Tokeny deflacyjne stały się widoczne w świecie walut cyfrowych, w którym akcje są wyceniane na każdej giełdzie, co zwiększa niedobór i podobnie przyspiesza oszacowanie wartości tokena dostępnego do wykorzystania. Tokeny deflacyjne powstają jako możliwe wstawiennictwo w walce z problemem puchnięcia w cyfrowej sieci pieniężnej. W tej pojemności procedura konsumowania monet otrzymana przez token deflacyjny daje wymaganą preferowaną pozycję do obsługi monety, a przedsięwzięcia blockchain znoszą reklamę pieniędzy kryptograficznych.
Wykorzystywanie tokena próbowane przez deflacyjny token pomaga zrównoważyć szacunek reklamy lub monety, co daje specjalistom finansowym poczucie pewności i pewności, że opcja sprzęgnięcia ich tokenów zasadniczo utrzymuje koszty i świetne stawki rynkowe. Leasehold pozwala każdemu uczestniczyć w podziale korzyści bez posiadania nieruchomości lub konieczności rozpoznawania siebie. Leasehold wykorzystuje rozwijające się rynki w branży wakacyjnej, podobnie jak zwykła branża mieszkalna wraz z rozwojem etapów rezerwacji, w których ponad dwa razy więcej klientów niż w poprzednim roku. Innym sposobem, w jaki możesz z tego skorzystać, jest posiadanie nieruchomości samodzielnie, dzięki dzierżawie, usprawniamy tę procedurę i zezwalamy na „ubieganie się o część świadczeń”. Dzierżawa nadal będzie się rozwijać, ponieważ istnieją surowe strategie rozwoju, które wymagają od organizacji ciągłego pozyskiwania coraz większej liczby nieruchomości w swoim cyklu życia. Leasehold (lsh) przenosi płynność do branży wynajmu nieruchomości, pozwalając na częściową odpowiedzialność. Osoby fizyczne mogą nabywać i oferować prawa do świadczeń bez kosztownych wydatków związanych z zaciągnięciem aktu i zakupem nieruchomości. https://preview.redd.it/xtsqthzmbuo41.png?width=640&format=png&auto=webp&s=a4672da1bd88a2162318b9c95bc964c3ad3b3c9b
O tokenie dzierżawy
Token dzierżawy (LSH) to token deflacyjny mający na celu konsekwentne zwiększanie szacunku po pewnym czasie. Leasehold zamierza wzrosnąć jako szef rynku w przypadku chwilowego wieku najmu nieruchomości, w którym świadczenia są wypłacane posiadaczom tokenów jako rozsądny dla wszystkich system deflacyjny. Umożliwi to każdemu uczestnictwo w świadczeniu z nieruchomości i przejściowej pensji czynszowej poprzez posiadanie samotnego tokena. Leasehold ma doświadczenie w wynajmowaniu przejściowym przez airbnb, booking.com, homeaway i wiele więcej w tym samym czasie, wykorzystując naszą wieloetapową strategię wykorzystywaną do zapewnienia najbardziej ekstremalnych warunków mieszkaniowych. Na przykład współpracujące lokalizacje Airbnb otworzyły się ostatnio, tolerując Bitcoin jako strategię ratalną, która pozwoli Leaseholdowi dodatkowo tworzyć i rozwijać. ITO reprezentuje Wstępną Ofertę Tokenów. Jest również nazywany Pierwotną Ofertą Monet (ICO). Dzięki tej procedurze możesz zdigitalizować lub tokenizować swoje świadczenia i uczynić je swobodnie dostępnym przez Internet. Oznacza to, że możesz założyć firmę, organizację lub zadanie z dowolną przewagą. Poprzez ITO tworzysz zaawansowane monety lub tokeny, które przemawiają na twoją korzyść. Ciągle możesz elektronicznie przenosić te monety lub tokeny. W przeciwieństwie do konwencjonalnych strategii pozyskiwania kapitału, ITO to dynamiczna przygoda polegająca na pogoni za kapitałem i zapewnianiu bezpieczeństwa. Ponieważ na rynkach światowych zachodzą radykalne zmiany, wielu obecnie akceptuje fakt, że IPO (pierwsza oferta publiczna) wkrótce stanie się reliktem przeszłości. Trudności napotykane w konwencjonalnych technikach subsydiowania kapitału, na przykład koszty, marnotrawstwo i przeszkody w sekcji, zapoczątkowały kolejny krok w kierunku rozwoju i przejrzystości. To skłoniło do wprowadzenia czegoś znanego jako ITO. Tokeny dzierżawy można kupić, biorąc udział w naszym „wkładzie tokena początkowego” ITO lub z drugiej strony za pośrednictwem jednego z naszych innych wkładów ITO, które zostaną zawieszone na transakcjach. Oznacza to, że możesz założyć firmę, organizację lub zadanie z dowolną przewagą. Za pomocą ITO produkujesz zaawansowane monety lub tokeny, które przemawiają na twoją korzyść. Ciągle możesz elektronicznie przenosić te monety lub tokeny. https://preview.redd.it/2v80zw82cuo41.png?width=1400&format=png&auto=webp&s=f68297f718fe243237d751721e5d4eb89509f7e8
Leasehold (LSH) zależy od DPOS (https://wiki.bitshares.org/index.php/bitshares) Delegowany dowód stawki. DPOS zależy od delegatów tworzących kwadraty. Przedstawiciele są zwierzeni na kontach wybranych jako „dynamiczni delegaci”. 39 kont agentów z największą liczbą głosów tworzy kwadraty. Różni przedstawiciele są rejestrowani jako mianowani „rezerwowi” i mogą przejść do 39 głównych rekordów, zdobywając głosy od innych właścicieli LSH. Każdy posiadacz żetonu będzie miał do dyspozycji 39 głosów, aby wybrać swojego preferowanego przedstawiciela na najlepszego 39. Ciężar każdego z 39 głosów zależy od miary LSH, którą posiadają w demokratycznym portfelu / punkcie centralnym. Głosy te są oceniane jako „Zatwierdzone” i rejestrowane jako% spośród 100 milionów dostępnych tokenów LSH. Model 1 milion głosów będzie 1%. W Dpo widelce mogą się zdarzyć, ale najdłuższy widelec konsekwentnie wygrywa. Przedstawiciele muszą być stale online i mieć odpowiedni czas pracy na wypadek, gdyby musieli mieć pewność co do łańcucha i otrzymywać nagrody DEX. Czas przestoju zostanie wykorzystany do zindeksowania niezachwianej jakości koncentratora poprzez rejestrowanie za każdym razem, gdy kwadrat zostanie pominięty. Klienci głosują za głównymi 39 przedstawicielami zależnymi od kilku zmiennych, czas dostępności jest jednym z kluczowych czynników służących zapewnieniu bezpieczeństwa. W przypadku, gdy agent spadnie poniżej określonej oceny, klienci mogą wydalić głosy od przedstawiciela, którego skierowano z powodu okropnego pokazu. Podstawowym zadaniem przedstawicieli jest upewnienie się o systemie metodami dobrego wykonania systemu.
Delegowany dowód stawki (DPoS) to kalkulacja umowy stworzona, aby upewnić się o blockchain, gwarantując przedstawienie wymian w nim zawartych. DPoS jest planowany jako realizacja opartego na innowacjach rządu większościowego, wykorzystującego oddanie głosu i procedurę wyścigu politycznego, aby uchronić blockchain przed centralizacją i złośliwym wykorzystaniem. Przypisany dowód stawki jest w przeważającej części utrzymywany przez proces decyzji politycznej. Dynamiczni klienci blockchaina opartego na DPoS decydują na korzyść „świadków” i „delegatów”, ustawiając swoje tokeny na nazwisko swoich przyszłych klientów (tokeny te nie są wydawane zgodnie z tymi zasadami, po prostu mówią o sytuacji partnera i pozostać jego / jej własnością). Miejsca obserwatorów i przedstawicieli różnią się w zależności od różnych kryptograficznych form pieniędzy, a jedna praca może spożyć zdolności innej pracy, a nawet zrezygnować z niej.
DEX-Leasehold będzie miał swoją jedyną w swoim rodzaju zdecentralizowaną giełdę, która zagwarantuje chroniony i niezawodny etap wymiany tokenów LSH! Dzisiaj istnieje duża liczba transakcji, które zostały zhakowane, uciekając z aktywów i zamykając konta bez powodu! Stworzyliśmy etap, który zagwarantuje najwyższy poziom zaufania przy wymianie tokenów LSH i zapewni, że wszyscy będą objęci chronioną domeną, która nie jest otwarta na wrogie działania. System Dex będzie składał się z 15 administratorów Dex Node. Ci administratorzy będą strażnikami handlu i wypełnią się jako nadzorcy organizacji LSH wraz z systemem biologicznym Sidechain. Ponieważ część wydatków Dex zostanie wypłacona bezpośrednio 39 głównym delegatom LSH, administratorzy centrum DEX będą działać zgodnie ze strategią „Multi-Signature”, która pozwala różnym administratorom zmieniać portfel DEX w dowolnym momencie, w którym wprowadzi się wystarczająca liczba sygnatariuszy takie jak. Będzie to w całości pod wpływem administratorów centrum i zachęci ich wszystkich do współpracy w niszczeniu okropnych artystów lub mściwych zachowań. Administratorzy centrum zostaną poproszeni o spotkanie jako „Projekty łańcucha bocznego Lisk” i uruchomienie DEX jako głównego aspektu zasady wymiany systemów rynkowych łańcucha bocznego Lisk. Bitwy będą dozwolone tak, jak tolerują otwarte wpisy dla miejsc administratorów centrum.
Po co inwestować w token LeaseHold?
Podejście Leasinghold Token „odkup i konsumpcja” ma na celu usunięcie nieprzewidywalności sektorów biznesowych z LSH. Strategia odkupu i wypalenia ma subsydiowanie z generowanej pensji za wynajem nieruchomości i wykorzystywana jako źródło zakupów i konsumpcji. miara środków pieniężnych używanych do odkupu będzie stale rosła, ponieważ Leasehold określił surowe strategie rozwoju, które gwarantują wykładniczy dalszy rozwój
Wszystkie informacje pochodzące od wynajmowanej organizacji wynajmu nieruchomości będą dostępne jako informacje na żywo. Daje to posiadaczom tokenów bieżące dane informujące o bieżącym dochodzie, o wszystkich rozważanych i ocenianych skupach w danym miesiącu.
Wszystkie osoby fizyczne mogą uzyskać bieżące informacje na temat wynagrodzenia za wynajem firmy. Spotkania mogą być również zgodne z prawem na naszej stronie dla dowolnej nieruchomości w portfolio.
Tokeny dyrektorów będą przykręcane na 5 lat metodami sprytnego kontraktu, gwarantującego efektywne połączenie przedsięwzięcia i działanie zgodnie z oczekiwaniami
Jak skorzystać z Leasehold?
Leasehold stawia się poza innymi konwencjonalnymi rynkami, ponieważ wykorzystuje finansowanie do ugruntowania swojego modelu i zajmuje czołową pozycję. Wykorzystując aktywa do zakupu nieruchomości, możemy zbudować solidny, produktywny biznes, jednocześnie tworząc na tym. Umożliwia to każdemu posiadaczowi tokena czerpanie korzyści wraz z rozwojem organizacji. Modele to: po pierwsze ITO, podniesione aktywa są zamieniane na nieruchomości, a członkowie są wynagradzani jako tokeny LSH. W tym momencie organizacja skupi się na ustawianiu czynszów i zacznie czerpać korzyści z dnia własności. Rozpoczną się wszystkie wykupy, a wkrótce potem rozpocznie się druga runda rozproszenia ITO. Pozwala to członkom na rozwój wraz z organizacją i pomaga scementować każdy zakład, gdy tworzymy portfolio. Zwroty zakupów dokonywane przez organizację będą odbywać się w sposób ciągły, przy jednoczesnym wyraźnym wpływie na koszty reklamy. Im więcej nieruchomości tworzy wynagrodzenie, tym bardziej dochodzi do zwrotów zakupu i tym bardziej stabilny i przewidywalny staje się rozwój kosztu tokena.
Nasze 5 etapów ITO pozwoli Leasehold na uzyskanie wystarczającego finansowania w celu pozyskania niewielkich mieszkań i rozpoczęcia procedury leasingu i uzgodnienia lokalizacji wspólników. Każdy etap pozwoli organizacji zabezpieczyć i ustalić plan działania, który będzie nadal finansował proces odkupu i konsumpcji. To stawia Leasehold w wyjątkowo solidnym punkcie obserwacyjnym, jeśli chodzi o niestabilność i oddzielenie od rynków zbytu.
Adres nagrywania jest lokalizacją stworzoną jawnie w celu konsumpcji lub zniszczenia zasobów, co usuwa je z kursu powodując opróżnienie.
Leasehold Tokens (LSH) — це дефляційні жетони для постійного підвищення цін
Leasehold Tokens стали помітними всередині світу цифрової валюти, де акції помічаються на кожній біржі, що розширює дефіцит, а також покращує оцінку вартості токена, доступного для використання. Дефляційні жетони розглядаються як можливе заступництво для боротьби з проблемою набряку в цифровій грошовій мережі, завдяки чому процедура споживання монети, отримана дефляційним жетоном, надає необхідну бажану позицію для підтримки монети, а підприємства блокчейн витримують рекламу криптографічних грошей.
Витрата жетонів, що репетирується дефляційним токеном, допомагає врівноважити токен або монету, що оцінює повагу, що надає фінансовим спеціалістам відчуття надійності та впевненості, щоб мати можливість стискати свої жетони, по суті, підтримує великі ринкові ставки.
Орендодавець дозволяє будь-кому брати участь у спільному використанні вигод, не маючи правдиво власності або без необхідності визнавати себе. Лізингхолдинг використовує ринки, що розвиваються, в туристичному бізнесі так само, як звичайна галузь проживання на етапі бронювання розвивається з більш ніж удвічі більше клієнтів з попереднього року. Основним іншим способом, яким ви можете скористатися цим, є власник майна самостійно, орендуючи ми, ми вдосконалюємо цю процедуру і дозволяємо вам “вимагати частину пільг”. Оренда також буде продовжувати розвиватися, оскільки існують суворі стратегії розвитку, які вимагають від організації постійного придбання все більшої кількості майна у своєму життєвому циклі. Оренда (LSH) несе ліквідність для галузі оренди майна, що дозволяє нести відповідальність по частині. Особи можуть придбати та запропонувати права на пільги без витрат на зарахування домовленостей та придбання майна.
Про Leasehold Token
Leasehold Token (LSH) — це дефляційний токен, призначений для постійного збільшення поваги через деякий час. Оренда має намір піднятися на посаду керівника ринку в момент виплати оренди нерухомості, коли пільги виплачуються власникам токенів як дефляційна система, розумна для всіх. Це дозволить будь-кому брати участь у вигоді від майна та тимчасової орендної плати, просто володіючи одиночним жетоном. Оренда володіє певним досвідом у перехідній оренді через airbnb, booking.com, homeaway та багато іншого водночас, використовуючи нашу багатоступеневу стратегію, що використовується для отримання найбільш екстремального населення. Наприклад, співпрацюючі локалі, наприклад, Airbnb пізніше відкрилися, приймаючи Bitcoin як стратегію розстрочення, що дозволить Leasehold додатково створювати та розвивати. ITO представляє початкові пропозиції токенів. Це також вважається початковим пропонуванням монет (ICO). За допомогою цієї процедури ви можете оцифровувати або токенізувати свою користь та зробити її вільно доступною через Інтернет. Це означає, що ви можете розпочати бізнес, організацію чи завдання з будь-якою перевагою. Завдяки ITO ви створюєте сучасні монети чи жетони, які говорять на вашу користь. Постійно можна пересувати ці монети або жетони в електронному вигляді. На відміну від звичайних стратегій для залучення капіталу, ITO — це динамічна пригода для вибору капіталу та забезпечення його безпеки. Оскільки світові ринки зазнають кардинальних змін, численні в даний час погоджуються з тим, що IPO (Первісне публічне розміщення) ще довгий час буде пережитком минулих часів. Труднощі, що виникають у традиційних методах дотації капіталу, наприклад, витрати, марнотратні аспекти та перешкоди для розбиття, почали ще один крок до розвитку та прозорості. Це спонукало запровадити щось відоме як ITO. Токени оренди можна придбати, зацікавившись нашим внеском ITO “Початок жетону” або з іншого боку, через один з інших наших внесків ITO, який буде розміщений на торгах. Це означає, що ви можете розпочати бізнес, організацію чи завдання з будь-якою перевагою. За допомогою ITO ви виробляєте сучасні монети чи жетони, які говорять на вашу користь. Постійно можна пересувати ці монети або жетони в електронному вигляді.
Leasehold (LSH) залежить від DPOS (https://wiki.bitshares.org/index.php/bitshares), делегованого доказування частки. DPOS залежить від делегатів, які складають квадрати. Представники довіряють обліковим записам, які обрані “динамічними делегатами”. 39 агентських рахунків з найбільшою кількістю голосів складають квадрати. Різні представники реєструються як “резервні” кандидати, і вони можуть перейти до основних 39 записів, отримавши голоси від інших власників ЛШ. Кожен власник жетону матиме 39 голосів, доступних для вибору свого кращого представника серед найкращих 39. Напруженість кожного з 39 голосів відносно міри LSH, яку вони мають у демократичному гаманці / центрі. Ці голоси оцінюються як “затверджені” і фіксуються як% від 100 мільйонів доступних токенів LSH. Модель 1 мільйон голосів була б 1%. У Dpos Forks може статися, але найдовший вилка послідовно виграє. Представники повинні постійно працювати в Інтернеті та мати достатній час роботи в тому випадку, якщо їм потрібно постійно бути впевненими в ланцюжку та отримувати DEX винагороди. Uptime буде використовуватися для індексації непохитної якості концентратора, реєструючи щоразу, коли квадрат був пропущений. Клієнти голосують за 39 основних представників, залежних від декількох змінних, тривалість роботи, що є одним з ключових факторів, що використовуються для забезпечення впевненості. У випадку, якщо агент зануриться під певний рейтинг, клієнти можуть виганяти голоси від представника, на якого посилаються, через жахливі покази. Основна робота представників полягає в тому, щоб переконатися в системі методами гарного виконання системи.
Делеговане підтвердження частки (DPoS) — це розрахунок угоди, створений для того, щоб переконатися про блокчейн, гарантуючи зображення обміну всередині нього. DPoS планується як виконання уряду, що базується на раціоналізаторських рішеннях на основі інновацій, використовуючи процедуру голосування та політичну гонку, щоб захистити блокчейн від централізації та злоякісного використання. Присвоєння долі в більшості своїй зберігається в процесі політичних рішень. Динамічні клієнти блокчейна на базі DPoS вирішують на користь “свідків” та “делегатів”, встановлюючи їхні жетони на ім’я їхніх учасників (ті жетони не проводяться за цими лініями, вони просто говорять про ситуацію партнера і залишається його власністю). Місця спостерігачів та представників різняться в різних криптографічних формах грошей, і одна робота може поглибити інший потенціал роботи або навіть не обійтися.
DEX-Leasehold матиме власну унікальну децентралізовану біржу, яка гарантуватиме захищений та надійний етап обміну LSH жетонами! Сьогодні існує надмірна кількість торгів, які зламаються, тікають з активами та закривають рахунки без причини! Ми створили етап, який гарантує найвищу міру довіри при обміні LSH-маркерами та гарантує, що всі охоплені захищеним доменом, не відкритим для зловмисних дій. Система Dex складається з 15 адміністраторів Dex Node. Ці адміністратори будуть сторожами торгівлі та заповнюватимуться в якості наглядачів для організації LSH, поряд із біологічною системою Sidechain. Оскільки частина витрат Dex буде виплачена безпосередньо основним 39 делегатам LSH, адміністратори вузлів DEX працюватимуть за стратегією “Multi-Signature”, яка дозволяє різним адміністраторам змінювати гаманець DEX в будь-який момент, коли введено достатньо кількості підписантів. як такий. Це взагалі буде на такт адміністраторів хабів і закликає їх усіх до співпраці у знищенні жахливих розважальних заходів або помстової поведінки. Адміністраторів концентраторів буде запропоновано зустрітися як “Проекти на стороні ризику” та запустити DEX як головний аспект принципу біологічних систем ланцюга Lisk Side, що обмінюється Marketplace. Бітви будуть дозволені так само, як допускати відкриті записи для місць адміністраторів центру.
Як отримати вигоду від Leasehold?
Лізингова компанія ставить себе поряд з іншими звичайними ринками, оскільки використовує фінансування, щоб зміцнити свою модель і позиціонувати себе на вершині. Використовуючи активи для закупівлі майна, ми можемо створити міцний продуктивний бізнес, створюючи для цього. Це дає змогу кожному власнику токена отримувати вигоду разом із організацією, яка розвивається. Моделі: спочатку ITO, збільшені активи переходять у власність, а члени отримують винагороду у вигляді жетонів LSH. Організація в цей момент буде зосереджена навколо встановлення орендної плати і починає вигравати вигоду з дня власності. Усі викупки розпочнуться і просто після цього розпочнеться другий раунд розгону ITO. Це дозволяє членам співпрацювати з організацією та допомагати цементувати кожен заклад, коли ми виготовляємо портфоліо. Покупки організацій відбуватимуться постійно, в той час як витрати на рекламу впливатимуть суттєво відповідно. Чим більше майно створює заробітну плату, тим більше відбувається повернення покупок і тим більш стійким і передбачуваним стає розвиток вартості жетонів.
Наші 5 фаз ITO нададуть можливість Leasehold залучити достатньо фінансування з проханням придбати невеликі квартири та розпочати лізингову процедуру та домовленості щодо організації сайтів. Кожен етап дозволить організації закріпити та оформити робочий план дій, який буде тримати фінансування процесу викупу та споживання. Це ставить Leasehold у надзвичайно міцну перевагу, що стосується нестабільності та відокремленості від ринків ведмедя.
First, let’s look at some of the issues facing Proof-of-Work (PoW) consensus that led to the development of PoS.
Excessive energy consumption — In 2017, many concerns were raised over the amount of electricity used by the bitcoin network (Largest PoW blockchain). Since then the energy consumption has increased by over 400%, to the point where 1 single transaction on this network has the same carbon footprint of 736,722 Visa transactions or consumes the same amount of electricity as over 20 U.S. households.
Varying Electricity Costs — The profit of any miner on the network is tied to two costs, the initial startup cost to obtain the hardware and infrastructure, and more critically, the running cost of said equipment in relation to electricity usage. Electricity costs can vary from fractions of a cent per kWh to over 50 cents (USD) and in some cases it is free. When a user may only be earning $0.40 USD per hour then this will clearly rule out certain demographics based purely on electricity costs, reducing the potential for complete decentralization.
Reduced decentralization — Due to the high cost of the mining equipment, those with large financial bases setup mining farms, either for others to rent out individual miners or entirely for personal gains. This results in large demographic hotspots on the network reducing the decentralized aspect to a point where it no longer accomplishes this aspect.
Conflicted interests — The requirements of running miners on the network are purely based on having possession of the hardware, electricity and internet connection. There are no limits to the amount a miner can earn, nor do they need to hold any stake in the network, and thus there is very little incentive for them to vote on upgrades that may benefit the network but reduce their rewards.
I want to take this moment to mention a potential benefit to PoW that I have not seen anyone mention previously. It is a very loose argument so don’t take this to heart too strongly. Consistent Fiat Injection — The majority of miners will be paying for their electricity in fiat currency. At a conservative rate of $0.1 USD per kWh, the network currently uses 73.12 TWh per year. This equates to an average daily cost of over $20 million USD. This means every day around $20 million of fiat currency is effectively being injected into the bitcoin network. Although this concept is somewhat flawed in the sense that the same amount of bitcoin will be released each day regardless of how much is spent on electricity, I’m looking at this from the eyes of the miners, they are reducing their fiat bags and increasing their bitcoin bags. This change of bags is the essence of this point which will inevitably encourage crypto spending. If the bitcoin bags were increased but fiat bags did not decrease, then there would be less incentive to spend the bitcoin, as would see in a staking ecosystem. https://preview.redd.it/8dtqt6e204c41.png?width=631&format=png&auto=webp&s=065aedde87b55f0768968307e59e62a35eac949d
Different approaches have been taken to tackle different issues the PoS protocol faces. Will Little has an excellent article explaining this and more in PoS, but let me take an excerpt from his piece to go through them:
Coin-age selection — Blockchains like Peercoin (the first PoS chain), start out with PoW to distribute the coins, use coin age to help prevent monopolization and 51% attacks (by setting a time range when the probability of being selected as a node is greatest), and implement checkpoints initially to prevent NoS problems.
Randomized block selection — Chains like NXT and Blackcoin also use checkpoints, but believe that coin-age discourages staking. After an initial distribution period (either via PoW or otherwise), these chains use algorithms to randomly select nodes that can create blocks.
Ethereum’s Casper protocol(s) — Being already widely distributed, Ethereum doesn’t have to worry about the initial distribution problem when/if it switches to PoS. Casper takes a more Byzantine Fault Tolerant (BFT) approach and will punish nodes by taking away (“slashing”) their stake if they do devious things. In addition, consensus is formed by a multi-round process where every randomly assigned node votes for a specific block during a round.
Delegated Proof-of-Stake (DPoS) — Invented by Dan Larimer and first used in Bitshares (and then in [aelf,] Steem, EOS, and many others), DPoS tackles potential PoS problems by having the community “elect” delegates that will run nodes to create and validate blocks. Bad behavior is then punished by the community simply out-voting the delegated nodes.
Delegated Byzantine Fault Tolerance (DBFT) — Similar to DPoS, the NEO community votes for (delegates) nodes, but instead of each node producing blocks and agreeing on consensus, only 2 out of 3 nodes need to agree on what goes in every block (acting more like bookkeepers than validators).
Masternodes — First introduced by DASH, a masternode PoS system requires nodes to stake a minimum threshold of coins in order to qualify as a node. Often this comes with requirements to provide “service” to a network in the form of governance, special payment protocols, etc…
Proof of Importance (POI) — NEM takes a slightly different approach by granting an “importance calculation” to masternodes staking at least 10,000 XEM. This POI system then rewards active nodes that act in a positive way over time to impact the community.
In order to understand how one can earn money from these networks, I’ll break them down into 3 categories: Simple staking, Running nodes, and Voting. Simple Staking - This is the simplest of the 3 methods and requires almost no action by the user. Certain networks will reward users by simply holding tokens in a specified wallet. These rewards are generally minimal but are the easiest way to earn. Running a node - This method provides the greatest rewards but also requires the greatest action by the user and most likely will require ongoing maintenance. Generally speaking, networks will require nodes to stake a certain amount of tokens often amounting to thousands of dollars. In DPoS systems, these nodes must be voted in by other users on the network and must continue to provide confidence to their supporters. Some companies will setup nodes and allow users to participate by contributing to the minimum staking amount, with a similar concept to PoW mining pools. Voting - This mechanism works hand in hand with running nodes in relation to DPoS networks. Users are encouraged to vote for their preferred nodes by staking tokens as votes. Each vote will unlock a small amount of rewards for each voter, the nodes are normally the ones to provide these rewards as a portion of their own reward for running a node.
Aelf’s DPoS system
The aelf consensus protocol utilizes a form of DPoS. There are two versions of nodes on the network, active nodes & backup nodes (official names yet to be announced). Active nodes run the network and produce the blocks, while the backup nodes complete minor tasks and are on standby should any active nodes go offline or act maliciously. These nodes are selected based upon their number of votes received. Initially the top 17 nodes will be selected as active nodes, while the next 100 will stand as the backup ones, each voting period each node may change position should they receive more or less votes than the previous period. In order to be considered as a node, one must stake a minimum amount of ELF tokens (yet to be announced). https://preview.redd.it/47d3wqe604c41.png?width=618&format=png&auto=webp&s=062a6aa6186b826d400a0015d4c91fd1a4ed0b65 In order to participate as a voter, there is no minimum amount of tokens to be staked. When one stakes, their tokens will be locked for a designated amount of time, selected by the voter from the preset periods. If users pull their tokens out before this locked period has expired no rewards are received, but if they leave them locked for the entire time frame they will receive the set reward, and the tokens will be automatically rolled over into the next locked period. As a result, should a voter decide, once their votes are cast, they can continue to receive rewards without any further action needed. Many projects have tackled with node rewards in order to make them fair, well incentivized but sustainable for everyone involved. Aelf has come up with a reward structure based on multiple variables with a basic income guaranteed for every node. Variables may include the number of re-elections, number of votes received, or other elements. As the system matures, the number of active nodes will be increased, resulting in a more diverse and secure network. Staking as a solution is a win-win-win for network creators, users and investors. It is a much more resource efficient and scalable protocol to secure blockchain networks while reducing the entry point for users to earn from the system.
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:
Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
Giving a more in-depth answer for those who want to read more.
Allowing readers to make informed decisions by making credible information easy to access.
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers. I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
1. How do you registeclaim your EOS tokens before June 2018?
Select Metamask, MyEtherWallet, or Ethereum Wallet
Follow the guide.
Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook. And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?
There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain. In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube. block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
Exchange Support Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
6. Which consensus mechanism does EOS use and what are Block Producers?
Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them. The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain. Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers. Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
7. How does the voting process work?
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote. Broadly speaking there will be two methods of voting:
Command Line Interface (CLI) tools
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity. Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
8. What makes EOS a good investment?
Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
Technical Advantages - See point 9!
9. What are the unique selling points of EOS?
Potential to scale to millions of transactions per second
This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?
The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).
12. Why do the eos.io T&C’s say the ERC-20 token has no value?
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
14. Where is the money going from the token distribution?
Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
A more complete list of EOS projects can be found at eosindex.io.
16. Dan left his previous projects, will he leave EOS?
When EOS has been created Dan will move onto creating projects for EOS with block.one.
When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case. What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
18. If block producers can alter code how do we know they will not do so maliciously?
Block producers are voted in by stake holders.
Changes to the protocol, constitution or other updates are proposed to the community by block producers.
Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
For this question we must understand the following.
Governance and why it is used.
The process of upgrading the protocol, constitution & other updates.
Dan’s view on open-entry systems built around anonymous participation.
Governance Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance! Governance is the process by which people in a community:
Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
Carry out the decisions they reach; and
Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
Upgrade process The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
Block producers propose a change to the constitution and obtains 15/21 approval.
Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
Block producers maintain 15/21 approval of the new code for 30 consecutive days.
Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
Open-entry systems built around anonymous participation To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation. Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad. The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
19. What is the most secure way to generate EOS key pairs?
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic. The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github. The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
The Research was comissioned by Consensys. From Consensys' homepage, we learn that
ConsenSys is a global organism building the infrastructure, applications, and practices that enable a decentralized world.
If we have a look at the About Page, we learn that
Our focus is on the ecosystem, the growth of the Ethereum network (emphasis mine), and global integration of the benefits of blockchain and tokenization.
The study was done by Whiteblock, the "Scalable Blockchain Testing Platform". If we have a look at the prnewswire press release, we learn that:
Blockchain organizations such as Cosmos, Ethereum Community Fund, Amis, Maker DAO, IMToken, PlatON, Status, Loom Network, Coinfund, 1KX, Transference Fund, Web 3 Foundation, Grid+, MixLabs, Ledger Capital, Enterprise Ethereum Alliance, Google, Microsoft, ConsenSys and Bo Shen - Founding Partner of Fenbushi Capital & Cofounder of Bitshares, along with academic institutions such as Duke, USC, and MIT have committed to contributing resources to develop comprehensive reports based on Whiteblock's raw data (emphasis mine).
So at least a few pro-Ethereum entities have provided resources to Whiteblock. Can we expect impartiality from Whiteblock's research? Additionally, if we have a look at the report, it was co-jointedly written by two scientist from Whiteblock and two scientists from Consensys: https://www.screencast.com/t/8niRZaRScVJ So we have the same party requesting an independent study of a concurrent blockchain and participating to the redaction off the final report. Conflict of interests, anyone?
We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
This becomes apparent from the substantial reliance on architecture where cryptographic validation is not necessarily instantiated, though rather implemented in proximity.
What does not necessarily instantiated mean? This looks like a rather vague statement where the author isn't sure himself about what he writes. I think the main beef Consensys/Whiteblocks has with EOS' architecture is that it doesn't do things the way Ethereum does, and hence is deemed "bad".
About the EOS Max Transaction Rate (TPS):
Whiteblock states that their testnet didn't support more than 250 TPS:
As observed in the section on performance, the transaction throughput in the system does not exceed 250 TPS even in optimal settings with 0 ms of latency and 0% packet loss.
To me it seems like it speaks more of Whiteblock's ability of setting up a test net than anything else, because EOS Mainnet already passed several thousands of transactions previously, with the record being close to 4000 TPS (3996 TPS to be exact):
Edit: added link to Whiteblock paper, spelling, less aggressive tone. Edit 2: Added server info Edit 3: Added virtual machine info, links to server hardware, spelling Edit4: Added introduction, information of performance test inputs Edit 5: Updated sections About EOS and Cryptography and Cryptographic Validation, About the EOS Max Transaction Rate (TPS) Edit 6: Some formatting This post is still work in progress.
Wallet must sync with the entire block to work which can take 12-24+ hours and growing.
Huh? Web wallet, Mobile wallet, 3rd party wallets like Canoe do not need this. It should be clearly mentioned that this is only for the desktop wallet if you are running a node. And fast bootstrap can have you in sync within 2 hours.
Transactions per second is limited to 7000 permanently since the entire node network must see all transactions at once.
Both sending and receiving parties must be online during a transaction.
Again false. It is only to perform the receive PoW and spend the coins. Otherwise txns are immutable.
There are plenty of competing coins with comparable speed and "free"/cheap transactions. For example, BitShares is and older coins which can handle 100k tps.
Free is significantly different from cheap. Bitcoin was cheap at one point. And this doesnt mention how centralised bit-shares is.
Proof of stake system is based on good faith acting of node holders, who could fork and attack the network for their own benefit if they hold enough Nano.
This is false. All txns have to be verified by the network. One malicious node will be caught out. Enough nano is different from holding 50% NANOs
Like all other DAG coins, the network needs persistent volume in order to function.
What is this? Incorrect.
You can only run a validator node if another validator endorses you.
Developers hold more than 50% of the staking power.
Infact there is significant privacy compared to bitcoin when pruning is implemented
Recent stress test demonstrated the network can handle 33-120 TPS but also demonstrated one single $5/month VPS with 10 hours of precomputing hashes can send the same TPS for fifteen minutes. Only $1000 a month worth of VPS servers precomputing hashes can flood the network.
The cost of attacking the network was posted by Meor sometime back and it is not $1000 a month. FFS if this is true anyone can flood the network (which has been operational for 2 years now) at will. Can someone reply to this with more technical details ? So that we can get this fixed. Its bad for the project to have outright mis-information given such high visibility in every post. PS: Posting this here as it gets deleted on the Nano sub. FFS every post that mentions $ is not a price related post. The sub needs to get its shit together.
I've noticed Stratis being mentioned more and more frequently, lot's of subtle (and not so subtle) hints that is could be the next big thing, and also that it is a challenger to ETH. So I decided to do some digging to try and educate myself and get a thread going. I’ve read through the Stratis sub, their Wiki, the website, the whitepaper and a tiny proportion of the 600+ page bitcointalk thread (caveat – total ‘research’ time on this is literally about an hour so conclusions could be WAY off). This is what I can make out thus far. Disclaimer I hold ETH, but I’ve tried to keep this objective…). Stratis Group
It looks like Stratis has been created by members of Stratis Group, an organisation that aim to provide consultancy services and cloud infrastructure services aimed primarily at the enterprise market.
From the WIKI:
Q: How will Stratis Group monetize Blockchain applications created on the Stratis platform? A: Stratis Group makes money by charging a subscription to customers using the platform and also via Stratis Group consultancy services. The platform includes features such as Cloud hosting, BaaS, as well as access to the Stratis SDK. A combination of service and technology based revenue will ensure Stratis Group remain a successful business.
It looks like the Stratis chain/platform will be just one of the technology platforms the team intend to support. Others include Bitcoin and Ethereum
From the whitepaper:
(1) "As well as offering the services integrated in its own blockchain, Stratis will specialise in providing hosting and consultancy for decentralised applications (Dapps) on top of the Ethereum blockchain." (2) "Stratis will enable one-click provisioning of other major blockchain platforms aside from its own, including Bitcoin, Ethereum, BitShares and LISK”
The Stratis Blockchain
Stratis appears to be a platform built using forked bitcoin components, with some disassembly and reassembly involved, with a Proof of Stake consensus mechanism thrown in, and with emphasis on use of C# for ease of enterprise adoption.
The white paper leads me to conclude transactional features supported by the network will be similar to those sported by bitcoin. No Smart Contracts.
Features such as asset issuance are achieved using the OP_RETURN data space offered by bitcoin and pioneered for meta-protocol use by Omni and Counterparty.
It seems the idea is to create a primary Stratis chain, against which it will be possible to integrate private chains.
Current Network Status
There is a live public chain.
Currently at block 380k or so, the last 100 blocks arrived in 148 mins, so just over a block a minute.
Unclear on status of side/private chain integration.
Stratis tokens (STRAT):
From the wiki: "Stratis is the currency which powers the Stratis Platform. A Proof-of-Stake (POS) cryptocurrency with limited emission and low inflation, Stratis (ticker: STRAT)."
There are suggestions the token may be used for more than basic transaction fees and staking rewards, but I have’t found any further explanation on this. From the whitepaper: [Process for creating a private blockchain] “Create an account on the Stratis Cloud Portal [then] Purchase Stratis to fuel your Private Chain.” < This point has me totally confused.
In general, all sources of information are quite light on substantive detail describing how the platform (particularly public/private chain integration and possibly even cross chain token use) will work.
At risk of being too blunt, I’m unclear what the value proposition of Stratis (the platform) is beyond being a PoS bitcoin with faster blocks, which may be more accessible to C# developers. Don’t get me wrong, this is not a bad proposition (!), but does it compete with Ethereum? No. If anything this is another bitcoin competitor.
Maybe I am missing something / a lot, but given what I’ve read, I’m completely unable to justify recent hype or price rise.
Blockchain Use Cases: Cryptocurrency Is Not All That Blockchain Is For
Tosay that the blockchain technology is one of the most outstanding innovative developments of this century is to say nothing. Associations with cryptocurrency, mainly with BTC, arise automatically when talking about blockchain use cases. But this concept of technology quickly becomes obsolete. More and more people see that the decentralization and transparency that accompany it have every chance to turn many industries upside down. In this article, we will look at the different blockchain benefits.
Unexpectedly, right? But, yes, this is the industry that has been using blockchain successfully for several years already! But the fact is that a lot of large Walmart-like retailers are joining forces with IBM to integrate the blockchain into their food management system. What is the purpose? One of the most important questions we should ask when eating food is: “What is its source?”. On October 6, 2006, many US states suffered a massive outbreak of E. coli. The source? Spinach! Source: https://princebalto.fandom.com/wiki/Popeye About 199 people were infected, 22 of them are children under 5 years old. As a result, 3 people died; one of them was a child of 2 years. One supplier. One farm. One lot. So, what happens when the blockchain is used to keep all food data reporting? Recall that the data in the blockchain is available to everyone; there is no centralized power controlling them. According to Frank Yiannas, the advantages of transparent management of the food products system are diverse: Strongly increases food safety. Guarantees the availability of more fresh food, because no one will risk sending stale food to an open system. Reduces the amount of food waste, because absolutely all food products are recorded. Eliminates fraud in the food industry because the system is publicly available. Stimulates a responsible attitude among food producers, because they know that their machinations will not go unpunished.
I believe, if there is no voting, then the concept of “democracy” doesn’t even exist. Countries around the world have used paper bulletins for a long time. However simple the concept may be, many problems can arise — human factor is the first. To fight against them, developed countries as Estonia applied the digital voting system. However, several possible problems were identified as well: The user’s computer may be infected with malicious code that reads every single vote and changes the vote in favor of another candidate. An attacker can directly infect servers with the help of malicious code on the DVD for installing servers and transferring votes. As long as the Estonian Information Systems Authority criticizes and fights against these problems, the fact remains that a centralized server that monitors voting can be exposed to numerous attacks and hacks. So, there are companies such as “Follow My Vote” that use blockchain benefits in full to bring voting to the 21st-century level. Each potential voter can safely log in using a webcam and a state-issued ID. You’re welcome to read more about the project and its technical side: asymmetric cryptography and 2 types of keys — followmyvote.com. A recent example is the first municipal elections on the blockchain held in West Virginia, USA. It was possible to vote from anywhere without any absentee ballots. The authorities also considered the use of technology during the big congressional elections. In March 2018, with the support of the blockchain company, the presidential elections in Sierra Leone also took place. The head of the company involved in the counting of votes hurried to please his Telegram subscribers that his specialists turned out to be more agile and published the results two hours before the local CEC.
Taxes, Public Services, and Document Flow
Transparency and immutability again come handy what expands blockchain use cases. The public sector is a complex and inert mechanism while remaining a centralized system. From the development of this system depends on the effectiveness of public administration as such, uniform coverage of public services needs of the population and entrepreneurs. The main benefits of technology implementation are expected to reduce operating costs. reduction of settlement time risk reduction increase in the possibility of obtaining additional income. Estonia, which is the leader in the implementation of e-government services, together with the blockchain-startup Guardtime, is introducing the creation of a single database of medical books for the population, which will be available for the exchange of information to clinics, as well as to insurance companies. In Ghana, in early 2016, Bitland project received official permission from the Ghanaian government to compile a land registry based on the Bitshares blockchain and released CADASTRAL, basic tokens. With their help, it will be possible to register land rights, resolve disputed land tenure issues, sell and buy land. The Florida State Taxation Authority announced a partnership with BitPay processing service to start accepting taxes and fees for property, driver’s licenses, identification cards, car plates, and other documents in Bitcoin and Bitcoin Cash. India has studied the blockchain technology as a possible solution to its problems with the registration of real estate. In 2013, New Delhi alone reported 181 registered cases of real estate fraud, Mumbai is close to this figure with its 173 cases. To combat this problem, the governments of the states of Andhra Pradesh and Telangana entered into a partnership with the Swedish startup ChromaWay to transfer the registration of real estate to the blockchain. The system will have a back-end on the blockchain and a front-end in a web application.
Finances and Business
The use of technology in banking operations is illustrated by a transactionconducted by HSBC and the Dutch ING Bank. To deliver the goods from Argentina to Malaysia, they issued a letter of credit through the blockchain-platform R3 Corda and completely avoided any paper documents. Just think for a second, two large banks preferred to use blockchain to conduct a transaction! Unbelievable! Instant network updates is a virtue that will make financial transactions faster, easier, and more reliable. Of course, there is no business aside. Such a giant as Microsoft has let the blockchain enter its corporate networks. Having replenished your account, you can now buy software, movies, games, and applications for Xbox for BTC. Another pillar of commerce — the online platform for retailers and online stores Shopify — has added bitcoin payments to its functionality. Thousands of platform-using stores are already accepting them, using speed and, again, a low transaction fee. Fundraising. If ICOs are already a relic of the past, the blockchain industry makes a step ahead to introduce a new form of crowdfunding — STO (Security Token Offering) on Securities Exchange Platforms. A new fundraising method combines the simplicity of ICO and reliability of IPO. Any project from any industry can now start STO program to raise funds for further development. As you can see, blockchain use cases are not limited to finances. We consciously tried to indicate the areas of application as far as possible from the cryptocurrency :). We hope that this guide about the possibilities of the wonderful revolutionary technology of the blockchain will enlighten and inspire you. So, while regulators write laws and try to fit distributed registries into the legislative framework, many organizations in different countries of the world boldly use blockchain benefits, bringing the day when the word “blockchain” will cease to be something vague and gray, and this technology will change the lives and work of people for the better. https://medium.com/altcoin-magazine/blockchain-use-cases-cryptocurrency-is-not-all-that-blockchain-is-for-155468af881b
Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. A good list of exchanges sorted by region can be found on the exchanges wiki here. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Here are a couple useful sites [bitkoin.io, preev.com] that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
There are several benefits to accepting bitcoin as a payment option if you are a merchant;
1-3% savings over credit cards or PayPal.
No chargebacks (final settlement in 10 minutes as opposed to 3+ months with credit cards / PayPal).
Accept business from a global customer base.
Increased privacy for your customers.
The payment processor can convert 100% of the sale to the currency of your choice for deposit to your account which means there is no need to hold bitcoins and no exposure to price volatility. Alternatively, you can choose to keep a certain percentage of the sale in bitcoin if you wish to begin accumulating it.
If you are interested in accepting bitcoin as a payment method, there are several options available;
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. You can view the global node distribution here.
Securing your bitcoins
With bitcoin you can "be your own bank" and personally secure your bitcoins OR you can use established companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. If you prefer to "be your own bank" and have direct control over your coins without having to use a trusted third party, there are many options in the wallets wiki. If you would prefer easy and secure storage without having to learn computer security best practices then a hardware wallet such as the Trezor, Ledger or HW-1 is recommended. Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access.
Use ChangeTip.com (/changetip) for tipping people on Facebook, Reddit, Twitter, YouTube, Tumblr, Google+, GitHub, Slack and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor). Read more about ChangeTip at their reddit wiki.
Go to /FreeBits to get a few bits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!
You can use Lighthouse to crowdsource fundraising initiatives with bitcoin. It's similar to Kickstarter, but without intermediaries or exorbitant fees. You can participate in project discussions at /LighthouseProjects, and watch the progress of fundraisers at lightlist.io.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
1,000 per bitcoin
SI unit for milli i.e. millilitre (mL) or millimetre (mm)
1,000,000 per bitcoin
SI unit for micro i.e microlitre (μL) or micrometre (μm)
1,000,000 per bitcoin
Colloquial "slang" term for microbitcoin
100,000,000 per bitcoin
Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
If you want to use 'bits' exclusively, just remember that there are 100 satoshis in 1 bit, and 1 million bits in one bitcoin. For more information check out the Bitcoin units wiki. Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out, or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending mod approval. Welcome to the Bitcoin community and the new decentralized economy!
Let's discuss consensus algorithms, as that's the most important basis for a cryptocurrency
Let's all work on this one as if it's a Wiki. Correct me in the comments and I'll update the post and reference you as a thank you. An interesting investment strategy (which I dislike) might be choosing one of the best cryptocurrency for each consensus algorithm, and investing in a ratio comparable to it's market capitalization. The most important properties of a consensus algorithm would be:
how much decentralization it can start with [D] when it comes to validators; high decentralization is better, but very few cryptocurrencies start with a low decentralization
how much it can resist to centralization forces [R]; high resistance is better
if it allows concurrency or not (can it have a transaction in China getting confirmed in the same time as one in France, without them having anything to do with one another?) [C]; a "yes" here is incredible
There's also the percentage of attackers that it could resist, but I'll skip that part. Ripple is the worse by far when it comes to that, PoW, PoS and dPoS are the best) First off, I think that we should only care about consensus algorithms that are suited for a public cryptocurrency. I see no reason as to why we should care about permissioned cryptocurrencies (where you need approval to mine/stake). But since I might be wrong - and please illuminate me if I am - I'll write about those as well here. So...
Consensus algorithms for permissionless cryptocurrencies
PoW (proof of work): Bitcoin, Ethereum, ... [D] high [R] average [C] no huge disadvantage in that it consumes too much electricity therefore I don't see more than 1-2 cryptocurrencies surviving with this special flavors:
useful PoW (where the work actually does something useful for the world): Curecoin, Primecoin, Gridcoin
PoS (proof of stake): Waves, NXT, ... [D] high [R] low [C] no special flavors:
PoI (proof of importance, how active you are matters as well, not just the size of the stake, not worth discussing much as it can easily be gamed): NEM
Casper with sharding (both sharding and casper are under active development): none yet, [C] yes
DAG (directed acyclic graph): Byteball (directed through - currently centralized - witnesses, but this will easily be changed when the distribution is over), IOTA (directed through a - currently centralized - coordinator, should be directed only through PoW in the future, if it is indeed possible) [D] high [R] too early to tell [C] yes big advantage in that you make the transaction directly, there's no intermediary in the memory pool
dPoS (delegated proof of stake): Lisk, Bitshares, ... [D] average [R] low [C] no in my humble opinion this is the best, even though God (aka Vitalik Buterin) disagrees. I don't have in my portfolio any cryptocurrency that uses it though
Consensus algorithms for permissioned cryptocurrencies
PBFT (practical byzantine fault tolerance): Hyperledger Fabric [D] low [R] low [C] no all the nodes have to know all the nodes for this to work, the block confirmation process is done in three steps that require a lot of communication special flavors:
dBFT (delegated blabla): Neo (not completed, might allow concurrency in the end)
Ripple: Ripple [D] low [R] average [C] no for Ripple itself, the cryptocurrency, [D] is extremely low, but forking their code might solve that (basically creating another cryptocurrency with the Ripple consensus mechanism)
I need help categorizing these
???: Maidsafe [D] ??? [R] ??? [C] yes
Note that there are also leeches, colored coins or metacoins, that use the consensus algorithms of other cryptocurrencies in order to function. For example Factom.
Where can I find the formal specification for Bitshare's DPOS protocol?
Since bitshares is based off of graphene, is there anywhere I can find a formal specification for the DPOS behind graphene? I'm trying to learn more about the specifics of DPOS and can't find anything. I'm looking for something similar to what Bitcoin has.
Founder of Uphold (former Bitreserve) is a trademark troll. In 2014 he secured bit-related trademarks and uses his patents to seize domains and destroy or hinder other bitcoin related businesses.
Due to the recent post regarding uphold threatening to sue Andreas Antonopoulos! I think it's time for me to reveal what happened to me in 2015. I am the owner of the domain bitreserve.com, registered in February 2011. I was an early adopter of bitcoin and bought the domain with the intention of setting up a wallet service for transferring BTC similarly to what e-gold did back in its days. Due to illness, I did not release the wallet as of now. A couple of years after I bought the domain, the now bankrupt ex-billionaire Halsey Minor discovered bitcoin, and unfortunately for me, decided that he liked the name “BITRESERVE”. He bought .org, .net. At first, this was not an issue. In 2013 we had an e-mail correspondence talking about our businesses, and Halsey asked if I was willing to sell the domain to him. I had at the time began the work on bitreserve and did not want to select another domain, so I refused repeatedly. Eventually I gave in and told him a big sum of money to make him stop bothering me for the domain. After a short reply indicating that he was offended, there was silence. Skip ahead until May 2015 when out of the blue I received this threatening letter from his lawyer, demanding that I give him the domain free of charge, because according to him, I was, in “bad faith”, profiting off his trademark (since I wasn't using the domain at the time I had it redirect to a non-profit open source project (getmonero.org)). Furthermore, he let me know in very clear terms that he would use the law against me if I ever tried to launch my bitreserve service on bitreserve.com. After some research I discovered that Halsey had grabbed a bunch of trademarks in 2014 and was now using them in an attempt to steal from others.
The BITRESERVE logo
Notice how they have secured a trademark on “bitgold” ? That term goes way back into the 90s cryptographer Nick Szabo. In an e-mail from January 2015, Bitreserve said that it will sue bitgold.com (another Canadian based bitcoin exchange) into oblivion once they launch their service. The fact that they have even trademarked bitelectrum tells a lot about their ill intentions. Bitshares has since long established with bitusd etc, a topic discussing the possibility of Uphold to steal it can be found here. It turns out the founder Halsey Minor has a history of being extremely litigious, in addition he bailed on his debt and declared bankruptcy in 2013, after apparently losing his fortune on bad investments, art, hotels/real-estate and unfinished projects (and losing lawsuits?). The new CEO of Uphold (Anthony Watson) is no better when it comes to legal threats and threaten to sue me if I use the domain for anything. Halsey Minor does not believe in bitcoin at all, to quote him "Bitcoin will not exists in 5 years". And the fact that the current CEO calls Andreas a "random he has never heard of" speaks volumes. I urge you all to not support a company run by these individuals. In fact I wouldn't trust them to keep your money safe *.
Ethereum is almost certainly the number 2 coin in comedy gold. It will likely surpass Bitcoin in comedy gold long before it passes it in market cap. Thanks in large part to a spam-based marketing campaign on Reddit, it also has a dedicated base of critics. After its IPO, it was known as “Inthereum” for a while, infinitely powerful of course, as vaporware can do anything. It had a major version release, then another. Finally, a major smart contract, in terms of valuation, came along: The DAO. Not to be confused with other DAOs, before and after. The DAO was the biggest. It was going to be the best; it already was the best! Euphoria was off the charts. Until just a few months in, a bug was found. And the killer app became the flash point. What could they do? Well, hard fork and give the money back, of course! And so they did. “Code is Law”; but this is actually good for Ethereum because “[a]lthough some do question the analogy ‘code is law’. I do not. We just found out that we have a supreme court, the community!”  After the D'OH, Ethereum struggles to top its ATH comedy gold, but there is still a bright future for popcorn and comedy gold from Ethereum.
5 Largest Veins of Comedy Gold
Here are the largest comedy gold veins in Ethereum in potential reserves in our estimation in approximately descending order:
Cultlike euphoria - Now, this can certainly be said to be common to almost all cryptocurrencies. But Ethereum seems special here, even more than Bitcoin's community. There is a real belief here that this coin is going to change the world. This helps play into a "this is very good for Ethereum" mindset, wherein even the D'OH fork was a great success!
Vitalik Buterin - The best name in cryptocurrency! Young genius central to Ethereum and almost universally seen as the most important leader in the project. In our view, his endorsement and leadership during the D'OH fork led to that route being taken. That is, we believe if he had opposed it from the start, he may have been able to prevent it or at least have led to what is now called ETC being the dominant of the two.
And so in our view, Mr. Buterin runs a billion dollar cryptocurrency right now. He and his team seem to have done reasonably well so far; it seems likely they'll continue to thrive. To the best of my knowledge, confirmed on /ethereum, there hasn't been a drug market implemented in Ethereum or trading with ETH so far. But while it seems like a terrible idea, because of the lack of privacy and proven mutability of contracts, it seems like eventually there's going to be a major drug market accepting ETH just because it has such a high value. And, they point out, monero and zcoin’s core privacy feature will apparently be available on ETH after this next fork, so look forward to anonymous ETH fueling drug markets! And then the interesting question will be raised of how Chief Justice Buterin will rule on the case, whether it is worthy of an intervention or not. If not a drug market, then another buggy and hacked contract. Or a hacked exchange, and the question of whether to make it or its users whole, or "let the hacker win".
DAOs - From the beginning, it was proposed that Ethereum itself and its reserve fund would be turned into a DAO. How exactly this was going to happen would be figured out later of course. There was an initial estimate of 2016 for the transition.
Of course, in 2016, The DAO and the D'OH happened. I'm not aware of a current further push to put all of ETH's future funding into a DAO. But I'm sure the topic will resurface. And it will be hilarious on so many levels. The DAO actually collapsed too soon for peak comedy gold extraction. It had been predicted that there would be no consensus on any proposals and that nothing would be funded, and that there would be gold from that. But it was just a few months in when the bug was found. And while the D'OH fork was certainly a rich vein of comedy gold, it wasn't as rich as what the DAO could have been if it had floundered around for a year or so before the hack. Surprisingly, there's actually a running, apparently working DAO on ETH that was started even before The DAO: digixDAO. If it keeps on running, it will continue to be hilarious as other DAOs fail to learn from it. If it fails, there's all the more hilarity for Ethereum, making it the platform where anything complicated enough to look like an original use case will break. The very existence of digix is proof-of-comedy-gold.
Immutability - The whole central notion of immutability is going to be a recurring question for Ethereum after the D'OH. While there was a lot of sentiment of "just this once and never again" at the time, there will someday be another major issue, and the precedent will mean that at least a major debate among the community will be had. Ethereum is "mostly immutable". Bitcoin is far better protected here, because while it's true they've hard forked to fix a bug before, that was years ago and the community is far more fractured now. Ethereum has a demonstrated capacity to do both routine and controversial hard forks. This strength is also a challenge, as it will invite constant legal and ethical questions about when it's appropriate to modify the chain itself with a fork: that is, rolling back some or all transactions after major bugs, thefts, frauds, and so forth.
Concentration of funds - This one I'm just guessing at. Although rich lists do exist, obviously one entity like an exchange could pool funds in an address without one person owning that much, or one person could splits their coins among many accounts. But it gives a rough guide. In Bitcoin, the top 113 addresses, having more than 10,000 BTC, in total are 17.46% of the current supply [ 2 ]. And in Ethereum, it's true that the top two accounts are marked as exchange accounts [ 3 ]. Still, having lots of funds concentrated in a single exchange wallet seems to still have some potential for comedy gold. In Ethereum, the top 50 addresses have more than double the proportion of the top 113 in Bitcoin, a bit over 40% of the current supply. My guess would be there are still a lot of people who invested heavily in the initial ICO who have held onto a significant portion of their initial ETH. While some of these top addresses are exchanges, I think there are probably many individuals represented in here as well, and every one of them is a multimillionaire from this account alone.
Of course, so far, because ETH is still smaller than BTC in overall market cap, these top addresses aren't as huge as the top addresses in Bitcoin in current market value. But if ETH were to overtake BTC's current position with a relatively unchanged distribution, there would be some real comedy gold coming off this factor. Cribs could have a spin-off Ethereum series. This concentration was a part of making The D'OH what it was in my view as well: in Bitcoin, there would never have been so much of the coin tied up in one particular venture, at least not now. But in Ethereum, this concentration and groupthink can combine to hilarious effect.
A Brief History of Comedy Gold in Ethereum:
“Laws, like sausages, cease to inspire respect in proportion as we know how they are made” - John Godfrey Saxe In the beginning, there was an offering. The greatest coin the world had ever seen; step right up and buy it! There was even code; this is no vaporware! Sure, there was more work to be done, but the ICO would fund that work, the founders would get a little, and create a reserve for the future and the rest would be mineable. There was also some of the most vociferous objections on BCT, declaring that the stake allocated to the founders was too large, pointing to other coins which had done smaller or done without. Arguing against the reserve; arguing against having a presale at all. Some people, of course, completely failing to read the documentation accurately to see what was even being proposed. And an almost complete radio silence from this large team working around the clock on Ethereum. It took some months from when the initial ANN was made until the sale actually started, but by the time they had their sale, they had perhaps the best documentation at launch to-date. Of course, there were some areas which seemed to lack some detail, like the budgeting, but never mind that, it was finally launching! Launching the sale, at least. In July and August of 2014, Ether was first sold. It was described as “fuel” for the virtual machine they were going to build [ 4 ]. And then, a year later, Ethereum was released live. By July 2016, it had already had its first major crisis after The DAO was hacked and the D’OH fork introduced in response. But the fact that Ethereum was ever released, and that it was released so quickly, is truly incredible. There was more than one person who thought that the stated goals of Ethereum were not possible. And, of course, many initial goals and deadlines didn’t happen. But unlike the railbirds on BCT were convinced, the team did not fail nor did it run off with the money. They were given a blank check, and they actually delivered a working product which has been successful so far financially. Of course, having its flagship smart contract go belly-up quite so quickly after having finally gotten a “killer app” seems rather unfortunate. The oracle problem (the question of how to reliably relate smart contracts to the outside world) seems unresolved, but partial solutions are inevitable and can only serve to make increasingly complex and thus popcorn-loaded contracts possible. Right now, all seems relatively quiet. But rest assured, there remains plenty of euphoria and gas to drive many more cycles of comedy gold production. Ether huffers need something to throw their ETH at. The more complicated; the better! Given some of the creations that have been made in NXT, for instance, a few more years of creativity on ETH should yield some very complicated and pop-corn rich smart contracts.
I was relaxing in my office, waiting for business. It was a dingy little one-room affair, but it would serve for now. Particularly with no clients. I had poured myself a double shot, and was about to enjoy it, when suddenly the door opened. A man walked in, familiar somehow although I couldn't place him. I reached out my hand instinctively, and instead of shaking it, he handed me a dollar. "Hello?" He pointed at the sign in the window, advertising a promotional one dollar gold survey for the first client. Always astute, I quickly surmised he wished to hire me. "Of course, sir! What coin would you like?" "Ethereum." "Certainly! And may I have your name for the log?" "Tyler Durdan." And with that, my newest client left. I downed my double and poured a generous triple to follow it. This was going to be a long day. Ethereum was the ultimate prize in my line of work. The coin which proved the adage that truth is stranger than fiction; which had proved itself a lucrative source of comedy gold. And who am I? Guy Noir, private comedy gold surveyor. I've seen things you people wouldn't believe. Premined scamcoins crashing on noname exchanges. I watched popcorn glitter in the dark on forgotten the BCT threads. Popcorn junkies strung out on a high, and I've delivered them more comedy gold, popcorn, salt and butter. There is never enough. A dark night in a world that never sleeps and knows how to keep its secrets...But on the 12th Floor of the Acme Building, one man is still trying to find the answers to life's persistent questions: Guy Noir, private comedy gold surveyor. Thank you, Narrator. Now, as I was saying, Ethereum is overloaded with gold. But the core is pretty straightforward: Ethereum promised "smart contracts". Immutable. Turing-complete. This was what Bitcoin lacked. The bee's knees. Crypto 2.0. What could go wrong? We'll skip over the "Inthereum" period. Perhaps the vaporware criticism was never fair: from their version, they had Proof-of-Concept code; they went through some iterations and eventually got to release. Let's note clearly that there was plenty of time to determine some sort of official policy for what to do about a buggy or improperly written contract losing money. In Bitcoin, every hack has been a SFYL event, although it’s true that a bug in the coin itself was hard forked away before. Mt. Gox tried to blame malleability, but there was never a fork to try to recover funds. In Ethereum, immutability was often talked about. So far as I saw in skimming, “what if” scenarios to undo bugs wasn’t brought up front-and-center. Nor was immutability being debated that I saw. So Ethereum releases. A major contract is launched, The DAO, which gets an astonishing portion of ETH invested. The world's largest crowd sale as they ultimately called it. All the major players in ETH buy into it, including Vitalik Buterin, the creator of Ethereum and the best name in cryptocurrency. Just as they're starting to get into the comedy gold that The DAO doesn't really have a purpose, a bug is discovered. And just as its leader is assuring everyone that no funds are at risk, the funds start being drained out of the contract by an unknown party. And suddenly immutable means "immutable unless we screw up on the biggest contract which everyone important has invested in heavily". Ethereum ultimately hard-forks to return investor funds and basically unwind The DAO. After claiming that the bug was in the contract, the coin itself is hard forked to fix the issue. And the first Ethereum clone results, one which simply does not follow the new hard fork. So the natural question is: when can a contract be changed? In the first page of the Ethereum launch, this question was implied by asking about what would happen if there were an assassination market hosted by a smart contract on Ethereum. Of course, in reality, Ethereum is not really functional enough at present to enforce such a contract, but the question remains in case Ethereum were to actually attain a functioning smart contract platform. Attempted reference to Tears in rain monologue, credit to Rutger Hauer Guy Noir and narrator text lovingly stolen from Prairie Home Companion's Guy Noir, by Garrison B. Keillor.
Filed for psych eval Twenty pages into the BCT ANN, I believe I have contracted cancer, again. I’m reminded of why I don’t generally go on BCT. As bad as altcoin forums tend to be for their circlejerking, it’s almost better than the, well, there’s really no way to put it other than FUD that inevitably appears in response to anything. Of course, it’s not paid shilling so much as it is willful and vocal ignorance. For all the critiques in that thread, most of them are utter nonsense and simply are misreading the initial information. On the other hand, it’s January 27th in the thread by now, with February 1st and the pre-sale start, and they don’t have their “prospectus” up yet. I also haven’t seen the change in mining rate yet. Side note: eMunie; wtf? I guess I missed something? Either it’s gone through a namechange or it’s dead, because a quick coinmarketcap search didn’t find anything. A comedy gold mining project for another day. Great; spoiler alert: fundraiser delayed apparently, so even more cancer to read through in that thread on the way to getting to a prospectus! The first 44 pages of the thread was summarized thus: “I want to believe. Why are you not speaking to us? Throw me a bone. Just tell me what I want to hear, and I'll gladly throw my money in.” [ 5 ] Would that I had only had to read that quote rather than all 44 pages, and facing many more. Pages and comments dragged on as I waded through the low-grade popcorn. When would this prospectus be released, so my torment would end? Oh god: a side-thread shows that by the time they get to April, there’s still no prospectus or presale date or estimate of when there may be a date [ 6 ]. It’s time to give up on reading through the cancerous mainthread on BCT and start jumping ahead pages to find the pre-sale and prospectus. Okay, finally, in July, they release documents and start the sale [ 7 ]. Good enough. I have mountains of links on my desk. Comedy gold is overflowing, but this is a survey expedition, not a mining operation. But by the time it’s surveyed, there’s always so much gold lined up to mine it gets hard to leave it behind and leave with the samples. It’s time to hammer out some copy and close this file. Folks, we hope you’ve enjoyed this descent into madness and comedy gold brought to you by the Comedy Gold Survey Company and our patron Tyler Durden. Do you need more comedy gold in your life? Of course you do! So please donate today; every $1 helps! I’ve added a new special: $5 lets you choose the next coin to be surveyed! Thanks again to Tyler Durden, and I will now be re-watching Fight Club and questioning my sanity. Cheers y’all! Resources:
[ 6 ] https://bitcointalk.org/index.php?topic=448923.msg6438910#msg6438910 - April 28th, 2014; Ursium says “We won't issue further comments regarding the Ether Sale, until we have completely finalized the framework for it. In the meantime enjoy the free technology, people are already building apps on it, which is exciting Smiley” ; this official Q&A thread then abandoned; these guys clearly hates BCT as much as I do
[ ] https://bitcointalk.org/index.php?topic=412878.msg4497464#msg4497464 charleshoskinson, January 14th, 2014; “Current plans are for a 60 day fundraiser, starting from Miami on; however, we are still exploring this and thus will set something in stone closer to the conference.” - fundraiser launches in less than a month but date not even set yet; also “No, the rate of inflation is always decreasing and comparable with bitcoin.” and “In terms of ROI, this should be reflected with a positive ROI.” ; also “As for P2P exchange, we have a close relationship with Open Transactions and combined with a namecoin style contract provided in the whitepaper and bitmessage makes a significantly more efficient distributive exchange than is possible with BitShares. Trust is not required as auditing can be done on Ethereum blockchain and we wouldn't suffer any bloat. “
[ ] https://github.com/ethereum/wiki/wiki/White-Paper - Accessed Feb 12, 2017; shows a different version of the issuance model, including the variable presale price modification and reduced future mining. But constant mining reward is still shown and fixed.
[ ] https://forum.ethereum.org/discussion/2007/whitepaper-pdf - Thread from April 2015 where Stephen Tual says changes in whitepaper were “as to how significant these were, probably not much”; “We had a hosted copy of the WP on our .org website, but that is now pointing to the github (as the pdf, by definition, was static).”
[ ] https://bitsharestalk.org/index.php/topic,1854.0.html Thread which goes into Bytemaster response to initial Ethereum proposal; points out that running something complicated like Bitshares on Ethereum would be cost prohibitive. Also predicts Ethereum becomes PoS.
[ ] https://github.com/slockit/DAO “Our Standard DAO Framework allows people to create Decentralized Autonomous Organizations (DAOs) governed by the code in this repository written immutably to the blockchain.”
[ ] https://bitcointalk.org/index.php?topic=428589.msg4690140#msg4690140 - “I think this whole project will get forced underground onto the Tor network in short order because the illegal stuff will be in the blockchain instead of externalized. It will have to directly compete with bitcoin with both hands tied behind its back because it will be hard for people to even find a safe copy of the program to download. Am I to understand that you will not have a legal opinion supporting what you are doing?” - Seth Otterstad
[ ] https://bitcointalk.org/index.php?topic=428589.msg4718951#msg4718951 “We will switch our PoW from Dagger to a hybrid PoW/PoS system to be developed via a bountied competition conducted by our university partners and open to the general community for participation. The terms will be announced in late february including judges, specifications and the university partners.” - jubalix quoting some Ethereum promotional document
[ ] https://bitcointalk.org/index.php?topic=428589.msg4740396#msg4740396 “Creating the platform with new features is one thing. Competing in the real world of hype, adoption, and social marketing with Bitcoin, Litecoin, and Dogecoin is a completely different beast. Especially, when every coin is based on ever changing software. The software is secondary to the marketing and socialization at this stage in the ballgame.” - DieJohnny
Reserven in Bitcoin, Ethereum und anderen Coins sind für Binance-Orders erforderlich, wobei die Wallet als Zahlungsmittel dient. Wer über Capital.com (hier unsere Review des Brokers!) CFDs handeln möchte, kann unter anderem per Kreditkarte, Skrill, Neteller oder Sofortüberweisung das nötige Kleingeld für den Einstieg auf das Handelskonto überweisen. Bei Binance registrieren. Binance ... Nachdem Du jetzt Ethereum (oder Bitcoin) in deinem Konto hast, kannst Du BitShares erwerben. Hierzu gehst Du oben links auf Börse und dann auf Basic. Hier wählst Du nun die gewünschte Währung aus, im jetzigen Fall ist es BitShares (BTS). Oben rechts wählst du ETH für Ethereum aus. In dem Fenster unten kannst Du nun eingeben wie viele BitShares Coins Du kaufen möchtest. Die maximale ... About BitShares. BitShares price today is $0.018927 USD with a 24-hour trading volume of $3,312,450 USD. BitShares is down 0.03% in the last 24 hours. The current CoinMarketCap ranking is #134, with a market cap of $56,733,346 USD. BitShares 3.3.191120 ... Loading... Das heißt, wer noch keine Bitcoin sein eigen nennt, muss diese zunächst gegen Fiatgeld erwerben, denn BitShares kaufen gegen Euro oder USD ist (noch) nicht möglich. Der BitShares Preis liegt derzeit (Ende Januar 2019) bei 0,034677 USD, mit verhältnismäßig geringen Schwankungen. Bei allen Kryptowährungen gilt jedoch, dass mit dem physischen Erwerb das Risiko von Kursverlusten einhergeht ...
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