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Hello, I’ve been trying to decide on a FPGA development board, and have only been able to find posts and Reddit threads from 4-5 years ago. So I wanted to start a new thread and ask about the best “mid-range” FGPA development board in 2018. (Price range $100-$300.) I started with this Quora answer about FPGA boards, from 2013. The Altera DE1 sounded good. Then I looked through the Terasic DE boards. Then I found this Reddit thread from 2014, asking about the DE1-SoC vs the Cyclone V GX Starter Kit: https://www.reddit.com/FPGA/comments/1xsk6w/cyclone_v_gx_starter_kit_vs_de1soc_board/ (I was also leaning towards the DE1-SoC.) Anyway, I thought I better ask here, because there are probably some new things to be aware of in 2018. I’m completely new to FPGAs and VHDL, but I have experience with electronics/microcontrollers/programming. My goal is to start with some basic soft-core processors. I want to get some C / Rust programs compiling and running on my own CPU designs. I also want to play around with different instruction sets, and maybe start experimenting with asynchronous circuits (e.g. clock-less CPUs) Also I don’t know if this is possible, but I’d like to experiment with ternary computing, or work with analog signals instead of purely digital logic. EDIT: I just realized that you would call those FPAAs, i.e. “analog” instead of “gate”. Would be cool if there was a dev board that also had an FPAA, but no problem if not. EDIT 2: I also realized why "analog signals on an FPGA" doesn't make any sense, because of how LUTs work. They emulate boolean logic with a lookup table, and the table can only store 0s and 1s. So there's no way to emulate a transistor in an intermediate state. I'll just have play around with some transistors on a breadboard. UPDATE: I've put together a table with some of the best options:
A very simple FPGA development board that plugs into a Raspberry Pi, so you have a "backup" hard-core CPU that can control networking, etc. Supports a huge range of pmod accessories. You can write a program/circuit so that the Raspberry Pi CPU and the FPGA work together, similar to a SoC. Proprietary bitstream is fully reverse engineered and supported by Project IceStorm, and there is an open-source toolchain that can compile your hardware design to bitstream. Has everything you need to start experimenting with FPGAs.
Xilinx Zynq 7-Series SoC - ARM Cortex-A9 processor, and Artix-7 FPGA. 125 IO pins. 1GB DDR2 RAM. Texas Instruments WiLink 8 wireless module for 802.11n Wi-Fi and Bluetooth 4.1. No LEDs or buttons, but easy to wire up your own on a breadboard. If you want to use a baseboard, you'll need a snickerdoodle black ($195) with the pins in the "down" orientation. (E.g. The "breakyBreaky breakout board" ($49) or piSmasher SBC ($195)). The snickerdoodle one only comes with pins in the "up" orientation and doesn't support any baseboards. But you can still plug the jumpers into the pins and wire up things on a breadboard.
Has one of the latest Xilinx SoCs. 2 GB (512M x32) LPDDR4 Memory. Wi-Fi / Bluetooth. Mini DisplayPort. 1x USB 3.0 type Micro-B, 2x USB 3.0 Type A. Audio I/O. Four user-controllable LEDs. No buttons and limited LEDs, but easy to wire up your own on a breadboard
Xilinx Zynq 7000 SoC (ARM Cortex-A9, 7-series FPGA.) 1 GB DDR3 RAM. A few switches, push buttons, and LEDs. USB and Ethernet. Audio in/out ports. HDMI source + sink with CEC. 8 Total Processor I/O, 40 Total FPGA I/O. Also a faster version for $299 (Zybo Z7-20).
Same as DE10-Standard, but not as many peripherals, buttons, LEDs, etc.
icoBoard ($100). (Buy it here.) The icoBoard plugs into a Raspberry Pi, so it's similar to having a SoC. The iCE40-HX8K chip comes with 7,680 LUTs (logic elements.) This means that after you learn the basics and create some simple circuits, you'll also have enough logic elements to run the VexRiscv soft-core CPU (the lightweight Murax SoC.) The icoBoard also supports a huge range of pluggable pmod accessories:
numato Mimas A7 ($149). An excellent development board with a Xilinx Artix 7 FPGA, so you can play with a bigger / faster FPGA and run a full RISC-V soft-core with all the options enabled, and a much higher clock speed. (The iCE40 FPGAs are a bit slow and small.)
I ordered a iCE40-HX8K Breakout Board to try out the IceStorm open source tooling. (I would have ordered an icoBoard if I had found it earlier.) I also bought a numato Mimas A7 so that I could experiment with the Artix 7 FPGA and Xilinx software (Vivado Design Suite.)
What can I do with an FPGA? / How many LUTs do I need?
VexRiscv is "A FPGA friendly 32 bit RISC-V CPU implementation." This is a RISC-V implementation written in SpinalHDL. VexRiscv has a lot of plugin and configuration options. The Murax SoC is a very light SoC that can run on an iCE40-HX8k (but probably not the 1k FPGA that only has 1,280 LUTs). The Briey SoC only runs on Xilinx or Altera FPGAs.
It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done. However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt. What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability. However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for. There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated. Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons? Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $. How can we estimate this?
Get the blockchains Proof-of-Work algorithm
Lookup the average price per hash on NiceHash for this algorithm
Multiply price per hash by total hashrate per second
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s). The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply. However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains. So how do we compare these values between blockchains? Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost. So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Bitcoin (SHA-256 @ 40 PH/s) or ($100/s)
Litecoin (Scrypt @ 300 TH/s) or ($10/s)
Bitcoin's average block time is 10 minutes (600 seconds)
6 Bitcoin confirmations on average is 60 minutes (3,600 seconds)
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
At Litecoin's hashrate of $10/s it would take ($360,000 / $10) 36,000 seconds (10 hours) to complete an equivalent amount of work
Litecoin's average block time is 2.5 minutes (150 seconds)
The amount of Litecoin blocks expected over this period of time is (36,000 seconds / 150 seconds) 240 blocks.
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.
$/s doesn't mean what it sounds like it means.
The $/s values should not be taken as literal costs. For example:
Bitcoin's total $ cost for 6 confirmations is ($100 * 3,600 seconds) $360,000
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive. The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network. When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals. For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.
These metrics are measuring "work done", not security.
More "work done" doesn't necessarily mean "more security". For example take the following two blockchains:
Bitcoin Cash (SHA-256 @ 2 PH/s) or ($5/s)
Zcash (Equihash @ 4 GH/s) or ($3/s)
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer? Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate. This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower. To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you. To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.
Accurately calculating security is much more complicated.
These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains. However to calculate if a payment can be considered "finalised" involves many more variables. You should factor in:
Is this cryptocurrency the dominant cryptocurrency for it's Proof-of-Work algorithm?
What is the market cap of this cryptocurrency?
What is the daily trading volume of this cryptocurrency?
What is the $ value of this transaction?
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply. If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments. If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend. Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
Transcript of Open Developer Meeting In Discord - 5/10/2019
[Dev-Happy] Blondfrogs05/10/2019 Channel should be open now Chill05/10/2019 you all rock! just getting that out of the way :wink: Tron05/10/2019 Cheers everyone. theking05/10/2019 Hi fabulous dev team! Hans_Schmidt05/10/2019 Howdy! Tron05/10/2019 No specific agenda today. Questions? Has everyone seen Zelcore wallet, and Spend app? theDopeMedic05/10/2019 Any major development status updates that haven't been listed in #news? Synicide05/10/2019 How was the meetup yesterday? I heard it would be recorded, it is uploaded anywhere yet? Tron05/10/2019 And Trezor support on Mango Farm assets? @Synicide Yes it was recorded. The Bitcoin meetup organizer has the video. I talked about Ravencoin, but mostly about the stuff that was being built on/with/for Ravencoin. There was about 70% overlap with folks who were at the Ravencoin meetup in March. Synicide05/10/2019 awesome, looking forward to watching it when it's available Tron05/10/2019 I'll hit up James and see if he's posting the video. S1LVA | GetRavencoin.org05/10/2019 @theDopeMedic I'd follow github if youre interested in development status Synicide05/10/2019 zelcore looks super slick. Been meaning to research its security more with the username/pw being stored on device Chill05/10/2019 How is the progress on the restricted assets and testnet coming along? A secondary question would be about the approximate fork timeframe. S1LVA | GetRavencoin.org05/10/2019 Has anyone heard from the community dev (BW) working on Dividends? Rikki RATTOE Sr. SEC Impresantor05/10/2019 Any word on BW and his progress w dividends? @S1LVA | GetRavencoin.org LOL Tron05/10/2019 @S1LVA | GetRavencoin.org Great question. I haven't heard. Synicide05/10/2019 last meeting BlondFrogs said he would try to connect with BW as he was sick with the flu at the time. Maybe he has an update S1LVA | GetRavencoin.org05/10/2019 I've tried to get in contact, but with no success. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Got a funny feeling... Jeroz05/10/2019 Last time we left off with someone mentioning a foundation and Tron saying let’s discuss that next time iirc kryptoshi05/10/2019 Has anyone taken a look at the merits for this proposal? Thoughts? https://medium.com/systems-nexus/modified-x16r-algorithm-proposal-for-constant-hash-rate-in-short-time-164711dd9044 Medium Modified X16R algorithm proposal for constant hash rate in short time Interpretation Lens V. a0.01 Tron05/10/2019 I did see it. Does anyone think this is a problem? Synicide05/10/2019 It looks interesting... but I'm not sure what it is trying to solve. Looking at netstats, our 1 hour average block time is perfectly 1 minute S1LVA | GetRavencoin.org05/10/2019 Last I heard from him he expressed how important finishing the code was. I wouldnt jump to conclusions on his absence within the community. Synicide05/10/2019 x16r by nature will fluctuate, but DGW seems to be doing a good job keeping consistent block times Tron05/10/2019 Because of relatively broad distribution across the algorithms, the block times are fairly consistent. It is possible, but very, very unlikely to get a sequence that takes up to 4x longer, but that's super rare, and only 4 minutes. We did some timing analysis of the algorithms early on. A few are 1/2 as long as SHA-256 and some are up to 4x longer. But when you randomly select 16 it usually comes out about even. Synicide05/10/2019 1hr avg: 1.02min - 24hr avg: 1min I think we should focus on building, and not trying to fix what isnt necessarily broken Tron05/10/2019 Agreed. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Agreed Tron05/10/2019 Is everyone ok with the frequency (every other week) of this discussion? Jeroz05/10/2019 (Added thumbs down to measure) Tron05/10/2019 @Jeroz Did you do thumbs-up and thumbs down? S1LVA | GetRavencoin.org05/10/2019 Seems appropriate. Its not like the devs dont poke around here and chat anyways. Tron05/10/2019 Anything critical that we should be aware of? Jeroz05/10/2019 When I need a dev, I poke a dev. When that dev is unavailable. I poke another one :smiley: Hans_Schmidt05/10/2019 BlondFrogs was testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Jeroz05/10/2019 I hope I didn’t offend any devs With poking around Rikki RATTOE Sr. SEC Impresantor05/10/2019 Was thinking voting would be an excellent use case for restricted assets. Local communities, nations, etc... could kyc their residents radiodub05/10/2019 Is x16r will remain fpga mineable Tron05/10/2019 @Jeroz We're hard to offend. Chill05/10/2019 Is the general dev feeling that the next fork should and will include everything needed for the next 6-9 months (barring something completely unforeseen)? Jeroz05/10/2019 I know :smile: Tron05/10/2019 @radiodub Nearly impossible to stop FPGAs and still keep GPUs Jeroz05/10/2019 About that: voting is another hard fork right? Not too soon? Tron05/10/2019 FPGAs can be reprogrammed as fast. It is silicon (true ASIC) that we can obsolete with a tiny change. @Jeroz Messaging, voting, Tags, Restricted Assets would require a hard fork (upgrade). We could do them each individually, but folks get weary of upgrades, so current plan is to roll them together into one. MrFanelli™05/10/2019 Good idea Jeroz05/10/2019 Oh voting too? MrFanelli™05/10/2019 People will like that Jeroz05/10/2019 I thought that was coming later Tron05/10/2019 Voting is the one that isn't being worked on now. Tags and Restricted assets have taken precedence. Jeroz05/10/2019 I know. But you plan on waiting to fork until voting is also done? That would have my preference tbh But I can see an issue with too many things at the same time Tron05/10/2019 If someone wants to step in, we've had one of our devs sidelined and he was working on BlockBook support so more light wallets can connect to Ravencoin. Mostly test cases needed at this point. S1LVA | GetRavencoin.org05/10/2019 Thats a pretty large upgrade.. Bigger surface for unknowns Rikki RATTOE Sr. SEC Impresantor05/10/2019 At what point would RVN community consider moving to ASICs because having a Bitcoin level of security would eventually be needed? MrFanelli™05/10/2019 Never rikki Tron05/10/2019 @S1LVA | GetRavencoin.org 100% Lots of testing on testnet and bounties. [Dev-Happy] Blondfrogs05/10/2019 I am here :smiley: Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor There's nothing inherently wrong with ASICs but it tends to centralize to data centers and less opportunity for anyone to just run their gaming rig overnight and collect RVN. Welcome Blondfrogs MrFanelli™05/10/2019 Asics are too expensive. If we want normal people to mine, then we cant be an asic network Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron True but what happens when the chain needs a Bitcoin level of protection? Tron05/10/2019 More GPUs, more FPGAs MrFanelli™05/10/2019 Nvidia loves ravencoin :stuck_out_tongue: Chill05/10/2019 ok, so we are pro FPGAs 𝕿𝖍𝖊 𝕯𝖔𝖓 𝕳𝖆𝖗𝖎𝖘𝖙𝖔 CEO ∞05/10/2019 Build it and they will come Tron05/10/2019 It's all relative. It is cost to attack. If an ASIC isn't available for rent, then only option is rental of non-allocated GPUs Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Chill Eventually everyone will need FPGAs to be profitable on RVN, at that point I don't see why we just don't make the switch to ASICs Tron05/10/2019 Also, as much as we don't focus on price, the price does matter because it determines the amount of electricity and hardware will be deployed to get the block reward. Price increase means more security, more mining means more security means higher price. It's a circle. Chill05/10/2019 someone tell that to the twitter handler HailKira05/10/2019 you guys adding seedphrase to desktop wallet? [Dev-Happy] Blondfrogs05/10/2019 @HailKira We will, just is not a high priority right now. MrFanelli™05/10/2019 Twitter handle wants rvn ded Rikki RATTOE Sr. SEC Impresantor05/10/2019 I just don't see much difference between ASIC and FPGA and I'd rather have the added nethash an ASIC will provide once GPUs are virtually kicked off the network kryptoshi05/10/2019 I'm at 11 GB future proof Tron05/10/2019 That also limits miners to big money, not gaming rigs. Synicide05/10/2019 @Rikki RATTOE Sr. SEC Impresantor you have to keep in mind the 'added nethash' is all relative Rikki RATTOE Sr. SEC Impresantor05/10/2019 FPGAs will limit miners to big $$$ too IMO Tron05/10/2019 @kryptoshi New algo x16r-12G requires 12GB :frowning: Seal <:cricat:> Clubber05/10/2019 But sperating smaller gb cards would lead to less adoption if we ever become a mainstream coin. Adpotion of mining that is Chill05/10/2019 but we are a mainstream coin Seal <:cricat:> Clubber05/10/2019 Mains stream as in what eth did Tron05/10/2019 @Rikki RATTOE Sr. SEC Impresantor I agree. Not a perfect solution. Steelers05/10/2019 Is this a Dev meeting or Algo meeting :smiley: Seal <:cricat:> Clubber05/10/2019 But if we ever go mem lane. We should aim for 6 or 8gb. Tron05/10/2019 Open to other questions. Rikki RATTOE Sr. SEC Impresantor05/10/2019 @Tron Probably not the time and the place to have this discussion as we stand currently but IMO we're gonna have this conversation for real eventually Seal <:cricat:> Clubber05/10/2019 Most cards have 6gb now. kryptoshi05/10/2019 Why 12 gb ? Such a massive jump Seal <:cricat:> Clubber05/10/2019 ^ Would also like to know Tron05/10/2019 @kryptoshi I was joking. You said you had 11GB card. Seal <:cricat:> Clubber05/10/2019 Haha You got em good I cant imaghine the face he had when he was 1gb short Lel Rikki RATTOE Sr. SEC Impresantor05/10/2019 That's what she said kryptoshi05/10/2019 Hahaha MrFanelli™05/10/2019 need a 2080ti Seal <:cricat:> Clubber05/10/2019 How much does the VII have? 16? [Dev-Happy] Blondfrogs05/10/2019 Any other questions you have for us? Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs You were testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends. Chill05/10/2019 a dev might want to contact Crypto Chico for some 'splaining [Dev-Happy] Blondfrogs05/10/2019 I still haven't contacted the developer that was working on dividends. Was pretty busy with some other stuff. I will contact him this next week, and see where we are at for that. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Chico doesn't do interviews, shame. Tron would be a much needed interview for his community [Dev-Happy] Blondfrogs05/10/2019 As far as releasing dividends, I can be released at anytime the code is finished and doesn't require any voting or hardfork to occur kryptoshi05/10/2019 Android asset aware wallet? Seal <:cricat:> Clubber05/10/2019 Is in beta right Tron05/10/2019 Testing went well today on Android. Nearing release. [Dev-Happy] Blondfrogs05/10/2019 as it is a mechanism that is wallet specific liqdmetal05/10/2019 no protocol level dividends you guys are saying? [Dev-Happy] Blondfrogs05/10/2019 correct Tron05/10/2019 DM me if you want to test Android with Asset support. I'll send you the .APK. Rikki RATTOE Sr. SEC Impresantor05/10/2019 RVN gonna be on tZero wallet? :yum: liqdmetal05/10/2019 why not? what is the logic on non-protocol dividends assets + protocol dividends is nirvana [Dev-Happy] Blondfrogs05/10/2019 dividends is pretty much sending payments to addresses. Right now, you would have to do this manually. The dividends code, will allow this to be done quicker and easier. No consensus changes are required. Tron05/10/2019 New Android wallet is BIP44 and original Android wallet is BIP32/BIP39 so the words will not find the funds. You'll need to send them to another wallet, and then send them to new BIP44 derived address. liqdmetal05/10/2019 we already have payments to addresses so dividends is not a feature so much as simple wallet script Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs The dividend code changes look risky'er to me than messaging. Would you consider "tags" branch test-ready? [Dev-Happy] Blondfrogs05/10/2019 Not yet @Hans_Schmidt Dividends is easier then you would think if coded correctly. I still haven't seen the code from the community developer. Excited to view it though. Hans_Schmidt05/10/2019 @[Dev-Happy] Blondfrogs Sorry- I meant restricted, not dividend kryptoshi05/10/2019 @Tron on the Android wallet, anyone successfully added their own node and got it to sync faster? Always have issues. I have a supped up node and cannot get it to work with the Android wallet... [Dev-Happy] Blondfrogs05/10/2019 @Hans_Schmidt Oh, that makes more sense. Yes, they are very risky! That is why we are going to create a new bug bounty program for restricted assets testing. Rikki RATTOE Sr. SEC Impresantor05/10/2019 Once the network does get flooded w FPGAs, should we even consider changing the algo a couple times a year? That would only give bitstream developers added time to hoard their creations for themselves Kind of like they're already doing with their x16r bitstreams :yum: kryptoshi05/10/2019 Flooded... lol... like that hardware has mass production scale like gpus...come on dude MrFanelli™05/10/2019 Bip44 wallet? :smiley: Rikki RATTOE Sr. SEC Impresantor05/10/2019 @kryptoshi Eventually yes, where there's $$$ to be made, people make things happen MrFanelli™05/10/2019 So can we trade from that in the new Binance Dex when RVN get listed? kryptoshi05/10/2019 @Rikki RATTOE Sr. SEC Impresantor Yes Soon TM lol. :soontm: Tron05/10/2019 @kryptoshi There are some things we can do to speed it up. For a new wallet, it shouldn't need to sync. For recovered wallet, it needs to sync from beginning of BIP44 wallet support on iOS so words can be moved between the two. Other options include grabbing the first derived address and looking it up on an explorer to see when it was first used and sync from there. Another option is to add an optional number with the 12 words so it knows when to start syncing. There isn't a good reason on an SPV wallet to sync before the seed was created. kryptoshi05/10/2019 Cool. Glad you are looking at speedup options.. :right_facing_fist: :left_facing_fist: [Dev-Happy] Blondfrogs05/10/2019 @MrFanelli™ If the binance dex support RVN deposits. I am sure you would be able to send from it MrFanelli™05/10/2019 Has binance reached out for any info or anything? I seen that we ranked in some voting competition they had on twitter for an ama Rikki RATTOE Sr. SEC Impresantor05/10/2019 I believe we'll need to create a fund of approximately $300,000 in order to get a BNB-RVN asset created and listed on the Binance FDEX [Dev-Happy] Blondfrogs05/10/2019 In order to work with binance we need Ravencoin integrated into Blockbook. Tron05/10/2019 @MrFanelli™ I've reached back out to Binance on the AMA. MrFanelli™05/10/2019 Awesome :smile: kryptoshi05/10/2019 @Tron you are a natural on the interviews... cool as a cucumber. :sunglasses: Tron05/10/2019 Thanks @kryptoshi [Dev-Happy] Blondfrogs05/10/2019 Cool. We are done for today. Please don't ask us any more questions :smiley: Tron05/10/2019 Thanks everyone!!!! [Dev-Happy] Blondfrogs05/10/2019 Cya everyone!! S1LVA | GetRavencoin.org05/10/2019 Cya happy feet, Thanks Thanks Tron Seal <:cricat:> Clubber05/10/2019 :bepbep:
Alright, I keep seeing you fucks talk about how "Bitcoin is going to make Nvidia/AMD go to the moon". I'm going to walk all you fucks through bitcoin, crypto currencies, and how they effect the GPU market. What is Bitcoin? Bitcoin is a decentralized ledger. That's pretty much it. A set number of bitcoin is generated per block, and each block is solved when a resulting hash is found for the corresponding proof of work. The difficulty is adjusted periodically based on a formula, meaning that as hash rate rises and falls, the number of bitcoins produced per day is roughly the same. What does Bitcoin have to do with AMD and Nvidia? Fucking nothing. Bitcoin is mined on proprietary hardware called Application-specific Integrated Circuits (ASICs). Neither AMD or Nvidia produce these. Why does everyone keep talking about Bitcoin and AMD then? Because they're fucking retarded and you're listening to retards. Bitcoin runs on the SHA-256 Hashing Function which people have custom hardware for. The Crypto driving GPU sales is ETHEREUM, NOT BITCOIN What the fuck is Ethereum then? Don't worry about it. It's for smug assholes who are too edgy for Bitcoin. All you need to know is it runs on a different Hashing function than Bitcoin, so if you weren't a retard you'd probably realize that the proprietary hardware I talked about earlier won't work with it. Currently Ethereum is being mined the same way Bitcoin was when it first started; on GPUs. When are you going to tell me what to buy Shut the fuck up, learn something or kill your self. How many GPUs are being used to mine currently? Currently the Ethereum Hash Rate is 73,000 GH/s. For upcoming earnings, we should instead look at the period from April to June. April 1st shows a network hash rate of 16,500 GH/s, and June 31st shows 59,200 GH/s, meaning the network hash rate increased by 42,700 GH/s for this upcoming earnings report quarter. I've linked a decent benchmark for GPU hashrate . You should notice that all of these are quoted in MH/s, versus the Network reporting in GH/s; there are ALOT of fucking GPUs running on the network. A top of the line 1080 puts out about 20-25 MH/s, a good Radeon card does about 30. As a rough estimate, lets assume that the average card mining Ethereum currently produces about 25 MH/s. 42,700GH/s / 25MH/s means that there are 1.7 MILLION more GPUs currently mining ethereum than there were at the beginning of Q1. Based on my personal observations being involved in this, AMD is actually taking a majority market share of the sold cards just due to their superior performance compared to Nvidia's 1080s, and I'd estimate that About 50-60% of the cards currently mining Ethereum are AMD Radeons. What does this all mean? AMD are selling their highest margin video cards faster than they can produce them, and at ~250$ a pop with 50%-60% market capture AMD will have sold roughly 200-300 million dollars more in video cards than they did last quarter. AMD quarterly revenue last reported was just under 1 Billion. This is a 20-30% increase in revenue from last quarter, where Ethereum Hash Rate only increased by about 10,000GH/s. Even assuming a modest 30% margin for their video cards, AMD will still have almost 60 million in unexpected earnings this quarter due to crypto mining, which translates to about .06-.1 per share in earnings. tl;dr Ethereum will make AMD beat revenue by 20-30%. BUY AMD YOU CUCKS.
MinedBlock offers the opportunity for investors to take advantage of using the resources from a large-scale mining operation, mining multiple crypto assets without the need to buy, configure and maintain expensive mining equipment. MinedBlock are running a Security Token Offering (STO) utilizing the Polymath ST20 to raise subsidizing to empower us to offer the open door for speculators to exploit utilizing the assets from a huge scale mining task without the need to purchase, arrange and keep up costly mining hardware. Minedblock will offer a completely overseen mining administration where you can depend on their group to care for the hardware and guarantee they are working at greatest profitability every minute of every day with the least working costs. The MinedBlock Mining residence will be orchestrated in Iceland, reason in the light of the openness of intensity cost and the atmosphere condition of the country. The will utilize the ASIC Bitcoin and Bitcoin Money mining units with GPU mining rigs produced and planned from the UK. MinedBlock will acclimate to changes and light up customers on the best diggers that would give benefits. The gathering will be responsible for evaluation and watching. MinedBlock furthermore plans to have combinations of masternode to have the ability to generate salary for token holders which will besides construct the return on initial capital investment consistently. MinedBlock will distribute 75% of their mined revenue every month to their token holders in ETH. The 25% left will be used to expand the mining facilities and buy back the tokens at market price which will reduce the circulation. Holding MBTX for long term will have benefits such as, the amount of ETH, which holders receive each month, will increase as they hold a larger percentage of the supply while the mining facility will be growing which means increased output. MinedBlock will also make a committed mining office which centers on mining different coins from inside the best 50 by market top to guarantee a different scope of income streams for clients to advantage from. Through the proposed expansive scale task, they will help improve the decentralization of coins where there are as of now extensive pools overwhelming the hash rates of well known coins. MinedBlock will likewise be progressing in the direction of a dimension of decentralization inside our own organize through worldwide circulation of our mining server farms. MinedBlock also aims to be a fully transparent company. They will have customer dashboard, as a live service, to show all the live stats along with mining revenue generated and predicted distribution based on the specific holdings. Future plans for mining activities will be voted through dashboard threfore everyone in the MinedBlock community has the right to shape the future of company. MinedBlock will continually monitor mining activities and switch between altcoins when the achievement rate and trouble change. The inevitable objective will keep up the most extreme effectiveness amid their tasks to build benefits and limit asset wastage. The firm will likewise decide if utilizing existing mining pools or depending alone hash rate will deliver the best yield. As to, Mineblock will send a blend of modified GPU mining units alongside ASIC rigs. All mining equipment will be supplanted and exchanged as often as possible while utilizing distinctive ASIC providers to evade any centralization and furthermore to improve the assorted variety of customers. MinedBlock offers a more realistic and practical mining solution for users who have been facing high process complexity. This platform provides digital token mining facilities for various types of digital currencies. By using the ASIC application for integrated circuit mining, this application will run a computer system to complete a task which in this case is completing the mining process. There is AndMinerS9i which is an ASIC miner supported by 189 individual chips specifically created to complete SHA-256 encryption. If the encryption is successfully solved, the block will be immediately solved as well so that the miner can open it and get the tokens stored in it. ICO Details of MBTX Token
Token : MBTX
Type : SecuritySTO
PreICO Price : 1 MBTX = 0.1 USD
Price : 1 MBTX = 0.15 USD
Platform : Ethereum/Polymath
Accepting : BTC, POLY, ETH, Fiat
Minimum investment : 300 USD
Soft cap : 1,000,000 USD
Hard cap : 15,000,000 USD
ICO TIME : 2019-04-01 - 2019-05-31
Country : United Kingdom
ICO Details of MBTU TOKEN
Token Ticker : MBTU
Token Type : Utility
Platform : ERC20
The total supply : 200 Millions
Price per Token : $0.10
Details of Token Distribution of MBTU Token
Initial Exchange Offering Allocation : 115 million
DDoS thread received: Meridian Collective (Probably a SCAM)
We received today an email demanding 1 BTC to avoid being attacked by a DDoS on Friday 16th this month ( june ). We are a small company based in Spain. Possibly a scam as the bitcoin address they gave in the e-mail has been sent to others ( found through google ). spanish police notified and responsible listed in whois for emblixhosting.com also notified with an e-mail. We have also notified our ISP just in case. Any suggestion on how to proceed further ? Just for reference, hereafter is the text of the e-mail and the headers. ------ Threat e-mail text ----- PLEASE FORWARD THIS EMAIL TO SOMEONE IN YOUR COMPANY WHO IS ALLOWED TO MAKE IMPORTANT DECISIONS! We are the Meridian Collective and we have chosen your website/network as target for our next DDoS attack. 1 - We checked your security system. The system works is very bad 2 - On Friday 16_06_2017_8:00p.m. GMT !!! We begin to attack your network servers and computers 3 - We will produce a powerful DDoS attack - up to 300 Gbps 4 - Your servers will be hacking the database is damaged 5 - All data will be encrypted on computers Crypto-Ransomware 4 - You can stop the attack beginning, if payment 1 bitcoin to bitcoin ADDRESS: 1HgGf2BCRkBmJNy13oWPo267bq7Lp17Djr 5 - Do you have time to pay. If you do not pay before the attack 1 bitcoin the price will increase to 5 bitcoins 6 - After payment we will advice how to fix bugs in your system Please send the bitcoin to the following Bitcoin address: 1HgGf2BCRkBmJNy13oWPo267bq7Lp17Djr Once you have paid we will automatically get informed that it was your payment. How do I get Bitcoins? You can easily buy bitcoins via several websites or even offline from a Bitcoin-ATM. We suggest you to start with localbitcoins.com or do a google search. What if I don’t pay? If you decide not to pay, we will start the attack at the indicated date and uphold it until you do, there’s no counter measure to this, you will only end up wasting more money trying to find a solution. We will completely destroy your reputation amongst google and your customers and make sure your website will remain offline until you pay. This is not a hoax, do not reply to this email, don’t try to reason or negotiate, we will not read any replies. Once you have paid we won’t start the attack and you will never hear from us again! Please note that Bitcoin is anonymous and no one will find out that you have complied. -------- Headers follow minus internal network details marked [Redacted]----------
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Edit: format of headers Edit : Thread -> Threat ; cannot change post title, though
WARNING: WALL OF TEXT, HIGH SCIENCE CONTENT Friends, shibes, it is my pleasure to speak with you for what I hope is the first and not the last time. I'm arrdem, I'm a Doge daytrader, economist and miner on the side, and a programmer during the day. Today I'd like to have a chat about some of the rumors with regards to ASICs and the X11 hash that have been floating around /dogecoin for the last few weeks and I hope bring some light to the discussions. On Scrypt What is special about our hash function? Why does Bitcoin use SHA256 and why does Doge use Scrypt? The hash function used by each cryptocurrency must have no known inverse function or algorithmic weakness which allows miners to cheat and compute nonces easily, and it needs to be easy to verify or recompute given an input. The first requirement is obvious in that if the hash function is weak, then someone can achieve a 51% attack potentially with less than 51% of the network's hashing power. The second is less obvious and is in fact entirely a performance issue. SHA256 is a known and trusted algorithm which has yet to exhibit any known weaknesses, and it is very very fast to recompute. This is why Bitcoin is SHA based. Litecoin, the intellectual father of Dogecoin, chose the Scrypt hash function because it was a memory bound algorithm. That is, the slowest part of computing the Scrypt hash of some value is waiting for values to be fetched from memory: an operation which it is amazingly expensive to make fast. The goal of choosing an artificially expensive hash function was to escape the Application Specific Integrated Circuits (ASICs or hardware miners) which had come to dominate Bitcoin mining. Because the SHA256 algorithm does not have large memory requirements, it was easy for Bitcoin speculators to develop cost effective hardware for the single purpose of searching for SHA256 nonce values. On ASICs Before we get to whether ASICs are good or bad for a coin, we must first assess why they made sense for Bitcoin so that we can reason about their impact on Doge. Because the computational power to find a nonce for any good cryptocurrency is expected to be large, that means there is a literal cost attached to processing each transaction on the network. While transactions may be nominally free or at least low fee, miners are really speculators expecting that someday the value of the coins they earn computing nonce values for blocks will exceed the operating costs and purchase costs of the hardware they mine with. This expectation that one day mining costs will be repaid is in fact the key reason that Bitcoin featured block rewards. The block reward was seen as a bootstrapping mechanic with which to buy hardware investment in the Bitcoin network through currency inflation. Now, ASICs and other mining hardware only pay for themselves if one expects to get enough return from block rewards and future coin price increases to cover the purchase and operating costs of the hardware. However, this is where the block schedule comes in. If we expect that thanks to the law of large numbers that one's return is on average the block reward times ones fraction of the network hashrate, it becomes clear that as the block reward falls it becomes very difficult for any purchased mining hardware to pay itself off let alone turn a profit especially as other miners purchase hardware to compete for the same block rewards thus driving up the hashrate. On the block schedule Looking at the Bitcoin block schedule, ASICs kinda make sense. The Bitcoin block schedule extends until 2140, at which time the "omega block" will be mined and the per block reward of Bitcoin mining will become zero. However until that time the per block reward will decrease 50% every four years. Today in 2014, the per block reward of Bitcoin is 25BTC and it won't change until 2017. That means that Bitcoin targeted ASICs can potentially run for three whole years or more and still have a reasonable chance of breaking even with no assuptions made about changes in the value of 1BTC. Doge's block schedule looks completely different. Where Bitcoin has a long tail on its per block reward extending out to 2140, Dogecoin will reach it's minimum block reward at block 600,000 in January of 2015, less than 14 months after Dogecoin came into being. With the 3rd halvening about 11 days out and the 4th on the horizon, by the time big boy ASICs for Scrypt start shipping in Q3/Q4, being September and later, the per block reward of Doge will have fallen to 31.25KDOGE and below. Third generation ASICs slated for December and January will likely never see more than 15.625KDOGE/block. On the price of Doge So what does this mean for the price of Doge? If the price of Doge doesn't increase at all, it's clear that the expensive new ASICs will never break even. This suggests that late comers with high powered mining hardware will be looking to recoup their investments and asking higher and higher prices for their Doge which should drive up the price overall. To put some numbers on this, at current prices and hashrate, accounting for halvenings, neither Gridseed ASIC even breaks even within 200 days if purchased within the next 48hrs. fn:1. Wait 30 days (after the comming halvening) and you don't come anywhere near break even. If I change my model to include some hashrate growth factor, the outlook is even worse. fn:2. This isn't bad news. This is awesome news for the price of DOGE. Lets say that Gridseed ships oh 500 units of their big boy ASIC, which may be conservative. fn:3 That's right, if hardware equivalent to 1K large Gridseeds came on in the next 30 days and ran at least for 200, doge would have to go all the way up to 702DOGE/USD just for them to break even! To the moon So where does this leave us. I think that the numbers I've presented here show that ASICs for Dogecoin are patently absurd, unless you expect to see a gargantuan spike in the price of DOGE which would make us all rich men anyway. While I'm willing to speculate on block reward (which is easy to model) and on hashrate which I assume is more or less linear, I have no mechanism with which I can confidently predict the price of DOGE out more than a week. Naive linear projections from our initial open of 80 satoshi to today's 126 satoshi over the course of four months suggests that in 200 days we could well see the ~300 satoshi prices which would make Gridseed and other ASIC miners profitable. However once you account for the high volatility of Doge, of Bitcoin and general market manipulation who knows if it'd ever go that high stably. So. To sum up. On the basis of these sketchy ROI numbers, I think that buying ASICs is probably ill advised. That said, I expect that people will buy ASICs and that in doing so they will drive up the price of DOGE at the same time as the supply of DOGE starts to dry up due to block reward decreases. I will be interested to see what happens to DOGE mining in January, as we will be the first coin to reach their steady mining state. I hope that the 10,000 DOGE reward per block will be sufficient to support the ASIC and GPU mining required to keep our hashrate out of 51% threat, but only time will tell. There is a real threat that the ROI of mining will be too low to justify the purchase of new ASIC let alone GPU hardware, which would lead to a falling hashrate and a credible threat of 51% vulnerability. However we could also see prices to go to the moon in which case that is no worry as high efficiency ASIC farms would take over mining securing the coin's stability more or less. I will note that no coin has yet solved the 51% threat issues posed by centralized mining, and I'm personally convinced that it's an intractable problem because as rewards per block decrease as for bitcoin, the costs of mining operations must likewise fall leading to greater centralization of compute power. By fixing our block reward we may. may. be able to dodge (ha ha) this issue however the essential drive to cut mining prices for ROI maximization will remain and will continue to drive mining centralization. With all this in mind, it's silly to talk about the adoption of X11 or another hashing algorithm, because if and when ASIC miners for DOGE become big business it'll already be too late and we will have already mined the vast majority of DOGE thus securing the distribution of DOGE away from the ASIC miners we seem to fear so much as a community. Making the switch to X11 simply delays the ASIC hardware which we want anyway due to the price increases it's likely to drive, forget about making us artificially dependent on GPU mining to secure our hashrate and creating an uncalled for blockchain fork. TL;DR
Stop worrying and love the ASICs, they won't make a ton of money and will secure our hashrate and by proxy our Doges!
STFU about X11. It's even more ASIC friendly than Scrypt, and we gain nothing from another blockchain fork.
Price projection: moon!
Open issue: How do we limit mining centralization without increasing inflation? Are we already at a balance point?
By Eleni Steinman, Strategy & Operations Manager (Original post here) In our last blog post we talked about the importance of neutrality in building a system that solves the scalability bottleneck. In this post, we will discuss how the bloXroute Blockchain Distribution Network (BDN) scales blockchains to 1000s of transactions per second (TPS) — and we’re just getting started.
How are blocks currently propagated?
Blockchain nodes connect to peer nodes — who are often geographically dispersed around the world — to create a peer-to-peer (P2P) network. (Read our post by Soumya, Co-founder and CTO, on how peer nodes connect here). When a new block is mined, the winning node sends the block to its peers, who wait until they receive the entire block, validate that block and then sends the block on to their peers, until the block is propagated throughout the entire P2P network. Slow block propagation has been an issue for many years. In late 2013 / early 2014, the Fast Relay Network (FRN) was introduced to mitigate this problem. The FRN was a volunteer service operated for many years for the benefit of the miner community, until its support was abruptly stopped, and later replaced by FIBRE. The Falcon Network is another relay service run by Cornell University and offers several enhancements over FRN such as faster block propagation. Source: http://bitcoinstats.com/network/propagation/ While these relay networks have provided some performance benefits, they are not enough to remove the scalability bottleneck. This is because they were not built with the goal of scalability in mind (albeit FIBRE is specifically optimized for small blocks). The scalability problem is a networking problem and requires a solution specifically designed to solve it. As a refresher (read our CEO and Co-founder, Uri Klarman’s post here for a more in depth explanation), sending larger blocks takes proportionally longer to send (e.g. 10x larger block takes 10x longer to send) and increases the probability of a fork by roughly the same proportion. At 100x larger blocks (only 300 TPS in bitcoin), the block propagation time becomes so long that it exceeds the 10 minutes interval between blocks and the blockchain breaks. This is why no blockchain can do full 300MB blocks every 10 seconds.
The bloXroute BDN
The bloXroute BDN is an enhancement to the Falcon Network. This new broadcast primitive that is able to capture the efficiencies of a single source node data transmission to send data faster while preserving the decentralized nature of blockchains (read more about how we do this here). We employ three elegant, yet powerful techniques to achieve this performance: transaction caching, cut-through routing, and an optimized dynamic scale topology. Transaction caching: bloXroute reduces network redundancy through the use of transaction caching. Since transactions are already known when it’s time to send out the block (as an unconfirmed transaction stored in the mempool, rather than send a block with “raw” transactions, the BDN sends just a few bytes representing the transaction. It does this by indexing the transactions, and then utilizing the indexes when transmitting blocks. The transaction propagation process is as follows: https://preview.redd.it/rsn6uk4dlam21.png?width=1430&format=png&auto=webp&s=4036a2351410295d70fd79f6a6a69122a5c883a4 When a miner builds and then sends its block to the Gateway, the Gateway replaces each transaction with a 4-byte internal ID. This technique allows bloXroute to effectively compress the block size by more than 100x (given that the average raw transaction is approximately 500 bytes, the index size is 4 bytes and the Gateway has a full mapping of the transactions that exist in the block) and in turn, propagate blocks over 100x faster (or 100x larger blocks at the same speed). If a transaction in a block has no internal ID, it is not replaced in the block. Next, the block is encrypted and propagated throughout the BDN (relay servers). Once the block is received by the Gateways on the other end, the originating Gateway sends the encryption key, the block is decrypted by the receiving Gateways and reconstructed using their internal index tables. https://preview.redd.it/ykfu6ejglam21.png?width=1297&format=png&auto=webp&s=66c369bcd8079cacbc6a8382000a01bc6e614e2a Xthin blocks, Graphene and Compact blocks are similar techniques that compact blocks by replacing each transaction with its 6 bytes hash (not the usual 32 bytes SHA-256 hash). In our previous post, Uri, Co-Founder and CEO, explains the limitations of these solutions when the volume of transactions increases as keeping mempool in sync becomes harder, and collisions become frequent. Conversely, the bloXroute BDN does not suffer from the same desynchronization as the relay servers have a clear picture of all the data. Cut-through Routing: Without a relay network, each hop in the block propagation checks the validity of the block it is receiving before sending that block on. A node will transmit blocks to its peer only when the block is fully received and validated. The bloXroute BDN does not wait until the entire block is received before it sends the block to a peer node but rather immediately streams each packet of data as it is received through a well-provisioned dedicated network infrastructure. This technique, known as cut through routing, allows bloXroute to broadcast data 10–100x quicker. Only once the blocks are received by the node through the Gateway are they validated. Optimized topology: Another advantage of the BDN is its optimized topology. New Bitcoin nodes can find initial network peers by querying a set of hard-coded DNS servers. The DNS servers provide joining nodes with their initial peer list to connect to and from there, new bitcoin nodes can crawl through the network. The result, is a web of random connections where data is not propagated throughout the network in the most optimal route. https://preview.redd.it/rfpk81ljlam21.png?width=800&format=png&auto=webp&s=5b6cd1189fc503a0f54a0a49e33c03d829431bf5 Conversely, bloXroute has strategically placed servers around the world to send data as efficiently as possible to the geographically dispersed set of nodes that comprises the various blockchain networks. Furthermore, the BDN Control Plane will dynamically select the optimal relay peer based on network latencies and load. In most cases, the Control Plane will connect the Gateway to the closest relay server in terms of latency (ping distance). This optimized topology allows the BDN to propagate data to the entire network more efficiently than a P2P network. Again, because bloXroute is provably neutral, it is able to take advantage of this efficiency without impacting the decentralized nature of blockchains.
bloXroute is able to achieve 1000s TPS using internal IDs, cut-through routing and an optimized topology. These techniques can provide scale that far surpasses the current needs of any single blockchain and are compatible with all blockchains as they run underneath the consensus layer. — — — We’re always looking for good people! If you’re equally excited to solve the scalability bottleneck for all blockchains, consider joining our team! We are always looking for passionate partners to help us on this important journey. Check out our available positions to work with us in our Chicago offices. Learn more
InvestInBlockchain - Cryptocurrencies in the Top 100 With Working Products
📷 Bitcoin is the cryptocurrency that started it all back in 2009, after the global financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and outdated, insecure financial infrastructure. Today, Bitcoin is being used for peer-to-peer payments across the globe. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. Without Bitcoin, this list would not exist.
📷 The platform that brought smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects. After Ethereum, teams saw the value of decentralized apps (dapps) and smart contracts, and shifted their focus to compensate. Vitalik Buterin’s Ethereum whitepaper was released in late 2013. The project itself was announced January 2014, with a crowdsale the following July. The system officially went live in July 2015. Since then, hundreds of businesses, individuals, and blockchain projects have adopted Ethereum as their main smart contracts platform.
📷 Ripple is focused primarily on one thing: fast and cheap international transactions. Current banking infrastructure has failed to evolve in the 21st century, such that it still takes 3-5 business days on average for an international transfer to be processed. With just 4 second transaction times and at a fraction of the cost of a wire transfer, Ripple’s working product is already impacting the banking sector. The big knock against Ripple is that its native token, XRP, is completely unnecessary. Indeed, driving adoption of Ripple’s banking solutions is far easier than getting real-world adoption for XRP. If you’re interested in seeing a discussion about how XRP adoption will occur, you might find this reddit thread worth a read. Meanwhile, all of us will just have to wait and see whether XRP adoption strategies ultimately come to fruition.
Bitcoin Cash (BCH)
📷 Bitcoin Cash was created in 2017 when the first ever hard fork of the Bitcoin blockchain took place. The split was the result of Bitcoin’s 1MB blocks filling up. Transaction speeds were declining, fees were increasing, and it became clear to the community that the current model wasn’t sustainable for scaling. In a move that still causes cryptocurrency fights to this day, Bitcoin and Bitcoin Cash soon emerged as separate but similar projects. BCH has 8x the block size of BTC, giving it roughly 8x the transaction throughput. Its fees and transaction times are much faster, as predicted. Learn more about Bitcoin vs Bitcoin Cash.
📷 The Stellar project and its associated Lumens (XLM) token was forked from the Ripple protocol in 2014. Stellar has come into its own since then, providing a blockchain connection service for fiat transactions between banks, payment systems, and people. Stellar is fast and reliable, and it works with practically no fees for the end-user. Stellar is a payments system, meaning its job is to move money as efficiently as possible. Partnerships with banks and financial institutions were key in evaluating its status, as was the ability to actually send money using the network. Several non-profits and commercial entities have agreed to use Stellar as part of their financial infrastructure. Recently, the team partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific and announced an affiliate with Keybase to streamline international transactions. Stellar also has projects being builton its network by major established entities. IBM’s blockchain division is using XLM for their payments infrastructure, for example, and the Veridium startup is working with both organizations to tokenize its carbon credits market.
📷 Litecoin is a Bitcoin fork that was created in 2011 by Charlie Lee as a cheaper and faster (2.5 minute block time instead of 10) alternative to Bitcoin. This is accomplished predominantly because Litecoin uses a Scrypt hashing algorithm instead of the SHA-256 algorithm used by Bitcoin. It’s common to hear Litecoin called “digital silver” to Bitcoin’s “digital gold,” and in reality Litecoin does not really expand upon the functionality of Bitcoin in a significant way so much as it makes different tradeoffs. That being said, it does succeed in being cheaper and faster to use than BTC, which has led to it being accepted by hundreds of merchants and thus making Litecoin one of the most widely used cryptocurrencies for digital payments.
📷 Tether is an unusual project. Whereas most cryptocurrencies rise and fall in value, Tether was designed to stay the same, fixed at a 1:1 ratio with the U.S. dollar. This allows users to store, send, and receive digital currencies across platforms without incurring significant losses due to value fluctuations. The Tether stable coin sounds straightforward, but the project isn’t without controversy. USDT is supposedly backed by real USD sitting in a bank account. But in which account? Who controls it? And is Tether being used to manipulate the value of Bitcoin? It’s all part of the Tether controversy.
📷 Released in 2014 as a fork of Bytecoin, Monero has since made a name for itself as the most popular privacy coin on the market. Most cryptocurrencies offer little in the form of anonymity. Monero was built for privacy from the ground-up, featuring stealth addresses, ring signatures, and complete coin fungibility. All of this adds up to a near-perfect cloak of anonymity, allowing Monero users to conduct transactions without exposing their identity. Monero has had steady growth over the years thanks to a dedicated team of developers and an active community. The project continues to evolve with new privacy features and improved transaction security.
📷 NEO was founded in 2014 as one of the earliest smart contract platforms, giving it a wide breadth of possible functionality. The platform’s strongest use case is digitizing traditional assets so that they can be easily tracked and exchanged on the blockchain. NEO is also well-known as the “Chinese Ethereum,” and the fact that it is a Chinese-based project does seem to make Chinese dapp developers somewhat more likely to build on top of it than other platforms. In fact, NEO has already supported dozens of ICOs and remains one of the predominant platforms for supporting smart contracts and dapps.
Binance Coin (BNB)
📷 Binance Coin is an exchange token used to reduce trading fees on the Binance platform. Users can opt to pay exchange, listing, and withdrawal fees using BNB and enjoy as much as a 50% discount on all charges. This turns out to be a powerful incentive for purchasing and holding BNB, as what trader doesn’t enjoy saving money on transactions? Binance Coin is an ERC-20 token that runs on the Ethereum blockchain. Its purpose is extremely limited, but because such a vast number of Binance users transact with it every day, it qualifies as a working and active product.
📷 Zcash is another immensely popular privacy coin that often cracks the top 20 cryptocurrencies. It uses the tagline “internet money” and promises to fully protect the privacy of transactions with zero-knowledge cryptography. Zcash provides anonymity by shielding transactions on the blockchain, preventing anyone from seeing the sender, recipient, or value of each transaction. The technology is so effective the Ethereum team is investigating it to enable anonymous transactions on their network. Zcash has grown in leaps and bounds in 2018. The dev team published a roadmap through the year 2020, which includes a major features upgrade in the October 2018 Sapling release. Coinbase is also considering listing Zcash, which is a huge boost for any cryptocurrency.
📷 Qtum is a smart contracts platform similar to Ethereum, only with a stronger focus on value transfers and decentralized apps. It’s meant to be something of a hybrid between Bitcoin and Ethereum, allowing businesses to build smart contracts on the platform or just focus on cryptocurrency transactions. Qtum launched in March 2017, and dashed straight to the top. The initial offering sold over $10 million in tokens after just 90 minutes. The project differentiated itself by providing a rare Proof-of-Stake smart contracts platform designed to compensate for some of Ethereum’s shortcomings, including lack of compatibility for mobile devices. Qtum released its mainnet in September 2017, opening the doors to a fully functional smart contract and dapps platform. Several projects already have an established presenceon the network. One of the more exciting ones is Space Chain, which aims to create an open-source satellite network anyone can use for data transmission, storage, and development.
0x Protocol (ZRX)
📷 0x Protocol has one of the most important working products in the entire Ethereum ecosystem. It is a permissionless, open-source protocol that facilitates trustless exchanges of Ethereum tokens through relayers and dapps that build on top of the protocol. Not only has 0x been providing this functionality for over a year now, but they’ve been working to expand the protocol functionality significantly since that initial launch. In 0x protocol 2.0 and beyond, it will be possible to trade tokens built on standards besides ERC-20, including non-fungible ERC-721 tokens. In a market full of scams and vaporware, 0x’s valuable contributions to the Ethereum ecosystem have made it one of the best performing cryptocurrencies of 2018.
📷 Bytecoin is another popular privacy-focused cryptocurrency with a strong community and user base. Transactions on the Bytecoin blockchain are instantaneous, untraceable, unlinkabe, and resistant to blockchain analysis. Bytecoin has been around for a long time now, with contributions to the project beginning in 2012. However, that hasn’t stopped the project’s developers from continuously improving the product. The recently updated Bytecoin roadmap has a hard fork for a consensus update scheduled for August 31, as well as numerous initiatives for community growth constantly in the works.
📷 Founded in 2015 by former Bitcoin developers, Decred’s most important working product is its solution to Bitcoin’s biggest problem. No, not scalability… blockchain governance. You see, early Bitcoiners have been debating block size limitations and the efficacy of other scalability solutions like the Lightning Network for years, even though the problem of scalability really only became discussed in the mainstream in 2017. With its community-based governance model and strong adherence to the core ethos of decentralization, Decred is built to evolve and improve rapidly. That means that it’s equipped to handle not only the scalability problem today, but other big problems that might arise down the line. When you have poor governance, it is an arduous process making any upgrades to a project, no matter how necessary they may seem to the majority of coin holders. Decred’s best-in-class and still improving governance model give it an intriguing case to be a leader in digital payments for a long time to come.
📷 BitShares aims to improve worldwide access to financial services via blockchain. The tagline “assist the unbanked” summarizes the project nicely. In practice, this translates to BitShares operating as a decentralized exchange, one that was built from the ground-up to avoid scalability issues and keep transaction fees low. BitShares was launched in 2014 by Dan Larimer, who would then go on to take a lead development role in both EOS and Steem. The current state of the project offers decentralized asset exchange, price-stable cryptocurrencies, recurring and scheduled payments, user-issued assets, and more, all available through a decentralized system powered by delegated PoS consensus.
📷 Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micropayments. Think of it like Reddit, only instead of just upvoting or downvoting posts, users can actually reward creators for their effort. Steem is a functional cryptocurrency used exclusively on the Steemit platform. That gives it something of a limited use, but seeing as how Steemit is live and boasts a few hundred thousand users, it’s hard to argue it isn’t a working product. Some people may even beearning money using Steemit.
📷 Siacoin is one of the leaders in decentralized cloud storage, a more secure and affordable alternative to centralized cloud storage solutions like Amazon S3, Google Drive, iCloud, Dropbox, and others. Sia 1.0 was launched in June 2016, and has achieved considerable adoption since then. With the $200 billion cloud storage market widely seen as one of the spaces most ripe for blockchain disruption, Sia has gotten off to a nice start by offering a functional decentralized cloud storage platform for over 2 years.
📷 Augur is one of the most recently launched products on this list. The platform mainnet went live in early July 2018, bringing to fruition almost 4 years of post-ICO work. Augur is a decentralized prediction market that uses game theory to generate crowd-sourced insights. Essentially, thousands of people working together have shown the remarkable ability to forecast outcomes. With Augur, users can put REP tokens as bets on these predictions, essentially creating a form of “useful social gambling.” Augur’s release was a long time coming. The project started as far back as 2014, nearly a year before the ICO. The creators cite the complexity of Augur’s smart contracts as the chief cause of the lengthy development time. Regardless of its past, Augur is now a live product with a bright future. Over 300 predictions have already been made, with the largest winning payout hitting $20,000. Betting volume even exceeded $1 million within the first weeks of launch.
Basic Attention Token (BAT)
📷 Basic Attention Token was one of the easiest projects to include on this list. That’s because its working product, Brave Browser, has more than 3 million active usersbetween its mobile and desktop platforms, making it one of the most widely-used working products in the blockchain space. Not only is Brave Browser functional, it’s the only browser on the market that has built-in ad-blocking and tracker blocking, making the browsing experience both cleaner and faster than what you get with other popular browsers like Chrome and Firefox. The future remains uncertain for the BAT token itself, as its adoption depends heavily on whether or not advertisers buy-in to the Brave model, as well as how willing Brave users are to be shown relevant ads and to pass along the BAT they earn to content publishers. Given Brave’s success in just a short time since being launched, though, the future does appear promising for BAT.
📷 Nano (formerly RaiBlocks) is all about scalability. The coin has nearly instant transactions with a completely fee-less structure. The platform accomplishes this by creating a unique blockchain for every account, preventing bloat and allowing for practically infinite scalability. Nano’s motto of “do one thing and do it well” has gotten them a long way. The team doesn’t have to deal with scaling or slowdown issues thanks to the underlying structure of the project, allowing its roadmap to focus on wallet updates and outreach. This is one cryptocurrency that’s essentially feature complete, and it has been for some time.
📷 Golem has set out to be the Airbnb of computing resources. Have you ever needed extra GPU power to finish up a render? How about processing scientific data similar to the [email protected] project? Even if you don’t have those needs, a lot of groups do. Golem aims to provide easy access to those resources, all of which are rentable for a small cryptocurrency fee. Golem hit the mainnet launch button in April 2018, and was met with a fair amount of fanfare. One of the main goals for the feature-incomplete launch was to push the product out so real users could put it to work. The team was interested in strengthening their interactions with end users to help guide the future of the platform. The team has several major milestones planned for the coming months, so the mainnet release is only just the beginning.
Pundi X (NPXS)
📷 Pundi X has been shooting up the market cap rankings so far in Q3 2018, and they also happen to have a working product that just recently became available to retailers. The primary Pundi X product is a point-of-sale (POS) device that enables quick and easy mobile transactions for both fiat and cryptocurrencies. 500 POS devices are already being used by retailers in Asia, and there are thousands more scheduled to be distributed in the coming months. In addition, Pundi X also offers XPASS cards, cryptocurrency credit cards that can work in place of mobile apps for making digital payments. What makes the Pundi X project noteworthy is that it enables consumers to pay retailers in cryptocurrencies like BTC and ETH, and it immediately converts the payments into local fiat currencies so that retailers don’t need to worry about price volatility of the cryptocurrencies. This makes it significantly easier for people to use cryptocurrencies in their daily lives, making Pundi X an exciting project for blockchain enthusiasts who are looking for signs of future mass adoption.
📷 Waves was the first ever blockchain platform that made it possible for anybody — regardless of their programming experience — to create blockchain tokens. Additionally, Waves has a decentralized exchange where tokens can be traded and exchanged with fiat currencies. Since the project’s first releases in 2016, Waves has gone on to make their DEX accessible from mobile phones and expanded its functionality significantly, while also building several strategic partnerships to help grow the Waves community and user base. Ultimately, though, the Waves Client is the project’s most important working product, as it is what allows tokens to be issued, stored, sent, and exchanged among users.
KuCoin Shares (KCS)
📷 Similar to Binance Coin, KuCoin Shares is an exchange token that can be used to pay reduced fees on cryptocurrency trades. KCS has the added bonus of paying dividends to long-term hodlers, as well, paying out a 5% ROI for most users. The nature of KuCoin Shares is one of the reasons the KuCoin exchange has gotten so much attention since it appeared on the scene. The tokens themselves are limited in scope, of course, but the sheer number of people using them for trades and buying them for passive income is enormous.
📷 Wanchain aims to build new and improved financial infrastructure to seamlessly connect the digital economy through blockchain interoperability. The use cases for Wanchain’s network are vast, and they include decentralized financial services, supply chain logistics, medical data sharing and security, digital ID management, and more. With the recently released Wanchain 2.0, it is now possible to transfer Ether cross-chain using Wanchain’s Ethereum Mapping Token, WETH. Ethereum interoperability is just the start, though, and it’s expected that cross-chain support for Bitcoin and a couple of ERC-20 tokens will follow before the end of 2018.
📷 Komodo is a fork of Zcash that uses the same zk-snark cryptography to hide information about transaction participants and amounts being sent. Functional privacy coins aren’t unique (there are a handful on this list) but Komodo does have some unique features. For one, Komodo was the first ever decentralized initial coin offering. Moreover, Komodo helps other developers to build their own customizable blockchain solutions, from building and securing independent blockchains and launching decentralized ICOs, to integrating projects into the cryptocurrency ecosystem. KMD would already qualify as a working product for its anonymity features on digital payments, but add the end-to-end blockchain building solution and it’s clear that Komodo is making meaningful contributions to the cryptocurrency ecosystem.
📷 Ardor is a scalable blockchain platform that allows businesses to create their own child chains and tokens with relative ease. This helps keep blockchain bloat to a minimum and provides multiple transactional tokens without sacrificing core chain transactions. It’s also a remarkably energy efficient platform that uses Proof-of-Stake to power consensus. Ardor launched its mainnet on January 1, 2018 after a full year in testnet status. Its core features are largely in place, with the roadmap set to improve things like scalability and snapshotting. The Blockchain-as-a-Service-platform hosts a few projects of its own, including the Ignis ICO, which was the first child chain on the mainnet.
Huobi Token (HT)
📷 Huobi is a digital asset exchange platform founded back in 2013, now offering well over 250 different trading pairs. The Huobi Token, meanwhile, is an ERC-20 token that is used on the exchange for discounts on trading fees of up to 50%. In addition, 20% of the income generated on the Huboi Pro trading platform is used to buy back HT on the open market. Unlike most buyback programs, the main purpose of Huobi’s program isn’t to reduce the circulating supply of HT. Rather, the HT that is bought back goes into a Huobi Investor Protection Fund, which is used to compensate Huobi users if they lose coins or tokens on the platform, as well as to ensure market stability and protect investor interests.
📷 ZenCash is yet another privacy coin with a working product in the Top 100, originally launched in the first half of 2017. What makes ZenCash unique is that it’s the first blockchain with Transport Layer Security (TLS) integration for node encryption, making communication on the ZenCash network both private and highly secure. Some other interesting parts of the ZenCash product include Tor nodes and built-in chat messaging services. In the future, the ZenCash team will deliver a DAO Treasury Protocol-level Voting System as well as a scalability solution to handle greater transaction volume.
📷 PIVX is another privacy coin that focuses on keeping users and their associated transactions hidden under a cloak of secrecy. The project also tries to keep transactions as fast and fee-less as possible, something not all privacy platforms can boast about. PIVX launched in January 2016. The coin is currently spendable and delivers the privacy features it promises, though it’s not yet a widely accepted currency by merchants. Future plans for PIVX include governance functions to engage the community, wallet voting, and its own zPIV decentralized exchange.
Kyber Network (KNC)
📷 Kyber Network launched their mainnet in Q1 2018, enabling instantaneous and secure inter-token settlements through a Decentralized Liquidity Network. It’s currently possible to swap ERC-20 tokens on the network with just a few mouse clicks, giving it some basic functionality that is already being used to improve liquidity for Ethereum tokens. In the future, however, Kyber Network will expand its functionality significantly in an effort to seamlessly connect dapps, DEXes, protocols, payment systems, token teams, investors, fund managers, and digital wallets.
📷 Bancor is a liquidity provider that enables users to exchange tokens without the need for a third-party to be involved in financing the transaction. Gaining liquidity is incredibly important for young cryptocurrency projects, as a lack of liquidity makes it risky for investors to buy a considerable amount of a given coin or token, knowing that it might be exceedingly difficult to sell should they wish to. Bancor’s technology makes it possible to convert one token to another, so that investors can be confident that they won’t be stuck involuntarily holding a cryptocurrency that they want to sell. This functionality makes the Bancor Liquidity Network one of the most promising working products on this list, and one that has already achieved a good deal of adoption.
Loom Network (LOOM)
📷 Loom Network is still less than a year old, having been founded in October 2017. However, they have accomplished a lot in that short time span, including having launched numerous tools to help software developers learn how to build blockchain solutions. The most important of these tools — and Loom’s biggest working product — is the Loom software development kit (SDK). However, Loom Network is far more than just a simple blockchain coding academy. It is also a production-ready scalability solution for Ethereum, as the Loom developer toolkit helps programmers to build highly scalable dapps which connect to the Ethereum blockchain through special side chains called DappChains. The project may still be in its infancy, but Loom Network is already contributing more utility to the cryptocurrency ecosystem than the vast majority of other cryptocurrency projects.
📷 Polymath wants to be the world’s go-to resource for security tokens on the blockchain. What Ethereum did for tokens, Polymath will do for securities. The advantages of this are enormous, but the Polymath team likes to point to 24/7 market access, the elimination of middlemen, and trading access for 2 billion unbanked people around the world as the chief benefits of their efforts. The Polymath platform launched in October 2017, and has since released a new security token every week, attracting investors and traders alike. It’s not as exciting of a project as some other blockchain tech, but it’s delivering on its promises with a working product.
Bibox Token (BIX)
📷 Bibox is a encrypted digital asset exchange whose primary differentiator from other crypto exchanges is that it integrates AI technology. The purpose of the AI is to help Bibox’s traders, which it does by providing quantitative computation and analysis of trading activity, personalized risk allocation strategy, speech recognition, and objective analysis of the various coins and tokens listed on the exchange. The Bibox exchange first launched back in November 2017. It has operation centers in the US, Canada, mainland China, Hong Kong, Japan, and Estonia. BIX token holders receive 20% of the exchange profits, and also get discounts on trading fees, similar to Binance. https://www.investinblockchain.com/top-cryptocurrencies-working-products/
Buratino Blockchain Solutions: we have found new solutions to old problems
The market of the mining equipment continues to develop strenuously contrary to adverse conditions on the crypto exchanges. Technologies are constantly improving, increasing growth of mining profitability at the reduction of energy consumption and partly compensating negative dynamics of cryptocurrencies rates. However, it automatically increases the complexity of production of new digital coins that form request for creation of more powerful equipment. Industry is constantly changing and miners need to be able to understand modern trends of the branch. Let’s discuss market tendencies, new technology solutions capability to affect the efficiency of this business, and how exactly our team is ready to help miners. Mining market today Lets begin with the general review of the market, with emphasis on forecasts of the authoritative research companies. Analysts of the American consulting company Coherent Market Insights are convinced: in the medium term (5–10 years) mining will be profitable. Demand for the new equipment will remain high even during the crypto -markets depression. According to the last forecast of the company, by 2025 mining industry will exceed the capitalization level of $16,3 billion. The indicator of cumulative average annual growth rate (CAGR), according to experts, will grow by 18,68% from 2017 to 2025. At the time of posting, the greatest share of computing capacities has been concentrated in Asia. Experts from other large consulting company Technavio consider that the Pacific Rim will take 51% of the general growth of the industry in 2018–2022. Then the share of the Pacific Rim will be reduced below 50% level. The cause is a hard governmental line of China in relation to crypto industry. It makes miners migrate to other countries of North and South America and Eastern Europe. According to the Technavio, 33% of the market is now in the New World, but the share of the USA will grow, forcing out China. Coherent Market Insights experts are solidary with colleagues, and also give the future world leadership to North America. Improvement of production technologies of cryptocurrencies and increase in productivity of the hardware remains a key tendency of the current market. Along with it large producers of microelectronics, such as Samsung and United Microelectronics Corporation are entering the market as suppliers of hi-tech accessories. The large manufacturing companies (Bitmain Technologies, BitFury, Advanced Micro Devices, etc.) actively develop ASIC systems with bigger energy efficiency and the increased hashrate coefficients. It is important for providing the more effective mining. However alternation of generations in available lines of the equipment happens slowly that opens opportunities for new players, such as our company. According to the Coinshares company, hashrate of the only one Bitcoin network grows by 300% annually, the efficiency of chips increases by 80%, and their cost falls on average on 50%. So the profitability of digital coins production grows even in conditions of crypto rate instability with the introduction of new technologies in ASIC-mining . 74% of the mining market is the share of ASIC of all configurations in 2017. It is expected that they will continue to dominate. The process of improvement of the hardware leads to the growth of volumes of the mined coins. But the more is mined, the quicker the algorithm of generation of new blocks in the network complicates. As a result — miners need capacities to grow. Escalating levels of complexity become nearly the main factor of mining equipment market growth in the medium term. For example, analysts of Technavio predict the increase in growth rates for 2018 by 9,04%. Increase in productivity as natural selection To be a successful miner means always to work proactively. Anyone who first manages to use more productive mining systems also remains in a prize or at least in the market. The Forbes.ru magazine describes how the market of a mining is affected by the generation of more productive machines. All of us remember the last year's agiotage around the first ASIC systems for Dash cryptocurrency. Before it was mined only on video cards and brought the monthly income of $1-1,5 thousand from one farm. New miner (DM11G from iBeLink, Antminer D3 from Bitmain and DR-100 from Pinidea) promised income from $5 thousand from each installation. Those who the first have managed to connect ASIC to Dash network succeeded the most. Their monthly income has made about $6 thousand, but it was not for a long time. The rapid growth of the number of ASIC devices in the network has provoked the same fast increase in complexity of calculations. Therefore the payback period of one ASIC system has increased from 3-4 to 12 months. As a result, by the end of 2017, the profitability of Dash mining has decreased almost by 3 times (in comparison with September of the same year). In completion to everything, the Dash rate has fallen off in spring 2018. Production of cryptocurrency is favorable only to those who quickly reacts to the production of the new hardware. Only being guided by new generation equipment or modernizing old ones it is possible not to lose. Recent leaders VS perspective beginners BitFury and Bitmain remain recognized leaders in the global market in summer 2018. BitFury generally specializes in providing mining decisions under specific projects. Bitmain, on the contrary, is guided by production and sale of the ready-made mining systems. Today the market is rather highly consolidated and more than a half of all computing capacities belongs to largest companies. Nevertheless, Coherent Market Insights analysts consider that in the near future deconsolidation of branch due to the appearance of new players is expected. This segment is also interesting to us. With the support of the community on ICO, we will be able to impose market competition to the acting leaders. Just because present devices have a number of problems which are still not solved by anyone except for us. Support of the only one cryptocurrency, the impossibility of the partial modification, high noise level, high costs of cooling and a lot of things still. Everything remains unresolved. We plan to put on the market the multi-mining system of the new generation Papa Carlo. The equipment surpasses competitors in all key indicators: energy efficiency, productivity, customizability, the number of coins, etc. With our development, it will be not just ASIC anymore, but the first real multi-miner, allowing to get fifteen digital currencies on the most popular algorithms SHA-256 and SCRYPT. It is difficult to overestimate the potential of such a product. Papa Carlo is capable to take the worthy place in the market of the CIS and the whole world. It is enough to compare our technological product to the acting leader of sales - Antminer s9, to estimate all range of advantages of Papa Carlo. Compare several key indicators of Papa Carlo and Antminer s9: hashrate of Papa Carlo – 26 Th/s, Antminer s9 – 13,5 Th/s; Papa Carlo processors – 10 nanometers, Antminer s9 – 16 nanometers; the number of Papa Carlo chips – 210, Antminer s9 – 189; energy efficiency of Papa Carlo – 0,065 J/Gh, Antminer s9 – 0,1 J/Gh; Papa Carlo noise level – 35-45 dB, Antminer s9 – 75-80 dB. Conclusion Papa Carlo is a high-performance equipment which can compete with leaders of the market. Our Buratino Blockchain Solutions company provides its development and service. The issue of own token will allow attracting the capital for scaling of business and distribution our multi-miner. Everyone who wishes to receive exclusive privileges from the producer at a stage of the closed sales can join our tokensale.
If Mr. Data from Star Trek were to use his Positronic Brain to mine cryptocurrency, how efficiently could he do it?
"In "The Measure of a Man", a Starfleet judge rules that Data is not Starfleet property. The episode establishes that Data has a storage capacity of 800 quadrillion bits, (88.81784197 PiB) and a total linear computational speed of 60 trillion operations per second. Info taken from KnC´s newsletter Titan Chip Specs Each Titan will have four of our groundbreaking chips installed on delivery to make sure they'll output the guaranteed minimum performance we have specified (300 MH/s). We're delighted to release these eye-catching specifications on our new Titan scrypt miner:
4 chips with 2284 cores each — truly record-breaking numbers in this space.
18272 threads per chip.
300 MB of onboard memory.
If you do the math you'll find that each Titan miner has a whopping 9136 cores running 73088 threads in total. found information on the web that mining bitcoin requires 3385 integer operations per bitcoin hash But for Scrypt hash it seems to be a lot lot looot more. So to make it simple lets say it takes 138072 (128K) operations per Hash, could be more, could be less. (but way more than a Bitcoin Hash, 40 times more) Would equal ~434.555.884 Hashes/second, 434.5MHs Scrypting, (Litecoin) and that is with a Positronic brain which is in no way optimized for scrypt-mining, But it´ll do just fine But im not sure you will ever reach ROI haha For Bitcoin , assuming "60 Trillion operations" could be integer operations aswell, would be able to calculate 17.725.258.493.35 Hashes/s 17.725GHs SHA-256. . . . Summarizing. Mr data´s Positronic brain, that has a capacity of 60 Trillion Operations per second would be able to
Mine LiteCoins at 434.5MHs
Mine BitCoins at 17.725GHs
Bear in mind that 1. Positronic brains does NOT exist in todays wonderful world but in the world of Star Trek, OK?! 2. Mr Data´s Positronic brain was designed for other purposes than mining cryptocurrency ! 3. The calculation made for Litecoin Mining is rather fictive (made up) since there were no info about how many operations that is needed to do 1 Hash for Litecoin as far as i have searched. 4. ROI is NOT going to be reached until sometime after year 2336 when Mr Data is born" source: http://forum.kncminer.com/forum/off-topic/humo34636-data-s-gh-sec
Hashflare cloud mining - is it worth working with?
Cloud mining is really profitable. But it is important to pick the right platform to invest in. I chose Hashflare because they are the most trusted cloud mining company operating since 2012. You can mine based on Hash algorithms SHA 256, Scrypt , ET-HASH (Ethereum), X-11(DASH) and EquiHASH (ZEC). For example, I have purchased 2TH/s (SHA-256) plan on HashFlare - Cloud Mining and it costs me $300. My earnings / revenue according to this plan would be $170/month and $2070/year. Now the above earnings will be directly proportional to two things: Bitcoin price in the market Bitcoin mining difficulty. So you should invest wisely and you can earn some money if you invest at the time right time witt the right plan. If you are a beginner then I will recommend using HashFlare - Cloud Mining as it is easy, super reliable and secure. If you need Hashflare promo code you can get one here: https://www.facebook.com/hashflarecoupon/
Hashflare cloud mining - is it worth to work with?
Cloud mining is really profitable. But it is important to pick the right platform to invest in. I chose Hashflare because they are the most trusted cloud mining company operating since 2012. You can mine based on Hash algorithms SHA 256, Scrypt , ET-HASH (Ethereum), X-11(DASH) and EquiHASH (ZEC). For example, I have purchased 2TH/s (SHA-256) plan on HashFlare - Cloud Mining and it costs me $300. My earnings / revenue according to this plan would be $170/month and $2070/year. Now the above earnings will be directly proportional to two things: Bitcoin price in the market Bitcoin mining difficulty. So you should invest wisely and you can earn some money if you invest at the time right time witt the right plan. If you are a beginner then I will recommend using HashFlare - Cloud Mining as it is easy, super reliable and secure. If you need Hashflare promo code you can get one here: https://www.facebook.com/hashflarecoupon/
[Paid Job] Looking to possibly commission an individual for a conlang
Hello! I'm a worldbuilder whose struggled in the past with conlanging, ultimately I decided actually building a conlang from scratch just wasn't for me and moved onto other aspects of worldbuilding. The idea of having a language for my world still intrigues me though, and I've been entertaining the idea of commissioning the creation of one for my world. I've looked about the LCS Job board and it seems like an excellent place to put job postings, but $300 (presumably USD) is just much too steep for me. I figured I might try this subreddit to see if there was anyone willing to construct a language for less, perhaps around $70 USD (negotiable). There's just one problem... the payment would have to be in Bitcoin. I've probably narrowed my potential applicants down by quite a bit already, but maybe there's someone out there whose interested in being paid in Bitcoin for a semi-casual conlang commission. If you happen to be interested, read on. I'm looking for a language that would sound something like a combination of Quechua and Nahuatl, for an unspecified Andean-esque culture. You'd have a decent amount of freedom as to exactly how the language works, as I'd like the language to be general enough to apply to any Andean-esque culture I may create (I have one in the works already but there's no guarantee I'll stick with it instead of creating a new one). By the end I'd be hoping for enough material to be able to translate entire sentences or paragraphs into the language myself, and a guide on creating new words for the language. More on what exactly I'd need could be discussed one-on-one prior to being commissioned. Here's a few words I can give you to give an idea of what feeling I'd be going for: Kuy Wsulu Ihua Kayuqa Xatsula (sha-tsu-la) If you have any questions let me know. Honestly I don't know if what I'm asking is reasonable or completely outrageous and no one would ever do it for such poor compensation, but if you do happen to be interested you can reply here or PM me. Thank you for your time! EDIT: I have been convinced to make another earnest attempt at creating the language myself. Thank you to everyone who showed interest in this project!
Of Wolves and Weasels - Day 360 - Special Edition: On Paycoin / Shibe Saturday #3
Hey all, GoodShibe here! Today is Shibe Saturday! However I feel that today's regularly scheduled Shibe Saturday post needs to be set aside for a bit of a breakdown on the current Paycoin situation that's unfolding. If you're here for Shibe Saturday, please pop to the end of this post for a list of all the fantastic merchants that we have available to us plus you can use our new Dogecoin Prize List (beta) to help you figure out what you can buy with the DOGE that you have! :D) On Paycoin: One of the good things about having experience is the ability to recognize patterns as they emerge. The more experience you have, the quicker you tend to notice when things are going sideways before they go sideways. Quiet signs that others might not yet notice will ping off of your peripheral. Red flags go up quicker. Sometimes you end up being wrong, sure. But the thing is that at the end of the day, you're paying attention. You're watching. You're ready. As the FoundeCreator of the Dogecoin Defense Force (/DogecoinDefenseForce) I used to see all sorts of people buying GAW-brand miners and such. Heck, GAW had quite a bit of good standing across multiple crypto-communities back in the day when they used to sell actual physical miners that would rest in your home. Here's an article from back when GAW partnered with Zeus back in May-ish of last year. Zeus Miners Hosting Deal With GAWMiners Brings A New Manufacturer To The World Market But here's the thing: You're creating a machine that literally prints money. And once you realize that, well... First came the multiple waves of 'better' and 'better' miners. They'd sell one generation of miners then start selling the next gen within months, while selling the 'last' gen at deep discounts. The newer machines with easier access to hashpower were pushing up the difficulty, making it harder for those who'd had the earlier generations to make even a fraction of their money back. People who'd just bought the 'last' gen, months earlier, found themselves in an arms race to keep up. And the star started to fall. Then came the idea of 'hosted miners'. You could buy the physical miner, they would hold it for you, pay the electricity and you'd get the coins (for a small fee). At first you could actually write to them and get them to send you the miner, if you wanted. Then you couldn't. You were also stuck mining wherever they wanted to mine. If you wanted to mine some other altcoin or whatnot, tough luck. You got the coins they gave you and then you had to swap them out for the coin you wanted. Then came 'Hashlets'. You bought a tiny slice of the pie. Pay X number of dollars, get X number of 'Hashlets'... only there was no actual physical 'end' to the number of Hashlets that there could be. So if you'd gone crazy and bought a share equal to 1% of the total number of available Hashlets, over time, as they added more power, etc to the network, your 'share' decreased. Add in a 'maintenance fee' that just happened to end up soaking up whatever little money you were actually making, and, well, you come to the harsh realization that you've just paid them to build a mining network off of your back. Sure, you still 'owned' the hashlets, but only in name. You'd never, ever see any money from them. Heck, you can't even buy physical miners from them anymore (outside of one bitcoin Rocketbox and used bundles of incredibly outdated Gridseeds). Now it's just all-Hashlets, all the time. And why wouldn't they? Selling virtual, always shrinking, slices of a server farm is way, way more profitable for them than selling hardware. But is it profitable for you? Feel free to ask around, to talk to any number of the home-based miners who've been burned over the last year. So, then comes talk of Hashcoin... then Paycoin and all these pie-in-the-sky claims. I can go into detail but this /Bitcoin post sums it all up rather nicely: GAW Miners - Liars, Frauds - A brief recap of what we know. And all along the way, people who know have been trying to say 'stay away' and 'be careful' - because these aren't the actions of a company with your best interests at heart. So, what's different about Paycoin, why do people seem so much more 'up at arms' than they were before? Because people appear to be buying in, en masse... and they appear to be getting hurt already. Claims of users being banned just for asking pointed questions and claims of lack of transparency and frustration from those who bought in based on promises that Josh had made. What's worse, it seems like those who are actively defending Paycoin are acting like this thing is all being overblown. And maybe it would be... if not for all of the shady stuff in the past that I'd just listed (let alone all the stuff I'm sure I'm forgetting). At the end of the day, coins like Paycoin damage the entire credibility of the Crypto-sphere and help re-enforce negative views of all cryptocurrencies. The people burned here, in this fire, will not be coming back - moreso, they will be out there telling everyone they know to stay away from all cryptos. This is another reason why so many Crypto-communities are standing together. They've seen this coming, they've warned people away -- and now that this thing seems to be catching fire and blowing up, they're trying to protect others from hopping into the flames with those already engulfed. It's sad to say but the history here, all the things that came before Paycoin, has lead me to believe that what we're seeing is a company run amok, high on waves of endless greed - and, unfortunately, a whole lot of pissed off/frightened/angry investors who are caught in the middle. Stay safe out there, my friends! Shibe Saturday! Only have a bit of Dogecoin? Use our Dogecoin Prize List (Beta) to figure out what you can buy with the DOGEs that you have! Great businesses to spend your Dogecoins on this Shibe Saturday!
Coinplay.io sells Steam keys for cool Indie videogames for Dogecoin!
Dogetunes.net offers a vast array of Music for sale by Shibes for Dogecoin!
We also have the 'Hire a Shibe' wiki! (Shibes hiring Shibes to work for Dogecoin!) and Dogerr.com which also allows Shibes to post their skills/abilities and get paid in Dogecoin! It's 8:55AM EST and we've found 97.25% of our first 100 Billion DOGEs -- only 2.75% remains until we hit our soft cap! Our Global Hashrate is up slightly from ~1270 to ~1280 Gigahashes per second and our Difficulty is down slightly from ~20232 to ~19363. As always, I appreciate your support! GoodShibe
"Bitcoin is decentralized" Dear Mr. Xiaochuan, I have just held a meeting with the representatives of the mining cartels. They agreed to work with us. Mr. Wu was somewhat hesitant at first, until I reminded him his daughter would like to work for the government one day. I also showed him some pictures of his daughter sleeping in bed, as well as some of his son playing at the daycare. I think he got the message. So, if the estimates are correct, we now control roughly 80% of the world's hashpower. If you're worried we might lose control, keep in mind that we could subsidize the mining facilities if necessary. We could also carry out an attack now, if we want to bankrupt some of the competitors. We'll mine in their pools and withhold a block when we find one. The choice is yours sir. "Nobody can censor bitcoin" Through use of blockchain analysis, I prepared a list of 300 addresses believed to be affiliated with the North Korean government. We can now carry out Mr. Trump's request to block all transactions from those addresses. We won't include such transactions in blocks, nor will we mine on top of blocks that do include those transactions. This should hopefully be sufficient to persuade him not to carry out a nuclear strike against the country, at least for a weeks. "Nobody can steal your Bitcoins" In agreement to your proposal, we have decided to enforce 50% transaction fees on address with balances that haven't been moved since 2014. Those people thought they could get rich quick, but the world doesn't work like that. Either they'll pay 50% of their balance in transaction fees, or we'll simply never include their transaction in a block. Addresses with a balance above 10,000 dollar are now required to pay 50% transaction fees too, except for those affiliated with exchanges that are willing to work with us. "Miners don't decide the rules" By now, core has designed a new softfork proposal, to support a new kind of address format. I told our miners that they should feel free to implement it, but none of those coins are ever leaving those addresses again. This way we punish those who are loyal to Core. "We could always hardfork away" So, core has finally released their plan to hardfork 2000 blocks from now, to move away from SHA-256 in an effort to render us powerless. For the next 2000 blocks, we will only confirm transactions to our own exchanges. We offered Lamborghini's to the biggest traders to attract the idiots, I think we have 50% of all Bitcoin users and 20% of all bitcoins in existence on our exchanges now. It apparently wasn't obvious to all our exchange operators yet that we won't support this fork. They have been requested to deposit their balance of this fork in the market manipulation fund. We will release fake media announcements that we might allow withdrawals or support for this new version, to reap profits by manipulating the price. After we have used this strategy to increase our profits, we will use our balance to carry out transaction spam and dust attacks. For the coming 6 months, we have enough bitcoins to fill every block entirely with our own transactions. We could also spread out our bitcoins across a wide variety of addresses, to ensure their blockchain swells up to an unusable size.
Mining Allocation Explained. If you found this post useful, use my code: D1KsgV
Hi Guys, So I've invested a bit of money into Genesis mining and was always wondering how the mining allocation worked, after reading about it on various forums and emailing the company directly I've finally figured it out. I wanted to share my findings for the benefit of this community. One of my purchases was 10 TH/s of BTC on an open ended contract. I wanted to know based on the fees and all what sort of profit I would get mining Dash (Auto). The Auto on any of the allocation pages is explained by the excerpt from the FAQ page from Genesis mining: By default all hashpower is allocated to BTC for all algorithms, and hence you will receive your payouts in BTC. The Genesis Mining Advanced Auto-Trader (in short “AUTO”) will apply to algorithms which cannot mine BTC directly. If you are interested in mining different cryptocoins, you can do this as well. In the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”. The question I had was with my 10 TH/s using the sha256 algorithim what sort of speed would I get by mining Dash (Auto). Effectively when you allocate any percentage to Dash (Auto) from your allocation page, you will receive Dash coins, not BTC. After mining this for 24 hours, I received 0.03966727 Dash coins. I had to tinker around a little with the Mining Profitability Calculator But I managed to find out that I can get 0.03964 Dash per day with 230 MH/s. Which is pretty close to the amount that I was able to mine with my sha256. So what does this all mean? Well if I mined my daily BTC I was making about 0.00290866 BTC per day, which with a price of $2,613.87 per BTC equates to $7.60 per day (this is after their costs). If I allocated 100% to Dash I mined 0.03966727 per day, which equates to $7.36 per day with a Dash price of $185.46. The difference isn't that much, and is likely to fluctuate. I decided to stay with BTC with my allocation, and purchase seperate Dash contracts. tl;dr 10TH/s BTC open ended sha256 contract allocated to 100% Dash(Auto) produces a equivalent 230 MH/s rate. A general explanation below, from the Genesis team:
On our mining allocation screens we have coins you can mine directly and those that you can not but you can get payouts in them if you wish. Those coins are marked with AUTO beside them. Auto means autotrade. I will give you a general explanation of all of your mining options (it will also include explanation for the currently sold out contracts, for your future reference): With Ether contracts, ETH and ETC can be mined directly. As BTC, ZEC and REP are not mined directly they are labelled (AUTO) so if you assign hashpower to them the following happens: ETH coins are mined and traded at payout time to the coin of your choice. With Monero, only XMR can be mined directly. All other coins will be autotraded. With a SHA 256 contract, Bitcoin, UNO and Zetacoin can be mined directly and if you want to have a payout in for example LTC or Doge, then you would assign hashpower to LTC (AUTO) and Doge(AUTO). How it works with a SHA 256 contract is as follows. WIll give an exampe with LTC (AUTO). When you allocate hashpower to LTC (AUTO) Bitcoin is being mined and then at payout time we autotrade the Bitcoin to Litecoin at the latest LTC/BTC exchange rate and then pay out Litecoin to a Litecoin wallet. With the x11 the following coins can be mined directly: START and DASH. All other coins (BTC, LTC, DOGE, XMR…) will be autotraded, meaning: the mining will be in more profitable coin between START and DASH and then will be autotraded (all coins having AUTO next to the name) on the market with our autotrader to the chosen coin. With the LiItecoin (currently sold out) contract the following coins can be mined directly: LTC and DOGE. All other coins (BTC, DASH and ZEC) will be autotraded. Wth the Zcash (currently sold out) only ZEC can be mined directly. All other coins (BTC, ETH) will be autotraded, meaning: the mining will be in ZEC and then will be autotraded (all coins having AUTO next to the name) on the market with our autotrader to the chosen coin. If you allocate hashpower to any other coins other than the ones in initial setting, then you will get a payout in these coins - that means you will need a wallet address for them coins (for example, a doge wallet for doge, a litecoin wallet address for Litecoin etc.) Go to your account and under Mining allocation select your contract and see all your options there. If you make adjustments, don't forget to click Save allocation. You'll have to select your contract first every time, to see your current allocation.
I have read that Scrypt hashing is roughly 1,000 times slower than SHA-256, so if that's the case, Litecoin is on the verge of having the same network strength that Bitcoin had in September of 2013, when it was just hitting 1 Petahash (1 Terahash, for Litecoin). This was, if course, hailed as a major milestone and a clear demonstration of the network and currency's strength. Reading this article on Coindesk is quite interesting, as we can note the similarities in the worries and concerns that people now have with Litecoin http://www.coindesk.com/bitcoin-mining-difficulty-soars-hashing-power-nudges-1-petahash/ The price of Bitcoin when this was written was around $250-300 if I remember right...and of course, it was two months before the price went ballistic. There were extenuating circumstances, as we know...but reading this Coindesk article with the benefit of hindsight is interesting, indeed. May give us a glimpse into Litecoin's future, or it may not. Only time will tell. But one thing is certain...1 Terahash is a major milestone for Litecoin to be approaching and it should be hailed.
Whitecoin, Hempcoin attacked exposing Altcoin exchanges to huge risk of bankruptcy
This was originally a comment post elsewhere but with the recent 51% attacks against coins, this needs its own thread.
All proof-of-work (PoW) based crypto currencies (of which Bitcoin is one) are vulnerable to a 51% attack. The first attack that double spends against the exchanges will be devastating to nearly all PoW altcoins. The attack is fairly simple: 1.) Acquire slightly more hashing power than currently is mining the altcoin to be attacked and use it to mine on a private blockchain fork of that coin. 2.) On the public blockchain for that coin, send coins to altcoin exchanges in which there is no identity required. 3.) At those exchanges, use those funds (once confirmed) to buy bitcoins then withdraw them. 4.) When the exchange has sent the bitcoins, the attacker broadcasts the blocks from the private fork. Since that attacker's fork has more hashing capacity than the public blockchain for that altcoin, the attacker's blockchain will "win" (i.e., it has block height greater than that for that coin's public blockchain.) The result will be that the altcoin exchanges will have a financial debt -- the blockchain reorg (as the result of the attacker's fork being released) has caused the exchange to lose the altcoins received from the attacker (which had a sufficient number of confirmations). Additionally, the exchange no longer has the bitcoins that the attacker bought and subsequently withdrew. This action would likely either put the exchange into technical bankruptcy, or, cause the losses to be born by those holding funds at the exchange. (It may depend on bankruptcy law and/or the exchange's policy as to the exchange's handling for such an incident). Bitcoin is protected today with SHA 55,474 Th/s. For the attacker wishing to do a 51% attack for the purpose of double spending, the amount of hardware needed would exceed $100M (using KNC Neptunes, of which the supply of anywhere near that capacity doesn't exist today.) There's nowhere near that much value that can be extracted anonymously from the exchanges thus such an attack using Bitcoin is just not economical, nonetheless does there exist some cartel willing to wager the $100+ million to attack Bitcoin this way. But let's take a look at an altcoin from a recent Coindesk article on altcoins -- Limecoin. Protected with Scrypt 252 Mh/s (per https://www.minep.it/pool/lim/... ), that means an attacker needs just maybe $100K USD worth of GPU-based mining hardware to be able to gain success when attempting a 51% atttack against that coin. There are may individuals mining with that kind of capacity alone -- nonetheless any need for a cartel. Limecoin is a bad example as there's not enough exchanges to where there is a decent double spending potential with this coin so let's pick another. Blackcoin is a proof-of-stake (PoS) coin so it isn't vulnerable to a 51% mining attack. Let's pick on Potcoin then. With Potcoin having Scrypt 5,100 Mh/s (per http://www.coinwarz.com/network-hashrate-charts/potcoin-network-hashrate-chart ) of mining capacity means only about $2M worth of GPU-based Scrypt mining hardware needs to be directed to a private fork of the Potcoin blockchain. Paying GPU miners for two hours of Scrypt 5,100 Mh/s is all that is needed to start a private fork, transfer Potcoins to those altcoin exchanges that it trades at, convert those altcoins to bitcoins and withdraw, and then finally broadcast the private fork. Minutes later, Cryptsy, Mintpal, SwissCEX will have seen withdrawals of maybe hundreds of thousands of dollars worth of Bitcoins but then the Potcoins that bought those bitcoins will be "gone" (having been double spent) now as well. If proper precautions were taken there would be no way to identify the attacker. [Edit: Potcoin's total capacity has dropped by half since this paragraph was first written, ... making an attack even easier and less costly.] If Cryptsy, Mintpal, and SwissCEX haven't "temporarily" halted trading as a result, the attacker simply moves on to attack another Scrypt altcoin. Rinse and repeat until every last GPU miner has moved to Litecoin (the only Scrypt altcoin with enough hashing capacity such that a 51% attack is neither profitable nor possible without the participation of tens of millions of dollars worth of mining hardware). In other words, such a sequence of attacks could obliterate the entire list of Scrypt-based altcoin markets in under a day. Should the altcoin vendor release software to ignore the attacker's chain -- the attacker could simply return to attack again. It's an arms race and as long as proof-of-work still determines the longest chain, the attacker has superior firepower. A single party with exclusive access to the first Scrypt ASICs could finish off every one of the Scrypt altcoins too. For instance, KNC Miner plans to sell their Scrypt 300 Mh/s Titan miner for $10K. Just 417 of those Titans could successfully 51% Litecoin's 125,000 Mh/s network ( http://www.coinwarz.com/network-hashrate-charts/litecoin-network-hashrate-chart ). That's an investment of about $4M USD, and there's easily $4M worth of value that can be obtained, anonymously, from the altcoin exchanges where Litecoin is traded. This argument was previously articulated here: http://bitcoinmoney.com/post/53207712103
[Bounty] 300mBTC If you can crack my secret sharing implementation
Hi, As a mini winter break project I set out to implement Shamir's Secret Sharing algorithm specifically for Bitcoin private addresses (basically using the field of integers mod 59 so that it fits base 58 characters plus 0). The purpose of this is to make Paper Wallets more secure by requiring multiple keys to reconstruct the real private key. I am not however certain that it is infact secure. or if by going to the integers mod 59 I have compromised its security. I also built in a "password" feature which i'm also not sure is a secure implementation. So the challenge is: I have created a public address and the associated private key and have transferred 300 mBTC to it. the public address is: 1DsBQqvFaMipVe8aV21c6tbhE5BZUDBzAs https://blockchain.info/address/1DsBQqvFaMipVe8aV21c6tbhE5BZUDBzAs The code I have written is available from: https://github.com/dennismckinnon/ShamirSS it is written in Python and has documentation. It should be fairly simple to follow. Since there are two parts to this. I will give you two avenues of attack. here is one share of the two required to reconstruct the key: 7NpK4zD2pkioLakxowfZeRfWuBQAVCcoUYixtS9fd30WLQSDtii1 of course with the second share it is trivial to reconstruct so this is all you get. Note this share does not have a password scrambled key. (the command to generate this was python ShSS.py -s 2 2 "privatekey") The second possible weak point is the password scrambling so I have take the key and only password scrambled it: WKM81Z55j8dkScurhHyVRSrMUi7mF2D4aqxs6SHe6QX5h0aXti71 (command python ShSS.py -p "password" -s 1 1 "Privkey") Both avenues of attack lead to the same private key (does that introduce some so sort of venerability I have not foreseen?) I believe this program to be secure. Shamir's is typically secure and the password is in one time pad style so also should be gibberish yielding but since this is my first time implementing a crytography algorithm I wanted to go with trial by fire. First one to crack it gets the loot. If no one cracks it by New Years I'll assume it is secure. If someone does crack it the only thing I ask is that you send an email to [email protected] detailing exactly where the security flaw is located. EDIT: After much discussion (Thank you all) the entropy leak caused by the biased random numbers has been shown in practice to be able to reveal the key with 50% chance when a key is encoded with 1400 random keys. Of course that issue is outside the purview of this particular challenge. But non-the-less I will be updating the source to avoid this. The only other issue so far that has been raise is an attack on the password. I might consider switching out SHA for a slower algorithm like Scrypt but this feels a bit cheaty to rely on the assumption that its going to be slow (and remain slow for all time) to be too painful for people to attempt. Choice of a random alphanumeric string with maybe a couple symbols seems the far superior method to counteract this attack. But none-the less I will look into implementing a slower hash. After those are fixed, I may redo the challenge and post to the /crypto guys, let them take a crack at it.
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