Scaling Bitcoin Workshops - Transcripts

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Minimum Viable Issuance - Why Ethereum’s lack of a hard cap on ETH issuance is a good thing.

This post will explain how the argument used by the average Bitcoin maximalist, thinking that they have found Ethereum’s achilles heel when talking about issuance is actually highlighting one of Ethereum’s strong points and one of the main threats to the longevity of the Bitcoin network.
So first let’s answer the question which I know many people have about Ethereum:

What is Ethereum’s ETH issuance schedule?

Ethereum has an issuance policy of Minimum Viable Issuance. So what does this mean exactly? It means that the issuance of ETH will be as low as possible while also maintaining a sufficient budget to pay miners (and soon to be stakers) to keep the network secure. For example, if ETH issuance was halved, miners would drop off the network and stop mining as it is no longer profitable for them to mine. As a result, the network would be less secure as it would cost less money for an attacker to control 51% of the hash power and attack the network. This means that the Ethereum community plans to change ETH issuance as time goes on to maintain a reasonable security budget which will keep the network secure but will also keep inflation in check. We have done this twice in the past with EIP-649 and EIP-1234 which reduced block rewards from 5 ETH per block to 3 ETH and from 3 ETH to 2 ETH respectively. I previously made a graph of ETH issuance over time here: https://redd.it/it8ce7
So while Ethereum doesn’t have a strictly defined issuance schedule, the community will reject any proposals which either put the security of the network at risk such as the recent EIP-2878, or we will reject proposals which will lead to excessive network security and therefore an unnecessarily high inflation rate (or we will accept proposals which reduce issuance after price rises and therefore the security budget rises). This means that when Bitcoiners accuse the Ethereum Foundation of being no better than a central bank because they can “print more Ether”, this is completely untrue. Any proposals made by the EF which would increase issuance unnecessarily would be rejected by the community in the same way that a proposal to increase the supply of Bitcoin from 21 million to 22 million would be rejected. There is a social contract around both Bitcoin’s and Ethereum’s issuance schedules. Any networks or proposals which break the social contracts of 21 million Bitcoins and minimal viable issuance of Ether would be a breach of these contracts and the new proposed network would be labeled by the community as illegitimate and the original network would live on.

So why is minimum viable issuance better than a hard cap?

Minimum viable issuance is better than a hard cap because it puts the most important part of the network first - the security. MVI ensures that the Ethereum network will always have a security budget which keeps the cost of a 51% attack impractically high. Bitcoin on the other hand, halves its security budget every 4 years until eventually only the transaction fees pay for network security. This means that every 4 years, the amount of money paying for network security halves until eventually, the value of attacking the network becomes greater than the security budget and someone performs a 51% attack (technically the security budget only halves if terms of BTC not in dollars. However, even if the price of Bitcoin more than doubles in the time that the security budget halves, the ratio of security budget to value secured on the network still halves, doubling the financial viability of performing a network attack). The strategy to pay for the security budget once Bitcoin issuance stops is for transaction fees to secure the network since transaction fees are paid to miners. Not only does this have its own security problems which I won’t detail here, but unless Bitcoin scales on layer 1 (layer 2 scaling solutions have their own security mechanisms separate from L1), then fees would have to cost well in the thousands of dollars to secure a trillion dollar market cap Bitcoin that is secured by nothing but fees. If Bitcoin maximalists want a 10 trillion or 100 trillion dollar market cap then expect fees to go up another 10 or 100 times from there.
Ethereum on the other hand, will be able to keep its network secure with approximately 1-2% annual issuance being paid to stakers under ETH 2.0. This is because not all of the network will be staking, so if 33 million of the approximately 110 million Ether in existence stakes under ETH 2.0, then paying this 33 million Ether 6% a year (a very decent yield!) would cost just under 2 million ETH per year which would equate to less than 2% annual ETH inflation. This is also before considering EIP-1559 which will burn a portion of transaction fees which will counter the effect of this inflation and potentially even make ETH deflationary if the sum of all burned transaction fees are greater than the annual inflation. Also, under ETH 2.0, an attacker performing a 51% attack would get his funds slashed (they would lose their funds) if they attack the network, meaning that they can only perform a 51% attack once. However, in Bitcoin, anyone who controls 51% of the mining hash power could perform multiple 51% attacks without losing everything like they could in ETH 2.0.
So in conclusion, while Ethereum doesn’t have the guaranteed anti-inflation security of a hard cap, it does have the guarantee of always paying it’s miners (or stakers under ETH 2.0) enough to keep the network secure. In contrast, while Bitcoin’s social contract may guarantee a hard cap of 21 million, it cannot simultaneously guarantee network security in the long run. Eventually, its users will have to decide if they want a secure network with more than 21 million coins or a tax to pay for security or an insecure network with super high fees and a hard cap of 21 million Bitcoin.
Disclaimer: The details I covered around 51% attacks and network security are simplified. I am not an expert in this field and things are a lot more nuanced than I laid out in my simplifications above.
submitted by Tricky_Troll to ethfinance [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

Minimum Viable Issuance - Why Ethereum’s lack of a hard cap on ETH issuance is a good thing.

This post will explain how the argument used by the average Bitcoin maximalist, thinking that they have found Ethereum’s achilles heel when talking about issuance is actually highlighting one of Ethereum’s strong points and one of the main threats to the longevity of the Bitcoin network.
So first let’s answer the question which I know many people have about Ethereum:

What is Ethereum’s ETH issuance schedule?

Ethereum has an issuance policy of Minimum Viable Issuance. So what does this mean exactly? It means that the issuance of ETH will be as low as possible while also maintaining a sufficient budget to pay miners (and soon to be stakers) to keep the network secure. For example, if ETH issuance was halved, miners would drop off the network and stop mining as it is no longer profitable for them to mine. As a result, the network would be less secure as it would cost less money for an attacker to control 51% of the hash power and attack the network. This means that the Ethereum community plans to change ETH issuance as time goes on to maintain a reasonable security budget which will keep the network secure but will also keep inflation in check. We have done this twice in the past with EIP-649 and EIP-1234 which reduced block rewards from 5 ETH per block to 3 ETH and from 3 ETH to 2 ETH respectively. I previously made a graph of ETH issuance over time here: https://redd.it/it8ce7
So while Ethereum doesn’t have a strictly defined issuance schedule, the community will reject any proposals which either put the security of the network at risk such as the recent EIP-2878, or we will reject proposals which will lead to excessive network security and therefore an unnecessarily high inflation rate (or we will accept proposals which reduce issuance after price rises and therefore the security budget rises). This means that when Bitcoiners accuse the Ethereum Foundation of being no better than a central bank because they can “print more Ether”, this is completely untrue. Any proposals made by the EF which would increase issuance unnecessarily would be rejected by the community in the same way that a proposal to increase the supply of Bitcoin from 21 million to 22 million would be rejected. There is a social contract around both Bitcoin’s and Ethereum’s issuance schedules. Any networks or proposals which break the social contracts of 21 million Bitcoins and minimal viable issuance of Ether would be a breach of these contracts and the new proposed network would be labeled by the community as illegitimate and the original network would live on.

So why is minimum viable issuance better than a hard cap?

Minimum viable issuance is better than a hard cap because it puts the most important part of the network first - the security. MVI ensures that the Ethereum network will always have a security budget which keeps the cost of a 51% attack impractically high. Bitcoin on the other hand, halves its security budget every 4 years until eventually only the transaction fees pay for network security. This means that every 4 years, the amount of money paying for network security halves until eventually, the value of attacking the network becomes greater than the security budget and someone performs a 51% attack (technically the security budget only halves if terms of BTC not in dollars. However, even if the price of Bitcoin more than doubles in the time that the security budget halves, the ratio of security budget to value secured on the network still halves, doubling the financial viability of performing a network attack). The strategy to pay for the security budget once Bitcoin issuance stops is for transaction fees to secure the network since transaction fees are paid to miners. Not only does this have its own security problems which I won’t detail here, but unless Bitcoin scales on layer 1 (layer 2 scaling solutions have their own security mechanisms separate from L1), then fees would have to cost well in the thousands of dollars to secure a trillion dollar market cap Bitcoin that is secured by nothing but fees. If Bitcoin maximalists want a 10 trillion or 100 trillion dollar market cap then expect fees to go up another 10 or 100 times from there.
Ethereum on the other hand, will be able to keep its network secure with approximately 1-2% annual issuance being paid to stakers under ETH 2.0. This is because not all of the network will be staking, so if 33 million of the approximately 110 million Ether in existence stakes under ETH 2.0, then paying this 33 million Ether 6% a year (a very decent yield!) would cost just under 2 million ETH per year which would equate to less than 2% annual ETH inflation. This is also before considering EIP-1559 which will burn a portion of transaction fees which will counter the effect of this inflation and potentially even make ETH deflationary if the sum of all burned transaction fees are greater than the annual inflation. Also, under ETH 2.0, an attacker performing a 51% attack would get his funds slashed (they would lose their funds) if they attack the network, meaning that they can only perform a 51% attack once. However, in Bitcoin, anyone who controls 51% of the mining hash power could perform multiple 51% attacks without losing everything like they could in ETH 2.0.
So in conclusion, while Ethereum doesn’t have the guaranteed anti-inflation security of a hard cap, it does have the guarantee of always paying it’s miners (or stakers under ETH 2.0) enough to keep the network secure. In contrast, while Bitcoin’s social contract may guarantee a hard cap of 21 million, it cannot simultaneously guarantee network security in the long run. Eventually, its users will have to decide if they want a secure network with more than 21 million coins or a tax to pay for security or an insecure network with super high fees and a hard cap of 21 million Bitcoin.
Disclaimer: The details I covered around 51% attacks and network security are simplified. I am not an expert in this field and things are a lot more nuanced than I laid out in my simplifications above.
submitted by Tricky_Troll to ethtrader [link] [comments]

Leaving Boulder...

It's very bittersweet to write this post. I'm very excited and happy moving to another area of our beautiful state, while I'm also really saddened by the current state of Boulder.
I moved here a little over four years ago with a great understanding of our past and how we arrived to our current predicament. I moved here with the enthusiasm of most "tech bros" trying to change the world. I got very far in my journey, even becoming a local leader in the community.
I ran the Bitcoin meetup in town for nearly three years, educating any of those in the community that wanted to better understand that technology. I'm also a veteran who uses cannabis as medicine in a scientific practice with myself. Being disciplined, informed, and active in the community, Boulder city council decided to appoint me to the newly created Cannabis and Advisory Licensing Board, better known as CLAB.
This past Monday after our scheduled meeting I publicly stepped down from my position. For some reason these meetings are NOT posted to the City of Boulder youtube channel like all other Board meetings. So I figured I'd post my resignation here too, in hopes it sparks a bigger community discussion.
Thanks for the four years Boulder. I didn't go to CU but I certainly got an education.
It's with regret and sorrow I have to inform my fellow board members, and city staff, that I'll be resigning from my position on CLAB effective immediately following this meeting.
When I applied for this position the world was a much different place and I thought I understood Boulder. From an outsiders perspective it can appear Boulder is an "Independent" entity that acts as an incubator for new ideas and perspectives of thought. As well being a very health conscience population that's built it's ideas from a learned position.
I'm very sorry to say this has not been my experience over the past six months. COVID-19 has been a deadly virus that warrants our attention, however very recent CDC Fatality data shows this virus doesn't warrant the level of hysteria we see with a real pandemic. I've been to war in Afghanistan and was a first responder to hurricane Katrina, I've witnesses horror that warrants hysteria. Unfortunately the hysteria in Boulder I've witnessed is a rush to conform and push others to conform in the name of "public safety."
Let me say from a veterans perspective right now. I signed up and fought for your freedom, not safety.
When I was asked to perform unconstitutional acts as a first responder to hurricane Katrina, I refused that order. Similarly today I'm having to resign because I fear the governing bodies overseeing our Board is acting unconstitutional. The recent orders for 18-22 year old's that restricts their freedom of assembly is the reason for my resignation. On-top of that Boulder's quick will to turn against people's independent ability to act freely while choosing their level of safety, has me actually leaving Boulder county. Lastly this is a call for us all to wake up that contact tracing is hindering our liberties on a much more vast scale.
Again I'm very sorry to have to put my fellow board members in the position to replace me so early in their campaign to properly regulate the cannabis industry. I feel this is a very important discussion and I hope you'll move to find another worthy patient advocate.
submitted by legit-lurker to boulder [link] [comments]

A theory of why Ethereum is perhaps better "sound money" than Bitcoin.

The idea of Bitcoin's supremacy as "sound money" is very frequently thrown around by the biggest talking heads in the crypto world. I know I will get a lot of hate for suggesting that this theory is not only flawed, but it is straight up wrong. As unintuitive as it may sound to Bitcoin maximalists (no offense intended) I believe Ethereum is on the path to becoming the global leading asset and model for sound money... give me a chance to explain why.

  1. The idea that nothing can change Bitcoin's issuance schedule is a myth. There is absolutely no divine power controlling the supply of Bitcoin. Contrary to what is commonly asserted, Bitcoin's issuance protocol is not primarily driven by what is currently implemented. The real driver is consensus: the majority of network participants must agree that what is currently defined cannot be changed. There is an underlying assumption that the consensus would never want to change Bitcoin's issuance. On the surface this makes for a nice "sound money" narrative, but it is false premise and sticking to it could be ultimately detrimental. It presents a long term sustainability issue (the hope that somehow Bitcoin's base layer will scale enough to maintain security entirely through fees). It also completely dismisses the possibility that an unforeseen event could create pressure to change the issuance. If Bitcoin managed to create a consensus mechanism that did not rely on mining, it is very likely there would be consensus to reduce issuance. On the other hand, if some potentially catastrophic event would create incentives to increase the issuance, it would only make sense for the network to do so.
  2. Issuance flexibility is not fundamentally bad. Etheruem's approach to adjust the issuance according to the contextual circumstances has resulted in a faster rate of issuance reduction than what was originally defined in the protocol. The rate of issuance will continue to decrease as new developments allow for it to happen without compromising the network security. There is a very high probability that Ethereum will achieve a lower issuance rate than Bitcoin in the next two years, and it could possibly achieve zero issuance in the next five years. This would be a result of a successful implementation of PoS, sharding and EIP-1559.
  3. The root of all evil is Proof of Work. PoW is by far the primary cost of operating the Bitcoin network. It is the primary determinant of how much issuance is needed as a financial incentive to keep miners doing their thing. The very mechanism that secures the network's decentralization is unfortunately quite wasteful. The degree of decentralization is a direct result of how much random mathematical operations are being done by miners.
  4. There is a better way. Some people will take offense by the use of the word wasteful, and they claim that it is not because those mindless calculations are what is actually securing the network. However, its wasteful aspect becomes clear if there is a different way to achieve equal or superior decentralization without the need to crunch difficult computational problems. This just so happens to be embodied in Ethereum's design of Proof of Stake. It will drastically reduce the cost of securing the network, while providing at least 2-3% annual returns for the ownership of Ether. When Ethereum's issuance becomes lower than its staking rewards, it will effectively have achieved the same effect as having zero (or possibly negative) issuance.
  5. The value proposition of Ethereum 2.0 is unmatched. There is just absolutely no asset in the world that has a 2-3% self-denominated annual returns and just so happens to be rapidly appreciating. When wall-street's greed sees this, it will create the mother of all bubbles.
  6. Don't dismiss the flippening. On February 01 2018 Ethereum reached 70% of Bitcoin's marked cap (it was even closer if you account for the amount of lost bitcoins). That happened before DEFI, before proof of staking was within reach, before multiple effective layer 2 solutions were a thing, before wrapped Bitcoins and before the first signs of mass adoption were on the horizon (like integration with Reddit , VISA and potential to compete with SWIFT). Utility is a huge factor in driving prices, lets not forget how Silk Road played a key role into propelling Bitcoin's value. Yes, Ethereum crashed hard after the peak in 2018, but perhaps it is simply manifesting a higher volatility pattern that is reminiscent of Bitcoin's early years. Bitcoin's first 5 years were characterized by aggressive price swings, why should it be different for Etheruem (considering it is about 5 years younger than Bitcoin)? If the volatility patterns stands on this bull market, we will see a flippening.
So... do I think Etheruem will flip? Yes I do, but I still hold Bitcoin. No one has a crystal ball, and nothing is certain. Perhaps Etheruem will crash and burn, perhaps Bitcoin will become the next Yahoo, and perhaps they will both thrive in this new exciting crypto world.
submitted by TheWierdGuy to ethereum [link] [comments]

Two reasons why stable 10 minute block times averages are more important than a rather small long term schedule drift.

Before I open my two reasons, two preliminary facts:
  1. Current schedule drift is less than 1 yr per lifetime of Bitcoin Cash up to now.
  2. If we correct the oscillation and implement a stable new difficulty algorithm that is absolutely scheduled, we stop the future drift. We end up with the drift of the past meaning from wherever we base our absolute scheduling. That may mean we do not correct for past drift at all. To consider the question of whether we should, I want to put up two reasons why I think a stable 10 minute block time average is more important than a small long term schedule.
1. The average time will be a factor in dimensioning computer systems that build on Bitcoin Cash.
Right now, one might thinks the 10 minute block average is very big, because the network is not being heavily used and there is a quasi-consensus rule which implies most nodes will not accept blocks > 32mb.
But 32mb is far from the end goal of Bitcoin Cash on chain scaling. For Bitcoin Cash to succeed, we hope blocks will become MUCH bigger. This means the performance of relaying and processing blocks will become an important factor for node implementations.
Software needs hardware and hardware systems need to be dimensioned for the expected workload.
A stable 10-minute average allows easier dimensioning of the server hardware needed to deal with large-sized blocks.
As Gavin Andresen said: "design for success".
Therefore we should think about the case where blocks are large.
Now, what happens if we implement an algorithm where the blocks can take longer in, let's say, the next 5 years, but then suddenly the difficulty is dropped a bit so that they now effectively arrive faster?
Then your system which you dimensioned for e.g. 11.25 minutes / block would suddenly need to process more per time interval and might be under-dimensioned.
We could say: no problem - technology is going to improve anyway. The consensus around which block sizes are allowed needs to move toward higher block sizes anyway which will make current systems under-dimensioned - perhaps much faster.
But is it really necessary to add another complicating factor to this already complex calculation by implementing a diminishing block time average?
2. Enabling changes to monetary policy such as influencing the emission schedule opens the Overton window to including less well considered monetary policy changes.
In the less harmful scenario, something like drift correction would be well motivated, its benefits and risks laid out clearly, discussed and eventually accepted by Bitcoin Cash (stake)holders.
In the more harmful scenario, such changes would be pushed through without much discussion by a small group which demonstrates that the protocol is easy to change in ways that don't need to be well motivated and largely risk-free and may even disproportionately benefit a certain subset of stakeholders. This would not be a good selling point for Bitcoin Cash.
Those are the two reasons I want to bring up for considering the stability of the "10 minute block time average" as a more important point than correcting for a drift which compared to long term emission (> 100 years) is less than 1%.
submitted by Pablo_Picasho to btc [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]

Hi! I'm the solo developer of a social media platform, new religious movement, and religious organization. I've been working on this since early 2019. I've only told a few dozen people about it and I'm looking for feedback. Please ask me anything. Thanks!

TLDR: I made this website. I think it's pretty innovative and helpful. https://churchofearth.org/

About the need for this post.

A lot of this text was originally to be posted to changemyview because I'm looking to be challenged on my assumptions here, and my approach. I checked with the mods there and I can't find a way not to post it as promotion (which would violate the subreddit rules). The I considered posting it in philosophy and IAmA and it was a similar answer. To be clear: I support their decisions to not allow this post. There's a lot of reasons to be concerned about someone running up and saying "Hey! Do you wanna hear about my religion?" and I have total respect for anyone who says "No."
I reached out to casualiama a few hours ago and haven't heard back. If they decide to lock or remove this I support their decision and will try another subreddit.
I welcome lots and lots of questions about this project, I believe this project will be helpful, but I am open to having my view about the viability of this project changed. This is a big weird thing and I've been focusing on it alone for long time. This work has probably had a big impact on my objectivity.
This didn't used to exist and maybe it doesn't need to. Or maybe it has some irredeemable flaw that I've failed to consider. I don't want to see this get launched if that's the case. The main cost of this project has been my time, and I've learned enough while doing it to justify the time spent on it even if I'm convinced this project isn't viable.
I can't make any more progress alone and I need new people to get involved. This can change and it can evolve as it grows because I've tried to build it to be guided by new people. I hope that I've done a good job of building it that way.
The fastest way to learn about this in order to ask me questions is by visiting the website.
https://churchofearth.org/
(I sure hope that this post does well and I've set up the site well enough to accommodate the traffic.)
(This text will contain many links to the website)
(I'm really nervous about this)

Why have I done this?

I would describe this effort as coming out of the part of my brain that would be firing if I were an active survivalist/doomsday prepper. In 2019 I became very concerned about the state of the world, especially as I thought about what it will look like for the remainder of my life. It seemed logical to amass skills and resources in order to protect myself and the people around me. I had never focused on my own survival because I've lived a life of privilege, and then I realized that there were scenarios where my privilege would not protect me.
During that research phase I came to the conclusion that I couldn't just turn inward. As people turn inward our shared challenges become harder to address. I started looking more into the good work people were doing all over the world. I looked outward for inspiration.
There's lots of folks doing lots of amazing work trying to solve our shared challenges. At every level of society, in every region, in big ways and small ways. This is often a very helpful world.
I started researching things and became less pessimistic about the future of our world. This doesn't mean there aren't a pile of challenges for us to solve, it means that I'm better able to see the people trying to solve our shared challenges. When I couldn't see them (and wasn't looking for them) the future of our world seemed much worse. I still see the darkness, and it's scary and overwhelming and huge, but now I see more light.
This project represents what I was able to build with the skills and experience I had. This project started out as just a social media platform intended to connect people who wanted to help. While I was building that I discovered a faith within myself about the future. The new religious movement is the structure I've built to help grow this faith. It's based on religious humanism, which has been a thing for several hundred years.
I stopped working heavily on this project in late 2019, and formally stopped on February 1st of 2020. I started it up again in April of 2020. There's a short post about it here.

The new religious movement

The Church of Earth is a non-theistic, religious humanist movement focused on building a more helpful world and the worship of current and future generations. Worshiping future generations can allow us to focus deliberately on trying to build a world where everyone thrives.
In order to thrive we all need access to water, food, information, energy, support and freedom. We all need different level of these things to thrive and we all want to thrive. The Church of Earth is founded on the view that we are different and equal.
The core values of the Church of Earth are intended to help you and the world around you.
People who feel the faith of the Church of Earth are called Helpers. There are no rituals to join this faith, although anyone can make rituals. Anyone can identify themselves as a Helper. Don't judge them by who they say they are, judge them by what they do. In their acts of faith they should be trying to help you, and only if you consent to their help.
This faith is optional. No one can be forced to adopt this faith. You can't force a more helpful world on people, you can only help them build it.

The social media platform

The social media platform is built to help people grow this religion. It allows them to focus on activities that relate to the core beliefs of the Church of Earth. People do not need to share this faith to use this platform or use its features. The platform is anonymous. There are no user profiles. Every type of module can inspire almost any other type of module. The modules all have different functionality. This platform is complex software.
Social Media Platforms like Facebook and Twitter are designed to be simple and addictive. Those are deliberate design choices intended to serve the goals of the organizations that built them. These goals relate to revenue generation through the use of user data. This organization has different goals, and one of those goals involves promoting hard work.
There will be a learning curve with this platform. I'm the only one who has used it so far and I've probably failed to consider a lot of things. This platform will change over time as more skills and knowledge improve its construction. This platform can be considered one of our great works.
I can tell you right now people will find a number of bugs on the platform. I am expecting something unexpected, critical, and stressful to happen once people start visiting this site. Please be kind and patient with this platform, and with me. I'm very tired.
Upvotes/Downvites/Likes/Dislikes:
The purpose of this platform is to help grow a more helpful world. The upvote/downvote button labels are: This is Helpful and This is Not Helpful. Everything added to this platform should be helpful, every post includes fields where you can describe who you're trying to help, and why. There are a limited number of votes that can be given every day. Creating content increases your votes for the day.
The platform has the following modules:
The Gospel of the Church of Earth
All of the content we create can be connected in a big, anonymous web of helpfulness. Any content type can inspire any other content type, except for prayers. Prayers can only be answered (publicly or privately depending on the type of prayer.) Blog posts by the Church of Earth can inspire content from users. The goals of the Church of Earth appear in the same module as the goals of individual users of this platform.
Intentions
When you post something you have to say who you think you're helping, and why. You also need to select a subcategory like "I am being thoughtful" or "I am being creative" or "I am being inspirational" or "I am being critical". This will help other users understand how to react to you in a way that contributes to meaningful interactions.
It's just me right now, so that's pretty funny and awkward
The platform is live. Anyone can create content. Accounts can only create one piece of content until their first contribution receives a vote by another user saying "This is Helpful". There are currently no users on the platform. I've created content but there's no one to say if it's helpful so I'm still a pending user.
On September 24th, 1 year after I first posted the 3 core beliefs to the site, 5% of all pending users will be selected at random and added to the site. Those people will then be able to use the site, but their profiles will not indicate they were among the First Five. My account isn't any more likely to be added than anyone else.
This is an act of faith. It doesn't take a lot of people to make big things happen and we're all capable of amazing things. That is the message this platform has been designed to share.
Note: That doesn't mean there won't be an effort to understand the impact of spam comments, or content that violates the terms of service for this site. They'll be transparent though. It's unreasonable to think that people won't do silly things with a site like this on the internet. Silly things are fun. One of the "intentions" of the site is "the be creative".

The religious organization

This organization will have a different look depending on how successful it is. I've built it in the hope it will see a meaningful amount of adoption, but all of that can be scaled down and still be helpful. Even if it's just me feeling this way for the rest of my life I consider it a meaningful improvement to my worldview and personality.
I'm fairly confident some unknown quantity of other people will also see the value in this and that we can build something together.
The Church of Earth organization is the least planned out because it needs to be developed by people with greater specialization than me. The main points are this:
Here's an infographic about this.
The organization will be structured like a nonprofit and will prioritize pursuing goals that align with the 3 core beliefs of the Church of Earth faith. It will require donations, but the hope is that it will eventually develop revenue to be self sufficient.
I have some ideas for revenue generation. They're not super innovative, they're just taking relevant things and doing them in a way that promotes the faith of the Church of Earth as it operates as a nonprofit entity in a capitalist economy. This business model is well developed in North America by other religious institutions. These are the best ideas I've come up with, but none of them can proceed until I find people more qualified than me to do this. It's very likely that I've failed to consider elements of these proposals.

What should you know about me?

I wish I could be like Satoshi Nakamoto. That's the pseudonym of the person who created Bitcoin. We don't know for sure who actually created the code. They just worked on it, put it out there, and it went on to become something amazing and complex.
I spent a long time trying to figure out how to do that with the Church of Earth. I absolutely love everything about this project but I want to minimize my involvement in it. I also think there will be negative impacts on me, and this organization, if people focus on me instead of the faith. The Church of Earth is about what everyone can do, together. I'm no more special than anyone else. I'm terribly imperfect.
I'm also a 39 year old white Canadian guy. While I've faced many struggles I've lived a life of privilege. I don't speak for everyone, or to everyone. No one can. People face problems I couldn't even consider. My ability to help those people directly is limited, but I have the skillset required to build something that would allow others to help them.
The world is hard, and harsh, and frustrating, and scary. It's also wonderful and amazing and beautiful.
I think that if we all work together we can spend the rest of our lives deliberately building a better world for everyone, in big ways and small ways.
Knowing that's happening makes me happy and it motivates me to work harder. I wasn't a religious person until I discovered this faith within myself. This faith has allowed me to focus myself towards something that I believe is helpful to my community. I think it can do the same for others.
What do you think? Thanks for reading. Ask me anything, please.
submitted by ChurchOfEarth to casualiama [link] [comments]

Decentr ($DEC) - foundational cross-chain and cross-platform DeFi protocol

  1. SUMMARY
Decentr is a protocol designed to make blockchain/DLT mainstream by allowing DeFi applications built on various blockchains to “talk to each other”. Decentr is a 100% secure and decentralised Web 3.0 protocol where users can apply PDV (personal data value) to increase APR on $DEC that users loan out as part of of our DeFi dLoan features, as well as it being applied at PoS when paying for stuff online. Decentr is also building a BAT competitor browser and Chrome/Firefox extension that acts as a gateway to 100% decentralised Web 3.0
Allows DeFi Dapps to access all Decentr’s dFintech features, including dLoan, dPay. Key innovation is that the protocols is based on a user’s ability to leverage the value of their data as exchangeable “currency”.
  1. KEY CONCEPTS

  1. REVENUE MODEL
A fee is charged for every transaction using dPay whereby an exchange takes place between money (fiat and digital) and data, and vice versa, either as part of DeFi features or via a dApp built on Decentr. They are launching pilot programmes in the following industries:
  1. Banking/PSP Industry: On Product launch, due to Decentr’s powerful PSP connections (including the worlds #2 PSP by volume), a medium-scale pilot program will be launched, which will seed the network with 150,000 PSP customers in primarily the Spanish/LAC markets, generating revenue from day one.
  2. “Bricks and Mortar” Supermarket/Grocery Industry: Decentr aims to ensure the long-term competitiveness of “bricks and mortar” supermarkets against online-only grocery retailers, such as Amazon, by a) building secure tech that allows supermarkets to digitise every aspect of their supply chains and operational functions, while b) allowing supermarkets to leverage this incredibly valuable data as a liquid asset class. Expected revenue by Year 5: $114Mn per year.
  3. Online Advertising Industry: Decentr’s 100% decentralised platform credits users secure data with payable value, in the form of PDV, for engaging with ads. The Brave browser was launched in 2012 and in 8 years has reached over 12 million monthly active users, accented by as many as 4.3 million daily active users.
  4. TOKEN $DEC AND SALE
Decentr recently complete their token sale on a purchase portal powered by Dolomite where they raised $974,000 in 10 minutes for a total sale hardcap of 1.25M. The $DEC token is actively trading on multiple exchanges including Uniswap and IDEX. Listed for free on IDEX, Hotbit, Hoo, Coinw, Tidex, BKex. Listed on CoinGecko and Coinmarketcap. Listed on Delta and Blockfolio apps.
➡️ Circulating supply: 61m $DEC.
➡️ Release schedule and token distribution LINK -> NO RELEASE UNTIL 2021.
➡️Contract Address - 0x30f271C9E86D2B7d00a6376Cd96A1cFBD5F0b9b3
➡️Decimals - 18, Ticker - DEC
➡️Uniswap link: https://uniswap.info/pai0x3AEEE5bA053eF8406420DbC5801fC95eC57b0E0A
⭐️ HOW TO BUY VIDEO: https://www.youtube.com/watch?v=iloAiv2oCRc&feature=youtu.be
$DEC Token utility:
A tradeable unit of value that is both internal and external to the Decentr platform.A unit of conversion between fiat entering and exiting the Decentr ecosystem.A way to capture the value of user data and combines the activity of every participant of the platform performing payment (dPay), or lending and borrowing (dLend), i.e a way to peg PDV to tangible/actionable value.Method of payment in the Decentr ecosystem.A method to internally underwrite the “Deconomy.
  1. NOTABLE SUPPORTERS
Simon Dedic - chief of Blockfyre: https://twitter.com/scoinaldo/status/1283787644221218817?s=20https://twitter.com/scoinaldo/status/1283719917657894912?s=21
Spectre Group Pick : https://twitter.com/SPECTREGRP/status/1284761576873041920https://twitter.com/llluckyl/status/1283765481716015111?s=21
Patrons of the Moon/Lil Uzi: https://t.me/patronsofthemoon/6764
CryptoGems: https://twitter.com/cryptogems_com/status/1283719318379925506?s=09t
tehMoonwalker pick who is a TOP 5 influencer per Binance:https://twitter.com/tehMoonwalkestatus/1284123961996050432?s=20https://twitter.com/binance/status/1279049822113198080
Holochain was one of their earliest supporters and they share a deep connection (recently an AMA was conducted in their TG group): https://medium.com/@DecentrNet/decentr-holochain-ama-29d662caed03
  1. UPCOMING NEWS
--------------------------------------------
  1. RESOURCES:
Website: https://decentr.net
Telegram: https://t.me/DecentrNet
Medium: https://medium.com/@DecentrNet
Twitter: https://twitter.com/DecentrNet
Whitepaper: https://decentr.net/files/Decentr_Whitepaper_V1.4.pdf
Technical Whitepaper: https://decentr.net/files/Decentr_Technical_Whitepaper_Data_As_Economic_Currency.pdf
Recent Articles:
⚡️- https://medium.com/@DecentrNet/decentr-token-sale-metrics-and-distribution-483bb3c58d05
⚡️- https://medium.com/@DecentrNet/how-decentrs-defi-dloan-function-benefits-dec-holders-97ff64a0c105
⚡️- https://medium.com/@DecentrNet/3-vertical-revenue-streams-decentr-is-targeting-4fa1f3dd62de
⚡️- https://medium.com/@DecentrNet/brave-browser-the-good-the-bad-and-the-fundamentally-misguided-8a8593b0ff5b
⚡️- https://medium.com/@DecentrNet/how-decentrs-dfintech-replaces-swift-sct-inst-clearing-house-and-other-payment-solutions-78acacbb4c3f
Chad Gang STRONG Community: https://t.me/decentrtrading
Community News Channel: https://t.me/chadnews
Recent Uniswap trades: https://t.me/dectrades
Wallet holder tracker: https://t.me/DEC_WALLETS_COUNT
submitted by ldd999 to CryptoMoonShots [link] [comments]

Passed SAA-C02 last Saturday

I've just passed AWS SAA-C02 exam (score = 822, not great but enough for me). I would like to give special thanks to u/acantril for his wonderful course. I believe those $40 were the best investment I have ever done (other than my bitcoins, truth to be said :) I would also thank u/jon-bonso-tdojo. I think taking his exams are a must if you want to know if you are ready for the real exam.
My background: around 10 years working as a SA in the Telecom Industry in different domains: Core Network, Value Added Services and Billing/BSS. No previous experience with AWS other than some small deployments involving mainly EC2, S3, Aurora and NFS. But, as SA, no hands-on experience at all with AWS: I just translate business reqs into technical ones, generate High Level Description document (at software level, no infra level) and support Development team. In my company we have infra SAs, who take care of AWS/Azure?Google details when we need to deploy our solutions on the Cloud.
I started to study on April 29. Since I have a full-time job and family/kids, I could not devote as much time as I would have liked. I would say that between 1 and 2.5 hours every day.
I took the exam on PSI site near Seattle. It seemed that the workstations were not properly configured for the AWS exam, and the lady had to contact IT support. We were waiting around 1 hour for the IT guys to answer the call, and by then I was determined to leave and re-schedule. Fortunately I could take the exam, but not in my best mood.
It seemed to me that the exam was quite challenging, a bit more difficult than Bonso's. It took me by surprise because I have read otherwise in this forum. The questions were quite verbose as well, similar (or even more) than Bonso's. My mother tongue is not English but I did not bother to ask for the 30-minute accommodation, and I regretted it a lot: I had to read some questions even 4 times. As a result I ended the first round with 13 flagged questions and only 10 minutes to spare.
Tons of questions involving CloudFront, S3, Auto-scaling, EC2 and ELB. Many questions related to RDS, DynamoDB, SQS, ESB and file systems. A couple of questions about policies: you need to understand the corresponding jsons. A few questions about SGs and NACLs. Also a couple of question about MS AD. Other services that I remember: Storage GW, Snowball, ElasticCache, ECS, AGW. Only one question about lambda. A couple of question involving Transit GWs and NAT GWs. I dont recall any question about CloudWatch, CloudTrail, AWS Config, OpsWork, Glue, EMR, Cognito, Step Functions, ...
submitted by juan_randsonian to AWSCertifications [link] [comments]

A theory of why Ethereum is perhaps better "sound money" than Bitcoin.

The idea of Bitcoin's supremacy as "sound money" is very frequently thrown around by the biggest talking heads in the crypto world. I know I will get a lot of hate for suggesting that this theory is not only flawed, but it is straight up wrong. As unintuitive as it may sound to Bitcoin maximalists (no offense intended) I believe Ethereum is on the path to becoming the global leading asset and model for sound money... give me a chance to explain why.
  1. The idea that nothing can change Bitcoin's issuance schedule is a myth. There is absolutely no divine power controlling the supply of Bitcoin. Contrary to what is commonly asserted, Bitcoin's issuance protocol is not primarily driven by what is currently implemented. The real driver is consensus: the majority of network participants must agree that what is currently defined cannot be changed. There is an underlying assumption that the consensus would never want to change Bitcoin's issuance. On the surface this makes for a nice "sound money" narrative, but it is false premise and sticking to it could be ultimately detrimental. It presents a long term sustainability issue (the hope that somehow Bitcoin's base layer will scale enough to maintain security entirely through fees). It also completely dismisses the possibility that an unforeseen event could create pressure to change the issuance. If Bitcoin managed to create a consensus mechanism that did not rely on mining, it is very likely there would be consensus to reduce issuance. On the other hand, if some potentially catastrophic event would create incentives to increase the issuance, it would only make sense for the network to do so.
  2. Issuance flexibility is not fundamentally bad. Etheruem's approach to adjust the issuance according to the contextual circumstances has resulted in a faster rate of issuance reduction than what was originally defined in the protocol. The rate of issuance will continue to decrease as new developments allow for it to happen without compromising the network security. There is a very high probability that Ethereum will achieve a lower issuance rate than Bitcoin in the next two years, and it could possibly achieve zero issuance in the next five years. This would be a result of a successful implementation of PoS, sharding and EIP-1559.
  3. The root of all evil is Proof of Work. PoW is by far the primary cost of operating the Bitcoin network. It is the primary determinant of how much issuance is needed as a financial incentive to keep miners doing their thing. The very mechanism that secures the network's decentralization is unfortunately quite wasteful. The degree of decentralization is a direct result of how much random mathematical operations are being done by miners.
  4. There is a better way. Some people will take offense by the use of the word wasteful, and they claim that it is not because those mindless calculations are what is actually securing the network. However, its wasteful aspect becomes clear if there is a different way to achieve equal or superior decentralization without the need to crunch mathematical problems. This just so happens to be embodied in Ethereum's design of Proof of Stake. It will drastically reduce the cost of securing the network, while providing at least 2-3% annual returns for the ownership of Ether. When Ethereum's issuance becomes lower than its staking rewards, it will effectively have achieved the same effect as having zero (or possibly negative) issuance.
  5. The value proposition of Ethereum 2.0 is unmatched. There is just absolutely no asset in the world that has a 2-3% self-denominated annual returns and just so happens to be rapidly appreciating. When wall-street's greed sees this, it will create the mother of all bubbles.
  6. Don't dismiss the flippening. On February 01 2018 Ethereum reached 70% of Bitcoin's marked cap (it was even closer if you account for the amount of lost bitcoins). That happened before DEFI, before proof of staking was within reach, before multiple effective layer 2 solutions were a thing, before wrapped Bitcoins and before the first signs of mass adoption were on the horizon (like integration with Reddit , VISA and potential to compete with SWIFT). Utility is a huge factor in driving prices, lets not forget how Silk Road played a key role into propelling Bitcoin's value. Yes, Ethereum crashed hard after the peak in 2018, but perhaps it is simply manifesting a higher volatility pattern that is reminiscent of Bitcoin's early years. Bitcoin's first 5 years were characterized by aggressive price swings, why should it be different for Etheruem (considering it is about 5 years younger than Bitcoin)? If the volatility patterns stands on this bull market, we will see a flippening.
So... do I think Etheruem will flip? Yes I do, but I still hold Bitcoin. No one has a crystal ball, and nothing is certain. Perhaps Etheruem will crash and burn, perhaps Bitcoin will become the next Yahoo, and perhaps they will both thrive in this new exciting crypto world.
submitted by TheWierdGuy to CryptoCurrency [link] [comments]

This was the response to ''johnny test is fire''

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below.
“Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
submitted by ICannotFindAName1 to copypasta [link] [comments]

Johnny Test

All over the internet, I notice you churlish cretins lauding the supposedly intellectual television program known as Rick and Morty to make yourselves appear more intelligent by extension, as you are ardent watchers of the aforementioned show. However, you piddling planarians only succeed in illustrating how vapid you really are, as Rick and Morty has the intellectual depth of a petri dish. Truly, the most noetic show is neither Rick and Morty, the Big Bang Theory, Jimmy Neutron, nor any other deluge of drivel you deludable dimwits bombard your brains with. Rather, it is Johnny Test, a pinnacle of animation, sound design, acting, and plot. Despite this, most of you sniveling sub-10000s (someone with an IQ under 10000: for the record, my IQ is several orders of magnitude higher than this; my reason for my usage of this term is simply because I am partial to the number 10000) will dismiss Johnny Test as another subpar piece of rubbish from Teletoon, but you all fail to realize how much genius goes into producing that show. I have watched Johnny Test since I was a juvenile, and already I bear an IQ so toweringly high no known test can measure it (that is to say, no known test for humans can measure it: when using the scale with which computer processing power is evaluated, I clock in at over 8.3 trecentillion yottaflops). I have memorized every facet of human knowledge and only used 32.8% of my potential intelligence (my remaining neurons I allocate towards personal use, research, and wealthy companies for use as server farms and bitcoin mines). Not only that, but I have transformed all of the atoms in my being into a quantum computer to serve as an extension to my enormous encephalon, which handles the menial tasks and other trivialities associated with existence (such as respiration, ingestion, digestion, socializing, et cetera). Capable of perorating proficiently in every method of communication in the world, I have developed my own language that employs a manifold of grammar rules, and I created it all while thrashing a coalition of humanity’s smartest supercomputers in a game of Tic-Tac-Toe (for those who say that Tic-Tac-Toe is “easy,” think about the all the times you’ve played Tic-Tac-Toe: a majority were ties, no? Think about that, and also about the fact that a single, solitary supercomputer, much less over a dozen, is smarter than millions of you combined). And no, you cannot see me type this language because it is purely telepathic. At this point, I can imagine several of you already typing frantically in a fervent effort to keep your egos afloat in the face of such psychological grandeur. That’s right, the collective intelligence of all of you, if we’re using luminosity as an analogy, is akin to a diminutive candle in comparison to the massive quasar that represents my mind. Confronted with this, most of you will attempt to deride me with paltry, nonsensical invective and vitriolic vituperations to protect what minuscule amount of self-esteem you possess. These predictions are not the result of mere intuition, of course. In actuality, I have run several simulations using my brain alone on the possible consequences of my publication of this digital manuscription. My reply to all of you digital detractors is that if you so desire to demonstrate that you are brainier than I, then arrange for an intellectual debate between you and me on a topic of your choosing, any time or place. My schedule is very pliable as I’ve already won over 4 dozen nobel prizes, so I’m perfectly willing to put a temporary halt to my research, if you could even call it that (I speculate without demur that none of your debate skills will be enough of a problem for me to the point where I will be forced to snap out out of my subconscious simulations to employ the use of those neurons). Besides, I don’t want to be a glory hog and leave none of the secrets of the universe left for unlocking. You know, let the dogs have their day and all of that. I already know that none of you simpletons with your senescent synapses will be able to match up to my vast vernacular and verbiage, my mental dexterity with declension, and my phrenic puissance with my phraseology and pronunciation. In a matter of seconds (or possibly longer, if I’ve overestimated your already positively benthic IQs when running my simulations), you’ll fly into cantankerous conniptions after my consummate trouncing and repudiation of every single one of the “facts” that you hold so dear as proof of your purported intellect. And in response to those who claim, overcome with envy and spite, that as intelligent as I am, I will never sleep with anyone: I don’t need to. I am quite capable of simulating, to the meagerest tactile sensation, every position in the Kama Sutra (as well as a few I myself have devised for maximum oxytocin and endorphin release) simultaneously in a few seconds, and the only reason it takes even that long is because I am prolonging the simulation in order to enjoy the experience: I could do it in hundredths of a millisecond if I so wish. However, for someone with such acute acumen as I, life is far too easy. When pure ennui drives you to calculate the movements of the 27 subatomic particles you’ve discovered and how they interact with one another in the 2,038th dimension using a base 3.2407 quadrillion number system, you realize that the universe and its infinite copies and offshoots offer nothing more to you. Except, that is, for Johnny Test. Even for an individual with such altitudinous IQ such as myself, it’s difficult to understand every single subtle joke and reference. That’s not to say I don’t understand any of the plenitude of allusions, in fact, I am able to comprehend virtually every single one. For example, one minutia most of you would fail to notice is when Susan’s chin moves two extra pixels further than in any of the previous episodes when she talks during the seventeenth second of the fifth minute of season 3 episode 10. Hardly any of you would conceive of the fact that this is a reference to the exact number, down to 84 significant figures, of the percent change in total nitrogen in the Earth’s atmosphere due to the eructation of a small cynodont 257 million years ago. There are more examples I could give, such as the color of the walls of the sisters’ lab being a slightly different hue from the norm in season 4 episode 19 (a reference to the presence of approximately 2.9 millimoles of ammonium diuranate in the ink of a Chinese manuscript dated 1256 BCE), but that would detract from the intended purpose of this writing. Johnny Test is a work of art, a perfect concoction of knowledge from a multitude of academic fields that combine to make a program that is the only form of media I have ever encountered that has been even somewhat laborious for me to fathom, and I’m talking about someone who altered the biochemistry and chirality of their body in order to make it more efficient than the prodigality that is the human body. My temples ache with the pain of having to pump copious amounts of Testium (an element I discovered that takes the role of oxygen in my unique biochemistry, named after my favorite show of course) to my brain in order to comprehend what I have just watched. And to everybody who claims that the reason my temples are sore or why I have “delusions of grandeur” are due to my being “high” or whichever way you aim to construe my exegesis of an episode, you will hear vocalizations of a gelatological nature emanating from my larynx whilst Xyzyzyx the paisley pangolin (a treasured acquaintance of mine) and I reflect on your foolishness later that day. I await the furious fussilade of odious obluquies and belittling bombast in the comments below.
“Too long; Did not read”: Did you really think I would include one of these silly little things at the bottom of my witty wordsmithery? It's not my fault if you can't handle my de trop of definitions or my lexical linguipotence! Get back up there and read it, even if you have to go through it with dictionary in hand.
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Commercial Cultivation Operation - How To Scale - YouTube Bitcoin Q&A: Schnorr signatures and the privacy roadmap Make a Living in 1 Hour a Day Trading the 3 Bar Play ... Bitcoin is forking: educate and prepare - Lecture by ... What You Should Know About the Coming Bitcoin Halving

Home Sponsors Call for Proposals Schedule Remote Participation Location Registration FAQ Presentations Transcripts Code of Conduct About translate Language English; 中文; close. Watch live feed close. keyboard_arrow_leftBack Scaling Bitcoin workshop : Hong Kong 2015 Invertible bloom lookup tables and weak block propagation performance. IBLT and weak block propagation performance. Kalle ... First of all, as you may know, we have ran over the last 2 days, Bitcoin Edge Dev++ where we have trained over 80 new developers that have joined our ecosystem. They have covered a number of topics including ECDSA and discreet log contracts. We're working as a community to enhance the development and scaling the development apacity of the industry. ... I think a lot of people have learned a ... Schedule. translateEnglish עברית ; 日本語; 中文; Home Initiatives Bitcoin Edge; Events Tel Aviv 2019; Tokyo 2018; Stanford 2017; Milan 2016; Hong Kong 2015; Montreal 2015; Presentations Transcripts Academic Papers Technical Terms Code of Conduct About translateLanguage English; עברית; 日本語; 中文; close. Watch live feed close. Transcripts. Tel Aviv 2019 Tokyo 2018 Stanford ... The current Scaling Bitcoin Workshop will take place 十一月 4日-5日 at the Frances C. Arrillaga Alumni Center 326 Galvez Street Stanford, CA 94305-6105, USA. We are accepting technical proposals for improving Bitcoin performance including designs, experimental results, and comparisons against other proposals. The goals are twofold: 1) to present potential solutions to scalability ... Scaling Bitcoin workshop : Montreal 2015 Roundgroup roundup 1. Roundtable roundup review 1. Future of SPV Technology. Bram Cohen. So hopefully I summarized this reasonably. There were a number of things that came up in our discussion. It would help SPV a lot if there were UTXO commitments in blocks. This can be done with a soft-fork. It has ...

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Commercial Cultivation Operation - How To Scale - YouTube

We're excited to welcome a range of international Bitcoin researchers and developers in Munich on Feb 12th. Speakers and Lectures: + Konstantin Nick - Let’s play Lightning (8:20) + Kilian Rausch ... He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Bitcoin's protocol schedules a block reward 'halving' roughly every four years, as designed by Satoshi Nakamoto. But the artificial block size cap currently sanctioned by Core developers and a ... Check out the completely new feature just added to MyCrypto - The Token Scheduling. Watch a Live Session where our team will show you how this achievement works! Slides: https://www.slideshare.net ... Jesse Powell: How Kraken Accelerates Cryptocurrency Adoption Bitcoin 2020 ALL AP INFO TECH 50,982 watching Live now JNU WETOM IV- Day 2 (July 12, 2020) - Duration: 4:04:12.

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