’s done - the process itself. - Precautionary measures Carder should take. Overview: Nowadays, if we see the credit card fraud trend, it is being increased day by day and new techniques being discovered to hack the credit card info and use it for malicious purpose so it's a good growing business. As everything goes cashless, the use of a credit card will be necessary for everyone. There are so many ways to get the credit card details available on the internet through Darknet sites as well as on TOR sites (Data Leak .etc.). As we can see on social media sites and groups, most of the carders provide the offers which are collected from Online Sites, offline stores etc. and groups for your reference: Be aware that you should never contact a ripper. A Ripper is a fraud who takes the money and never deliver the product. Bad ways are: Facebook and WhatsApp groups Let’s start with the basics.
Introduction to Carding and Key Points:
There are multiple definitions available per different views. Carding itself is defined as the illegal use of the card (Credit/Debit) by unauthorized people (carder) to buy a product. 1.1 Key points in carding method. 2. Let start to understand each point one by one. 2.1 Computer (PC): For doing carding always use a computer. I know some methods using a mobile device, but it is less secure and involves more risk. 2.2 SOCKS: SOCKS stands for SOCKet Secure. It is internet protocol which allows client and server traffic pass through a proxy server, so real IP is getting hidden and proxy IP get reflected. This is useful while carding because carder wants to use the credit card holder’s location while doing it. Users can buy SOCKS. 2.3 Mac Address Changer and crypting: MAC stands for Media Access Control. It is the unique address of every Network Interface Card (NIC). A MAC address changer allows you to change the MAC address of NIC instantly. It is required to be anonymous and safe. Sure the best way is to have your computer encrypted - find some software to encrypt the PC. E.x. Best Crypt. Do not forget to fully turn off the PC while moving somewhere. 2.4 CCleaner: It is very useful tool help in cleaning your browsing history, cookies, temp files, etc. Many people ignore this part and get caught, so be careful and don’t forget to use it. 2.5 RDP (Remote Desktop Protocol): RDP allows one computer to connect to another computer within the network. It is protocol developed by Microsoft. Basically, carders use it to connect to computers of the geolocation of the person whose credit card carder want to use. It is used for safety and stay anon. Here carders using others’ PC for doing carding instead of their own. 2.6 DROP: DROP is an address which the carder uses for the shipping address in the carding process. Let me explain in details with an example: If I am carding with US credit card, then I use USA address as shipping address then my order will be shipped successfully, and I will be safe. If you have relatives/friends, then no problem, otherwise use sites who provide drop services only we have to pay extra for shipping it. 2.7 credit card (Credit Card): This part is very much important so read it carefully. Any credit card it is in the following format: | credit card Number | Exp Date | CVV2 code | Name on the Card | Address | City | State | Country | Zip code | Phone number (sometimes not included depending on where you get your credit card from)| e.g.: (randomly taken numbedetails) | 4305873969346315 | 05 | 2018 | 591 | UNITED STATES | John Mechanic | 201 Stone Wayne Lane | Easternton | MA | 01949 |
Types of Credit Card:
Every Credit card company starts their credit card number with a unique number to identify individually like shown below American Express (AMEX Card) – 3 Visa Card – 4 Master Card – 5 Discover (Disco) – 6 Company wise credit card details:
Classic: The Card is used worldwide in any locations designated by Visa, including ATMs, real and virtual Stores, and shops offering goods and services by mail and telephone. Gold – This card has a higher limit capacity. Most used card and adopted worldwide. Platinum – Card is having limits over $10,000. Signature – No preset spending limit – great bin to get Infinite – Most prestigious card with having virtually no limit. There is less in circulation so be alert when buying these. Use only with reputable sellers! Business – it can be used for small to medium sized businesses, usually has a limit. Corporate – it can be used with medium to large size businesses, having more limit than a Business card. Black – It has limited membership. It has no limit only having $500 annual fee, high-end card.
Standard – it is same as classic visa card. Gold – it is same as visa gold card. Platinum – it is same as visa platinum card World – it has a very high limit. World Elite – it is virtually no limit, high-end card.
Gold – it usually has around a 10k limit. Platinum- is usually has a higher limit (around 35k). Centurion – it has a High limit (75k+). It is also known as the black card, note: do not confuse with visa black card. Now we can start with some of the questionnaire and Basic concepts before start practical process of Carding. Q1. What is BIN? It is known as Bank Identification Number (BIN). It is a 6-digit number e.g.: 431408. Some of the reference sites which give BIN info which I also refer: www.bins.pro www.binlists.com www.exactbins.com Simply go to the site (www.bins.pro) enter BIN number and click on find to get the details. I have added first 4 digits only. You can filter out the option as per requirement shown below We got most of the information from the site. Now the question is how to know the balance of CC. is it possible? and answer is Yes, I will let you know step by step using normal as well as Skype method J Q2. What is the meaning of VBV, NON VBV and MSC? VBV (Verified by Visa) – Extra level protection is added by Visa to protect the Card from fraud. Like DOB, password, Social Security Number and Mother’s name, etc. also sending OTP (one-time password) as extra security level to card owner mobile number to validate the transaction. NON VBV (Verified by Visa) –Handy to use. No need extra information as specified in VBV card while doing the transaction. Note it down (IMP)- Carders mainly buy and use NON VBV cards for carding. MSC (MasterCard Secure Code) – security level same as VBV card. Q3. What is AVS? It stands for Address Verification System It is the system which is used to identify the credit card holder original address with billing address provided by the user while shopping or online transaction. The system is used to identify the online fraud over the internet. Q4. How to check credit card is live or dead? There are many sites available on the internet to verify credit card is live or dead, but they charge for it approx. $0.001 (price may vary). Also, 80% websites kill the credit card so never use it. There are tools also available on the internet to check the credit card status, but most of them are a backdoor or Trojan so prefer not to use it. As such there is no easy method to check it. Carder uses own ways to find it out. One of the ways is… Most carder go to Porn sites, buy a membership and confirm the credit card is live and proceed with carding. Q5. How to check the credit card is live or dead? (Skype Method) (Note: method is posted on March 16) Login into Skype account and call on Magic number +18005xx5633 (masked). You will connect to voice mail (lady’s voice). Start by entering the credit card number, and voice mail lady will stop automatically. After that enter Expiry date of a card like 01 16 (mm: yy format). If your credit card is live then voice mail lady will speak like “Thank you for calling, we really appreciate your business, since u are a 1st-time caller we would like to connect you .. blah blah” then just hang the call. But if the credit card is used and voice mail lady speak like “Ohh I’m sorry please re-enter your credit card number now” then the card is dead. You can repeat the same process as many time you want. Note: You need a good internet connection for Skype calls. Q6. What is Bill=ship/Bill=CC/Ship=your Address? Kindly pay attention here as it is also the main portion in carding process. Any mistake will cancel the order and id get blocked. BILL=SHIP (Billing address: Shipping address) Take a scenario of normal online shopping scenario, when you are doing carding you will use billing address and shipping address are same. Means in both u will use your address. No need to use credit card address. Bill=Shipping address, Ship=your address When you are doing carding, you will use credit card holder address as your billing address, and shipping address will be your address. Most sites use this method. Now we cleared basic concepts and start with the actual process of carding. Setup SOCKS proxy in Firefox: Follow the steps: open Firefox, go to options, advanced options, network A pop-up will come. It will show options No proxy 2. Auto Detect 3. Use system proxy 4. Manual proxy configuration Select manual proxy configuration. Enter socks host: <> and port: <> e.g.: 126.96.36.199: 8080. Press ok and restart Firefox. Now you are connected to secure Socks5 J Ethical Hacking Training – Resources (InfoSec) Note: when you buy a socks always match with credit card holder address. If credit card holder is from California, USA then try to get SOCKS5 at least matching state, country J Guys now time to start the Carding process. Kindly follow the steps: Create the email id matching with credit card holder name. If his name is John Cena ( the random name was taken), then email id should be [email protected] or near about. Now Run RDP and connect to the credit card holder location system to proceed. If you didn’t have RDP, then follow following steps. Open MAC changer and change the address randomly. Run CCleaner and clean all the unwanted data (cookies/history/temp data etc.). Setup SOCKS5 proxy in Firefox. <>. Be sure to use SOCK5 is matching to the location of credit card holder and be aware not to use blacklisted IP. Check with www.check2ip.com Open the site for shopping. I want to recommend a website shop from your country because you don`t need to wait a lot for your package. Register with credit card holder information (John Cena), name, country, city, address, and email. Shop and choose your item and add to cart. Precaution: Select item not more than $500 at first step. In shipping address add your address or drop address where the product is going to deliver. Then go to the payment page and choose payment method like a credit card. Enter all details of credit card manually because most of site having copy paste detector script. Finally, in billing address add credit card owner address info and then proceed with the payment process. If everything all right then the order will get successfully placed. Once the order arrives at the shipping address, receive it from delivery boy. (Few carder arrange fake id if delivery boy ask for proof). Carding method using mobile: Extra pro carder uses mobile for doing carding. If you followed steps carefully, you would also do that. Basic requirement: Require rooted Android mobile. Install few application require for carding (proxy apps, CCleaner, IMEI changer, Photo and Android ID changer). You can use any VPN for carding I recommend HMA or Zen mate. You can use SOCKS5 proxy with proxy droid apps. Also, proceed with IMEI and Android ID changer and do it. Now connect with proxy droid with SOCKS5 proxy and connect it. Now follow all the steps explained above. Reference: CC and dumps shop to buy www.antigreedy.com Buy SOCKS Download CCleaner Download MAC address Download SOCKS Acronyms: BIN: Bank Identification Number CC: Credit Card CCN: Credit Card Number CVV/CVV2: Credit Verification Value (Card Security Code) SSN: Social Security Number MMN: Mother Maiden Name DOB: Date Of Birth COB: Change of Billing VBV: Verified by Visa MCSC: MasterCard Secure Code POS: Point of Sale VPN: Virtual Private Network BTC: Bitcoin Personal Advice: Be safe and have fun, get money. *Telegram @AntiGreedy *ICQ 743526859 *Jabber [antigreedy_[email protected]](mailto:[email protected]) * www.antigreedy.com * antigreedy.bazar *TOR - antig4vt6kvg7am6.onion
I'm just curious because if it works as it should then it should be a huge deal for the crypto world. Just imagine 8MB blocks with this baby, game changer. At that point i probably wouldn't own any alts at all anymore (beside my baby eth wich got my into crypto in 2016). As for the "other" coin, graphene would delay the massacre for a few months until they would hit the wall again= wasted tech/efforts. Global Adoption could happen alot faster (from a tech standpoint). Short information: Graphene is a Bitcoin (Cash) block propagation technology that sends the instruction to build the block instead of sending the whole thing as far is i understood, once received there are tools to build the "information". This process should reduce the size to 1/10th (compared to the current size). Also as i know graphene exists already and works on other blockchains, but i'm asking when/if we could implement it for btc(cash). Sorryforbadenglando
Crypto News Recap: Cryptocurrencies are in the green as Coinbase gears up for its largest expansion of crypto listings to date
About 80 representatives from large financial institutions and cryptocurrency firms met with US lawmakers in Washington yesterday and conveyed a consistent message: they need more clarity in regard to regulatory guidelines of cryptocurrencies and initial coin offerings. Financial institutions made it clear that they are hesitant to enter cryptocurrency markets as they are unsure whether cryptos will be treated as securities or not. Crypto firms and startups are also unclear about how to approach compliance in regard to cryptos. Congressman Warren Davidson, the host of the event, told participants that he would begin to introduce “light touch” legislation within the next few weeks.
According to a study by McAfee Labs, cryptocurrency mining malware attacks surged 86% in the second quarter of this year. The majority of attacks have been aimed at personal computers, but cryptojackers have begun to turn their attention more towards smartphones and other gadgets with internet connection. McAfee Labs notes that while crypto mining malware attacks have spiked, ransomware attacks have fallen 30% in the second quarter of 2018.
Afri Schoedon, the release manager for Parity Technologies, Ethereum’s software client, caused an uproar after tweeting that, due to scaling challenges, to, “stop deploying dApps to Ethereum.” Ethereum creator, Vitalik Buterin, eventually stepped in to defend the network, but others continued to point towards other blockchains as better solutions that are “here now” and not in development.
Bitcoin’s largest block ever was added to its blockchain on September 5th, 2018. While Bitcoin maintains an average block size of roughly .8MB, Bitcoin block 540107 had a size of 2.26MB, making it the largest block ever added to Bitcoin’s chain. Many are taking this as a positive sign for Bitcoin and as a sign of technological progression.
Coinbase announced Tuesday that it is launching a new policy for listing new cryptocurrencies with hopes of expanding the range of assets traded on its exchange. Coinbase will replace their ad hoc review process for new coins with an online evaluation form that should streamline the process. Coinbase will also restrict certain coins from certain areas depending on which criteria they meet and do not meet in order to comply with different regions’ legal requirements.
Crowd Machine, a crypto platform working to build a blockchain replacement for Amazon Web Services, may not survive after the firm was hacked. A member of the Crowd Machine team posted Saturday that the team’s crypto wallet was hacked and robbed of more than 1 billion of its native token, Crowd Machine Compute Tokens (CMCT). After the theft was announced, CMCT tanked 87% to a low of about USD$0.0019.
Dell EMC Technologies is furthering its blockchain, artificial intelligence, data analytics, and cloud-compliance capabilities in order to remain the leader in India’s server market. Dell currently has the largest overall market share in India’s server market, with 28.4% of market share in 1Q2018. In an interview with the Economic Times India, Dell’s Senior Director and General Manager of its Infrastructure Solutions Group, Manish Gupta, expressed that cloud, AI, analytics, and blockchain are key to optimizing traditional servers.
Joe Lubin, founder of ConsenSys and co-founder of Ethereum, believes cryptocurrencies are the most logical step in the evolution of money. Lubin believes that cryptocurrencies’ ability to reduce costs and operate without a central actor leads it to be the next logical step for currencies. In explaining his belief, Lubin cited quotes from Margaret Boden’s, “The Creative Mind: Myths and Mechanisms” and Hernando de Soto’s, “The Mystery of Capital.”
Monero (XMR) developers have patched a bug that could have allowed an attacker to “burn” funds in a user’s wallet while only sacrificing network transaction fees. The bug was discovered after users on the XMR subreddit were discussing a hypothetical attack. Monero developers have urged exchanges, merchants, and other relevant individuals or organizations to apply a new software patch.
SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, announced today that it has completed registration with the Kantou bureau of Japan’s Ministry of Finance to serve as a licensed agent for handling electronic payments. The new license for SBI Ripple Asia will allow the joint venture to roll out its MoneyTap payments app geared towards facilitating peer-to-peer payments for retail users over a distributed ledger. SBI Ripple Asia will initially launch MoneyTap in partnership with three domestic Japanese banks but hopes to expand to over 60 financial institutions.
The blockchain developed by CSIRO, Australia’s national science agency, processed a massive 30,000 transactions per second (tps) in its first test on Amazon’s cloud computing network. Dubbed, “Red Belly Blockchain”, the blockchain was developed jointly between the Commonwealth Scientific and Industrial Research Organization and the Concurrent System Research Group at the University of Sydney.
Bitcoin wins the blockchain race only if it becomes widespread money
The concept of blockchain technology and its various apps is currently overhyped while bitcoin’s role of money is underestimated. If we focus on developing blockchain security and the money application for bitcoin then all other apps will come easily afterwards. Instead many developers are distracted with second stage apps like smart contracts and verifiable data which have limited practical value until a secure and decentralized blockchain with a high valued tokens is established. In addition, banks and tech giants are competing to create private blockchains and VCs impatiently finance lots of promising projects blockchain projects without any sign that they will really work. It seems like we are designing the fruit of a tree which still has a tiny stem. We should rather focus on growing a robust trunk with deep roots and only then discuss the beautiful apps that can be built on top of it. It may sound boring but we need more people devoted to the plain old problem of bitcoin used as money. Blockchain apps are important game changers but they will remain a mirage unless we have the foundation of blockchain based widespread digital currency. Going back to basics is especially important in the context of the block size problem which currently slows bitcoin’s adoption. Let’s take a closer look at what makes a blockchain work. The blockchain could be used mainly for two things — transferring value and timestamping information. For these to work properly we need the highest level of trust and security possible. Security is the main requirement for any blockchain which claims to be useful. It comes from fierce competition for the role of a temporary third party for a valuable prize. Actually when people say that there is no third party in blockchain transactions they are wrong. The third party is the miner publishing the block with our transaction. The revolutionary thing is that this third party is paid well for the service and is constantly changing because of the mining competition which is open to everyone. Therefore blockchain security equals fierce competition and fierce competition equals freedom for everyone to compete for a high valued prize. blockchain value = security security = competition = freedom to compete * prize for the winner Consequently, private blockchains which are not open for everyone to compete are inferior to those who are open. At the same time, the high value of the prize is also crucial for the competition. If the prize has zero value in an open competition there will be no participants and no security. In the bitcoin model the prize is currently 25 bitcoins + transaction fees for every block. So valuable bitcoins bring more security and additional security feeds more value in an ever growing spiral. Widespread adoption also yields more transaction fees which add up to the prize. So… Prize for the winner = block reward + transaction fees = bitcoin price + number of paid transactions per block = demand - supply of bitcoins + widespread usage = widespread usage - supply + widespread usage = 2x widespread usage - supply (fixed schedule we cannot change) Therefore… Prize for the winner = 2x widespread usage => blockchain value = security = freedom to compete + 2x widespread usage where 2x widespread usage = world’s most frequently used blockchain app = money => the ultimate blockchain winner = freedom to compete + money So the prerequisite for all the promising blockchain apps is the first and main app - money. Consequently, bitcoin must become the most secure and user friendly money in the world. Then, progressively more people will be willing to give away government currency for these digital tokens and use them as a payment now or store their value for future payments. In conclusion, money is the most crucial app for the blockchain technology. In fact, it is so important that it dwarfs all the others. Most efforts of the blockchain community should go towards helping the bitcoin system achieve maximum durability, highly fungible units and user friendly experience. EDIT: The point of this article is not to open the blocksize debate. It is to show that private blockchains are not very useful. Also the thousands of blockchain apps people get excited about are much less important relative to the plain old money function. However, it will be hard if not impossible to create widespread usage while limiting the number of transactions.
This first problem WaltonChain fixes for China: their Clothing Industry.
This is an article I wrote a while back and intended to share after improving it. Never did that, but I wanted my research to be out there for those who want to learn more about what WaltonChain is trying to fix. WaltonChain = Blockchain + RFID, to be used initially in supply chain management. Launching first into China's 175 billion dollar-per-year clothing industry. BlockChain: As we all know, BlockChain is a booming technology with many still undetermined use cases. RFID is a massively booming industry (with a more stable infrastructure for growth than blockchain) because it drastically speeds up the movement of goods on the supply chain side of retail. According to ChainLink, a top research firm in supply chain management, the use of RFID is expected to double in size over the next three years. An in-depth article discussing its value and growth projection can be found here. Supply chain management is the industry responsible for moving goods around the world, and China moves A LOT of goods around the world, especially clothing (more on that below). Let's talk now about who is already using these technologies in supply chain management: Blockchain: Upon learning about the blockchain, IBM and Wal-mart took immediate action thanks to its ability to verify tracking documentation (a critically important yet extremely expensive component in supply chain management). The vice president of food safety at Wal-mart has referenced it as "the holy grail" for supply chain management. Blockchain is a seriously big deal for the industry which ships things all over the world. RFID: In 2014, the clothing retail outlet Kohl's (the 10th largest retailer in the US) ran a test which utilized RFID chips for retail inventory tracking in their clothing story. RFID chips were a massive success, and they then began rolling them out for use nation-wide in all of their stores. Macy's, the 6th largest US-retailer, is currently tracking 50% of their clothing in manufacturing and supply chain management with RFID and has publicly announced a goal to be "100% RFID" by 2018. This shit is blowing up in clothing as it has been shown to provide up to an 80% efficiency boost in tracking items in manufacturing/transportation. Enter the late Charlie Walton (inventor of the RFID), and the team who bear's his name: WaltonChain. They seek to combine the speed and accuracy improvements of RFID with the verification and documentation improvements of blockchain, and bring them to the 175 billion dollar-per-year industry of Chinese clothing exports (as well as their domestic production). China produces and exports more value in clothing than the next four top global clothing exporters combined (read: China OWN's the global clothing industry). However, there have been upcoming threats from countries like like India, Vietnam, and Bangladesh lately, and China has begun to lose its grip on the global clothing industry. Therein, China is looking for a win (businesses and governments included) as other countries undercut their export costs to steal market share. WaltonChain provides a solution to this exact problem - stem the flow of clothing exports moving to other countries by reducing the export costs associated with supply chain management. Implementing this system will be easier in China than in these other rising markets due to their engineering/technological superiority, so if they can make this work it should last for a long while. This is a huge undertaking, but the gravity of it's potential impact makes it understandable why people like Jin Xiji are on-board, and the Chinese government is expressing interest/support. Personally, I'll be keeping an eye out for more news about government support, perhaps through an incubator program, or perhaps via additional big-players being brought on. WaltonChain has the potential to be a real game-changer in cutting export costs for China in a market where they need to gain back a competitive advantage. I'm looking forward to following closely as it all plays out. Edit: Here's an additional interesting article that points out other potential applications for what WaltonChain is building here, as MIT has shown that RFID can be used to help drones move packages around inside (or outside) warehouses. China has already seen widespread adoption of drone technology, and I think this could be an additional great application should they consider looking into at some point in their future (if they are not already).
Zilliqa: A Game-Changer When It Comes To Blockchain Scalability
DISCLAIMER: I am in no way associated with the Zilliqa team. Neither am I a financial advisor, nor is this meant to be financial advice. Whatever follows, just reflects my understanding of the project, and my personal opinion on its future outlook. Recently we have seen a lot of debate surrounding scalability of public blockchains, partly stemming from the CryptoKitties fiasco. CryptoKitties is an online game, created by Vancouver-based Axiom Zen, that allows users to purchase, trade, and breed digital kittens. Soon after its public release on November 28, the game took the cryptocurrency world by surprise, accounting for about 11% of total transactions on the Ethereum network, the blockchain that the CryptoKitties application is built on. The volume of traffic on the platform within the first week of its release was enough to put serious strain on the Ethereum blockchain, clogging the network, causing significantly slower transactions times and higher transaction costs for all the blockchain users. Some may argue that having an application like Cryptokitties on the Blockchain is frivolous, since the application is a non-coin related gaming platform. However, I think that this is a great application of the Blockchain technology, and why the technology is so disruptive. In fact Ethereum Co-founder, Vitalik Buterin, himself tweeted in support of the application, emphasizing on the value that the blockchain technology brings. So, maybe instead of asking the question: ‘Should we have an application like CryptoKitties on a public blockchain?’, we should really be asking the question: ‘Shouldn’t public blockchains be more scalable to real world application?’. The fact is that, as of today, blockchains are limited in their ability to scale, which some argue is the biggest technological barrier to global adoption of the technology. WHAT LIMITS SCALABILITY OF BLOCKCHAINS? Consensus protocols on existing public blockchains (Ethereum, Bitcoin, Neo, Ripple etc.) have a critical requirement for validation of transactions: every participating node on the network has to validate each transaction sequentially, and then store transactions on the ledger, a copy of which is maintained by each node. This requirement is what imparts, to blockchains, their key characteristic —‘decentralization’. However, in such a decentralized system, as the number of transactions on the network increases (with, for example, blockchain adoption), the need for additional nodes, to process and store transactions, also increases. As the number of nodes on the network increases, the data for each transaction has to travel a lot more before being validated and stored by ALL the nodes on the network. Therefore, the network does not scale well as more nodes are added to the network due to the inter-node latency that increases logarithmically with each additional node. In effect, blockchain scalability reduces as the network size increases. Public blockchain consensus protocols, that operate in this fashion, are forced to choose decentralization over high transaction throughput. Today, approximately 900 distributed applications (dApps) are built on the Ethereum Network. With a transaction throughput of about 15 transactions-per-second (tx/s), Ethereum is barely capable of handling the current transaction volume, and would have to scale significantly to be able to handle the expected transaction volume in the near future. The Bitcoin network is even worse in terms of transaction throughput, processing only about 4 to 7 tx/s. Similar is the story for all the existing public blockchain platforms, with some being slightly more scalable than others, but all glaring into a future where blockchain transaction throughput could be a severe bottleneck, hindering mass adoption of the blockchain technology. Researchers from the National University of Singapore (NUS) have founded a blockchain startup called [Zilliqa](https://www.zilliqa.com/). This new blockchain uses the ‘sharding’ technology, that is set to achieve Visa and MasterCard level transaction throughput of about 4000 tx/s. HOW IS ZILLIQA A GAME-CHANGER IN THE DOMAIN OF PUBLIC BLOCKCHAINS Zilliqa is a high-throughput public blockchain platform designed to scale to thousands of transactions per second. The reasons, I believe, Zilliqa stands out as a public blockchain platform suitable for global adoption are as follows:
Zilliqa is linearly scalable. Linear scalability means that as the number of participating nodes in the network increases, the transaction throughput also increases at an almost linear rate. Although it may sound intuitive, the fact is that, for most blockchains, the opposite is actually true, i.e. as the number of participating nodes in the network increases, each transaction now has to be broadcasted to a greater number of nodes before being validated and added to the ledger, thereby limiting transaction throughput. This is the reason why many solutions to increase transaction throughput depend on restricting the number of participating nodes on the network, which comes at the cost of a reduced degree of decentralization.
Zilliqa is the first public blockchain to implement sharding. Sharding is a concept that has existed for distributed systems for a long time, where it is used to improve scalability, performance, and I/O bandwidth. However, the concept has not yet been implemented on any public blockchain. Sharding is the process of automatic splitting of a network of nodes into parallel chains called ‘shards’, where each shard processes a small portion of all transactions in conjunction with other shards, resulting in a microblock from each shard. These micro-blocks are then merged into one complete block that is added to the blockchain. Zilliqa is now leading the way in implementing this automatic network parallelization for public blockchains.
In October 2017, running with 3600 nodes and 6 shards, Zilliqa has already recorded a peak throughput of 2488 tx/s on its internal testnet. This is already about 250 times higher throughput than Ethereum. With the first version of Zilliqa’s public mainnet scheduled for Q2 2018, this is a remarkable feat, and goes to show how Zilliqa is well on track to make the blockchain technology practical for high throughput applications, and hence global adoption.
Zilliqa uses Proof-of-Work (PoW) just to establish mining identities, and not as a consensus protocol, thereby significantly reducing the overall energy footprint. This is fundamentally different from other PoW blockchains, like Bitcoin, where PoW is performed to mine every block, making the mining process energy intensive.
Zilliqa uses an optimized practical Byzantine Fault Tolerant (pBFT) consensus protocol which gives finality to transactions. In other words, unlike PoW-based consensus, where multiple confirmations are required, pBFT does not allow temporary forks due to the consensus protocol, i.e. once a block gets committed to the blockchain, no other block can share the same parent as the committed block. As a result, no confirmations are required.
Zilliqa’s pBFT based consensus allows for efficient management of storage requirements. Because of finality, the entire transaction history does not have to be saved on the blockchain. Instead it is sufficient to store only the latest state. With smart contracts, however, the storage requirements increase significantly. But Zilliqa is exploring collaboration opportunities with distributed cloud storage networks such as Bluzelle and Genaro Network, to be able to utilize their storage for storing blocks and fetching them, when needed, for the execution of smart contracts.
Zilliqa’s smart contract language is easier to reason and less prone to bugs. Unlike Ethereum, Zilliqa’s smart contract language is not Turing complete, and instead it uses a non-Turing complete language, which makes it simpler, easy to understand, and more receptive to formal methods-based verification.
Zilliqa is the only blockchain protocol that is truly scalable without sacrificing security or decentralization. There are other blockchain protocols that claim to have higher transaction throughput, but they achieve this, either by restricting the number of participating nodes on the network, thereby increasing the degree of centralization, or by making the blockchain more vulnerable to attacks, and hence reducing the security of the blockchain.
HOW DOES ZILLIQA COMPARE AGAINST ITS 'COMPETITORS'? Although Zilliqa’s team does not see the other existing public blockchains as competitors, and rather takes a more open approach towards them, facilitating a healthy environment of learning from each project and developing on it, I use the term ‘competitors’ here in the conventional sense to be able to compare Zilliqa head-to-head against the existing blockchains. The following comparisons are based on the information shared by Zilliqa’s team with the community. Zilliqa versus Bitcoin:
Bitcoin network processes about 4 to 7 tx/s, whereas Zilliqa has already processed about 500 times more transactions per second on its testnet.
Since Bitcoin uses PoW as a consensus protocol, it applies PoW on each block, making mining of blocks much more energy intensive. Zilliqa, on the other hand, uses pBFT as a consensus protocol, with PoW just being applied for miner identification. Therefore, the high energy costs associated with PoW will not apply in Zilliqa.
Unlike Bitcoin’s consensus mechanism, Zilliqa’s pBFT gives finality to transactions, requiring no confirmations, which significantly reduces the storage requirements.
Unlike Bitcoin, Zilliqa has smart contract functionality and it supports the building of dApps on its platform.
Ethereum network processes about 10 to 12 tx/s, whereas Zilliqa’s transaction throughput is already about 250 times higher.
Just like Bitcoin, Ethereum also uses PoW as its consensus protocol. Therefore Zilliqa’s pBFT consensus protocol makes it much more energy efficient.
Ethereum’s PoW-based consensus does not protect it against temporary forks, and hence requires a certain number of confirmations before the block is committed. However, Zilliqa’s pBFT gives finality to transactions, requiring no confirmations, which significantly reduces the storage requirements.
Unlike Ethereum, Zilliqa uses a non-Turing complete language for smart contracts, making it less prone to bugs, and more receptive to formal methods-based verification.
Ethereum is still exploring Proof-of-Stake (PoS) and sharding as alternatives to improve scalability. However, Zilliqa has already chosen, and implemented sharding as its approach towards solving blockchain scalability constraints, possibly allowing it to run high throughput applications long before Ethereum. Zilliqa has the first mover advantage in the arena of truly scalable blockchains.
As a consensus protocol, NEO uses delegated BFT (dBFT) that requires a sub-set of nodes, called book-keeping nodes, to run consensus on behalf of the entire network. These book-keeping nodes are also required to deposit and lock a sufficiently large collateral. The disadvantage of this approach is that if the number of book-keeping nodes is too large, it significantly reduces the liquidity from the market due to the locking up of a large collateral; and if the number of book-keeping nodes is too small, it reduces the degree of decentralization of the blockchain, making it less secure from attacks. On the other hand, Zilliqa uses pBFT for consensus, with a significantly large number of nodes that are not required to lock up any collateral. Therefore, Zilliqa’s consensus protocol reduces neither market liquidity, nor the degree of decentralization or security.
NEO deals with the challenge of scalability by running dBFT on a subset of the nodes, thereby reducing decentralization and security. Zilliqa solves the scalability challenge by using sharding the network and the transactions into parallel chains, each chain processing its own micro-block, to be merged into a final block. Thus, Zilliqa is truly scalable, while maintaining decentralization and security.
EOS uses delegated PoS (dPoS) as its consensus protocol, where a subset of 21 nodes, called block producers, are used to propose blocks. This does yield a high throughput with scalability, but induces significant centralization and security risks for the network. Zilliqa is scalable without compromising the decentralization or security of the blockchain.
The dPoS of EOS does not guarantee transaction finality, the way Zilliqa’s pBFT does.
TEAM AND ADVISORS Zilliqa’s team consists of highly renowned scientists, entrepreneurs and engineers with significant experience in the blockchain domain and cyber-security. The Chief Executive Officer (CEO) of Zilliqa, Xinshu Dong, has a PhD in Computer Science from the National University of Singapore (NUS), and is a practitioner in building secure systems. He has led several national cyber-security projects in Singapore, and has extensively published his research in renowned international conferences. Prateek Saxena is the Chief Scientific Advisor for Zilliqa, and has a PhD in Computer Science from University of California, Berkeley. He is a research professor in computer science at NUS, and has received several premier awards such as the Top 10 Innovators under 35 (MIT TR35 Asia) in 2017. The advisory board of Zilliqa also includes the prominent names in the blockchain industry, like Loi Luu — Co-founder of Kyber Network, Vincent Zhou — Founding Partner of FBG Capital, Nicolai Oster — Partner at Bitcoin Suisse AG, and Alexander Lipton — Founder and CEO of StrongHold Labs. PROJECT ROADMAP The highlights of Zilliqa’s roadmap are as follows: * Zilliqa has already released public testnet v1.0 * Public testnet v1.5 release is scheduled for Q1 2018 * Public mainnet release is scheduled for Q2 2018 * dApps release scheduled for Q3 2018 Zilliqa has a very active roadmap ahead, with the biggest event being its mainnet launch. PRICE SPECULATION At the Token Generation Event (TGE), Zilliqa set the cap for contributors to 48,889 ETH, or US$ 22 million at a locked rate of US$ 450/ETH. Zilliqa’s tokens are called ‘Zillings’, or ZILs. ZIL price at the TGE was US$ 0.003877. Zilliqa has a finite supply of 21 billion tokens, of which only 60% (12.6 billion tokens) are generated at the TGE, and the remaining 40% (8.4 billion tokens) would be mining rewards over the next 10 years. The details on Zilliqa’s TGE can be found of Zilliqa’s official blog post regarding TGE. The market cap of Zilliqa has grown from about US$ 22 million at the TGE, to US$ 49 million as of this writing, due to the increase in ETH price. Zilliqa’s public mainnet release is scheduled for Q2 2018. Considering the improvements Zilliqa’s public blockchain protocol adds to the technology in terms of performance, security and governance, and the experience and competence of the team behind the Zilliqa project, there is a huge upside on the price potential of ZIL. In the short term, by the time Zilliqa’s public mainnet is released in Q2 2018, I think its market cap could easily be in the range of US$ 3 to 7 billion. With a circulating supply of 6.3 billion ZILs, this would mean ZIL price could be in the range of US$ 0.5 to 1.1, that is roughly 12,000 to 28,000% increase (120x to 280x) from the ICO price in US$ terms. In the long-term, it is next to impossible to predict ZIL price with any considerable level of certainty, due to the sheer number of factors that could influence the growth and adoption Zilliqa’s public blockchain. Any attempts to make such predictions would be merely speculative, and should be considered so. However, it would be fair to say that for any public blockchain platform that is able to truly scale with global adoption, has a large developer community, is one of the preferred blockchains to host high throughput dApps, and does all of this in a decentralized and secure manner, having a market cap in excess of US$ 100 billion in the long-term would be a reasonable prospect. The bottom line is that, for Zilliqa, truly, sky is the limit. And this is what makes Zilliqa’s future potential so exciting and worth keeping an eye on! Full disclosure: I am invested in Zilliqa for the long-term, and I plan to buy more when Zilliqa trading goes live. Hackernoon blog post:https://hackernoon.com/zilliqa-a-game-changer-when-it-comes-to-blockchain-scalability-4fb1c13b1b8a
Yesterday, I reported that " we hit another milestone today. SegWit hits 6%" Today it just hit 6.5%. Source: http://segwit.party/charts/ It looks like the pace to SegWit adoption is picking up speed, very quickly, & Bitcoin price is rising close to all time highs again, as transactions fees are falling rapidly, & confirmations times are much quicker.. Segregated Witness, or SegWit, is a solution to improve the Bitcoin's scalability and make it cheaper AND faster to process more transactions. Here are the key things that SegWit enables: • It rearranges how data is stored in Bitcoin blocks. • It boosts capacity while remaining compatible with past versions of the software. • It removes transaction malleability, a bug that's been the primary roadblock for many bitcoin projects. Source: https://www.coindesk.com/50-blocks-segwit-bitcoins-coming-upgrade-blockchain-game-change Bitcoin Mem Pool is at an all time low this year, sitting at or around 10,000. It used to sit at 150,000 PLUS, before SegWIt.- Source: https://blockchain.info/unconfirmed-transactions If this is how well Bitcoin performs with JUST SegWit, imagine how well Bitcoin will perform when / if the block size doubles in November with the Segwit2X Hard Fork! Could this be the driving force behind the the increase in BTC Dominance to 48.8%? If you want to get 1 Free Bitcoin (Bitcoin Gold) at the end of October, & another free Bitcoin in November (Bitcoin Segwit2X), for each Bitcoin BTC you own, make sure you hold your Bitcoins (BTC) in a hardware wallet like Trezor or Ledger. This post is an educated guess, based on what I have read, in many forums. I am not a technical expert. This is not financial advice. I am not your advisor. Please carry out your own research.
NEWs To Come - last updated - April 5th, 2016 Ethereum’s ecosystem is growing so quickly, very exciting news has a habit of coming out of nowhere. That said, there are more than a few things to have on our radar. Thanks to help from this community, here’s a current list. As always, what am I missing?
Our faq page may also be helpful for many common questions connected to the news listed below.
Ethereum Blockchain Development
Metropolis - Includes user friendly Mist Browser and likely a light client.
Serenity - Major scalability improvement and Casper
With Casper, issuance of ETH drops between 0-2m a year, depending on staking rewards (think, a crypto version of dividends more than Bitcoin's mining).
Synereo partnership with a important update. "Synereo and Ethereum now have an end to end spec of a correct, fault tolerant architecture that is sharded, i.e. scales".
Sharding development news. Sharding is a game changer for Ethereum and could allow it to 10000+ transactions a second (Visa currently handles 2000 per second). While its success is starting to look inevitable, more specific news should be watched carefully.
Client updates - Ethereum’s clients are wide ranging - Go, C++, Python, Rust, Java, Ruby, .net. This allows Ethereum to attract developers with a wide range of programming backgrounds and empowers Ethereum for more applications. It was a VERY smart strategy by the founders of Ethereum. Watching the news for client updates is important.
Coin relays and interoperability One very powerful aspect of Ethereum’s blockchain is it allows both formal relays between blockchains as well as general interoperability between chains. Relays allow Ethereum to empower other blockchains, basically letting these more classic chains (like Bitcoin and Dogecoin) use Ethereum as a service for smart contracts. This “bonded sidechain” is more powerful/flexible path to using smart contracts than building non-currency agnostic chains. Similarly, interoperability is a classic concept in software development with over 30 years of history. Ethereum’s Virtual Machine (EVM) greatly facilitates multi-chain interoperability – which could allow private chains to communicate with Ethereum’s public chain. Basically, Ethereum facilitates “chaining all the things”. In other words, even future private chains could interoperate with the Ethereum public blockchain to have a gateway between their secured private chain and the more global public chain. Private chain development is a GOOD thing under this model, even if that private chain is not an Ethereum fork. Current examples
Public Dapps and/or ventures to keep an eye on Ethereum ecosystem is growing in unbelievable way with well over a 100 DApps. Below are some DApps and ventures that have been commonly discussed and seem to be generating news sooner than later.
Many of Ethereum's 100+ DApps will fail, but it only takes one to succeed to bring Ethereum to the mainstream. That said, sadly, there will also be scams. We should never forget Bitcoin's NeoBee or any of the MANY failed exchanges. As a community, we'll want to keep a close eye out in more ways than one. Be enthusiastic but critical - with transparency being absolutely key to trust. Developer tools to keep an eye on
Eth(Emedded) "Providing successful builds of Ethereum Clients for multiple, Linux based, ARM embedded devices"
Potential surprises that are not really surprises
Anything China – ETH's value has largely been independent of anything to do with China, that must inevitability change.
OKcoin inclusion (largest exchange in China, insane history with price boosts)
Gemini inclusion (New Yorkers access to ETH)
Parting statement Ethereum has essentially a monopoly on smart contracts, and from the list above, it should be clear that it has built a remarkable network effect around this ecosystem. It is a disruptive technology, that fosters synergies, and when put in a greater perspective, it’s market cap remains quite tiny, especially when you think of the relative size of the growing community. Please let me know if there is something you'd like to see.
The Block Size Debate. Each transaction that occurs on the Bitcoin network takes up a specific amount of size. Depending on the complexity of the transaction, the size of an individual Bitcoin transaction can typically range between 250 and 600 bytes of data.. In the early days before the launch of the Bitcoin network, there was no limit to the size of a block. The #1 cryptocurrency currently has a 1MB block size and is in the process of implementing SegWit; an update that should help mitigate the network congestion seen as of late in the Bitcoin network.. The congestion is no surprise, of course. Bitcoin is more popular with investors than ever before. But even still, BTC will eventually need to grow even further — whether off-chain, on-chain, or Blockchain Is a Game-Changer for Online Advertising; Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the There is a clear sense that blockchain is a potential game-changer. However, The emergence of cryptocurrencies, and in particular Bitcoin, as potential mainstream financial instruments prompted financial services to move first on blockchain experimentation, placing them 18 to 24 months ahead of other industries on the industry lifecycle. Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto
Explained Bitcoin, Cryptocurrency and Blockchain Technology & Twitter hack Marathi Dheera
The BTC block limit is a parameter in the Bitcoin protocol that limits the size of blocks, and therefore The number of transactions that receive confirmation on the network every 10 minutes. BCH increases the block size from one MB to eight MB, with the concept being that larger blocks will enable faster transaction times. Since Jan. 8, 2020, BCH had a market cap of $4.4 billion and a ... BCH increases the block size from one MB to 8 MB, with the idea being that bigger blocks will allow for faster transaction times. As of Jan. 8, 2020, BCH had a market cap of $4.4 billion and a ... Size of block chain can be 6-7GB. After installing miner gets account number. In this passbook all the transactions related with bitcoins all around workd gets recorded. * Bitcoin block size debate * Real life game theory experiment * The different interests: users, businesses, miners, core devs * Bitcoin fees are high * Yours had to switch to litecoin. Fees are ...