What’s a Sybil Attack & How Do Blockchains Mitigate Them ...

Eth 2.0 vs Polkadot and other musings by a fundamental investor

Spent about two hours on this post and I decided it would help the community if I made it more visible. Comment was made as a response to this
I’m trying to avoid falling into a maximalist mindset over time. This isn’t a 100% ETH question, but I’m trying to stay educated about emerging tech.
Can someone help me see the downsides of diversifying into DOTs?
I know Polkadot is more centralized, VC backed, and generally against our ethos here. On chain governance might introduce some unknown risks. What else am I missing?
I see a bunch of posts about how Ethereum and Polkadot can thrive together, but are they not both L1 competitors?
Response:
What else am I missing?
The upsides.
Most of the guys responding to you here are full Eth maxis who drank the Parity is bad koolaid. They are married to their investment and basically emotional / tribal in an area where you should have a cool head. Sure, you might get more upvotes on Reddit if you do and say what the crowd wants, but do you want upvotes and fleeting validation or do you want returns on your investment? Do you want to be these guys or do you want to be the shareholder making bank off of those guys?
Disclaimer: I'm both an Eth whale and a Dot whale, and have been in crypto for close to a decade now. I originally bought ether sub $10 after researching it for at least a thousand hours. Rode to $1500 and down to $60. Iron hands - my intent has always been to reconsider my Eth position after proof of stake is out. I invested in the 2017 Dot public sale with the plan of flipping profits back to Eth but keeping Dots looks like the right short and long term play now. I am not a trader, I just take a deep tech dive every couple of years and invest in fundamentals.
Now as for your concerns:
I know Polkadot is more centralized
The sad truth is that the market doesn't really care about this. At all. There is no real statistic to show at what point a coin is "decentralized" or "too centralized". For example, bitcoin has been completely taken over by Chinese mining farms for about five years now. Last I checked, they control above 85% of the hashing power, they just spread it among different mining pools to make it look decentralized. They have had the ability to fake or block transactions for all this time but it has never been in their best interest to do so: messing with bitcoin in that way would crash its price, therefore their bitcoin holdings, their mining equipment, and their company stock (some of them worth billions) would evaporate. So they won't do it due to economics, but not because they can't.
That is the major point I want to get across; originally Bitcoin couldn't be messed with because it was decentralized, but now Bitcoin is centralized but it's still not messed with due to economics. It is basically ChinaCoin at this point, but the market doesn't care, and it still enjoys over 50% of the total crypto market cap.
So how does this relate to Polkadot? Well fortunately most chains - Ethereum included - are working towards proof of stake. This is obviously better for the environment, but it also has a massive benefit for token holders. If a hostile party wanted to take over a proof of stake chain they'd have to buy up a massive share of the network. The moment they force through a malicious transaction a proof of stake blockchain has the option to fork them off. It would be messy for a few days, but by the end of the week the hostile party would have a large amount of now worthless tokens, and the proof of stake community would have moved on to a version of the blockchain where the hostile party's tokens have been slashed to zero. So not only does the market not care about centralization (Bitcoin example), but proof of stake makes token holders even safer.
That being said, Polkadot's "centralization" is not that far off to Ethereum. The Web3 foundation kept 30% of the Dots while the Ethereum Foundation kept 17%. There are whales in Polkadot but Ethereum has them too - 40% of all genesis Ether went to 100 wallets, and many suspect that the original Ethereum ICO was sybiled to make it look more popular and decentralized than it really was. But you don't really care about that do you? Neither do I. Whales are a fact of life.
VC backed
VCs are part of the crypto game now. There is no way to get rid of them, and there is no real reason why you should want to get rid of them. They put their capital at risk (same as you and me) and seek returns on their investment (same as you and me). They are both in Polkadot and Ethereum, and have been for years now. I have no issue with them as long as they don't play around with insider information, but that is another topic. To be honest, I would be worried if VCs did not endorse chains I'm researching, but maybe that's because my investing style isn't chasing hype and buying SUSHI style tokens from anonymous (at the time) developers. That's just playing hot potato. But hey, some people are good at that.
As to the amount of wallets that participated in the Polkadot ICO: a little known fact is that more individual wallets participated in Polkadot's ICO than Ethereum's, even though Polkadot never marketed their ICO rounds due to regulatory reasons.
generally against our ethos here
Kool aid.
Some guy that works(ed?) at Parity (who employs what, 200+ people?) correctly said that Ethereum is losing its tech lead and that offended the Ethereum hivemind. Oh no. So controversial. I'm so personally hurt by that.
Some guy that has been working for free on Ethereum basically forever correctly said that Polkadot is taking the blockchain tech crown. Do we A) Reflect on why he said that? or B) Rally the mob to chase him off?
"I did not quit social media, I quit Ethereum. I did not go dark, I just left the community. I am no longer coordinating hard forks, building testnets, or contributing otherwise. I did not work on Polkadot, I never did, I worked on Ethereum. I did not hate Ethereum, I loved it."
Also Parity locked their funds (and about 500+ other wallets not owned by them) and proposed a solution to recover them. When the community voted no they backed off and did not fork the chain, even if they had the influence to do so. For some reason this subreddit hates them for that, even if Parity did the 100% moral thing to do. Remember, 500+ other teams or people had their funds locked, so Parity was morally bound to try its best to recover them.
Its just lame drama to be honest. Nothing to do with ethos, everything to do with emotional tribalism.
Now for the missing upsides (I'll also respond to random fragments scattered in the thread):
This isn’t a 100% ETH question, but I’m trying to stay educated about emerging tech.
A good quick intro to Eth's tech vs Polkadot's tech can be found on this thread, especially this reply. That thread is basically mandatory reading if you care about your investment.
Eth 2.0's features will not really kick in for end users until about 2023. That means every dapp (except DeFI, where the fees make sense due to returns and is leading the fee market) who built on Eth's layer 1 are dead for three years. Remember the trading card games... Gods Unchained? How many players do you think are going to buy and sell cards when the transaction fee is worth more than the cards? All that development is now practically worthless until it can migrate to its own shard. This story repeats for hundreds of other dapp teams who's projects are now priced out for three years. So now they either have to migrate to a one of the many unpopulated L2 options (which have their own list of problems and risks, but that's another topic) or they look for another platform, preferably one interoperable with Ethereum. Hence Polkadot's massive growth in developer activity. If you check out https://polkaproject.com/ you'll see 205 projects listed at the time of this post. About a week ago they had 202 listed. That means about one team migrated from another tech stack to build on Polkadot every two days, and trust me, many more will come in when parachains are finally activated, and it will be a complete no brainer when Polkadot 2.0 is released.
Another huge upside for Polkadot is the Initial Parachain Offerings. Polkadot's version of ICOs. The biggest difference is that you can vote for parachains using your Dots to bind them to the relay chain, and you get some of the parachain's tokens in exchange. After a certain amount of time you get your Dots back. The tokenomics here are impressive: Dots are locked (reduced supply) instead of sold (sell pressure) and you still earn your staking rewards. There's no risk of scammers running away with your Ether and the governance mechanism allows for the community to defund incompetent devs who did not deliver what was promised.
Wouldn’t an ETH shard on Polkadot gain a bunch of scaling benefits that we won’t see natively for a couple years?
Yes. That is correct. Both Edgeware and Moonbeam are EVM compatible. And if the original dapp teams don't migrate their projects someone else will fork them, exactly like SUSHI did to Uniswap, and how Acala is doing to MakerDao.
Although realistically Ethereum has a 5 yr headstart and devs haven't slowed down at all
Ethereum had a five year head start but it turns out that Polkadot has a three year tech lead.
Just because it's "EVM Compatible" doesn't mean you can just plug Ethereum into Polkadot or vica versa, it just means they both understand Ethereum bytecode and you can potentially copy/paste contracts from Ethereum to Polkadot, but you'd still need to add a "bridge" between the 2 chains, so it adds additional complexity and extra steps compared to using any of the existing L2 scaling solutions
That only applies of you are thinking from an Eth maximalist perspective. But if you think from Polkadot's side, why would you need to use the bridge back to Ethereum at all? Everything will be seamless, cheaper, and quicker once the ecosystem starts to flourish.
I see a bunch of posts about how Ethereum and Polkadot can thrive together, but are they not both L1 competitors?
They are competitors. Both have their strategies, and both have their strengths (tech vs time on the market) but they are clearly competing in my eyes. Which is a good thing, Apple and Samsung competing in the cell phone market just leads to more innovation for consumers. You can still invest in both if you like.
Edit - link to post and the rest of the conversation: https://www.reddit.com/ethfinance/comments/iooew6/daily_general_discussion_september_8_2020/g4h5yyq/
Edit 2 - one day later PolkaProject count is 210. Devs are getting the hint :)
submitted by redditsucks_goruqqus to polkadot_market [link] [comments]

"The only way to successfully launch any oracle network is from the top down with respect to real-world trust"

"Most won't take the time to read this
For those that do, enjoy
A while back there was a clip that cirulated where a bitcoin maximalist said something to the effect of "if someone were to solve the oracle problem, it would be worth more than all of crypto"
He then went on to give the standard counterargument that sybill attacks fundamentally prevent resolution of the oracle problem.
He was almost right
Here's the reality: in isolation without external factors this is correct. Put differently: if all of crypto was created de-novo and no data/api providers existed before the advent of chainlink, there would exist an equilibrium at which sybill attacks would be more profitable than delivering quality data or outputs. If this was the case, there are ways of breaking this state, but they involve exchange of value first in a non-deterministic manner and then using the experience from that to bootstrap an oracle network.
Fortunately, before crypto the world did exist. This led to trust systems being developed to reign in this situation (lawsuits, word-of-mouth reputation, the value of name recognition) in a world of non-deterministic interactions. For chainlink this is an absolute blessing.
The entwork will launch with actors providing APIs and data that are linked to their real-world names and practices. This means that even outside of the sybill equilibrium, there will be significant pressure to have high quality inputs and outputs. A bank can't expect to keep its good name if it makes a habit of screwing its smart contract customers while keeping good practices with its standard customers.
So what follows logically from this? The initial network has to tap into this entropy of trust left over from the non-deterministic world. In other words, it can't be decentralized initially unless the network wants to go through a growth period where bad behavior is actually game-theory optimal (with asymptotic approach to trustworthy behavior).
Human beings being what they are, such a period would sour people against the use of smart contracts if they could be scammed early on, even if they were safer than conventional alternatives.
For an example of this look at common perception of bitcoin. It has provided 24/7 value transfer at discount rates since its launch 10 years ago. During that time billions have been transferred without loss. On top of that it has increased in value from less than a dollar to over a thousand dollars. Any stock, bond or precious metal that did that would be hailed as the greatest investment in the history of the world.
But human perception matters.
For that reason the chainlink network cannot launch decentralized and must launch with as much providenode transparency as possible. This sets the floor for node behavior when the network does decentralize. Only though doing it this way will people, with all their flaws, see the value.
Put another way: the only way to successfully launch any oracle network is from the top down with respect to real-world trust. If you could launch a perfectly coded, perfectly transparent, perfectly decentralized oracle network right now you would still lose to chainlink. An oracle network must first have the buy in (and implicit pledge to perform) of those agencies with the most real world trust. The network which harvests these residual trust sources from the real world is the one that wins, and the one that wins is the de facto monopoly because those that can't harvest this resource must traverse the sybill period to launch.
You are about to see an entire industry (the trust assurances industry) be swallowed whole by a decentralized network. The marginal value of all trust assurances services in the world (contracts lawyers, non-criminal courts, administrative workers etc.) will become the chainlink network. Those groups which don't make this transition will cease to exist. In 20 years it will be hard to imagine how the world functioned without such a network, just as it's hard to imagine a world without the internet now.
You're about to watch the whole world realize, slowly, this new reality. Remember that it takes hours and hours of dedication to get what I'm saying right now. Next year you'll just have to be a CEO/CTO level person to understand. The year after that, someone who is considered smart and cutting edge. You're about to witness all of this happen.
At this point, there is nothing that can be done to stop it. Even if the whole chainlink team died, the cat is out of the bag. Once traditional trust assurers understand this, such a network can't not exist.
Be good and enjoy the ride frens"
Sauce : https://warosu.org/biz/thread/14514053#p14523560
submitted by QuantLink to LINKTrader [link] [comments]

Transcript of AMA with Brendan Eich, CEO of Brave & Basic Attention Token, creator of Javascript and co-founder of Mozilla & Firefox (Dec. 20th, 2017)

Here is the transcript from today's (Dec. 20th, 2017) AMA with Brendan Eich. Some incredible insights and information:
 
bat-jennie Admin 12:58 PM Hello everyone! Welcome to our first AMA here on the Basic Attention Token (BAT) Rocket Chat! Rocket Chat is one of our verified publishers, so if you’re participating in this AMA through your Brave browser, you’ll be seeing BAT’s utility in action.
Today’s featured guest is the creator of JavaScript, co-founder of Mozilla & Firefox, and CEO of Brave Software and Basic Attention Token himself, Brendan Eich!
For those tuning in, please feel free to ask your questions in the #ama-questions channel on Rocket Chat, which will be active for the duration of the AMA today. Please remember: this is a friendly environment; please be kind and be respectful of our guest and of one another! 🙂
This purpose of these AMAs is to provide a platform for members of the community to ask relevant questions directly to featured guests, and to satisfy any curiosities one may have about our guest’s thoughts, projects, plans and endeavors!
With that, I turn the floor over to our guest. Welcome, Brendan! Maybe you can start by giving a quick update on progress with BAT and Brave!
 
bat-brendaneich Admin 12:59 PM Thanks @bat-jennie.
As people know we're deep into Mercury phase, with a few people working on Gemini (user-private ads, anonymous revenue share to user). We did the first batch of UGP grants last month and will do more in January. We're working on creator referral awards, to pay YouTubers and site owners who bring new users to the platform as measured by 30 days uptime in Brave.
We had a successful pair of bizdev trips to NYC and London over last two months' time, getting close to announcing an ongoing partnership with a top-3 NYC media co.
The tide is turning fast with publishers. Three years ago when I was thinking a lot about brave and studying problems in ad tech, I met with publishers and ad tech people in NYC. Some fear of ad blocking but mostly business as usual, even as programmatic plays launched in previous few years were hitting what now look like peaks (and trying to exit via M&A).
Two years ago I met as Brave founder and pubs were mostly "you're an ad blocker, we hate you" but a few got the larger play. At that point I was thinking about Bravecoin and met with Stephan Tual and co. at Ethereum's London office; helpful but also clear it was too early to do "Bravecoin".
Last year publishers started turning, because their revenue was going down y-o-y, partly from ad blocking but also from G and FB eating the best programmatic ads and owning the user. This year the worm has turned, so to speak -- no one discounts ad blocking and everyone is talking about GDPR + ePrivacy in Europe next year requiring consent for tracking, so with this as background I think we are well-positioned to move into Gemini phase of the BAT roadmap in 1H2018.
 
bat-jennie Admin 1:06 PM Wow, what an update! This is all very exciting news! I’m sure people are just dying to ask you their questions now! Let’s move onto those 🙂.
Our first question comes from Modernity from Rocket Chat:
Why use a separate cryptocurrency (BAT) instead of just using ETH or a more established cryptocurrency?
 
bat-brendaneich Admin 1:08 PM Thanks, @modernity -- the answer is twofold: 1, to raise funds for the project (no shame in that); 2, to precreate the User Growth Pool before the sale to stake users with tokens, gratis. With ETH or other existing cryptocurrencies we would need a rich benefactor to endow the UGP and none were forthcoming. UGP+reserves wallet present notional value is $122M. I don't know of anyone who was willing to give us that much ETH.
When I met with Ethereum folks in July 2015 and talked Bravecoin, I was inspired by "Social Credit" money theory. Give people tokens just for being citizens.
That's the UGP.
 
bat-jennie Admin 1:10 PM @Robert.clark from Rocket Chat asks:
How do you envision the 'moat' of your startup being built? Is it about digging deep into the BAT reward system and creating truly better and more profitable ad experiences for the consumer as well as the advertiser, or more about the privacy focused / decentralized internet browsing experience?
 
bat-brendaneich Admin 1:13 PM Thanks @robert.clark -- we aim to standardize what we can and hope to work with Apple and Mozilla in W3C on anti-tracking specs in new year, so that's not the moat. The moat is attacking Google's main revenue source directly, while using as much chromium code as possible.
That is a durable strategy as Google cannot diversify fast enough, and faces anti-competitive scrutiny in Europe that limits its ability to use MS-like tactics against us. If other browsers want to join in the platform, we will bring them on -- after we have built Gemini phase and specified endpoint as well as on-chain rules.
In this light it is crucial we neutralize Chrome in every area where we do not differentiate by blocking by default. Note: blocking invisible trackers as well as all third party ads (and some 1st party that place with Google DFP), this gives 3-7x speedup on Android vs. Chrome, and Android Chrome has no extensions which means no adblockers.
Google's "ad filter" is cosmetic and doesn't touch trackers or the ads its core business and public stock price depends upon (they'd be bad fiduciaries if they did hurt their revenue materially; I'd join the class action suit!).
My view is G (and FB) are both "stuck"; they have limited ability to disrupt themselves, even ignoring usual big-company and innovator's dilemma problems. When thinking about moats and strategy, I find Mr. Spock's remark that "Military secrets are the most fleeting of all" helpful.
Tech alone isn't a moat. Remember when Steve Jobs was rumored to be considering buying Dropbox? Then a bit later he said "that's just a feature" (meaning OS icloud integration)? The durable strategies go against deep conflicts of interest, in Google's case between Chrome users and G's ad business.
Btw the latest on G's ad filter makes me think they'll get in legal and possibly antitrust trouble, the way they require verification. But we shall see!
 
bat-jennie Admin 1:18 PM @Irak from Rocket Chat asks:
Brave is an obvious buyout target for the major browsers and ad revenue companies. What do you believe would happen to BAT if a buyout occurs?
 
bat-brendaneich Admin 1:21 PM Good q, @irak. I think we won't get bought without proving the Gemini phase at least. If we did get bought, it would be self-destructive to abandon BAT or mess with Brave's terms of use or privacy policy. We're the GDPR or "user privacy by default" option the bigs need. To the extent they cannot move their large-share attention apps toward BAT, they need separate apps.
I can't speculate much more, but I think BAT is safe -- etherscan shows lots of addresses, last I looked, and volume is up. The UGP would be the asset to protect and as we bring on other apps to the BAT ecosystem, we will put it under shared governance.
For Brave and BAT, GDPR looks like the perfect storm along with bad privacy and dopamine-piracy complaints against the big two.
 
bat-jennie Admin 1:22 PM @Coke from Rocket Chat asks:
What are the Brave team's top three priorities at the moment?
 
bat-brendaneich Admin 1:24 PM @Coke, thanks. The BAT ones are 1/ more UGP grants, with sybil attack resistance; 2/ creator referral awards; 3/ publisher onboarding (the top-3 nyc media co. and others). For Brave we have 1/ bug fixes; 2/ performance and memory work; 3/ extension support on laptop/desktop.
 
bat-jennie Admin 1:26 PM @Steve-1 from Rocket Chat asks:
What’s the likelihood of BAT transitioning to its own independent blockchain at some point?
Will BAT switch to an alternative Blockchain due to ETH scaling issues?
 
bat-brendaneich Admin 1:26 PM @steve-1 We have thought about this enough to view it as an option -- no token or coin of value should ever be marooned unless the human element goes wrong. For now we are confident in Ethereum scaling but we're keeping an eye (and will help if we can, as we grow).
 
bat-jennie Admin 1:27 PM @Decisive from Rocket Chat asks:
Is the UGP script locked in any way to prevent a mass sell off, or developepublisher payout via the smart contract, or is it to the discretion of the BAT team?
 
bat-brendaneich Admin 1:28 PM Hi @decisive: Currently locked in a wallet with keys held only by trusted/high-integrity founder-level people.
We don't like fancy smart contracts; I'm skeptical of on-chain governance as right move for upgrading contracts; we're keeping it simple and vetting keyholders who are known and deeply invested in Brave.
Only a few such people; I am one.
 
bat-jennie Admin 1:30 PM A user from Reddit asks:
How is the BAT browser extension planned or being developed?
You have mentioned in the past that he heard Mozilla might be interested in integrating Brave into Firefox. Have there been any updates on that front?
 
bat-brendaneich Admin 1:31 PM First question may be about the idea of a BAT extension for other browsers, but that is premature. The big problem with UGP grants and Gemini-phase ad revenue shares to users is fraud. Just user-funded contributions has a fraud problem too: as with buy widgets, stolen CC identity => $20 charge to buy BAT => contribution at scale via sybils/mturk-users/bots-with-enough-work => settlement to colluding but verified (small blog) publisher. That's why I mentioned sybil-resistance above.
So we can't just make a wish and try monitoring Basic Attention Metrics from an extension, and attributing BAT flows and creating user wallets, from extensions. There can be other problems, which I've noted elsewhere: lack of extension APIs to do all we do for the BAT platform to work (block ads/trackers, HTTPS Everywhere, Fingerprinting Protection, BAM and the ledger), extensions run in JS sandboxes with API limits.
So to put first things first, we will build in Brave while keeping our code as separable from chromium (or the mobile webview on iOS) as possible. After we have those endpoing and on-chain specs I mentioned in pretty good shape, we can assess extension feasibility.
On Mozilla, I can't speak for them. The friend who contacted after the BAT sale signaled interest but said it would take time, to which I said "same here" (per roadmap). I hope that answers the two reddit questions.
 
bat-jennie Admin 1:35 PM @badgamer5000 from Rocket Chat asks:
I've worked in the industry on both the publisher and advertiser side. Conceptually the model is fantastic. Cut out the costly middlemen, better rewards the publisher and the user.
I'm struggling to see how online advertising moves into a permission-based model. Isn't there great risk of a sharp drop in available inventory for both publishers and advertisers?
How do you see this transition period work? Maybe sites use a hybrid during this time?
TLDR - How do you avoid short-term pain for publishers - who are already struggling massively - as they transition to BAT? Especially if Brave market share as a browser increases faster than people think.
 
bat-brendaneich Admin 1:35 PM @badgamer5000 I thought about that for over a year before founding Brave, so good q.
Publishers already face ad blocking cohort of size. E.g. I've heard from CN that Wired and Pitchfork see 30% ad blocker cohort tempting to try to turn around, as Page Fair, Sourcepoint and others wanted to have a go at a couple years ago: 3/7 is ~43% lift if you can convert all those users, but you can't.
Any on tech sites use a strong ad/tracking blocker such as uBO (which we admire and collab with where we can). They don't react well to hostile dialogs to "whitelist, subscribe, or get lost". Every site that tries that loses Alexa share, lol.
So the pitch from us to pubishers is: you lost a large and valuable fraction of your readers -- we can win some back to a paying relationship, pure upside. Make it a positive sum game.
On the ad side, we see such garbage, race to bottom, spray-and-pray deals that we don't worry about getting top brands and agencies doing trials next year; we are warming them up rn. The idea of user-private, low frequency (one a day), long-form/high-CPX video+landing page, personalized ads is strong.
The local machine learning users get when they consent to the BAT ads can see everything: search queries, Amazon queries and consummations, click logs/tab constellations, absolute above the fold and Z-order visibility and viewability. All together we hope this can notice great opportunities for advertiser and user.
E.g. you are shopping for a car, have not quite decided, have tabs open on BMW and Mercedes. You've even set a BMW dealer visit up for 1pm Saturday. Mercedes will pay ~$70 gross for a lead that will take a test drive at their home two hours ahead; 11am Sat we will give the user 70% = $49 in BAT.
This is kind of a best-case and we haven't locked this deal down, so take it as a for-instance. But I'm not worried about getting ad trials, and moving to paying deals as we tune the local machine learning agent.
 
bat-jennie Admin 1:42 PM A user from Reddit asks:
We know that earning BAT isn’t supposed to constitute a full income, but how much money can a user realistically expect to earn per month watching ads?
 
bat-brendaneich Admin 1:45 PM I don't know. If you assumed every user could get a fixed piece of the ~$80B ad spend on digital in US this year, you might see $80B / 250M (people of age to act on ads) x .2 (programmatic share outside G/FB) x .15 = $9.60 per person year. But that is way low for our users, and take it as a lower bound.
Brave's principles are: 1/ consent-based always (user, and publisher if they want to participate); 2/ no tracking data in clear off device to any servers; 3/ revenue share to inventory owner (ad slot owner; "inventory" on "supply side" means ad space) should be 70% (industry standard); 4/ as much or more rev share to user as to Brave, to align interests.
So for user private ads, we will give 70% to user via BAT. If we do programmatic ad slots with pub as partner (recovering some of that revenue lost to ad blocking; positive sum game) we will give pub 70% and 15% to user, 15 to us.
So suppose our users are more valuable than average (early adopters, web and tech and even crypto savvy); take that $320/person-year figure from above ($80B/250Mppl). 70% of 320 is $224. That is a notional upper bound.
My BMW vs. Mercedes lead gen example suggests higher outliers but you don't by a new car every month, lol. Still, attention has not been fairly priced by deep/transparent markets. Let's find out how much users could make. I hope this helps.
 
bat-jennie Admin 1:49 PM @Tyler from Rocket Chat asks:
What was your reaction to the UGP being claimed so quickly?
 
bat-brendaneich Admin 1:49 PM Thanks, @tyler. I expected it to go fast and it suggests both high interest, and growth opportunity -- esp. as we add creator rewards for referring users who stick around 30 days.
 
bat-jennie Admin 1:50 PM A user from Reddit asks:
How does the BAT system differ from Patreon?
 
bat-brendaneich Admin 1:53 PM Great q, anonymous Reddit person! 1/ we are a user agent so work with any verified creator, whether they sign up with another site or not; 2/ we don't censor first parties (whether sites, accounts on YouTube, Twitch, etc.,) as a browser, beyond things like antiphishing/antimalware protection that all browsers use -- if you can verify you own the payable resource (domain name, account) by challenge/response and/or OAuth APIs, you get verified and your fans can support you.
There are still censor risks in (2) at the moment, of course. DNS registrars, account systems, even Brave so we will move toward decentralized and anonymous operation over time -- that is the Apollo phase of the roadmap.
 
bat-jennie Admin 1:54 PM @Jscrypto89 from Rocket Chat asks:
Will there be function to donate/tip creator on the spot instead of waiting for the monthly payment?
 
bat-brendaneich Admin 1:55 PM @jscrypto89 That is timely, as our team thinks the ANONIZE2 protocol we use may support such spot contributions without loss of anonymity.
The other challenge there is blockchain scaling, of course. With Bitcoin in the beta test, and with BAT on Ethereum now, the fees can add up. We're looking at this but the best anonymity and fee amortization is via the 30-days-of-uptime, private-on-device ledger reconciliation => settlement process.
 
bat-jennie Admin 1:56 PM @Frosty from Rocket Chat asks:
What is the most interesting thing you’ve encountered so far, and how has it affected your direction?
 
bat-brendaneich Admin 1:58 PM @frosty i have to say that learning about tokens (from GNT on, as ERC20 was standardized) and realizing I could do "Bravecoin" without having to set up a new blockchain, that was huge (obv. in terms of the token sale but also the UGP).
Another interesting win was ANONIZE, created by CS profs who wanted to anonymize their class surveys. We were looking at randomized response and other techniques in 2015, but ZKP won. We look forward to the evolution of blockchains (zCash already has them; Ethereum hot topic) to absorb this area of research and put it into practice for everyone (ZKP = Zero Knowledge Proof).
 
bat-jennie Admin 2:00 PM @apertus from Rochet Chat asks:
When will BAT be implemented on mobile browsers specifically Android /iOS?
 
bat-brendaneich Admin 2:02 PM Thanks @apertus, and yes: Android ledgeBAT support is hot 1Q2018 initiative and we shall see about iOS. We have good relations with Apple and do not want to have a bad rejected-app day, so stay tuned.
 
bat-jennie Admin 2:02 PM @badger from Rocket Chat asks:
How does the BAT team plan to engage with and foster ease of use for non-technical user audiences?
 
bat-brendaneich Admin 2:04 PM @badger Great question, and we have been a bit short-staffed before 2nd half of this year to answer it well. All new browsers start from what E. von Hippel calls lead users, those who switch browsers fastest and even innovate on web stuff (as web devs, back end pros, power users, etc.). Even for a small-share browser appealing to lead users, we need to smooth out more UX and support more chromium extensions, and we will move fast to do so in 1H2018.
For the non-tech users we aim to keep the defaults right and relieve them from having to learn about crypto. Rn funding the user wallet requires crypto -- but we want to make it easy to use a debit or credit card to do small monthly budget out of goodwill (people do $5-20/month).
With UGP grants and then BAT ads, we really want the more average-at-scale/non-lead user, every user really, to have the option to let their wallet self-fund via UGP up front and then recurring BAT ad revenue and let it drain to their pinned and automatically-designated-by-BAM creators and sites.
That's the steady state we think has simplest user model, no crypto in most users faces unless they want it, etc.
 
bat-jennie Admin 2:07 PM Thank you so much for all of the thoughtful answers, Brendan! To our dear viewers, we are just about to wrap up today’s AMA! But before we do… Brendan, we have one last question for you:
Burnerman from Rocket Chat would like to know:
What color should my lambo be black like Batman or purple like a rapper? 😉 🚘
 
bat-brendaneich Admin 2:08 PM Black like Batman, of course 👍.
Thanks @bat-jennie and everyone! :dancing-penguin:
 
bat-jennie Admin 2:09 PM Thank you so much to everybody that tuned in for today’s AMA! Brendan, it has been an honor having you on! 🙂
We apologize if we didn’t get around to your question today, but stay tuned for more AMAS in 2018! You can find more information about the BAT project here:
BAT subreddit community: https://www.reddit.com/BATProject
BAT Twitter: https://twitter.com/attentiontoken
BAT Facebook: https://www.facebook.com/attentiontoken
submitted by CryptoJennie to BATProject [link] [comments]

New to /r/Hashgraph? Please read this post first! [FAQ & Resource Links]

Welcome to the official Hashgraph subreddit. Hashgraph is a data structure and consensus algorithm that is faster, fairer, and more secure than blockchain.
Please find our FAQ and a directory of resources below.
 
#GENERAL FAQ#
1: How does it work?
Hashgraph uses two special techniques (1) Gossip about Gossip and (2) Virtual Voting to achieve fast, fair and secure consensus.
Gossip is a well-known computer science term, which can be defined as calling any random node and telling that node everything you know, that it does not know. In distributed ledger technology, the “baseline” or minimum bandwidth required is that the transactions go to every node. A gossip protocol can achieve this transfer of information / syncing process exponentially fast. Gossip about Gossip refers to attaching a small additional amount of information to this Gossip / transaction payload, which are two hashes containing the last two people talked to (hence, gossiping about the information gossiped). Using this information, a Hashgraph can be built and constantly updated as more information is gossiped, on each node.
Once the Hashgraph is built, it is extremely easy to know what a node would vote, because we know what each node knows, and when they knew it. We now can use this data as an input to a 30 year old voting algorithm (which have strong security guarantees, maths proofs of being Asynchronous Byzantine Fault Tolerant but typically lack the speed necessary for real world implementation), and know which transactions have reached consensus quickly.
The result of using this methodology is that we get the benefit of 30 year old voting algorithms which have have strong math proofs of being Asynchronous Byzantine Fault Tolerant (meaning that we know when we will achieve consensus, guaranteed, and our math proofs make no assumptions about the speed of the internet, due to firewalls, ddos attacks, viruses or botnets), speed (due to use of a gossip protocol) and fair ordering and time stamping on every event.
2: How is Hashgraph different?
There are five different approaches to reaching distributed consensus. Firstly we have Proof-of-Work, which started with Bitcoin. The second is leader-based systems like PBFT, Raft, and Paxos. Then there is economy-based, commonly referred to as Proof-of-Stake, where forgers stake cryptocurrency on votes in order to reach consensus. Then, there’s voting-based which are too slow to be used in real systems. Finally there’s Hashgraph, which uses virtual voting and is incredibly efficient because it does not actually send any votes over the internet.
3: What is bank-grade consensus?
Hashgraph is the only bank-grade consensus algorithm as a result of the following properties: Mathematical proof of asynchronous Byzantine fault tolerance; Resilience to DDoS attacks, network partitions, sybil attacks and firewall/virus attacks; and Mathematical proof of fairness of ordering, access, and timestamps.
4: Is there a cryptocurrency?
Hashgraph is not currently available on a public network / ledger so there is no cryptocurrency at this time. We have not yet announced our plans for a public ledger, but please stay tuned for updates.
5: Why is Hashgraph patented?
Hashgraph is currently only available on a private network so its patents allow for market advantage in enterprise / commercial applications. This is not designed to stifle creativity or expansion of the emerging ecosystem, but to protect technological innovations that took years to develop.
6: How do I use Hashgraph?
If you want to use Hashgraph on a private network, you can apply for an enterprise / commercial license by contacting Swirlds.
7: What is the different between Hashgraph and Swirlds?
Hashgraph is the technology. Swirlds is the organization responsible for handling the licensing of Hashgraph.
8: Is Hashgraph better than blockchain?
The pitching of Hashgraph against Blockchain is a sensationalist angle that we do not endorse. While we do have some advantages over Blockchain based consensus, our intention is not at all to diminish the significance of Blockchain technology. We consider Blockchain to be like a capable older brother who graciously paved the way by bringing the power of Distributed Ledger Technology to the light of day, for which we are very grateful. Articles, talks etc pitching us against Blockchain are not written by us, nor are we generally consulted before articles go live. There is no reason that blockchain and Hashgraph couldn’t live together. While it is true that we have won some enterprise use cases against Blockchain based solutions (CULedger & Swirlds launch Hashgraph technology partnership), blockchain has a massive network effect which we definitely admire and respect. We respect and value the work and efforts of all developers and scientists in the Blockchain space. We also understand that Hashgraph is less well-known and nascent. That being said, every great movement has to start from somewhere and if you are reading this, it has potentially (hopefully) started with you too.
9: How can I get involved?
If you want to contact us for support or participation, please reach out to [email protected]. You can find more informational resources on the website homepage, where you can also sign up to our mailing list and/or follow us on social media. The Hashgraph Community Telegram Channel is also a great place to ask technical questions.
 
SPEED
10: How fast is Hashgraph?
It’s fast. Very fast. But you don’t have to trust us. We will release formal performance results soon, and at the same time provide the software you can use to validate the results for yourself.
Simply providing the number of transactions per second is meaningless unless all of the details are provided as well: number of nodes, bandwidth, latency, CPU, size of transaction, etc. Our performance results will provide the details needed to characterize results for a range of settings.
11: Does Hashgraph have transaction fees?
Instead of some small subset of participants being responsible for validating transactions and adding to the ledger (like miners in blockchain), all nodes contribute. Consequently, there is less need to incentivize through fees. Transaction fees are therefore expected to be very small, thereby making Hashgraph viable for micropayments.
 
SECURITY
12: What are the major security risks of distributed ledger technologies?
For a DLT, the security risks are an attacker:
13: Where do the main security risks originate?
The security risks specific to DLTs come from both internal and external attacks. An internal threat can include a computer in the network that is infected with a virus or worm other malware, or is run by a malicious party, or honest corporation that has a malicious insider with access to the computer.
An external threat can include a Distributed Denial of Service (DDoS) attack, where the attacker floods one or more computers with enough messages to temporarily shut it down. Another external attack is if an adversary owns a firewall surrounding some of the nodes in the network, which it can use to block or delay messages.
14: What is Byzantine Fault Tolerance (BFT)?
There are a variety of consensus algorithms and each offer different features and characteristics. A consensus algorithm is characterized as BFT if it guarantees a moment in time where all participants reach consensus, know that consensus has been reached, and they are never wrong. This can be contrasted with consensus algorithms based on PoW, where participants slowly become more and more confident that consensus is near, but may still not be correct. There are different levels of BFT, depending on the sorts of assumptions made about the network and transmission of messages. The strongest type of BFT is asynchronous BFT. Hashgraph is unique in supporting highest degree of BFT while still being very efficient.
15: What is Asynchronous BFT?
When a system is asynchronous BFT, it allows for malicious actors controlling the network, deleting or slowing down messages of their choosing. The only assumption made is that less than ⅓ are attackers, and some messages eventually get transmitted over the internet. Some systems are partially asynchronous, which are secure only if the attackers do not have too much power and do not manipulate the timing of messages too much. For instance, a partially asynchronous system could prove Byzantine under the assumption that messages get passed over the internet in ten seconds. This assumption ignores the reality of botnets, distributed denial of service attacks, and malicious firewalls. If unable to meet the criteria of asynchronous BFT, it is preferable that they be asynchronous less-than-Byzantine, rather than less-than-asynchronous Byzantine. In other words, they should prove they are somewhat secure in the real world instead of proving they are very secure in a fantasy world.
16: How does Hashgraph prevent Sybil attacks?
A Sybil attack refers to an attempt to compromise a network through the creation of large numbers of spurious identities – these are directed to act in collusion to inappropriately impact the network. Sybil attacks are a particular concern for public DLTs in which no special permissions are required to become a node. Protection against Sybil attacks can be provided by appropriately allocating and weighting votes of different nodes. Hashgraph can be deployed in a number of different vote weighting models, e.g. votes could be weighted by a node’s stake in some currency, or its ability to perform some work, or its willingness to risk some value. A more detailed explanation can be found at here.
17: How does Hashgraph prevent DDoS attacks?
A Distributed Denial of Service (DDoS) attack occurs when it is possible to disrupt the flow of transactions for the entire network by targeting a single or a few computers. Different DLTs vary in their vulnerability to DDoS. Leader-based systems give special permissions to a particular node and are highly susceptible because the current leader is a bottleneck and is vulnerable to being targeted in the DDoS. Even if the role of the leader rotates amongst nodes, other nodes necessarily know the current leader, and so could direct a DDoS. PoW systems are resilient to DDoS because it’s difficult to predict which miner will solve the inverse hash and publish a block. Consequently, the attacker would not know which miner should be targeted. Hashgraph doesn’t use PoW, but neither does it have a Leader. So Hashgraph provides DDoS resilience without the inefficiency and cost of PoW.
 
FAIRNESS
18: What is fairness?
Fairness refers to the ability of DLTs to prevent the ordering of transactions from being unduly manipulated. Hashgraph is fair in that it serializes all transactions with cryptographic timestamping, unlike blockchains where miners determine the order in which transactions are placed within each block. In certain use cases, the transaction order is important. Consider for instance two different people purchasing shares in a stock – the first order to go through will likely get a cheaper price. Hashgraph orders transactions according to the median timestamp of when the population of nodes received them – thereby ensuring they are recorded fairly.
 
SOFTWARE DEVELOPMENT KIT (SDK)
19: How can I get started developing applications?
Download the SDK and follow the instructions detailed included in the /docs folder, or visit our online version here.
In order to develop a commercial application on Hashgraph using the Swirlds SDK, you will need to contact Swirlds to discuss the appropriate licensing that is required. However, you do not need to ask for permission before downloading the SDK to build small scale, non-commercial applications for personal use and experiment.
20: Why is the platform and SDK written in Java?
Java is a general purpose programming language with a large open source ecosystem and resources for developer support. There are also advantageous security measures in the Java development environment, such as sandboxing, that will allow the platform in the future to run untrusted applications, while protecting the user and their hard drive from those applications.
21: Can I develop applications in other languages?
In addition to Java, we also want the option for developers who would like to develop in other programming languages, such as Python or JavaScript. This is part of the Hashgraph development roadmap.
22: Is there a Developer Chat?
Yes, currently it is on Telegram, but will be likely moving to a new place, as our community sees fit.
 
Main links:
Whitepapers / Technical Documents:
Articles & News:
Videos:
Audios:
Hashgraph Social Links:
For general enquiries please email: [email protected]
submitted by ollybolton to hashgraph [link] [comments]

DEVCON2 report: Day Three - Final day

previous days
Question: the 3 days of devcon are over. Are people interested in reports on the next 3 days of international Blockchain week (demo day + 2 days of global Blockchain summit) http://www.blockchainweek2016.org
`
Event update
The buzz during the day was around the "stick puzzle" that Bok Khoo was giving out to people. It is just a stick, with a loop of string. He gets you to turn away, he uses "the trick" to put it onto your bag and then you try to get it off.
The WeChat channel was just filled with everyone asking where they can get it, and the screaming that they can't figure it out. Only about 5 people reported they were able to solve it (I haven't yet)
http://imgur.com/mYfJQP4 http://imgur.com/4Euka1a
`
Sessions
I'm biased, but I thought the announcement from Microsoft with the update of cryptlets was a big deal. The morning sessions covered a few different oracle systems, the afternoon had lots of IPFS sessions.
Microsoft - A Lap around Cryptlets
https://azure.microsoft.com/en-us/blog/cryptletsdd/ https://azure.microsoft.com/en-us/documentation/templates/ethereum-consortium-blockchain-network/ https://azure.microsoft.com/en-us/blog/authomarleyg
Microsoft was a sponsor of Devcon1 & 2 Ethereum is a 1st class citizen Support for community & partners - Bizspark, Meetups, Workshops
Announcing: Bletchley v1 Distributed Ledger stack V1 is a private Ethrerum consortium, that you can spin up for your own enterprise / group
http://imgur.com/olwwd36
Cryptlets are being developed to help with security, identity, etc. How do you get trusted external data feeds injected into the Blockchain? Doing things on a specific interval (every 15 mins) When price of something hits a threshold (oil goes above $40/barrel) Secure IP protected algorithms, but still share with blockchain network. Use libraries for common platforms (.Net, Java, etc)
Cryptlets vs Oracle Cryptlets will have a marketplace on Azure that will allow you to purchase and utilise
Use case: Trigger on an event Wake up on 4pm, if market was open that day, then give me the price of gold for that day.Get signature of attested server, attested sender.
Use case: Control Using smart contract like a traditional DB. Declare data you are keeping track of, and the functions/"stored proc" to update that data. Cryptlet runs off chain, and can be scaled up.
http://imgur.com/ysgL8S2
Utility cryptlet. Use an attribute in solidity contract with cryptlet details Developer references at design time the cryptlet they want the contract to call Contract cryptlet, deploy the cryptlet at same time as contract.
Why would you want Azure to do this? SGX allows you to create "secure enclaves", can have complete isolation on the hardware chip where it is not modifable. Provides a secure enclave at the CPU level. Can give full attestation right down to the silicon. Will be provided as a enclave container on Azure. Will be released for .NET core CLR first, then other languages. Can create cryptlet libraries that you can scale and put into the Azure marketplace. An ecosystem for developers & ISVs to consume and publish.
Bletchley v1 released today will let you spin up a private consortium. Before today, it took a long time to try and deploy a private consortium (can take weeks to read doco, Now takes 5 minutes to deploy! Creates a private consortium, puts each member in its own separate subnet
http://imgur.com/w4yUsqE
Mist Vision and Demo I was too busy sharing the release posts of Microsoft project bletchey v1, missed this talk. It did look interesting, I will watch this one later. Idea: Reward for bandwidth. Providing connection could replace mining as entrance point for desktop computers. Allow you to have a trickle so you can trigger smart contracts. Standardised backends, so that you can swap out the underlying node between geth, blockapps, etc.
Web3.js
https://github.com/ethereum/web3.js Etehereum JS API Smart conracts are EVM opcodes, Helps translates calls to JSON RPC calls. Helps do the ABI encoding when sending data from JS to EVM It kept on growing, many different utility functions being thrown in. Is time to clean it up and be refactored.
They are now building a NEW web3.js The communication will be socket based, will enable subscriptions. Everything will be based on promises to subscribe to events, like log events. Bunch of other newer cleaner methods and ways to do things like deploying contracts.
Smart contract security
Was a very good postmorteum of The DAO and things that could be done to mitigate it in the future.
An issue with The DAO was trying to do a massive jump from centralisation all the way to full decentralisation. Meant no one could step up and make a decision on how to save it. We need to make smaller steps towards full decentralisation as we learn as a community how to do this. Same security patterns as yesterday's talks: check invarients, beware 1024 call stack depth, reentry exploit (update state BEFORE executing calls), timestamps are manipulatable. Updateable contracts. Who can update it? Community multisig? We need better rools: formal verification, compiler warnings, improved IDEs, trusted libraries, excape hatches
Conclusion: It is still very early days in this space, be careful.
A Provably Honest Oracle Model: Auditable Offchain Data Gathering & Computations
Oracalize is the most widely used oracle (until everyone starts using Microsoft Azure cryptlets ;-) ) Contract calls Oracalize contract with the data they want, off chain they see this get the data, Oracalise then trigger their contract externally, which does a callback to your contract with the data. Can use external notary servers. Can get proof from multiple external services to get a higher level of confidence about data (e.g. stock price from a few feeds). Off-chain (auditable_ computation) AWS sandbox 2.0. Put the execution package onto IPFS, AWS gets it and executes it, signs it.
iEx.ec: Fully Distributed Cloud Thanks to the Ethereum Blockchain
http://iex.ec/ Provides blockchain based execution environments Global market for computing resources. Idea is to do what we did before with "grid computing" use the idle capacity of computers. But this time do a trickle of micropayments. Allows people to harness this global power to execute their tasks in a global "distributed cloud".
The Final frontier: The company smart conract
http://otonomos.com/ Helping companies to incorporate on the blockchain.
Smart oracles
https://github.com/smartoracles Connecting to external resources is difficult. Hard to try and use external currencies (like a bank account / fiat money) to make transactions. Could hook in paypal, HSBC, wells fargo, etc. Can provide your own payment services as an API to a smart oracle for smart contracts to consume. Do off chain data storage by calling smart oracle API Roadmap: more data sources & more payment methods
IPFS & Ethereum: Updates
https://Ipfs.io IPFS is AMAZING, seriously go watch the full 1 hour talks Juan has given in previous years.
Current web has current issues. Centralisation, etc. IPFS is a new hypermedia transfer protocol Content can be retrieved not from specific servers, but instead via it's hash so that it can come from anywhere in the network (maybe from the person next to you who has cached it). It is highly modular, all of the transfer protocals, routing, naming, etc. are all swapable Is available as GO-IPFS & now JS-IPFS Means now you can run IPFS in the browser IPFS was great for static content, but not so great for dynamic content. Low latency pub/sub protocol will help with dynamic data. Created a distributed peer to peer chat app using this new dynamic content protocol. IPLD a common link-tree hash format Will be able to use IPFS to retrieve ethereum blockchain blocks DIRECTLY Can use IPFS as a package manager to retrieve them in a distributed manner.
Many projects are using Ethereum & IPFS Uport, Digix, Infura, Ujo, Eris, Blockfreight. Filecoin was created as a way to try and incentivize nodes to keep files longer time. People rent out hdd space to earn filecoin. Exchange bitcoin/filecoin. Use filecoin to store files in network. Filecoin is going to be built on top of the public Ethereum blockchain, as a virtual blockchain / token.
IPFS Libp2p & Ethereum networking
Network connectivity between any 2 nodes can be difficult. Censorship, bandwidth, network issues, etc. Having to deal with different networking topologies and access. Libp2p & Devp2p is different. Devp2p is for Ethereum. LIbp2p is modular, can swap out components to change network access, encryption methods, etc. Can build up a MEGA mesh network, by utilising traditional wired internet, radio, bluetooth between some nodes. Web browser using web socket, to a node, which routes across network, to zigbee to a IoT device. Libp2p & Devp2p could merge and augment each other. Could create the libp2p components to replace the devp2p bits Any 2 nodes that speak the same protocol can communicate and be a part of the network chain. Experiment. They took the browser based version of EVM. Then used Libp2p to talk to the Ethereum network. Had a complete ethereum node running in a browser.
Uport
https://uport.me/ Universal identity platform Current challenges: key management. Ux for average person. Dapps via mobile. Identity and data ownership. How do you keep a consistent identity, even if you lose a key. Have some multisig contracts that you can use to keep track. Social recovery, use your friends to attest it is really you. Keep private key on mobile, do transactions on the desktop, scan a QR code to sign the transaction on your phone and send it off.
A Deep Dive into the Colony Foundation Protocol
It is an open source governance protocol built on Ethereum Problem with voting is how to prevent Sybil attacks. Votes are weighted by a reputation score. Reputation is non-transferable that can only be earned. Total weighted voting helps mitigate this.
Chain orchestration tooling & smart contract package management
Eris is tooling for developers. Package manager to build your own blockchain. Can compose a chain, e.g. geth + tendermint consensus. Init, install, do. Can easily install on Mac/bew, linux/apt-get, Windows/choco
The Golem Project: Ethereum-based market for computing power
http://www.golemproject.net/ Anyone can make an offer to sell computing power. e.g. Distributed rendering Want to create a standard framework that anyone can use to submit and process jobs.
Status: Integrating Ethereum Into Our Daily Lives
https://status.im Want to get ethereum everywhere. "Mist for Mobile" Everyone is using their mobile phones for everything, but mostly using instant messaging. What would Ethereum in a IM window look? Created a IM mobile app that has a local geth node. tart up, it asks you to create a password, it generates a pub/private pair. Then can send messages via whisper, and the messages are signed with your public key. Can load Dapps up in the local webview and interact with them. Allows you to create "chat Dapps", that you interact with via text. Like chatbots
Maker Ecosystem Overview
www.Makerdao.com Dai: seeking stability on blockchain. Stablecoin engine: smart contract that holds collateral reserves and controls the Dai lifecycle. MKR: open source community managing risk of the system In the last year, investing in a solid technical core. More slow and audit things. Moving into the next phase of stablecoin development. Their latest project is the "Simplecoin project" Meeting Thereum community's need for stability. An independent platform for creating centrally administered simple stablecoins. Issues create their own rule sets: Collateral types, participant whitelists, security parameters. Example: Shrutebucks. The only people who own it are Dwight, Jim & Pam. They backed it with 1/3 ETH 1/3 DGX 1/3 DUSD.
Orbit. A distributed peer to peer app on IPFS
https://github.com/haadcode Created a full distributed chat room, itself distributed through IPFS. It is integrated with uPort for identification Using uPort allows you to verify that you are talking to the correct person in the chat channel. All their messages are signed with their public keys He also created a full distribited twitter clone, using uport for the identity as well. Orbit-db key value store DB that stores its data on IPFS. Eventually consistent Appends data to the DB, an event is sent to those subscribed on pub/sub so they can see the latest root hash. Based on CRDT Ethereum + Pubsub + CRDTs + IPFS = super power primatives to build dynamic distributed apps
Development considerations with distributed apps. Need to ensure that apps work offline. No centralised servers. No data silos. Provide integration path.
Future work: could you use uPort for ACL like permissions? Mobile use cases, how to make it work nicely on mobiles
Building scalable React Dapp architecture
https://github.com/SilentCicero/react-dapp-boilerplate React + Ethereum He has a configured boilerplate template. Has contract scaffolding. Enforced contract Linting/testing. Wallet generation/identity. Preconfigured web3 instance. UI: Mature react arhitecture "react boilerplate". Prices listed in USD with ETH/btc via kraken api. A basic multi-contract example Dapp. Offline first, dapp runs without internet. Uses Redux. State models in UI & blockchains work well. PostCSS, CSS Modules, sanitize.cs. Redux, immutableJS, reslect, redux-saga, i18n, redux-router. Web3, ethdeploy, dapple, solium, eth-lightwallet, chaithereum, ethereumjs0-testrpc Enforced contract testing in 2 languages.
Ethereum for Enterprise (BlockApps Strato)
Trying to make sure that Ethereum stays relevent to enterprise development. Why do you need a blockchain WITHIN an org, shouldn't they trust each other? Well different departments may not, they may reconcile differently, and can help automate/orchestrate between them. Blockchain is the "killer app" for cloud financial services. Legacy infrastructure, batch prossing, etc are all restricting fintech from progressing. Blockchain can happen in real time, can replace legacy. Ethereum is very flexible and programmable, works well. There are others based on Bitcoin (like Hyperledger). Ethereum + Blockapps = Extreme productivity + Proven Technology. Blockapps is extending Ethereum for Enterprise. Runs very well on Azure Enterprises don't want all their data exposed on public chain. Blockapps helps solve data privacy and scaling with multichain fabrics.
submitted by DavidBurela to ethereum [link] [comments]

What Is Bytom (BTM)?

What Is Bytom (BTM)?
The world today has been massively influenced by the information revolution of the last few years. More and more elements of the physical world are getting transmitted into the digital world. With the rising relevance of big data, computing power plays a more central role in technological advancement.
First came the tools that allowed us to work via digital platforms, such as email and software. Then came currencies that allowed peer-to-peer transfer of value over the digital world, such as Bitcoin. The next phase in consideration is a system where every valuable thing (that can be exchanged) is migrated to the digital world. Examples of things like that include equities, securitized assets, dividends, bonds, and so on.
Bytom is a protocol and a blockchain for the exchange and interaction of real-world assets. Bytom is different from Ethereum, as it focuses on putting real-world assets on its blockchain.
Specifically, Bytom focuses on avoiding the replication of real-world assets on the blockchain, resolving compliance issues as digital assets are linked to physical assets, and bridging the gap between the physical world and the digital world.

What Does Bytom Do?

Bytom is basically a digital asset layer protocol. It enables individuals and institutions to build financial and digital asset applications. Stocks, bonds, and any kind of secure data can also be exchanged on the blockchain.
Bytom aims to map assets in the physical world to the digital world and create an ecosystem where there is interoperability between these 2 forms.
There are 3 types of assets on the Bytom blockchain that can be exchanged:
  • Income assets, which include non-performing assets, fixed local government investments, home-stay properties, etc.
  • Equity assets, which include equity of non-listed companies, equity of private funds, etc. Transferring equity assets requires qualified investor verification.
  • Securitized assets, which includes debts, automobile loans, etc. Generally, these are assets that can generate predictable cash flows.
These assets are tradable on-chain with the Bytom protocol. Bytom cuts out the middlemen in asset transfers and recordkeeping, which leads to faster transactions and lower costs. Also, the assets are more secure on a blockchain than with a third-party organization.
Users can create their asset-backed security on the Bytom blockchain by registering and tokenizing their assets via smart contract. Bytom can also function as a platform for fundraising or ICOs.

Bytom’s Consensus Model

Bytom uses a Proof-of-Work consensus model, the mechanism currently used by Bitcoin and Ethereum. It is important that the blockchain is not vulnerable to the Sybil attack and the 51% attack. This is because Bytom deals with assets. To be realistic with the demands of the blockchain system, it prioritizes decentralization and security over performance.
Bytom’s consensus mechanism is designed to be “friendly to AI ASIC chips,” as described in the whitepaper. This means that the miners can be used for AI hardware acceleration services. Bytom implements cross-chain asset transactions and dividend distribution via side-chain. It also has a quasi SegWit design.

History of Bytom

Started in January 2017, Bytom was founded by Chang Jia (former sci-fi writer and creator of 8btc) and Duan Xinxing (former Vice President of OKCoin).
The Bytom token sale took place from June 20 to July 20, 2017, and raised 8,400 Bitcoins. 30% of the total supply was distributed during ICO. 20% was reserved for the Bytom Foundation, 7% for private equity investors, 10% for business development, and 33% for mining.

The Bytom Team

The Bytom team is headed by its founders, Chang Jia, and Duan Xinxing. Duan functions as the CEO of Bytom. The CTO is Lang Yu (former senior systems engineer for Alipay). The COO is Qu Zhaoxiang and the CFO, Li Zongcheng.
The team further consists of developers and managers committed to the mission of Bytom.
The Bytom Foundation is based in Singapore, where the government favors blockchain developments and the environment enables growth in the ecosystem.

Bytom Roadmap and Achievements

The Bytom mainnet was officially launched on April 24, 2018. The token swap of the ERC-20 Bytom tokens for the native Bytom coins took place in June 2018 across several exchanges.
As indicated on their roadmap, Bytom then released smart contract functionality on their platform on July 26, 2018. Their roadmap can be seen below.
roadmap
Bytom is taking steps to bring its vision to life through partnerships.
A notable partnership so far is with East Lake Big Data Asset Exchange, an organization committed to providing big data solutions for Chinese government agencies. The organization collaborates with Bytom in the area of blockchain innovation and data assets trading.

The Bytom Token (BTM)

The Bytom blockchain has a native token known as BTM. The main uses of BTM are as a transaction fee for asset trading, dividends for income assets, and deposits for asset issuance.
The maximum number of Bytom tokens is 2.1 billion. Currently, over 1 billion BTM coins are already in circulation. The current price of Bytom is close to US$0.20.
Bytom coins can be bought with other cryptocurrencies on several exchanges, such as RightBTC, Huobi, OKEx, KuCoin, and Bibox.
BTM coins can be stored in Bytom’s official wallet. This wallet is available for download on Windows, Linux, and macOS.

Conclusion

Bytom creates the opportunity to move real-world assets into the digital world. This interoperability will open both blockchain and the tech world as a whole to more innovative ideas that will move civilization forward.
One standout feature of Bytom is that the team has hit the milestones set out on their roadmap.
The problem Bytom seeks to solve will be a necessity in a few years, if the world continues with this heavy trend of decentralization. However, it is still too early to determine how successful Bytom is going to be.
submitted by DickQAQ to BytomBlockchain [link] [comments]

What Is Bytom (BTM)?

What Is Bytom (BTM)?
The world today has been massively influenced by the information revolution of the last few years. More and more elements of the physical world are getting transmitted into the digital world. With the rising relevance of big data, computing power plays a more central role in technological advancement.
First came the tools that allowed us to work via digital platforms, such as email and software. Then came currencies that allowed peer-to-peer transfer of value over the digital world, such as Bitcoin. The next phase in consideration is a system where every valuable thing (that can be exchanged) is migrated to the digital world. Examples of things like that include equities, securitized assets, dividends, bonds, and so on.
Bytom is a protocol and a blockchain for the exchange and interaction of real-world assets. Bytom is different from Ethereum, as it focuses on putting real-world assets on its blockchain.
Specifically, Bytom focuses on avoiding the replication of real-world assets on the blockchain, resolving compliance issues as digital assets are linked to physical assets, and bridging the gap between the physical world and the digital world.

What Does Bytom Do?

Bytom is basically a digital asset layer protocol. It enables individuals and institutions to build financial and digital asset applications. Stocks, bonds, and any kind of secure data can also be exchanged on the blockchain.
Bytom aims to map assets in the physical world to the digital world and create an ecosystem where there is interoperability between these 2 forms.
There are 3 types of assets on the Bytom blockchain that can be exchanged:
  • Income assets, which include non-performing assets, fixed local government investments, home-stay properties, etc.
  • Equity assets, which include equity of non-listed companies, equity of private funds, etc. Transferring equity assets requires qualified investor verification.
  • Securitized assets, which includes debts, automobile loans, etc. Generally, these are assets that can generate predictable cash flows.
These assets are tradable on-chain with the Bytom protocol. Bytom cuts out the middlemen in asset transfers and recordkeeping, which leads to faster transactions and lower costs. Also, the assets are more secure on a blockchain than with a third-party organization.
Users can create their asset-backed security on the Bytom blockchain by registering and tokenizing their assets via smart contract. Bytom can also function as a platform for fundraising or ICOs.

Bytom’s Consensus Model

Bytom uses a Proof-of-Work consensus model, the mechanism currently used by Bitcoin and Ethereum. It is important that the blockchain is not vulnerable to the Sybil attack and the 51% attack. This is because Bytom deals with assets. To be realistic with the demands of the blockchain system, it prioritizes decentralization and security over performance.
Bytom’s consensus mechanism is designed to be “friendly to AI ASIC chips,” as described in the whitepaper. This means that the miners can be used for AI hardware acceleration services. Bytom implements cross-chain asset transactions and dividend distribution via side-chain. It also has a quasi SegWit design.

History of Bytom

Started in January 2017, Bytom was founded by Chang Jia (former sci-fi writer and creator of 8btc) and Duan Xinxing (former Vice President of OKCoin).
The Bytom token sale took place from June 20 to July 20, 2017, and raised 8,400 Bitcoins. 30% of the total supply was distributed during ICO. 20% was reserved for the Bytom Foundation, 7% for private equity investors, 10% for business development, and 33% for mining.

The Bytom Team

The Bytom team is headed by its founders, Chang Jia, and Duan Xinxing. Duan functions as the CEO of Bytom. The CTO is Lang Yu (former senior systems engineer for Alipay). The COO is Qu Zhaoxiang and the CFO, Li Zongcheng.
The team further consists of developers and managers committed to the mission of Bytom.
The Bytom Foundation is based in Singapore, where the government favors blockchain developments and the environment enables growth in the ecosystem.

Bytom Roadmap and Achievements

The Bytom mainnet was officially launched on April 24, 2018. The token swap of the ERC-20 Bytom tokens for the native Bytom coins took place in June 2018 across several exchanges.
As indicated on their roadmap, Bytom then released smart contract functionality on their platform on July 26, 2018. Their roadmap can be seen below.

roadmap
Bytom is taking steps to bring its vision to life through partnerships.
A notable partnership so far is with East Lake Big Data Asset Exchange, an organization committed to providing big data solutions for Chinese government agencies. The organization collaborates with Bytom in the area of blockchain innovation and data assets trading.

The Bytom Token (BTM)

The Bytom blockchain has a native token known as BTM. The main uses of BTM are as a transaction fee for asset trading, dividends for income assets, and deposits for asset issuance.
The maximum number of Bytom tokens is 2.1 billion. Currently, over 1 billion BTM coins are already in circulation. The current price of Bytom is close to US$0.20.
Bytom coins can be bought with other cryptocurrencies on several exchanges, such as RightBTC, Huobi, OKEx, KuCoin, and Bibox.
BTM coins can be stored in Bytom’s official wallet. This wallet is available for download on Windows, Linux, and macOS.

Conclusion

Bytom creates the opportunity to move real-world assets into the digital world. This interoperability will open both blockchain and the tech world as a whole to more innovative ideas that will move civilization forward.
One standout feature of Bytom is that the team has hit the milestones set out on their roadmap.
The problem Bytom seeks to solve will be a necessity in a few years, if the world continues with this heavy trend of decentralization. However, it is still too early to determine how successful Bytom is going to be.
submitted by DickQAQ to CryptoCurrency [link] [comments]

Transcript of Proof of Stake & Name Discussion in Slack

Discussion starts off around Tone Vays’ Decred segment
sambiohazard: he is generally pessimistic about altcoins
praxis: Yes, he's a notorious Bitcoin maximalist.
simmysong: what’d he say about decred?
ty13r: weren't you watching the show? @jimmysong I saw your name in the chat
jimmysong: I popped in just now but then he wasn’t talking decred anymore so i left I also didn’t say anything
ty13r: @jimmysong good to know :slightly_smiling_face:
jrick: oh i found my next avatar
ty13r: @jimmysong he talked about the chart for a minute. I'm not sure what else he said prior. not sure what he said after either lol
go1dfish: sounds like he’s fundamentally opposed to proof of stake
sambiohazard: he just said there is probably downside on price, and maybe its warranted for goo future growth he hadnt researched/read about fundamentals so pure TA
ty13r: sounds like he won't like decred because it's has a form of proof of stake built into the protocol sounds like he hates all ideas related to proof of stake
pvtwarren: he hates all ideas that are not bitcoin pretty much
ty13r: except monero and ethereum i guess
pvtwarren: he doesn't hate ethereum?
ty13r: apparently monero and ethereum deserve to be #2 and #3 not sure I don't see why he wouldn't
pvtwarren: back in January I remember he was still calling it a scam maybe I remember incorrectly
cryptocasca: His problem with PoS guys is the "rich people control the blockchain" problem He told me himself
go1dfish: since when is mining cheap?
cryptocasca: He just needs to hear how our devs got around that I'm not agreeing. Obviously. I'm just saying he thinks of PoS is a system where it's the rich people who control the direction of the coin and proletariat eat the crumbs
dustinb: Congrats on the news y'all - what do you think this trend means for the industry at large?
ty13r: Well I'm not exactly sure we really differ. People who hold a lot of decred and stake it, directly control the future of the blockchain.
cryptocasca: I'm not agreeing. Obviously. I'm just saying he thinks of PoS is a system where it's the rich people who control the direction of the coin and proletariat eat the crumbs The more decred you stake the more say you have.
cryptocasca: There's a cap though @ty13r on the ticket amount that can exist
ty13r: No That's what the sdiff algo does
cryptocasca: Well not a hard one Right
ty13r: I think that's nice though Anyone can participate at any time With enough funds of course
cryptocasca: That's not how he spins it. And we need to combat that mentality. He thinks if you're just a mega whale and buy a bunch of coins that you control the show. That essentially DCR is a system run by whales not people
davecgh: So, regardless of the specifics here, I think this is very likely going to be one of those cases where there will simply be a fundamental difference of opinion on the topic. While a lot of people love to rail on the rich as being evil (while simultaneously wanting to be rich -- the hypocrisy there is quite amusing), the fact of the matter is people with more skin in the game have more incentive to keep their stake more valuable. Loving it or hating it won't change the facts.
cryptocasca: Yes. I agree.
ty13r: Yep.
cryptocasca: I think the staking aspect is important here.
ty13r: But same can be said for PoW mining
cryptocasca: The locking up for 28+ days
ty13r: Buy more miners, you have more say. Well also just like PoW mining anyone can participate at any given time. And people are getting paid for putting skin in the game 142 days is a long time in crypto land Which is the period it takes for a ticket to expire.
dustinb: The problem isn't just that the rich have control, it's that the rich get richer. PoS is similar to compound interest.
go1dfish: the power over traditional bitcoins is in the mining hardware and that is not specific to the currency they back, which is why you have worries about bitcoin forks attacking each other
coin_artist: But also earlier contributors who earned decred build the grassroots community
go1dfish: @dustinb I think that’s a large aspecting driving anti-pos perception but it applies similarly to mining hardware
dustinb: Ya @go1dfish - the combination of long term staking + PoW changes things, I need to think more on it. Tendermint's solution has always been the credible threat of hard fork if anyone's stake gets too big.
go1dfish: but mining also ends up specifically favoring some people due to external factors like power pricing
davecgh: The other thing here is something which doesn't exist yet, so it's completely understandable why it's not considered, but there is a huge difference between hard-fork voting and proposal voting.
dustinb: Proposal wouldn't solve it. The non-majority would have to hf.
ty13r: I believe this is another reason why 60% of the reward goes to PoW
davecgh: Hard fork voting is changing the rules. It's the kind of thing where you could destroy the currency if you aren't careful. That, in my opinion, should consequently very much have a high barrier to entry. Proposals, on the other hand, should definitely have a lower barrier to entry and thus would be much more inclusive.
dustinb: Ya - that's the exact reason I like decred, save the hfs for the big stuff.
davecgh: These things are not the same and they shouldn't be treated as such. Again, this is my own opinion. I'm sure not everyone agrees.
ty13r: @davecgh but how will you differentiate them economically?
davecgh: e.g. you wouldn't need a full ticket to vote on proposals, but you would for HFV.
ty13r: You might split tickets 32 times, but 1 ticket is still worth 32 votes.
davecgh: On the HFV side, yes. However, you can count them however you want on the proposal side. It's l2. You don't need to weight them the same.
ty13r: So a split ticket weight might have the same weight as non-split ticket? But if that's the case couldn't someone stake their funds with splits to get more votes? Without some sort of identity system it seems difficult to prevent Sybil attacks in that case.
davecgh: I'm spitballing here, so don't take this as gospel or anything, but you could definitely look at the snapshotting tickets and see there are 40960 tickets in total and those tickets are split up such that there are 163,840 participants. So, when you do the proposal system vote, the majority is required to be X% of 163,840. Meanwhile, the on-chain HFV is still 1 ticket = 1 vote.
dustinb: I like making it difficult to hf, but is the goal to make it impossible? Not only does that goal technically seem unlikely but aren't there some advantages to hf when we have very serious disagreements within a network about how to proceed?
davecgh: It's not impossible at all. There is a very nice distribution of holders.
ty13r: We're referring to the proposal system vote right now
dustinb: ah.
ty13r: Basically the signaling mechanism for work and spending funds.
davecgh : The other thing to keep in mind is that the l2 system can be wildly different if we so choose. You can create HLTCs to locked up funds for "layer 2" tickets that can potentially have arbitrary division. You don't have all of the limitations as the on-chain system.
ty13r: The HF vote makes it real. @dustinb we just had what should have been a contentious vote that passed with ease surprisingly.
davecgh: Then, you still have demonstrable skin in the game, just much much less for participating in the lead-up to a hard fork. However, the actual hard fork vote, a.ka. the thing that actually changes the rules, will, necessarily, use the on-chain system. Again, I totally get this is rather abstract right now since it isn't fully built out and mostly just still in our heads.
ty13r: But doesn't attacking the l2 system pose a larger risk? Definitely :slightly_smiling_face: It's like controlling the seeds And the hf vote is like controlling when to harvest If the seeds never get planted there will never be anything to harvest I'm all in favor of lowering the barrier to entry, but increasing the favor of Sybil attacks seems tough to juggle if tickets can have a different weight on the l2 system.
davecgh: Well, people with more skin in the game will still have more influence. So, the majority would still win in that case. It just means it allows more inclusivity, which I think we all desire.
ty13r: Yeah I think that's fair. @davecgh so could the proposal system have completely separate tickets not related to the HF tickets? For example...
davecgh: If we so desire, absolutely.
ty13r: I have a bunch of decred that I'm not HF staking But there's a proposal vote going on that I want to vote for I lock up tickets in the l2 vote for a week (no reward) and get my funds back after the vote has concluded
davecgh: You'd need to think through the adversarial cases as we've done with the on-chain system in order to prevent the case where you vote, all of your locked funds immediately unlock, and then you dump. So, you'd want some type of randomness factor in there to prevent gaming of it.
ty13r: People HF staking still got to vote as well, but so did I without having to lockup my funds for a longer, unknown period of time. What do you mean by dump?
davecgh: However, from a pure perspective of whether or not it's possible, you can definitely have a different ruleset. For example, one of the biggest differences, everything else aside, is that the voting period duration will be much faster. Rather than taking a full month, only having 5 votes per block, etc, in the proposal system, the vote would go on for, say a week, and so long as you own a ticket, you can vote whenever you want within that period. Notice how that ruleset is entirely different already. I personally can envision a need for differing voting periods too. There will very likely be time-sensitive things that need to be voted on more or less immediately and maybe they are only 2 days. On the end of the spectrum, perhaps there are things that need longer than a week.
moo31337: murmurs something about how not interesting ticket splitting is
davecgh: By dump I mean something like "Lock up a bunch of coins, vote down some proposal, all of my coins immediately unlock, sell all of my coins". If you can do that, you no longer necessarily have any incentive to vote according to increasing your holding's values.
moo31337: you really dont want my raw opinion on it
davecgh: That doesn't apply to the on-chain system because you can't snap vote. Your coins are locked, potentially for months, and you can't influence when they unlock at all. So, if you try vote in a way that would decrease your holding's value, you would be doing so to your own detriment.
ty13r: Let's hear it @moo31337
Davecgh: I can sum it up easily!
ty13r: That's what she said
moo31337: @davecgh nailed it
ty13r: Yeah splitting seems like it has a lot of obstacles
moo31337: I super dont want to write that code
ty13r: @moo31337 assuming increasing the ticket pool size was easy (which I know it's not and could hurt the network) would you be in favor of that? Also increasing votes per block proportionately of course
jy-p: I wouldn't from a on-chain footprint perspective having a "ticket split" similar to a stock split would be a ton of work even having 32 split would lead to a massive footprint for offchain votes in the proposal system let's say you have 100 B for each vote in the proposal system, then take 100 B x 40,960 = ~4 MB for the proposal vote multiply that by 32 to get ~128 MB of offchain data to track for proposals this is one proposal too we'll be experimenting with ways to shrink this footprint soon, so this constraint may improve substantially with time
ty13r: Yeah and on chain votes are even bigger
jy-p: exactly imo, the real solution to the ticket price barrier is to allow tickets to be purchased via a variation on LN
davecgh: Agreed, and that's why I was talking about l2 tickets above.
ty13r: how do you keep people from getting more voting rights though?
davecgh: You don't. Just like in the on-chain system. If you're willing to lock up more funds, you get more influence. However, it allows "smaller fish" to participate too. They just have influence proportional to their stake.
ty13r: But if you own 51% of a ticket you can vote it however you want So you could turn 100 tickets into more tickets
davecgh: Oh, I see your confusion. Yeah, your talking about buying partial tickets. We're talking about just having more tickets period.
ty13r: Ahhh ok sorry So more tickets...but anchored through the LN
davecgh: No worries! Like I said, abstract stuff is always fun to discuss for this reason! Right.
ty13r: I like it.
jy-p: there are a variety of approaches we could take, e.g. fractional voting that is tallied via L2 and rolled into a single ticket we'll start with the simple stuff and see what we can get done first
davecgh: Yeah, one of things you guys might have noticed is we're pretty keen on taking things one step at a time. Trying to do everything half-assed at once is a recipe for failure, imo.
ty13r: So for example you'd have maybe 5 tickets vote directly on chain and 5 tickets vote via LN? Definitely agree with that
davecgh: It might look great on paper when you can tout via marketing that you have X, Y, Z, and a BBQ too! The reality is that if all of those systems are poorly implemented though, it isn't going to make it long term.
moo31337: 40k tickets ought to be enough for everyone one ticket one vote!!!
ty13r: Another reason why I advocate for this project is you guys spend the painstaking time to do things right. So I definitely appreciate the non rush to the finish line mentality.
moo31337: oh there is a rush we just tend not to compromise when it matters I think we need a code is boss meme
davecgh: Right. We do have quite aggressive timelines. However, as @moo31337 said, if we have to bump an estimated release date to make sure something is right, that's what we'll do.
jy-p: speaking of which, i think we're nearing time for 1.1.0 release. that will include the proposal system backend
moo31337: you don’t want my working hours and certainly not @davecgh hours; i dont think anyone understands how @davecgh puts 28 hours in a day
ty13r: I know you guys work your asses off. Feels weird when dave goes offline for a few hours honestly lol Feels like he's been gone for days :joy:
reddit thread suggesting name change appears
ay-p: Ahhh that daily "let's change the name" thread
jy-p: I'm 100% sick of these posts
ty13r: lol I was about to say the same thing
jy-p: "I know you're named john, but i think you'd sound much more attractive if you were named " look at the names of these other major projects - they are beyond retarded
go1dfish: you just know it’s going to be a popular proposal when that system is ready.
davecgh: I'm actually looking forward to that proposal. It will be voted down once and for all. Then, in the future we'll just be able to link to the failed proposal. No fuss.
davecgh: I'm never going to shop at Amazon because it has too much to do with rivers and jungles and women warriors!
jy-p: the word Amazon triggers me b/c of the systematic destruction of the rainforest there
moo31337: see my turquoise was dead on! colors are hip for branding these days and it has to be calming
go1dfish: I like the name I think where the branders can win the fight is in suggesting good unit names decred works as a project name, but it seems a bit clunky as a unit name.
davecgh: Well, we probably shouldn't be so dismissive, but after seeing the same thing so many times, it's kind of comical. What is especially funny is that if you actually followed some of the others that people now claim are "good" names, there were the exact same threads about them not being good names too. Now, they are magically good names though because they're popular.
submitted by Pvtwarren to decred [link] [comments]

SLT - intro

ABSTRACT The experience of buying and selling cryptocurrencies is as much of a barrier to the expansion of cryptocurrency trading as the relative novelty of the entire concept. While it is no doubt a more recognised and even well regarded market activity, with organisations such as the Chicago Board Options Exchange (CBOE) recently offering the world’s first official cryptocurrency futures contract, and several exchanges opening almost every other week, it is still very much a niche market position to engage in substantial buying and selling of cryptocurrencies. When compared with the market volumes for trading fiat or other stores of value like precious metals, the total cryptocurrency market capitalization of $471,511,748,724 is little more than pocket change. To put it in perspective, the total market capitalization of Bitcoin, which is by far the world’s most popular cryptocurrency is $166 billion, less than the $171 billion market cap of MasterCard, which is not even a fiat issuer. Clearly, despite the leaps and bounds that have been recorded in the growing success story of trading cryptocurrency on the open market, a substantial amount of work still remains to be done. Many reasons exist for the persistence of a gap in market adoption and participation, but perhaps one of the most ubiquitous and detrimental is the sheer difficulty of actually participating in the cryptocurrency market trading space. Due to a lack of regulation stemming from the decentralized nature of tokens, the market is crammed with a vast number of competing platforms and exchanges, all claiming to do certain things which many of them glaringly fail at. For example, the sheer amount of operational friction involved in carrying out a simple purchase transaction is enough to put off many first-time investors and market participants, especially those who do not understand the cryptocurrency ecosystem in detail and those who are used to the structure and order in a regular stock market. The speed of transactions on many platforms has often gained notoriety for creating severely dissatisfied users who had to wait for hours, days or even weeks for a single transaction to trundle its way through. In the midst of these delays, the dynamic market keeps changing. sometimes literally minute-by-minute, which severely compromises the investment position of the user and makes them unlikely to return as market participants again. Some users have even found out to their great personal cost, that while cryptocurrency tokens themselves cannot be hacked or duplicated, they can be stolen from digital wallets that do not have adequate security. So when executing cryptocurrency trades, it has been known to happen that the trading platforms or exchanges used suffered a severe security breach, sometimes with hundreds of millions of dollars’ worth of user cryptocurrency being stolen. Amidst the unique crypto trading environment of unmatched optimism mixed with real risks and horror stories, the challenge is to create a solution that offers all users quick, easy and secure access into the cryptocurrency marketplace with zero fuss and very low risk. This solution would need to cater to both veteran participants in the ecosystem and new entrants into the market, giving both an equal chance to compete. The security on this platform would substantially preclude the possibility of a devastating failure that would compromise user assets and disrupt the user experience. Taking all these problems, challenges and needs into consideration, SLT has been developed as a trading platform offering users the power to buy and sell digital tokens to each other. Making full ue of the security and data processing advantages offered by the Blockchain, SLT proposes to revolutionize the experience of market participation in cryptocurrency trading by making it easily accessible to all types, classes and grades of users, safe and free of potential security failure points, and with a wide scope of application and uses within the ecosystem. The team behind SLT has several years of online work experience, and what unites all of them is a shared experience of the same operational problems present in terms of investing in the cryptocurrency market. SLT is the result of years of thought and research into how to adequately solve the problems once and for all and even create extra value for market participants into the bargain.
INTRODUCTION Before going further in the paper, there are a few terms and concepts that need to be properly defined before the reader can fully appreciate the ideas and solutions that will be proposed later on. The first of these terms is blockchain. A blockchain, according to the standard definition is a network that is decentralized and distributed across all its nodes so that the network cannot be compromised by any single node. In plain English, what that means is that a chain of little bits of data called ‘blocks’ being created, updated and stored across several different locations in real-time is called a ‘blockchain’. The major difference between blockchain networks and regular centralized networks is that unlike the latter, blockchains do not have a “server” or a “headquarters” where isolated information exists in a silo. Blockchains rather use the entire network of nodes as their storage and processing capacity, and each node has a copy of the blockchain which is constantly in communication with the others, verifying transactions and comparing information to make sure the data across all of them is exactly the same. If any single node has data that does not match with that on the rest of the blockchain network, it is immediately isolated as a compromised node and the network automatically excludes it and keeps on functioning. What this means to the uninitiated is that blockchains are very secure, possessing no single location that can be hacked or compromised in any way, and not permitting any variation in data across network nodes. Data stored on a blockchain is thus practically immutable and unchangeable, which make it ideal for recording sensitive data like transaction records and medical records. The second term to be examined is fiat currency. A fiat currency is basically the money most people are used to, which is in either cash or electronic form. The distinguishing features of every fiat currency are that they always have a central issuer – usually a government or a central banking institution – and their use and relative value is constantly managed by these issuers. Unlike blockchain-based solutions, they are all built on centralized rather than distributed infrastructure, which makes them a constant target for hackers and fraudsters. They also contain identifying information unlike digital tokens. A third term that needs to be explored is cryptocurrency. A cryptocurrency is a representation of a digital asset, and it is also sometimes referred to as a token or a coin. Cryptocurrencies contain no information that can be used to personally identify their users, and as such they have gained popularity around the world for a variety of reasons as ‘anonymous currency’. In places like Zimbabwe, Venezuela and Greece for example, in response to crippling capital controls imposed by the government which severely limited the amount of money allowed to be taken out of the country, a huge number of people turned to Bitcoin and other cryptocurrencies as an undetectable means of transferring their wealth abroad. A vast number of cryptocurrencies exist currently, ranging from the ubiquitous Bitcoin (BTC) and Ethereum (ETH) to a basket of currencies including Ripple (XRP), Litecoin (LTC), Dash (DASH), Monero (XMR), Lisk (LSK), TRON (TRX), ICON (ICX), Stratis (STRAT), Zcash (ZEC), Nano (XRB), Steem (STEEM), Bytecoin (BCN), and Populous (PPT), amongst others. For the purposes of this paper, the cryptocurrency that will be focused on is SLT, which is the native currency of the SLT platform. Another concept that needs to be defined is the smart contract. A smart contract is a method of exchanging value between two or more parties using the blockchain as a tool for validation and escrow. Using a smart contract, a seller and a buyer involved in a peer-to-peer transaction do not need to have a middleman interceding between them to ensure that the right exchange is made at the right time. Rather, a set of conditions, instructions and parameters is coded into the blockchain, and the buyer deposits their cryptocurrency into a safe wallet under the care of the smart contract protocol. Once the buyer confirms that they have received the requested value from the seller and it is acceptable to them, the smart contract automatically releases the payment to the seller. Doing business by smart contract is an idea that started off as a novelty and is rapidly taking off, as it removes the burden of validation from both parties involved in a transaction and saves them the cost of a human middleman or bank charges involved in actual escrow transactions. Most smart contracts nowadays are built on the Ethereum blockchain, which is especially optimised to aid peer-to-peer transactions. The final term that will be defined is cryptocurrency exchange. Also often referred to as “exchanges”, these are institutions that enable users to exchange cryptocurrencies for other cryptocurrencies and fiat currencies. In effect, they serve as intermediaries between cryptocurrency buyers and sellers, connecting demand with supply and enabling buyers to make their desired purchases using cryptos or fiats of their choice, according to which ones are supported by the individual exchange. In the world of buying and selling cryptocurrencies, exchanges are the engines of the industry, in a similar way to how banks are the drivers of offline economies. The level of speed and security offered by a cryptocurrency exchange is often the difference between a profitable transaction and an unqualified loss. In a market as dynamic as cryptocurrency trading, delays of even a few minutes can have dramatic results, as big hitters like Bitcoin have been known to lose as much as 50% of their value in just a few hours. In order for cryptocurrency trading to be able to go truly mainstream, it is imperative that an exchange solution will be created that enables users and investors to move seamlessly through the market and execute transactions instantaneously, as is obtainable in fiat currency markets.
PROBLEM STATEMENT Presently, cryptocurrency trading is not suffering from a lack of interest, but there is a considerable infrastructural barrier to entry into the market. The available platforms generally cannot deal with the sheer volume of transactions and the required speed of processing transactions, causing many existing and potential investors to become frustrated and lose interest in the market. The three major problems facing the cryptocurrency buying and selling space can be itemized and broken down as follows: - Lack of speed: In the space of a few minutes, it is not unheard of for cryptocurrencies to gain as much as 30% on the market. As with any other type of dynamic market trading activity, the ability to predict and react to quick-fire changes is key to the profitability of the trading operation. When market participants are not able to get their purchase and selling orders processed in a manner that matches the dynamism of the marketplace they operate in, this usually results in losses and a resultant loss of appetite for involvement in that market space. - Security breaches: Trading platforms and cryptocurrency exchanges have been the targets of sustained and regular attacks from hackers, fraudsters and a number of other undesirable elements. In a few high profile cases, they have actually been successful, eventually making away with hundreds of millions of dollars’ worth of client cryptocurrency funds and leaving both platform and customer financially wrecked. A few customers who have managed to get past the buying and selling process with no incident have had the misfortune of using exchanges without adequate cybersecurity measures in place, and this has led to their cryptocurrency wallets being hacked, and millions of dollars’ worth of anonymous, untraceable coins being stolen. These stories also receive a substantial amount of media airplay, which feeds into an existing narrative of cryptocurrency being some sort of scam, and this further alienates potential investors and participants. - Transaction fees: Several platforms have delivered unpleasant surprises to their users in the form of excessive transaction fees. Perhaps as a result of the lack of volume resulting from their poor trading infrastructure and bad liquidity position, a number of cryptocurrency trading platforms try to make up for the revenue lost to poor transaction volumes by charging high transaction fees. In essence, the idea is that instead of fixing the problems leading to slow transactions and the resultant low transaction volumes, users would simply be charged more to make up for the revenue shortfall. This means that investors lose both ways, both to the low speed transaction execution and poor security offered by most existing cryptocurrency trading platforms, and high transaction fees for the few trades that do manage to go through. SLT FRAMEWORK Using these problems as an existential barometer, SLT has created a trading platform that is focused on the needs of its users before anyone else. The platform focuses on revolutionizing transaction speeds and achieving instantaneous execution by making use of blockchain processing instead of centralized processing. This solution will also exponentially improve upon the existing security profiles of competing platforms because it is practically impossible to hack a blockchain. Use of the SLT token will also eventually reduce transaction fee and speed up transactions using blockchain technology. Platform Goals The overall aim of SLT is to create a fast, simple, safe and clearly defined platform that everyone can understand without hidden intentions and costs. The platform also aims to emulate the very operational logic of the blockchain in its operations by catering to a decentralized market. Instead of appealing to only a fraction of the available global market, SLT will allow anyone to have access to the platform, and it ensure that equal chances are given to all members to earn. The final aim of SLT is to be able to deliver on the promise of instant payments and withdrawals using blockchain technology. Future Expansion Plans The launch of the SLT token is a part of a strategy that will be instituted to reduce transaction fees for users and eventually to speed up transactions. A key part of this strategy is the opening of the SLT cryptocurrency exchange. Combining these two solutions, it is the hope that users who currently face problems with opening different wallets and with withdrawing money they earn can find a quick and easy resolution to these issues. The platform will have a wallet exchanger and a digital asset exchanger in one place for the first time, giving users as much flexibility as they need to access and convert their money rapidly so as to be able to keep up with the dynamics and vagaries of the cryptocurrency trading market. Eventually, it is expected that users will even have the opportunity to make payments and withdraw money using the SLT Card, which will be integrated with major existing fiat providers to give maximum flexibility across crypto and fiat channels to SLT platform users. Pre ICO – 1 million 1st Round - 1 million 2nd Round - 3 million Price in Pre ICO= 0.10$ Price in 1.round =0.30$ Price in 2.round =0.50$ Action Plan Adding SLT on other exchanges Digital asset Exchanger ( multi-cryptocurrency exchange) Listing on CoinMarketCap Wallet exchanger Debit Card and adding other cards that will allow buying and withdrawals Mobile app available for iOS and Android Referral bonuses in ICO period: 5% 5% Bonus from each purchase made from your referral
Roadmap December 2017 Completion of platform conceptualization and ideation processes, followed by the commencement of preliminary development, design and integration work. March 2018 Pre-ICO begins: At this stage, investors will be able to buy SLT tokens at a special price of $0.10, which gives them a first-mover advantage over later investors during the ICO. ICO commences: The ICO will hold in two stages, giving investors the opportunity to purchase SLT tokens at $0.30 and $0.50 respectively, following a price-rise caused by the pre-ICO demand. March 2018 ICO ends: Investors will no longer be able to purchase SLT tokens directly from the ICO platform, but the tokens may be available from third party platforms like cryptocurrency exchanges. 2018 (all-year) Development and integration of Digital asset Exchanger ( multi-cryptocurrency exchange) and Wallet exchanger, develop breakthrough blockchain technologies Launch of mobile app for iOS and Android 2019 The full SLT platform will be launched offering the complete range of proposed functionalities after a year of development and integration. Later that year, the SLT card will also be launched, giving users extra flexibility across various fiat and cryptocurrency exchange mediums.
CONCLUSION SLT is the long-awaited platform that will permanently change how casual users and seasoned investment veterans interact with the cryptocurrency trading market. The important ways in which SLT will revolutionize the cryptocurrency trading space are as follows: The platform will severely cut down on time lost due to transaction delays and slow execution Making use of the multifunctionality of a wallet exchanger and a digital asset exchanger in the same place, the SLT platform will exponentially increase the speed with which users may access their funds and convert them into the desired format of their choice SLT will make use of blockchain technology to substantially increase the speed of transaction processing. Currently, many competing platforms make use of silo processing, which is heavily limited by available physical infrastructure. SLT embraces the blockchain at an elemental level, applying the principle of group processing to free up what has hitherto been an operational bottleneck. The use of blockchain technology as the basis of the platform will increase its security profile and make it an exceptionally difficult target for hackers, thieves and fraudsters. The SLT token will provide an quick and easy platform for cryptocurrency trading for users who do not want to deal with the delays involved in opening and accessing different wallets. Users of SLT tokens will experience substantially reduced transaction fees in addition to enhanced transaction speed Eventually, the launch of the SLT Card will take the concept beyond the point that the entire industry is at right now. This card will be used both as a means of paying in and withdrawing money from the platform, and its activation with a major real-world fiat provider will give users a totally unprecedented level of inter-connectedness between cryptocurrency coins and fiat.
DISCLAIMERS The SLT service and the SLT platform are provided strictly on an “as available” and "as is" basis. No assurances or representations of any type, direct or otherwise, are made regarding the operation of the service or the content, information, materials, or products displayed on the website. No express or implied representations or warranties regarding the SLT service and website, or the products or services provided therein are made. Therefore, any implied warranties of SLT merchantability, fitness for a particular purpose, and non-infringement are expressly disclaimed and excluded. In addition, we make no representation that the operation of our service will be uninterrupted or error free, and we will not be liable for the consequences of any interruptions or errors be they direct, secondary, related, penal, or consequential. SLT, its officers, representatives, employees, managers, and salespersons, shall not in any way hold any liability for any loss/damages (direct or indirect) rising out of or in connection with your use of or your inability to use the SLT service and website, even if we have been duly advised of the possibility of such damages. SLT is not an investment. There is no guarantee that the SLT you purchase will increase in value and/or provide any return. SLT does not confer exclusive ownership or arbitrary right to control. Possession of SLT tokens does not grant the holder exclusive ownership or sole equity in the SLT platform as a whole. No one individual has exclusive rights or power over the SLT platform. The purchaser’s SLT can only be accessed with login credentials selected by the purchaser. The loss of these credentials will result in the loss of SLT. To prevent such a situation, it is strongly recommended that the holder should safely store credentials in one or more backup locations that are geographically separated from the working location, and are accessible in the event of an emergency. As they grow in popularity and application, Blockchain technologies have also become subject to regulatory attention and action by government and financial industry organisations around the world. The functioning of the SLT platform and SLT tokens could thus be impacted by any regulatory inquiries or actions, including but not limited to restrictions on the use or possession of digital tokens like SLT, which could impede or limit the development of the SLT platform. Following the token sale and the development of the initial version of the SLT platform, it is possible that blockchain-based platforms could be established, which operate using same open source code and open source protocol underlying the SLT platform. The SLT platform may have to compete with these alternative platforms, which could potentially negatively impact the performance of the SLT platform and SLT. It is possible that the SLT platform will not be used by large numbers of individuals, and that there will be limited public interest in the creation and development of distributed applications. Such a lack of interest could impact the development of the SLT platform and therefore the potential uses or value of SLT. The SLT platform is presently under development and may undergo significant changes before its full release. Any expectations regarding the form and functionality of SLT or the SLT platform held by the purchaser may not be met upon release, for any number of reasons including a change in the design and implementation plans and execution of the SLT platform. Hackers or other groups or organizations may attempt to interfere with the SLT platform or the availability of SLT in any number of ways, including without limitation denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks, or consensus-based attacks. The SLT platform consists of software that is based on open-source software. There is a risk that the SLT team, or other third parties may intentionally or unintentionally introduce weaknesses or bugs into the core infrastructural elements of the SLT platform, interfering with the use of or causing the loss of SLT and/or SLT. Advances in cryptography, or technical advances such as the development of quantum computers, could present risks to crypto currencies and the SLT platform, which could result in the theft or loss of SLT and/or SLT. While SLT should not be viewed as an investment, it may return value over time. That value may be limited if the SLT platform lacks use and adoption. If this becomes the case, there may be few or no profits to draw from, or even a loss of your initial investment. It is possible that the SLT platform malfunctions in an unfavorable way, including but not limited to one that results in the loss of information or data. Crypto-currency is a relatively new and untested technology. In addition to the risks set forth here, there are risks that the SLT team cannot anticipate. Risks may further materialize as unanticipated combinations or variations of the risks set forth here.
submitted by SLToken to u/SLToken [link] [comments]

Bitcloud is going to be a *free* protocol, independant of any organization.

Here is my personal envsion of this project
Bitcloud is really a protocol, not a corporation
Bitcloud is meant to be universally available to be used like the IP or HTTP protocols. There is nothing to gain for using Bitcloud except the convenience of being a useful tool that everybody can use without any motivation to fork.
Bitcloud is universal
What would happen if a protocol like HTTP was a DAC? It would happen that any single big company out there will be competing with slightly variations of HTTP.
In that scenario, HTTP would have many competing solutions and there couldn't be consensus on how the browser connects to the servers. There would be different libraries for different HTTP protocols like different PHP libraries, different web servers versions, even different browsers!
Bitcloud pretends to be universal. Because there is no economic incentive in forking Bitcloud, it will be widely usable by any single user and company. It will be a standard.
We don't create another currency or stock for something that is a protocol
If you look at the alternatives, they are based on the idea of a DAC (Distributed Anonymous Corporation). In that sense, the DAC is owned, in fact, by the shareholders of the stock or currency, independently if they are anonymous or not.
What the creators of DACs pretend by controlling the protocol is earning throughout speculation and own the market. Ironically, what the world obtains is fragmentation in the best of the cases, and economic monopolies in the worst.
There is also some reluctance from users. They feel that they are using a proprietary protocol that is making rich a bunch of capitalist millionaires. Although there is nothing intrinsically bad with the capital, the centralization of capital around anything is something that is not well seeing by the majority of the population. Take for example how many people hate Microsoft or Apple but they use their products because they are a monopolies.
We don't premine because we don't have nothing to mine
If Bitcloud is not a DAC, and we are not supported by any specific blockchain, what do we pre-mine? Nothing (except names, see below). Bitcloud is a tool for interchanging and marketing information. Users are free to use Bitcoin, Litecoin, Primecoin, or even Dogecoin in Bitcloud. As long as the coin supports escrow (like Bitcoin 0.9), and the node installs the appropriate daemon for that coin, it just works.
We relay on donations for the development of the protocol.
Bitcloud encourages unification, not fragmentation
You just have to see what happens with so many alt-coins out there. They fragment the market of cryptocurrencies. That is not very bad because Bitcoin still has the primacy.
But now imagine that there is not only fragmentation for the currency, but also for the content. That would mean that a user would have to install several clients and switch between them to search and download content. That is ridiculous.
And because we are born after the Bitcoin hype, we will not have 4 years to settle the protocol for wide acceptance. If we were a DAC, the first day we launch there will be copiers, and in 1 year there will be hundred of copiers, all competing to each other.
At some point, a DAC must predominate over the others like it happens with Youtube against the other video providers, and then you have the monopoly.
Humanity must be the great winner in all of this. We don't pretend to stop DACs, but at least we want all the DACs to be cooperative in the content available. Each DAC will offer their additional services on top of Bitcloud, and that is good, but the fundamental content base will be shared, which is also good.
So what is the blockchain of Bitcloud?
Bitcloud uses a blockchain not to store money, but to store certifications and IDs. There are no money transactions in any way because Bitcloud doesn't own any currency.
For registering a name, the node or user must mine a name. But the difficulty is fixed (always remains the same), and its only purpose is to avoid sybil attacks to the net.
submitted by JavierSobrino to bitcloud [link] [comments]

The costs of HACKING BITCOIN - Sybil Attacks Explained ... Sybil Attack - My Presentation BITCOIN $20K IMMINENT?! Fastest Bull Market in History... $LINK Coinbase, Sybil vs Eclipse Attack Why Dash is the Most Sybil Attack-Resistant Cryptocurrency -- By Far What are Sybil attacks and why are they relevant to blockchain?

Cyber hacks and ransomware attacks are shaking the crypto community as it is, and now Sybil Attack is here to rough things up further. Only in the past few weeks, several cyber attacks have been reported chief among them is the Spanish Radio attack demanding $800,000 in Bitcoin ransom. And such incidents have not been scarce in the recent past. Bitcoin has an imminent threat that 90% of bitcoiners don’t believe in. Similar to how Sybil, DoS, fungibility, spam, and other attack vectors threaten Bitcoin, the Trust attack is a way for ... Zero Link ~ Sybil Attack. February 23, 2019 World Crypto Network Crypto Video Leave a comment. MinerGate is a multicurrency mining pool with the easiest mining software, reliable 24/7 support service and helpful community at your disposal. Start mining now from your PC While fungibility is an essential property of good money, Bitcoin has its limitations in this area. Numerous fungibility ... IOTA has introduced a system to mitigate the problems related to a possible Sybil attack.The company announced this in a blog post. A Sybil attack, the name of which comes from a person who really existed, Sybil Dorsett, consists in creating different accounts or nodes or machines, made by a person, in order to control the network, which in the blockchain environment results in a 51% attack. The Sybil attack caused an increase in Ethereum transaction fees and created congestion on the network. A reddit user has posted its analysis of what took place and is calling for individuals to join him/her in a class action suit that will be brought against the FCoin exchange. o The AI Machine Learning 3-Day Crypto Signal for BCH is … o As reported last week, accusations have reached FCoin ...

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The costs of HACKING BITCOIN - Sybil Attacks Explained ...

Decoding The Elite Plan For The World Economy - Mike Maloney On Federal Reserve Strategy - Duration: 56:48. GoldSilver (w/ Mike Maloney) 1,025,836 views Today's topic: Sybil attacks. These need to be understood in order to produce any kind of meaningful consensus system for an open blockchain. The bitcoin proof-of-work consensus system is designed ... While fungibility is an essential property of good money, Bitcoin has its limitations in this area. Numerous fungibility improvements have been proposed; however none of them have addressed the ... Eclipse Attacks on Bitcoin’s Peer-to-Peer Network (USENIX 2015) - Duration: 27:15. ... What is a Sybil attack and how can it affect peer networks? - Duration: 1:36. Blockstack 7,528 views. 1:36 ... Watch live: https://ivanontech.com/live

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