Bitcoin Difficulty Chart CoinWarz

How long will the BTC mining profitability last till the difficulty changes again? /r/Bitcoin

How long will the BTC mining profitability last till the difficulty changes again? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

NightOwl Halloween Drop: Descriptions, Info, FAQ and Tips

This will be the last I'll post in-regards to NightOwl drops.From now on drop info will be posted in the NightOwlseeds subreddit
We can only pin 2 posts at a time, and it can get confusing for new and existing users.
I will be updating this thread throughout the day, check last edited.- NightOwl subreddit linked,

THE NIGHTOWL STORE IS CLOSED.

Link to The Seed Bazaar

F.A.Q

"My pack has a blank label, how do I know what I have?"

Those are the "Secret Owl Society" packs, they come labeled with UV ink. Daz almost always provides a small blacklight keychain, use it to reveal the pack name.

"Can I make multiple orders and get the tester pack?"

As long as the combined total is $250, and hasn't been shipped yet, then you get 1 tester pack ($500 for 2 tester packs).
A new bit of info, you get another tester pack per $250 spent, dealer's choice.

"Do I need to purchase on TSB Premium?

No, go to the regular store page

"Do I need TSB Premium to make a purchase?"

No, you don't need TSB Premium to make a purchase. This was an option for paying members to get a chance to access the drop early. Nothing was exclusive to premium, everyone has access to all the strains.

"I got a confirmation email, it still says "processing", should I be worried?"

As long as you have a confirmation email (maybe a paid email), then there's nothing to worry about your order has been received.

"How do I register for a free account?"

There should be a sign-in button at the bottom of the page, or the NightOwl Store page. Look at this image to help.

"Is there any freebies?"

Like Mephisto, Nightowl will give you 2 extra seeds on 3 seed pack orders. Same cultivar. No freebie tiers like Mephisto.

Order related issue?

Email [[email protected]](mailto:[email protected])
I will update with more FAQs as the day goes.

DROP DAY INFO NOW PAST

When purchasing NightOwl seeds from The Seed Bazaar on 10/10 at 12 AM, WHATEVER IS IN YOUR CART, ISN'T RESERVED.
NEW TIPS
ITEMS ARE ADDED/UPDATED ONE BY ONE.
THERE ARE TWO PAGES OF SEEDS.
IF YOU HAVE AN ISSUE WITH YOUR ORDER EMAIL [[email protected]](mailto:[email protected])
PREMIUM ISN'T NECESSARY.
It's best to purchase what you want FAST, everything is and always has been limited in quantity. Don't leave the item(s) in your cart and go check your plants and start some LST or a res change, don't go start cleaning your tent, CHECK YOUR ITEMS OUT FAST.
Orders usually are combined to help with shipping, this should help with ordering fast, and comments have been enabled at checkout too 👍.
Last tip, make an account ahead of time, and login. Should help speed up the checkout process.
Price per pack is $50 USD. Website and packaging say 3 seeds but typically get 5 no option for other pack sizes, plus free international shipping.
This is the LAST SCHEDULED DROP from NightOwl till Valentine's day, which is expected to have the new F4 photo to auto cultivars. This is if there aren't any delays or setbacks in the timeline.
The new NightOwl Sweater doesn't have a set date yet, could be some time in November.
Chocolates are for the US only, food and customs don't go together. I THINK Daz said put it in the comments if you'd like the chocolate and he'd get back to you to figure out how to ship it (might have to pay for packaging and postage).
Only If there are chocolates or ashtrays left, Daz will offer them up as an item on the seed bazaar for the cost of shipping which is usually around $15.
Seedopoly boards are being sent out, pieces won't go out till the New Year, and the prizes are US only.

Promotion:

Tester packs are labeled, but unknown till you receive it.

Scratch Card Game

Match the Mummies, scratch card game *WHILE SUPPLIES LAST, 1st COME 1st SERVED\*

Descriptions (Quick Description from Daz)

Limited Edition:

Galaxy Brain 1:30:00

Zamaldelica Express x Cosmic Queen
75/25 Sativa/Indica
75-80 days from sprout
A long time coming, the Galaxy Brain is finally here! These large, branchy plants are covered with frost from the stems up! Piercingly sweet fruit scents and mouth coating flavors accompany a soaring euphoric head high, along with a relaxing body effect that doesn’t hamper your daily activities. I’m expecting this one to become a staple in the autoflower connoisseur’s garden. The reversal used was selected from over 40 Cosmic Queens and was extremely sativa dominant. I used this same expression for an unreleased seed run a few years back and she produced some of the most exquisitely beautiful and flavorful flowers. The female used was extremely pungent, with sappy and bulbous resin heads that stink up the whole room when burst. She also had extremely fat calyxes, providing massive amounts of surface area for the resin heads to call home.

Spotless Mind 1:39:00

Fugue State x Cosmic Queen
True F1 Hybrid Limited Edition
75/25 Sativa/Indica
75-85 days from sprout
2-4 ounces average
3 Feminized Seeds
Large, easy growing sativa dominant plants with heavy branching and intense crystal production. Super sweet, peppery, and buttery flavors accompany an intensely uplifting head high and an electrically charged body feel. The Spotless Mind name gives a tip of the cap to the Amnesia Haze in her heritage, which carries through to this cross. Overindulge and you will find yourself becoming forgetful and may experience recollection difficulties, but in a fun way. She has also been known to encourage bedroom activities, making for a nice nightstand stash. If you are looking for an anytime sativa that won’t make your mind race aimlessly, look no further. The same reversal that was used for Galaxy Brain and Cosmic Apprentice was also used for this Limited Edition.

Secret Owl Society:

Electric Qoolaid 1:32:18

Blue Microverse F4 x Cosmic Queen F4 *Quick Finish*
50/50 Sativa/Indica
65-75 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium to large plants with creamy blue raspberry lemonade golf ball buds running along the side branches, leading up to chunky top colas all wrapped in gooey, long-stemmed trichomes. Another beautiful true F1 hybrid with a 50/50 blend for a balanced, comforting mind and body experience. Great for relaxing after work when you’re ready to start winding down. For the reversal I used a stocky, faster finishing Cosmic Queen as the pollen donor which will help add vigor and potency while keeping the stretch down.
**Be sure to keep airflow and humidity in check during the final few weeks, as the flower density can lead to bud rot in the wrong conditions. **

Judy Gemstone 1:32:44

Strawberry Nuggets F4 x Cosmic Queen F4 *Quick Finish*
40/60 Sativa/Indica
65-75 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium-sized bushes with very sturdy branches that reach up and fill the canopy alongside the main cola. Rock hard nugs of pinks, purples, emerald, and blue hues will create all the bag appeal you could ask for, with a sweet cheesy strawberry funk that will have you smelling the bag again and again. Another true F1 and the heaviest indica hybrid of the lot, ranging from therapeutic to narcotic depending on your intake. Perfect for a dessert smoke or nightcap to relax your body before sailing off into the dream world. For the reversal I used a stocky, faster finishing Cosmic Queen as the pollen donor which will help add vigor and potency while keeping the stretch down.
***Be sure to keep an eye on these during early as the Strawberry Nuggets line can throw a ball or two during sexing, right where the side branches meet the main stem. It is rare, but can be brought about by stress or too strong an application of nutes during the sexing stage and seems to be most common when using humic acid. If you do see a ball pop up it can be removed and the plant will continue on fully female to finish her life. Also, keep airflow and humidity in check during the final few weeks, as the flower density can lead to bud rot in the wrong conditions. **\*

Karmic Connection 1:33:03

(Chem City Blues x Chemdogging) X Cosmic Queen F4 *Super Sativa*
60/40 Sativa/Indica
75-85 days from sprout
2-4 ounce average
3 Feminized Seeds
Expect large, easy growing plants with satellite branches that reach up to the shoulders of the canopy, but be sure to stake her before she goes too far into flower or she will buckle under the weight of her blooms. The piercing old school perfumes she puts off range from skunky blueberries to creamy chems, and her soda can cola structure is sure to impress! This F1 polyhybrid is recommended for heavier smokers and those looking for help with pain management, and can be a bit too much too fast for the uninitiated. Carbon filters are always a must indoors, and best to make sure they’re in proper working order before running these. The Cosmic Queen reversal used for this cross was what I consider the super sativa expression of CQ. Tall, stretchy, thinner leaves, incredibly sweet resin, bag appeal, pest, and pm resistant with an elongated bud structure that is excellent for outdoors and in. Don’t miss out!

Mango Sunrise 1:34:28

Mango Smile x Cosmic Queen F4 *Super Sativa*
70/30 Sativa/Indica
75-85 days from sprout
2-4 ounce average
3 Feminized Seeds
Expect large, easy growing plants with sturdy branching and individual bud sites running their length, met with a small cola cluster at their end. This true F1 hybrid has beautiful tropical citrus flavors that will send you off on an island vacation, while the effects will leave you physically and mentally heightened and ready for anything the day throws your way! Extremely pleasant all day/everyday smoke, sure to be a crowd-pleaser. The Cosmic Queen reversal used for this cross was what I consider the super sativa expression of CQ. Tall, stretchy, thinner leaves, incredibly sweet resin, bag appeal, pest, and pm resistant with an elongated bud structure that is excellent for outdoors and in. Don’t miss out!

Milk and Qookies 1:35:15

Forum Stomper x Cosmic Queen F4 *Quick Finish*
60/40 Sativa/Indica
65-75 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium-sized bushes with stout branches that reach up and form a canopy surrounding the main cola. Incredibly resinous chunky white nugs and dark forest green foliage fade to the deepest purples and blacks under cooler temperatures. She will have true F1 hybrid vigor and produce a delicious mix of forum cookies and cosmic cream flavors along with an abundance of “fall off the stalk” gland heads that will put everything else around your trimbin to shame. Effects are stoney, both physically and mentally, without the couchlock. She could easily fill the role of all day/everyday smoke if you have a decent tolerance already. For the reversal I used a stocky, faster finishing Cosmic Queen as the pollen donor which will help add vigor and potency while keeping the stretch down.

Space Station Orange v.2 1:36:50

Super Orange Haze F4 X Cosmic Queen F4 *Super Sativa*
70/30 Sativa/Indica
70-80 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium-sized, easy growing plants with shorter side branches that reach about half the height of the main cola. Floral and sour citrus flavors with an uplifting effect that is great for early morning and afternoon indulgences. Bag appeal is also of no concern, as this true F1 hybrid has it in spades! The Cosmic Queen reversal used for this cross was what I consider the super sativa expression of CQ. Tall, stretchy, thinner leaves, incredibly sweet resin, bag appeal, pest, and pm resistant with an elongated bud structure that is excellent for outdoors and in. Don’t miss out!

Star Krunch 1:37:18

Toof Decay x Cosmic Queen F4 *Quick Finish*
50/50 Sativa/Indica
65-75 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium-sized bushes with stout branches that almost reach the height of the main cola. Extremely dense buds covered in sweet bakery and candy-flavored resin that will leave you wanting more. Cooler temperatures can bring out some beautiful fall colors that only add to her visual appeal. Stoney without the narcotic effect, great for an afternoon delight or as a post-meal treat. For the reversal I used a stocky, faster finishing Cosmic Queen as the pollen donor which will help add vigor and potency to this true F1, while keeping the stretch down.
***Be sure to keep an eye on these during early as the Toof Decay line can throw a ball or two during sexing, right where the side branches meet the main stem. It is rare, but can be brought about by stress or too strong an application of nutes during the sexing stage and seems to be most common when using humic acid. If you do see a ball pop up it can be removed and the plant will continue on fully female to finish her life. Also, keep airflow and humidity in check during the final few weeks, as the flower density can lead to bud rot in the wrong conditions. **\*

Creme De La Cosmos 1:38:23

Creme de la Soul F1 x Cosmic Queen F4 Quick Finish
50/50 Sativa/Indica
65-75 days from sprout
1.5-3 ounce average
3 Feminized Seeds
Expect medium plants with stout satellite branches reaching up to the shoulders of the main colas. Dense nugs covered in oily resin ranging in smells from red berries and sneakers to creamy grapes, this F1 polyhybrid has a lot to offer! Cooler temperatures can bring on fades of reds and purples, making her an absolute beauty in her final days. She has a balanced physical and mental high, leaning towards the stoney end of the spectrum, and will make for a great evening smoke. For the reversal I used a stocky, faster finishing Cosmic Queen as the pollen donor which will help add vigor and potency while keeping the stretch down.
Be sure to keep airflow and humidity in check during the final few weeks, as the flower density can lead to bud rot.

Shekinah 1:40:55

Supernatural OG x Cosmic Queen F4 Super Sativa
70/30 Sativa/Indica
75-85 days from sprout
2-4 ounce average
3 Feminized Seeds
Expect large, easy growing plants with sturdy branching and individual bud sites running their length, met with a medium cola cluster at their ends, with a large main cola. This F1 poly hybrid is chock full of hazey goodness! Flavors range from effervescent lemon-lime, to heavy juniper laced gin and tonic. The juniper flavors are my personal favorite and tend to kick my ass and get me super stoney, while the citrusy ones are more motivational. There’s a variety of outstanding expressions to be found in these, all on the sativa end of the spectrum. The Cosmic Queen reversal used for this cross was what I consider the super sativa expression of CQ. Tall, stretchy, thinner leaves, incredibly sweet resin, bag appeal, pest and pm resistant with an elongated bud structure that is excellent for outdoors and in. Don’t miss out!
Blessed by Hoodoo Moses I

Restock

Cosmic Apprentice (No Video)

Wizard’s Apprentice F4 x Cosmic Queen F4
Sativa
75 days from sprout
"Ready to get heady? Crossing a big-bodied sativa dominant Wizard’s Apprentice to the rush inducing Cosmic Queen resulted in a whole new variety that will keep your head in the clouds! Large plants with denser buds than Cosmic Queen, an overload of frost, and nostril piercing neon sweet and hazey scents finishing right around 75 days. If you’re into uplifting sativa effects with chunkier buds then she is definitely worth checking out."

Cheech Biggums 1:40:42

Wizard’s Apprentice F4 x Tyrone Stomper F6
Indica
70 days from sprout
A long time coming, the Cheech Biggums is sure to impress! Using a heavy Cheech Wizard dominant Wizard’s Apprentice mated to the ever-impressive Tyrone Stomper will produce medium to large, extra vigorous true F1 hybrids with fruity OG gas flavors and an occasional piney/floral expression in a quick 70ish days from sprout.
Picture of Post

February Drop Info

Copied from Daz's IG post.
Thank you all for your patience with me these past few weeks. I've been handling a lot of business behind the scenes in preparation for big things next year. 2020 was the year of staying off the radar with most of my big projects and not drawing any unnecessary attention. 2021 is the year of getting licensed and really showing you what it's all about! Thank you for your trust and faith in me during my overly cautious past few months/years. I won't let you down.🙏🌱🦉🌱🙏New photo to autos scheduled for the first half of 2021:
Pre '98 Bubba Kush x Auto Skywalker F4
Dosidos x Forum Stomper F4
Purple Punch x Forum Stomper F4
Sunset Sherbet x Forum Stomper F4
*Latest Update*The next scheduled drop Daz is aiming for is Valentine's day. This drop should include the new F4 photo to auto cultivars listed above, again as long as nothing delays this.

Originals and Regular seeds Restock

They are a work in progress
, Originals and Regular seeds shouldn't be expected till February earliest, and will MOST LIKELY be mid-2021 If there are no setbacks.

Seedbanks that carry NightOwl, and the Seedbank Drop

Not always up to date, post a comment if something has changed.
SeedBank Squanch Queen Foot Cheese Head Cheese Payment International Carry Mephisto Freebies
Neptune Seedbank Yes Yes Yes Credit Card (US Only), Bitcoin, PMC Gold, Cash Yes Yes *Need User Input
Supreme Seedbank Yes Yes Yes Money Gram/ Venmo/ Cash App/ Zelle, Money Order, Debit/ Credit (US ONLY 3.5% fee), Custom payment, Bitcoin, eGiftCertificate Yes Yes *Need User Input
Treestar Seedbank Yes Yes Yes Credit Card, Bitcoin, Money Order, Cash, Western Union, Cash App, Zelle Yes Yes Yes In-house freebies
Harvest Mutual Yes Yes Yes Cash, Money Order, Credit Card, Paypal Yes Yes Yes Masonic Freebies
Insane Seeds Yes Yes Yes Bitcoin, Cash, Credit Card Yes Yes No SALE ON HEAD CHEESE %25 OFF
DC Seed Exchange Yes Yes Yes Debit Card, Cash, Money Order, eCheck, Cryptocurrencies No Yes Sometimes / Use "5%DCSEEDS" for 5% off
Oregon Elite Seedbank Yes Yes Yes Cash, Money Order, Cryptocurrencies Yes No *Need User Input
Hembra Genetics No Yes Yes Cash, Cash App *need user input No No No / $45/pack
RMH719 SOLD OUT No No No Cash, Bitcoin *need user input No No Sometimes In-house Freebie
RMHCA SOLD OUT No No No Cash, Bitcoin, E-transfer No No Sometimes In-house Freebie

submitted by BlueJayin to MephHeads [link] [comments]

Gridcoin 5.0.0.0-Mandatory "Fern" Release

https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/5.0.0.0
Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that.
Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap.
We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout.
Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.

Highlights

Protocol

Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now.
Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date.
The transition height is also when the team requirement will be relaxed for the network.

GUI

Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.

Blockchain

The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use.
There are so many goodies here it is hard to summarize them all.
I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures.
The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!

Summary Changelog

Accrual

Changed

Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.

Removed

Beacons

Added

Changed

Removed

Unaltered

As a reminder:

Superblocks

Added

Changed

Removed

Voting

Added

Changed

Removed

Detailed Changelog

[5.0.0.0] 2020-09-03, mandatory, "Fern"

Added

Changed

Removed

Fixed

submitted by jamescowens to gridcoin [link] [comments]

Amaury History Summary

https://www.change.org/p/bitcoin-cash-community-bitcoin-abc-must-step-down-from-control-of-bitcoin-cash[change.org](https://www.change.org/p/bitcoin-cash-community-bitcoin-abc-must-step-down-from-control-of-bitcoin-cash)
Introduction
Bitcoin Cash lived because of Amaury taking control against the community and being able to push through the brainwashed community of Bitcoin, especially BitcoinTalk and Bitcoin back in 2017. But today, where BCH has split into BCH and BSV, his actions are attempting to destroy BCH himself by doing things not wanted by the remaining community that supports the BCH goal in general.
Last March, he pushed forward for the Infrastructure Funding Plan, a way to pay the developers from a small portion of the blocks mined by the miners. However, it's implementation was not a very good one, due to its inherent limitations by only making Bitcoin ABC, which was the main mining node, dictate which wallet address does the "IFP" coins go to, and therefore Bitcoin Cash Node (BCHN) was created without it as Bitcoin ABC still has the IFP in their code.
Last few weeks ago, Johnathan Toomin proposed the ASERT DAA for a replacement DAA or difficulty adjustment algorithm. However, because Toomin created it on BCHN and not ABC, it was not taken by Bitcoin ABC and Amaury created Grasberg DAA in response. This DAA was hastily made and was immediately put into the Bitcoin ABC. The code is currently being under review and a lot of it is being heavily rewritten back conform with Toomin's ASERT, which had been a better proposal in itself. Take note that Grasberg did not start as a proposal.
In smaller related news, Shammah Chancellor created a meme competition about Bitcoin Cash's current community. The people liked it and most of Read.Cash joined it, however, it broke an essential rule from the media platform, due to the main goal for the memes containing controversial name-calling insults for Amaury and status in the Bitcoin Cash community. While the competition is in good graces, what we all don't know is that memes will only encourage those of ill intent to continue them, knowing that it will merely rile up those who do not want the struggle and the FUD and they will attack others in a deeper level. It had a side-effect of the Read.Cash developer banning himself from it.
Some people take memes seriously, and they do not care if you say they are satire or not.
This brings us to my point. We need a change of direction, and it starts with the hero who had turned into a villain and the community he has with it.
Amaury Séchet should stop controlling the Bitcoin Cash protocol and allow others to implement their proposals. If you can't do it, get someone else.
Shammah Chancellor should stop being a hypocrite and saying this (and this!) while going out to proclaim that Read.Cash is censored. Go do your own thing if you don't want it.
C. Edward Kelso should stop making anyone who is against Shammah nor Amaury or any of the Bitcoin ABC members look bad. Write the truth if needed. Heavily imply it, if you can't stop doing it your badly-described articles.
Bitcoin Cash should not be led by these people if all they do not bend down and take the community at their backs. We already have great progress and these setbacks will cost us the whole Bitcoin promise. We are already under attack. Do not let them destroy it.
submitted by steve_m0 to btc [link] [comments]

RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/a7jv4azk86u51.jpg?width=1600&format=pjpg&auto=webp&s=e4a4dbb5afacd5747076beaa59e6343b805c3392

ABSTRACT

Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.

1.INTRODUCTION

The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.

1.1 OVERVIEW ABOUT ARYACOIN

Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.

1.1.1 ARYACOIN HISTORY

Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.
One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.
We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.

1.1.2 ARYACOIN’S MAIN GOAL

Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.

1.1.4 BENEFITS OF USING ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
4. Transactions
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.

1.1.6 WHY CHOOSE ARYACOIN?

If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!

1.1.7 ARYANA CENTRALIZED EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.

1.1.8 HOW DOES ARYACOIN WORK?

Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.

2.2 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.

2.4 CONSENSUS ALGORITHM IN ARYACOIN

The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.

3. ARYACOIN ROADMAP

April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global

5. SUMMARY

Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.

6. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
submitted by CoinEx_Institution to Coinex [link] [comments]

A criticism of the article "Six monetarist errors: why emission won't feed inflation"

(be gentle, it's my first RI attempt, :P; I hope I can make justice to the subject, this is my layman understanding of many macro subjects which may be flawed...I hope you can illuminate me if I have fallen short of a good RI)
Introduction
So, today a heterodox leaning Argentinian newspaper, Ambito Financiero, published an article criticizing monetarism called "Six monetarist errors: why emission won't feed inflation". I find it doesn't properly address monetarism, confuses it with other "economic schools" for whatever the term is worth today and it may be misleading, so I was inspired to write a refutation and share it with all of you.
In some ways criticizing monetarism is more of a historical discussion given the mainstream has changed since then. Stuff like New Keynesian models are the bleeding edge, not Milton Friedman style monetarism. It's more of a symptom that Argentinian political culture is kind of stuck in the 70s on economics that this things keep being discussed.
Before getting to the meat of the argument, it's good to have in mind some common definitions about money supply measures (specifically, MB, M1 and M2). These definitions apply to US but one can find analogous stuff for other countries.
Argentina, for the lack of access to credit given its economic mismanagement and a government income decrease because of the recession, is monetizing deficits way more than before (like half of the budget, apparently, it's money financed) yet we have seen some disinflation (worth mentioning there are widespread price freezes since a few months ago). The author reasons that monetary phenomena cannot explain inflation properly and that other explanations are needed and condemns monetarism. Here are the six points he makes:
1.Is it a mechanical rule?
This way, we can ask by symmetry: if a certainty exists that when emission increases, inflation increases, the reverse should happen when emission becomes negative, obtaining negative inflation. Nonetheless, we know this happens: prices have an easier time increasing and a lot of rigidity decreasing. So the identity between emission and inflation is not like that, deflation almost never exists and the price movement rhythm cannot be controlled remotely only with money quantity. There is no mechanical relationship between one thing and the other.
First, the low hanging fruit: deflation is not that uncommon, for those of you that live in US and Europe it should be obvious given the difficulties central banks had to achieve their targets, but even Argentina has seen deflation during its depression 20 years ago.
Second, we have to be careful with what we mean by emission. A statement of quantity theory of money (extracted from "Money Growth and Inflation: How Long is the Long-Run?") would say:
Inflation occurs when the average level of prices increases. Individual price increases in and of themselves do not equal inflation, but an overall pattern of price increases does. The price level observed in the economy is that which leads the quantity of money supplied to equal the quantity of money demanded. The quantity of money supplied is largely controlled by the [central bank]. When the supply of money increases or decreases, the price level must adjust to equate the quantity of money demanded throughout the economy with the quantity of money supplied. The quantity of money demanded depends not only on the price level but also on the level of real income, as measured by real gross domestic product (GDP), and a variety of other factors including the level of interest rates and technological advances such as the invention of automated teller machines. Money demand is widely thought to increase roughly proportionally with the price level and with real income. That is, if prices go up by 10 percent, or if real income increases by 10 percent, empirical evidence suggests people want to hold 10 percent more money. When the money supply grows faster than the money demand associated with rising real incomes and other factors, the price level must rise to equate supply and demand. That is, inflation occurs. This situation is often referred to as too many dollars chasing too few goods. Note that this theory does not predict that any money-supply growth will lead to inflation—only that part of money supply growth that exceeds the increase in money demand associated with rising real GDP (holding the other factors constant).
So it's not mere emission, but money supply growing faster than money demand which we should consider. So negative emission is not necessary condition for deflation in this theory.
It's worth mentioning that the relationship with prices is observed for a broad measure of money (M2) and after a lag. From the same source of this excerpt one can observe in Fig. 3a the correlation between inflation and money growth for US becomes stronger the longer data is averaged. Price rigidities don't have to change this long term relationship per se.
But what about causality and Argentina? This neat paper shows regressions in two historical periods: 1976-1989 and 1991-2001. The same relationship between M2 and inflation is observed, stronger in the first, highly inflationary period and weaker in the second, more stable, period. The regressions a 1-1 relationship in the high inflation period but deviates a bit in the low inflation period (yet the relationship is still there). Granger causality, as interpreted in the paper, shows prices caused money growth in the high inflation period (arguably because spending was monetized) while the reverse was true for the more stable period.
So one can argue that there is a mechanical relationship, albeit one that is more complicated than simple QTOM theory. The relationship is complicated too for low inflation economies, it gets more relevant the higher inflation is.
Another point the author makes is that liquidity trap is often ignored. I'll ignore the fact that you need specific conditions for the liquidity trap to be relevant to Argentina and address the point. Worth noting that while market monetarists (not exactly old fashioned monetarists) prefer alternative explanations for monetary policy with very low interest rates, this phenomena has a good monetary basis, as explained by Krugman in his famous japanese liquidity trap paper and his NYT blog (See this and this for some relevant articles). The simplified version is that while inflation may follow M2 growth with all the qualifiers needed, central banks may find difficulties targeting inflation when interest rates are low and agents are used to credible inflation targets. Central banks can change MB, not M2 and in normal times is good enough, but at those times M2 is out of control and "credibly irresponsible" policies are needed to return to normal (a more detailed explanation can be found in that paper I just linked, go for it if you are still curious).
It's not like monetary policy is not good, it's that central banks have to do very unconventional stuff to achieve in a low interest rate environment. It's still an open problem but given symmetric inflation targeting policies are becoming more popular I'm optimistic.
2 - Has inflation one or many causes?
In Argentina we know that the main determinant of inflation is dollar price increases. On that, economic concentration of key markets, utility price adjustments, fuel prices, distributive struggles, external commodity values, expectatives, productive disequilibrium, world interest rates, the economic cycle, stationality and external sector restrictions act on it too.
Let's see a simple example: during Macri's government since mid 2017 to 2019 emission was practically null, but when in 2018 the dollar value doubled, inflation doubled too (it went from 24% to 48% in 2018) and it went up again a year later. We see here that the empirical validity of monetarist theory was absent.
For the first paragraph, one could try to run econometric tests for all those variables, at least from my layman perspective. But given that it doesn't pass the smell test (has any country used that in its favor ignoring monetary policy? Also, I have shown there is at least some evidence for the money-price relationship before), I'll try to address what happened in Macri's government and if monetarism (or at least some reasonable extension of it) cannot account for it.
For a complete description of macroeconomic policy on that period, Sturzenegger account is a good one (even if a bit unreliable given he was the central banker for that government and he is considered to have been a failure). The short version is that central banks uses bonds to manage monetary policy and absorb money; given the history of defaults for the country, the Argentinian Central Bank (BCRA) uses its own peso denominated bonds instead of using treasury bonds. At that time period, the BCRA still financed the treasury but the amount got reduced. Also, it emitted pesos to buy dollar reserves, then sterilized them, maybe risking credibility further.
Near the end of 2017 it was evident the government had limited appetite for budget cuts, it had kind of abandoned its inflation target regime and the classic problem of fiscal dominance emerged, as it's shown in the classic "Unpleasant monetarist arithmetic" paper by Wallace and Sargent. Monetary policy gets less effective when the real value of bonds falls, and raising interest rates may be counterproductive in that environment. Rational expectations are needed to complement QTOM.
So, given that Argentina promised to go nowhere with reform, it was expected that money financing would increase at some point in the future and BCRA bonds were dumped in 2018 and 2019 as their value was perceived to have decreased, and so peso demand decreased. It's not that the dollar value increased and inflation followed, but instead that peso demand fell suddenly!
The IMF deal asked for MB growth to be null or almost null but that doesn't say a lot about M2 (which it's the relevant variable here). Without credible policies, the peso demand keeps falling because bonds are dumped even more (see 2019 for a hilariously brutal example of that).
It's not emission per se, but rather that it doesn't adjust properly to peso demand (which is falling). That doesn't mean increasing interest rates is enough to achieve it, following Wallace and Sargent model.
This is less a strict proof that a monetary phenomenon is involved and more stating that the author hasn't shown any problem with that, there are reasonable models for this situation. It doesn't look like an clear empirical failure to me yet.
3 - Of what we are talking about when we talk about emission?
The author mentions many money measures (M0, M1, M2) but it doesn't address it meaningfully as I tried to do above. It feels more like a rhetorical device because there is no point here except "this stuff exists".
Also, it's worth pointing that there are actual criticisms to make to Friedman on those grounds. He failed to forecast US inflation at some points when he switched to M1 instead of using M2, although he later reverted that. Monetarism kind of "failed" there (it also "failed" in the sense that modern central banks don't use money, but instead interest rates as their main tool; "failed" because despite being outdated, it was influential to modern central banking). This is often brought to this kind of discussions like if economics hasn't moved beyond that. For an account of Friedman thoughts on monetary policies and his failures, see this.
4 - Why do many countries print and inflation doesn't increase there?
There is a mention about the japanese situation in the 90s (the liquidity trap) which I have addressed.
The author mentions that many countries "printed" like crazy during the pandemic, and he says:
Monetarism apologists answer, when confronted with those grave empirical problems that happen in "serious countries", that the population "trusts" their monetary authorities, even increasing the money demand in those place despite the emission. Curious, though, it's an appeal to "trust" implying that the relationship between emission and inflation is not objective, but subjective and cultural: an appreciation that abandons mechanicism and the basic certainty of monetarism, because evaluations and diagnostics, many times ideologic, contextual or historical intervene..
That's just a restatement of applying rational expectations to central bank operations. I don't see a problem with that. Rational expectations is not magic, it's an assessment of future earnings by economic actors. Humans may not 100% rational but central banking somehow works on many countries. You cannot just say that people are ideologues and let it at that. What's your model?
Worth noting the author shills for bitcoin a bit in this section, for more cringe.
5 - Are we talking of a physical science or a social science?
Again, a vague mention of rational expectations ("populists and pro market politicians could do the same policies with different results because of how agents respond ideologically and expectatives") without handling the subject meaningfully. It criticizes universal macroeconomic rules that apply everywhere (this is often used to dismiss evidence from other countries uncritically more than as a meaningful point).
6 - How limits work?
The last question to monetarism allows to recognize it something: effectively we can think on a type of vinculation between emission and inflation in extreme conditions. That means, with no monetary rule, no government has the need of taxes but instead can emit and spend all it needs without consequence. We know it's not like that: no government can print infinitely without undesirable effects.
Ok, good disclaimer, but given what he wrote before, what's the mechanism which causes money printing to be inflationary at some point? It was rejected before but now it seems that it exists. What was even the point of the article?
Now, the problem is thinking monetarism on its extremes: without emission we have inflation sometimes, on others we have no inflation with emission, we know that if we have negative emission that doesn't guarantees us negative inflation, but that if emission is radically uncontrolled there will economic effects.
As I wrote above, that's not what monetarism (even on it's simpler form) says, nor a consequence of it. You can see some deviations in low inflation environment but it's not really Argentina's current situation.
Let's add other problems: the elastic question between money and prices is not evident. Neither is time lags in which can work or be neutral. So the question is the limit cases for monetarism which has some reason but some difficulty in explaining them: by which and it what moments rules work and in which it doesn't.
I find the time lag thing to be a red herring. You can observe empirically and not having a proper short/middle run model doesn't invalidate QTOM in the long run. While it may be that increasing interest rates or freezing MB is not effective, that's less a problem of the theory and more a problem of policy implementation.
Conclusion:
I find that the article doesn't truly get monetarism to begin with (see the points it makes about emission and money demand), neither how it's implemented in practice, nor seems to be aware of more modern theories that, while put money on the background, don't necessarily invalidate it (rational expectation ideas, and eventually New Keynesian stuff which addresses stuff like liquidity traps properly).
There are proper criticisms to be made to Friedman old ideas but he still was a relevant man in his time and the economic community has moved on to new, better theories that have some debt to it. I feel most economic discussion about monetarism in Argentina is a strawman of mainstream economics or an attack on Austrians more than genuine points ("monetarism" is used as a shorthand for those who think inflation is a monetary phenomenon more than referring to Friedman and his disciples per se).
submitted by Neronoah to badeconomics [link] [comments]

Ceterum censeo: In some yet undefined future - the halving must be removed. The question is not: if, but when (and how)

Bitcoin's mining ecosystem is saturated. Period.
The ASIC race has weakened as it has moved closer to the technological limits - achieving some kind of fragile balance. The best proof of this is Bitmain's search for new areas (vide: AI research)
After more than a decade, we are smarter than Satoshi at least in one area - we have the knowledge acquired over these more than ten years ...
"Bitcoin should have had a 0.1% or 1% monetary inflation tax to pay for security." (Peter Todd): https://www.google.com/search?q=peter+todd+inflation
If someone cannot accept the inevitability of this right now - let him think if he would change his mind while he sees the consecutive halvings - after which the network hashrate drops half by half - and does not return to the previous level, ever... (I suppose we can see that process in 4 years already...)
And the trigger could be like this (of course after general consensus):
That would be an "organoleptic" determination of the optimal inflation rate for the Bitcoin network - and there is simply no better way to determine it. Just don't belive such simplification, when is hard to find an optimum for something - the ultimate solution is zero. It's not.
Remember, that Bitcoin is not an entity detached from the reality. There are various limitations, e.g. nanometer-based technological processes limitations, there is a finite amount of cheap energy that can be obtained on a global scale, etc.) Bitcoin functions in certain realities - whether we like it or not.
Sooner or later the situation described above will get us. It is worth to be prepared mentally for it - and not to start another war, but rather discuss it calmly. If, for example, 90% of the community considers that something is necessary for the development of bitcoin - such a change will take place.
For example, the theoretical exchange of ECDSA due to the threat of quantum computers - acceptance would take place at an express rate. It will be similar in this matter. Just it shouldn't be too late for corrective action.
The small inflation rate, decreasing continuosly and slowly but never to zero, and last but not least: determined by reality - seems to be the most proper measure in this case.
Ceterum censeo...
EDIT: If:
a) tx fees are able to keep miners mining - perfect
b) miners are pushed out by consecutive halvings - not perfect
What I proposed is unbiased way for checking that (bitcoin ecosystem overall health):
if(current_network_hashrate < network_hashrate_4_years_ago) {
do_something();
}
else do_nothing();
submitted by jk_14r to Bitcoin [link] [comments]

Why i’m bullish on Zilliqa (long read)

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

What is the "difficulty bomb"?

As I understand its suppose to make it impossible to mine in the future to prevent forks when changing to PoS, as to not get in to a BTC vs BCH hissy fit, but how does this work with the difficulty adjustment? Is the difficulty adjustment becoming dynamic to make the last blocks time infinite or how do they work together? Why is it not possible to just remove the difficulty bomb if someone wanted to keep PoW?
Ps is there a "ethereum beginners" sub like bitcoin beginners?
submitted by fjkcdhkkcdtilj to ethereum [link] [comments]

Solution Life - New payments solution

Solution Life - New payments solution
Solution Life is an open-source platform that enables to create peer-to-peer marketplace and ecommerce applications.
https://preview.redd.it/ypmpkfwnb6s51.png?width=613&format=png&auto=webp&s=6936dbdd70f1626bb352a426f3b59383b8b8c9cc
Solution Life aims at building a global sharing economy, allowing buyers and sellers to use segments of goods and services (car sharing, service missions, home sharing, etc.) to transact on the open, distributed source web. Using Ethereum blockchain and Interplanetary File System (IPFS), the platform and its participants can interact with the peer-to-peer model, allowing the creation and placement of services and goods without going through traditional middle parties. We plan to build a large-scale commercial network:
• Exchange financial value directly (listing, transactions and service fees) from big corporations like Airbnb, Craigslist, Postmate, ... to individual buyers and retailers.
• Exchange financial value and strategic value (internal aggregation of customer and transaction data) from similar corporations to entire ecosystems
• Create new financial value for market participants who contribute to platform development (e.g. building new technology for the Solution Life platform, developing new vertical products and introducing new users and businesses)
• Build the open, distributed, and shared data layer to promote transparency and collaboration
• Allow the buyers and sellers in the world to transact without difficulty in converting currencies or tariffs
• Promote personal freedom by not allowing a corporation or central government to impose arbitrary and overly conventional rules of business operation. To conduct these ambitious goals, we created the Solution Life Platform with programs that encourage technologists, businesses and consumers to build, contribute, and expand the ecosystem. We plan to build a broad collection of vertical industry applications (e.g. short vacation rental, free software engineering, tutoring) built on standards and data sharing Solution Life. When writing this article, the Solution Life platform is currently in Mainnet Beta. Platform Version 1.0 is expected to be activated in Quarter 3/2020. While the majority of engineering work is being done by the core engineering team, we expect future developments, after launching platform 1.0 from developer, will come to open source community members Together, we will create the Internet economy of the future.
Details of Whitepaper:
• Why is a new model of peer to peer trading necessary?
• Benefits proposed on the Solution Life Platform
• Product strategy, main features and technical overview
• Overview of the Solution Life team and community
https://preview.redd.it/tzepfegpb6s51.png?width=759&format=png&auto=webp&s=62c9933e84e9945b5417591e406390d127fa1070
BACKGROUND
Since the appearance of the Internet, the digital marketplace has connected buyers and sellers of goods and services, allowing transactions that have never happened before. Craigslist launched in 1995 and dominated for many years in local and regional commerce. At the same time, eBay began to grow and create a whole new category of sales based on auction, creating a more efficient way of doing market business. Through 20 years of rapid change, many businesses on the Internet market in both B2C and B2B types have developed strongly. Currently, sharing economy markets such as Airbnb, Uber, Getaround, Fiverr and TaskRmus have been very successful in combining buyers and sellers of the sharing economy. Now, the use of distributed assets can be sold as easily as atomic items, and people around the world are exchanging their excess inventory, time, and skills for profit. New markets including the Gig economy, the service sector and the use of segment assets are particularly suitable to be basis for peer-to-peer systems built on blockchain. Most of the shared economic enterprises have some common points. Firstly, as a collection, these companies have made a big impact on the world. Consumers of the markets were able to improve their lives with access to products and services that they didn't have before. Vendors have been using these platforms to reach customers on a larger and easier scale than before. Each market creates a "private home" for consumers and suppliers to transact together, creating liquidity for that market. Secondly, most sharing economic enterprises follow the same growth cycle. Without a few exceptions, these famous markets are difficult to launch and grow. Enterprises in the market often have to start building with millions of dollars, and in terms of Uber and Airbnb, these two businesses spend billions of dollars to scale. That is also the reason why these businesses suffered serious losses in the early days. In fact, the corporation is subsidizing the use of marketplace for its users. However, due to the very positive cross-network effect, successful marketplace businesses can increase revenue exponentially over time, usually by charging a fee per transaction on the network. Network-effect enterprises, such as share economy market, are often enterprises occupying all directions and growing stage, gaining a disproportionate value from the network for corporation’s management and their shareholders. In many ways, they become the only dictator on the scale they achieve. Finally, although there are huge differences in user experience, business mechanics, and vertical specific features among companies on the Internet market, they all share many parts built and rebuild many times. Lyft, Postmate, and DoorDash themselves has designed their own solutions for user and supplier profiles, shopping experiences, matching algorithms, reviews, and ratings. This is proprietary technology that is valuable on one side. On the other hand, chasing useless things each time creates a new market vertically wasted time and effort. Consumers also create and manage dozens of accounts on these market enterprises themselves, each with their own personal data and transaction history.
In the last few years, blockchain technology innovators and investors have called teams to build peer-topeer versions of businesses in the current sharing economy and to trade the Internet in a more efficient way. P2P lodging sites like Airbnb have already begun to transform the lodging industry by making a public market in private housing. However, adoption may be limited by concerns about safety and security (guests) and property damage (hosts). By enabling a secure, tamper-proof system for managing digital credentials and reputation, we believe blockchain could help accelerate the adoption of P2P lodging and generate.” - Goldman Sachs Research (Blockchain: Putting Theory into Practice) Don Tapscott, the author of the "Blockchain Revolution", said that Bitcoin-based technology could be used to promote the interest in Uber and Airbnb. - The Wall Street Journal "It is difficult for middle parties to achieve sustainable growth in business," [Fritz Joussen] said. "These platforms [tourism middle parties] build accessibility by spending billions of dollars on advertising, and then they generate exclusive profits based on what they have with sales and marketing. They provide great sales and marketing services. Booking.com is a big brand but they make outstanding profits because they own proprietary structures. Blockchain will destroy this. "- Skift However, most of the infrastructure and transmission systems for building distributed-market applications did not exist before Solution Life was born. We aim to address the shortcomings of current market companies and are happy that we have launched the Solution Life Platform, which opens up peer-to-peer commerce with corresponding scale.
📷
ACTIVATE THE OVER THE COUNTER MARKET
Our vision is to build and develop a free service exchange on the new Internet. In order to do this, we have to build a simulation platform of most, if not all, of the functionality of a third-party intermediary on the blockchain and other distribution systems. This is an ambitious and technologically challenging goal, but we have already completed important milestones that demonstrate our technology and the realworld applications of the project. The Solution Life platform has 3 main elements, all of which are open sources:
• Solution Life enabled end user applications
• Solution Life platform for developers
• Solution Life's application protocol
Solution Life enables end user applications The Solution Life flagship marketplace app is our consumer marketplace product that allows buyers and sellers on the network to do business. It is available today on the web at shopSolution Life.com and on both iOS and Android mobile devices.
📷
Summary
For the past two decades, Internet marketplaces and e-commerce stores have changed the way that buyers and sellers connect, creating new opportunities for the exchange of goods and services. However, these marketplaces have always been governed by centralized companies that maintain their individual monopolies on data, transaction and other service fees, and ultimately, user choice. With blockchain and other distributed technologies beginning to hit the mainstream, the world is poised for a new wave of decentralized commerce. SLC is bringing change and innovation to the global peer-to-peer economy. We're excited by the opportunity to lower fees, increase innovation, free customer and transaction data, and decrease censorship and unnecessary regulation. We are building a platform that invites other interested parties including developers and entrepreneurs to build this technology and community with us, altogether working to create the peer-to-peer economy of tomorrow. We hope you’ll join us on this exciting journey.
TOKEN SOLUTION LIFE (SLC)
The Solution Life Token (also known as SLC) is a utility token that serves multiple purposes in ensuring the health and growth of the network. The ERC20 contract is live on the Ethereum network today at:
0x4d44D6c288b7f32fF676a4b2DAfD625992f8Ffbd.
At a high level, this token is intended to serve a number of key functions on the platform. First, the SLC is a multi-purpose incentive token that is intended to drive the behavior of end users, developers, market operators, and other ecosystem participants. Additionally, the SLC is an exchange intermediary that can be used for payments between buyers and sellers on the platform. Ultimately, it is intended that SLC will serve a vital part in future network governance. Since November 2020, the Solution Life token has been used to encourage various forms of participation from the platform's ecosystem participants. Token Solution Life is used to reward users, developers, marketplace operators and / or other participants for performing activities and services conducive to Platform development. Solution Life Rewards Solution Life is an incentive program targeted at end users on the Platform. Buyers and sellers on the platform have been able to earn SLC since our inaugural Solution Life Rewards campaign in Nov of 2020. Solution Life Rewards enables everyone to have a stake in the network. We’ve intentionally designed the program so that even novice, non-technical users can participate. With Solution Life Rewards, users can get SLC from account creation and identity verification. One of the best ways to network is through referrals. As such, end users can also earn tokens by inviting new users. This creates more confidence between the buyer and the seller. Users can also earn SLC by following Solution Life's social networking sites or promoting project news on public channels.
To encourage trading volume on our Solution Life Platform, we also offer a refund mechanism for users who purchase from reputable sellers on our network. Solution Life Commissions Encouraging marketplace developers and managers to use the Solution Life platform is essential. Therefore, we launched an advertising and promotion program, creating an integrated business model for the decentralized marketplace running on Solution Life. Merchants on Solution Life apps can promote their listings using SLCs for greater visibility on search and browse results on our preferred and partner apps. The only way to join this program is to pay with SLC. When a merchant creates a listing, they can add a commission paid in SLC to their listing. This SLC is placed on escrow in the Marketplace Smart Contract.
submitted by slctoken to u/slctoken [link] [comments]

Is This Bitcoins last chance below $10k? - YouTube CryptoCurrency Mining Difficulty Log Feb 2 2020 Difficulty & HashRates for BTC ETH LTC XMR ETC. Bitcoin LAST CHANCE to buy at these prices? Last Chance To Switch Bitcoin Core for Bitcoin Cash & Ethereum? Last Chance to Sell BITCOIN Above $10k!? - YouTube

The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares. How often does the network difficulty change? See target. What is the formula for difficulty? difficulty = difficulty_1_target / current_target The Bitcoin difficulty chart provides the current Bitcoin difficulty (BTC diff) target as well as a historical data graph visualizing Bitcoin mining difficulty chart values with BTC difficulty adjustments (both increases and decreases) defaulted to today with timeline options of 1 day, 1 week, 1 month, 3 months, 6 months, 1 year, 3 years, and all time What is bitcoin difficulty? Bitcoin difficulty is an estimate about how difficult it is to mine (find) a new bitcoin block. Bitcoin mining has two main purposes. One is adding transactions to the bitcoin block chain. The other purpose is to create new bitcoins. The total number of bitcoins that will ever be mined is limited to 21 million ... I believe this happens when a difficulty-1 block, added under the 20-minute rule, is the last block before a regular difficulty adjustment (every 2016 blocks). In that case the adjustment sets the new difficulty to 1, and this sticks until it adjusts again 2016 blocks later and eventually creeps back up. – Nate Eldredge Feb 18 '19 at 15:47. I think there has been another question explaining ... Difficulty is a measure of how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares. How often does the network difficulty change? Every 2016 blocks.

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Is This Bitcoins last chance below $10k? - YouTube

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