Biggest Blockchain Companies by Valuation in 2020

Since they're calling for r/btc to be banned...

Maybe it's time to discuss bitcoin's history again. Credit to u/singularity87 for the original post over 3 years ago.

People should get the full story of bitcoin because it is probably one of the strangest of all reddit subs.
bitcoin, the main sub for the bitcoin community is held and run by a person who goes by the pseudonym u/theymos. Theymos not only controls bitcoin, but also bitcoin.org and bitcointalk.com. These are top three communication channels for the bitcoin community, all controlled by just one person.
For most of bitcoin's history this did not create a problem (at least not an obvious one anyway) until around mid 2015. This happened to be around the time a new player appeared on the scene, a for-profit company called Blockstream. Blockstream was made up of/hired many (but not all) of the main bitcoin developers. (To be clear, Blockstream was founded before mid 2015 but did not become publicly active until then). A lot of people, including myself, tried to point out there we're some very serious potential conflicts of interest that could arise when one single company controls most of the main developers for the biggest decentralised and distributed cryptocurrency. There were a lot of unknowns but people seemed to give them the benefit of the doubt because they were apparently about to release some new software called "sidechains" that could offer some benefits to the network.
Not long after Blockstream came on the scene the issue of bitcoin's scalability once again came to forefront of the community. This issue came within the community a number of times since bitcoins inception. Bitcoin, as dictated in the code, cannot handle any more than around 3 transactions per second at the moment. To put that in perspective Paypal handles around 15 transactions per second on average and VISA handles something like 2000 transactions per second. The discussion in the community has been around how best to allow bitcoin to scale to allow a higher number of transactions in a given amount of time. I suggest that if anyone is interested in learning more about this problem from a technical angle, they go to btc and do a search. It's a complex issue but for many who have followed bitcoin for many years, the possible solutions seem relatively obvious. Essentially, currently the limit is put in place in just a few lines of code. This was not originally present when bitcoin was first released. It was in fact put in place afterwards as a measure to stop a bloating attack on the network. Because all bitcoin transactions have to be stored forever on the bitcoin network, someone could theoretically simply transmit a large number of transactions which would have to be stored by the entire network forever. When bitcoin was released, transactions were actually for free as the only people running the network were enthusiasts. In fact a single bitcoin did not even have any specific value so it would be impossible set a fee value. This meant that a malicious person could make the size of the bitcoin ledger grow very rapidly without much/any cost which would stop people from wanting to join the network due to the resource requirements needed to store it, which at the time would have been for very little gain.
Towards the end of the summer last year, this bitcoin scaling debate surfaced again as it was becoming clear that the transaction limit for bitcoin was semi regularly being reached and that it would not be long until it would be regularly hit and the network would become congested. This was a very serious issue for a currency. Bitcoin had made progress over the years to the point of retailers starting to offer it as a payment option. Bitcoin companies like, Microsoft, Paypal, Steam and many more had began to adopt it. If the transaction limit would be constantly maxed out, the network would become unreliable and slow for users. Users and businesses would not be able to make a reliable estimate when their transaction would be confirmed by the network.
Users, developers and businesses (which at the time was pretty much the only real bitcoin subreddit) started to discuss how we should solve the problem bitcoin. There was significant support from the users and businesses behind a simple solution put forward by the developer Gavin Andreesen. Gavin was the lead developer after Satoshi Nakamoto left bitcoin and he left it in his hands. Gavin initially proposed a very simple solution of increasing the limit which was to change the few lines of code to increase the maximum number of transactions that are allowed. For most of bitcoin's history the transaction limit had been set far far higher than the number of transactions that could potentially happen on the network. The concept of increasing the limit one time was based on the fact that history had proven that no issue had been cause by this in the past.
A certain group of bitcoin developers decided that increasing the limit by this amount was too much and that it was dangerous. They said that the increased use of resources that the network would use would create centralisation pressures which could destroy the network. The theory was that a miner of the network with more resources could publish many more transactions than a competing small miner could handle and therefore the network would tend towards few large miners rather than many small miners. The group of developers who supported this theory were all developers who worked for the company Blockstream. The argument from people in support of increasing the transaction capacity by this amount was that there are always inherent centralisation pressure with bitcoin mining. For example miners who can access the cheapest electricity will tend to succeed and that bigger miners will be able to find this cheaper electricity easier. Miners who have access to the most efficient computer chips will tend to succeed and that larger miners are more likely to be able to afford the development of them. The argument from Gavin and other who supported increasing the transaction capacity by this method are essentially there are economies of scale in mining and that these economies have far bigger centralisation pressures than increased resource cost for a larger number of transactions (up to the new limit proposed). For example, at the time the total size of the blockchain was around 50GB. Even for the cost of a 500GB SSD is only $150 and would last a number of years. This is in-comparison to the $100,000's in revenue per day a miner would be making.
Various developers put forth various other proposals, including Gavin Andresen who put forth a more conservative increase that would then continue to increase over time inline with technological improvements. Some of the employees of blockstream also put forth some proposals, but all were so conservative, it would take bitcoin many decades before it could reach a scale of VISA. Even though there was significant support from the community behind Gavin's simple proposal of increasing the limit it was becoming clear certain members of the bitcoin community who were part of Blockstream were starting to become increasingly vitriolic and divisive. Gavin then teamed up with one of the other main bitcoin developers Mike Hearn and released a coded (i.e. working) version of the bitcoin software that would only activate if it was supported by a significant majority of the network. What happened next was where things really started to get weird.
After this free and open source software was released, Theymos, the person who controls all the main communication channels for the bitcoin community implemented a new moderation policy that disallowed any discussion of this new software. Specifically, if people were to discuss this software, their comments would be deleted and ultimately they would be banned temporarily or permanently. This caused chaos within the community as there was very clear support for this software at the time and it seemed our best hope for finally solving the problem and moving on. Instead a censorship campaign was started. At first it 'all' they were doing was banning and removing discussions but after a while it turned into actively manipulating the discussion. For example, if a thread was created where there was positive sentiment for increasing the transaction capacity or being negative about the moderation policies or negative about the actions of certain bitcoin developers, the mods of bitcoin would selectively change the sorting order of threads to 'controversial' so that the most support opinions would be sorted to the bottom of the thread and the most vitriolic would be sorted to the top of the thread. This was initially very transparent as it was possible to see that the most downvoted comments were at the top and some of the most upvoted were at the bottom. So they then implemented hiding the voting scores next to the users name. This made impossible to work out the sentiment of the community and when combined with selectively setting the sorting order to controversial it was possible control what information users were seeing. Also, due to the very very large number of removed comments and users it was becoming obvious the scale of censorship going on. To hide this they implemented code in their CSS for the sub that completely hid comments that they had removed so that the censorship itself was hidden. Anyone in support of scaling bitcoin were removed from the main communication channels. Theymos even proudly announced that he didn't care if he had to remove 90% of the users. He also later acknowledged that he knew he had the ability to block support of this software using the control he had over the communication channels.
While this was all going on, Blockstream and it's employees started lobbying the community by paying for conferences about scaling bitcoin, but with the very very strange rule that no decisions could be made and no complete solutions could be proposed. These conferences were likely strategically (and successfully) created to stunt support for the scaling software Gavin and Mike had released by forcing the community to take a "lets wait and see what comes from the conferences" kind of approach. Since no final solutions were allowed at these conferences, they only served to hinder and splinter the communities efforts to find a solution. As the software Gavin and Mike released called BitcoinXT gained support it started to be attacked. Users of the software were attack by DDOS. Employees of Blockstream were recommending attacks against the software, such as faking support for it, to only then drop support at the last moment to put the network in disarray. Blockstream employees were also publicly talking about suing Gavin and Mike from various different angles simply for releasing this open source software that no one was forced to run. In the end Mike Hearn decided to leave due to the way many members of the bitcoin community had treated him. This was due to the massive disinformation campaign against him on bitcoin. One of the many tactics that are used against anyone who does not support Blockstream and the bitcoin developers who work for them is that you will be targeted in a smear campaign. This has happened to a number of individuals and companies who showed support for scaling bitcoin. Theymos has threatened companies that he will ban any discussion of them on the communication channels he controls (i.e. all the main ones) for simply running software that he disagrees with (i.e. any software that scales bitcoin).
As time passed, more and more proposals were offered, all against the backdrop of ever increasing censorship in the main bitcoin communication channels. It finally come down the smallest and most conservative solution. This solution was much smaller than even the employees of Blockstream had proposed months earlier. As usual there was enormous attacks from all sides and the most vocal opponents were the employees of Blockstream. These attacks still are ongoing today. As this software started to gain support, Blockstream organised more meetings, especially with the biggest bitcoin miners and made a pact with them. They promised that they would release code that would offer an on-chain scaling solution hardfork within about 4 months, but if the miners wanted this they would have to commit to running their software and only their software. The miners agreed and the ended up not running the most conservative proposal possible. This was in February last year. There is no hardfork proposal in sight from the people who agreed to this pact and bitcoin is still stuck with the exact same transaction limit it has had since the limit was put in place about 6 years ago. Gavin has also been publicly smeared by the developers at Blockstream and a plot was made against him to have him removed from the development team. Gavin has now been, for all intents an purposes, expelled from bitcoin development. This has meant that all control of bitcoin development is in the hands of the developers working at Blockstream.
There is a new proposal that offers a market based approach to scaling bitcoin. This essentially lets the market decide. Of course, as usual there has been attacks against it, and verbal attacks from the employees of Blockstream. This has the biggest chance of gaining wide support and solving the problem for good.
To give you an idea of Blockstream; It has hired most of the main and active bitcoin developers and is now synonymous with the "Core" bitcoin development team. They AFAIK no products at all. They have received around $75m in funding. Every single thing they do is supported by theymos. They have started implementing an entirely new economic system for bitcoin against the will of it's users and have blocked any and all attempts to scaling the network in line with the original vision.
Although this comment is ridiculously long, it really only covers the tip of the iceberg. You could write a book on the last two years of bitcoin. The things that have been going on have been mind blowing. One last thing that I think is worth talking about is the u/bashco's claim of vote manipulation.
The users that the video talks about have very very large numbers of downvotes mostly due to them having a very very high chance of being astroturfers. Around about the same time last year when Blockstream came active on the scene every single bitcoin troll disappeared, and I mean literally every single one. In the years before that there were a large number of active anti-bitcoin trolls. They even have an active sub buttcoin. Up until last year you could go down to the bottom of pretty much any thread in bitcoin and see many of the usual trolls who were heavily downvoted for saying something along the lines of "bitcoin is shit", "You guys and your tulips" etc. But suddenly last year they all disappeared. Instead a new type of bitcoin user appeared. Someone who said they were fully in support of bitcoin but they just so happened to support every single thing Blockstream and its employees said and did. They had the exact same tone as the trolls who had disappeared. Their way to talking to people was aggressive, they'd call people names, they had a relatively poor understanding of how bitcoin fundamentally worked. They were extremely argumentative. These users are the majority of the list of that video. When the 10's of thousands of users were censored and expelled from bitcoin they ended up congregating in btc. The strange thing was that the users listed in that video also moved over to btc and spend all day everyday posting troll-like comments and misinformation. Naturally they get heavily downvoted by the real users in btc. They spend their time constantly causing as much drama as possible. At every opportunity they scream about "censorship" in btc while they are happy about the censorship in bitcoin. These people are astroturfers. What someone somewhere worked out, is that all you have to do to take down a community is say that you are on their side. It is an astoundingly effective form of psychological attack.
submitted by CuriousTitmouse to btc [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Welcome to the Official Energi Cryptocurrency Reddit!

Welcome to the Official Energi Cryptocurrency Reddit!

https://preview.redd.it/mymfi39kf2c51.png?width=200&format=png&auto=webp&s=71c90d32c9bf87dbd393e85bbeedb753e202a5b0
Below you will find a Table of Contents that will cover all the fundamentals of the cryptocurrency.

Table of Contents

  1. What is Energi?
  2. What are the Fundamentals of Energi?
    1. Scalability
    2. Funding
    3. Governance
    4. Inflation
    5. Distribution
    6. Decentralization
    7. Long Term Vision
  3. Coin Specs
  4. How to Get Started
    1. Official Energi Website
    2. Social Media
    3. Exchanges
    4. Energi Block Explorers
    5. Wallet Downloads
    6. Proof-of-Stake Setup Guides
    7. Masternode Setup Guide
  5. FAQ

1. What is Energi

Energi is a self-funding (no ICO and no premine) cryptocurrency that has a purpose to become the world’s leading cryptocurrency with the unification of Smart Contracts, Governance and Self-funding Treasury to ensure longevity and enable rapid growth. You can read more about why we decided to self-fund and chose not to conduct an ICO here.
Energi provides a small allocation to Proof-of-Stake (PoS) rewards, takes a bulk of the coin issuance and gives it to its treasury and active Masternodes. Energi also allocates 10% on-going reward to the leadership of the Energi Backbone, which is significantly less compared to today’s ICOs’ rewarding their founders between 20–50% of the tokens distributed. Another trait that sets Energi apart from ICOs is they give an on-going 10% allocation through each block reward, rather than rewarding the founders up-front.

2. What are the Fundamentals of Energi?

  • Scalability
1 minute block times and a 2 megabyte block size limit provide Energi with a vast transaction capacity for regular on-chain transactions. This allows for plenty of space on the blockchain for extremely fast transactions with very low fees.
Energi features a powerful on-chain scaling solution with a system of incentivized full nodes called Energi Masternodes. A Masternode is a full node backed by 1,000 NRG collateral that provides level 2 scalability to the Energi Cryptocurrency. 40% of the emissions of Energi is allocated to Masternodes, providing an extremely strong incentive to grow the number of full nodes and scalability of the network.

  • Funding
A key feature of Energi is its powerful treasury system. Energi makes up to 40% of the emissions available to the treasury, to be utilized in a manner that provides maximum benefit.
Treasury allocation is decentralized, allowing for submitted proposals from anyone, to be voted on by Masternodes and paid out from the emissions.
Energi has a 14 day treasury cycle, allowing quick payments for proposal authors and contributors, as well as strategic responsiveness to effective proposals. Energi is guided by the principle that every dollar spent from its funding model should yield more than one dollar of value in return. Thanks to a 14 day treasury cycle, the Energi team is able to measure results and respond quickly to changes in strategy.

  • Governance
The Energi Treasury is a decentralized governance model designed with Masternodes as caretakers, with voting rights on how to best utilize treasury funding.
This governance model reduces risk by allowing participation from everyone who holds 1,000 NRG as a Masternode. In this way, the Energi community can work together on how to best build the strategic direction of Energi.

  • Inflation
Energi Cryptocurrency has a simple rate of inflation at 1 million coins per month with no maximum cap. This ensures consistency in funding allocation, Masternode rewards, and PoS rewards, making the economics of the cryptocurrency more understandable for everyone who chooses to participate in Energi.
No coin supply limit ensures that Energi is prepared for the long term, avoiding “bubble” economics caused by dramatic early inflation that in most coins only serves to benefit founders ahead of increased adoption.

  • Distribution
Energi conducted a fair launch on April 14, 2018 with no ICO and no premine. Prior to launch, the Energi team gave a specific time and date for the launch of its main net, which its vibrant community eagerly awaited, so that mining could begin fairly, again avoiding centralization among the coin founders (It's important to note that Energi has transitioned from Proof-of-Work consensus to a Proof-of-Stake consensus).
Energi Masternode payments were designed to begin at block 216000, which occurred on September 18, 2018, almost 160 days after launch. This ensured time to list Energi on exchanges, and to grow the community, encouraging fair and equitable distribution before the extremely powerful Masternode rewards began. It is all too common for Masternode coins to feature a premine, which has the effect of centralizing distribution among the founders and early adopters.
From 2018 to 2020, Energi distributed nearly 4 million coins to users who contributed to spreading awareness of the project with social media activities about Energi, such as tweets, follows, and subscriptions on all major social media platforms.

  • Decentralization
Decentralized governance with Masternodes helps to ensure everyone is able to participate in Energi and help guide the project to achieve the best results. The change to the requirement to run a Masternode, from 10 000 NRG to 1 000 NRG, has allowed more people to be involved and boosted decentralization for the whole project.

  • Long Term Vision
All of the above features seamlessly work together in concert, to ensure that Energi is prepared for the long term. Rather than try to closely find a niche in the market, Energi is prepared to adapt and overcome all challenges for many years to come. Energi’s use case is that of a traditional cryptocurrency, such as Bitcoin. However, Energi’s strategy is to excel by avoiding the pitfalls of previous projects, while further utilizing and improving upon the most powerful ideas in the cryptocurrency space.

3. Coin Specs

Ticker: NRG
Block time: 1 minute.
Hashing Algorithm: Dagger-Hashimoto (similar to Ethereum).
Masternode requirements: 1,000 Energi.
Treasury cycle: Every 14 days.
Approximately 1 million Energi will be released per month. The allocations can be observed easily as “10/10/40/40.”
10% will go to the Energi Backbone.
10% to the PoS participants
40% to Masternodes.
40% to the Treasury.
Thus, for every block, allocations are: 2.28 Energi to the Backbone, 2.28 Energi to the PoS participants, 9.14 Energi to the Treasury, and 9.14 Energi to Masternodes.
Since Treasury allocations are paid in two-week cycles, they are made in lump sums of approximately 184,000 Energi every 14 days.
In order to allow for widespread distribution of Energi before Masternode payments began, Masternode rewards were delayed until day 150. This was to allow the airdrop campaign to be completed and ensure a large amount of NRG is spread out through the community. Until that point, Masternode rewards were redirected to the Treasury. Thus for the first 5 months, the Treasury gained approximately 368,000 Energi every two weeks (about 800k Energi per month). The airdrop campaign was designed to release ~4 million Energi to the community.

4. How to Get Started

  • Energi Official Website
https://www.energi.world/

  • Social Media
Bitcointalk: https://bitcointalk.org/index.php?topic=4912743
Discord: https://discordapp.com/invite/sCtgNC3
Facebook: https://www.facebook.com/energicrypto/
Github: https://github.com/energicryptocurrency
LinkedIn: https://www.linkedin.com/company/energi-core/
Medium: https://medium.com/energi
Publish 0x: https://www.publish0x.com/@energi
Reddit: https://www.reddit.com/energicryptocurrency/
Steemit: https://steemit.com/@energi
Telegram: https://t.me/energicrypto
Telegram Announcement: https://t.me/energiannouncements
Twitter: https://twitter.com/Energicrypto
YouTube: https://www.youtube.com/channel/UCCABQly0NNR2j_M_iDpy8mA/

  • Exchanges
DigiFinex: https://www.digifinex.com/trade/BTC/NRG
KuCoin - BTC: https://www.kucoin.com/trade/NRG-BTC
KuCoin - ETH: https://www.kucoin.com/trade/NRG-ETH
HitBTC - BTC: https://hitbtc.com/NRG-to-BTC
BitBNs - INR: https://bitbns.com/trade/#/nrg
Mercatox - BTC: https://mercatox.com/exchange/NRG/BTC
Mercatox - TUSD: https://mercatox.com/exchange/NRG/BTC
Bithumb - BTC: https://www.bithumb.pro/en-us/spot/trade?q=NRG-BTC
Bithumb - USDT: https://www.bithumb.pro/en-us/spot/trade?q=NRG-USDT
Citex - BTC: https://trade.citex.co.ktrade/NRG_BTC
Citex - USDT: https://trade.citex.co.ktrade/NRG_USDT
Beaxy - BTC: https://www.beaxy.com/trading-paiNRG-BTC
CoinAll - USDT: https://www.coinall.com/spot/full#product=nrg_usdt
WhiteBit - BTC: https://whitebit.com/trade/NRG_BTC
HitBTC - BTC: https://hitbtc.com/exchange/NRG-to-BTC

  • Energi Block Explorers
Gen 3 Explorer: https://explorer.energi.network/
Gen 3 Calculator: https://nexus.energi.network/reward-calculator
Gen 2 Explorer: https://explorer.gen2.energi.network/

  • Wallet Downloads
Gen 3 - MyEnergiWallet: https://docs.energi.software/en/downloads/myenergiwallet
Gen 3 - Core Node: https://docs.energi.software/en/downloads/core-node

  • Proof-of-Stake Setup Guides
https://docs.energi.software/en/staking-guide

  • Masternode Setup Guide
https://docs.energi.software/en/Masternode-guide

5. FAQs

Gen 3 Wiki: https://docs.energi.software/en/home
General: https://docs.energi.software/en/faq/general
Core Node Sync: https://docs.energi.software/en/core-node-troubleshoot
Keystore: https://docs.energi.software/en/faq/keystore
Masternode: https://docs.energi.software/en/faq/Masternode
Migration: https://docs.energi.software/en/faq/migration
Security: https://docs.energi.software/en/faq/security
Staking: https://docs.energi.software/en/faq/staking
submitted by energicrypto to energicryptocurrency [link] [comments]

Multishield Difficulty Adjustment Algorithm

Multishield Difficulty Adjustment Algorithm
Greetings, community. 👋🏻 Today we will tell you what MultiShield is and what its features in PYRK are.
📌 What is MultiShield?
MultiShield is the advanced version of the original DigiShield. DigiShield was created specifically to protect the DigiByte project from the threat posed by multipools that inflated the price of cryptocurrency in case it was too easy to mine. It creates an asymmetric realtime difficulty adjustment, and is now even widely implemented in many other blockchain.
Mining complexity is configured separately for each algorithm, depending on the current power distribution. The complexity parameter is changed on each block. This mechanism is called MultiShield. The block generation time in the system is 15 seconds.
According to the developers, the MultiShield complexity adjustment mechanism guarantees a “fair twenty percent distribution between all five algorithms” and the detection of any “sudden influx” of computing power.
📌 What are MultiShield features in PYRK?
✅ PYRK platform uses the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. PYRK has a 90-second block timing target, meaning mathematically based on the previous blocks the "difficulty" in finding the cryptographic answer for each block will become harder or easier in order to maintain an approximate 90-second block timing.
✅ MultiShield adjusts after each block, rather than once every 2016 blocks (like in Bitcoin). MultiShield is designed to let the difficulty "fall" very fast, in order that the chain doesn't freeze.
✅ MultiShield was originally created to account for such wild fluctuations, so that the blockchain doesn't "freeze" when a large exodus of hash power occurs. It also means miners cannot flood a few consecutive blocks with a high amount of hash power and benefit from low difficulty, giving blocks near instantly one after another before traditional difficulty retargeting occurs.
Read more about PYRK solutions here: https://www.pyrk.org
https://preview.redd.it/g0d89kbrvp451.png?width=1200&format=png&auto=webp&s=e8309576922ff46230060d6d38c16af475c41a72
submitted by VS_community to pyrk [link] [comments]

Chromia - Blockchain of Blockchains That Has Staged To Revolutionize Decentralized Application Development

Blockchain has taken the world by storm. The tech may have been envisioned to power decentralized finance in Bitcoin, it's potential and use case had far exceeded such identity.
It has opened the possibility to develop trust and openness in a way that has never been expressed before.
However, like any new development, blockchain has many challenges that need to be addressed.
Firstly, existing protocols that power the initial set of blockchains are too slow to garner advanced real-world usage.
Their architectural build also implies they are unable to scale accordingly to meet application and usage demand.
Blockchains are renowned for their strong security and immutability, nonetheless, these factors rely solely on the type of protocol or consensus adopted, and in many cases, the consensus of a particular blockchain may fail to establish a secured environment that could be relied upon under factual circumstances.
On the developer end, developing and building blockchain applications is a nightmare many wanted to escape because most integrated blockchain programming languages are new with an unestablished root. This means programmers have to learn a new language from basics before they can start building on a blockchain network.
The hardest part is that almost each of every type and brand of blockchain has its unique programming language which as a result contributes to non-interoperability that led to a status quo of blockchains being called an "island of self-isolation".
An obvious solution to most of the aforementioned downsides is to start restructuring how blockchains are made by design and code.
The good news is that a blockchain project with a new root has already achieved the feat of addressing most of these problems by building a relational blockchain system governed by a management system termed "Postchain".
I am talking about Chromia blockchain network built by the ChromaWay development team.
Chromia
Chromia is a public blockchain with a relational database system build and design. What this means is that data can be structured and defined in any way by the builder of the system. This flexibility of data management allows for different usage scenarios.
This is a sweet pot for developers but what is more interesting is the ability to code and deploy applications in a seamless manner.
Chroma uses Postchain to oversee the operation of its blockchain network in conjunction with a flexible and easy-to-code programming language called RELL (Relational Language).
Great protocol design? Thumb up! Nice programming language... Interesting! But what about other challenges mentioned in the opening part of the post?
Hell yeah! A blockchain system cannot be duly considered if it can't scale and operate at a good speed.
Chromia takes this factor to heart and ensures its network is able to process transactions at a block rate of 2 seconds, which is more than enough to support most applications and commercial usage.
Blockchain Of Blockchains: Chromia Modular Configuration
One method spam is avoided on blockchain networks is through integrated fee structure, most times, this is charged directly from users. However, Chromia thinks this idea should be rewritten by instead charging Dapps directly for the operation they perform.
Consequently, and since most application usage differs from one type to another. This and many other implementations led to a modular blockchain design where each Dapp can reside on its own chain, dictate its own rule and usage and intended fee structure.
The Dapps in this case acts like side chains that are attached to the governing Chromia infrastructure. Each Dapp or side chain is independent but benefits from the security and laid facilities of the network.
Chromia adopted PBFT consensus to ensure consensus can be achieved under certain rules even if some node in the network cannot be relied upon at a time, thus, eliminating incidents such as 'one point of failure'.
An Infrastructure For A Wide Range Of Usage Scenario
Chromia launched its main net in Dec 2019, and moved from an experimental position to prove their dedication towards achieving their vision not just on paper but as a practical and working process.
Ever since their main net launch. The chain has seen different types of apps deploy on its network.
The network relational design also means Dapps with huge computational demand can work efficiently and seamlessly with any cause to worry.
Let's look at some of these Dapps.
Chromunity
A decentralized social media platform that leverages the advantage of the relational computational build of Chromia to bring about fantastic social and community user experience.
The advantages of Chromunity as a decentralized social platform is how users can control their data and interactions, vote for representatives that implement the will and voice of the community.
Chromunity features a Reddit-like design and interface with the ability to post short/long meaningful content to a wide range of community categories or specific ones.
These screenshots give a sneak peek into how the interactive user interface looks like.
Green Asset Wallet
This is the first enterprise Dapp to launch on the Chromia chain after its main net release.
Using the quote of how the project defines itself.
"Green Assets Wallet is the world’s first blockchain-based platform for easy validation and impact reporting of green bonds".
The product has many features that are designed to suit investor's needs. From real-time collaboration to ensuring optimum trust and transparency to security. The Dapp is ideal for green bonds operations that look to make issuer and investors' lives an easier one.
Investors have direct access to trusted green bond information, metrics, and data.
Green asset wallet at allows investors to make new investment discoveries through search criteria, compare, benchmark, and follow up on investment opportunities".
Issuers are able to operate with an independent, cost-efficient, and structured system, and provide investors with impact investment opportunities and report on achievements.
Mines Of Dalarnia
Is "an action-adventure platform-mining game where the player controls a character and guides them through various blocks of earth, to discover and collect minerals of multiple rarities. Includes a blockchain based real-estate market".
Chromia transaction speed and computational efficiency make it an ideal platform to build decentralized or blockchain games of different kinds.
Play Mines Of Dalarnia
Conclusion
Chromia combines many groundbreaking features that purport it as a new generation blockchain and set it out among the crowd.
It's easy to code programming language, Postchain consortium, relational database system express qualities that fit different needs of decentralized applications and their operations. All of which state the chain strength and confidence of usage.
Under the governance of ChromaWay - an organization of tech experts and geeks. Chromia is expected to continue on an upward positive momentum.
Learn more about the project from it's official website
Their Telegram group chat is a good place to start interacting with the community.
Chromia has a Twitter presence and their Whitepaper is a good reference and tool to have a good overview of the project mission and vision at large.
submitted by Sidonpee to Teamchromia [link] [comments]

PYRK mining features in the unstable crypto world

PYRK mining features in the unstable crypto world
Greetings, community! 👋🏻 Today we will tell you about the PYRK mining features in the unstable crypto world.
📉 The crypto market is not stable. However, unlike the stock market, the crypto market, especially individual coins, depends on the hype, rumors around them, and more. This contributes to massive purchases or sales of coins, price fluctuations, hype leads new miners, anti-hype - contributes to their outflow.
📈 Changing the number of miners affects the network load. A sudden increase in the number of miners leads to an increase in computing power, which makes mining too easy. A quick and sudden outflow of miners leads to a sharp increase in the complexity of mining.
📊 That is why PYRK decided to use the Multishield technology, originally developed by Digibyte.
🔗 Multishield is a "difficulty retargeting" method to maintain the "average" block timing, by automatically changing the complexity of mining on the network. The idea being that as there is more hash-power provided by the miners it needs to become harder and harder to find the blocks.
✔️ Pyrk has a 90-second block timing target, meaning mathematically based on the previous blocks the "difficulty" in finding the cryptographic answer for each block will become harder or easier in order to maintain an approximate 90-second block timing. The original Bitcoin adjusts difficulty every 2016 blocks. However, MultiShield adjusts after each block, rather than once every 2016 blocks.
✔️ MultiShield is designed to drop the difficulty fast to ensure that the chain doesn't freeze. MultiShield was originally created to account for such wild fluctuations, so that the blockchain doesn't "freeze" when a large exodus of hash power occurs. It also means miners cannot flood a few consecutive blocks with a high amount of hash power and benefit from low difficulty, giving blocks near instantly one after another before traditional difficulty retargeting occurs.
Find out more about PYRK mining solutions: https://www.pyrk.org
https://preview.redd.it/ea17vbbk3ab51.png?width=1200&format=png&auto=webp&s=8472c6a89755d39845e5e901f698fe353c3fac21
submitted by VS_community to pyrk [link] [comments]

Long Term Incentives for Validators: Transaction Fees Should Be Rewarded, Not Burned

This post is a followup to question #2 in my original $AVA Native Token Questions. Thank you u/sekniqi for providing those answers.
In Bitcoin, the intention was that eventually transaction fees would entirely replace the block reward through a very large volume of low-fee transactions [1][2][3].
Since AVA fees are burned, they cannot replace the minting reward for validators after the $AVA supply cap is reached and minting ends. AVA currently lacks this long term incentive that Bitcoin was intended to have.

the price will increase to subsidize the lower block rewards, which is true to a certain extent for Ava as well
I am specifically curious about the plan after the $AVA supply cap is reached and minting ends completely. Price increases will not incentivize validation after minting rewards end. At that point, token holders will benefit from any price increases whether or not they are validators, but validators will suffer the expense of running a node and the opportunity cost of locking up tokens for staking.

applications that are built on Ava might have their own tokens, and those tokens will pay fees in their native currency to Ava validators as well
It seems dangerous to speculate that future applications might create their own application tokens and decide to pay sufficient fees to validators in those application tokens. If it has already been decided that native $AVA transaction fees will be burned and will not be rewarded to validators, then what happens if future applications follow the same logic and decide to burn any fees or not require fees? In that case, there is little incentive left to be a validator, other than possibly for a few large businesses that depend on the existence of the AVA network. The security of the system should be inherent in the native base layer, not pushed off to hypothetical implementations of future applications.
If details such as the sliding-cost function for transaction fees are still under prototyping, is it possible that the system could be updated prior to mainnet so that all transaction fees are not burned, and instead some or all fees are rewarded to the validators as minting decreases?
If some fee burning is desired, perhaps the percent of transaction fees that are rewarded to validators could be one of the critical parameters adjustable via on-chain governance voting.
The $AVA token paper acknowledges that the minting function should be adjustable to maintain a sufficient level of total staked supply [4]. Using the same logic, as minting decreases and ends, the transaction fees rewarded to validators could be adjustable to maintain a sufficient level of validators or staked supply.
Really though, it seems like all transaction fees should be rewarded to the validators to incentivize running the system. Some minimal fees are required to reduce congestion and incentivize validators to run the network. Beyond those two objectives, requiring additional fees for “burning” simply increases the burden on end-users and reduces the utility of the network.
There are real costs associated with running a validating node, including hardware, bandwidth, and maintenance, but also the opportunity cost and time value of money for the staked $AVA locked up by a validator. After the $AVA supply cap is reached and minting ends, validators must be incentivized and compensated for these costs by very small transaction fees paid by a very large volume of transactions.

  1. “Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.”
Nakamoto, Satoshi: Bitcoin: A Peer-to-Peer Electronic Cash System (2008)
  1. “In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.”
Nakamoto, Satoshi: Bitcointalk (2010), topic #48, message #349
  1. “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions [referencing current weaknesses of commerce on the Internet]"
Nakamoto, Satoshi: Bitcoin: A Peer-to-Peer Electronic Cash System (2008)
  1. "The goal of changing γ and λ is to increase total supply of tokens in case the empirically observed total staked supply is too low."
Buttolph, S., Moin, A., Sekniqi, K., Sirer, E.G.: AVA Native Token ($AVA) Dynamics (2020/02/09)
Additional information:
  1. “Validators, sometimes referred to as stakers, are compensated for their validation services based on staking amount and staking duration, amongst other properties."
Sekniqi, K., Laine, D., Buttolph, S., Sirer, E.G.: AVA Platform (2020/04/21)
[Not necessarily true after minting ends and rewards cease?]
  1. "Validators are incentivized to stay online and operate correctly as their rewards are based on proof-of-uptime and proof-of-correctness."
Buttolph, S., Moin, A., Sekniqi, K., Sirer, E.G.: AVA Native Token ($AVA) Dynamics (2020/02/09)
[Not necessarily true after minting ends and rewards cease?]
External links omitted to avoid the moderation queue.
submitted by AVA-4-EVA to ava [link] [comments]

Why i’m bullish on Zilliqa (long read)

Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analysed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralised and scalable in my opinion.
 
Below I post my analysis why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since end of January 2019 with daily transaction rate growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralised and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. Maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realised early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralised, secure and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in amount of nodes. More nodes = higher transaction throughput and increased decentralisation. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue disecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as:
“A peer-to-peer, append-only datastore that uses consensus to synchronise cryptographically-secure data”.
 
Next he states that: >“blockchains are fundamentally systems for managing valid state transitions”.* For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralised and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimisation on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (>66%) double spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT etc. Another thing we haven’t looked at yet is the amount of decentralisation.
 
Decentralisation
 
Currently there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralised nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching their transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public.They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers.The 5% block rewards with an annual yield of 10.03% translates to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS & shard nodes and seed nodes becoming more decentralised too, Zilliqa qualifies for the label of decentralised in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. Faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time stamped so you’ll start right away with a platform introduction, R&D roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalised: programming languages can be divided into being ‘object oriented’ or ‘functional’. Here is an ELI5 given by software development academy: > “all programmes have two basic components, data – what the programme knows – and behaviour – what the programme can do with that data. So object-oriented programming states that combining data and related behaviours in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behaviour are different things and should be separated to ensure their clarity.”
 
Scilla is on the functional side and shares similarities with OCaml: > OCaml is a general purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognised by academics and won a so called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities safety is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa for Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue:
In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships  
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organisations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggest that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already taking advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, AirBnB, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are build on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”*
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They dont just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities) also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiatives (correct me if I’m wrong though). This suggest in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures & Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

An open, neutral, borderless cash protocol should not have a privileged account that gives a central entity the ability to extract money from the protocol. [Read]

Once's the large miners are in control of this privileged account which has the ability to extract money from the protocol, mark my word, it will never go away.
"But the developers do good work and deserve to be paid"
If the devs want to be paid, they should set up a donation system. It's works for Monero. The devs submit a proposal, people donate, the devs are paid for 3-6 months of work then do it all again.
If they don't want to rely on donations and want to be paid via the block reward, then their should be a properly decentralized DAO, much like Dash. In which the dev team can submit a proposal for funding, people vote on the proposal and if it passes, then the devs get the money they've requested. If people vote against it, no money is paid.
There are many ways to fund a dev team, but creating a special, privileged account that allows for the individual with the key to skim money from the block reward, regardless of whether or not they contribute anything of value is *not* the way to do it.
"But the miners can dissolve the special account"
Have you ever considered that once this funded, privileged account exists, it will be far too valuable to ever remove? What's to stop miners and/or devs from spiting the profits from this privileged account? It's a win-win for them.
What happens if the large miners say "Give me a cut of the 12% or we will remove it entirely"?
What happens when large miners profit from mining rewards + a cut of the 12%? Small miners who don't receive a cut of these extra funds can't compete and leave. Then the only miners left are those in control of the privileged account and they gain full control of the chain.
This is one possible outcome. There is a large number of possible outcomes, and almost all of them are bad. While at the same time there is 1 possible positive outcome - it works as expected. I doubt it.

"but they are in it for the good of Bitcoin Cash, they wouldn't take advantage of the system"
Are you asking me to trust them?
This proposal is absolutely ludicrous and I'd go so far as to question the motives or intelligence of anybody who supports such a proposal. The odds of this being good for the chain are slim.
submitted by UnknownEssence to btc [link] [comments]

Report on Filecoin And PoC Projects

Report on Filecoin And PoC Projects
Author: Gamals Ahmed, CoinEx Business Ambassador
ABSTRACT
A Blockchain is a continuously growing record, called blocks, which are linked and secured using cryptography such as hashing. Each block contains a hash pointer as a link to the previous block, a timestamp and transaction data. Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin), which miners earn by providing storage to clients. The first section of report is demonstrate the filecoin which is a decentralized storage system used to encrypt files that we need to share it through blockchain platform. The second section is explain briefly blockchain Proof of Concept (POC) which is a process of locate whether a Blockchain project idea can be feasible in a real-world situation, need of proof of concept and blockchain proof of concept stages.
1.Introduction
Filecoin is a protocol token whose blockchain runs on a novel proof, called Proof-of-Space time, where blocks are created by miners that are storing data. Filecoin protocol provides a data storage and retrieval service via a network of independent storage providers that does not rely on a single coordinator, where: (1) clients pay to store and retrieve data, (2) Storage Miners earn tokens by offering storage (3) Retrieval Miners earn tokens by serving data.
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards[1].
Filecoin mining power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients. The protocol weaves these amassed resources into a self-healing storage network that anybody in the world can rely on. The network achieves robustness by replicating and dispersing content, while automatically detecting and repairing replica failures. Clients can select replication parameters to protect against different threat models. The protocol’s cloud storage network also provides security, as content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys. Filecoin works as an incentive layer on top of IPFS [1], which can provide storage infrastructure for any data. It is especially useful for decentralizing data, building and running distributed applications, and implementing smart contracts [2].
Filecoin[2] based on IPFS[3] proposes a completely decentralized distributed storage network where customers and storage miners request services and submit orders to the storage and retrieval markets. And the miner provides a service to view matching quotes to initiate a transaction. The protocol guarantees the integrity of data storage by copying proofs and space-time certificates. The Filecoin protocol writes the order book, token transactions, and integrity challenge response records to the blockchain.
1.1 Blockchain
Blockchain is a characteristic data structure formed by combining data blocks in a chain order inchronological order[4], and cryptographically guarantees decentralized, non-tamperable, unforgeable distributed shared ledger system.
Figure 1 Blockchain Structure
1.2 Elementary Components in Filecoin
The Filecoin protocol builds upon four novel components :
  1. Decentralized Storage Network (DSN): We provide an abstraction for network of independent storage providers to offer storage and retrieval services.
  2. Novel Proofs-of-Storage: We present two novel Proofs-of-Storage,(1) Proof-of Replication allows storage providers to prove that data has been replicated to its own uniquely dedicated physical storage. Enforcing unique physical copies enables a verifier to check that a prover is not deduplicating multiple copies of the data into the same storage space, (2) Proof-of-Space time allows storage providers to prove they have stored some data throughout a specified amount of time.
  3. Verifiable Markets: We model storage requests and retrieval requests as orders in two decentralized verifiable markets operated by the Filecoin network. Verifiable markets ensure that payments are performed when a service has been correctly provided. We present the Storage Market and the Retrieval Market where miners and clients can respectively submit storage and retrieval orders.
  4. Useful Proof-of-Work: We show how to construct a useful Proof-of-Work based on Proof-of Space time that can be used in consensus protocols. Miners do not need to spend wasteful computation to mine blocks, but instead must store data in the network[2] [4].
1.3 Filecoin: Lifecycle of a File
In this section we mentioned the lifecycle for file in Filecoin, as follow:
  1. Put: Clients send information about the file, storage duration, and a small amount of Filecoin to the Storage Market as a bid. Simultaneously, Miners submit asks, competing to offer low cost storage. Deals are made in the Storage Market, on the blockchain.
  2. Send: The Client then sends the file to the Miner, and the Miner adds the file to a sector. The sectors are cryptographically sealed, with verification sent to the blockchain.
  3. Manage: Miners continuously prove they are storing all sectors they agreed to store. The client’s payment is released in installments. Additional currency is minted over time and awarded to Miners as a block reward, proportional to the storage they provide.
  4. Request: A Client requests a file with some payment in Filecoin to the Retrieval Market (off chain); the first Miner to send the file is paid. Eventually, the contract expires and the storage is once again free[5].
Figure 2 Filecoin Lifecycle of a File
1.4 Filecoin is Built with IPFS
The Interplanetary File System (IPFS) is a next-generation protocol to make the Web faster, safer, decentralized, and permanent. Since the initial IPFS release in January 2015, it has gained strong traction in a variety of industries and organizations. Today, IPFS is a foundational technology for many applications in the blockchain industry. Over 5 billion files have been added to IPFS, spanning scientific data and papers, genetic research, video distribution & streaming, 3D modeling, legal documents, entire blockchains and their transactions, video games, and more. IPFS and Filecoin are complementary protocols, and the adoption of the underlying IPFS protocol is a leading indicator of market demand for a faster, safer, decentralized storage service [6].
Some IPFS Users
Figure(3) IPFS users
1.5 IPFS Open Source Community
The IPFS Project is a large community of open source contributors driven to decentralize the web. The community is made up of thousands of developers and users who have been working together for several years, building valuable and widely used software tools. The same seasoned core developers of IPFS are also leading the design and development of Filecoin. The IPFS team has experience building ambitious sotware projects and coordinating thriving developer communities. A significant portion of the IPFS community plans to join the Filecoin network, building tools and applications on this new, exciting platform [ 7].
2. PoC PROJECTS:
2.1 What is PoC?
PoC is abbreviate of Project of Concept which is a process of determining whether a Block-chain project idea can be feasible in a real-world situation. This process is necessary to verify that the idea will function as envisioned. The best part about proof of concept blockchain meaning is that it will help you to get a clear idea of what you are doing before you even get started. Furthermore, the proof of concept in the blockchain niche isn’t for exploring the marketplace for ideas only. Moreover, you won’t determine the best way to start the production process. Instead, you’ll only work on your possible blockchain solution option and see whether it’s capable of being a reality or not. Developing a blockchain proof of concept would require an investment of time, money and resources. In reality, you’d need to get your hands on supporting technologies or even the physical components needed to get the perfect plan. Going through the process is necessary for enterprises to see whether their idea is visible before using all production level equipment for it. According to a recent Gartner survey, 66% of CIOs think that blockchain is here to disrupt the existing marketplaces. And many will spend more than $10 million on the experimentation of the technology. So, if you were confused with what is proof of concept blockchain, now you know just what it is [8]. PoC is used to demonstrate the feasibility and practical potential of any blockchain project in any field such as Energy, Communication, Services, Insurance and Healthcare. A PoC can either be a prototype without any supporting code or any MVP (Minimum Viable Product) with bare feature set. A PoC is a prototype that is used for internal organization who can have a better understanding of a particular project.
2.3 Why Companies Need a Proof of Concept?
Usually, the blockchain proof of concept is awfully popular among the startups in the market. However, proof of concept in blockchain can also be a great tool for the Enterprises as well. Mainly there are three points for needing it.
  • Test out the blockchain project before going for mass production.
  • Identify possible pain points that can make the project not useful.
  • Save an enormous amount of time and money.
Although anyone who comes up with a blockchain project idea will think that it will work, however, proof of concept in blockchain will test out your idea to ensure that you get the best version out of it, which will save up a lot of time and money in the process. Another major reason for you to use proof of concept for blockchain is to ensure that all the stakeholders love your idea and would be interested in investing in it. Whether you are just adding up a new type of feature in the existing blockchain solution or developing it from scratch blockchain proof of concept would let you take the fastest route possible. This relatively gives a different edge in the proof of concept blockchain meaning [9].
2.4 Proof of Concept Phases
Its explain as follows:
Figure (4) explains the steps of blockchain PoC
Step-1: Finding the Proper Blockchain Application Sectors That Adds Value
Let’s start with the first step of the theoretical build-up stage. Many of you don’t really know which application sectors are great for blockchain Proof of concept [10]. That’s why we are outlining some major application sector where you can use your solution. These are:
1.Finance
Let’s start with the financing sector. This sector is relatively popular among the blockchain community. Furthermore, there are many projects already that cover this sector and offer a lucrative solution for major issues. So, in that sense, this sector is quite competitive in case of blockchain PoC development. 2. Medical
The medical sector is another major blockchain application sector at present. There are count-less scenarios where blockchain can truly shine. Hospitals have to deal with a lot of falsifying reports and counterfeit drugs.
3. Asset Management
Maintaining asset in these times are relatively hard due to all the bad players in the market. Simple paper-based record keeping isn’t enough now. Moreover, due to political and other reasons, ownership management is at risk of becoming a corrupted sector.
4. Government
Many governmental institutions are falling behind in the race of digitization. Moreover, every citizen needs a better infrastructure which will give them the security they need. In reality, the government sector is unable to reserve the citizen rights properly.
5. Identity
Identity management is a big hassle when it comes to enterprises. Furthermore, many often impersonate other people’s identity and commit serious crimes. Even in trade financer, many companies have to deal with fake companies and fake documents.
6. IoT
Internet of things is a wonderful sector for proof of concept in blockchain development. Furthermore, this sector is responsible for linking all your smart applications together. Moreover, the device to device connection in a secured platform is necessary.
7. Payments
The payments sector is another awesome application point for your enterprise-grade solution. The blockchain system is more than capable of handling payments, and many of it also offer micro payments. Furthermore, it takes a really small amount of time to send money compared to the traditional banking system. Not to mention the reduction of fees in overseas payment.
8. Supply Chain
Big enterprise needs to have their eyes and ears in every step of the supply chain process. Furthermore, any minor errors could end up in a million dollars of loss. Obviously, you would not want that. Tracking where the raw materials are coming from and whether your products are truly authentic or not is one of the major pain points.
9. Insurance
The insurance industry is facing some serious problems regarding insurance claims and document authentication. Also, the enormous amount of paperwork that every single employee has to fill out is overly dreadful. Detecting fraud, managing all the documents in a secure environment is tough. So, if you introduce a blockchain framework that can solve all these issues would be a huge factor. However, the competition in this marketplace is a bit high; still, with proper blockchain proof of concept, it should be a great opportunity.
Step-2: Defining the Product
In the second stage of the theoretical build-up, you would need to think your blockchain Proof of concept just like any other product. Furthermore, you need to have a solid plan along with full support from all stakeholders. PoC Feature Requirements Define all the features that your enterprise blockchain solution needs. After deciding your blockchain application, you would probably have some idea on what features to add up.
Step-3: Investigating the Technology
After you’ve come up with the solid idea of what features to include and how to focus the road map, you would need to hand them off to the engineering team. Therefore, your team will then research the technology based on your requirements and come up with the best plat-form to develop it on.
  • Advice to make a successful Proof of Concept As we knew, a proof of concept is a project, and like any project it must be clearly defined. That means breaking down the process into these four steps in order to can manage it better.
  • Focus on a Specific Business Issue If you want to make the blockchain PoC framework a success, then you have to start with focusing your real-life problems. At the beginning of the theoretical build-up stage when you are looking for a popular sector of deployment, look for a specific issue. Furthermore, any problem that your idea can fix would be a big plus from the consumers’ end. Many blockchain proof of concept only focuses on the capabilities of the technology only. However, they just don’t resolve any new issues or even old issues.
  • Take Small Steps, Avoid Scope Creeps Another major thing that the enterprises face is the scope creeps. While choosing what features you might need for the blockchain proof of concept many go for too much from the start. However, making a flashier entrance in the market won’t mean 100% success. Further-more, get the ones that you can truly deliver, not the ones you aren’t capable of.
  • Connect All Ideas and Control Them You won’t be the only one coming up with all the ideas. As you already know you’d need to get yourself a good team that will back you up and helps you come up with a compact solution. However, not every single member of your team would agree with the same idea. Furthermore, they have different ideas and vision regarding the blockchain development too.
  • Construct a Thorough Plan Another hurdle in the way of proper proof of concept blockchain is the misinterpretation of the blockchain implementation challenges. Obviously, blockchain implementation isn’t an easy task. At the first stage, it might have many flaws that would end up in possible failure scenarios.
  • Test A Million Times After getting the design done, you’d need to go into the testing phase. However, the problem is many seem to enroll the MVP before properly testing it, which end up in failure. So, test out the MVP a lot of time before making it accessible to the end-users.
  • Collaborate With Other Parties Collaborating with other enterprises could help to take down the overall costing of the block-chain proof of concept. Furthermore, if you are a small to medium level enterprise than collaborating with other parties could help out with the production costing. It will solely depend on the feature or the type of blockchain PoC framework you want to work on.
  • The Right Amount of Staff The right amount of stuff is always necessary to pull off a blockchain proof of concept project. Furthermore, you would need to recruit staffs that have blockchain skills or have an intellectual concept of the technology. Get the necessary amount of stuff with blockchain skill set to perfect the Blockchain Proof of Concept..
3. Conclusion
This report explain a distributed storage scheme based on blockchain technology( Filecoin), and introduces the system design in detail in first part , we have studied about blockchain technology related for Filecoin(decentralized storage network), Filecoin, a highly-anticipated decentralized storage network (under development), announced that there will be more delays before its Mainnet can be officially launched. Created by Protocol Labs, Filecoin has been developed using the InterPlanetary File System (IPFS), an established peer to peer data storage network. The Filecoin software will allow users to trade storage space in an open and decentralized market place.In the second part we mentioned a proof of concept (PoC), The Blockchain Proof of Concept is a demonstration to verify that certain concepts or theories have the potential for real-world application. PoC represents the evidence demonstrating that a project or product is feasible and worthy enough to justify the expenses needed to support and develop it.
REFERENCES
[1] Juan Benet. IPFS — Content Addressed, Versioned, P2P File System. 2014.
[2] Protocol Labs. Filecoin: A Decentralized Storage Network. https://filecoin.io/ filecoin.pdf, 2017.
[3] Benet J. IPFS-content addressed, versioned, P2P file system[J]. arXiv preprint arXiv:1407.3561, 2014.
[4] Liu AD, Du XH, Wang N, Li SZ. Research Progress of Blockchain Technology and its Application in Information Security. Ruan Jian Xue Bao/Journal of Software,2018,6,14:1–24.
[5] Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.
[6] Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.
[7] Retrieved from IPFS internal monitoring July 6, 2017.
[8] https://www.projectmanager.com/blog/proof-of-concept-definition.
[9] https://www.blockchainappfactory.com/poc-blockchain-application
[10] https://101blockchains.com/blockchain-proof-of-concept/#prettyPhoto
submitted by CoinEx_Institution to Coinex [link] [comments]

Chromia - Blockchain of Blockchains That Has Staged To Revolutionize Decentralized Application Development

Blockchain has taken the world by storm. The tech may have been envisioned to power decentralized finance in Bitcoin, it's potential and use case had far exceeded such identity.
It has opened the possibility to develop trust and openness in a way that has never been expressed before.
However, like any new development, blockchain has many challenges that need to be addressed.
Firstly, existing protocols that power the initial set of blockchains are too slow to garner advanced real-world usage.
Their architectural build also implies they are unable to scale accordingly to meet application and usage demand.
Blockchains are renowned for their strong security and immutability, nonetheless, these factors rely solely on the type of protocol or consensus adopted, and in many cases, the consensus of a particular blockchain may fail to establish a secured environment that could be relied upon under factual circumstances.
On the developer end, developing and building blockchain applications is a nightmare many wanted to escape because most integrated blockchain programming languages are new with an unestablished root. This means programmers have to learn a new language from basics before they can start building on a blockchain network.
The hardest part is that almost each of every type and brand of blockchain has its unique programming language which as a result contributes to non-interoperability that led to a status quo of blockchains being called an "island of self-isolation".
An obvious solution to most of the aforementioned downsides is to start restructuring how blockchains are made by design and code.
The good news is that a blockchain project with a new root has already achieved the feat of addressing most of these problems by building a relational blockchain system governed by a management system termed "Postchain".
I am talking about Chromia blockchain network built by the ChromaWay development team.
Chromia
Chromia is a public blockchain with a relational database system build and design. What this means is that data can be structured and defined in any way by the builder of the system. This flexibility of data management allows for different usage scenarios.
This is a sweet pot for developers but what is more interesting is the ability to code and deploy applications in a seamless manner.
Chroma uses Postchain to oversee the operation of its blockchain network in conjunction with a flexible and easy-to-code programming language called RELL (Relational Language).
Great protocol design? Thumb up! Nice programming language... Interesting! But what about other challenges mentioned in the opening part of the post?
Hell yeah! A blockchain system cannot be duly considered if it can't scale and operate at a good speed.
Chromia takes this factor to heart and ensures its network is able to process transactions at a block rate of 2 seconds, which is more than enough to support most applications and commercial usage.
Blockchain Of Blockchains: Chromia Modular Configuration
One method spam is avoided on blockchain networks is through integrated fee structure, most times, this is charged directly from users. However, Chromia thinks this idea should be rewritten by instead charging Dapps directly for the operation they perform.
Consequently, and since most application usage differs from one type to another. This and many other implementations led to a modular blockchain design where each Dapp can reside on its own chain, dictate its own rule and usage and intended fee structure.
The Dapps in this case acts like side chains that are attached to the governing Chromia infrastructure. Each Dapp or side chain is independent but benefits from the security and laid facilities of the network.
Chromia adopted PBFT consensus to ensure consensus can be achieved under certain rules even if some node in the network cannot be relied upon at a time, thus, eliminating incidents such as 'one point of failure'.
An Infrastructure For A Wide Range Of Usage Scenario
Chromia launched its main net in Dec 2019, and moved from an experimental position to prove their dedication towards achieving their vision not just on paper but as a practical and working process.
Ever since their main net launch. The chain has seen different types of apps deploy on its network.
The network relational design also means Dapps with huge computational demand can work efficiently and seamlessly with any cause to worry.
Let's look at some of these Dapps.
Chromunity
A decentralized social media platform that leverages the advantage of the relational computational build of Chromia to bring about fantastic social and community user experience.
The advantages of Chromunity as a decentralized social platform is how users can control their data and interactions, vote for representatives that implement the will and voice of the community.
Chromunity features a Reddit-like design and interface with the ability to post short/long meaningful content to a wide range of community categories or specific ones.
These screenshots give a sneak peek into how the interactive user interface looks like.
Green Asset Wallet
This is the first enterprise Dapp to launch on the Chromia chain after its main net release.
Using the quote of how the project defines itself.
"Green Assets Wallet is the world’s first blockchain-based platform for easy validation and impact reporting of green bonds".
The product has many features that are designed to suit investor's needs. From real-time collaboration to ensuring optimum trust and transparency to security. The Dapp is ideal for green bonds operations that look to make issuer and investors' lives an easier one.
Investors have direct access to trusted green bond information, metrics, and data.
Green asset wallet at allows investors to make new investment discoveries through search criteria, compare, benchmark, and follow up on investment opportunities".
Issuers are able to operate with an independent, cost-efficient, and structured system, and provide investors with impact investment opportunities and report on achievements.
Mines Of Dalarnia
Is "an action-adventure platform-mining game where the player controls a character and guides them through various blocks of earth, to discover and collect minerals of multiple rarities. Includes a blockchain based real-estate market".
Chromia transaction speed and computational efficiency make it an ideal platform to build decentralized or blockchain games of different kinds.
Play Mines Of Dalarnia
Conclusion
Chromia combines many groundbreaking features that purport it as a new generation blockchain and set it out among the crowd.
It's easy to code programming language, Postchain consortium, relational database system express qualities that fit different needs of decentralized applications and their operations. All of which state the chain strength and confidence of usage.
Under the governance of ChromaWay - an organization of tech experts and geeks. Chromia is expected to continue on an upward positive momentum.
Learn more about the project from it's official website
Their Telegram group chat is a good place to start interacting with the community.
Chromia has a Twitter presence and their Whitepaper is a good reference and tool to have a good overview of the project mission and vision at large.
submitted by Sidonpee to u/Sidonpee [link] [comments]

Bitcoin Whale Population Growth Might Be A Mirage Bitcoin: Is the Block Chain Getting too Big? - YouTube invest bitcoin Just how do I come to be a millionaire with Bitcoin? How Blockchain Technology Reduces Wall Street Risk & the Fallacy of Too Big To Fail! BITCOINs Been Quiet.Too Quiet!! HUGE Move Soon!?

One of the major criticisms on Bitcoin and crypto currencies is the ability for the blockchain to scale and compete with volume offered by traditional money systems. The Bitcoin network handles a transaction once every two to three seconds, which when compared to established money transmission networks at between a hundred to two thousand transactions per second. If bitcoin ever grew to be the size of Visa, the blockchain would grow some 3 gigs per day. And that's just a single company. That's not sustainable in any dencentralized model. Bitcoin either succeeds and is 100% centralized or it fails and remains decentralized. Right now there are no solutions to accomplish both. Note: Almost anything about Bitcoin’s block size limit and the risks of it being too big or too small is contested, but these are some of the more general arguments. Opponents of a block size limit increase (“small blockers”) argue there are, roughly speaking, three risks if blocks are too big, each of which have several “sub-risks While there are a few enthusiasts who are experimenting with building applications, there is still one missing piece of that puzzle and that is to be: scalability. What that means is that blockchains are limited in their ability to scale. Of cours... The size of the Bitcoin blockchain has experienced consistently high levels of growth since its creation, reaching approximately 269.82 gigabytes in size as of the end of March 2020.

[index] [11334] [26252] [395] [23352] [28829] [15475] [12771] [3347] [16585] [13162]

Bitcoin Whale Population Growth Might Be A Mirage

Multi-platform blockchain explorer Blockchair has added a “privacy-o-meter” for every Bitcoin ( BTC ) transaction that identifies which part is the change. This is the key to tracing a chain ... The drawback is that creating your own blockchain from scratch can be very expensive, as well as consumes a large amount of time as well as workers too. invest bitcoin Just how do I come to be a ... Bitcoin Setting Up Ethereum At Goldman Sachs Compound Investor Activity Chainlink FUD Let's talk about it! BITCOIN ETHEREUM COMPOUND CHAINLINK CRYPTOCURRENCY NEWS We tell you more in ... Yes,the most of blockchain blocks are hard to decrypt and there is need for more mining power,but on that univers of blocks are some big blocks what are the most easy to decrypt even with your CPU ... Despite a recent increase seen in the number of bitcoin (BTC) “whales,” much of this may be a result of already large holders taking their coins off exchanges, a new report from blockchain ...

Flag Counter