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We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work...

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work... submitted by kishvier to btc [link] [comments]

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work...

We need minimum transaction fee calculations in Bitcoin as well. How Cardano's transaction fees work... submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Fullnode Install Guide for Dummies ;-)

Bitcoin Fullnode Install Guide for Dummies ;-)
Feel free to stop at Level 0 or Level 1, which is fine. More advanced configs are offered to those with more tech savvy. This guide, obviously assumes a Windows 10 install, but other OSes work fine, just find a different guide. BTW, the "For Dummies" is a callback to a set of "tech" books in the 90's intended to be as easy as possible. It is in jest and not intended to insult the reader. Finally, if you dislike the formatting, a well formatted copy can be found here
There is a fairly small subset of Bitcoin users that run a full node. I think the idea of running a full node has gotten a bad rap over the years since there is so much talk about running on a Raspberry Pi, or getting zippy SSDs. Although all of this can be fun, it is often not really required at all. Here are some ways to run a full node starting with the very simple. I'll get into more complex configs, but these are all optional.

Tech Skill Level: 0 (the basics)

  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
In many cases, thats it. If your running a new machine with a fairly good internet connection, 8 or 9 hours will be enough to complete the "Initial Block Download" (IBD). This may fill up your drive a bit, but again, on most new machines, 300 GB of space isn't that hard to come by.

Tech Skill Level: 1 (encrypted wallet)

One thing we left out in the level-0 exercise is encrypting your wallet. It's easy enough to do well, but a bit more difficult to do right. The main challenge is that humans generate really poor passwords. If you want a good password, the best way is to use something called "diceware". Basically, you just grab 4 or 5 dice and each throw of the dice represents a certain word on a special list. The throw {1,4,5,3,1} for example would be the word camping on the EFF-diceware-wordlist. So you repeat this a few times until you have a list of 8 or so words which becomes the passphrase you use to encrypt your wallet. Write it down, it is always hard to remember at first. So at level-1 your list becomes:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Choose Encrypt Wallet from the Settings menu
  5. Enter your 8 word (or so) passphrase generated using the Diceware method

Wallet Encryption Dialog

Tech Skill Level: 2 (enable pruning if needed)

Though I said "300 GB of space isn't hard to come by", some times it actually is. If space is an issue, a simple way to fix it is to tell bitcoin to simple take less space. This is called "pruning" and can take that number from 300 GB down to below 5 GB. If you can't find 5 GB, then you'll have to read ahead to level-4 to add USB storage. But the good news is, enabling pruning is pretty easy, we just add another step to our working list:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Choose Options from the Settings menu
  6. Choose Prune block storage to: and select the max size for the blocks to use
  7. Exit and restart the bitcoin application for the changes to take effect

Pruning Dialog
Note, even setting this to 1 GB will still leave you with about a 4.5 GB install. The blocks take up a lot of space, but the chainstate and other folders eat up at least 3.5 GB and they can't be pruned. Also, be aware, to disable pruning requires you to perform the entire IBD again. While pruned some other functions my be disabled as well, so just know that pruning does limit some functionality.

Tech Skill Level: 3 (verify the installer)

Although this is arguably something that should be done at level-0, some find the intricacies of comparing hash (thumbprint) values to be tedious and beyond the scope of a beginner. You will find these types of hash compares suggested quite often as a way to prevent running tainted programs. Programs are often tainted by bad disk or network performance, but most often, taint is malicious code inserted by viruses or malware. This is a way to guard yourself against those types of attacks.
What I cover here is a very basic comparison on the certificate, but a more thorough verification advised by mosts uses a program called Gpg4Win, and is beyond the scope of this beginners guide. But regardless, most users should strive to do this minimum level of validation.
  1. Download Bitcoin Core
  2. Launch the downloaded installer
  3. When prompted "Do you want to allow..." click Show more details
  4. In the details section select Show information about the publisher's certificate
  5. In the certificate window select the Details tab
  6. In the Details tab Subject should start with "CN = Bitcoin Core Code Signing Association"
  7. Ensure Thumbprint in Details reads ea27d3cefb3eb715ed214176a5d027e01ba1ee86
  8. If the checks pass, click OK to exit the certificate window and Yes to allow the installer to run.
  9. Launch the installed "Bitcoin Core" app and let it run overnight
  10. Do the wallet encryption steps here if you wish
  11. Do the optional pruning steps here if you wish

Certification Validation Windows
Note: The certificate used to sign the current Bitcoin installer is only valid from March 2020 to March 2021. After that point the thumbprint on the certificate will change. This is by design and intentional. If your reading this post after March 2021, then it is understood that the thumbprint has changed.

Tech Skill Level: 4 (use secondary storage)

We glossed over the "new machine with fairly good internet" part. Truth be known many people do not have fairly new machines, and find the IBD to take longer than the "over night" best wishes. For most people the slowdown is the disk access when calculating what is called chainstate. This requires fast random reads and writes to the disk. If you have an SSD disk, this will be no problem, but if you have a non-SSD "spinning" disk, random writes are always slow. Though an SSD will speed things up, they are pricey, so a nice middle ground may be a simple high-end USB key drive. You can get some with 10 to 15 MB/s random writes for $20 on Amazon. This is usually a order of magnitude faster than a "spinning" disk. And with pruning (see level-2), a small USB drive should be fine.
Once you decide on a drive, the tricky part will be to enable external storage. It requires editing a configuration file and adding a line. First, we want to create a directory on the key drive. You will need to determine the drive letter of your USB key drive. For the sake of this example, we will assume it is D:, but you must determine this yourself and correct the example. Once you know the drive letter, create a blank folder on the drive called Bitcoin. So for this example, creating Bitcoin on drive D: will create the path D:\Bitcoin. Once done, assuming that D: is your drive, here are the new steps including the edit of the configuration file:
  1. Download Bitcoin Core
  2. Launch the installer, verify it, then run it
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Do the optional pruning steps here if you wish
  6. Launch "Notepad" by typing "Notepad.exe" in the windows search bar then click Open
  7. Type the line datadir=D:\Bitcoin (depending on your drive letter) in the blank file
  8. Choose Save from the File menu in notepad
  9. Type %APPDATA%\Bitcoin\bitcoin.conf (note the percent signs) in the File name box
  10. Select All Files from the Save as type dropdown
  11. Click the Save button and overwrite the file if prompted
  12. Exit and restart the bitcoin application for the changes to take effect

Save As Dialog
Now that you've reached this level of technical expertise, there are many new configuration options that you can begin to modify if you wish. Most configuration data is contained in the bitcoin.conf file and learning how to maintain it is a key step for a node operator.

Tech Skill Level: 5 (all other customizations)

Here's a short list of various things you can ADD to your bitcoin.conf file. You generally just add a new line for each configuration settings.
  • addresstype=bech32
  • changetype=bech32
The addresstype / changetype allows your wallet to use the native-segwit (bech32) format. This is the most efficient and inexpensive way to spend bitcoin, and is a recommended configuration. The default uses something called p2sh-segwit which is more compatible with older wallets, but more expensive to spend.
  • minrelaytxfee=0.00000011
Changing the minrelaytxfee setting allows you to help propagate lower fee transactions. It will require more memory but TXN memory is capped at 300 MB by default anyways, so if you have enough memory, it is a good setting to choose.
  • dbcache=2048
The dbcache setting controls how many MB of memory the program will use for the chainstate database. Since this is a key bottleneck in the IBD, setting this value high (2048 MB) will greatly speed up the IBD, assuming you have the memory to spare
  • blocksdir=C:\Bitcoin
  • datadir=D:\Bitcoin
In level-4 we discussed moving the datadir to a fast external storage, but the majority of the space used for bitcoin is the blocks directory (blocksdir). Although you should always use for fastest storage for datadir, you are free to use slow storage for blocksdir. So if you only want to consume a small amount of your SSD (assumed D:) then you can keep your blocks on your slow "spinning" drive.
  • upnp=1
One of the harder challenges you may face running a node, is to get incoming connections. If you are lucky, you may find that your firewall and network HW support the uPnP protocol. If they do, this setting will allow bitcoin to configure uPnP to allow incoming connections to your node. Other methods exist to make your node reachable, but they are well beyond the scope of this guide.
submitted by brianddk to Bitcoin [link] [comments]

Symbol Platform by NEM - Tokenomics

First of all, remember that, you can get 1 XYM for 1 NEM you have.
Tokenomics
The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token. In this way, it’s similar to many decentralized blockchains, but there are important differences that make it easier for anyone to earn rewards. Here are the basics of the system.
XYM Supply and Inflation
XYM has a fixed maximum supply of approximately 9 billion tokens. At public chain release, the supply will consist of about 7.3 billion XYM, allocated to users based on their holdings of XEM on the NEM blockchain. Another 1.7 billion XYM will be created as inflationary rewards over time. The inflation rate is closely mapped to that of bitcoin, extending out over the next 100 years. Similar to mining rewards, Symbol’s rewards will be released to each block creator, but based on a POS+ (Proof of Stake+) system.
Proof of Stake
POS+ lets nodes create blocks based on their XYM stakes, which are holdings. Symbol uses the term harvesting instead of mining. The more tokens held by a node operator, the higher the chances of creating the next block and earning harvesting rewards. POS is a well-known system in the blockchain industry, but Symbol adds some improvements. POS+ calculates a score for each node operator based on the size of their stake AND other factors, such as recent network activity and the stakes that other users may delegate to them (see Delegated Harvesting below.) In this way, POS+ attempts to incentivize usage, competition for low fees, and other desirable behavior. You can read details on how POS+ is calculated in the Symbol whitepaper.
Nodes
Node operators all over the world keep the Symbol protocol robust and decentralized. For keeping the system running, node owners earn rewards from four sources.
Node operators can set up their nodes locally or on cloud services. For details on how to set up a node, refer to the developer documentation.
Block Rewards
Since Symbol’s blocks are confirmed several times per minute, rewards are frequent. Block rewards consist of inflation rewards and transaction fees. The chances of earning a block reward are based mainly on the operator’s XYM stake, as well as other factors like network activity. Both node operators and anyone else with a XYM wallet can earn block rewards.
The higher an account’s XYM balance, the higher the chance of it earning a block reward. Even those who don’t run a node can earn block rewards by delegating their stake to a node.
Delegated Harvesting
XYM owners who don’t operate nodes can also earn block rewards by delegating their stake to a node. Holders who delegate their stake retain full ownership of their coins and never expose their private keys. No funds have ever been lost from delegated harvesting. When delegated harvesters earn a block reward, the node operator who processed it earns 25% and the delegated harvester earns 75%. In this way, a node operator can greatly increase their earned rewards, and all holders can participate in rewards whether or not they run a node.
Transaction Fees
Node operators can set their own minimum fees for which they wish to process transactions. The lower the fees accepted, the more transactions they will be able to process. Generous node operators may even choose to process transactions for free if they wish. This creates competition among node operators.
Node Bonus Program
In order to incentivize stability in the number of nodes and circulating supply after launch, bonus rewards will be paid to node operators who maintain nodes with minimum balances of 1 million, 2 million, or 3 million XYM, with higher bonus rates for each tier. These rewards will draw from a fixed pool of reserves and gradually ramp down over six years.
Total Node Income
To summarize, node operators will earn income from block rewards (inflation + transaction fees) based on their own stakes and a 25% share of delegated stake block rewards. Estimates place these combined node rewards at approximately 5% or 6% for the first year, though this is not guaranteed. Operators can also earn bonuses for maintaining minimum stakes of over 1 million XYM.
Inflation Rate
Symbol’s inflation is mapped to bitcoin’s inflation with one difference. Bitcoin halves its rewards every four years. Symbol also drops its reward rate by half every four years, but instead of a single big drop, these reductions are spaced out to occur every quarter. This gives the same overall inflation as bitcoin, but with a more gradual decline.
Team Reserves
The Symbol Core Team will hold approximately 22% of XYM supply for funding future development, marketing, and partner projects. Historically, Core Team funds have not been used for harvesting and there are no plans to begin, meaning more block rewards available for other harvesters.
https://symbolplatform.com/
submitted by waterbottles4 to nem [link] [comments]

Symbol Platform by NEM - Tokenomics

First of all, remember that, you can get 1 XYM for 1 NEM you have.
Tokenomics
The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token. In this way, it’s similar to many decentralized blockchains, but there are important differences that make it easier for anyone to earn rewards. Here are the basics of the system.
XYM Supply and Inflation
XYM has a fixed maximum supply of approximately 9 billion tokens. At public chain release, the supply will consist of about 7.3 billion XYM, allocated to users based on their holdings of XEM on the NEM blockchain. Another 1.7 billion XYM will be created as inflationary rewards over time. The inflation rate is closely mapped to that of bitcoin, extending out over the next 100 years. Similar to mining rewards, Symbol’s rewards will be released to each block creator, but based on a POS+ (Proof of Stake+) system.
Proof of Stake
POS+ lets nodes create blocks based on their XYM stakes, which are holdings. Symbol uses the term harvesting instead of mining. The more tokens held by a node operator, the higher the chances of creating the next block and earning harvesting rewards. POS is a well-known system in the blockchain industry, but Symbol adds some improvements. POS+ calculates a score for each node operator based on the size of their stake AND other factors, such as recent network activity and the stakes that other users may delegate to them (see Delegated Harvesting below.) In this way, POS+ attempts to incentivize usage, competition for low fees, and other desirable behavior. You can read details on how POS+ is calculated in the Symbol whitepaper.
Nodes
Node operators all over the world keep the Symbol protocol robust and decentralized. For keeping the system running, node owners earn rewards from four sources.
Node operators can set up their nodes locally or on cloud services. For details on how to set up a node, refer to the developer documentation.
Block Rewards
Since Symbol’s blocks are confirmed several times per minute, rewards are frequent. Block rewards consist of inflation rewards and transaction fees. The chances of earning a block reward are based mainly on the operator’s XYM stake, as well as other factors like network activity. Both node operators and anyone else with a XYM wallet can earn block rewards.
The higher an account’s XYM balance, the higher the chance of it earning a block reward. Even those who don’t run a node can earn block rewards by delegating their stake to a node.
Delegated Harvesting
XYM owners who don’t operate nodes can also earn block rewards by delegating their stake to a node. Holders who delegate their stake retain full ownership of their coins and never expose their private keys. No funds have ever been lost from delegated harvesting. When delegated harvesters earn a block reward, the node operator who processed it earns 25% and the delegated harvester earns 75%. In this way, a node operator can greatly increase their earned rewards, and all holders can participate in rewards whether or not they run a node.
Transaction Fees
Node operators can set their own minimum fees for which they wish to process transactions. The lower the fees accepted, the more transactions they will be able to process. Generous node operators may even choose to process transactions for free if they wish. This creates competition among node operators.
Node Bonus Program
In order to incentivize stability in the number of nodes and circulating supply after launch, bonus rewards will be paid to node operators who maintain nodes with minimum balances of 1 million, 2 million, or 3 million XYM, with higher bonus rates for each tier. These rewards will draw from a fixed pool of reserves and gradually ramp down over six years.
Total Node Income
To summarize, node operators will earn income from block rewards (inflation + transaction fees) based on their own stakes and a 25% share of delegated stake block rewards. Estimates place these combined node rewards at approximately 5% or 6% for the first year, though this is not guaranteed. Operators can also earn bonuses for maintaining minimum stakes of over 1 million XYM.
Inflation Rate
Symbol’s inflation is mapped to bitcoin’s inflation with one difference. Bitcoin halves its rewards every four years. Symbol also drops its reward rate by half every four years, but instead of a single big drop, these reductions are spaced out to occur every quarter. This gives the same overall inflation as bitcoin, but with a more gradual decline.
Team Reserves
The Symbol Core Team will hold approximately 22% of XYM supply for funding future development, marketing, and partner projects. Historically, Core Team funds have not been used for harvesting and there are no plans to begin, meaning more block rewards available for other harvesters.
https://symbolplatform.com/
submitted by waterbottles4 to ico [link] [comments]

Symbol Platform by NEM - Tokenomics

First of all, remember that, you can get 1 XYM for 1 NEM you have.
Tokenomics
The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token. In this way, it’s similar to many decentralized blockchains, but there are important differences that make it easier for anyone to earn rewards. Here are the basics of the system.
XYM Supply and Inflation
XYM has a fixed maximum supply of approximately 9 billion tokens. At public chain release, the supply will consist of about 7.3 billion XYM, allocated to users based on their holdings of XEM on the NEM blockchain. Another 1.7 billion XYM will be created as inflationary rewards over time. The inflation rate is closely mapped to that of bitcoin, extending out over the next 100 years. Similar to mining rewards, Symbol’s rewards will be released to each block creator, but based on a POS+ (Proof of Stake+) system.
Proof of Stake
POS+ lets nodes create blocks based on their XYM stakes, which are holdings. Symbol uses the term harvesting instead of mining. The more tokens held by a node operator, the higher the chances of creating the next block and earning harvesting rewards. POS is a well-known system in the blockchain industry, but Symbol adds some improvements. POS+ calculates a score for each node operator based on the size of their stake AND other factors, such as recent network activity and the stakes that other users may delegate to them (see Delegated Harvesting below.) In this way, POS+ attempts to incentivize usage, competition for low fees, and other desirable behavior. You can read details on how POS+ is calculated in the Symbol whitepaper.
Nodes
Node operators all over the world keep the Symbol protocol robust and decentralized. For keeping the system running, node owners earn rewards from four sources.
Node operators can set up their nodes locally or on cloud services. For details on how to set up a node, refer to the developer documentation.
Block Rewards
Since Symbol’s blocks are confirmed several times per minute, rewards are frequent. Block rewards consist of inflation rewards and transaction fees. The chances of earning a block reward are based mainly on the operator’s XYM stake, as well as other factors like network activity. Both node operators and anyone else with a XYM wallet can earn block rewards.
The higher an account’s XYM balance, the higher the chance of it earning a block reward. Even those who don’t run a node can earn block rewards by delegating their stake to a node.
Delegated Harvesting
XYM owners who don’t operate nodes can also earn block rewards by delegating their stake to a node. Holders who delegate their stake retain full ownership of their coins and never expose their private keys. No funds have ever been lost from delegated harvesting. When delegated harvesters earn a block reward, the node operator who processed it earns 25% and the delegated harvester earns 75%. In this way, a node operator can greatly increase their earned rewards, and all holders can participate in rewards whether or not they run a node.
Transaction Fees
Node operators can set their own minimum fees for which they wish to process transactions. The lower the fees accepted, the more transactions they will be able to process. Generous node operators may even choose to process transactions for free if they wish. This creates competition among node operators.
Node Bonus Program
In order to incentivize stability in the number of nodes and circulating supply after launch, bonus rewards will be paid to node operators who maintain nodes with minimum balances of 1 million, 2 million, or 3 million XYM, with higher bonus rates for each tier. These rewards will draw from a fixed pool of reserves and gradually ramp down over six years.
Total Node Income
To summarize, node operators will earn income from block rewards (inflation + transaction fees) based on their own stakes and a 25% share of delegated stake block rewards. Estimates place these combined node rewards at approximately 5% or 6% for the first year, though this is not guaranteed. Operators can also earn bonuses for maintaining minimum stakes of over 1 million XYM.
Inflation Rate
Symbol’s inflation is mapped to bitcoin’s inflation with one difference. Bitcoin halves its rewards every four years. Symbol also drops its reward rate by half every four years, but instead of a single big drop, these reductions are spaced out to occur every quarter. This gives the same overall inflation as bitcoin, but with a more gradual decline.
Team Reserves
The Symbol Core Team will hold approximately 22% of XYM supply for funding future development, marketing, and partner projects. Historically, Core Team funds have not been used for harvesting and there are no plans to begin, meaning more block rewards available for other harvesters.
https://symbolplatform.com/
submitted by waterbottles4 to CryptoICO [link] [comments]

Symbol Platform by NEM - Tokenomics

First of all, remember that, you can get 1 XYM for 1 NEM you have.
Tokenomics
The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token. In this way, it’s similar to many decentralized blockchains, but there are important differences that make it easier for anyone to earn rewards. Here are the basics of the system.
XYM Supply and Inflation
XYM has a fixed maximum supply of approximately 9 billion tokens. At public chain release, the supply will consist of about 7.3 billion XYM, allocated to users based on their holdings of XEM on the NEM blockchain. Another 1.7 billion XYM will be created as inflationary rewards over time. The inflation rate is closely mapped to that of bitcoin, extending out over the next 100 years. Similar to mining rewards, Symbol’s rewards will be released to each block creator, but based on a POS+ (Proof of Stake+) system.
Proof of Stake
POS+ lets nodes create blocks based on their XYM stakes, which are holdings. Symbol uses the term harvesting instead of mining. The more tokens held by a node operator, the higher the chances of creating the next block and earning harvesting rewards. POS is a well-known system in the blockchain industry, but Symbol adds some improvements. POS+ calculates a score for each node operator based on the size of their stake AND other factors, such as recent network activity and the stakes that other users may delegate to them (see Delegated Harvesting below.) In this way, POS+ attempts to incentivize usage, competition for low fees, and other desirable behavior. You can read details on how POS+ is calculated in the Symbol whitepaper.
Nodes
Node operators all over the world keep the Symbol protocol robust and decentralized. For keeping the system running, node owners earn rewards from four sources.
Node operators can set up their nodes locally or on cloud services. For details on how to set up a node, refer to the developer documentation.
Block Rewards
Since Symbol’s blocks are confirmed several times per minute, rewards are frequent. Block rewards consist of inflation rewards and transaction fees. The chances of earning a block reward are based mainly on the operator’s XYM stake, as well as other factors like network activity. Both node operators and anyone else with a XYM wallet can earn block rewards.
The higher an account’s XYM balance, the higher the chance of it earning a block reward. Even those who don’t run a node can earn block rewards by delegating their stake to a node.
Delegated Harvesting
XYM owners who don’t operate nodes can also earn block rewards by delegating their stake to a node. Holders who delegate their stake retain full ownership of their coins and never expose their private keys. No funds have ever been lost from delegated harvesting. When delegated harvesters earn a block reward, the node operator who processed it earns 25% and the delegated harvester earns 75%. In this way, a node operator can greatly increase their earned rewards, and all holders can participate in rewards whether or not they run a node.
Transaction Fees
Node operators can set their own minimum fees for which they wish to process transactions. The lower the fees accepted, the more transactions they will be able to process. Generous node operators may even choose to process transactions for free if they wish. This creates competition among node operators.
Node Bonus Program
In order to incentivize stability in the number of nodes and circulating supply after launch, bonus rewards will be paid to node operators who maintain nodes with minimum balances of 1 million, 2 million, or 3 million XYM, with higher bonus rates for each tier. These rewards will draw from a fixed pool of reserves and gradually ramp down over six years.
Total Node Income
To summarize, node operators will earn income from block rewards (inflation + transaction fees) based on their own stakes and a 25% share of delegated stake block rewards. Estimates place these combined node rewards at approximately 5% or 6% for the first year, though this is not guaranteed. Operators can also earn bonuses for maintaining minimum stakes of over 1 million XYM.
Inflation Rate
Symbol’s inflation is mapped to bitcoin’s inflation with one difference. Bitcoin halves its rewards every four years. Symbol also drops its reward rate by half every four years, but instead of a single big drop, these reductions are spaced out to occur every quarter. This gives the same overall inflation as bitcoin, but with a more gradual decline.
Team Reserves
The Symbol Core Team will hold approximately 22% of XYM supply for funding future development, marketing, and partner projects. Historically, Core Team funds have not been used for harvesting and there are no plans to begin, meaning more block rewards available for other harvesters.
https://symbolplatform.com/
submitted by waterbottles4 to CryptoICONews [link] [comments]

Symbol Platform by NEM - Tokenomics

First of all, remember that, you can get 1 XYM for 1 NEM you have.
Tokenomics
The Symbol public chain is a self-sustaining economic ecosystem involving node operators, harvesters, investors, users, and the XYM token. In this way, it’s similar to many decentralized blockchains, but there are important differences that make it easier for anyone to earn rewards. Here are the basics of the system.
XYM Supply and Inflation
XYM has a fixed maximum supply of approximately 9 billion tokens. At public chain release, the supply will consist of about 7.3 billion XYM, allocated to users based on their holdings of XEM on the NEM blockchain. Another 1.7 billion XYM will be created as inflationary rewards over time. The inflation rate is closely mapped to that of bitcoin, extending out over the next 100 years. Similar to mining rewards, Symbol’s rewards will be released to each block creator, but based on a POS+ (Proof of Stake+) system.
Proof of Stake
POS+ lets nodes create blocks based on their XYM stakes, which are holdings. Symbol uses the term harvesting instead of mining. The more tokens held by a node operator, the higher the chances of creating the next block and earning harvesting rewards. POS is a well-known system in the blockchain industry, but Symbol adds some improvements. POS+ calculates a score for each node operator based on the size of their stake AND other factors, such as recent network activity and the stakes that other users may delegate to them (see Delegated Harvesting below.) In this way, POS+ attempts to incentivize usage, competition for low fees, and other desirable behavior. You can read details on how POS+ is calculated in the Symbol whitepaper.
Nodes
Node operators all over the world keep the Symbol protocol robust and decentralized. For keeping the system running, node owners earn rewards from four sources.
Node operators can set up their nodes locally or on cloud services. For details on how to set up a node, refer to the developer documentation.
Block Rewards
Since Symbol’s blocks are confirmed several times per minute, rewards are frequent. Block rewards consist of inflation rewards and transaction fees. The chances of earning a block reward are based mainly on the operator’s XYM stake, as well as other factors like network activity. Both node operators and anyone else with a XYM wallet can earn block rewards.
The higher an account’s XYM balance, the higher the chance of it earning a block reward. Even those who don’t run a node can earn block rewards by delegating their stake to a node.
Delegated Harvesting
XYM owners who don’t operate nodes can also earn block rewards by delegating their stake to a node. Holders who delegate their stake retain full ownership of their coins and never expose their private keys. No funds have ever been lost from delegated harvesting. When delegated harvesters earn a block reward, the node operator who processed it earns 25% and the delegated harvester earns 75%. In this way, a node operator can greatly increase their earned rewards, and all holders can participate in rewards whether or not they run a node.
Transaction Fees
Node operators can set their own minimum fees for which they wish to process transactions. The lower the fees accepted, the more transactions they will be able to process. Generous node operators may even choose to process transactions for free if they wish. This creates competition among node operators.
Node Bonus Program
In order to incentivize stability in the number of nodes and circulating supply after launch, bonus rewards will be paid to node operators who maintain nodes with minimum balances of 1 million, 2 million, or 3 million XYM, with higher bonus rates for each tier. These rewards will draw from a fixed pool of reserves and gradually ramp down over six years.
Total Node Income
To summarize, node operators will earn income from block rewards (inflation + transaction fees) based on their own stakes and a 25% share of delegated stake block rewards. Estimates place these combined node rewards at approximately 5% or 6% for the first year, though this is not guaranteed. Operators can also earn bonuses for maintaining minimum stakes of over 1 million XYM.
Inflation Rate
Symbol’s inflation is mapped to bitcoin’s inflation with one difference. Bitcoin halves its rewards every four years. Symbol also drops its reward rate by half every four years, but instead of a single big drop, these reductions are spaced out to occur every quarter. This gives the same overall inflation as bitcoin, but with a more gradual decline.
Team Reserves
The Symbol Core Team will hold approximately 22% of XYM supply for funding future development, marketing, and partner projects. Historically, Core Team funds have not been used for harvesting and there are no plans to begin, meaning more block rewards available for other harvesters.
https://symbolplatform.com/
submitted by waterbottles4 to ICOAnalysis [link] [comments]

NEAR PROJECT REPORT

NEAR PROJECT REPORT
Author: Gamals Ahmed, CoinEx Business Ambassador
https://preview.redd.it/xbnvecjn71t51.png?width=1164&format=png&auto=webp&s=acfd141ead035ee156f218eec9fc41288142a922

ABSTRACT

The effects of the web by a number of companies have seduced a large number of users as these companies keep their data to prevent them from searching for alternatives. Likewise, these huge platforms have attracted applications to build their highest ecosystems before either severing access or actively opposing their interests when the applications became so successful. As a result, these walled gardens have effectively hindered innovation and monopolized large sections of the web. After the emergence of blockchain technology and decentralized cryptocurrencies, the need for applications to support decentralization has emerged. Several blockchain-based companies, applications and platforms have appeared in decentralization. In this research report, we will explain the approach adopted by the NEAR decentralization platform in designing and implementing the basic technology for its system. Near is a basic platform for cloud computing and decentralized storage managed by the community, designed to enable the open web for the future. On this web, everything can be created from new currencies to new applications to new industries, opening the door to an entirely new future.

1. INTRODUCTION

The richness of the web is increasing day by day with the combined efforts of millions of people who have benefited from “innovation without permission” as content and applications are created without asking anyone. this lack of freedom of data has led to an environment hostile to the interests of its participants. And as we explained in the summary previously, web hosting companies have hindered innovation and greatly monopolized the web.
In the future, we can fix this by using new technologies to re-enable the permissionless innovation of the past in a way, which creates a more open web where users are free and applications are supportive rather than adversarial to their interests.
Decentralization emerged after the global financial crisis in 2008, which created fundamental problems of confidence in the heavily indebted banking system. Then the decentralized financial sector based on Blockchain technology has emerged since 2009.
Decentralized Blockchain technology has made it easy for decentralized digital currencies like Bitcoin to exchange billions of dollars in peer-to-peer transfers for a fraction of the price of a traditional banking system. This technology allows participants in the over $ 50 billion virtual goods economy to track, own and trade in these commodities without permission. It allows real-world goods to cross into the digital domain, with verified ownership and tracking just like that of the digital.
By default, the Internet where freedom of data enables innovation will lead to the development of a new form of software development. On this web, developers can quickly create applications from open state components and boost their efforts by using new business models that are enabled from within the program itself rather than relying on parasitic relationships with their users. This not only accelerates the creation of applications that have a more honest and cooperative relationship with its users, but also allows the emergence of completely new business built on them.
To enable these new applications and the open web, it needs the appropriate infrastructure. The new web platform cannot be controlled by a single entity and its use is not limited due to insufficient scalability. It should be decentralized in design like the web itself and supported by a community of distributors widely so that the value they store cannot be monitored, modified or removed without permission from the users who store this value on their behalf.
A new decentralization technology (Blockchain), which has facilitated decentralized digital currencies like Bitcoin, has made billions of dollars in peer-to-peer transfers at a fraction of the price of the traditional banking system. This technology allows participants in the $ 50 billion + virtual goods economy to track, own and trade in these goods without permission. It allows real-world goods to cross into the digital domain, with verified ownership and tracking just like that of the digital.
Although the cost of storing data or performing a calculation on the Ethereum blockchain is thousands and millions of times higher than the cost of performing the same functionality on Amazon Web Services. A developer can always create a “central” app or even a central currency for a fraction of the cost of doing the same on a decentralized platform because a decentralized platform, by definition, will have many iterations in its operations and storage.
Bitcoin can be thought of as the first, very basic, version of this global community-run cloud, though it is primarily used only to store and move the Bitcoin digital currency.
Ethereum is the second and slightly more sophisticated version, which expanded the basic principles of Bitcoin to create a more general computing and storage platform, though it is a raw technology, which hasn’t achieved meaningful mainstream adoption.

1.1 WHY IS IT IMPORTANT TO PAY THE EXTRA COST TO SUPPORT DECENTRALIZATION?

Because some elements of value, for example bits representing digital currency ownership, personal identity, or asset notes, are very sensitive. While in the central system, the following players can change the value of any credits they come into direct contact with:
  1. The developer who controls the release or update of the application’s code
  2. The platform where the data is stored
  3. The servers which run the application’s code
Even if none of these players intend to operate with bad faith, the actions of governments, police forces and hackers can easily turn their hands against their users and censor, modify or steal the balances they are supposed to protect.
A typical user will trust a typical centralized application, despite its potential vulnerabilities, with everyday data and computation. Typically, only banks and governments are trusted sufficiently to maintain custody of the most sensitive information — balances of wealth and identity. But these entities are also subject to the very human forces of hubris, corruption and theft.
Especially after the 2008 global financial crisis, which demonstrated the fundamental problems of confidence in a highly indebted banking system. And governments around the
world apply significant capital controls to citizens during times of crisis. After these examples, it has become a truism that hackers now own most or all of your sensitive data.
These decentralized applications operate on a more complex infrastructure than today’s web but they have access to an instantaneous and global pool of currency, value and information that today’s web, where data is stored in the silos of individual corporations, cannot provide.

1.2 THE CHALLENGES OF CREATING A DECENTRALIZED CLOUD

A community-run system like this has very different challenges from centralized “cloud” infrastructure, which is running by a single entity or group of known entities. For example:
  1. It must be both inclusive to anyone and secure from manipulation or capture.
  2. Participants must be fairly compensated for their work while avoiding creating incentives for negligent or malicious behavior.
  3. It must be both game theoretically secure so good actors find the right equilibrium and resistant to manipulation so bad actors are actively prevented from negatively affecting the system.

2. NEAR

NEAR is a global community-run computing and storage cloud which is organized to be permissionless and which is economically incentivized to create a strong and decentralized data layer for the new web.
Essentially, it is a platform for running applications which have access to a shared — and secure — pool of money, identity and data which is owned by their users. More technically, it combines the features of partition-resistant networking, serverless compute and distributed storage into a new kind of platform.
NEAR is a community-managed, decentralized cloud storage and computing platform, designed to enable the open web in the future. It uses the same core technology for Bitcoin and Blockchain. On this web, everything can be created from new currencies to new applications to new industries, opening the door to an entirely new future.
NEAR is a decentralized community-run cloud computing and storage platform, which is designed to enable the open web of the future. On this web, everything from new currencies to new applications to new industries can be created, opening the door to a brand new future.
NEAR is a scalable computing and storage platform with the potential to change how systems are designed, how applications are built and how the web itself works.
It is a complex technology allow developers and entrepreneurs to easily and sustainably build applications which reap the benefits of decentralization and participate in the Open Web while minimizing the associated costs for end users.
NEAR creates the only community-managed cloud that is strong enough to power the future of the open web, as NEAR is designed from the ground up to deliver intuitive experiences to
end users, expand capacity across millions of devices, and provide developers with new and sustainable business models for their applications.
The NEAR Platform uses a token — also called “NEAR”. This token allows the users of these cloud resources, regardless of where they are in the world, to fairly compensate the providers of the services and to ensure that these participants operate in good faith.

2.1 WHY NEAR?

Through focus, we find that Platforms based on blockchain technologies like Bitcoin and Ethereum have made great progress and enriched the world with thousands of innovative applications spanning from games to decentralized financing.
However, these original networks and none of the networks that followed were not able to bridge the gap towards mainstream adoption of the applications created above them and do not provide this type of standard that fully supports the web.
This is a result of two key factors:
  1. System design
  2. Organization design
System design is relevant because the technical architecture of other platforms creates substantial problems with both usability and scalability which have made adoption nearly impossible by any but the most technical innovators. End-users experience 97–99% dropoff rates when using applications and developers find the process of creating and maintaining their applications endlessly frustrating.
Fixing these problems requires substantial and complex changes to current protocol architectures, something which existing organizations haven’t proven capable of implementing. Instead, they create multi-year backlogs of specification design and implementation, which result in their technology falling further and further behind.
NEAR’s platform and organization are architected specifically to solve the above-mentioned problems. The technical design is fanatically focused on creating the world’s most usable and scalable decentralized platform so global-scale applications can achieve real adoption. The organization and governance structure are designed to rapidly ship and continuously evolve the protocol so it will never become obsolete.

2.1.1 Features, which address these problems:

1. USABILITY FIRST
The most important problem that needs to be addressed is how to allow developers to create useful applications that users can use easily and that will capture the sustainable value of these developers.
2. End-User Usability
Developers will only build applications, which their end users can actually use. NEAR’s “progressive security” model allows developers to create experiences for their users which more closely resemble familiar web experiences by delaying onboarding, removing the need for user to learn “blockchain” concepts and limiting the number of permission-asking interactions the user must have to use the application.
1. Simple Onboarding: NEAR allows developers to take actions on behalf of their users, which allows them to onboard users without requiring these users to provide a wallet or interact with tokens immediately upon reaching an application. Because accounts keep track of application-specific keys, user accounts can also be used for the kind of “Single Sign On” (SSO) functionality that users are familiar with from the traditional web (eg “Login with Facebook/Google/Github/etc”).
2. Easy Subscriptions: Contract-based accounts allow for easy creation of subscriptions and custom permissioning for particular applications.
3. Familiar Usage Styles: The NEAR economic model allows developers to pay for usage on behalf of their users in order to hide the costs of infrastructure in a way that is in line with familiar web usage paradigms.
4. Predictable Pricing: NEAR prices transactions on the platform in simple terms, which allow end-users to experience predictable pricing and less cognitive load when using the platform.

2.1.2 Design principles and development NEAR’s platform

1. Usability: Applications deployed to the platform should be seamless to use for end users and seamless to create for developers. Wherever possible, the underlying technology itself should fade to the background or be hidden completely from end users. Wherever possible, developers should use familiar languages and patterns during the development process. Basic applications should be intuitive and simple to create while applications that are more robust should still be secure.
2. Scalability: The platform should scale with no upper limit as long as there is economic justification for doing so in order to support enterprise-grade, globally used applications.
3. Sustainable Decentralization: The platform should encourage significant decentralization in both the short term and the long term in order to properly secure the value it hosts. The platform — and community — should be widely and permissionlessly inclusive and actively encourage decentralization and participation. To maintain sustainability, both technological and community governance mechanisms should allow for practical iteration while avoiding capture by any single parties in the end.
4. Simplicity: The design of each of the system’s components should be as simple as possible in order to achieve their primary purpose. Optimize for simplicity, pragmatism and ease of understanding above theoretical perfection.

2.2 HOW NEAR WORKS?

NEAR’s platform provides a community-operated cloud infrastructure for deploying and running decentralized applications. It combines the features of a decentralized database with others of a serverless compute platform. The token, which allows this platform to run also, enables applications built on top of it to interact with each other in new ways. Together, these features allow developers to create censorship resistant back-ends for applications that deal with high stakes data like money, identity, assets, and open-state components, which interact seamlessly with each other. These application back-ends and components are called “smart contracts,” though we will often refer to these all as simply “applications” here.
The infrastructure, which makes up this cloud, is created from a potentially infinite number of “nodes” run by individuals around the world who offer portions of their CPU and hard drive space — whether on their laptops or more professionally deployed servers. Developers write smart contracts and deploy them to this cloud as if they were deploying to a single server, which is a process that feels very similar to how applications are deployed to existing centralized clouds.
Once the developer has deployed an application, called a “smart contract”, and marked it unchangeable (“immutable”), the application will now run for as long as at least a handful of members of the NEAR community continue to exist. When end users interact with that deployed application, they will generally do so through a familiar web or mobile interface just like any one of a million apps today.
In the central cloud hosted by some companies today like: Amazon or Google, developers pay for their apps every month based on the amount of usage needed, for example based on the number of requests created by users visiting their webpages. The NEAR platform similarly requires that either users or developers provide compensation for their usage to the community operators of this infrastructure. Like today’s cloud infrastructure, NEAR prices usage based on easy to understand metrics that aren’t heavily influenced by factors like system congestion. Such factors make it very complicated for developers on alternative blockchain-based systems today.
In the centralized cloud, the controlling corporation makes decisions unilaterally. NEAR community-run cloud is decentralized so updates must ultimately be accepted by a sufficient quorum of the network participants. Updates about its future are generated from the community and subject to an inclusive governance process, which balances efficiency and security.
In order to ensure that the operators of nodes — who are anonymous and potentially even malicious — run the code with good behavior, they participate in a staking process called “Proof of Stake”. In this process, they willingly put a portion of value at risk as a sort of deposit, which they will forfeit if it is proven that they have operated improperly.

2.2.1 Elements of the NEAR’s Platform

The NEAR platform is made up of many separate elements. Some of these are native to the platform itself while others are used in conjunction with or on top of it.
1. THE NEAR TOKEN
NEAR token is the fundamental native asset of the NEAR ecosystem and its functionality is enabled for all accounts. Each token is a unique digital asset similar to Ether, which can be used to:
a) Pay the system for processing transactions and storing data.
b) Run a validating node as part of the network by participating in the staking process.
c) Help determine how network resources are allocated and where its future technical direction will go by participating in governance processes.
The NEAR token enables the economic coordination of all participants who operate the network plus it enables new behaviors among the applications which are built on top of that network.
2. OTHER DIGITAL ASSETS
The platform is designed to easily store unique digital assets, which may include, but aren’t limited to:
  • Other Tokens: Tokens bridged from other chains (“wrapped”) or created atop the NEAR Platform can be easily stored and moved using the underlying platform. This allows many kinds of tokens to be used atop the platform to pay for goods and services. “Stablecoins,” specific kinds of token which are designed to match the price of another asset (like the US Dollar), are particularly useful for transacting on the network in this way.
  • Unique Digital Assets: Similar to tokens, digital assets (sometimes called “Non Fungible Tokens” (NFTs) ranging from in-game collectibles to representations of real-world asset ownership can be stored and moved using the platform.
3. THE NEAR PLATFORM
The core platform, which is made up of the cloud of community-operated nodes, is the most basic piece of infrastructure provided. Developers can permissionlessly deploy smart contracts to this cloud and users can permissionlessly use the applications they power. Applications, which could range from consumer-facing games to digital currencies, can store their state (data) securely on the platform. This is conceptually similar to the Ethereum platform.
Operations that require an account, network use, or storage at the top of the platform require payment to the platform in the form of transaction fees that the platform then distributes to its community from the authentication contract. These operations could include creating new accounts, publishing new contracts, implementing code by contract and storing or modifying data by contract.
As long as the rules of the protocol are followed, any independent developer can write software, which interfaces with it (for example, by submitting transactions, creating accounts or even running a new node client) without asking for anyone’s permission first.
4. THE NEAR DEVELOPMENT SUITE
Set of tools and reference implementations created to facilitate its use by those developers and end users who prefer them. These tools include:
  • NEAR SDKs: NEAR platform supports (Rust and AssemblyScript) languages to write smart contracts. To provide a great experience for developers, NEAR has a full SDK, which includes standard data structures, examples and testing tools for these two languages.
  • Gitpod for NEAR: NEAR uses existing technology Gitpod to create zero time onboarding experience for developers. Gitpod provides an online “Integrated Development Environment” (IDE), which NEAR customized to allow developers to easily write, test and deploy smart contracts from a web browser.
  • NEAR Wallet: A wallet is a basic place for developers and end users to store the assets they need to use the network. NEAR Wallet is a reference implementation that is intended to work seamlessly with the progressive security model that lets application developers design more effective user experiences. It will eventually include built-in functionality to easily enable participation by holders in staking and governance processes on the network.
  • NEAR Explorer: To aid with both debugging of contracts and the understanding of network performance, Explorer presents information from the blockchain in an easily digestible web-based format.
  • NEAR Command Line Tools: The NEAR team provides a set of straightforward command line tools to allow developers to easily create, test and deploy applications from their local environments.
All of these tools are being created in an open-source manner so they can be modified or deployed by anyone.

3. ECONOMIC

Primarily economic forces drive the ecosystem, which makes up the NEAR platform. This economy creates the incentives, which allow participants permissionlessly organize to drive the platform’s key functions while creating strong disincentives for undesirable, irresponsible or malicious behavior. In order for the platform to be effective, these incentives need to exist both in the short term and in the long term.
The NEAR platform is a market among participants interested in two aspects:
  • On the supply side, certification contract operators and other core infrastructure must be motivated to provide these services that make up the community cloud.
  • On the demand side, platform developers and end-users who pay for their use need to be able to do so in a simple, clear and consistent way that helps them.
Further, economic forces can also be applied to support the ecosystem as a whole. They can be used at a micro level to create new business models by directly compensating the developers who create its most useful applications. They can also be used at a macro level by coordinating the efforts of a broader set of ecosystem participants who participate in everything from education to governance.

3.1 NEAR ECONOMY DESIGN PRINCIPLES

NEAR’s overall system design principles are used to inform its economic design according to the following interpretations:
1. Usability: End users and developers should have predictable and consistent pricing for their usage of the network. Users should never lose data forever.
2. Scalability: The platform should scale at economically justified thresholds.
3. Simplicity: The design of each of the system’s components should be as simple as possible in order to achieve their primary purpose.
4. Sustainable Decentralization: The barrier for participation in the platform as a validating node should be set as low as possible in order to bring a wide range of participants. Over time, their participation should not drive wealth and control into the hands of a small number. Individual transactions made far in the future must be at least as secure as those made today in order to safeguard the value they modify.

3.2 ECONOMIC OVERVIEW

The NEAR economy is optimized to provide developers and end users with the easiest possible experience while still providing proper incentives for network security and ecosystem development.
Summary of the key ideas that drive the system:
  • Thresholded Proof of Stake: Validating node operators provide scarce and valuable compute resources to the network. In order to ensure that the computations they run are correct, they are required to “stake” NEAR tokens, which guarantee their results. If these results are found to be inaccurate, the staker loses their tokens. This is a fundamental mechanism for securing the network. The threshold for participating in the system is set algorithmically at the lowest level possible to allow for the broadest possible participation of validating nodes in a given “epoch” period (½ of a day).
  • Epoch Rewards: Node operators are paid for their service a fixed percentage of total supply as a “security” fee of roughly 4.5% annualized. This rate targets sufficient participation levels among stakers in order to secure the network while balancing with other usage of NEAR token in the ecosystem.
  • Protocol treasury: In addition to validators, protocol treasury received a 0.5% of total supply annually to continuously re-invest into ecosystem development.
  • Transaction Costs: Usage of the network consumes two separate kinds of resources — instantaneous and long term. Instantaneous costs are generated by every transaction because each transaction requires the usage of both the network itself and some of its computation resources. These are priced together as a mostly-predictable cost per transaction, which is paid in NEAR tokens.
  • Storage Costs: Storage is a long term cost because storing data represents an ongoing burden to the nodes of the network. Storage costs are covered by maintaining minimum balance of NEAR tokens on the account or contract. This provides indirect mechanism of payment via inflation to validators for maintaining contract and account state on their nodes.
  • Inflation: Inflation is determined as combination of payouts to validators and protocol treasury minus the collected transaction fees and few other NEAR burning mechanics (like name auction). Overall the maximum inflation is 5%, which can go down over time as network gets more usage and more transactions fees are burned. It’s possible that inflation becomes negative (total supply decreases) if there is enough fees burned.
  • Scaling Thresholds: In a network, which scales its capacity relative to the amount of usage it receives, the thresholds, which drive the network to bring on additional capacity are economic in nature.
  • Security Thresholds: Some thresholds, which provide for good behavior among participants are set using economic incentives. For example, “Fishermen” (described separately).
Full Report
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Best bitcoin mixer | Best bitcoin tumbler | Bitcoin anonymous blender

BEST BITCOIN TUMBLER HOW DOES IT WORK?
The Bitcoin Mixer is easy to use. In fact, you’ll get your bitcoin blended and your anonymity enhanced in 8 simple steps. Our easy-to-use platform is such that anyone can mix their bitcoin in minutes.
1) On our mixer page, click 'LET'S START'.
2) Then paste the bitcoin address where you want the mixed coins sent… or optional add up to 10 additional addresses to make your bitcoin more anonymous.
3) Set the custom mixing time delay.
There's a calculator where you can check the volume of bitcoin you'll receive after the mixing fee has been deducted.
4) Choose the level of mixer between Standard for anonymous or Premium to make your bitcoins completely untraceable, recommended for those who do darknet.
5) Click "Continue". click "Accept" This will load the next page where you'll see Save the "Letter of Guarantee" the bitcoin address where you'll deposit the bitcoin you want to be blended.
Bear in mind that the minimum volume of bitcoin mixed by our bitcoin blender is 0.0015 BTC.
6) Send the volume of bitcoin that you want to be mixed to mixer's address shown on the page.
7) That's it… your bitcoin is as good as new and will be in your designated wallet.
8) Destroy your session once the process is finished, you can still visit the same valid page session only 48 hours after the delay, the page will be permanently deleted…
However, the same mixing address will always be visible; it will only be deleted after 48 hours, so you can only have one mixing per delay.
It is a simple process yet the algorithm behind it is quite phenomenal. The bitcoin you receive after the custom time delay is unconnected with your previous wallet and no prying eyes can link.
The strength of our mixing service is that it gives you ‘new’ coins from sources unconnected to you without keeping logs of your activity on the platform.
Go to the site https://ghostmixer.cc
submitted by Anxious-Way9682 to bitcoinmixeranonymous [link] [comments]

Bitcoin Mixer | Best Bitcoin Mixer - Review Service

Bitcoin Mixer in these days when privacy is an issue of great concern, most people would not have that compromised because of their use of cryptocurrency. This is even more important because big corporations and the government have practically made us lose our privacy. If you’re a user on the bitcoin network, you may have wondered how to use it anonymously. This is why crypto mixer introduced bitcoin mixing on its platform.
We know that you want a service that would keep your coins safe and still maintain your anonymity. What we offer is a service that is second to none in the quest to blend your bitcoin. Our algorithm is top of the range that ensures that your bitcoin is completely anonymized making it impossible to be tracked. So whenever you use our service, you’re rest assured that you’re free from prying eyes.
As you must have known, mixers are not born equal. This is why you should go for a service that ensures that your bitcoin is effectively tumbled to obfuscate its trail. Less effective mixing services would not fool anyone but rather give you a false sense of security. We are sure that you’re aware of the risks associated with poorly blended coins your coins could be at risk of being completely expose to the public.
Additionally, the privacy that you hold so dear could be compromised, leaving you insecure. We know that you deserve the best, that is why at Bitcoin Tumbler, we endeavor to provide you with the best of bitcoin tumbling service.
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The Bitcoin Mixer is easy to use. In fact, you’ll get your bitcoin blended and your anonymity enhanced in 8 simple steps. Our easy-to-use platform is such that anyone can mix their bitcoin in minutes.
1) On our mixer page, click 'LET'S START'.
2) Then paste the bitcoin address where you want the mixed coins sent… or optional add up to 10 additional addresses to make your bitcoin more anonymous.
3) Set the custom mixing time delay.
There's a calculator where you can check the volume of bitcoin you'll receive after the mixing fee has been deducted.
4) Choose the level of mixer between Standard for anonymous or Premium to make your bitcoins completely untraceable, recommended for those who do darknet.
5) Click "Continue". click "Accept" This will load the next page where you'll see Save the "Letter of Guarantee" the bitcoin address where you'll deposit the bitcoin you want to be blended.
Bear in mind that the minimum volume of bitcoin mixed by our bitcoin blender is 0.0015 BTC.
6) Send the volume of bitcoin that you want to be mixed to mixer's address shown on the page.
7) That's it… your bitcoin is as good as new and will be in your designated wallet.
8) Destroy your session once the process is finished, you can still visit the same valid page session only 48 hours after the delay, the page will be permanently deleted…
However, the same mixing address will always be visible; it will only be deleted after 48 hours, so you can only have one mixing per delay.
It is a simple process yet the algorithm behind it is quite phenomenal. The bitcoin you receive after the custom time delay is unconnected with your previous wallet and no prying eyes can link.
The strength of our mixing service is that it gives you ‘new’ coins from sources unconnected to you without keeping logs of your activity on the platform.
Go to the site https://ghostmixer.cc
submitted by Anxious-Way9682 to bitcoinmixerreddit [link] [comments]

Who the DeFi leaders are and how to earn on Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi

Who the DeFi leaders are and how to earn on Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi
The DeFi ecosystem has already recreated traditional financial instruments in a new ‘unchained’ decentralized structure. This year, a huge number of DeFi-related projects gained the attention of crypto enthusiasts. The leaders of the race are Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi. These projects provide a significant number of opportunities to earn money. So let’s find out what the DeFi market mood is right now and how you can increase your holdings in 2020.

DeFi market 2020

According to data provider DeFiPulse, the total value locked in USD right now is $6.7 billion. And it is best to check the data regularly because it is growing rapidly.

https://preview.redd.it/2o5jhuly02m51.png?width=1600&format=png&auto=webp&s=9a4027b15afcfcbc6316aadf508da445b2b0b8f2
For instance, the value was $4.21 billion at the beginning of August 2020. It rose by one third in just 3 weeks.
Taha Zafar, a crypto analyst, shared data that illustrates how DeFi tokens performed within the past 90 days. As you see, they are doing even better than Bitcoin.

https://preview.redd.it/9fqxp3t012m51.png?width=1600&format=png&auto=webp&s=958b53a5ba71eac4b8e5d3f5b71c5aa4f5fdcc0c

https://preview.redd.it/umw6ffu112m51.png?width=1600&format=png&auto=webp&s=d39eb0d82e171eff7cafd363039171169240408e
So while the market is soaring, there are already a number of DeFi leaders that stand out among others.
They are:
  • Maker
  • Compound
  • Aave
  • Curve
  • Synthetix
  • QDAO DeFi
Maker remained the one and only serious market player for a long time.
However, 2020 introduced some new figures on this chessboard. Compound competes with Maker in the lending sector and is not yielding its position. At the moment, the Compound credit portfolio is $820 million, when at the beginning of the year, it was $100 million.

https://preview.redd.it/4wpiibw312m51.png?width=1600&format=png&auto=webp&s=f34a8e5f77f3dd9e028a201ee1e46dcdf54f7078
With Aave, Curve and Synthetix breaking into the top 10 most successful projects in DeFiPulse and QDAO DeFi being the most promising one, the DeFi market is emerging as a real alternative to the traditional finance sector.
Recently, the DeFi Overview Twitter account posted an illustrative map that demonstrates how fast all the main market players are growing: https://twitter.com/DefiOverview/status/1297829568271642624

https://preview.redd.it/sw50ilr512m51.png?width=1600&format=png&auto=webp&s=c96ebe2afdd2d1df3a2bd3f5024ff578638584f8

https://preview.redd.it/v3c9yxi612m51.png?width=1600&format=png&auto=webp&s=8d9e247eec017826238d6a0d91a8efa47d0e2688
While Binance has already listed some DeFi projects like Compound, Synthetix, YFI and Curve, the u/top7ico posted a forecast list of other promising DeFi projects. https://twitter.com/top7ico/status/1297540483913093120

https://preview.redd.it/5dv2iur812m51.png?width=1600&format=png&auto=webp&s=09548cb7b1f738d98abaa84d089b266c5370e49d

What DeFi projects are aiming to get in TOPs

DeFiPulse is the world’s leading resource for providing its audience with fresh-from-the-oven, comprehensive information concerning DeFi. Here you can find all the latest analytics and rankings for DeFi protocols. Moreover, this resource provides you with a list of the best resources on the topic.
The information is being refreshed every hour. The Total Value Locked is calculated by multiplying the total balance of Ether (ETH) and ERC-20 tokens by their price in USD.
To sum up, it is the most interactive platform that maintains the upper hand and provides you with the freshest information about the DeFi market.
Besides, DeFi Pulse has a handy calculator that shows how much money you can earn by locking specific assets.

https://preview.redd.it/edejp4oa12m51.png?width=1600&format=png&auto=webp&s=235a1b0364db63e98c700ad3ffbf299976c572a3
The calculator also shows how much you can get in Compound, dYdX and Maker.

https://preview.redd.it/y3exhz6c12m51.png?width=1600&format=png&auto=webp&s=5abef199edea8dcd2e2c32cde6ac09819e87302b
The platform offers a full range of services just like any usual bank:
  • yields on digital assets
  • cash loans
  • the purchase of tokenized stocks of popular listed companies (e.g. Google, Facebook, Netflix, etc.).
On top of that, QDAO DeFi has its own native cryptocurrencies: USDQ stablecoin (tied to the US dollar). It is also used on the platform and QDAO. QDAO is a cryptocurrency that provides significant bonuses for Deposits, Crypto Loans and other services inside QDAO DeFi. Additional features such as governance of the ecosystem and fee payments within the ecosystem are in the long-term development roadmap.
QDAO DeFi offers 17 currencies and the interface is user-friendly and convenient.
You can open a Secure Personal QDAO DeFi Account and start earning passive income from the very first day. The interest is paid out daily with no fees.
Users can withdraw funds after they reach the minimum withdrawal amount in a specific cryptocurrency.
You can open a deposit in just a few minutes, click the link to find out how.

What’s next for DeFi projects?

Earning on DeFi platforms is easy and convenient. The major players offer a great variety of services to help you find the best way to trade, mint and stake.
Billionaire Bitcoin bull, Tim Draper says, “The DeFi world is almost as technologically advanced as the dollar and when it is, there will be no one who will want to accept a politically manipulable currency like dollars anymore.”
Will DeFi fully replace all the traditional financial instruments? Opinions are divided. However, it can become the basis of a new digital banking system and return the trust to the financial system.
Want to be the first to hear QDAO DeFi news and updates? Visit our website and stay in touch with us on social media: Twitter, Facebook, Telegram and LINE (for the Japanese-speaking community).
submitted by QDAODeFi to u/QDAODeFi [link] [comments]

What is BTC Tumbler (Bitcoin Tumbler) and How Does It Work?

What is BTC Tumbler (Bitcoin Tumbler) and How Does It Work?
The Bitcoin Tumbler is easy to use. In fact, you’ll get your bitcoin blended and your anonymity enhanced in 7 simple steps. Our easy-to-use platform is such that anyone can mix their bitcoin in minutes.
BTC Tumbler | Bitcoin Tumbler with ghostmixer.cc
1) On our mixer page, click 'LET'S START'.
2) Then paste the bitcoin address where you want the mixed coins sent… or optional add up to 10 additional addresses to make your bitcoin more anonymous.
3) Set the custom mixing time delay.
There's a calculator where you can check the volume of bitcoin you'll receive after the mixing fee has been deducted.
4) Click "Continue". click "Accept" This will load the next page where you'll see Save the "Letter of Guarantee" the bitcoin address where you'll deposit the bitcoin you want to be blended.
Bear in mind that the minimum volume of bitcoin mixed by our bitcoin blender is 0.0015 BTC.
5) Send the volume of bitcoin that you want to be mixed to mixer's address shown on the page.
6) That's it… your bitcoin is as good as new and will be in your designated wallet.
7) Destroy your session once the process is finished, you can still visit the same valid page session only 48 hours after the delay, the page will be permanently deleted…
Go to the site https://ghostmixer.cc
submitted by Prestigious_Debate55 to thebitcointumbler [link] [comments]

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Limitations
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/.
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
submitted by hkalodner to ethereum [link] [comments]

What is Bitcoin Mixer (Bitcoin Tumbler) and how does it work?

What is Bitcoin Mixer (Bitcoin Tumbler) and how does it work?
BITCOIN MIXER HOW DOES IT WORK?
Bitcoin Mixer | Bitcoin Tumbler with ghostmixer.cc
The Bitcoin Mixer is easy to use. In fact, you’ll get your bitcoin blended and your anonymity enhanced in 7 simple steps. Our easy-to-use platform is such that anyone can mix their bitcoin in minutes.
1) On our mixer page, click 'LET'S START'.
2) Then paste the bitcoin address where you want the mixed coins sent… or optional add up to 10 additional addresses to make your bitcoin more anonymous.
3) Set the custom mixing time delay.
There's a calculator where you can check the volume of bitcoin you'll receive after the mixing fee has been deducted.
4) Click "Continue". click "Accept" This will load the next page where you'll see Save the "Letter of Guarantee" the bitcoin address where you'll deposit the bitcoin you want to be blended.
Bear in mind that the minimum volume of bitcoin mixed by our bitcoin blender is 0.0015 BTC.
5) Send the volume of bitcoin that you want to be mixed to mixer's address shown on the page.
6) That's it… your bitcoin is as good as new and will be in your designated wallet.
7) Destroy your session once the process is finished, you can still visit the same valid page session only 48 hours after the delay, the page will be permanently deleted…
Go to the site https://ghostmixer.cc
submitted by compdownmi1971 to thebitcoinmixer [link] [comments]

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.

Solutions

Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
  1. Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
  2. The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
  3. Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.

Syscoin + Matic Integration

Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.

Proving Performance & Cost Savings

Our POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce
612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf
612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e
612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237
612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b
612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70
612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7
612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d
612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.

Cost Savings

Total cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.

Tools, Infrastructure & Documentation

Syscoin Bridge

Mainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
  • Any Standard ERC-20 token to be moved from Ethereum to the Syscoin blockchain as a Syscoin Platform Token (SPT), and back to Ethereum
  • Any SPT to be moved from Syscoin to the Ethereum blockchain as an ERC-20 token, and back to Syscoin

Benefits

  • Permissionless
  • No counterparties involved
  • No trading mechanisms involved
  • No third-party liquidity providers required
  • Cross-chain Fractional Supply - 2-way peg - Token supply maintained globally
  • ERC-20s gain vastly improved transactionality with the Syscoin Token Platform, along with the security of bitcoin-core-compliant PoW.
  • SPTs gain access to all the tooling, applications and capabilities of Ethereum for ERC-20, including smart contracts.
https://preview.redd.it/l8t2m8ldh8e51.png?width=1180&format=png&auto=webp&s=b0a955a0181746dc79aff718bd0bf607d3c3aa23
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d

Source code

https://github.com/syscoin/?q=sysethereum
Main Subprojects

API

Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.

Documentation

Syscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence

Trade-off

The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.

Cost

Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.

Z-DAG

Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).

Benefits

  • Unique fee-market that is more efficient for microtransaction redemption and settlement
  • Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
  • Provides high throughput and secure fulfillment even if blocks are full
  • Probabilistic and interactive
  • 99.9999% security assurance within 10 seconds
  • Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
  • Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
https://preview.redd.it/pgbx84jih8e51.png?width=1614&format=png&auto=webp&s=5f631d42a33dc698365eb8dd184b6d442def6640

Source code

https://github.com/syscoin/syscoin

API

Syscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.

Documentation

Z-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana

Trade-off

Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.

Syscoin Specs

Syscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
  • 16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
  • SHA256 merge mined with Bitcoin
  • UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
  • Z-DAG on asset layer, bridge to Ethereum on asset layer
  • On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
  • Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
  • Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
  • Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.

Wallets

Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
Syscoin-Qt

Explorers

Mainnet: https://sys1.bcfn.ca (Blockbook)
Testnet: https://explorer-testnet.blockchainfoundry.co

Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!

submitted by sidhujag to ethereum [link] [comments]

Test

Test
There is a fairly small subset of Bitcoin users that run a full node. I think the idea of running a full node has gotten a bad rap over the years since there is so much talk about running on a Raspberry Pi, or getting zippy SSDs. Although all of this can be fun, it is often not really required at all. Here are some ways to run a full node starting with the very simple. I'll get into more complex configs, but these are all optional.

Tech Skill Level: 0 (the basics)

  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
In many cases, thats it. If your running a new machine with a fairly good internet connection, 8 or 9 hours will be enough to complete the "Initial Block Download" (IBD). This may fill up your drive a bit, but again, on most new machines, 300 GB of space isn't that hard to come by.

Tech Skill Level: 1 (encrypted wallet)

One thing we left out in the level-0 exercise is encrypting your wallet. It's easy enough to do well, but a bit more difficult to do right. The main challenge is that humans generate really poor passwords. If you want a good password, the best way is to use something called "diceware". Basically, you just grab 4 or 5 dice and each throw of the dice represents a certain word on a special list. The throw {1,4,5,3,1} for example would be the word camping on the EFF-diceware-wordlist. So you repeat this a few times until you have a list of 8 or so words which becomes the passphrase you use to encrypt your wallet. Write it down, it is always hard to remember at first. So at level-1 your list becomes:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Choose Encrypt Wallet from the Settings Menu
  5. Enter your 8 word (or so) passphrase generated using the Diceware method

Wallet Encryption Dialog

Tech Skill Level: 2 (enable pruning if needed)

Though I said "300 GB of space isn't hard to come by", some times it actually is. If space is an issue, a simple way to fix it is to tell bitcoin to simple take less space. This is called "pruning" and can take that number from 300 GB down to below 5 GB. If you can't find 5 GB, then you'll have to read ahead to level-3 to add USB storage. But the good news is, enabling pruning is pretty easy, we just add another step to our working list:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Choose Options from the Settings Menu
  6. Choose Prune block storage to: and select the max size for the blocks to use
  7. Exit and restart the bitcoin application for the changes to take effect

Pruning Dialog
Note, even setting this to 1 GB will still leave you with about a 4.5 GB install. The blocks take up a lot of space, but the chainstate and other folders eat up at least 3.5 GB and they can't be pruned. Also, be aware, to disable pruning requires you to perform the entire IBD again. While pruned some other functions my be disabled as well, so just know that pruning does limit some functionality.

Tech Skill Level: 3 (verify the installer)

Although this is arguably something that should be done at level-0, some find the intricacies of comparing hash (thumbprint) values to be tedious and beyond the scope of a beginner. You will find these types of hash compares suggested quite often as a way to prevent running tainted programs. Programs are often tainted by bad disk or network performance, but most often, taint is malicious code inserted by viruses or malware. This is a way to guard yourself against those types of attacks. What I cover here is a very basic comparison on the certificate, but a more thorough comparison advised by mosts uses a program called Gpg4Win, and is beyond the scope of this beginners guide. But regardless, most users should strive to do this minimum level of validation.
  1. Download Bitcoin Core
  2. Launch the downloaded installer
  3. When prompted "Do you want to allow..." click Show more details
  4. In the details section select Show information about the publisher's certificate
  5. In the certificate window select the Details tab
  6. In the Details tab Subject should start with "CN = Bitcoin Core Code Signing Association"
  7. Also ensure Thumbprint reads ea27d3cefb3eb715ed214176a5d027e01ba1ee86
  8. If the checks pass, click OK to exit the certificate window and Yes to allow the installer to run.
  9. Launch the installed "Bitcoin Core" app and let it run overnight
  10. Do the wallet encryption steps here if you wish
  11. Do the optional pruning steps here if you wish

Certification Validation Windows
Note: The certificate used to sign the current Bitcoin installer is only valid from March 2020 to March 2021. After that point the thumbprint on the certificate will change. This is by design and intentional. If your reading this post after March 2021, then it is understood that the thumbprint has changed.

Tech Skill Level: 4 (use secondary storage)

We glossed over the "new machine with fairly good internet" part. Truth me known many people do not have fairly new machines, and find the IBD to take longer than the "over night" best wishes. For most people the slowdown is the disk access when calculating what is called chainstate. This requires fast random reads and writes to the disk. If you have an SSD disk, this will be no problem, but if you have a non-SSD "spinning" disk, random writes are always slow. Though an SSD will speed things up, they are pricey, so a nice middle ground may be a simple high-end USB key drive. You can get some with 10 to 15 MB/s random writes which is usually a order of magnitude faster than a "spinning" disk. And with pruning (see level-2), a small USB drive should be fine.
Once you decide on a drive, the tricky part will be to enable external storage. It requires editing a configuration file and adding a few lines. The configuration file needs to be in both the default directory, and USB key drive, but before we do that, we want to create a directory on the key drive. You will need to determine the drive letter of your USB key drive. For the sake of this example, we will assume it is D:, but you must determine this yourself and correct the example. Once you know the drive letter, create a blank folder on the drive called Bitcoin. So for this example, creating Bitcoin on drive D: will create the path D:\Bitcoin. Once done, assuming that D: is your drive, here are the steps to edit the two configuration files:
  1. Download Bitcoin Core
  2. Launch the installer, verify it, then run it
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Do the optional pruning steps here if you wish
  6. Launch "Notepad" by typing "Notepad.exe" in the windows search bar then click Open
  7. Type the line datadir=D:\Bitcoin (depending on your drive letter) in the blank file
  8. Choose Save from the File menu in notepad
  9. Type %APPDATA%\Bitcoin\bitcoin.conf (note the percent signs) in the File name box
  10. Select All Files from the Save as type dropdown
  11. Click the Save button and overwrite the file if prompted
  12. Exit and restart the bitcoin application for the changes to take effect

Save As Dialog
Now that you've reached this level of technical expertise, there are many new configuration options that you can begin to modify if you wish. Most configuration data is contained in the bitcoin.conf file and learning how to maintain it is a key step for a node operator.

Tech Skill Level: 5 (all other customizations)

Here's a short list of various things you can ADD to your bitcoin.conf file. You generally just add a new line for each configuration settings.
  • addresstype=bech32
  • changetype=bech32
The addresstype / changetype allows your wallet to use the native-segwit (bech32) format. This is the most efficient and inexpensive way to spend bitcoin, and is a recommended configuration. The default uses something called p2sh-segwit which is more compatible with older wallets, but more expensive to spend.
  • minrelaytxfee=0.00000011
Changing the minrelaytxfee setting allows you to help propagate lower fee transactions. It will require more memory but TXN memory is capped at 300 MB by default anyways, so if you have enough memory, it is a good setting to choose.
  • dbcache=2048
The dbcache setting controls how many MB of memory the program will use for the chainstate database. Since this is a key bottleneck in the IBD, setting this value high (2048 MB) will greatly speed up the IBD, assuming you have the memory to spare
  • blocksdir=C:\Bitcoin
  • datadir=D:\Bitcoin
In level-4 we discussed moving the datadir to a fast external storage, but the majority of the space used for bitcoin is the blocks directory (blocksdir). Although you should always use for fastest storage for datadir, you are free to use slow storage for blocksdir. So if you only want to consume a small amount of your SSD (assumed D:) then you can keep your blocks on your slow "spinning" drive.
  • upnp=1
One of the harder challenges you may face running a node, is to get incoming connections. If you are lucky, you may find that your firewall and network HW support the uPnP protocol. If they do, this setting will allow bitcoin to configure uPnP to allow incoming connections to your node.
submitted by brianddk to brianddk [link] [comments]

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