What is Merged Mining: Mine Two Cryptos at the Same Time ...

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

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

Solutions

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

Syscoin + Matic Integration

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

Proving Performance & Cost Savings

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

Cost Savings

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

Tools, Infrastructure & Documentation

Syscoin Bridge

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

Benefits

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

Source code

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

API

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

Documentation

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

Trade-off

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

Cost

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

Z-DAG

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

Benefits

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

Source code

https://github.com/syscoin/syscoin

API

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

Documentation

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

Trade-off

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

Syscoin Specs

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

Wallets

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

Explorers

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

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

submitted by sidhujag to ethereum [link] [comments]

August / September monthly report from v1docq47 (CCS + XRM.RU)

This is my monthly progress report (CCS.html) + XMR.RU).
Below is a list of what has been done and translated into Russian for two months of my work.

Monero Video (YouTube)

The following video posted on Monero Russian Community YouTube Channel.

Weekly News:

Short Q&A about Monero:

Monero into Russian (Translation)

The following articles / guides have been translated into Russian and posted on the XMR.RU website and my Github repository.
Note: If you would like to read the original article in English, then, open the article you are interested in, and at the end of each article you will find a link to the source.

Critical Decentralisation Cluster 36c3 (transcriptions (EN + RU) + translation (RU)):

01 - Monero Introduction (Diego "rehrar" Salazar) | Transcriptions - EN.md) / RU.md) / XMR.RU 02 - RIAT Introduction (parasew) | Transcriptions - EN.md) / RU.md) / XMR.RU 03 - Swiss Cryptoeconomics Assembly (polto, Ome) | Transcriptions - EN.md) / RU.md) / XMR.RU 04 - Namecoin Introduction (Jeremy Rand) | Transcriptions - EN.md) / RU.md) / XMR.RU 05 - Open Hardware developed at FOSSASIA (Mario Behling) | Transcriptions - EN.md) / RU.md) / XMR.RU 06 - Paralelni Polis (Juraj Bednar) | Transcriptions - EN.md) / RU.md) / XMR.RU 07 - Introduction to Replicant (dllud, Denis ‘GNUtoo’ Carikli)​ | Transcriptions - EN.md) / RU.md) / XMR.RU 08 - Open Source Hardware and OSHWA (Drew Fustini) | Transcriptions - EN.md) / RU.md) / XMR.RU 09 - ImplicitCAD (Juila Longtin) | Transcriptions - EN.md) / RU.md) / XMR.RU 10 - Program in Detail | Transcriptions - EN / RU / XMR.RU 11 - about:freedom (Bonnie Mehring, Blipp)​ | Transcriptions - EN.md) / RU.md) / XMR.RU 13 - Funding Models of FOSS (Diego “rehrar” Salazar) | Transcriptions - EN.md) / RU.md) / XMR.RU 14 - The Sharp Forks We Follow​ | Transcriptions - EN / RU / XMR.RU 16 - P2P Trading in Cryptoanarchy | Transcriptions - EN / RU / XMR.RU 17 - Monero’s Adaptive Blockweight Approach to Scaling | Transcriptions - EN / RU / XMR.RU 18 - Nym (Harry Halpin)​ | Transcriptions - EN.md) / RU.md) / XMR.RU 19 - Digital Integrity of the Human Person | Transcriptions - EN / RU / XMR.RU 20 - cyber~Congress (Sergey Simanovsky) | Transcriptions - EN.md) / RU.md) / XMR.RU 21 - KYC & Crypto-AML Tools (polto) | Transcriptions - EN.md) / RU.md) / XMR.RU 22 - Parallel Polis, Temporary Autonomous Zones and Beyond | Transcriptions - EN / RU 23 - MandelBot:HAB - Open Source Ecotecture and Horizontalism | Transcriptions - EN / RU 24 - Adventures and Experiments Adding Namecoin to Tor Browser | Transcriptions - EN / RU 25 - Fair Data Society (Gregor Zavcer) | Transcriptions - EN.md) / RU.md) / XMR.RU 45 - Designing a Communal Computing Interface | Transcriptions - EN / RU / XMR.RU 47 - Hackatoshi’s Flying Circuit | Transcriptions - EN / RU / XMR.RU

Zero to Monero - Second Edition

https://www.overleaf.com/read/hcmqnvgtfmyh - Chapter 00 - Abstract - Chapter 01 - Introduction - Chapter 02 - Basic Concepts - Chapter 03 - Advanced Schnorr-like Signatures

Monero Outreach Articles

Getmonero.org Posts Blog

LocalMonero Articles

Note: You need "Change Language" to Russian - Why Monero Has A Tail Emission - How CLSAG Will Improve Monero's Efficiency - How Monero Solved the Block Size Problem That Plagues Bitcoin - How Ring Signatures Obscure Monero's Outputs - Monero Best Practices for Beginners - Monero Outputs Explained

Monero Meeting logs

CCS Result / Report

Monero News

Other Articles

Pull / Merge Request

Monero Project Translations (Weblate)

Thanks for your support!
submitted by v1docq47 to Monero [link] [comments]

Effects of ETC moving to SHA3

0xBitcoin might experience some benefits from ETC's recent decision to go to SHA3.
For one thing, if ETC developers turn their minds toward SHA3 GPU mining, it seems likely that they'll be very interested in the optimization work already done by Lt. Tofu and Azlehria on Cosmic and Nabiki. But they may also spot additional optimizations, which could most likely be ported back into our miners!
For another thing, since ETC has a larger community than 0xBitcoin's, it's likely that they have people with very diverse skills. As they turn their minds toward SHA3 on FPGAs, I anticipate they will be choosing FPGA boards and writing software for them that probably will not be very difficult to alter to mine 0xBitcoin! Practically speaking, this may result in a new era of mining where a respectable hash rate can be achieved with much less electricity expense.
Basically, if people with EE or hardware development backgrounds in the ETC community pin down some of the variables involved, like development board, it seems very likely that we will be able to get FPGAs mining 0xBitcoin quickly.
We recently exchanged some nice words with Alex Tsankov. He revealed he is doing work that may allow merge mining ETC and other projects like 0xBitcoin. I don't know how good this will be, but it's hard for me to see how this could be a bad thing. It's really great to have nice words from Alex, because he seems like a very smart dude who is very open to collaboration.
I have joined the ETC Discord (edit: link removed for just-Reddit-things reasons, you'll have no trouble finding it) and will be watching for opportunities to tell people there about our miners if they don't know, and watching for info about their developments on SHA3 miners.
submitted by 0xBrian to 0xbitcoin [link] [comments]

IPFS— The New-gen Tech Revolution, or Another Illusion?

IPFS— The New-gen Tech Revolution, or Another Illusion?
Founded in 2014, after 6 years of R & D as well as its expansion, and after nearly a year of extensive testing and preparation, IPFS (Interplanetary File System) was officially launched on the afternoon of October 15, 2020, UTC time. 12 hours after the mainnet went online, Its token price fluctuated between 50~70 USD/FIL. However, panic and pessimism began to spread between the IPFS community and FIL token holders. Based on the total amount of FIL (2 billion) and the unit price of 50 US dollars estimation, its market value has exceeded 100 billion US dollars, second only to BTC. As such a mega valued IPFS/FIL went online, if there is no enough application to support, the selling pressure after the FIL is gradually unlocked will become huge. According to calculations, on the first day of the mainnet launch, there will be 239,000 FILs to be sold. Assuming that the unit price is 30 USD, the released circulation will be 8 million USD. Assuming the unit price remains unchanged, the market will usher in a similar value on the 10th day. With a release amount of 15 million USD, it is very likely that the corresponding token price can be supported.
IPFS is a network transmission protocol designed to create persistent and distributed storage and sharing of files. In terms of its current active projects and companies, IPFS has added more than 5 billion files, involving multiple industries, and there are also many blockchain companies using this technology. When the IPFS mainnet and its Filecoin goes online, the market value will be based on the applications brought by the IPFS network. After Bitcoin and Ethereum, Filecoin is an upstart in the blockchain industry with a revolutionary technological breakthrough. The market predicts that Filecoin’s market value will surpass Bitcoin. Now let us analyze this project together that was given high hopes:
IPFS major features and disadvantages
The basic application of IPFS, Filecoin’s financial attributes and its incentive mechanism make it a very exciting global collaborative open source project. On this basis, the data of all mankind is stored in the IPFS network, and no one can tamper with it.
This magnificent scene provides at least three values ​​for us:
  1. It creates a storage network service that is license-free and trust-free. This is very important. When you want to access a digital file, you don’t need to get approval or filing from any organization, and strict certification. As for non-centralized trust, it does not require user to trust the supplier that provides storage services, which significantly reduces the cost.
  2. The successful application of IPFS will most likely enable all idle storage resources in the world to be gathered to form a network and be effectively used, and such a network is unprecedented.
  3. Through such a model, network redundancy can be effectively reduced, and the complete separation of data can be achieved. There is no need to store files in a fixed location, only the content needs to be stored in an IPFS and Filecoin network.
However, Plentiful in ideal yet bony in reality. The design flaws of the IPFS project make it difficult to truly apply in the practical environment. Its design flaws mainly focus in the following aspects:
  1. Cannot support hot data storage.
Based on the principle of data timeliness, the higher the frequency of data access, the greater the value of the data possess. At present, IPFS only supports cold data storage scenarios. The lack of support for network transmission makes it impossible to establish a transmission network for hot data, which means the lack of the most valuable support for the network.
  1. The disaster tolerance mechanism is missing.
Disaster tolerance means that when an IT system stops working due to an accident (such as fire, earthquake, etc.), the entire application system can be switched to another location so that the system functions can continue to work normally. IPFS / Filecoin does not provide reliable disaster recovery and recovery mechanisms for storage users. Storage miners arecentrally handling disaster recovery backup and recovery works, resulting in an increase in storage space redundancy by 2–3 times.
  1. The storage performance is reduced by more than 60 times.
The IPFS data verification mechanism is too ideal and complex, and its storage performance is more than 60 times lower than that of a traditional centralized storage system. 1TB files usually need to be verified for more than 10 hours and cannot be stored normally and efficiently.
  1. Centralized technology architecture.
IPFS requires pretty advanced hardware, which leads to a very high threshold for joining its storage network. At present, only specialized storage devices can join the IPFS network as storage nodes. This means that IPFS initially advertised to users that connecting ordinary idle storage and reducing storage costs, has become a flubdub. It is difficult to store the entire network in a centralized structure in a disguised form, which cannot greatly reduce the storage cost of the entire network and ensure the security of the entire network.
  1. Due to the lack of the decentralized governance mechanism, its governance is too despotic, leading to a certain harm to the participated communities.
The above are the main obstacles currently hindering IPFS and Filecoin. The good news is that some of them can be improved and perfected, while some are design mechanism problems and cannot be fixed. Let’s take a look at another project initiated in the tech circle in 2017 — -HOP:
What is HOP
The HOP protocol provides a decentralized and completely anonymous traffic service for people all over the world based on block chain. HOP combines P2P network transmission and block chain technology to establish a block chain micro-payment protocol based on the block chain transmission encryption protocol between P2P network bandwidth contributors and bandwidth users, and merge it into traffic mining. In the mining pool side, the whole protocol is built on the main network, which has Micro Payment and mining functions. In addition, HOP also supports traffic mining of ERC20 in any currency. So far, HOP is the only protocol that combines the above functions and is officially available in commercial application. It can provide terminal nodes for secure access to decentralized networks.
HOP features and comparison with IPFS
HOP and IPFS have certain similarities. The following table is a comparison of the two projects in terms of technology and application characteristics:

https://preview.redd.it/d4klovzngmt51.png?width=1178&format=png&auto=webp&s=f14f0b2290430f6861f6da27f2d1e47ed196b741
Why HOP might be a phenomenal project in the future
Compared with the disadvantages of IPFS which are not supporting for hot data storage, low storage efficiency, low disaster tolerance and the high threshold of providing storage capacity, The advantages of HOP are summarized as follows:
  1. High operating efficiency.
The smart micro-payment system runs payments with unlimited TPS, and the efficiency is 90% higher than Ethereum.
  1. High level of open source. Supports all ERC-20 token access.
  2. Low threshold of participation.
Any participant who has a certain fundamental knowledge of computer science and network technology can set up mining pools and miners.
  1. High scalability.
It can be combined with Starlink satellites, repeaters, sim/esim cards and mobile phones in actual application scenarios to form a next-generation distributed interconnected communication network globally.
At present, most of the participants of HOP are top tier tech specialists, famous investors and politicians with global vision. We believe that projects like HOP, due to the open source and far-sighted technical foundation, which can not only achieve internal self-consistent circulation, but also integrate well with external ecology. Just as water conservancy is invisible, HOP has unlimited inclusiveness and scalability, and has a strong platform-level vitality!
We are looking forward to the accumulation of HOP, bringing a revolution in technology and applications to the blockchain and the practical universe!
submitted by Hayley_HOP to u/Hayley_HOP [link] [comments]

[Paracosm Discord] Hans's Inspiring Conv: Tangle Inside

2/6
Disclaimer:
This is my editing, so there could be some misunderstandings.
Anyone who wants to read everything should go to the 'spec' of Paracosm discord.
IMHO, Hans's philosophy and motivation is worth sharing widely.



Hans Moog [IF]어제 오전 7:57
People are more motivated then ever

Hans Moog [IF]어제 오전 8:02
the point is that the IF is not going to be there forever - its not meant to
having a self sustainable ecosystem is very important for the maturity of the protocol

Hans Moog [IF]어제 오전 8:03
No it's not
if IF would cease to exist tomorrow - it would be finished by the people working for the IF anyway
I am 100% sure
and if i would have to do it alone ...

Hans Moog [IF]어제 오전 8:05
we can all do it together - and we are actually doing it already
hornet and goshimmer have VERY close ties
they are really good friends and very capable coders
its an honor to work with them

Hans Moog [IF]어제 오전 8:06
[when do you reckon the shift to binary will take place?]
its being merged in goshimmer tomorrow :smile:

Hans Moog [IF]어제 오전 8:14
[about Multiverse]
the last statements of popov was that it "might work"
he still has some concerns
i guess he still tends to think the chances of it not working as bigger than the chances of it working
I am 100% sure it works - but maybe its on me to prove that with a fully functional prototype.

Hans Moog [IF]어제 오전 8:17
My goal is to show a prototype being able to process 10 million tps by the mid of this year - we will see if I can pull this off
maybe time will be rare, considering the parallel work on coordicide
maybe I should aim for end of 2020 instead

Hans Moog [IF]어제 오전 8:19
of course it includes sharding
that whole point of IOTA is sharding
and a completely new form of sharding

Hans Moog [IF]어제 오전 8:19
[why 10m TPS?]
its just a random number
some kind of goal post
so you can process the entirety of bitcoins history in 1minute and 30 seconds?
would be a nice thing

Hans Moog [IF]어제 오전 8:21
coordicide and multiverse would essentially use the same sharding principles
I hope that we can share more on that soon
Oh its quite concrete
we are starting to write math papers about it already

Hans Moog [IF]어제 오전 8:23
FPC is perfectly fine for sharding
you have to forget the discrete sharding world of blockchains where you just make n copies of the same thing
its very different


Hans Moog [IF]어제 오전 8:30
I would LOVE to share that with you but maybe just wait a but longer - we will be more open about this pretty soon
let's just say that we still have some aces in our sleeves

Hans Moog [IF]어제 오전 8:49
nope
I am completely new in crypto but I am pretty sure that some people might "know me from before"
if they would know what I did before

Hans Moog [IF]어제 오전 8:57
dude the IF has reached a stage where it would survive without anbybody
I could drop dead tomorrow and the IF would continue, same goes for David or anybody else

Hans Moog [IF]어제 오전 9:00
all the corporates and everything ... it might not be fully reflected in the price yet but IOTA has a really really bright future

Hans Moog [IF]어제 오전 9:01
I think we are starting to see a pretty bullish sentiment around IOTA lately
I only hope that its due to our increased transparency with a clear roadmap and everyhting, and not just some random fluke in the prices
It would just feel much more "rewarding" to be a consequence of our efforts :joy:

Hans Moog [IF]어제 오전 9:05
i am buying more IOTA every month : was very happy about the low prices
but I can understand that if you just "have to believe" and have no insight about the actual progress, then these prices can feel more concerning than a "bargain"

Hans Moog [IF]어제 오전 9:13
Do you really expect a guy working on IOTA to not be bullish about the tech and everything?
I am not in IOTA for the moneyzzz

Hans Moog [IF]어제 오전 9:18
if you are asking for investment advice, then I am most probably the worst person to ask
as my trades in crypto have always been horrible

Hans Moog [IF]어제 오전 9:20
I didn't have the chance to be around in the ICO days so I need to take what's left

Hans Moog [IF]어제 오전 9:27
I don't know man - everybody that I know is not willing to sell

Hans Moog [IF]어제 오전 9:35
Yassin is the proof that "reputation" is worth something
A man of honor - my deepest respect to you man
People who stick to their word and can be trusted are sadly a rare thing in today's world

Hans Moog [IF]어제 오전 9:39
I anyway think that we have way too much tribalism in crypto
people should really stop praising "people and projects" and instead start to praise ideas and concepts

Hans Moog [IF]어제 오전 9:43
I mean I get the whole concept of having a single currency and shit, but if the tech is bad? I mean this is the first time in the history of humans that we can "design" the very foundation of our social and economical layer
why would we not go for the best available tech?
bitcoin was "a breakthrough" when it was released
and it helped to kickstart a whole field of research
but its clearly not the best possible solution

Hans Moog [IF]어제 오전 9:47
ultimately the best tech will win
just look at bitcoins dominance
its fading long term
sure it was time for a correction from the 2017 run of alts

Hans Moog [IF]어제 오전 9:47
but the overall trend is pretty clear
bitcoins days are numbered

Hans Moog [IF]어제 오전 9:54
maybe I can leak one thing about IOTA's sharding solution without giving away too much: Every single node can individually decide how much data it wants to process - so you can have very very resource-constrained nodes like sensors and stuff in the same network as nodes with hundreds of cores and they will be able to work together seamlessly
there will essentially be no "minimum hardware requirements" for a node (of course you have "some" requirements to even be able to run some kind of logic)

Hans Moog [IF]어제 오전 9:56
We are on the forefront of research when it comes to VDF's but its not really related
VDFs would maybe be a way to replace PoW in the future as a rate control mechanism

Hans Moog [IF]어제 오전 9:58
you don't need big nodes
you can be as big as you want to be
but naturally some nodes will have more power than others

Hans Moog [IF]어제 오전 10:01
possible - the whole mana system is based on "reputation", if you run a reliable cluster of nodes that people are willing to use, then you can earn mana
and since mana decides how many transactions you can issue, you can of course "allow others to use your resources" for money
so operating a reliable node cluster could be sth that people might do "for a living" in the future
maybe it would be best to build up a reputation already today

Hans Moog [IF]어제 오전 10:03
if you have funds in the network, then you will generate more than enough mana to have enough "shares" in the network to use it
for free
but if anybody wants to just piggyback on the network without holding tokens, then he might have to pay a "fee"

Hans Moog [IF]어제 오전 10:05
if you want to send a lot of data transactions, then you better have some tokens
I mean its just fair, right?
you don't have any stake in the network but you wanna use it? then pay for it
but people who have funds in the network can use it for free

Hans Moog [IF]어제 오전 10:07
i think ultimately the community will provide a plugin for the nodes, where you can "automatically" rent your excess reputation for some income

Hans Moog [IF]어제 오전 10:08
[what would the income be ?]
tokens
IOTA

Hans Moog [IF]어제 오전 10:09
by the people who want to use the network more than what their token holding would allow them to
so they rent "mana" from the people who have it

Hans Moog [IF]어제 오전 10:10
the internet took off when flat-rate emerged
and prices became predictable
the same is true for crypto

Hans Moog [IF]어제 오전 10:11
thats why companies like IOTA so much ... it creates a platform that has "predictable" prices
any mining based crypto will never be able to offer the same
Beeing feeless is not just a "funny feature", its the key to mass adoption

Hans Moog [IF]어제 오전 10:14
If I run a node and have funds in the network, then why would I pay anybody anything? I am supporting the network already by using it

Hans Moog [IF]어제 오전 10:16
Yeah we are using "mana 2" now which is also the one that is implemented in the goshimmer mana package
the formulas are going to change a bit tho
we had like 16 different versions of mana with all very different implications on game theory and code

Hans Moog [IF]어제 오전 10:18
but serguei is the expert when it comes to game theory and we are pretty confident that we have chosen the correct survivor

Hans Moog [IF]어제 오전 10:19
[The mana implementation does seem like the slipperiest slope]
it uses a few economic theories from the early 20th century (from silvio gesell) by having smth like a "demurrage function"
so the rich dont get richer
its software - if any design decision turns out to be problematic, you patch it

Hans Moog [IF]어제 오전 10:20
[So it’s hard to maintain a high mana]
its not like you have to live with it for thousands of years like in our current FIAT system
if you make it right from the start, the rich will never become that powerful that they could even dare to fork

Hans Moog [IF]어제 오전 10:22
you are "RENTING" out your excess resources
that doesn't mean that you will broadcast everything unseen
If somebody tries to use your node to perform an attack you will just ignore it
of course you might "lose the fees" that they would be willing to pay you to perform this attack,
but ultimately you will have to decide what is more valuable to you
the few cents of IOTA you earn or your "reputation / mana"

Hans Moog [IF]어제 오전 10:25
the nodes will perform all of the sanity checks, so they don't "accidently" take part in an attack of course
the point is that its a voting system based on mana
if I use your node to "issue a transaction",
then I maybe pay you for issuing this tx
but your "opinion on that tx" is independent of that

Hans Moog [IF]어제 오전 10:29
actually I even think that the whole coordicide principles especially in connection with the sharding are very much in line with cfb's initial vision - and I am actually a bit sad that he never really dared to honestly look into them

Hans Moog [IF]어제 오전 10:29
I was even thinking about "naming" the multiverse "cfbs vision" once
maybe its more (pauls's vision) than cfbs vision
paul handy was one of the other early developers of IOTA btw.
and a very very smart person I have to say
a lot of the ideas that we are currently pursuing go back to his line of thinking

Hans Moog [IF]어제 오전 10:32
the infamous "ontology principles"
the ultimate goal is to be able to run "anything" on the tangle - not just value transfers but literally anything, event remotely related to DLT's
I envision IOTA being a general purpose DLT platform
pretty much like TCP/IP was for the internet

Hans Moog [IF]어제 오전 10:36
I introduced "broadcasts" a few days ago as a new concept that is the equivalent of UDP messages

Hans Moog [IF]어제 오전 10:49
I think that one of the things where cfb and me disagree regarding the "vision of IOTA" is that he think thats we should "finalize" the protocol as soon as possible (or "set it in stone" as he likes to call it), so hardware manufacturer can start to build hardware, whereas I think that it makes much more sense for it to be something like an "open evolving standard" that is so flexible that you can literally build whatever the fuck you want based on this protocol.

The internet wouldn't have been the internet, if it would have "just" been for sending scientific messages between researchers.
I can not anticipate and know what humans might do with DLT in the future, so limiting myself to "only value transfers" is IMHO the wrong decision.
for something to be successful, it needs to be able to "model" everything that could possibly exist

Hans Moog [IF]어제 오전 10:51
IOTA will be able to run "anything" on top of it - even "virtual instances of other cryptocurrencies"
and its not going to be some quirky slow emulation - it would most probably even be faster and more reliable than when being implemented without it

Hans Moog [IF]어제 오전 10:52
similar to "INTEL inside" you will most probably see sth like "Tangle inside" soon

Hans Moog [IF]어제 오전 10:54
"any application" running on top of the tangle (MAM, DID, Qubic, Matrix ... you name them) would ALWAYS have to be able to process IOTA value transfers
THAT's what will give the token a value

Hans Moog [IF]어제 오전 10:55
if everybody can already "speak the same language" anyway, then people will also use that language to communicate
which means that people will use the IOTA token to transfer value
so we don't need to "force ourselves" on others - they will come by themselves
because its the only thing that makes sense

Hans Moog [IF]어제 오전 10:57
[so Hans, $10 EOY still ?]
if btc stays where it is?
hard to achieve i'd say
most probably not
it always takes some time for people to "wake up"
dunno maybe it goes fast
most weak hands are gone in IOTA

Hans Moog [IF]어제 오전 11:00
But seriously guys ... the price of course is interesting but if we are able to pull this off, then this will be the start of a new form of society
it will affect everything
the way we interact .... even the way we behave towards each other
I am not even sure if you need to be "rich" in that kind of society
Star trek sounds like a nice vision


Hans Moog [IF]어제 오전 11:20
[once IOTA is completely implemented, its gonna be a matter of energy consumption optimization race I guess?]
ultimately, yes
whatever crypto is going to be the "cheapest" one to "operate" will win

Hans Moog [IF]어제 오전 11:22
BUT that is at the same time "expressive" enough to not have "niches" for weird competitors, that claim to be even a "little bit better" in one of the aspects
it needs to be the best possible solution that humans are most probably able to come up with

Hans Moog [IF]어제 오전 11:23
if even the smallest something can be improved, then it should become part of the core rather than a competing project
not having miners and being able to "upgrade" whenever it is necessary, is what will give IOTA power
not setting stuff in stone today

Hans Moog [IF]어제 오전 11:29
I guess what fascinates me the most about IOTA is that people have a different kind of philosophy - in crypto people are usually sharing the mindset of "let's destroy the banks ... or .... the FED ... or whoever they consider to be their enemy
IOTA for me is not so much about "destroying somebody else" rather than "creating something new"

Hans Moog [IF]어제 오전 11:30
But the "mindset and motivation" makes all the difference
And I feel like large parts of the community "understand and share" that vision

Hans Moog [IF]어제 오전 11:34
there are plenty of "problems" where DLT is not the right answer
but there are most probably also quite a few that we haven't even thought about, yet
that go way beyond just "finance"

Hans Moog [IF]어제 오전 11:38
[Has IF any plans for anonymous transactions Hans?]
it's current not our main point of research but I would say ultimately yes
the fact thats its feeless make "mixing" funds a very feasible solution
But even on top of that (like zero knowledge proofs and stuff) If there is a use case, then you should be able to do it with IOTA.
that's what I mean with "general purpose DLT" platform
whatever is possible should be doable with the protocol - not "just" IoT value transfers

Hans Moog [IF]어제 오전 11:42
everything you could most probably think of
the same way as TCP/IP allows you to play computer games, send emails, or watch streams

Hans Moog [IF]어제 오전 11:48
tomorrow I start merging the first ledger-related stuff into the development branch
from the outside it will most probably look like any other day : but starting to work on the "final version" which is supposed to be ready end of Q1 is a big milestone for us
2 months left

Hans Moog [IF]어제 오후 12:04
100% agree - let's finish this shit!
we have "talked" for quite a while - the coming months, we will have to show what we "have"
submitted by btlkhs to Iota [link] [comments]

ProgPoW resources

Informational

May 2, 2018 EIPs/eip-1057.md at master · ethereum/EIPs · GitHub
May 3, 2018 ProgPOW/README.md at master · ifdefelse/ProgPOW · GitHub
May 3, 2018 EIP-ProgPoW: a Programmatic Proof-of-Work - EIPs - Fellowship of Ethereum Magicians
May 29, 2018 The Problem with Proof of Work - K. L. Minehan - Medium
October 25, 2018 Understanding ProgPoW - IfDefElse - Medium
Nov 17, 2018 progpow-wiki/ProgPoW.md at master · MariusVanDerWijden/progpow-wiki · GitHub
December 10, 2018 ProgPoW - A Programmatic Proof of Work by Kristy-Leigh Minehan (Devcon4) - YouTube
January 10, 2019 ProgPoW FAQ - IfDefElse - Medium
January 14, 2019 What GPU miners may not know about ProgPoW - Andrea Lanfranchi - Medium
January 17, 2019 ProgPoW: Progress Update #1 - IfDefElse - Medium
February 14, 2019 Council of Denver - HackMD
February 17, 2019 The Miners Benchmark ProgPoW - Theodor Ghannam - Medium
February 21, 2019 Ethereum ProgPoW Explained - Crypto Mining Blog
March 18, 2019 13 Questions about Ethereum’s Movement to ProgPow by Jon Stevens - Medium
March 20, 2019 Skeptical about #ProgPoW? I am too! - Bryant Eisenbach - Medium
March 27, 2019 Comprehensive ProgPoW Benchmark by Theodor Ghannam - Medium
March 28, 2019 My stance on Progpow by Martin Holst Swende
March 30, 2019 The Cost of ASIC Design - IfDefElse - Medium
April 12, 2019 Ethereum ProgPoW Update - Crypto Mining Blog
September 23, 2019 In Defense of ProgPow : ethereum
February 4, 2020 Antminer E3 Stops Mining Ethereum Classic, Just Over a Month Remaining for Ethereum - Crypto Mining Blog

Ethereum Magicians

August 2, 2108 Final Request From the GPU Mining Community - EIPs - Fellowship of Ethereum Magicians
August 26, 2018 EIP-1355: Ethash 1a - EIPs - Fellowship of Ethereum Magicians
September 3, 2108 What has to be done to get ProgPoW on Ethereum - EIPs - Fellowship of Ethereum Magicians
January 1, 2019 Guidelines for ProgPow Hardware Developers - Primordial Soup - Fellowship of Ethereum Magicians
February 2, 2019 On the progpow audit - Action Item - Fellowship of Ethereum Magicians
March 3, 2019 My technical take on ProgPow’s weakest link - EIPs - Fellowship of Ethereum Magicians
March 4, 2019 Governance concerns after listening to ~all ProgPow discussions on Core Dev calls - Process Improvement - Fellowship of Ethereum Magicians
March 29, 2019 Motion to NOT include ProgPow without audit - EIPs - Fellowship of Ethereum Magicians
March 30, 2109 ProgPoW - A Compilation of Reference Material - Core EIPs - Fellowship of Ethereum Magicians
May 23, 2019 ProgPoW Audit Delay Issue - EIPs - Fellowship of Ethereum Magicians
July 8, 2019 Ensuring ETH 1.x’s Success Without Disenfranchising The Community - Ethereum 1.x Ring - Fellowship of Ethereum Magicians
August 8, 2019 EIP-centric forking - Process Improvement - Fellowship of Ethereum Magicians

YouTube

October 8, 2018 Cardano Rust Project | Petro Public Sale | ProgPow | WSJ Attacks Shapeshift (October 2nd, 2018) - YouTube
October 23 2018 Ethereum Mining News | FPGA’s Mining | ProgPoW LIKELY | Profitability | Hard Fork Delayed 2019 - YouTube
December 13, 2018 Why ProgPoW is BAD for Ethereum - YouTube
December 19, 2018 Bitcoin Rallies Towards 4k - Why? Ethereum Launches ProgPoW GPU Mining Testnet | New HD Minable Coin - YouTube
January 4, 2019 Ethereum moving to PROGPOW! What’s it mean for Miners? - YouTube
January 4, 2019 Ethereum ProgPoW CONFIRMED! - YouTube
January 5, 2019 Mining on the ProgPoW Gangnam Ethereum Testnet! - YouTube
January 6, 2019 6 x Asus RX 570 4GB ProgPoW Gangnam Ethereum Testnet TEST! - YouTube
January 7, 2019 ProgPOW Explained - A Brave New World for Ethereum Miners? - YouTube
January 20, 2019 CES2019 - North American Bitcoin Conference - GRIN / BEAM - PROGPOW and more! - YouTube
January 23, 2019 Ethereum to ZERO? Eth Chain Split. ProgPow & ETC 51 % Attack. GPU vs ASIC Miners. - YouTube
January 29, 2019 Nick Johnson: Future of the Ethereum Name Service and thoughts on ProgPOW - YouTube
February 19, 2019 Ethereum Hard Fork Soon? ProgPoW Voting? - YouTube
February 20, 2019 ProgPoW Merged Into Parity Ethereum | ETHNews Brief - YouTube
February 25, 2019 How does R7 370, R9 380,380x,390 and more perform on PROGPOW and other Cryptocurrencies in 2019? - YouTube
March 7, 2019 PROGPOW Explained in under 4 min. & why it matters to GPU Miners - YouTube
March 19, 2019 What is BBT doing with PROGPOW, Why all of the testing? - YouTube
March 25, 2019 eVGA RTX 2080Ti FTW3 11GB DDR6 Cryptocurrency Performance Test PROGPOW ETH RVN BEAM GRIN29 GRIN31 - YouTube
March 29, 2019 Ethereum & ProgPoW… What Is Going On? - YouTube
May 2, 2019 Ethereum ProgPow Audit Has Been Funded & Approved - YouTube
July 5, 2019 Mining News! Monero RandomX | Ethereum ProgPoW 2019 Update | Grin Embraces ASIC miners | Zel Zelhash - YouTube
July 24, 2019 Ethereum ProgPoW AUDIT Is Finally Getting Started… - YouTube
September 13, 2019 Ethereum ProgPoW Algorithm Audits Finalized - YouTube
September 24, 2019 An Argument Against ProgPoW a Day - Part 1 - YouTube
October 4, 2019 82 - Defending ProgPoW with Kristy-Leigh Minehan - YouTube
October 10, 2019 #36 - Kristy-Leigh of ProgPow discusses the EIP, Satoshi, Code Contributions, and Crypto Mining 2020 - YouTube
November 24, 2019 Ethereum Classic REJECTS ProgPoW… - YouTube
December 16, 2019 Ethereum ProgPoW Implementation Is STILL Coming Right? - YouTube
December 26, 2019 Panel: Least Authority’s ProgPoW Audit (Devcon5) - YouTube

Podcasts

April 11, 2019 https://podcasts.apple.com/us/podcast/blockchannel/id1307284590?i=1000434669782
September 10, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-78-ethboston-compound-drama-eth2/id1443920565?i=1000449269536
September 25, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-80-progpow-discussion-doj-extortion/id1443920565?i=1000451214746
October 4, 2019 https://podcasts.apple.com/us/podcast/82-defending-progpow-with-kristy-leigh-minehan/id1436674724?i=1000452312677

Official Updates

May 18, 2019 Dev Call #38 - May 18, 2018
August 24, 2018 Dev Call #45 - August 24, 2018
September 28, 2018 Dev Call #47 - September 28, 2018
January 4, 2019 Dev Call #52 - January 4, 2019
January 18, 2019 Dev Call#53 - January 18, 2019
February 1, 2019 Dev Call #54 - February 1, 2019
February 11, 2019 Ethereum Cat Herders Update#1 : EthereumCatHerders
March 15, 2019 Dev Call #57 - March 15, 2019
May 24, 2019 Dev Call #62 - May 24, 2019
July 18, 2019 Dev Call #65 - July 18, 2019
September 10, 2019 ProgPoW Audits Released - Ethereum Cat Herders - Medium
September 6, 2019 Dev Call #70 - September 6, 2019
November 1, 2019 Dev Call #74 - November 1, 2019
December 13, 2019 Dev Call #77 - December 13, 2019
January 24, 2019 Dev Call #79 - January 24, 2020
February 21, 2020 Dev Call#81 - February 21, 2020

News Articles

January 4, 2019 Ethereum Core Devs to Move Forward With ASIC-Resistant PoW Algorithm
January 5, 2019 Ethereum (ETH) Developers Plan to Implement ASIC-Resistant Proof of Work Mining Algorithm
January 7, 2019 BREAKING: Ethereum Classic (ETC) Hit With 51 Percent Attack A Week Before Ethereum (ETH) Constantinople Hard Fork – Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust
January 8, 2019 ETH Dev Suggests Moving to ‘ASIC-Friendly Algorithm’ After ProgPoW Decision
January 8, 2019 Ethereum Miner Linzhi Calls Out Project Coders for Proposed ASIC Ban - CoinDesk
January 8, 2019 Ethereum (ETH) Core Developers Propose an ASIC Resistant Upgrade - Ethereum World News
January 9, 2019 Ethereum Classic (ETC) 51% attack proof that shitcoins have no hope of succeeding? | CaptainAltcoin
January 9, 2019 What’s ProgPoW? Meet the hot new debate in the Ethereum community | finder.com.au
January 18, 2019 Ethereum Core Devs Constantinople Meeting to Be Held on Jan 18
February 1, 2019 Ethereum Core Dev Call #54: Waiting for ProgPoW - The Block
February 3, 2019 Will Ethereum Adopt ‘ProgPoW,’ the ASIC-Resistant Mining Algorithm? | CryptoSlate
February 4, 2019 Is Ethereum Going to be Adopting ASIC-Resistant ‘ProgPow’ as a Mining Algorithm?
February 15, 2019 Ethereum Core Dev Call #55: ProgPoW audits and Vitalik’s Phase 2 updates - The Block
February 15, 2019 Recompensas por minería en Ethereum llegan a mínimo histórico | CriptoNoticias
February 28, 2019 Coinhive dice adiós a la minería web por caída del mercado | CriptoNoticias
March 6, 2019 Ethereum Core Dev Meeting : ProgPow Implementation Receives More Than 50 Percent Votes from Miners - CryptoNewsZ
March 7, 2019 The ASIC Resistant Mining Campaign from Ethereum Miners Is Just Getting Started
March 12, 2019 Ethereum’s ProgPoW Proposal: An Expensive Game of Whack-a-Mole - CoinDesk
March 12, 2019 Ethereum’s ProgPoW Mining Change to Be Considered for Istanbul Upgrade - CoinDesk
March 14, 2019 As ProgPoW Aimed at Stopping ASIC Mining Gets Supporting Votes, New Conspiracies and Debates Appear
March 15, 2019 Ethereum’s ProgPow Mining Change Approved Again, But Timeline Unclear - CoinDesk
March 17, 2019 Ethereum Devs Once Again Approve ASIC-Resistant Algorithm ProgPoW
March 18, 2019 Ethereum (ETH) to Be ASIC-Resistant, No Date Set However - Cryptovest
March 27, 2019 Aumentan desacuerdos en Ethereum por decisión de avanzar con ProgPoW | CriptoNoticias
March 29, 2019 Bitmain Co-founder, Jihan Wu: ASIC Miners Makes a Blockchain Network More Decentralized - Coindoo
April 8, 2019 A Fight Over Specialized Chips Threatens an Ethereum Split | WIRED
April 26, 2019 Funding Approved for Audit of Ethereum’s ProgPoW Mining Proposal - CoinDesk
April 28, 2019 Ethereum Core Devs: Funding for ProgPoW 3rd-Party Audit Approved
April 20, 2019 Ethereum’s Recent Decline in Hashrate ‘Not Surprising’: Cyber Threat Expert Explains | CryptoGlobe
June 14, 2019 Proposed Ethereum Istanbul Hard Fork Combed With A Fine Tooth at Cat Herders Meeting
July 13, 2019 ¿Qué es ProgPoW? La propuesta de algoritmo contra mineros ASIC en Ethereum | CriptoNoticias
August 17, 2019 Ethereum: ProgPow will be activated on the mainnet next year as a part of Istanbul 2 - AMBCrypto
August 18, 2019 Ethereum’s ProgPoW To Be Released The First Quarter Of 2020 | UseTheBitcoin
August 19, 2019 Ethereum to Switch to ProgPoW Mining Algorithm in Upcoming Istanbul Hard Fork
September 8, 2019 Ethereum: ProgPoW high level design goals are reasonable towards achieving its intended economic effect - AMBCrypto
September 11, 2019 Chinese Firm Linzhi Set To Mass Produce Ethereum and ETC ASIC Miners As Tests Go Live
September 18, 2019 Ethereum ProgPOW author uninvited from ETC Summit due to Craig Wright association | CryptoSlate
September 19, 2019 Ethereum reveals launch dates for testing Istanbul - Decrypt
September 19, 2019 Hashing Out: ProgPoW Debate Kicks Up in Ethereum Community Again
September 19, 2019 ETC Summit Invitees List Has No Space for Kristy Minehan
September 22, 2019 Ethereum ProgPoW upgrade causing chain split more likely to be from the user side instead of the miner side - AMBCrypto
September 23, 2019 ProgPow advocate uninvited to Ethereum Classic Summit over links to Craig Wright
September 24, 2019 ProgPoW backer steps down from controversial role - Decrypt
September 25, 2019 ProgPOW author steps down as Core Scientific CTO, vows to implement algorithm on Ethereum | CryptoSlate
September 25, 2019 Ethereum ProgPoW proponent Kristy-Leigh Minehan steps down citing perceived conflict of interest - AMBCrypto
September 25, 2019 Core Scientific CTO Steps Down To Push Through Ethereum ProgPOW
September 25, 2019 ProgPoW author Kristy-Leigh Minehan resigns as CTO of Core Scientific | Cryptopolitan
September 26, 2019 New Ethereum ASIC dominates GPU mining performance | CryptoSlate
September 26, 2019 New Ethereum ASIC Fuels Discord Among Ethereum Community
September 28, 2019 The (alleged) plot against the Ethereum network - Decrypt
October 9, 2019 ProgPoW, the Algorithm Dividing the Ethereum Community: a GPU Manufacturer Ploy? - Ethereum World News
October 9, 2019 Ethereum Hard Fork Is Coming — Here’s What You Need to Know About ‘Istanbul’ – BeInCrypto October 27, 2019 Ethereum ProgPoW’s raison d’etre: To be or not to be - AMBCrypto
November 4, 2019 Aragon Opposes Change to Ethereum’s Mining Algorithm Before 2.0 Version
November 7, 2019 Aragon community against Ethereum ProgPOW
November 8, 2019 Ethereum Istanbul Hard Fork Release Date Confirmed By Core Developer
November 16, 2019 Ethereum ProgPoW audit contributors on Gitcoin to be refunded in full - AMBCrypto
November 26, 2019 Ethereum’s Buterin: PoW algorithms offering medium-level ASIC resistance can be created - AMBCrypto
December 17, 2019 Ethereum devs move ProgPoW into ‘Eligible for Inclusion’ list - AMBCrypto
January 1, 2020 [Is the ASIC Resistance dream closer to reality, despite claims of it being a myth? - AMBCrypto](https://eng.ambcrypto.com/is-the-asic-resistance-dream-closer-to-reality-despite-claims-of-it-being-a-myth/
submitted by greerso to ethereum [link] [comments]

Merge Mining with BTC starts tomorrow! Buckle up! Dump your Tether now!

Merge Mining with BTC starts tomorrow! Buckle up! Dump your Tether now! submitted by nightfly13 to Elastos [link] [comments]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

Namecoin and the future of self-sovereign digital identity.

Namecoin's motto is "Bitcoin frees money – Namecoin frees DNS, identities, and other technologies."
biolizard89 has done fantastic work on the DNS part, but let's focus on the identity use case here. Recent events have convinced me that digital identity on the internet is broken. Consider:
What was true in 1993 when cartoonist Peter Steiner wrote "On the internet, nobody knows you are a dog" is still true today. The only difference is that identity is increasingly being weaponized using AI/ML so "On the internet, nobody knows you are a bot" would perhaps be more apt.
I read the following comment from a user on slashdot yesterday:
For the time being, you can assume that this comment was written by a human being. You can click on my username, look back at my history of posts, and go, "OK, here's a bunch of posts, by a person, going back more than a decade, to the TIME BEFORE BOTS." That is, before the first year of 2020.
Since humans are likely to adopt the majority opinion, bad actors find real value in being able to control the narrative online by surrounding the reader with manufactured opinions by bots that due to advances in ML/AI are quickly becoming indistinguishable from real users. This amounts to a Sybil attack on the minds of digital content consumers and poses major threat to the integrity of our social fabric.
Apart from the recent twitter incident used for scamming, nation states have been known to create massive bot armies of fake and hijacked user accounts to try and shift the narratives regarding the Hong Kong independence protests as well as national elections. This will only increase.
Currently, our digital identity is fragmented into silo's largely controlled by government institutions and mega corporations (FAANG) based on a "Trust us" model. As recent events have proven, this is a bad model and in dire need of improvement/replacement. IMHO we need to move from "Trust us" to a "Trust but verify" model where the user is in full control of their digital identity.
Namecoin can and should play an important role in building this 'web of trust composed of self-sovereign identities" as it is neutral (no owner), permissionless and secure (merge-mined). Daniel already developed a proof of concept with NameID but what can we do to take this further?
Personally I'd like to see users create Namecoin identities and link them to their social identities (e.g. Google, Facebook, Twitter, Reddit, etc). Then whenever they create content, they sign it with their private keys. This would allow a reader to verify the content was created by the user. Content verification would have stopped the recent twitter hack, because even if the hackers would have access to internal admin tools they would not have the private keys that the users produce valid content with. "Not your keys, not your content"
Content verification is only one part. Ideally a user would like to verify the integrity of the content creator as well. E.g. has this user passed human verification in any of the linked platforms? Does a trusted linked entity vouch for the reputation or integrity of this user (e.g. a government entity, financial entity or non-governmental organization?). This would require those platforms to allow linking of Namecoin ID with their Platform ID and allow lookup and signing of metadata provided by these platforms. (e.g. UserID Y is linked to PlatformID X and completed human verification on date Z, signed Twitter).
I image users could install an extension similar to uBlock or Privacy Badger that contains human curated blacklists and heuristics that operate on Namecoin entities to perform these checks and flag or filter content and users that fail integrity checks. This would allow a users to automatically weed out potential bots and trolls but keep full control of this process themselves, avoiding potential censorship if this task would fall on the platform owners themselves (something governments are pushing for).
We could take this even further and integrate Namecoin ID's in software and hardware devices as well. This could create chains of trust to verify the entire chain of content creation and manipulation to the final content posted on a social platform. Where every entity signs the resulting content. (E.g. camera -> photoshop -> twitter post)
Apart from signing content/messages (PGP style). Namecoin could perhaps also be used for managing identity tokens in a users 'Identity wallet'. Looking into my physical wallet this could include things like credit cards, insurance cards, government issued IDs, membership cards, transportation cards, key cards, etc. This could be done similar to 'colored coins' on Bitcoin. But would have to support some type of smart contract functionality to be useful (e.g. expiring tokens, etc).
I'm not a developer nor a technical writer, but I do think we need to think long and hard about how we can solve digital identity in a way that empowers users to trust and verify the content and identities of the peers we interact with online while also respecting privacy and preventing censorship by external parties. Namecoin could be the better path to building this web of trust, but given the current pace of AI/ML and the willingness by bad actors to weaponize it at scale against users interests we might not have much time. (Apologies for the rant!)
submitted by rmvaandr to Namecoin [link] [comments]

Ethereum 2.0: Why, How And Then?

Ethereum 2.0: Why, How And Then?
Why update Ethereum? One problem of the Ethereum network that the update should solve is scalability. At the moment, its blockchain can perform to 15 transactions per second, which is over two times more than that of bitcoin. However, this speed is still not enough for a large number of users. For example, the Visa payment system can perform up to 24 thousand transactions per second.
Adding an Optimistic Rollup technology will help to solve the scalability problem. According to Vitalik Buterin, the creator of Ethereum, its implementation will occur after the network’s update and will increase its throughput to 1000 transactions per second.
by StealthEX
Another solution to this problem is a change in the algorithm. Currently, Ethereum runs on the same protocol as Bitcoin, Proof-of-Work, confirmation of transactions in the cryptocurrency network occurs using the computing power of processors.
Using the Proof-of-Work algorithm limits the growth of the Ethereum network bandwidth. To withstand a large load, more miners are needed, but the growth of their number slows down since it becomes more difficult to mine cryptocurrency and, consequently, less profitable.
This is the reason the Ethereum development team is planning to switch to the Proof-of-Stake algorithm. Unlike the PoW, it does not require the use of computing power to confirm blocks. Instead of miners, transactions will be confirmed by validators. To become a validator, the user should have 32 ETH and install a special client. From a technical point of view, this is easier than buying mining devices and maintaining their functionality, as well as looking for access to cheap electricity. Thus, the system will no longer need expensive hardware.
The main solution to the scalability problem will be to implement sharding. Current Ethereum network is a unified database. After the update, the blockchain will be divided into autonomous, interacting blocks — shards, each of which will process particular transactions and smart contracts, which, however, will be recognized by the entire Ethereum blockchain. Nodes that form the shard process information separately, this allows maintaining the principle of decentralization. This is important since the risk of centralization is another big problem of the old algorithm.
Since the complexity of mining has increased over time, and now this process requires having expensive equipment and access to cheap electricity, small participants can not afford to stay in the game. In such conditions, big pools of miners that can provide higher productivity have a decisive advantage. For example, in April, more than 50% of the computing power of the Ethereum network was provided by only two mining pools. This creates a significant risk of centralization and “51% attacks”.
Validators will confirm transactions and get rewards in the form of passive income. According to the project’s roadmap, this amount will vary from 1.81% to 18.1%. The profitability of the stacking will depend on the number of validators. The more of them, the smaller the amount they get. However, there will be some costs. In the same Ethereum 2.0 roadmap, developers mentioned that the cost of validating transactions, based on rough calculations, will be about $180 per year. One of the developers of the project, Justin Drake, predicts that on average the validator will receive an income of 5% per year.

What is the estimated Ethereum 2.0 release date?

The launch of Ethereum 2.0 will take place gradually, in six stages, the “zero” of which is expected this summer. However, it is worth noting that due to finding vulnerabilities, the dates have already been shifted several times–initially, the transition to the new version was planned in 2019.
One of the developers of the project, Afri Schoedon, said that the launch could be postponed to 2021. According to him, under favourable circumstances, the main network can be presented in November of this year, but there are certain difficulties in this.
Schoedon explained that before launching ETH 2.0, all of its clients must be brought to the same specifications. After that, the developer’s team needs to open a unified deposit contract so that users can transfer their assets from the old chain to the new one. Between these stages, developers also need additional time, so they could test all aspects of the new system.
As it usually happens, there’s going to be two parallel blockchains as a result of the hard fork. The first one, ETH1, will continue to work using an old protocol, while the update will be implemented on ETH2. Users will be able to transfer their coins from the old blockchain to the new one, but not vice versa. The appearance of sharding will allow developers to move to phase 1.5 — during this phase, ETH1 will merge with ETH2, becoming one of the 64 “shards” of the updated blockchain. In the second phase, smart contracts become available on ETH2, which can be considered the full start of its economic activity.

And what are expectations?

Updating the Ethereum network will increase its technical capabilities, namely, it will speed up and reduce the cost of transactions, as well as make the blockchain less vulnerable for centralization process.
Currently, the absolute majority of decentralized finance projects are developed using the Ethereum platform. The Ethereum 2.0 release will probably attract even more partners who will use the blockchain for their projects.
Ryan Watkins, Messari Analysis company’s researcher, highly values the importance of updating.
“ETH 2.0 is a much stronger catalyst than the Bitcoin halving simply because it’s an uncertain and fundamental change.” — Ryan Watkins wrote on his Twitter account
And the part about uncertainty is hard to disagree with. Of course, there are some concerns about the bright Ethereum future. The coming hard fork carries with it potential negative consequences. For example, after switching to the PoS algorithm, the US Securities and Exchange Commission (SEC) may well admit Ethereum as a security, which will lead to legal complications similar to those faced by Pavel Durov when trying to launch his TON blockchain platform.
For now, ETH is the most popular coin for mining at home, and most of these miners will probably just leave the network.
There is also a risk that the price of Ethereum may fall. To receive passive income for storing ETH, the user will not only need to have 32 coins but also block them through a special transaction. They will not be able to withdraw these blocked funds immediately. As stated in the project roadmap, the cryptocurrency withdrawal process will take at least 18 hours. This could take even more time if many users request the return of tokens at the same time. Thus, if ETH falls in price, it will be impossible to sell it immediately, and there is a risk of losing some capital and all the income received from stacking.
Nevertheless, investors are mostly optimistic — the volume of Ethereum options on the Deribit exchange has grown to a historical high, which indicates confidence in the future of Ethereum project. The ETH price is also growing, having overcome the consequences of the March collapse of cryptocurrencies.
Most experts agree that Ethereum price will grow after the update. On the one hand, the altcoin will become more expensive, as it will become a more attractive investment. On the other hand, the offer will decrease, as users will start transferring coins from the first version of the network to the second, to block them for passive income.
If you want to participate in the future fate of the ETH project, you can buy Ethereum using our service. We provide fast, anonymous and limitless swaps between over 250 cryptocurrencies. Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to ETH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]).
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/06/30/ethereum-2-0-why-how-and-then/.
submitted by Stealthex_io to StealthEX [link] [comments]

Ethereum 2.0: Why, How And Then?

Ethereum 2.0: Why, How And Then?
Why update Ethereum? One problem of the Ethereum network that the update should solve is scalability. At the moment, its blockchain can perform to 15 transactions per second, which is over two times more than that of bitcoin. However, this speed is still not enough for a large number of users. For example, the Visa payment system can perform up to 24 thousand transactions per second.
Adding an Optimistic Rollup technology will help to solve the scalability problem. According to Vitalik Buterin, the creator of Ethereum, its implementation will occur after the network’s update and will increase its throughput to 1000 transactions per second.
by StealthEX
Another solution to this problem is a change in the algorithm. Currently, Ethereum runs on the same protocol as Bitcoin, Proof-of-Work, confirmation of transactions in the cryptocurrency network occurs using the computing power of processors.
Using the Proof-of-Work algorithm limits the growth of the Ethereum network bandwidth. To withstand a large load, more miners are needed, but the growth of their number slows down since it becomes more difficult to mine cryptocurrency and, consequently, less profitable.
This is the reason the Ethereum development team is planning to switch to the Proof-of-Stake algorithm. Unlike the PoW, it does not require the use of computing power to confirm blocks. Instead of miners, transactions will be confirmed by validators. To become a validator, the user should have 32 ETH and install a special client. From a technical point of view, this is easier than buying mining devices and maintaining their functionality, as well as looking for access to cheap electricity. Thus, the system will no longer need expensive hardware.
The main solution to the scalability problem will be to implement sharding. Current Ethereum network is a unified database. After the update, the blockchain will be divided into autonomous, interacting blocks — shards, each of which will process particular transactions and smart contracts, which, however, will be recognized by the entire Ethereum blockchain. Nodes that form the shard process information separately, this allows maintaining the principle of decentralization. This is important since the risk of centralization is another big problem of the old algorithm.
Since the complexity of mining has increased over time, and now this process requires having expensive equipment and access to cheap electricity, small participants can not afford to stay in the game. In such conditions, big pools of miners that can provide higher productivity have a decisive advantage. For example, in April, more than 50% of the computing power of the Ethereum network was provided by only two mining pools. This creates a significant risk of centralization and “51% attacks”.
Validators will confirm transactions and get rewards in the form of passive income. According to the project’s roadmap, this amount will vary from 1.81% to 18.1%. The profitability of the stacking will depend on the number of validators. The more of them, the smaller the amount they get. However, there will be some costs. In the same Ethereum 2.0 roadmap, developers mentioned that the cost of validating transactions, based on rough calculations, will be about $180 per year. One of the developers of the project, Justin Drake, predicts that on average the validator will receive an income of 5% per year.

What is the estimated Ethereum 2.0 release date?

The launch of Ethereum 2.0 will take place gradually, in six stages, the “zero” of which is expected this summer. However, it is worth noting that due to finding vulnerabilities, the dates have already been shifted several times–initially, the transition to the new version was planned in 2019.
One of the developers of the project, Afri Schoedon, said that the launch could be postponed to 2021. According to him, under favourable circumstances, the main network can be presented in November of this year, but there are certain difficulties in this.
Schoedon explained that before launching ETH 2.0, all of its clients must be brought to the same specifications. After that, the developer’s team needs to open a unified deposit contract so that users can transfer their assets from the old chain to the new one. Between these stages, developers also need additional time, so they could test all aspects of the new system.
As it usually happens, there’s going to be two parallel blockchains as a result of the hard fork. The first one, ETH1, will continue to work using an old protocol, while the update will be implemented on ETH2. Users will be able to transfer their coins from the old blockchain to the new one, but not vice versa. The appearance of sharding will allow developers to move to phase 1.5 — during this phase, ETH1 will merge with ETH2, becoming one of the 64 “shards” of the updated blockchain. In the second phase, smart contracts become available on ETH2, which can be considered the full start of its economic activity.

And what are expectations?

Updating the Ethereum network will increase its technical capabilities, namely, it will speed up and reduce the cost of transactions, as well as make the blockchain less vulnerable for centralization process.
Currently, the absolute majority of decentralized finance projects are developed using the Ethereum platform. The Ethereum 2.0 release will probably attract even more partners who will use the blockchain for their projects.
Ryan Watkins, Messari Analysis company’s researcher, highly values the importance of updating.
“ETH 2.0 is a much stronger catalyst than the Bitcoin halving simply because it’s an uncertain and fundamental change.” — Ryan Watkins wrote on his Twitter account
And the part about uncertainty is hard to disagree with. Of course, there are some concerns about the bright Ethereum future. The coming hard fork carries with it potential negative consequences. For example, after switching to the PoS algorithm, the US Securities and Exchange Commission (SEC) may well admit Ethereum as a security, which will lead to legal complications similar to those faced by Pavel Durov when trying to launch his TON blockchain platform.
For now, ETH is the most popular coin for mining at home, and most of these miners will probably just leave the network.
There is also a risk that the price of Ethereum may fall. To receive passive income for storing ETH, the user will not only need to have 32 coins but also block them through a special transaction. They will not be able to withdraw these blocked funds immediately. As stated in the project roadmap, the cryptocurrency withdrawal process will take at least 18 hours. This could take even more time if many users request the return of tokens at the same time. Thus, if ETH falls in price, it will be impossible to sell it immediately, and there is a risk of losing some capital and all the income received from stacking.
Nevertheless, investors are mostly optimistic — the volume of Ethereum options on the Deribit exchange has grown to a historical high, which indicates confidence in the future of Ethereum project. The ETH price is also growing, having overcome the consequences of the March collapse of cryptocurrencies.
Most experts agree that Ethereum price will grow after the update. On the one hand, the altcoin will become more expensive, as it will become a more attractive investment. On the other hand, the offer will decrease, as users will start transferring coins from the first version of the network to the second, to block them for passive income.
If you want to participate in the future fate of the ETH project, you can buy Ethereum using our service. We provide fast, anonymous and limitless swaps between over 250 cryptocurrencies. Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to ETH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]).
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/06/30/ethereum-2-0-why-how-and-then/.
submitted by Stealthex_io to conspiracy [link] [comments]

Your Guide to Monero, and Why It Has Great Potential

/////Your Guide to Monero, and Why It Has Great Potential/////

Marketing.
It's a dirty word for most members of the Monero community.
It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers.
This is what makes this an unusual post from a member of the Monero community.
This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential.
Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome.
I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.

///Upcoming Developments///

Bulletproofs - A Reduction in Transaction Sizes and Fees
Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested.
Multisig
Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero.
Kovri
Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy.
Mobile Wallets
There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon.
Hardware Wallets
Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here.
TAILS Operating System Integration
Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users.
In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow.
Mandatory Hardforks
Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information.
Dynamic fees
Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees!
Tail Emission and Inflation
There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore.
Monero Research Lab
Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.

///Monero's Technology - Rising Above The Rest///

Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless
Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero".
Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!.
Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself.
I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World
As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity.
A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain.
The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes.
Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
For those that wish to seek more information about why Monero is a superior form of money, read The Merits of Monero: Why Monero Vs Bitcoin over on the Monero.how website.
Monero's Humble Origins
Something that still rings true today despite the great influx of money into cryptocurrencies was outlined in Nick Tomaino's early 2016 opinion piece. The author claimed that "one of the most interesting aspects of Monero is that the project has gained traction without a crowd sale pre-launch, without VC funding and any company or well-known investors and without a pre-mine. Like Bitcoin in the early days, Monero has been a purely grassroots movement that was bootstrapped by the creator and adopted organically without any institutional buy-in. The creator and most of the core developers serve the community pseudonymously and the project was launched on a message board (similar to the way Bitcoin was launched on an email newsletter)."
The Organic Growth of the Monero Community
The Monero community over at monero is exponentially growing. You can view the Monero reddit metrics here and see that the Monero subreddit currently gains more than 10,000 (yes, ten thousand!) new subscribers every 10 days! Compare this to most of the other coins out there, and it proves to be one of the only projects with real organic growth. In addition to this, the community subreddits are specifically divided to ensure the main subreddit remains unbiased, tech focused, with no shilling or hype. All trading talk is designated to xmrtrader, and all memes at moonero.
Forum Funding System
While most contributors have gratefully volunteered their time to the project, Monero also has a Forum Funding System in which money is donated by community members to ensure it attracts and retains the brightest minds and most skilled developers. Unlike ICOs and other cryptocurrencies, Monero never had a premine, and does not have a developer tax. If ANYONE requires funding for a Monero related project, then they can simply request funding from the community, and if the community sees it as beneficial, they will donate. Types of projects range from Monero funding for local meet ups, to paying developers for their work.
Monero For Goods, Services, and Market Places
There is a growing number of online goods and services that you can now pay for with Monero. Globee is a service that allows online merchants to accept payments through credit cards and a host of cryptocurrencies, while being settled in Bitcoin, Monero or fiat currency. Merchants can reach a wider variety of customers, while not needing to invest in additional hardware to run cryptocurrency wallets or accept the current instability of the cryptocurrency market. Globee uses all of the open source API's that BitPay does making integrations much easier!
Project Coral Reef is a service which allows you to shop and pay for popular music band products and services using Monero.
Linux, Veracrypt, and a whole array of VPNs now accept Monero.
There is a new Monero only marketplace called Annularis currently being developed which has been created for those who value financial privacy and economic freedom, and there are rumours Open Bazaar is likely to support Monero once Multisig is implemented.
In addition, Monero is also supported by The Living Room of Satoshi so you can pay bills or credit cards directly using Monero.
Monero can be found on a growing number of cryptocurrency exchange services such as Bittrex, Poloniex, Cryptopia, Shapeshift, Changelly, Bitfinex, Kraken, Bisq, Tux, and many others.
For those wishing to purchase Monero anonymously, there are services such as LocalMonero.co and Moneroforcash.com.
With XMR.TO you can pay Bitcoin addresses directly with Monero. There are no other fees than the miner ones. All user records are purged after 48 hours. XMR.TO has also been added as an embedded feature into the Monerujo android wallet.
Coinhive Browser-Based Mining
Unlike Bitcoin, Monero can be mined using CPUs and GPUs. Not only does this encourage decentralisation, it also opens the door to browser based mining. Enter side of stage, Coinhive browser-based mining. As described by Hon Lau on the Symnatec Blog Browser-based mining, as its name suggests, is a method of cryptocurrency mining that happens inside a browser and is implemented using Javascript. Coinhive is marketed as an alternative to browser ad revenue. The motivation behind this is simple: users pay for the content indirectly by coin mining when they visit the site and website owners don't have to bother users with sites laden with ads, trackers, and all the associated paraphern. This is great, provided that the websites are transparent with site visitors and notify users of the mining that will be taking place, or better still, offer users a way to opt in, although this hasn't always been the case thus far.
Skepticism Sunday
The main Monero subreddit has weekly Skepticism Sundays which was created with the purpose of installing "a culture of being scientific, skeptical, and rational". This is used to have open, critical discussions about monero as a technology, it's economics, and so on.

///Speculation///

Major Investors And Crypto Figureheads Are Interested
Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments.
There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin.
Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin.
Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero.
Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in.
The Bitcoin Flaw
A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins.
CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero.
CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range.
Monero Has a Relatively Small Marketcap
Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit.
Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin.
For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin.
Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money.
Technical Analysis
There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today.
Coinbase Rumours
Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading.
Monero Is Not an ICO Scam
It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases.
Monero is a Working Currency, Today
Monero is a working currency, here today.
The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc.
Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin.
Monero is the only coin with all the necessary properties to be called true money.
Monero is private internet money.
Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy.
Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us.
Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.

///Key Issues for Monero to Overcome///

Scalability
While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit.
In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
When the Spagni CNBC video was recently linked to the Monero subreddit, it was met with lengthy debate and discussion from both users and developers. u/ferretinjapan summarised the issue explaining:
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming
It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node.
For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too!
Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.

///Conclusion///

I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so.
Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price.
I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors.
I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ?
Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
submitted by johnfoss69 to CryptoCurrency [link] [comments]

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