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Vite - A Next Generation High-performance Decentralized Application Platform
Vite is a next-generation reactive Blockchain that adopts a message-driven, asynchronous architecture and a DAG-based ledger. The goal for Vite’s design is to provide a reliable public platform for industrial dApps, with features of ultra-high throughput and scalability.
Welcome to IOTAmarkets! -- IOTA is a quantum-resistant distributed ledger protocol launched in 2015, focused on being useful for the emerging m2m economy of Internet-of-Things (IoT), data integrity, micro-/nano- payments, and anywhere else a scalable decentralized system is warranted. IOTA uniquely offers zero fees, no scaling limitations, and decentralized consensus where users are also validators. The digital currency 'iota' has a fixed money supply with zero inflationary cost.
“Peer-to-Peer Architecture ” BankDex decentralized exchange is built on a new structure named P2P or Peer-to-Peer architecture in which all nodes has the same capabilities and responsibilities, without third party involvement. #SAM #bankdex #exchange #bankex #bitcoin #ethereum #BTC #decentralized
The Taurus0x protocol has a dual architecture facility which enables its users (Exchanges, Traders, and Developers) to enjoy two different modes of trading service: - Peer-2-Peer Mode - Exchange Mode Read more on Steemit - Bitcoin
#CINDX - the platform which consists of services of replication, activity tracking algorithms, the KYC/AML module and lock of API for connection to exchanges and services of architecture of a blockchain. #Blockchain #ethereum #bitcoin #cindx.io
Blockchain, the amazing solution for almost nothing
Article from Jesse Frederik at the Correspondent Highlights: At its core, blockchain is a glorified spreadsheet (think: Excel with one table). In other words, a new way to store data. In traditional databases there’s usually one person who’s in charge, who decides who can access and input data, who can edit and remove it. That’s different in a blockchain. Nobody’s in charge, and you can’t change or delete anything, only view and input data. Nakamoto thought that everyone would be able to work equally hard to solve the puzzles. But some companies have exclusive access to specialised hardware, cheap electricity and space, which makes them much better able to fulfil this role. What was envisioned as decentralised has become centralised again, because of the advantages of scale. Out of over 86,000 blockchain projects that had been launched, 92% had been abandoned by the end of 2017, according to consultancy firm Deloitte. Firstly: the technology is at loggerheads with European privacy legislation, specifically the right to be forgotten. Once something is in the blockchain, it cannot be removed. For instance, hundreds of links to child abuse material and revenge porn were placed in the bitcoin blockchain by malicious users. It’s impossible to remove those. The presumed hackers of Hillary Clinton’s email were caught, for instance, because their identity could be linked to bitcoin transactions. A number of researchers from Qatar University were able to ascertain the identities of tens of thousands of bitcoin users fairly easily through social networking sites. Other researchers showed how you can de-anonymise many more people through trackers on shopping websites. The fact that no one is in charge and nothing can be modified also means that mistakes cannot be corrected. A bank can reverse a payment request. This is impossible for bitcoin and other cryptocurrencies. So anything that has been stolen will stay stolen. There is a continuous stream of hackers targeting bitcoin exchanges and users, and fraudsters launching investment vehicles that are in fact pyramid schemes. According to estimates, nearly 15% of all bitcoin has been stolen at some point. Solving all those complex puzzles requires a huge amount of energy. So much energy that the two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria. Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months. OK, so with bitcoin, banks can’t just remove money from your account at their own discretion. But does this really happen? I have never heard of a bank simply taking money from someone’s account. If a bank did something like that, they would be hauled into court in no time and lose their license. Technically it’s possible; legally, it’s a death sentence. Of course scammers are active everywhere. People lie and cheat. But the biggest problem is scams by data suppliers. (for instance: someone secretly registers a hunk of horse meat as beef), not by data administrators (for instance: a bank makes money disappear). A blockchain is a database – it’s not a self-regulating system that checks all data for correctness, let alone one that calls a halt to unauthorised building works. The same rules apply for blockchain as for any database: if people put garbage into it, what comes out is also garbage. Or as Bloomberg columnist Matt Levine wrote: “My immutable unforgeable cryptographically secure blockchain record proving that I have 10,000 pounds of aluminium in a warehouse is not much use to a bank if I then smuggle the aluminium out of the warehouse through the back door.” Data should reflect reality, but sometimes reality changes and the data stays the same. That’s why we have notaries, supervisors, lawyers – actually, all those boring people that blockchain thinks it can do without. But wasn’t that the whole point of blockchain, that you could do without these trusted third parties? So what are they doing here? If you ask me, they’re building a completely normal, run-of-the-mill database, but extremely inefficiently. Once you’ve cut through all the jargon, the report turns out to be a boring account of database architecture. They write about a distributed ledger (that’s a shared database), about smart contracts (that’s an algorithm) and about proof of authority (that’s the right to veto whatever is entered in the database). “I work with code, so people see me as a magician,” he said proudly. It was always rather surprising to him – a magician? He spends half his time yelling at his screen in frustration, while he programmes strips of duct tape to repair creaky PHP script from years and years ago. What Tim meant was that ICT is like the rest of the world – a big old mess. And that’s something that we – outsiders, laypeople, non-tech geeks – simply refuse to accept. Councillors and managers think that problems – however large and fundamental they are – evaporate instantaneously thanks to technology they’ve heard about in a fancy PowerPoint presentation. How will it work? Who cares! Don’t try to understand it, just reap the benefits! According to a recent survey carried out by consultancy firm Deloitte, 70% of business executives said they had a lot of expertise in the field of blockchain. The greatest advantage of blockchain, according to them, is its speed. That's a bit stupid, because even fanatics see speed as a problem, not a feature. This is the market for magic, and that market is big. Whether it’s about blockchain, big data, cloud computing, AI or other buzzwords.
Distinctive features and advantages of the Totem network
Hello. 👋🏻 In this post, we will describe the Totem Network distinctive features and advantages. ✔️ Heterogeneity - Each chain in the Totem Network can be optimized for a particular scene rather than mandatorily adapting one unified model. ✔️ Scalability - Totem allows for the parallel processing of multiple transactions by bridging multiple dedicated chains to a sliced network. ✔️ Upgradability - Upgrading is made without forks in Totem’s transparent on-chain governance system. ✔️ Transparent governance - All TOT holders can propose changes to protocols or vote on existing proposals, and can also elect board members in the Totem governance system. ✔️ Cross-chain composability - Totem's cross-chain composability and messaging mechanism allow for communication, exchange of value, and sharing functions in a sliced network. 🏆 The Unique Totem Multi-Chain Architecture consists of: 🔹 Standard Chain - guarantees security, consensus, and cross-chain operability. 🔹 Business Chain - meets specific financial business demands of various kinds. Such chains can have their own tokens and optimize functions for specific application scenarios. 🔹 EthBridge - allows Totem to be sliced to connect and communicate with external networks such as Ethereum and Bitcoin. ✔️ Exceptional consensus mechanism. Totem Chain’s consensus mechanism realizes decoupled consensus and also increases reliability and consensus consistency across the entire network by separating the process of generating blocks on the chain from confirming the end state. ✔️ Open Protocols. The decentralized and peer-to-peer open financial system is user-friendly, secure, and open, as opposed to traditional financial service providers. Even low-income communities that have traditionally been excluded from the financial system can participate in and benefit from it. ✅ Totem Chain also offers a variety of readily available modules for consensus, P2P network governance (voting system), staking, authentication, etc. Learn more about Totem features and advantages here: http://totprotocol.com https://preview.redd.it/6bb3dyhqvns51.png?width=1200&format=png&auto=webp&s=49d220fd78e5d5eb454862c27bf79c356d17dc08
The Bitcoin Economic Model & The Bitcoin Network Model
Bitcoin's economic model is the foundation for a whole new internet architecture, the Bitcoin network model, but many people dislike the idea of replacing the current TCP model with a 'pay to view' or 'pay per click' model in which the entire internet is run on top of an economic model. In the Bitcoin model, a mouse click costs 1/10000th of a penny, a google search might cost 1/100th of a penny, a webpage might cost 1/10th of a penny and a Netflix video might cost a penny per minute. Why is this important? It opens up a whole new realm of possibilities in terms of how you get paid for creating content, and it opens up huge new opportunities for entrepreneurs to open businesses based on micropayments. In simple terms, an internet based on Bitcoin allows users to set the price at which others can open a connection to them. In other words, if you want to call me, I can choose how much you have to pay to talk to me. If you're my best friend, I can charge you less than a penny per minute. If you're my ex-girlfriend, I can charge you $5 per minute. It's high enough that if you have to talk to me, you can call me, but you won't waste my time... and if you do, I can always raise the price again. It sounds like a frivolous example, but take the model and apply it to advertisers. How many adverts do you get bombarded with every day that you don't want to see? In your youtube videos for example? Or on your facebook feed. Well, in the bitcoin model, where the internet itself is built on bitcoin, you can charge advertisers to open a connection to you. So that Grammarly advert you hate? You can charge them $100 to watch their advert. Or, you can set a low rate, like $1 and if they think you're worth it, they can set a budget as to how many advertising dollars they're willing to waste on trying to acquire your custom. But crucially, YOU GET THEIR CASH. It's a much better model. If you don't want to see any Grammarly adverts you just set the rate at which Grammarly can connect to you to $10,000 per second and never hear from them again. In Dimely, you can set the rate at which others connect to you. So let's say you're an English teacher, or an online Psychotherapist, or a Legal Consultant. You can charge customers for your time. You set your rate per minute, and they connect to you for as long as they can afford to. You can even negotiate the price in the call, and adjust your price for different clients and the blockchain acts as a permanent record of the exchange which is useful for contractual purposes. Once you get your head round this fundamental idea, then you start to realize the possibilities. You can charge people to open a connection to you, and your content. In an enterprise situation, you might be a Hollywood movie studio, publishing a movie to the blockchain. It might cost you $100,000 to upload a single movie at today's prices, but you could stream the movie direct to people's wallets, and they'd pay $1 a time (for example). If you have a million views, you've just made $900,000 revenue. That's a good peer-to-peer distribution model for Hollywood movies, but you can do the same for music, self produced or mass produced, as well as art and literature, blogs, websites, and any other kind of data you can think of. That's Bitcoin. Bitcoin is BSV.
https://preview.redd.it/al1gy9t9v9q51.png?width=424&format=png&auto=webp&s=b29a60402d30576a4fd95f592b392fae202026ca Hopefully any questions you have will be answered by the resources below, but if you have additional questions feel free to ask them in the comments. If you're quite technically-minded, the Zano whitepaper gives a thorough overview of Zano's design and its main features. So, what is Zano? In brief, Zano is a project started by the original developers of CryptoNote. Coins with market caps totalling well over a billion dollars (Monero, Haven, Loki and countless others) run upon the codebase they created. Zano is a continuation of their efforts to create the "perfect money", and brings a wealth of enhancements to their original CryptoNote code. Development happens at a lightning pace, as the Github activity shows, but Zano is still very much a work-in-progress. Let's cut right to it: Here's why you should pay attention to Zano over the next 12-18 months. Quoting from a recent update:
Anton Sokolov has recently joined the Zano team. ... For the last months Anton has been working on theoretical work dedicated to log-size ring signatures. These signatures theoretically allows for a logarithmic relationship between the number of decoys and the size/performance of transactions. This means that we can set mixins at a level from up to 1000, keeping the reasonable size and processing speed of transactions. This will take Zano’s privacy to a whole new level, and we believe this technology will turn out to be groundbreaking!
If successful, this scheme will make Zano the most private, powerful and performant CryptoNote implementation on the planet. Bar none. A quantum leap in privacy with a minimal increase in resource usage. And if there's one team capable of pulling it off, it's this one.
What else makes Zano special?
You mean aside from having "the Godfather of CryptoNote" as the project lead? ;) Actually, the calibre of the developers/researchers at Zano probably is the project's single greatest strength. Drawing on years of experience, they've made careful design choices, optimizing performance with an asynchronous core architecture, and flexibility and extensibility with a modular code structure. This means that the developers are able to build and iterate fast, refining features and adding new ones at a rate that makes bigger and better-funded teams look sluggish at best. Zano also has some unique features that set it apart from similar projects: Privacy Firstly, if you're familiar with CryptoNote you won't be surprised that Zano transactions are private. The perfect money is fungible, and therefore must be untraceable. Bitcoin, for the most part, does little to hide your transaction data from unscrupulous observers. With Zano, privacy is the default. The untraceability and unlinkability of Zano transactions come from its use of ring signatures and stealth addresses. What this means is that no outside observer is able to tell if two transactions were sent to the same address, and for each transaction there is a set of possible senders that make it impossible to determine who the real sender is. Hybrid PoW-PoS consensus mechanism Zano achieves an optimal level of security by utilizing both Proof of Work and Proof of Stake for consensus. By combining the two systems, it mitigates their individual vulnerabilities (see 51% attack and "nothing at stake" problem). For an attack on Zano to have even a remote chance of success the attacker would have to obtain not only a majority of hashing power, but also a majority of the coins involved in staking. The system and its design considerations are discussed at length in the whitepaper. Aliases Here's a stealth address: ZxDdULdxC7NRFYhCGdxkcTZoEGQoqvbZqcDHj5a7Gad8Y8wZKAGZZmVCUf9AvSPNMK68L8r8JfAfxP4z1GcFQVCS2Jb9wVzoe. I have a hard enough time remembering my phone number. Fortunately, Zano has an alias system that lets you register an address to a human-readable name. (@orsonj if you want to anonymously buy me a coffee) Multisig Multisignature (multisig) refers to requiring multiple keys to authorize a Zano transaction. It has a number of applications, such as dividing up responsibility for a single Zano wallet among multiple parties, or creating backups where loss of a single seed doesn't lead to loss of the wallet. Multisig and escrow are key components of the planned Decentralized Marketplace (see below), so consideration was given to each of them from the design stages. Thus Zano's multisig, rather than being tagged on at the wallet-level as an afterthought, is part of its its core architecture being incorporated at the protocol level. This base-layer integration means months won't be spent in the future on complicated refactoring efforts in order to integrate multisig into a codebase that wasn't designed for it. Plus, it makes it far easier for third-party developers to include multisig (implemented correctly) in any Zano wallets and applications they create in the future. (Double Deposit MAD) Escrow With Zano's escrow service you can create fully customizable p2p contracts that are designed to, once signed by participants, enforce adherence to their conditions in such a way that no trusted third-party escrow agent is required. https://preview.redd.it/jp4oghyhv9q51.png?width=1762&format=png&auto=webp&s=12a1e76f76f902ed328886283050e416db3838a5 The Particl project, aside from a couple of minor differences, uses an escrow scheme that works the same way, so I've borrowed the term they coined ("Double Deposit MAD Escrow") as I think it describes the scheme perfectly. The system requires participants to make additional deposits, which they will forfeit if there is any attempt to act in a way that breaches the terms of the contract. Full details can be found in the Escrow section of the whitepaper. The usefulness of multisig and the escrow system may not seem obvious at first, but as mentioned before they'll form the backbone of Zano's Decentralized Marketplace service (described in the next section).
What does the future hold for Zano?
The planned upgrade to Zano's privacy, mentioned at the start, is obviously one of the most exciting things the team is working on, but it's not the only thing. Zano Roadmap Decentralized Marketplace From the beginning, the Zano team's goal has been to create the perfect money. And money can't just be some vehicle for speculative investment, money must be used. To that end, the team have created a set of tools to make it as simple as possible for Zano to be integrated into eCommerce platforms. Zano's API’s and plugins are easy to use, allowing even those with very little coding experience to use them in their E-commerce-related ventures. The culmination of this effort will be a full Decentralized Anonymous Marketplace built on top of the Zano blockchain. Rather than being accessed via the wallet, it will act more as a service - Marketplace as a Service (MAAS) - for anyone who wishes to use it. The inclusion of a simple "snippet" of code into a website is all that's needed to become part a global decentralized, trustless and private E-commerce network. Atomic Swaps Just as Zano's marketplace will allow you to transact without needing to trust your counterparty, atomic swaps will let you to easily convert between Zano and other cyryptocurrencies without having to trust a third-party service such as a centralized exchange. On top of that, it will also lead to the way to Zano's inclusion in the many decentralized exchange (DEX) services that have emerged in recent years.
Where can I buy Zano?
Zano's currently listed on the following exchanges: https://coinmarketcap.com/currencies/zano/markets/ It goes without saying, neither I nor the Zano team work for any of the exchanges or can vouch for their reliability. Use at your own risk and never leave coins on a centralized exchange for longer than necessary. Your keys, your coins! If you have any old graphics cards lying around(both AMD & NVIDIA), then Zano is also mineable through its unique ProgPowZ algorithm. Here's a guide on how to get started. Once you have some Zano, you can safely store it in one of the desktop or mobile wallets (available for all major platforms).
How can I support Zano?
Zano has no marketing department, which is why this post has been written by some guy and not the "Chief Growth Engineer @ Zano Enterprises". The hard part is already done: there's a team of world class developers and researchers gathered here. But, at least at the current prices, the team's funds are enough to cover the cost of development and little more. So the job of publicizing the project falls to the community. If you have any experience in community building/growth hacking at another cryptocurrency or open source project, or if you're a Zano holder who would like to ensure the project's long-term success by helping to spread the word, then send me a pm. We need to get organized. Researchers and developers are also very welcome. Working at the cutting edge of mathematics and cryptography means Zano provides challenging and rewarding work for anyone in those fields. Please contact the project's Community Manager u/Jed_T if you're interested in joining the team. Social Links: Twitter Discord Server Telegram Group Medium blog I'll do my best to keep this post accurate and up to date. Message me please with any suggested improvements and leave any questions you have below. Welcome to the Zano community and the new decentralizedprivateeconomy!
Have you heard about BITCOIN CUSTODY SERVICE? If you are a Bitcoin holder or plans to be one, we might interest you in the features of this service below: Digital Asset Support- It's to keep an eye on the digital assets on which you want to get the exchange for the currency you desire! Instant trading capability from offline storage- With a particular crypto payment gateway, you can exchange accounts for buying and selling crypto, maintaining the standards of OTC trading in the right way. Multi-layered security architecture- With a perfect custody asset management technology, you can look for biometric access controls as physical security to safeguard customer assets. Have we piqued your interest? Contact us now to know more: www.eqapitalbanq.com https://preview.redd.it/zmlu0flgk8t51.jpg?width=1024&format=pjpg&auto=webp&s=ac17c397b306c3ff6ac4b5e365fb6b1b9b0db4c7
When we are faced with a new technology, we often look for analogies to understand and describe it. To bridge the knowledge gap, we seek analogies from the universe concepts familiar to us. In our search for the right analogies, we often risk misunderstanding this new technology. Blockchain technology has introduced a paradigm shift in the way we organize ourselves to generate, account for, transfer and store value. Yet, we are still in early stages of understanding its importance. In this post I will try to shed light on the top 5 major misconceptions about digital assets and about the open blockchain—a technology that underlies them. 1.Blockchain, not bitcoin This misconception stems from failing to realize why blockchain exists in the first place. In essence, blockchain is a shared ledger designed to function in an extremely hostile, open environment. It derives its value from the security of its tamper-proof records. In the blockchain networks powered by proof-of-work (PoW) algorithms, that security is achieved by miners competing to solve a computationally intensive puzzle. The miners do this with the expectation of receiving a digital token as a reward. This digital token can be freely redeemed for fiat currency to cover their operating costs and generate profits. These open systems are designed in such a way that value of their token ultimately dictates the level of security of their network. When we decouple the concept of blockchain from its underlying token, it simply wipes out most, if not the entire, value proposition the blockchain as a concept. Implementing blockchain as a token-less system of recordkeeping within a single company is perhaps the prime example of this misconception. Such an endeavor fails to use one of the most valuable properties of the open blockchain. Implementing a blockchain solution in such settings may even be counter-productive especially when better alternatives exist, in the form of databases with proper access control. Blockchain could be useful in a commercial setting where a consortium of companies decides to use a single ledger to keep track of important transactions. An example of such transactions could be shares of companies that are traded on Wall Street millions of times each day. These transactions are reconciled periodically between the financial institutions by a trusted third-party entity, which could be ultimately replaced by a blockchain-based protocol at a fraction of their cost. That said, these systems may never become as secure and tamper-proof as the open blockchain as the security of the network depends on the number of its minestaking nodes. 2.Exchange Hacks = Digital Assets Are Not Secure Centralized digital asset exchanges are popular avenues for exchanging digital assets for currencies such as USD or other digital assets. However, their design creates a system of incentives for external or internal actors to compromise them. When we hear about exchange hacks in the digital asset space, it almost always involves compromising the security of an entity that operates within the traditional server-client architecture. However, the mainstream consciousness conflates the digital exchange security with that of technology that underlies digital assets. Holding a digital asset in a cold storage is extremely secure. Holding it in an exchange is not. 3.Blockchain has low TPS, hence it will never compete with or replace traditional financial infrastructure Traditional financial systems process a vast number transactions every day. This transaction processing capacity is called throughput and is measured by a metric called transactions per second (TPS). Payment networks such as Visa claim to process up to 56,000 TPS, while traditional exchanges are likely to have much higher capacity to process transactions to accommodate high-frequency trading. Today, the Bitcoin network processes around 4-5 transactions per second while the second largest digital asset network—Ethereum processes around 15. If we compare the current state of the blockchain technology to the demands of the global financial industry, it is easy to see why such claims could be justified. However, this is a myopic view of this new technology, very much akin to the way Kodak dismissed digital cameras as a potential threat to its business model. It failed to recognize (i) the speed at which digital cameras would develop and (ii) the fundamental shift the digital cameras introduced in the way we take and store pictures, despite being the company that invented digital cameras in 1975. As the history shows, that was Kodak’s grave mistake. It is hard to ignore the historical parallels here. The digital asset space is evolving fast. The next-generation networks, which operate under the proof-of-stake consensus mechanism, preserve the securities of proof-of-work, but do away with its capacity limitations. A notable example of that is Cardano. These new networks also represent a shift in the global economic paradigm that many do not seem to notice. 4.Digital Assets Have No Intrinsic Value The concept of intrinsic value, or lack thereof, is often used to describe digital assets as a purely speculative asset class. While this may apply, with some justification, to digital assets which only claim to function as money, such claims fail to capture the wider nature of platform-based digital assets, which derive their value from the direct use of their networks. In digital asset platforms like Cardano or Algorand, the native token gives the holder the right to participate in the consensus of the network through the process of staking. The consensus mechanism secures the network, maintains the decentralized ledger, enables participation in the governance of the network and can sustain myriads of decentralized applications with real-world utilities. Put simply, digital tokens may derive their value from the economic activity that takes place on their networks. The economic activity on such networks, in turn depends on the security of the network, its technical capabilities, its transaction fees and the real-world utility of decentralized applications that reside on them. In that respect, they can be thought of as a new kind of financial instrument. The kind that seamlessly combines the properties of currencies, commodities, and shares of ownership into a single digital token. These new instruments require that we develop and apply new analytical frameworks to value them, much like the concepts of equities and derivatives did when they first emerged as new financial instruments. 5.Developed Economies Do Not Need Blockchain Technology Because They Have Well-Established Financial/Commercial Solutions. While it is easy to see how the blockchain technology could unlock a lot of value in the emerging markets, the idea that developed economies do not benefit from this technology is short-sighted. It is akin to saying that cell phones are a great technology for emerging markets, but developed markets already have land lines, hence do not need them. In a similar vein, we could argue that developed countries do not need internet because most of what internet could do already exists in analog form. We have to realize that (i) at its core, blockchain is a paradigm-shifting infrastructure/technology and (ii) despite its nascent stage, blockchain is extremely cost-effective… To a degree that it has the capacity to fundamentally disrupt a slew economic sectors out of existence, from banking to real estate, and create new ones. When we accept this eventuality, we will have to face some uncomfortable truths that many sectors will not exist in their current form or entirely disappear. Currently these sectors provide economic value, employment and generate taxes. If some blockchain-based solution is to replace them in 3-5 years, where would that value migrate? Losing them to open blockchain networks would not be acceptable politically or economically for many developed countries. One way out of this could be for developed countries to invest in national networks, allowing them to reap the benefits of this new technology, while retaining value from economic activity of their citizens and companies within their jurisdictions. Another, more realistic way, would be to invest heavily into friendly legal frameworks that would encourage both individuals and companies that would ultimately develop or maintain open blockchain protocols migrate to these jurisdictions, drawing in talent, capital and innovation. One thing is becoming increasingly clear: we can no longer ignore the elephant in the room. Much like digital cameras and internet itself, blockchain is unstoppable. If you like this article and would like to have access to our in-depth research in the future, please consider staking with skylight pool (tickers SKY and SKY2). We are working hard to create a suitable space on pooltool.io to disseminate our research to our verified stakeholders. Connect with us: Twitter: u/RealSaidov TG: u/SkyLightPool Website: skylightpool.com
These crates contain experimental pure Rust implementations of scalafield arithmetic for the respective elliptic curves (secp256k1, NIST P-256). These implementations are new, unaudited, and haven't received much public scrutiny. We have explicitly labeled them as being at a "USE AT YOUR OWN RISK" level of maturity. That said, these implementations utilize the best modern practices for this class of elliptic curves (complete projective formulas providing constant time scalar multiplication). In particular:
This release has been a cross-functional effort, with contributions from some of the best Rust elliptic curve cryptography experts. I'd like to thank everyone who's contributed, and hope that these crates are useful, especially for embedded cryptography and cryptocurrency use cases. EDIT: the version in the title is incorrect. The correct version is v0.4.0, unfortunately the title cannot be edited.
Decentr ($DEC) - foundational cross-chain and cross-platform DeFi protocol
Decentr is a protocol designed to make blockchain/DLT mainstream by allowing DeFi applications built on various blockchains to “talk to each other”. Decentr is a 100% secure and decentralised Web 3.0 protocol where users can apply PDV (personal data value) to increase APR on $DEC that users loan out as part of of our DeFi dLoan features, as well as it being applied at PoS when paying for stuff online. Decentr is also building a BAT competitor browser and Chrome/Firefox extension that acts as a gateway to 100% decentralised Web 3.0
Allows DeFi Dapps to access all Decentr’s dFintech features, including dLoan, dPay. Key innovation is that the protocols is based on a user’s ability to leverage the value of their data as exchangeable “currency”.
Decentr is building foundational chain-agnostic protocols that will support “true” 100% DeFi Dapps, a 100% secure and decentralised, user-centric alt economy. DeFi dApps inter-connected by Decentr can talk to each other and share PDV (personal data value) of their users. PDV is best described as a personalized “exchange rate” (in a sense social reputation where more effort leads to more rewards and NOT more capital to more rewards. ) between currencies that users apply at point-of-sale to make the cost of goods and services cheaper online. PDV is applied to the APR users earn on $DEC (native token) that they hold that they loan out as part of the investing pool. PDV will also allow uncollateralized loans on their dLoan platform, and also on platforms like Aave and Compound.
Decentr will implement ZKsync to get super cheap and super fast transactions across the ETH network. It is also working with HoloChain and Tomochain to allow connect their DeFi ecosystem to the Ethereum DeFi ecosystem. Decentr has DEEP TIES and a PARTNERSHIP with Holochain: https://medium.com/@DecentrNet/decentr-holochain-ama-29d662caed03
Decentr is also building a browser and Chrome/Firefox extension - a gateway that “transitions” Web 2.0 into a 100% decentralised Web 3.0 via their suite of decentralised dFintech and dCommunications features. The browser adds a 100% decentralised “user layer” to current blockchain protocols so that applications built on blockchain can actually “talk to each other”. The browser uses encryption all the time and the power of blockchain to keep private keys safe. Browser will offer a more robust and innovative type of blockchain storage and caching that is much faster than VPN or TOR. It will allow surfing .onion addresses as well as the regular ones. >>BAT browser 400m marketcap, DEC marketcap 4m<<
Decentr is researching a hardware application, powered by Decentr software, that would greatly enhance current IoT networks. It’s called a “Smart Chip Node” (SCN) and will adhere to 4G LTE standards (with in-built 5G capability), which means connectivity between devices will match or exceed current speed and connectivity, dramatically improving stability and coverage of standalone devices, such as a laptop or tablet, as well as IoT devices, such as home routers and modems.
Decentr uses Coinbase API to optimise integrated implementation of the user layer and Blockchain as a Service (BaaS) to allow users to leverage cloud-based solutions to build, host and use their own blockchain apps. Tierion’s technological infrastructure, the Chainpoint Proof protocol, will come into play whenever a user adds something in Tierion’s data store. Hyperledger Fabric and R3 Corda private blockchains are used as an immutable transaction database for data transfers, including the following tech: R3 Corda, Hyperledger Fabric, Ansible, Bitbucket Pipelines, AWS, Node.JS, GoLang, Kotlin and CouchDB.
Implements a system of layered security protocols based on a radically-new software architecture that combines Elliptic Curve Cryptography (ECC)4 and Sobol sequencing with a n-dimensional chain as part of AI-enhanced, platform-wide community consensus mechanism — a mechanism that assigns mutually agreed value to data and user security protocol upgrades (further encouraging enhanced data integrity) by deploying a Delegated Proof of Stake (DPoS) protocol.
Bank of England has reached out to Decenr to discuss the potential of a UK CBDC upon hearing about the potential of their tech. Decentr is consistent with their own R&D into a "dGBP" and they requested a top-level document for review >> Decentr created this proposal: https://decentr.net/files/Decentr_Consultancy_Doc_UK_CBDC.pdf
A fee is charged for every transaction using dPay whereby an exchange takes place between money (fiat and digital) and data, and vice versa, either as part of DeFi features or via a dApp built on Decentr. They are launching pilot programmes in the following industries:
Banking/PSP Industry: On Product launch, due to Decentr’s powerful PSP connections (including the worlds #2 PSP by volume), a medium-scale pilot program will be launched, which will seed the network with 150,000 PSP customers in primarily the Spanish/LAC markets, generating revenue from day one.
“Bricks and Mortar” Supermarket/Grocery Industry: Decentr aims to ensure the long-term competitiveness of “bricks and mortar” supermarkets against online-only grocery retailers, such as Amazon, by a) building secure tech that allows supermarkets to digitise every aspect of their supply chains and operational functions, while b) allowing supermarkets to leverage this incredibly valuable data as a liquid asset class. Expected revenue by Year 5: $114Mn per year.
Online Advertising Industry: Decentr’s 100% decentralised platform credits users secure data with payable value, in the form of PDV, for engaging with ads. The Brave browser was launched in 2012 and in 8 years has reached over 12 million monthly active users, accented by as many as 4.3 million daily active users.
TOKEN $DEC AND SALE
Decentr recently complete their token sale on a purchase portal powered by Dolomite where they raised $974,000 in 10 minutes for a total sale hardcap of 1.25M. The $DEC token is actively trading on multiple exchanges including Uniswap and IDEX. Listed for free on IDEX, Hotbit, Hoo, Coinw, Tidex, BKex. Listed on CoinGecko and Coinmarketcap. Listed on Delta and Blockfolio apps. ➡️ Circulating supply: 61m $DEC. ➡️ Release schedule and token distribution LINK -> NO RELEASE UNTIL 2021.
A tradeable unit of value that is both internal and external to the Decentr platform.A unit of conversion between fiat entering and exiting the Decentr ecosystem.A way to capture the value of user data and combines the activity of every participant of the platform performing payment (dPay), or lending and borrowing (dLend), i.e a way to peg PDV to tangible/actionable value.Method of payment in the Decentr ecosystem.A method to internally underwrite the “Deconomy.
The effects of the web by a number of companies have seduced a large number of users as these companies keep their data to prevent them from searching for alternatives. Likewise, these huge platforms have attracted applications to build their highest ecosystems before either severing access or actively opposing their interests when the applications became so successful. As a result, these walled gardens have effectively hindered innovation and monopolized large sections of the web. After the emergence of blockchain technology and decentralized cryptocurrencies, the need for applications to support decentralization has emerged. Several blockchain-based companies, applications and platforms have appeared in decentralization. In this research report, we will explain the approach adopted by the NEAR decentralization platform in designing and implementing the basic technology for its system. Near is a basic platform for cloud computing and decentralized storage managed by the community, designed to enable the open web for the future. On this web, everything can be created from new currencies to new applications to new industries, opening the door to an entirely new future.
The richness of the web is increasing day by day with the combined efforts of millions of people who have benefited from “innovation without permission” as content and applications are created without asking anyone. this lack of freedom of data has led to an environment hostile to the interests of its participants. And as we explained in the summary previously, web hosting companies have hindered innovation and greatly monopolized the web. In the future, we can fix this by using new technologies to re-enable the permissionless innovation of the past in a way, which creates a more open web where users are free and applications are supportive rather than adversarial to their interests. Decentralization emerged after the global financial crisis in 2008, which created fundamental problems of confidence in the heavily indebted banking system. Then the decentralized financial sector based on Blockchain technology has emerged since 2009. Decentralized Blockchain technology has made it easy for decentralized digital currencies like Bitcoin to exchange billions of dollars in peer-to-peer transfers for a fraction of the price of a traditional banking system. This technology allows participants in the over $ 50 billion virtual goods economy to track, own and trade in these commodities without permission. It allows real-world goods to cross into the digital domain, with verified ownership and tracking just like that of the digital. By default, the Internet where freedom of data enables innovation will lead to the development of a new form of software development. On this web, developers can quickly create applications from open state components and boost their efforts by using new business models that are enabled from within the program itself rather than relying on parasitic relationships with their users. This not only accelerates the creation of applications that have a more honest and cooperative relationship with its users, but also allows the emergence of completely new business built on them. To enable these new applications and the open web, it needs the appropriate infrastructure. The new web platform cannot be controlled by a single entity and its use is not limited due to insufficient scalability. It should be decentralized in design like the web itself and supported by a community of distributors widely so that the value they store cannot be monitored, modified or removed without permission from the users who store this value on their behalf. A new decentralization technology (Blockchain), which has facilitated decentralized digital currencies like Bitcoin, has made billions of dollars in peer-to-peer transfers at a fraction of the price of the traditional banking system. This technology allows participants in the $ 50 billion + virtual goods economy to track, own and trade in these goods without permission. It allows real-world goods to cross into the digital domain, with verified ownership and tracking just like that of the digital. Although the cost of storing data or performing a calculation on the Ethereum blockchain is thousands and millions of times higher than the cost of performing the same functionality on Amazon Web Services. A developer can always create a “central” app or even a central currency for a fraction of the cost of doing the same on a decentralized platform because a decentralized platform, by definition, will have many iterations in its operations and storage. Bitcoin can be thought of as the first, very basic, version of this global community-run cloud, though it is primarily used only to store and move the Bitcoin digital currency. Ethereum is the second and slightly more sophisticated version, which expanded the basic principles of Bitcoin to create a more general computing and storage platform, though it is a raw technology, which hasn’t achieved meaningful mainstream adoption.
1.1 WHY IS IT IMPORTANT TO PAY THE EXTRA COST TO SUPPORT DECENTRALIZATION?
Because some elements of value, for example bits representing digital currency ownership, personal identity, or asset notes, are very sensitive. While in the central system, the following players can change the value of any credits they come into direct contact with:
The developer who controls the release or update of the application’s code
The platform where the data is stored
The servers which run the application’s code
Even if none of these players intend to operate with bad faith, the actions of governments, police forces and hackers can easily turn their hands against their users and censor, modify or steal the balances they are supposed to protect. A typical user will trust a typical centralized application, despite its potential vulnerabilities, with everyday data and computation. Typically, only banks and governments are trusted sufficiently to maintain custody of the most sensitive information — balances of wealth and identity. But these entities are also subject to the very human forces of hubris, corruption and theft. Especially after the 2008 global financial crisis, which demonstrated the fundamental problems of confidence in a highly indebted banking system. And governments around the world apply significant capital controls to citizens during times of crisis. After these examples, it has become a truism that hackers now own most or all of your sensitive data. These decentralized applications operate on a more complex infrastructure than today’s web but they have access to an instantaneous and global pool of currency, value and information that today’s web, where data is stored in the silos of individual corporations, cannot provide.
1.2 THE CHALLENGES OF CREATING A DECENTRALIZED CLOUD
A community-run system like this has very different challenges from centralized “cloud” infrastructure, which is running by a single entity or group of known entities. For example:
It must be both inclusive to anyone and secure from manipulation or capture.
Participants must be fairly compensated for their work while avoiding creating incentives for negligent or malicious behavior.
It must be both game theoretically secure so good actors find the right equilibrium and resistant to manipulation so bad actors are actively prevented from negatively affecting the system.
NEAR is a global community-run computing and storage cloud which is organized to be permissionless and which is economically incentivized to create a strong and decentralized data layer for the new web. Essentially, it is a platform for running applications which have access to a shared — and secure — pool of money, identity and data which is owned by their users. More technically, it combines the features of partition-resistant networking, serverless compute and distributed storage into a new kind of platform. NEAR is a community-managed, decentralized cloud storage and computing platform, designed to enable the open web in the future. It uses the same core technology for Bitcoin and Blockchain. On this web, everything can be created from new currencies to new applications to new industries, opening the door to an entirely new future. NEAR is a decentralized community-run cloud computing and storage platform, which is designed to enable the open web of the future. On this web, everything from new currencies to new applications to new industries can be created, opening the door to a brand new future. NEAR is a scalable computing and storage platform with the potential to change how systems are designed, how applications are built and how the web itself works. It is a complex technology allow developers and entrepreneurs to easily and sustainably build applications which reap the benefits of decentralization and participate in the Open Web while minimizing the associated costs for end users. NEAR creates the only community-managed cloud that is strong enough to power the future of the open web, as NEAR is designed from the ground up to deliver intuitive experiences to end users, expand capacity across millions of devices, and provide developers with new and sustainable business models for their applications. The NEAR Platform uses a token — also called “NEAR”. This token allows the users of these cloud resources, regardless of where they are in the world, to fairly compensate the providers of the services and to ensure that these participants operate in good faith.
2.1 WHY NEAR?
Through focus, we find that Platforms based on blockchain technologies like Bitcoin and Ethereum have made great progress and enriched the world with thousands of innovative applications spanning from games to decentralized financing. However, these original networks and none of the networks that followed were not able to bridge the gap towards mainstream adoption of the applications created above them and do not provide this type of standard that fully supports the web. This is a result of two key factors:
System design is relevant because the technical architecture of other platforms creates substantial problems with both usability and scalability which have made adoption nearly impossible by any but the most technical innovators. End-users experience 97–99% dropoff rates when using applications and developers find the process of creating and maintaining their applications endlessly frustrating. Fixing these problems requires substantial and complex changes to current protocol architectures, something which existing organizations haven’t proven capable of implementing. Instead, they create multi-year backlogs of specification design and implementation, which result in their technology falling further and further behind. NEAR’s platform and organization are architected specifically to solve the above-mentioned problems. The technical design is fanatically focused on creating the world’s most usable and scalable decentralized platform so global-scale applications can achieve real adoption. The organization and governance structure are designed to rapidly ship and continuously evolve the protocol so it will never become obsolete.
2.1.1 Features, which address these problems:
1. USABILITY FIRST The most important problem that needs to be addressed is how to allow developers to create useful applications that users can use easily and that will capture the sustainable value of these developers. 2. End-User Usability Developers will only build applications, which their end users can actually use. NEAR’s “progressive security” model allows developers to create experiences for their users which more closely resemble familiar web experiences by delaying onboarding, removing the need for user to learn “blockchain” concepts and limiting the number of permission-asking interactions the user must have to use the application. 1. Simple Onboarding: NEAR allows developers to take actions on behalf of their users, which allows them to onboard users without requiring these users to provide a wallet or interact with tokens immediately upon reaching an application. Because accounts keep track of application-specific keys, user accounts can also be used for the kind of “Single Sign On” (SSO) functionality that users are familiar with from the traditional web (eg “Login with Facebook/Google/Github/etc”). 2. Easy Subscriptions: Contract-based accounts allow for easy creation of subscriptions and custom permissioning for particular applications. 3. Familiar Usage Styles: The NEAR economic model allows developers to pay for usage on behalf of their users in order to hide the costs of infrastructure in a way that is in line with familiar web usage paradigms. 4. Predictable Pricing: NEAR prices transactions on the platform in simple terms, which allow end-users to experience predictable pricing and less cognitive load when using the platform.
2.1.2 Design principles and development NEAR’s platform
1. Usability: Applications deployed to the platform should be seamless to use for end users and seamless to create for developers. Wherever possible, the underlying technology itself should fade to the background or be hidden completely from end users. Wherever possible, developers should use familiar languages and patterns during the development process. Basic applications should be intuitive and simple to create while applications that are more robust should still be secure. 2. Scalability: The platform should scale with no upper limit as long as there is economic justification for doing so in order to support enterprise-grade, globally used applications. 3. Sustainable Decentralization: The platform should encourage significant decentralization in both the short term and the long term in order to properly secure the value it hosts. The platform — and community — should be widely and permissionlessly inclusive and actively encourage decentralization and participation. To maintain sustainability, both technological and community governance mechanisms should allow for practical iteration while avoiding capture by any single parties in the end. 4. Simplicity: The design of each of the system’s components should be as simple as possible in order to achieve their primary purpose. Optimize for simplicity, pragmatism and ease of understanding above theoretical perfection.
2.2 HOW NEAR WORKS?
NEAR’s platform provides a community-operated cloud infrastructure for deploying and running decentralized applications. It combines the features of a decentralized database with others of a serverless compute platform. The token, which allows this platform to run also, enables applications built on top of it to interact with each other in new ways. Together, these features allow developers to create censorship resistant back-ends for applications that deal with high stakes data like money, identity, assets, and open-state components, which interact seamlessly with each other. These application back-ends and components are called “smart contracts,” though we will often refer to these all as simply “applications” here. The infrastructure, which makes up this cloud, is created from a potentially infinite number of “nodes” run by individuals around the world who offer portions of their CPU and hard drive space — whether on their laptops or more professionally deployed servers. Developers write smart contracts and deploy them to this cloud as if they were deploying to a single server, which is a process that feels very similar to how applications are deployed to existing centralized clouds. Once the developer has deployed an application, called a “smart contract”, and marked it unchangeable (“immutable”), the application will now run for as long as at least a handful of members of the NEAR community continue to exist. When end users interact with that deployed application, they will generally do so through a familiar web or mobile interface just like any one of a million apps today. In the central cloud hosted by some companies today like: Amazon or Google, developers pay for their apps every month based on the amount of usage needed, for example based on the number of requests created by users visiting their webpages. The NEAR platform similarly requires that either users or developers provide compensation for their usage to the community operators of this infrastructure. Like today’s cloud infrastructure, NEAR prices usage based on easy to understand metrics that aren’t heavily influenced by factors like system congestion. Such factors make it very complicated for developers on alternative blockchain-based systems today. In the centralized cloud, the controlling corporation makes decisions unilaterally. NEAR community-run cloud is decentralized so updates must ultimately be accepted by a sufficient quorum of the network participants. Updates about its future are generated from the community and subject to an inclusive governance process, which balances efficiency and security. In order to ensure that the operators of nodes — who are anonymous and potentially even malicious — run the code with good behavior, they participate in a staking process called “Proof of Stake”. In this process, they willingly put a portion of value at risk as a sort of deposit, which they will forfeit if it is proven that they have operated improperly.
2.2.1 Elements of the NEAR’s Platform
The NEAR platform is made up of many separate elements. Some of these are native to the platform itself while others are used in conjunction with or on top of it. 1. THE NEAR TOKEN NEAR token is the fundamental native asset of the NEAR ecosystem and its functionality is enabled for all accounts. Each token is a unique digital asset similar to Ether, which can be used to: a) Pay the system for processing transactions and storing data. b) Run a validating node as part of the network by participating in the staking process. c) Help determine how network resources are allocated and where its future technical direction will go by participating in governance processes. The NEAR token enables the economic coordination of all participants who operate the network plus it enables new behaviors among the applications which are built on top of that network. 2. OTHER DIGITAL ASSETS The platform is designed to easily store unique digital assets, which may include, but aren’t limited to:
Other Tokens: Tokens bridged from other chains (“wrapped”) or created atop the NEAR Platform can be easily stored and moved using the underlying platform. This allows many kinds of tokens to be used atop the platform to pay for goods and services. “Stablecoins,” specific kinds of token which are designed to match the price of another asset (like the US Dollar), are particularly useful for transacting on the network in this way.
Unique Digital Assets: Similar to tokens, digital assets (sometimes called “Non Fungible Tokens” (NFTs) ranging from in-game collectibles to representations of real-world asset ownership can be stored and moved using the platform.
3. THE NEAR PLATFORM The core platform, which is made up of the cloud of community-operated nodes, is the most basic piece of infrastructure provided. Developers can permissionlessly deploy smart contracts to this cloud and users can permissionlessly use the applications they power. Applications, which could range from consumer-facing games to digital currencies, can store their state (data) securely on the platform. This is conceptually similar to the Ethereum platform. Operations that require an account, network use, or storage at the top of the platform require payment to the platform in the form of transaction fees that the platform then distributes to its community from the authentication contract. These operations could include creating new accounts, publishing new contracts, implementing code by contract and storing or modifying data by contract. As long as the rules of the protocol are followed, any independent developer can write software, which interfaces with it (for example, by submitting transactions, creating accounts or even running a new node client) without asking for anyone’s permission first. 4. THE NEAR DEVELOPMENT SUITE Set of tools and reference implementations created to facilitate its use by those developers and end users who prefer them. These tools include:
NEAR SDKs: NEAR platform supports (Rust and AssemblyScript) languages to write smart contracts. To provide a great experience for developers, NEAR has a full SDK, which includes standard data structures, examples and testing tools for these two languages.
Gitpod for NEAR: NEAR uses existing technology Gitpod to create zero time onboarding experience for developers. Gitpod provides an online “Integrated Development Environment” (IDE), which NEAR customized to allow developers to easily write, test and deploy smart contracts from a web browser.
NEAR Wallet: A wallet is a basic place for developers and end users to store the assets they need to use the network. NEAR Wallet is a reference implementation that is intended to work seamlessly with the progressive security model that lets application developers design more effective user experiences. It will eventually include built-in functionality to easily enable participation by holders in staking and governance processes on the network.
NEAR Explorer: To aid with both debugging of contracts and the understanding of network performance, Explorer presents information from the blockchain in an easily digestible web-based format.
NEAR Command Line Tools: The NEAR team provides a set of straightforward command line tools to allow developers to easily create, test and deploy applications from their local environments.
All of these tools are being created in an open-source manner so they can be modified or deployed by anyone.
Primarily economic forces drive the ecosystem, which makes up the NEAR platform. This economy creates the incentives, which allow participants permissionlessly organize to drive the platform’s key functions while creating strong disincentives for undesirable, irresponsible or malicious behavior. In order for the platform to be effective, these incentives need to exist both in the short term and in the long term. The NEAR platform is a market among participants interested in two aspects:
On the supply side, certification contract operators and other core infrastructure must be motivated to provide these services that make up the community cloud.
On the demand side, platform developers and end-users who pay for their use need to be able to do so in a simple, clear and consistent way that helps them.
Further, economic forces can also be applied to support the ecosystem as a whole. They can be used at a micro level to create new business models by directly compensating the developers who create its most useful applications. They can also be used at a macro level by coordinating the efforts of a broader set of ecosystem participants who participate in everything from education to governance.
3.1 NEAR ECONOMY DESIGN PRINCIPLES
NEAR’s overall system design principles are used to inform its economic design according to the following interpretations: 1. Usability: End users and developers should have predictable and consistent pricing for their usage of the network. Users should never lose data forever. 2. Scalability: The platform should scale at economically justified thresholds. 3. Simplicity: The design of each of the system’s components should be as simple as possible in order to achieve their primary purpose. 4. Sustainable Decentralization: The barrier for participation in the platform as a validating node should be set as low as possible in order to bring a wide range of participants. Over time, their participation should not drive wealth and control into the hands of a small number. Individual transactions made far in the future must be at least as secure as those made today in order to safeguard the value they modify.
3.2 ECONOMIC OVERVIEW
The NEAR economy is optimized to provide developers and end users with the easiest possible experience while still providing proper incentives for network security and ecosystem development. Summary of the key ideas that drive the system:
Thresholded Proof of Stake: Validating node operators provide scarce and valuable compute resources to the network. In order to ensure that the computations they run are correct, they are required to “stake” NEAR tokens, which guarantee their results. If these results are found to be inaccurate, the staker loses their tokens. This is a fundamental mechanism for securing the network. The threshold for participating in the system is set algorithmically at the lowest level possible to allow for the broadest possible participation of validating nodes in a given “epoch” period (½ of a day).
Epoch Rewards: Node operators are paid for their service a fixed percentage of total supply as a “security” fee of roughly 4.5% annualized. This rate targets sufficient participation levels among stakers in order to secure the network while balancing with other usage of NEAR token in the ecosystem.
Protocol treasury: In addition to validators, protocol treasury received a 0.5% of total supply annually to continuously re-invest into ecosystem development.
Transaction Costs: Usage of the network consumes two separate kinds of resources — instantaneous and long term. Instantaneous costs are generated by every transaction because each transaction requires the usage of both the network itself and some of its computation resources. These are priced together as a mostly-predictable cost per transaction, which is paid in NEAR tokens.
Storage Costs: Storage is a long term cost because storing data represents an ongoing burden to the nodes of the network. Storage costs are covered by maintaining minimum balance of NEAR tokens on the account or contract. This provides indirect mechanism of payment via inflation to validators for maintaining contract and account state on their nodes.
Inflation: Inflation is determined as combination of payouts to validators and protocol treasury minus the collected transaction fees and few other NEAR burning mechanics (like name auction). Overall the maximum inflation is 5%, which can go down over time as network gets more usage and more transactions fees are burned. It’s possible that inflation becomes negative (total supply decreases) if there is enough fees burned.
Scaling Thresholds: In a network, which scales its capacity relative to the amount of usage it receives, the thresholds, which drive the network to bring on additional capacity are economic in nature.
Security Thresholds: Some thresholds, which provide for good behavior among participants are set using economic incentives. For example, “Fishermen” (described separately).
Part 1Part 2 I'm at $BigClient, which is taking a Citroen like approach to infrastructure and operations. "We recognize that the McPherson strut is simple, efficient, good enough for most use cases and accepted by everyone in the industry, but we shall do it with hydraulic fluid at high pressure. What could go wrong?" Except $BigClient's far away from a competent Citroen shop. $BigClient's Citroen has gone through a few years of 'just keep it running on the cheap' upkeep without access to factory parts. I've got an odd patching problem on a handful of servers. Systems are rolling back to insecure versions (2.0.2 ->1.4.6) and nobody knows why. Or at least, nobody's talking. I don't know what to do yet, so I decide to go and get lunch. I work out the possibilities.
There's something wrong with our validation procedure- they're actually patched and we're reading the wrong thing.
There's something or someone else downgrading these systems.
Number 1 requires more documentation, which $BC doesn't seem to want to show me. Number two might be hiding in logs, which are emailed to me on a regular basis. I walk back to my cubicle, grab my laptop and a notebook and find a quiet corner to figure things out. I find one in a tiny conference room. I read through my emails and search for any of the logs from the api servers. I spend about ten minutes on Stack Exchange for the appropriate sed, awk, tee and cat munging to pare them down to what I want. Eventually I dump them all to Excel, because I am a bad person. Some filtering and I can see what's going on. The system orchestration updates each server every other midnight. I see about three quarters of them download the 2.0.2 version as a part of the night's update. Every two nights a (seemingly) random selection of servers updates. I scribble the order on the conference room whiteboard and stare at them for a few minutes. Nothing in the orchestration system logs shows another process loading the older 1.4.6. version. But something is. Nothing in the logs emailed to me obviously points to another process. I take a walk to get a coffee and think. Nothing comes to me and I have to scour the kitchen for unflavored coffee. I walk back to my conference room to find an intern-like person. me:"Hey, I apologize. I didn't know the room was reserved. I'll take my stuff." Other person:"That's ok. Are you Rob?" me:"Nope, sorry" I take my stuff and make my way back to my cubicle. A few minutes searching leads me to a shared root password for the servers stored in the password vault. I login to one of the remaining servers running 2.0.2 and look at the running processes. Nothing obvious like "random updater". I'm stumped. I lean back and stare at nothing in particular trying to come up with some ideas. Unfortunately, it's fairly packed and I'm next to a bullpen. Voice 1:"So the Sky Caps put blotter in the vat without telling anyone" Voice 2:"Hilton Honors kicks' Marriott Bonvoy's ass any day." Voice 3:"No, I'll pick her up at 4" The voices wash over me in some clip reel workplace sitcom haze. I'm not going to get anything done. I take a walk around the offices to get the lay of the land. It's a Hanna-Barbera cartoon of grey cubefarms, tan breakrooms, free coffee but no snacks. The only attempts at color are people's cubicles. Family pictures, shirtless men with fish, desk toys and action figures. It's like a mall- everything's pleasant, non threatening and in identically-sized stalls, with colorful (but bounded) individuality, all for commerce. Then I find the Hot Topic meets Successories manifesting in a cubicle. There are two dorm-room sized posters of the gold Bitcoin-coin, along with framed inspirational quotes about success and perserverance set against pictures of Game Of Thrones characters and muscle-bound men in insignia-less camo. A new leather jacket with an embroidered skull is on the back of the chair. This person is either a hoot or insufferable. I keep walking. I have a breakthrough. Where are the API servers getting the older version to install? Maybe that'll lead me into the library. I'm not yet Adso, but perhaps I'm one of the other ,lesser scribes copying my book and scribbling fanciful drawings of the things I miss, like decent coffee and a cell-mate that doesn't snore. I walk back to my cubicle. A different intern-shaped person is in the conference room, all alone. I can't save them. Eventually they'll be standing in the corner of their cubicle looking away while the middle manager cleans out the rest of their team. I'm in my seat. Some searching results in a few possible repositories. Some more searching finds me the one repo that still has v1.4.6 of this application. Just to make sure, I compare a downloaded copy of v1.4.6 and the installed version of v 1.4.6 on one of the servers. I search all the folders and files for the URL of the repo server and find it. In the application itself. The server waits every two days and looks to the repo. If the installed version is not equal to v 1.4.6, it downloads v 1.4.6 from the server and installs it, then forces a restart. This code is commented out (made non-executable) along with an actual comment: /REMOVE BEFORE PRODUCTION I quickly scan through the API servers to find one of the ones still running 2.0.2. I search for the term "REMOVE BEFORE PRODUCTION" And there it is, in the application code. Except it's not commented out. In a text editor, I write up my findings, conclusion and a recommended fix- delete the upgrade code snippet, increment to 2.0.3, push it out using the orchestration tool and call it a day. LC Chat won't let me attach my text file, so I breathlessly LC Chat my document, line by line at Vincent, the poor bastard tasked with closing audit finding 162, the mystery of the random rollback. Vincent:... Clearly, Vincent is choosing his congratulatory language carefully. Vincent:"Can't apply the fix. The application is owned by Development. They're behind on other things, so they won't update the software until next quarter." me:"It's about thirty lines of code we can comment out" Vincent:"Can we say it's fixed for the audit since we know what the problem is?" me:"No. We can patch it, or we could write up a remediation plan and get it on some schedule." me:"But that's more paperwork than the actual fix." Vincent:"But Ops isn't on good terms with Development." me:"So they're not going to touch it any time soon." Vincent:"Probably not" me:You guys own that repo server, too" Vincent:"I don't see how that's good for anything" me:"We cut out the update code in 2.0.2 and call it 2.0.3. We name the file 1.4.6 and replace the existing 1.4.6 on the repo server. Either the app gets updated via your orchestration server or it updates itself. We're fixed in two days either way. Vincent:"But policy requires that we get approval" me:"There's an exception, if you have a superior in Operations to sign off, you can call it an emergency fix. Ask Trevor. He just needs to not tell anyone else. You submit the ticket and eventually the devs will get to it and fix the problem for good. Until then, you pass that part of the audit." Vincent tells me he's going to talk to Trevor. I'm going to take a walk. Out of curiosity, I go back to the Hot Topic cubicle to get a look at its occupant. The jacket is gone and the monitors are off. Mystery person has left for the day, I assume. I look at the large jars of nutritional supplements with macho names- Gorilla Rage, LumberJacked, Psycho Focus". I notice the name-plate on the outside of the cubicle. Oh, no. Ian. To Be Continued... edit- made modifications to satisfy Internal Audit 8-)
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The Role of the TRON Blockchain in Powering the Success of the JSB Foundation
The JSB Foundation has been made possible by the TRON Blockchain Justin Sun, Born on July 10, 1990, is the man who founded the TRON Blockchain. He is also the current CEO of BitTorrent and a former representative at Ripple Mainland China. Additionally, he is the founder and CEO of Peiwo, a mobile social application in China. Sun has an MA from the University of Pennsylvania East Asia Studies. He also has a BA in History from Peking University. At 26, Sun was picked by Jack Ma to study at Hupan University and he was the only millennium student amongst the first graduates. In 2011, Sun was picked as the cover face of Yazhou Zhoukhan and the Davos Global Youth Leaders in 2014. Sun was named the CNTV’s most focused new entrepreneur in 2015 and he was included in the Forbes China 0 under 30 from 2015 to 2017. The JSB Foundation has been made possible by the TRON Blockchain. Today, TRON is one of the biggest blockchain-based operating systems globally. Some of the key advantages of TRON are:
High scalability is a key advantage of the TRON blockchain. Many applications are now launching on TRON because of this key advantage. On TRON, users get access to highly efficient and scalable smart contracts. Besides that, the platform is capable of supporting a large number of users and simultaneous transactions without significant lag times.
Reliability is always a key consideration for any user of a blockchain platform. The platform comes with reliable network architecture, highly reliable user assets, as well as a high level of decentralized consensus. Additionally, the reward distribution system is highly reliable and it helps to promote the growth of the platform. High Bandwidth The high throughput on TRON has been achieved by improving the Transaction per Second (TPS) speed. Today, the TPS on TRON is higher than that of Ethereum and Bitcoin. It helps to ensure that TRON is a practical blockchain platform for daily transactions. A Reliable Wallet The TRON native wallet is called TronLink. It was first launched on the official website of TRON and it is powered by the TRON platform. The TronLink wallet is the go-to wallet for most users of TRON. It comes as a Chrome Wallet Extension and as an iOS and Android app. With the wallet, users can send and receive TRX tokens and TRC10 and TRC20 tokens. Besides that, they can integrate smart contracts calls on the developer’s site. Another use case for the wallet is the ability to use DApps within the browser. Today, the TRON TRX tokens have a market cap that makes it the top 20 global blockchain platforms. The platform launched its ERC20 tokens to the TRON mainnnet on June 25, 2018, which made the TRX tokens an independent coin.
About the JustSwap Platform
JustSwap is a decentralized protocol that will be at the core of the JSB Foundation. The protocol was launched in August 2020 by TRON and is part of a push by TRON to get in on the DeFi action. It aims to create a DeFi platform that will revolve around the TRON blockchain. The launch of JustSwap was done via a live stream on Yizhibo, the Chinese version of Periscope. During the event, over 763,000 viewers were present. Sun later posted a one-minute video on his YouTube channel explaining JustSwap. Sun said that JustSwap was an alternative to Uniswap, which is based on the Ethereum blockchain. It will make it possible for traders to trade in TRC20 tokens without paying commissions to the exchange. Besides that, users will be able to earn by providing liquidity on the DEX. Uniswap, the platform on which JustSwap is based, is the largest protocol in the DeFi space by locked assets. In recent months, the DeFi sector, mainly based on Ethereum, has been growing rapidly. However, Uniswap does not support the TRON blockchain. As a result, users of Uniswap would be locked out of the potential benefits offered by TRON. When JustWap was launched, it achieved trading volumes of $10 million in the first 19 hours.
A Look at the JSBSwap Exchange
JSBSwap is an automated decentralized exchange that is powered by a constant production formula. The entire protocol is powered by smart contracts and secured using the TRON blockchain. The lack of third parties reduces security risks as well as operational costs. It will be one of the main products launched by the JSB Foundation. The JSB Foundation has collaborated with the P2PB2B exchange for an upcoming launch. The IEO is set to take place on October 15 and it will be open to everyone. Summary From the foregoing, it is clear that TRON has the technology and community needed to create a sustainable decentralized platform. It was the reason the JSB Foundation built the platform on the TRON blockchain. The use of TRON will ensure that as JSB grows, it does not face restrictions when it comes to scaling and the speed of transactions. Combined with a highly motivated team and viable products for the DeFi space, JSB should be quite a success. As the DeFi space continues to expand, more people will want to discover alternatives to existing platforms that offer them value for their funds. JSB has various protocols built to enhance decentralization and value for participants. Its value proposition could help it to become a major success within the DeFi and specifically within TRON.
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
My name is Zack Frederick and I started doing marketing several years ago as i began my first yoga ‘e-business', realising very quickly that the difference between me and the next John Doe wasn’t the product but the presentation. So I set about, by trial and error, learning how I could sell more Yoga mats than John Doe. It wasn’t long before I realised I was very good at the marketing aspect, and I didn’t really like things like warehousing and distribution. Today I’m most interested in building reports, designing paid campaigns and helping with Instagram. I’ve compiled a few free tips for general marketing and SEO.
First off. Influencers will not magically make your website successful. You have to be your own influencer. Over my tenor, I have spent thousands on social media analysis, rebranding and learning tricks like sticking state names across American products or even changing the colour of my website depending on the demographics of my audience. Spoilers, guys love red. Here’s an example data set. https://imgur.com/gallery/7OHIx Last year, I ran a campaign for one of my shoe clients, and we used the pride of state consumers to grow his shoe business. I researched the best colours to use for different states and gave him a list, we put the state names across his shoes and marketed directly to them through instagram. It wasn’t long before his conversion metrics were soaring.
I have worked with a lot of musicians, a big part of them started with low view, audio-only videos. I learnt quickly that for them to achieve success they had to provide value, so i told them to create videos. They did and then ta-da, they had 4500 views when they only had 200 view music videos before. For the next step, I even got them contacts with massive digital celebrities. My proudest connection having been ‘Ninja’ during the height of his fortnite campaign, I organised the marketing behind several viral Fortnite music parodies with now millions of views.
Make use of trends in your business. If something is so mainstream and big, why ignore it? In the past I have made use of the political trends in the American election with trump AND hillary brands on some of my clients products, with the pro trump and pro hillary supporters wanting to sport their political beliefs no matter the cost. I see a lot of website based businesses underuse social media with broad attempts at Facebook ads and Instagram ads, ill go to digital marketing agencies and see they either have no social following or a huge botted one. It's a terrible idea to buy followers, if you want to cut corners then you should look at buying a smaller business with a bigger social following. Here’s the impressions from a tweet I made on the first day of creating a company a twitter platform and using trend riding and collaboration to grow it https://prnt.sc/huziu6 4K Impressions on one tweet in 15 minutes - we hit 80k impressions in the first day. I did this from simply mimiking the formula for success from a similiar company account, i don't want to try change the magic formula for success.
It’s better to get one click from a Facebook group dedicated to shoes than it is to get 100 clicks to a Facebook group dedicated to Tree’s for a shoe store. It will be cheaper and about 5000% more efficient. You would lose money on the tree group. That's a rough proverb for why you shouldn't just buy facebook or instagram, youtube ads without putting in a similiar level of funding towards targetting and direction.
I target groups through other groups. You can target parents through niche’s like Barbecue’s where the average participant is an affluent parent, you can target students through games or shoe groups where your average consumers are affluent students.
You really do have to stay in touch with your business to know what's working and what isn't, companies like Toys R Us refused to do that and stuck with huge stockpiles of star wars toys and then they collapsed. Blockbusters where ahead of the curve for digital movies and then they refused to change, Netflix changed and Netflix won. Amazon learnt to use online selling and left companies like Tescos with financial crisis.
The big boom in marketing that I’ve seen is social media marketing, marketers can create huge social following for companies and use that platform to sell content for extremely low costs in comparison to the tens of thousands it costs to use other platforms such as radio. Social media marketing has become somewhat controversial, but it is important to always stay open minded.
Collaboration** & Viral content
I can not stress the importance of working with other people. Every billionaire i know of has had a mentor, every big company success story had business partners. I've had far more success in clients who have listened to me and done collaborative work with digital celebs, with a dog product business making thousands of sales when they worked with vlogger Zoella and gave her free products. Viral content is very important because every Youtuber with over 1 million subscribers has started off big and managed to keep it big, nobody grinded and slowly rose up at an equal exponent. Hard work is fine but being consistent and mixing it up, copying the viral content of others is an easy way of bringing in secondary viewership and traffic. Pewdiepie, the biggest youtuber on the planet, started with viral horror content. Ninja, the biggest streamer, grinded for 7 years but only truly struck gold with the virality of Fortnite. So it makes sense to repeat their methods.
It is an obvious thing to say but it's neglected, key words are very important. I had a crypto business come to me and ask why their site wasnt doing very well, and i looked through it and saw they never mentioned anything beyond bitcoin. Bitcoin is a very expensive key word to market, with costs of the raw word being as high as 38$ per click. I had to bring them down to earth with harsh truths, i rewrote their entire site using SEM tools in mind - with key words and phrases like "Altcoin exchange" and using the names of the top 100 altcoins across the site.
Search Engine Optimisation is the name given to increasing the value and raw volume of your organic traffic. A successful website always wants as many of the most likely consumer base to encounter their product because that’s the hardest point of digital business. Your websites SEO is determined by crawlers which regularly check up on your website and update their index which is later used by an algorithm to order results when someone ‘googles’ something. Today I’m going to be talking you through some key points about SEO that I personally audit for businesses.
Https://Www.Example.Com is an example of something we call a ‘root domain’ which is made up of protocol (https://) subdomain (www.) domain name (example) and top-level domain (.com). These are the basic parts. It’s important that the protocol is the best and safest it can be or else google will punish you. It’s also important your domain name and top-level domain are appropriate and readable. The words used in your subdomain can also affect how customers interpret your website, websites can be named after their market base for easy marketing. In addition, the age and previous registrations of your domain matter. It’s important these factors are appropriately considered in your website. Be minimal with subdomains.
Google knows where it’s users are and what they’re using from their browser data, IPs and MACs and then matches them with websites in their areas or appropriate to searches. Ever since the infamous 2016 update ‘Possum’ it is not something you can ignore. Even jobs based websites had to use the meta data ‘Jobs Schema’ (from 2017 onwards) to tell google where your website was focused. Location specific landing pages matter. You have to pay credence to DNS (domain name server) and Glue to keep TTL (time to load) and mobile in mind, especially with more mobile users than ever. CMS (customs) is also part of this discussion: themes and plugins are a factor in Google’s ranking. One way to improve TTL is through CDN’s and we have to consider how we approach them to rank better. Sometimes, you might face penalties and there are ways to know; that’s a little too hard to explain here but PM me for more.
Nobody loves a book more than google. Robots will read all your website, even the stuff humans don’t bother with. Things like duplication will annoy Google who doesn’t like reading things twice. CTA’s (buttons basically) have to go somewhere nice and if they don’t work properly google will punish you. Human biases are important too. The user experience will effect their retention and Google will clock that. There’s also lots of minor things that can stack up: Filenames (help you rank on Images) Thin content (Google sees it as lazy) phrase diversity (spamming key words is noticed) and URL structures too! Make sure your in and outbound links are healthy as well as having keyword mapping where you assign the correct words to the right pages. Make sure your anchor texts (viewable when linking) are descriptive yet succinct. And finally: link velocity, a healthy eco system of link building is important to longevity and renewed SEO.
Consistent anchor elements are important to prevent 404s. Don’t use abbreviations with naming files and folders. Limit use of dates for file folder names. Your site architecture has to be simple and close to the root domain so the click depth isn’t too great! Links to and from your site can’t be dead ends, and use breadcrumbs! Be wary of canonical issues from similar content across multiple URLs. Treat Cookies and Session IDs properly, privacy laws are ever changed and mismatching them can be dangerous. There’s lots more to go into like header status codes, site maps, GSC Crawl Errors but Reddit has a text limit so I’ve deleted some of my post.
PM me if interested in my services or with questions.
UYT Main-Net pre-launching AMA successfully completed with a blast
7 pm, 29th September 2020 Beijing time the UYT Main-Net pre-launching AMA successfully completed with a blast! Here is a full record of the AMA: Host: Hello everyone, it’s a great honor to host the first AMA of UYT network in China. Today, we have invited the person in charge of UYT Dao. Let’s ask Mr. Woo to introduce himself Woo: Hello, I’m Ben. I’ve met you in the previous global live broadcast. I’m the director of UYT Dao and the founder of IGNISVC. At present, I’m the CEO of the TKNT foundation and have been engaged in the blockchain industry. Q1. At present, different types of blockchains have emerged, but cross-chain interaction is still suffering a lot. In your opinion, what is the necessity and significance of cross-chain? Answer: The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other. The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other. Q2. The founder of Ethereum, V Shen, once wrote a cross-chain operation report for bank alliance chain R3, which mentioned three cross-chain methods. Which one does UYT belong to? Can you briefly introduce the cross-chain solution of UYT? Answer: In Vitalik’s cross-chain report, there are three main cross-chain methods. The first is that both parties do not know that they are crossing the chain, or that they cannot “read” each other, such as the centralized exchange. The second way is that one of the links can read other chains, such as side-chain / relay chain. That is, a can read B, and B cannot read a; The third is that both a and B can read each other’s, which can achieve the value and information exchange between a, B, and the platform. UYT belongs to the third kind. Our new official website will be online soon. Here are a few simple points: first of all, the architecture of UYT includes relay chain, parachain, parathreads, and bridges. In terms of ductility, it has exceeded almost all the public chains currently online. In the UYT network, there are four kinds of consensus participants, namely collector, fisherman, nominator, and validator. The characteristics of this model are: first, all people can participate without loss. Secondly, as long as anyone makes more contribution to the ecology, he will get more rewards, otherwise, he will receive corresponding punishment. The underlying layer of UYT is the substrate, which uses the rust programming language. Rust is committed to becoming a programming language that can solve the problems of high concurrency and high-security systems elegantly. This is also a great advantage that we are different from other blockchain projects in technology. Q3. What are the roles in the UYT network? What are their respective functions? Answer: After the main network of UYT is online, there will be four roles: collector, fisherman, nominator, and validator, which is totally different from the current system of the test network. The collector, in short, is responsible for collecting all kinds of information in the parallel chain and packaging the information to the verifier. Fishermen, to put it bluntly, is fishing law enforcement, which specifically checks out malicious acts and gets rewards after being checked out. The nominator, in fact, is a group of rights and interests. The verifier is its representative, and they entrust the deposit to the verifier. Verifier, package new blocks in the network. It must mortgage enough deposits and run a relay chain client on a highly available and high bandwidth machine. It can be understood as a mining pool. It can also be understood as the node in the current UYT DAPP. Q4. What is the mining mechanism of the UYT network? The only way to obtain UYT after its issuance is to participate in mining activities. In the initial stage, the daily constant output times of UYT are set to 1440000, and the cycle of bitcoin is halved. Mining rewards can be obtained in the following five ways: 1) Asset pledge mapping mining 2) Become the intermediate chain node of uyt network 3) Recommendation and reward mechanism 4) Voting reward 5) UYT network Dao will take out 10% of gas revenue from block packaging for community construction and reward of excellent community personnel Q5. The rise and fall of the blockchain are very fast. In order to give investors confidence, is there a detailed development plan, implementation steps, and application direction of UYT network in the next few months? Answer: UYT Network test network has been running stably for a year. After the main network is launched, all mechanisms will undergo major changes. The relationship between the UYT test network and the main network can be understood as the relationship between KSM (dot test network) and dot the main network, and the feasibility of the technology can be reflected more quickly by the UYT test network because of its faster timeliness and all future technology updates Some will move to the main network after the stable operation of the test network. In order to give users a better experience and give more rewards to excellent nodes, all Dao organizers are working hard for it. The development team has completed the cross-chain of bitcoin and some high-quality Ethereum based tokens in the early stage, and now the code has all been open source. For other mainstream currencies, community members can apply for funds to develop. In order to develop the ecology and make a better technical reserve, we will set up a special ecological development fund when the main network goes online. The transfer bridge is our key funding direction. The maximum application amount of a team is as high as 100000 US dollars. In addition, if other public chains want to connect to UYT, they will get technical support. In order to encourage developers to participate in ecological construction, Dao also launched a series of grants to support development. Developers can directly pull the better applications on Eth and EOS directly, or develop new products according to their own advantages. These directions are now the focus of funding. Due to the early online testing time of uyt network, it is based on the earlier version of substrate1.0. The on-chain governance mode can only be realized after the upgrade of 2.0 is completed. At present, the upgrading work is going on steadily, and the on-chain governance will be implemented in the main network with the launch of the uyt main network. As a heterogeneous cross-chain solution with high scalability and scalability, UYT network can perfectly bridge the parallel encryption system and its encryption assets in theory, and its wide applicability in the future can be expected. Therefore, we do not limit the areas where UYT network will play its advantages and roles. But in the general direction, there will be mainly DEFI and DEX ecological plates. From the industry, it can cover a wide range of fields, not only finance but also games, entertainment, shopping malls, real estate, and so on. Q6、How can UYT help DEFI? Answer: UYT network can not only link different public chains but also make parallel chains independent and interlinked. Just like the ACALA project some time ago, it has successfully obtained Pantera capital’s $7 million saft agreement. Although the concept of DEFI is very popular now, all DEFI products are still in the ecology of each public chain, and the cross-chain DEFI ecology has not been developed. UYT is to achieve cross-chain communication, value exchange, and develop truly decentralized financial services and products. For example, cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products. At present, our technical team is also speeding up the construction of infrastructure suitable for the landing of more DEFI products and services and is committed to creating a real cross-chain DEFI ecology, which is only a small step of UYT’s future plan. Q7、TKNT should be one of the hottest projects in the UYT ecosystem recently. Please give us a brief introduction to the TKNT project and the value of TKNT in the UYT ecosystem. Why can TKNT increase 400 times in 7 days? And what is the cooperative relationship between UTC and TKNT? Answer: I will answer each project from the technical and resource aspects. Let’s first introduce UTC. UTC is the token of Copernican network and the first project of UYT game entertainment ecology. In the future, it will be responsible for linking. Due to the high-quality public chain in the entertainment industry, because of the limited slots of UYT, each field will seek a high-quality partner and help the partner become the secondary relay chain of UYT. After the main network of UYT goes online, many chains will want to access UYT Greater value circulation, due to the limited external slots of UYT, the cost is also very high. At this time, you can choose to connect to UTC first, and then connect UTC to UYT. With more and more links with UYT, it will gradually evolve into a secondary relay chain of UYT network. UTC’s resources, online and offline, offline payment and offline entity applications, also have a very large community base. The ecological partners have very good operation experience in the game industry. They will use blockchain technology to change the whole game entertainment industry to make it more transparent and fair. At the same time, there are enough entity consumption scenarios. This is also UYT Because of the reason why the network chose to cooperate with it, the UTC project has been supported by the UYT ecological fund. The support fund includes that after the main network is launched, it will also be the first ecological cooperation project supported by UYT. Because of the online time of the main network of UYT, UTC can’t directly form a chain at present and will give priority to issuing on Ethereum. TKNT is a new concept project TKN.com TKN is the largest online centralized guessing game platform in the world at present. TKNT mixes bet mining and DEFI, so it can carry out fixed mining through platform games, build a system that can realize game participation and in application payment in all Dapps based on ERC20, and combine with various financial services. The reason why TKNT has created a myth of 400 times in 7 days is that the TkN platform has a buyback plan. As we all know, the online quiz game entertainment platform has an amazing profit. Every quarter, the profit will be used to buyback. The strong profit support has led to the huge increase of token. In the future, all users can use UTC to participate in TkN games. Therefore, the main network of UYT is that Line is also of great significance to TKNT. With the maturity of UYT ecology and technology, TKNT can have a more powerful performance. If TKNT wants to link more public chains, it needs to access UYT network, and realize a bigger vision with cross-chain interaction of UYT. After TKNT was launched on the exchange, the highest price has risen to $14, and now it has dropped to about $2.50. You will see that it will once again set a record high and create greater miracles. You will also see that $3 will be the best buying point for TKNT, because there will be several major moves in TKNT, and the global MLM plan will be launched on October 7 in Korea, China, and other countries There will be many marketing teams in Europe to promote TKNT, including DAPP.com As a shareholder of TkN, TKNT will also make every effort to promote TKNT. Secondly, TKNT will be launched next month on the largest digital currency exchange in South Korea, and Chinese users will see the shadow of TKNT on Binance in November. Of course, the decentralized trading platform of UYT will also be launched in the future. Q8. What is the significance of the launch of UYT’s main network for the industry and ecology? Answer: UYT is one of the few cross-chain platform projects in the industry at present. There are many public chains and coin issuing projects. Why? Because of less work, more money. However, there are very high technical and capital requirements for cross-chain and platform. This barrier is very high, so almost no project side is willing to do this. But once this is done, it will be of great significance to the whole industry of digital currency and blockchain. Because it will subvert the current situation of the whole currency circle and chain circle acting on their own, and the painting land is king. Let each independent ecosystem achieve a truly decentralized and trust-free cooperative relationship. This huge change will promote the whole industry to develop into a healthy and virtuous circle macro ecosystem. Q9. The slogan of many project supporters is that UYT should surpass Ethereum. What is the difference in technology between UYT network and Ethereum? Answer: Thank you so much for supporting UYT. In fact, the correct understanding is that UYT is the next era of Ethereum. First of all, UYT has a different vision from Ethereum. Before the emergence of UYT, Ethereum, and EOS, no matter how well they developed, belonged to the era of a single chain. The popular metaphor is a LAN. However, UYT can realize the interoperability of each chain and bring the blockchain into the Internet era. Secondly, UYT is far superior to Ethereum in technology. It mainly includes three aspects: shared security, heterogeneous cross-chain, and no fork upgrade. In the case that Ethereum 2.0 has not been implemented, UYT is the most friendly bottom layer for the DFI projects and other Dapps on Ethereum. Now, the hair chain architecture substrate of UYT is compatible with Ethereum smart contract language solidity, so eth developers can easily migrate their smart contracts to UYT. Up to now, there is no good solution to the congestion problem of Ethereum, while UYT network not only solves the network congestion problem. What’s more, UYT can easily realize one-click online upgrade, instead of having to redeploy a set of contracts on Ethereum for each version upgraded and then require users to follow them to migrate the original assets from the old contract to the new contract. Developers can quickly and flexibly iterate their own protocols to change their application solutions according to the situation, so as to serve more users and solve more problems. At the same time, they can also repair the loopholes in the contract very quickly. In the case of hacker attacks, they can also solve the hacker stealing money and a series of other problems through parallel chain management. We can find that for Ethereum, UYT not only solves the congestion problem we see in front of us but also provides the most important infrastructure for the future applications such as DFI on Ethereum to truly mature into an open financial application that can serve all people. It also opens the Web 3.0 era of the blockchain industry. In terms of market value, Ethereum currently has a strong ecological construction, with a market value of US $40 billion. UYT will also focus on the development of this aspect after the main network goes online. No matter in terms of market value or ecological construction, I have enough confidence in UYT, after all, we are fully prepared. Q10. What is the progress of the ecological construction of UYT? What opportunities do current ecological partners see in UYT or what changes may be brought about by UYT ecology? Answer: After the main network of UYT goes online, there will be a series of ecological construction actions, and more attention will be paid to establishing contact with traditional partners. Cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products will also be the key cooperation direction of UYT. UYT will give priority to the game and entertainment industry because this industry is most easily subverted by blockchain. As the ecological construction of UYT gets bigger and bigger, the future slots will become more and more expensive. The earlier you join UYT ecology, you will get more support from the ecological fund because the ecological fund is also limited. From the perspective of token value-added, all the project parties will cooperate with the project side in the future, and the project side needs to pledge a certain number of UYT to bid for slots, except for ecological rewards, others need to be purchased from market transactions. The difference between the pledge here and the pledge we understand is that the UYT of the ecological partner participating in the auction pledge cannot enjoy the computing power for mining. UYT main network has several opportunities for Eco partners to look forward to, the first point is bitcoin, bitcoin will be later than other assets late, but eventually, all the bubble and value will return to BTC, after the wave of DeFi bubble elimination, the focus will be very much in the bitcoin. UYT ecology can provide a more mature bottom layer for defi. In addition, now Ethereum’s DEFI is that of Ethereum and ERC 20 tokens, and the outbreak point of bitcoin has not yet arrived. Therefore, the DEFI of UYT ecology may be the next opportunity, which is a good opportunity for everyone. The second opportunity is that after the main network goes online, the future UYT ecological projects will compete to bid for slots. In fact, the original intention of UYT is to realize the interconnection of all chains. The chain outside the UYT ecology also needs to communicate. The third is cross-fi. The BIFI is hatched on Ethereum, and the def on UYT can realize multi-chain operation. For example, TkN games or future UTC game platform users can call bitcoin on the UYT chain. This form only belongs to the decentralized finance in the cross-chain era of UYT, which can be called cross-fi. Q11. Which exchanges will UYT go online next? What is the online strategy like? Answer: As the founder of ignisvc and as UYT As the head of the Dao organization, we have always had good cooperative relations with major exchanges all over the world. TKNT will appear in several exchanges one after another. Hitbtc exchange in the United Kingdom, Upbit and Bithumb Exchange in South Korea, Bitfinex exchange in the United States, Binance exchange in China, BKEX exchange, and Kucoin exchange in China are all our partners, and they have been paying close attention to UYT Development, UYT is the public chain with the largest user base and the highest community participation in the cross-chain field, so the future value is immeasurable. If we have to go to the exchange, then we will choose one of the above exchanges to launch. But the vision of UYT is to create a fairer, safer, and transparent circulation in the field of digital currency, and users can master all the assets by themselves, Therefore, in the beginning, there is a simple DEX on the UYT wallet, which is a simple matchmaking transaction and is also an on-chain transaction. After the completion of the UYT DEX, more transactions may occur in the UYT DEX. However, after the main network of UYT is online, centralized exchanges can directly access the block data synchronization of UYT, and it is not ruled out that some exchanges will directly go online for UYT trading. Such exchanges will not enjoy the support of the ecological support fund of UYT. The network project is a community-led project. Each cooperation plan of the exchange will be carried out in the way shared by the community in the future. Dao organization can only implement it according to the voting results. Q12. What are the plans for the promotion of ecological development and market by the launch of UYT main network? Answer: The launch of the main network will be completed around October 15. On the offline side, due to the epidemic situation, we will jointly organize corresponding market activities with nodes in different countries. At present, there are three large-scale offline meetups that have been identified. We will also start a global roadshow when the epidemic is over. On the online side, we have opened online Wechat, Kakao, Twitter, Reddit, and telegram communities. We will carry out AMA activities in various countries and promote them all over the world in various ways. Of course, we will launch MLM plans and cooperate with more marketing teams.
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