What Is the Best Bitcoin Wallet - Overview of Top Bitcoin ...

Everyday info sec, hardcore info sec, and DNMs

Edit: Currently writing a new version of this, dont know when it will be done.
Edit: Since first post I have updated a few sections with additional information.
I recommend reading it all even if it is very long, I might have placed some relevant info in different sections while thinking about what else needed to be added, plenty of steps remains mostly the same except when I comment directly on it. It is not necessary to do 100% security all the time, unless you absolutely need it, combining some high and some lower security ideas for a balance of security and convenience is useful.
I will base this mostly on Windows, Linux users probably know this, and I have no idea how apple machines work (tho many things in here are still relevant for other operating systems, as they are just general tips)
Disclaimer: There are certainly other steps that can make you more anonymous or safer, however I think for most people this will surfice. Any software I recommend should be independently verified for security, and examples of software are not to be taken as endorsements. I simply use examples and give recommendations when I believe it necessary, or helpful.
I will not really differentiate between anonymity and security, they are often the same thing. As such the word security can mean either more anonymous, less vulnerable, or both.
--------
Everyday Simple Info Sec:
-There could be a hidden administrator user on your PC, make sure to change its password
(Snapchat msgs, reddit dms, discord msgs, are just a few examples of msgs that are never encrypted)
-Any info even send in encrypted msgs (and obviously non encrypted) should still be kept with possible deniability, don't say "I'm gonna do MDMA", say "I'm going out with molly."
-DO NOT STORE ANY PASSWORDS ON GOOGLE, IF GOOGLE LOGIN IS AUTHENTICATED IT WILL AUTFILL ALL PASSWORDS IT HAS SAVED (same with other similar services) (This means if you are logged in to chrome and someone has access to your machine, they can auto fill passwords without entering a single password)
-use a rememberable passphrase, especially for your master key ring aka password manager A long sentence that is memorable makes an okay password (decent example,: "I met my wife at Little Ceasers for the first time on 07/09/20" better even if it's just something you know, if its impersonal, and if you can add special characters or numbers that you won't forget) (A better example for a passphrase is: "There is 0nly 0ne letter that d0esn’t appear in any U.S. state nameQ")
-Purge your internet activity frequently, there's a reason why I only have one post, and a few comments appearing in my account, but thousands of kama. Exposing information needlessly is not good.
-Never post private information publicly, and if you do, do it vaguely as possible. (Example: Not "I'm 15", say "I'm a teenager") Do not post any vital information ever, no birthdays, mother's maiden name, age, or anything you have ever seen in a security question. Never post your current activities while they are ongoing. You going on a vacation? Don't announce it to the world, taking picture there? Post them when you are home.
-Rethink how you do security questions. Many answers to security questions can be found in your internet history. One could use the first word of the security question as an answer, or a different sceme that will mean you always remember it. (Security question need to go, the amount of personal info an average person puts on the internet makes it easy to attack anything using security question)
-------_
High level crimimal information security:
The motto here is, "All the Security, All the Time" As one fuck up can end with you leaving a lick of traceability, and you could be fucked.
Pre Note: All of your software should always be up to date. Also even perfect info sec does not guarantee you are completely safe, a new zero day (exploit) can still fuck you, but good info security makes you significantly safer, by eliminating as many attacks as possible.
-Get a new device (or make a already owned device seem like you never owned it, do this only if you know how to, there's a lot of stuff that goes into that, like changing your mac adress etc) buy with cash, and your face covered, preferably far away from where you live. (Do I need to specify to not bring your phone or anything else that tracks your location to anywhere you want to go anonymously?) (Be aware that even hardware can have vulnerabilities, many cpus have known vulnerabilities, I can't list them all, do some research before buying)
-If you know how to use Tails (A linux distro designed for Info sec) use that, preferably on a USB. (Or learn how to use tails, its better, but complicated) Otherwise a clean copy of windows (make sure its not in any way associated with you) can do the job too, tho not as well. (Using a VM might give extra security, since VMs usually erase all data and RAM they were using on shutdown)
-Get a non tracking VPN, Enable the kill switch (a setting that disables all traffic that doesn't go through the VPN) (change your firewall settings to only allow the traffic from the VPN, windows guide (Change settings so only traffic from the tor application is send) Edit: (Due to complaints: do not use vpn over tor, use tor over vpn. tor over vpn has no notable downside, if the VPN logs it makes no difference, your ISP will always log anyways, and vpns remove other attack vectors and also provide backup security should tor fail. Again even if the VPN tracks you only change the people doing the tracking, but now you are further removed making it more anonymous and also with less vulnerabilities)
-rember privacy settings, cookie cleaner, and antivirus, password (There could be a hidden administrator user on your PC, make sure to change its password)
-Always use the device on a non admin account
-Ideally use this device only on networks that are not connected with you. Such as public networks (try to never use the same public networks twice, move around) (a home network should be fine now, as it should never be exposed, but more security is always better) (Its just a conveniences vs security trade)
-Never use accounts that have been exposed to lower security on higher security machines
-your browser is now TOR (or your preferred security focused browser, if you dont plan on using onion ) Make sure you get the standalone version of tor not the addon build (the standalone is safer, because there are less settings and options to tweak)
-Change your tor settings, to safest mode, enable a bridge (to my knowledge there's no difference in security between the build in bridges in tor), enable automatic updates, set duckduckgo onion as your primary browser. Set dark.fail onion page as your home page. (Or your preferred privacy search engine and onion directory)
-------_
How to use dark net markets (DNMs)
If you finished your High Security setup, we can dive right in. Otherwise go do that. This is where all that is essential.
Quick info on Tor, and onion sites. There is no search engine. It's all based of directories and addresses you are given by others. Tor will likely not be very quick, it has to pass through multiple networks to get to the destination. DNMs sometimes exit scam, an exit scam is when a market shuts down completely and takes all the money, this is a risk when using DNMs, it's not too common but happens maybe 0-4 times a year. The admins of thoese servers need to get out at some point, before they get jailed, so they exit the game, and scam everyone out of their money.
-A very useful onion directory is dark.fail it has a lot of links, for all kinds of stuff. News, email, DNMs, Psychonautwiki (harm reduction website), forums etc. (Other directories also exist)
-Pick a market, preferably one that handles secure connection server side instead of requiring you to establish the secure connection. Then create an account. Your account once created should include an entry box in your profile for a pgp key, post your PUBLIC key in there. (Verify the link is not a scam, most markets should provide a pgp signature)
-Next is currency setup. All major cryptocurrency exchangers can be used, I can recommend coin base but there could be better ones out there. Unless you find a small non U.S., exchange, they will always ask for your identity. So unless you can find a trustworthy exchange that doesn't ID, you will need to give it to them. (Side note, all major crypto exchangers report to the IRS, if the IRS asks you if you bought cryptocurrency and you bought while having IDed yourself SAY YES, DO NOT COMMIT TAX FRAUD WHEN THEY KNOW YOU DID)
-Transfer (monero you can send directly, btc you should scramble) to your wallet. There are two options a cold wallet (physical) or a software wallet. Software wallets usually dont cost anything so I recommend them, even if often less safe. Electrum is easy to use, and pretty safe. You can also do your own research and find a wallet that fits your needs.
-now you are ready to buy, only buy using escrow (it means the money is held by the market as a middle man until the product is delivered, they will also handle any issues like wrong quantity, cuts, etc), judge the reviews for a product, and if available look at the history of the vendor, until you find a product from a vendor you trust. (I recommend to buy within your country as much as possible, so it doesn't go through customs, it's very rare that something is found, but it can happen)
-now you get to buy, depending on market, you either have cryptocurrency stored in their wallets (not recommend, you will lose it in an exit scam) or you can send it every order. When you send your delivery adress (or the one you want it to go to) encrypt the adress using the sellers public key. Make sure the adress is correct.
-wait for the product, make sure to extend the escrow until the product arrives, if you can't extend it anymore dispute the order, and a moderator will step in
-test the product, use it, and leave a review. PLEASE LEAVE A REVIEW, DNMs only work because of reviews.
Edit: Didn't imagine I would write over 15000 words. Oh well, it was fun. Hope it helps, if you have any questions feel free to ask.
No idea how long this will stay up, I might purge it in 7 days, or never.
submitted by seven_N_A7 to u/seven_N_A7 [link] [comments]

This November...

Let's set aside the tickename issue for a second and think as scientists about the upcoming experiment. Assuming there will be a split, I think it's going to be interesting. (If the split is somehow avoided, then all of the following makes no sense, of course)
I frankly think the experiment of "hashrate-funded centrally-developed Bitcoin Cash" vs "hodler-funded multi-team-developed Bitcoin Cash" is very interesting. I don't mean "centrally-developed" as an offence here, it's just a fact - ABC will be developing it.
Before you start throwing in tomatos, let's think about it.
We all have front-row seats - each gets equal amount of both coins, so either coin wins - you have your cut.
It might even be that BOTH coins will be winners, since unlike the BSV situation, this is going to be probably developed under MIT license, so either side can copy code from other side. (Unless, of course, ABC goes BSV-way and protects their code with a restrictive license, while the other side will be using MIT/BSD licenses for sure)
Let's consider both sides' pros and cons.

ABC side

I don't really like IFP, but I think what Amaury did was pretty clever and worth considering. With this plan he gets to control his coin fully and impose any rules he sees as best for his coin, be it drift correction, 6-month releases or whatever else. He believes in his power to make this coin the best, so let's see if he can.
[+] Corporations are often pretty efficient at what they do. Usually, with capitalism and democracy they will perfect their game like no one, because of competition.
[-] But this won't be exactly like capitalism, more like socialism, because ABC/Amaury will get paid no matter their performance. They will always get 8%. That makes people lazy. Why bother if you get your salary anyway?
[+] ABC has a track record of 3 years and BCH didn't die, which gives them some credit that they could do it.
[+] Amaury and ABC will get paid in their own coin, so the more valuable it is, the richer they get. (Unless they sell for USD immediately) Also, they will get close to $8 million in funding in first year alone (at the current price), which would allow him to hire, well, best of the best in their class (cryptographers, developers, etc...). Amaury knows that and he's right - developers are freaking expensive ($100,000+/year). (Well, again, assuming Amaury will be hiring...)
[-] They don't have to listen to the community, so they have no force feedback if what they do is of any value or is it a useless distraction.

BCHN + others

[+] Hodler-funded means that you don't get paid unless you promise to deliver useful value and have proven to provide value in the past. So you have to perfect your game always - that's much closer to capitalism.
[-] Very hard to raise funds. Amaury will get $8m/year while BCHN and other nodes barely managed to collect $100-200K, probably for the next year or so. Hodlers don't want to give away their money too much, because it might 10x or 20x in very short amount of time.
[+] If BCHN/other nodes do their job well and the coin value raise - their money becomes more valuable, so $100K might become $1M in a year. Assuming they haven't sold for USD. Something tells me they didn't.
[-] Grass-roots things can be short-lived. People are free to join and leave any time, so eventually you get tired of everything.

Potential problems with the experiment

  1. Tickename, obviously pretty bad issue;
  2. Reputation/community loss (BCH splitting again);
  3. Confusion for next few years about what Bitcoin Cash is (just like it was with BCH/BTC split);
  4. No replay protection (this one is nasty), so it's hard to split your money at fork time, you need to wait to get some miner dust to mix in with your coins to split them properly;
  5. Potential that one side might be without wallets at first (i.e. if all wallets and services like Fountainhead/rest.bitcoin.com, which are used by wallets, leave ABC - how would you transfer your money?) - that surely will be a blow, but it's fixable. BCH started this way too.
  6. EDIT: Merchant dis-adoption. Many will be tired of non-stop drama and leave. Maybe, stability of BCHN site will lure some back later. (comment about this)
I don't see miners as an issue (I explained why here and here)
I'm actually curious. Whether corporate efficiency (but with a bit of socialism) or grass-roots (barely with any funding in comparison) will get ahead.
Even though there is already a similar experiment going (BSV), but it's still interesting - each corporation is different and where Apple succeeded, many other phone/computer companies failed. Is listening to market critical? Remember Henry Ford: "If I had asked people what they wanted, they would have said faster horses." On the other hand we have plenty of coins with a lot of funding not even in Top 10.
Get your tickets (coins) ready, we're in for a ride!
submitted by readcash to btc [link] [comments]

Can cryptocurrency be regulated?

Can cryptocurrency be regulated?
https://preview.redd.it/505if19cboq51.jpg?width=1280&format=pjpg&auto=webp&s=262229c5e6e31bd75ae91475721a7b76de0f2d4b
Officials have become interested in cryptocurrencies from the very moment Bitcoin began to gain popularity. Attempts to find a way to regulate cryptocurrencies are being made regularly since the authorities do not understand that cryptocurrencies are beyond their control. However, the Ministry of Finance of Russia recently came up with a package of amendments, where it proposed punitive initiatives regarding cryptocurrencies. These initiatives include reports on all transfers and receipts. In this regard, we want to discuss the facts regarding the regulation of decentralized cryptocurrencies. Is it even possible to regulate the cryptocurrency?
The truth is, this is impossible. At the moment, government agencies around the world are trying to apply the same methods to cryptocurrency that are applied to overseas accounts. Therefore, the owners of crypto wallets just need to be careful and monitor how funds are transferred to them.
Financial systems and tax services are danger zones, but, in fairness, there is little they can reach. There are already exchange offices where you withdraw fiat money from your bank account, and then convert it into cryptocurrencies. Once you break the chain of information, and that's it - no one can trace your finances. Therefore, you should not use your main accounts, payroll cards, etc.
Of course, you can declare operations with cryptocurrency. But it is unlikely that this will be deliberately done by someone in a sober mind and sound memory unless this is more of a demonstration that is aimed at setting an example for others. But let's remember that the main advantages of the crypto sphere over traditional finance lie precisely in transparency and anonymity. It is thanks to these bonuses that cryptocurrencies have become so popular, while all the attempts of the authorities simply negate these advantages.
The crypto market today, in fact, is in its infancy. However, it already surpasses classical financial frameworks in many respects. Crypto enthusiasts, seeing the attempts of the state to regulate something, can only laugh or consider these officials to be men of very little brain. All the prohibitions are clearly invented by people who absolutely do not understand the topic, do not understand the essence of the market, and the technical structure of cryptocurrencies itself.
From the point of view of the economic theory of the Austrian school, any attempts performed by the state to interfere in voluntary financial relations, as well as regulate such subtle matters as crypto assets, usually end with exactly the opposite effect. Participants are inventing new and effective ways to protect their assets and stay out of the reach of officials and regulators. At the same time, large amounts of budget money are spent on the useless work of officials, which, in fact, is another confirmation of the inefficiency of centralized systems.
These are features of decentralized cryptocurrencies that can be distinguished in comparison with traditional finance:
  • Decentralized network structure. No need for a central governing body to manage operations. All members of the network are equal and equally affect its state.
  • Transparency. The list of operations can be freely viewed by everyone, while the confidential information of all users is kept secret. This prevents the possibility of fraud.
  • Personal data security. During transactions in the crypto network, the name, contact information, address and other personal data remain anonymous. Even the person with whom the deal is being made does not know them.
  • Maximum availability. For a number of reasons, banking operations are inaccessible to millions of people on Earth. For them, cryptocurrency is a perfect option for financial transactions. Payments can be made anytime, anywhere, and all you need is internet access.
  • Fast transactions vs long bank transfers, which (in the case of country-to-country transfers) can take several days.
  • Low fees. Compared to fiat operations, the costs are minimal. All thanks to the complete absence of intermediaries.
We believe that the ‘Old World’, represented by the state and banks, cannot compete with the new high-tech world even now. All laws passed by officials are a complete ignorance of the topic and a waste of budget funds. Unfortunately, this can be said about almost every country in the world, although in some countries the government is more loyal to cryptocurrency, and tries to explore it, instead of fighting against it.
submitted by Forsage_io to u/Forsage_io [link] [comments]

Does anyone know of a cryptocurrency converter that takes timestamps into consideration? Also, some questions regarding exchange fees.

The request is more or less self-explanatory. I need a conversion tool that I can plug dates and times into as well as the amount of coin or fiat I'm trying to convert. I need it to be able to tell me how much the contents of my wallet was on a given day and time. Or how much a transaction was worth at the time that it was sent. These must exist, and yes, I've Googled for them, but I never find exactly what I'm looking for. I figured Reddit probably knows.
The other half of the title is kinda vague, but I'm not sure how to phrase the problem..or if there even Is a problem, or if I'm just ignorant as hell, which is a possibility I'm more than willing to allow for. Lemme explain:
I sent someone money this morning and what I sent vs what they received were drastically different. We were both using the same wallet/exchange service that claims to not cost anything to send between users within the service, minus the modest transaction fee of like, I dunno, 10 cents or something. The difference was WAY more than a few cents.
For instance, I sent a friend 11.88 XMR this morning. He only received 11.55. We didn't notice it at first, and he forwarded it on to a third party who informed him he was short, as she had only received 11.24 and change.
I'm not sure if you're all aware of this, but Monero's value has increased by like $25 just this weekend. Cool, right?
Sure it is, but not at all the point, which is that 11.88 XMR is roughly $1,582 but 11.55 is only $1,538. And 11.24 is $1,497. So to transfer coin from point A to point C, all within a service which is supposedly free to send within that service, ended up costing us like $85 somehow? And legit, guys, I'm not sure how or why....
Once I realized that, I went looking through my transaction history. There's similar discrepancies relating to actual exchanges, where I've traded Bitcoin for Monero or vice versa, but the value of what I traded is greater than the value of what I traded it for. By quite a bit.
For instance, I had 0.14196176 Bitcoin (worth $1,641 when I noticed it) that I exchanged for 11.8424500192 Monero (worth $1,566 when I noticed it). So like...where the hell is the other $75?
Again, this service advertises the lack of hidden fees and the free exchange of coins. Transaction fees are minimal, like 0.005 or something. Withdrawl fees also. I use it for the exact reason that one of the third party exchange services that Edge wallet uses fucked me out of like $50 the one time that I used them, and the chunk of money being exchanged was way more than this was today. What Really aggravates me about the situation is that I'm a fairly consistent donor to this service for the express reason that they've (supposedly) saved me so much money and so many headaches. I'm pretty outraged about it honestly.
Having said that, I'm aware that I don't know what I don't know. I have a (polite) email drafted to the support staff of the service, but before I send it, I was really hoping that someone much more experienced with and educated on cryptocurrencies/trading/exchanges/etc might be able to give me a crash course on why I effectively lost $165 by using a service for it's intended purpose, or who I need to bitch at to get it back. (I'm just kidding. I'm perfectly aware that it's never getting refunded. Because why would it?)
Basically any information or considerations at all that I should be aware of or just insights that might be in any way helpful would be really appreciated.
Thanks guys!
submitted by spun-princess to CryptoCurrency [link] [comments]

How to Buy Bitcoin 2

Bitcoin: All You Need to Know

Bitcoin is popular across due to its robust technologies as well as substantial market value. It has the potential to ensure huge and more profits compared to other currencies. As it controls the market, other currencies get affected when Bitcoin experiences any price fluctuations.
Bitcoin is a preferred choice for most traders and investors in the currency industry. The reliability makes it a perfect choice for online and offline stores to use it as a payment method.
Many show interest in Bitcoin. However, common people have a limited idea about it. They do not know where to buy it and how to use it while buying a commodity. In this article, we are going to answer all your queries related to Bitcoin. Keep reading to know how to be benefited from Bitcoin.

How to Buy Bitcoin

1. Start with a Wallet

You will need a wallet to store Bitcoin. You can link your wallet with leather wallets that you use for fiat currency. It can also house Bitcoin.
When it comes to wallets, you will find many options to choose from. Some of them are introduced by popular developers and other leading names in the industry. You can operate a wallet offline and online. You will have to research on available wallets to choose the best one to store your Bitcoin.

Things to Consider While Choosing A Wallet


2. Find A Reliable Bitcoin Trader

Choose a secure and easy-to-use wallet and then look for a trustworthy and reputed Bitcoin trader. While choosing a trader, your focus should be on the legit and trusted trader to make your first purchase safe and hassle-free.
You can consider a peer-to-peer platform or online exchanger. These two are different and work in specific and different ways. You need to open an account on the platform you find worth investing in. Here are a few things you need to go through while opening an account on any of the above two platforms:

After going through all these steps, you can have your account. Next, you will have to choose a payment method that you will use for the transactions.

Peer-to-Peer Vs Exchange Platforms

With exchanges, you can sell or buy Bitcoins on market trends. The exchange platform is considered easy for beginners. It will pair you with sellers mostly one with the lowest offer. You can pair with multiple sellers or one seller. You will have the freedom to choose the best seller depending on availability.
The peer-to-peer platform will not allow users to trade or exchange Bitcoin. The sellers and buyers will come together on the site to plan trades. You can consider trading both offline and online.

How to Choose the Payment Mode

You can expect different types of payment options regardless of the platform you prefer. Peer-to-peer and exchange platforms support flexible payment methods. You can use your credit or debit card for deposits. Some other options are e-wallets and PayPal. You can use any of them to purchase Bitcoin.
While choosing any of these two platforms, you will have to ensure that they offer many deposit options. By doing so, you can find the most suitable deposit option. All the payment options are not the same. The speed of the delivery and time will vary depending on the deposit option. So, make sure that you are choosing an option that ensures fast withdrawal and deposits.
A few platforms are known for offering direct wire transfer. The wire transfer will ensure fast deposits and withdrawals. You can choose any option depending on your convenience. If you are using your e-wallet or card for deposits, you should consider other payment modes instead of direct wire transfer.

Buy & Store Bitcoin

You need to place an order on exchange platforms to buy Bitcoin. Once you place the order, it will move into booking. The booked order will be paired with the involved sellers to find the most affordable rate. The Bitcoin will be reflected in your account immediately after completing the transaction.
As Bitcoin will show on your exchange account, you will have to transfer it from the platform into your wallet that you have created much before.

Plan the Next Step

The crypto industry is volatile. So, you will have to act smart to make money from the volatile market condition. The price might drop and rise suddenly.
Before planning any investment, you should understand the market condition. You should observe the market and research the trades before purchasing Bitcoin. If you find the market condition unfavorable, you can store the Bitcoin and use it when the market condition indicates a profit. However, it is suggested to use the Bitcoin immediately to complete a transaction or place a trade.

Conclusion

In the current condition, a few crypto ATMs allow traders to trade their fiat for Bitcoin directly. But these ATMs are limited and not available in all the locations. So, you will have to consider other reliable methods to avoid fraud. Enhanced security is a must in the currency trade.
submitted by SVS2020 to u/SVS2020 [link] [comments]

Bitcoin for NOOBs looking for feedback

I get a lot of questions about bitcoin from friends and family members. I wrote this up and to the best of my knowledge covers everything a NOOB should know about bitcoin. That being said I probably made some mistakes and welcome any feedback from the community I could get on cleaning up the verbiage. Thanks in advance!
Bitcoin For NOOBS Peer to peer digital currency that is scares. It is digitally secure through cryptography and decentralized through open protocol mining principals.
Peer to peer: USD: paper dollars can be exchanged peer to peer but any other form of USD exchange requires your banks permission to use your own money. In fact if you try to pull out too much paper USD your bank may question you.
BTC: Can be exchanged with no middle man. No bank or government permissions needed for any amount and can be exchanged across the global at any time.
Scarsity USD: Print more money just write an IOU to the banks no big deal. Inflationary.
BTC: The number of BTCs that will ever exists is a fixed number it will never change. Deflationary.
Cryptography: USD: With USD the “keys” to your wallet lie with your identity. If I can gain access to your identity I can gain access to your funds. BTC: Your identity does not travel with the coin ledger. Stealing your identity does not mean your funds can be accessed.
Decentralization USD: The federal reserve banks are owned by unknown individuals. Make no mistake the illuminate exists. When the fed prints money the write those unknown individuals and IOU. Out of thin air wealth is created to individuals not the government. You don’t know who they are and never will. BTC: Anyone can mine bitcoin. You dedicate your hardware to mining aka processing transactions. It costs you money to run that hardware. Your reward for your hardware costs is bitcoin. The mathematical principals behind bitcoin do a check for how many mining machines decided if a transaction is real or not. 51% wins. The more bitcoin is used and the more people that dedicate hardware to mining the more digitally secure it becomes.
Bitcoins case for calling it gold 2.0: Currently bitcoin is not acting like the USD but instead acting more like gold a store of value. Long ago before the dollar gold was the standard. The government attempted to issue greenbacks however no one wanted them since gold was the tradition and was scares in supply. The government decided to back the dollar with federal gold reserves. Federal reserves no longer exist as they once have in fact if you invest in gold via the stock market there is a slim chance it is backed by any type of gold reserve it’s really just all digital money for the most part now a days. While bitcoin is truly limited in supply and scares not only is it a great store of value but it has even more use than gold. It can be exchanged electronically peer to peer across the globe and used via smart contracts etc. A quick google search say that the total value of gold in the world is at roughly 7.5trillon dollars. Gold does has more use than just a store of value via jewlery electronics etc but let’s compare the numbers side by side.
Gold 7.5 trillion BTC market cap 170.5 billion
If you agree BTC is a better store of value or at least a decent store of value since it’s truly limited in supply with more usability then it’s easy to see how much upside potential is left on the table. As the fed continues to put out more money during these economic hard times they are causing inflation while BTC has just undergone a halving aka it’s harder for miners to produce a bitcoin reward meaning deflation. Bitcoin is the perfect place for you to store that big fat government stimulus check if you don’t need the money for awhile.
Edit: added these sections based on feedback from friends.
Dollars and cents: USD: One dollar can be broken down into .01 dollars or 1 cent. This is the smallest unit of measure in USD. BTC: 1 Bitcoin can be broken down into .00000001 bitcoins or 1 sats which is short for Satoshi’s. 1 sat is the smallest unit of measure in terms of BTC.
Owning Bitcoin: You can own bitcoin a few different ways but we will talk about two methods in general. Owning coins through a 3rd party such as Coinbase or Robinhood vs owning your coins via your own hardware wallet. 3rd Party: The platform you use can hold some control over you and limit your funds etc just like a bank. They will take additional fees for each transaction you place etc. This really isn’t what bitcoin was intended for but it’s how most people use it currently. Hardware wallet: You own the currency on a hardware wallet like a Ledger wallet etc. there is no middle man. You own the coin and the “keys”
submitted by JTCampbellJr to Bitcoin [link] [comments]

AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.

Moh (Binance Angel)🇳🇬,
Please join me to welcome, “CHROMIA CEO & Co-founder, Henrik Hjelte” and “ CMO, Serge lubkin”
Oh, before we proceed, kindly introduce yourselves and tell us a bit about your roles at Chromia u/sergelubkin & u/henrik_hjelte.
Henrik Hjelte,
Ok, I’m Henrik, I’m CEO of ChromaWay that crated the Chromia project. My background is a bit mixed: developer for 30+ years (since 80: s), but I studied other things at university (economics, politics, social sciences philosophy). Life is more than computer you know… I worked with FInance/IT then started a web startup and got to know Alex Mizrahi who worked as a developer….
Web startup didn’t fly, but Alex showed me bitcoin. When I finally read the whitepaper I was blown away, and joined Alex colored-coins project, the first open source protocol to issue tokens. in 2013.
So, we started with open-source tokens (that kickstarted the blockchain industry. Then started company together 2014.
That is a long intro, I’ll shut up now… Thanks….
Serge,
I’m Serge, I’m assisting Henrik today and I work with Chromia marketing team as well as on some business development projects
Moh (Binance Angel)🇳🇬, , Question No 1 :
Kindly describe the CHROMIA project and what it aims to achieve?
Henrik Hjelte,
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains. There is a blog post about it, I’ll share later. On lines of code.
The aim of Chromia is to combine relational databases, which exist in every kind of organization, together using blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
https://blog.chromia.com/reasons-for-rell-compactness/
Moh (Binance Angel)🇳🇬,Question No 2:
What inspired the CHROMIA Core team to pick interest in CHROMIA project? what breakthrough have you achieved so far? what are the present challenges you’re facing and how are you planning to overcome them?
Henrik Hjelte,
We started with public blockchains, tokens in 2012, the world’s first stable coin with a bank 2015 (LHV). When coding that solution, peer to peer payments of Euro-tokens, we discovered we need performance reasons to store all data in a database. We needed to quickly know the “balance” of a user, and can’t loop through a blockchain. And slowly the idea grew that we can make the database INTO a blockchain, integrate completely with the transaction mechanism of a database. So, we did it as a private blockchain first (Postchain), used it for some projects, then came up with the idea to make a Public Blockchain based on it.
The motivation is that we felt we needed a better programming model for blockchains. Our CTO Alex has always been thinking of optimal solutions for blockchain technology and has lots of experiences thinking about it. Also: make real-world useful things. For example, we support free-to-play models since users do not need to own “our” token to USE apps, the application itself (often the developer) pays for hosting. And of course, great performance. Also: more knowledge of who runs nodes and risk level. So, it is more suitable for enterprises.
In Chromia the application (at the start the developer) decides Who should be allowed to run its own blockchain (every dapp has its own blockchain). You can also say on a higher level that we want to provide technology to create “Public applications”, a tool
that enables us to create a fairer world.
https://blog.chromia.com/towards-publicly-hosted-applications/
Moh (Binance Angel)🇳🇬, Question No 3 :
Why did you create your own blockchain instead of leveraging on existing and proven base layer protocol?
Henrik Hjelte,
None of the existing protocols are suitable to support large-scale, mainstream applications. We designed Chromia to give our users exactly what they want; fast support, useful features, with an affordable service cost. Other platforms do not have the ability to host data applications in a decentralized and secure way, as Chromia can. Chromia also has its own bespoke programming language that sets it apart from SQL-based platforms. It’s so easy to use, even non-developers can understand it!
The other big difference with Chromia concerns payments. Chromia gives its users freedom from having to pay for each transaction. With Chromia, you have the flexibility to decide how to set fees for your dapp
And when it comes to “proven base layer protocols”: they are just a few years at max. Chromia is built on top of Postgresql, that has been used in enterprises for decades, a really proven technology. And the Java virtual machine on top of that. This is proven tech, at core.
Moh (Binance Angel)🇳🇬, Question No 4 :
What is Postchain?
Henrik Hjelte,
Postchain is an open-source product of ChromaWay for enterprise clients and it’s the core technology on which Chromia is built.
Postchain is a replicated blockchain and database that offers highly resilient distributed database management with distributed control.
Postchain is the only product on the market that combines the immutable consensus of a blockchain and the properties of a real database management system (You know, the tech that built SAP, Facebook, Banks…) …
Postchain allows you to share information between companies and/or individuals in a secure and transparent way.
That is the low-level base of Chromia you can say
Moh (Binance Angel)🇳🇬,
Can you please name some of your clients that are using this service already?
Serge,
You mean products built on Postchain? Also, Stockholm Green Digital Finance, Green Assets Wallet that’s now functioning on Chromia Bootstrap Mainnet.
Big financial institutions
It’s only a beginning of course, but very promising one. https://greenassetswallet.org/news/2019/12/12/launch-of-the-green-assets-wallet
Henrik Hjelte,
We got a lot of attention with the Swedish Land registry; we did a joint project between them and banks and a telco etc on postchain as base.
Then, right now we do a large project with the Inter-American Development bank also about land-registration (processes) in South America.
We had a client, Stockholm Green Digital Finance, that did a system for green bonds (tracking environmental impact. Yes, as Sege says, it was later moved to Chromia…
Which is cool. Also, another external development company did that phase of the project, proving that other can build on our tech,4irelabs from Ukraine is their name. Some companies using the GAW: Blackrock. SEB Bank etc…
Also, we have done more projects, in Australia, asia etc. Oh Daimler too (the Mercedes company) …
Moh (Binance Angel)🇳🇬,
Lots of enterprise clients you’ve got. No wonder I do see the meme “CHR=ETH KILLER”
Serge,
It’s a meme from our supporters. But we believe we can coexist:)
For some niche things eth is good :)
So, no killing :D
Henrik Hjelte,
We want to work with partners too for this, we can’t do all projects ourselves. Also, for Chromia projects, ChromaWay company can help do support maintenance etc. So, it is not competing, it adds value to the ecosystem.
Yeah ETH is good too, for some applications. We are friends with them from colored-coin times.
And colored-coins inspired ETH, and ETH inspires us.
Moh (Binance Angel)🇳🇬, Question No 5 :
Lastly, CHROMIA is already doing very well in terms of business. You just got listed on BINANCE JEX, you are on-boarding new clients and dishing out new features. But what’s next? Is there anything to be excited about?
Henrik Hjelte,
Plans for 2020 are to both release a series of dapps to showcase how fantastic Chromia is, as well as continue to develop the platform. And when it is secure and good enough, we will release the mainnet.
Dapps are now being made by us as well as others. We do a decentralized social network framework called Chromunity, now released to TestNet. It is really cool, users can vote over moderators, and in the future users might even govern the complete application, how it can be updated. This is a great showcase for Chromia and why we use the slogan Power to the Public.
https://testnet.chromunity.com/
Games coming are:
Mines of Dalarnia (by Workinman Interactive). An action game in a mine with blockchain rental of plots and stuff. Already on TestNet and you can take a peek on it at https://www.minesofdalarnia.com
more coming…
Krystopia 2, novas journey. A puzzle game done by Antler Interactive. Could only find trailer though: https://www.youtube.com/watch?v=-G95-Dw3kI4
However, we have even larger ambitions with blockchain gaming…
We are doing A secret demo-project that we do together with Antler to showcase the technical potential of Chromia platform.
Another exciting relase is an indie game Chain of Alliance, done by two external developers. It is a strategy game with full-logic on blockchain. Public release on TestNet on May 22!
More coming in 2020: Other dapps from other companies, one in impact-tech.
That is a serious app, Chromia also works outside gaming and social media for enterprises and startups
And I hope some of you will do something, we want to support dapps on the platform so reach out to us…
Moh (Binance Angel)🇳🇬,
When can we be expecting the mainnet? Any approximate time? I’m sure the community will really excited to have that info
Serge,
It’s now in Bootstap phase, so it’s technically already functioning. MVP will be very soon
Stay tuned;)
Twitter questions Vs answers
Ellkayy,
What’s the unique thing in Chromia that no other blockchain has, that makes you the better option?
Henrik Hjelte,
Unique: Chromia is the only blockchain that also has a real, proper database built-in. And blockchain is about managing data in a shared context. How to best managed data was solved in computer science already. So far, it is the relational algebra model that is used in 100% of all enterprises, and has an 85% market share. Chromia is the only blockchain that use that model and that power.
Ellkayy,
Why Chromia use RELL and not SQL or JavaScript? Can developers with other language knowledge use Chromia?
Serge,
Rell is the only language on the blockchain side. You can combine with anything on client-side, although now client only exists for JS/TS, C# and Java/Kotlin. Rell is a language for relational blockchain programming. It combines the following features:
1 Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
2 Normal programming constructs: variables, loops, functions, collections, etc.
3 Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Roshan DV,
I have been monitoring your project for a while but some concerns about it: Your project will build your own core network, so you have more visibility than Ethereum and NEO. These are projects that were born before and which also have a very large community. And what can assure you that your project will guarantee the functionalities that you have defined?
Henrik Hjelte,
What came first? I want to remind that Vitalik was in the colored-coins project, led by our CTO and we had blockchain in production before ETH and NEO etc existed. We are the old dogs…
Large community: We are part of the same community. When developers are fustrated and want to try new tech, they go to us from other blockchains.
Also, we have a large potential: SQL (close to Rell and our tech) is the world top 3 language. Bigger than Java. Bigger than PHP. Only beaten bny HTML and javascript. Soliditiy is not on top 20 list. THere are millions of developers that know SQL. That is potential for community… (source is Stackoverflow annual programming survey).
Paul (Via Manage),
What are the utilities of Chromia and what purpose does the Chromia coin serve?
Serge,
Chromia meta-token called Chroma (CHR). It is used in Chromia to compensate block-producing nodes by fees. In Chromia, fees are paid by dapps, which can in their turn collect fees from users. Chromia provides mechanisms which balance the interests of developers and users. Dapp tokens can be automatically backed with Chroma, providing liquidity and value which is independent of investment into the dapp. Dapp investors can be compensated in Chroma through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from dapps. This incentivises the creation and maintenance of high quality dapps because better dapps generate more income and create more demand for tokens owned by the developer. The Chromia model is designed to support sustainable circular economies and foster a mutually beneficial relationship between developers, users, and investors.
Idemudia Isaac,
Thank you very much u/henrik_hjelte u/sergelubkin
You stated your plans for 2020 is to release series of dApps. What kind of large scale, mainstream decentralized application and $Chromia products do you think is suitable for the Nigerian environment?
Henrik Hjelte,
Actually, this is why we want to work with partners. We cannot know everything, For African market we have seen of course payments/remittances (but it has fallen out of trend). We would love to do real-estate /land-registration but we understand we need a strong local partner (more than a single person, a real company or organization driving).
●CC● | Elrond 🇵🇭,
What plans do you have to building a vibrant global community around Rell? And how would you go about encouraging/incentivising such ‘Rellists’ around the world to build dApps on Chromia? u/henrik_hjelte u/sergelubkin
Henrik Hjelte,
For developers (I am one too, or used to be) you normally need to prove a few things:
\ That the tech is productive (can I do apps faster?)*
\ That it is better (less bugs, more maintainable?)*
Then the community will come. We see that all the time. Look at web development. React.js came, and developers flooded to it. Not because of marketing on Superbowl, but because it was BETTER. Fewer bugs and easier to do complex webapps.
So, at core: people will come when we showcase the productivity gains, and that is what we need to focus on.
●CC● | Elrond 🇵🇭,
Why do you choose to build Chromia token on ERC20 instead of other blockchain such as BEP2, TRC20…or your own chain while ERC20 platform is very slow and have a case of fee? u/henrik_hjelte u/sergelubkin
Serge,
So far Ethereum has the best infrastructure, it’s the oldest and most reliable network for tokens. It also became the industry standard which exchanges utilize. We will transfer 80% of all erc20 tokens to our Chromia blockchain when it’s ready for that.
Koh,
In your whitepaper it says in the upcoming version of ChromiaWallet that it will be able to function as a Dapp browser for public use. Q) Will it be similar to the Dapp browser on Trust Wallet?
Serge,
It’s live already try it http://vault-testnet.chromia.com/
It’s the wallet and a dapp browser
CHROMIA is SOLID,
Your metamorphosis is a laudable one,surviving different FUD, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period!
Henrik Hjelte,
You need to know we started a company before ETH existed. There was 0 money in blockchain when we started. I did it becuase it was fun, exciting tech and MAYBE someone would be interested in the thing we made “Tokens”…
We were never in the crazy bull-market, manly observed the crazies from the side. We fundraised for CHR in a dip (they called it bear market). ChromaWay the company also make money from enterprises.
Алекс,
What is SSO?
What makes it important for chromias ecosystem?
Why should we users be attracted to it?’
Serge,
Chromia SSO is perhaps the most important UX improvement that Chromia offers the decentralized world. It revolutionizes the way users interact with dapps. Any dapp requires users to sign transactions, that means they need a private key. Control of the private key is control of any and all dapps or assets associated with it. This means that private keys have an especially stringent set of security requirements in a blockchain context — they control real value, and there is no recourse if they are compromised or lost. https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
Olufemi Joel,
How do you see the Chromia project developing in 3 to 5 years, both on the commercial level and on the evolution of the company? What are the plans for expansion in different regions? Are you going to outsource the team/skills or keep it centralized and set up offices?
Henrik Hjelte,
I take part of the question. On outsource: we were a distributed team from day one, with co-founders from 3 countries (still living there). We are distributed now, Ukraine, Sweden, Vietnam, Croatia, China are “hubs” then we have individuals too. No big plan, just where we found great developers…
Park Lee, u/henrik_hjelte
You claim CHOROMIA have fast support, useful features with an affordable service cost. That fast and the fees are cheap but can you guarantee stability?
What’s the Algorithms which are used by CHROMIA for that fast? And Can you explain it?
Serge,
We use PBFT protocol with some features of DPOS, this plus sidechains parallelism offers almost unlimited speed and scalability. We also use the feature called anchoring to secure all transactions in batches on Bitcoin blockchain.
Mario Boy,
What are you guys trying to achieve as an end goal? The next Ethereum? Or the next enterprise version of Ethereum? Or something different?
Henrik Hjelte,
The end goal… good question. When we started in 2014 there were no other blockchain companies, so we wanted to do the best blockchain technology in order to enable a decentralized world with more fair applications. And that is what we still do. Technology/software that can enable people to make a fairer world
Erven James Sato,
“STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
Serge,
Yes, we announced our staking plans couple of months ago https://blog.chromia.com/on-providers-and-stakes/
We are working with our current partners to make it accessible for general public.
Chizoba,
I often see Chromia and ChromaWay being used interchangeably, what is the relationship between the two?
Henrik Hjelte,
ChromaWay the company started Chromia from code done as postchain. This is normal in open-source development, a company that leads development. But Chromia will be a decentalized network, so ChromaWay will not make direct money out of it more than if we have a role as a Provider (and get payed for hosting). ChromaWay can indirectly make money from optional support and maintenance etc. Also, this, perfectly normal in open-source world.
And it also benefits Chromia that there is a market for support.
A market open for competition.
No special treatment for “ChromaWay”
Enajite,
How to start coding on Chromia?
Henrik Hjelte,
Go to https://rell.chromia.com and follow the tutorial. Enjoy the free time you get compared to other blockchain languages…
●CC● | Elrond 🇵🇭,
Chromia process 500 TPS, these is slow compare to other Blockchains, where we can see now 60K TPS if more capacity require, how can that be? u/henrik_hjelte u/sergelubkin
Serge,
Yes, if you need faster speed you can use parallelism by having multiple blockchains for your dapp. Also, by optimization and better architecture sky is the limit.
Delphino.eth ⟠,
Can we consider Chromia an hybrid? For its mixing of Blockchain and a Database?
Henrik Hjelte,
Yes and no. I want to stress that Chromia is a FULL blockchain. It is not only “inspired”. It is a blockchain AND a database.
I tend to think about Hybrid more in the usecases that you might have as a customer. For example, a bank might want to have some data/transactions private (as a private blockchain) and have another half of the application with public data (on Chromia). So that is a hybrid solution, and Chromia ROCKS in that segment since it is the only blockchain that is complete relational database (what the normal world uses anyway for 85% of all applications)
Example area: “open banking”
Steve bush,
How will Chromia I have any empower Investors, Companies, Developers, Platform Users to
deliver impactful solutions and bring value to people all over the world?
Henrik Hjelte,
In order to make blockchain go big, we need to have users. Users need to be able to use apps with ease. Chromia have features like single-sign on (ease of use), but importantly do not require owning tokens to USE apps.
Also, it needs to be easy to make applications. For example, if you are a student in US and came up with an idea, you want to make an application for your school. Let’s call it “thefacebook”. You code something in PHP and MySQL. DID YOU SEE THAT. SQL. SQL.SQL. It is the same tech that Chromia has but no one else in the blockchain business. SQL rules the world if you look outside the crypto bubble. Google the Oracle head-office… 100% of all enterprises use it… Because it is easy and powerful.
And we even improve on SQL with Rell….
So, compare that with a hacky virtual machine that have a few years…. 😊
August,
“Mines of Dalarnia” is a game that has caught my attention a lot, due to its simplicity and quality. But in the time that I have used it I have not been able to differentiate between the Chromia blockchain of this game and that of the competition? What other games do you have next to develop? I would like to give ideas in those games like a Gamers!
Henrik Hjelte,
We thought about in corona time sports club might want to engage more with their fans digitally. And of course, E-Sports is getting a real momentum as the young generation grows up. Now a bit sad that all games are centralized. My daughter will be sad when (at some day?) they will close down roblox… it happens to all centralized apps eventually… that is what we fix. Power to the Public to control apps and their future. I’ll repost again Alex post. Sorry I like it a lot… https://blog.chromia.com/towards-publicly-hosted-applications/
Bisolar,
Good day Chromia team from a Chromia fan
Can you tell us Chromia’s geographical focus at the moment and the proces it follows for it BUSINESS DEVELOPMENT?
What factors do you consider before identifying NEW MARKETS to enter?
Serge,
Chromia will initially focus on community building in China, Korea, US and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.
Current community growth strategies of Chromia include:
Chromia blockchain incubator creation to welcome more projects to the Chromia blockchain
Host blockchain gaming conferences, workshops, and meetups to engage with potential users.
Provide online and face-to-face tutorials to engage with dapps developers.
Attract blockchain developers through direct and indirect approach via specialized platforms and communities.
Develop our relations with existing and previous corporate clients, and their partnership networks to participate in their blockchain ventures
Launch Node program to encourage system providers to run nodes on the Chromia blockchain.
Staking program for Chroma (CHR) tokens
Active community engagement via social channels.
Future community growth strategies of Chromia after Mainnet launch include:
Partner with more gaming studios, startups and enterprises
Build local communities with Ambassador Programs.
Partner with external incubator and accelerators to provide blockchain expertise and introduce projects to Chromia ecosystem
Continue organizing hackathons around the world to attract more developers.
Emmanuel,
I want to know the current structure of your roadmap? What is the future roadmap of CHROMIA? Is there any key milestone coming???
Henrik Hjelte,
It is easy to do a roadmap; anyone can make a pape plan. But I think they are used in the wrong way. Software is hard, blockchain is even harder because it NEEDS TO BE SECURE. No MVP releases. We cannot even have roadmap deadlines and skimp on quality. Where we are now though is: Rell language finished so much that developers can write apps and see its magic. We have external devs doing dapps. We have the first phase of mainnet. We have a series of releases coming up. We will release mainnet when it is secure enough, and gradual roll out. I think quite soon, development is going great at the moment, a bit quicker than we though.
Ellkayy,
Why doesn’t Chromia transactions use gas? How do you power transactions then?
Serge,
Main feature of gas in Ethereum is to pay for transactions for miners get rewards. In our scenario Providers get rewards from dapp owners. So dapp owner pays for storing their dapp. It’s like Amazon Web Service model. Then dapp owner can monetize it in its own way.
Ellkayy,
Many developers don’t know RELL, just Solidity and SQL. Is this a barrier or threat to Chromia? Why RELL is better?
Henrik Hjelte,
Very few developers know Solidity. Do a search on github. I referred previously to stackoverflow programming language survey results. https://insights.stackoverflow.com/survey/2019#technology
If you know SQL, you learn Rell in a day.
SQL is the top 3 language here. I’d say there are millions that can easily jump to Rell.
Soldity or other blockchains, not on top 20 list even.
Rell is a hipper, nicer version of SQL that is also a “normal” programming language.
Developers like to learn new things, new languages. Otherwise we would be stuck with PHP, the DOMINANT language. Well, is it still? Seems javascript and react.js and node etc is taking over…
Moh (Binance Angel)🇳🇬,
This brings us to the end of the AMA. It’s been a pleasure being with all of you, THANK YOU. Special shout out to u/sergelubkin and u/henrik_hjelte for honouring us with their presence today❤️
Kindly follow CHROMIA on twitter and join the conversation with their community on Telegram
Twitter: https://twitter.com/Chromia
Telegram: https://t.me/hellochromia
Official Chromia Nigeria Community Channel 🇳🇬 : https://t.me/ChromiaNigeria
Website: www.chromia.com
submitted by dam30 to Teamchromia [link] [comments]

Epic Cash Vitex Exchange AMA

What is EPIC CASH?
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money:
1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved;
2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services;
3. Unit of Account — the unit by which the value of a thing is accounted for and compared.
Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list
Oleg✌🏻
Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself?
Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide.
Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year.
JLong I am John, Doing the general engineering and managerial work
Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years.
Oleg✌🏻 nice to meet you🙂
Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September.
Yoga Dude Great to meet everyone :)
Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about?
Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine.
Oleg✌🏻 Look like a real Bitcoin🙂
Yoga Dude with privacy and fungibility 😄
Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins?
Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses.
Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin?
Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value.
Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time.
Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam?
Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs.
Yoga Dude Yes, all that ☝️😄
Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for?
Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments.
Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms?
Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC.
Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable.
Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂
Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash?
Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄
Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team.
Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto?
Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals.
Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet.
Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward?
Yoga Dude First and foremost, we are focused on security and usability.
We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it.
We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability.
And of course we are constantly looking to add more exchanges both with and without KYC.
Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be?
Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life.
Yoga Dude The idea is to be able to access Epic Cash from any platform and device
Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate.
Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash?
Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊
Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world!
Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer.
AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ?
Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins.
Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet.
Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency.
Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible.
Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much?
Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction.
Joxes It is a pleasure.
When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far?
We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term?
Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it.
S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash?
Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50
Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home?
Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers
Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS.
Does your GREAT PROJECT have plan about TOKEN BURN?
Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place.
Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?
Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔
kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain?
Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have.
Dr Mönica Hello sir @maxfreeman4 @Johnsstec @Yogadude
Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm???
Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action.
Oleg✌🏻 Perfect! It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
submitted by EpicCashFrodo to epiccash [link] [comments]

[Part 1] KAVA Historical AMA Tracker! (Questions & Answers)

ATTN: These AMA questions are from Autumn 2019 - before the official launch of the Kava Mainnet, and it's fungible Kava Token.
These questions may no longer be relevant to the current Kava landscape, however, they do provide important historical background on the early origins of Kava Labs.
Please note, that there are several repeat questions/answers.

Q1:

Kava is a decentralized DEFI project, why did you implement the countries restrictions to run the node? Will there be such restrictions by the time of the mainnet?

Q2:

According to the project description it has been indicated that staking reward (in KAVA tokens) varies from 3 to 20% per annum. But how will you fight with inflation?

We all know how altcoins prices are falling, and their bottom is not visible. And in fact, we can get an increase in the number of tokens for staking, but not an increase in the price of the token itself and become a long-term investor.

  • Answer: Kava is both inflationary with block rewards, but deflationary when we burn CDP fees. Only stakers who bond their Kava receive inflationary rewards - users and traders on exchanges do not get this. In this way, rewards are inflated, but given to stakers and removed value from the traders who are speculating like a tax. The Deflationary structure of fees should help counterbalance the price drops from inflation if any. In the long-term as more CDPs are used, Kava should be a deflationary asset by design if all things go well

Q3:

In your allocation it is indicated that 28.48% of the tokens are in the "Token treasury" - where will these tokens be directed?

  • Answer: Investors in financing rounds prior to the IEO have entered into long-term lock-up agreements in-line with their belief in Kava’s exciting long-term growth potential and to allow the projects token price to find stability. Following the IEO, the only tokens in circulation will be those sold through the IEO on Binance and the initial Treasury tokens released.
  • No private sale investor tokens are in circulation until the initial release at the end of Q1 2020 and then gradually over the [36] months The initial Treasury tokens in circulation will be used for a mixture of ecosystem grants, the expenses associated with the IEO as well as initial market making requirements as is typical with a listing of this size. Kava remains well financed to execute our roadmap following the IEO and do not envisage any need for any material financings or token sales for the foreseeable future.

Q4:

Such a platform (with loans and stable coins) is just the beginning since these aspects are a small part of many Defi components. Will your team have a plan to implement other functions, such as derivatives, the dex platform once the platform is successfully launched?

  • Answer: We believe Kava is the foundation for many future defi products. We need stable coins, oracles, and other infrastructure first that Kava provides. Once we have that, we can apply these to derivatives and other synthetics more easily. For example, we can use the price feeds and USDX to enable users to place 100x leverage bets with each other. If they both lock funds into payment channels, then they can use a smart contract based on the price feed to do the 100x trade/bet automatically without counter party risk. In this way, Kava can expand its financial product offerings far beyond loans and stable coins in the future.

Q5:

There are several options for using USDX on the KAVA platform, one of which is Margin Trading / Leverage. Is this a selection function or a compulsory function? Wondering since there are some investors who don`t like margin. What is the level of leverage and how does a CDP auction work?

  • Answer: This is a good #Q . Kava simply provides loans to users in USDX stable coins. What the users do is completely up to them. They can use the loans for everyday payments if they like. Leverage and hedging are just the main use cases we foresee - there are many ways people can use the CDP platform and USDX.

Q6:

Most credit platforms do not work well in the current market. What will you do to attract more people to use your platform and the services you provide? Thank you

  • Answer: Most credit platforms do not work well in the current market? I think that isn't correct at least for DeFi. Even in the bear market, MakerDao and Compound saw good user growth. Regardless, our efforts at Kava to build the market are fairly product and BD focused. 1) we build more integrations of assets and expand financial services to attract new communities and users. 2) we focus on building partnerships with high quality teams to promote and build Kava's core user base. Kava is just the developer. Our great partners like Ripple, Stakewith.Us, P2P, Binance - they have the real users that demand Kava. They are like our system integrators that package Kava up nicely and present it to their users. In order to grow, we need to deepen our partnerships and bring in new ones around the world.

Q7:

KAVA functions as a reserve currency in situations where the system is undercollateralized. In such cases new KAVA is minted and used to buy USDX off the market until USDX becomes safely overcollateralized.

Meaning, there will be no max supply of KAVA?

  • Answer: Yes, there is no max supply of Kava.

Q8:

Why Kava?

  • Answer: ...because people are long BTC and the best way to go long BTC without giving up custody is Kava's platform. Because it is MakerDao for bitcoin. Bitcoin has a 10x market cap of ETH and Maker is 10x the size of Kava. I think we're pretty undervalued right now.

Q9:

How do you plan to make liquidity in Kava?

  • Answer: Working with Binance for the IEO and as the first exchange for KAVA to trade on will be a huge boost in increasing the liquidity of trading KAVA.

Q10:

Most crypto investors or crypto users prefer easy transaction and low fees, what can we expect from KAVA about this?

  • Answer: Transaction fees are very low and confirm if seconds. The user experience is quite good on Tendermint-based blockchains.

Q11:

How do I become a note validator on KavA?

Q12:

It is great to know that KAVA is the first DEFI-supported project sponsored by Binance Launchpad, do you think this is the meaning that CZ brings: Opening the DEFI era, as a leader, you feel like how ?

  • Answer: We are the first DeFi platform that Launchpad has supported. We are a very strategic blockchain for major crypto like BNB. Kava's platform will bring more utility to the users of BNB and the Binance DEX. It feels good of course to have validation from the biggest players in the space like Cosmos, Ripple, CZ/Binance, etc.

Q13:

Since decentralized finance applications is already dominating, how do you intend to surpass those leading in the market?

  • Answer: The leaders are only addressing ethereum. BTC, XRP, BNB, ATOM is a much larger set to go after that current players cannot.

Q14:

What does Ripple play in the Kava's ecosystem, since Ripple is like a top tier company and it’s impressive that you are partnered with them?

  • Answer: Ripple is an equity investor in Kava and a big supporter of our work in cross-chain settlement research and implementations. Ripple's XRP is a great asset in terms of users and liquidity that the Kava platform can use. In addition, Ripple's money service business customers are asking for a stable coin for remittances to avoid the currency heading risk that XRP presents. Ripple will not use USDC or other stable coins, but they are open to using USDX as it can be XRP-backed.

Q15:

Considering the connectivity, Libra could be the biggest competitor if KAVA leverages interchain for efficiency.

  • Answer: With regard to USDX, it is important to understand the users interacting with the Kava blockchain have no counterparty that people could go after for legal actions. A user getting a USDX loan has no counterparty. The software holds the collateral and creates the loan. The only laws that would apply are to the very users that are using the system.

Q16:

Wonder how KAVA will compete with the tech giants

  • Answer: Libra is running into extreme issues with the US Senate and regulators. Even the G7-G20 groups are worried. Its important to understand that Libra is effectively a permissioned system. Only big companies that law makers can go after are able to run nodes. In Kava, nodes can be run by anyway and our nodes are based all over the world. It's incredibly hard for a law maker to take down Kava because they would need to find and legally enforce hundreds of business in different jurisdictions to comply. We have an advantage in this way over the larger projects like Libra or Clayton.

Q17:

In long-term, what's the strategy that KAVA has for covering the traditional finance users as well? Especially regarding the "stability"

  • Answer: Technical risk is unavoidable for DeFi. Only time will tell if a system is trustworthy and its never 100% that it will not fail or be hacked. This is true with banks and other financial systems as well. I think for DeFi, the technical risk needs to be priced in to the expected returns to compensate the market. DeFi does have a better user experience - requiring no credit score, identity, or KYC over centralized solutions.
  • With our multi-collateral CDP system, even with it overcollateralized, people can get up to 3x leverage on assets. Take 100 USD in BTC, get a USDX loan for 66 USDX, then buy $66 BTC and do another loan - you can do this with a program to get 3x leverage with the same risk profile. This is enough for most people.
  • However, it will be possible once we have Kava's CDP platform to extend it into products that offer undercollateralized financial products. For example, if USER 1 + USER 2 use payment channels to lock up their USDX, they can use Kava's price feeds to place bets between each other using their locked assets. They can bet that for every $1 BTC/USD moves, the other party owes 3x. In this way we can even do 100x leverage or 1000x leverage and create very fun products for people to trade with. Importantly, even in places where margin trading is regulated and forbidden, Kava's platform will remain open access and available.

Q18:

In long-term, what's the strategy that KAVA has for covering the traditional finance users as well? Especially regarding the "stability"

  • Answer: Kava believes that stable coins should be backed not just by crypto or fiat, but any widely used, highly liquid asset. We think in the future the best stablecoin would be backed by a basket of very stable currencies that include crypto and fiat or whatever the market demands.

Q19:

Compound, maker they're trying to increase their size via the competitive interests rates. THough it shows good return in terms of growth rate, still it's for short-term. Wonder other than financial advantage, KAVA has more for the users' needs?

  • Answer: Robert, the CEO of Compound is an investor and advisor to Kava. We think what Compound does with money markets is amazing and hope to integrate when they support more than just Ethereum assets. Kava's advantage vs others is to provide basic DeFi services like returns on crypto and stable coins today when no other platform offers that. Many platforms support ETH, but no platform can support BTC, XRP, BNB, and ATOM in a decentralized way without requiring centralized custody of these assets.

Q20:

The vast majority of the cryptocurrency community's priorities is symbolic pricing. When prices rise, the community rejoices and grows. When they fall, many people begin to cast in a negative way. How will KAVA solve the negative problem when the price goes down? What is your plan to strengthen and develop the community to persuade more people to look at the product than the price?

  • Answer: We believe price is an important factor for faith in the market. One of Kava's key initiatives was selecting only long-term partners that are willing to work with kava for 2 years. That is why even after 6 months, 0 private investor or kava team tokens will be liquid on the market.
  • We believe not in fast pumps and then dumps that destroy faith, but rather we try and operate the best we can for long-term sustainable growth over time. It's always hard to control factors in the market, and some factors are out of our control such as BTC price correlations, etc - however, we treat this like a public company stock - we want long-term growth of Kava and try to make sure our whole community of Kava holders is aligned with that the best we can.

Q21:

Do you have any plans to attract non-crypto investors to Kava and how? What are the measures to increase awareness of kava in non-crypto space?

  • Answer: We are 100% focused on crypto, not the general market. We solve the problems of crypto traders and investors - not the average grandma who needs a payment solution. Kava is geared for decentralized leverage and hedging.

Q22:

Adoption is crucial for all projects and crypto companies, what strategy are you gonna use/follow or u are now following to get Kava adopted and used by many people all over the world?

Revenue is an important aspect for all projects in order to survive and keep the project/company up and running for long term, what are the ways that Kava generates profits/revenue and what is its revenue model?

  • Answer: We have already partnered with several large exchanges, long-term VCs, and large projects like Ripple and Cosmos. These are key ways for us to grow our community. As we build support for more assets, we plan to promote Kava's services to those new communities of traders.
  • Kava generates revenue as more people use the platform. As the platform is used, KAVA tokens are burned when users pay stability fees. This deflates the total supply of Kava and should in most cases give rise to the value of KAVA like a stock-buyback in the public markets.

Q23:

In order to be success in Loan project of Cryptocurrency, I think marketing is very important to make people using this service without any registration. What is main strategy for marketing?

  • Answer: Our main strategy is to build a great experience and offer products that are not available to communities with demand. Currently no DeFi products can serve BTC users for example. Centralized exchanges can, but nothing truly trustless. Kava's platform can finally give the vast audiences of BTC, BNB, and ATOM holders access to core DeFi services they cannot get on their own due to the smart contract limitations of those platforms.

Q24:

Currently, some project have policies for their ambassadors to create a contribution and attract recognition for the project! So the KAVA team plans to implement policies and incentives for KAVA ambassadors?

  • Answer: Yes, we will be creating a KAVA ambassador program and releasing that soon. Please follow our social media channels to learn about it in the coming weeks.

Q25:

Currently there are so many KAVA tokens sold on exchanges, why is this happening while KAVA is going to IEO on Binance? Are those KAVA codes fake or not?

  • Answer: For everyone's safety, please understand Kava tokens do not exist yet and they will only exist starting with the Binance IEO. Any other token listings or offerings of Kava are not supported by Kava Labs and I highly discourage you all from trying to get them there. It is most likely a big scam. Please only trust Binance for this.

Q26:

KAVA have two tokens, the first is called Kava - a governance and staking token; the second is called USDX - an algorithmically managed crypto-backed stable coin. What are the advantages of USDX compared to other stablecoins such as: USDT, USDC, TUSD, GUSD, ...?

  • Answer: USDX is one of the few stablecoins to be fully backed by crypto-assets. This means that we do not deal with fiat to back the value, and thus we don't have some of the issues when it comes to storing fiat funds with banks and custodians. This also makes our product fully digital and built for the future of crypto growth.

Q27:

As a CEO, does your background in Esports and Gaming industry help anything to your management and development of KAVA Labs?

  • Answer: Esports no. But having been a multi-time venture-backed foundeCEO and have gone through the start-up phase before has made creating and running a 2nd company easier. Right now Kava is still small, Fnatic had over 80 employees. It was at a larger scale. I would say developing software is much more than doing the hardware at fnaticgear.com

Q28:

Why did Kava choose to launch IEO on Binance and not other exchanges like: Kucoin, Houbi, Gate, ....?

  • Answer: Kava had a lot of interest from exchanges to partner with for IEO. We decided based on a lot of factors such as userbase, diverse exposure across multiple regions and countries, and an amazing team that provides so much insight into so many communities such as this one. Binance has been a tremendous partner and we also look forward to continuing our partnership far into the future.

Q29:

Currently if Search on coinmarketcap has 3 types of stablecoins bearing the USDX symbol (but these 3 stablecoins are no information). So, what will KAVA do to let users know that Kava's USDX is another stablecoin?

  • Answer: All these USDX have no volume or listings. We will be on Binance. I am not worried.

Q30:

In addition to the Token Allocation for Binance Launchpad, what is the Token Treasury in the Initial Circulating Supply?

  • Answer: This is controlled by Kava Labs, but with the big cash we have saved from fundraising, we see no reason why these tokens would be sold on the market. The treasury tokens are for use in grants, ecosystem growth initiatives, development, and other incentive programs to drive adoption of the platform.

Q31:

How you will compete with your competitors? Currently i don't see much but for future how you will maintain this consistency ? No doubt it is Great and Unique project, what is the main problem that #KAVA is currently facing?

  • Answer: Because our industry is just starting out, I don't like to think of them as our direct competitors. We are all working to grow the size of the pie rather than get a larger slice from a small pie. The one thing that we believe will allow us to stand apart is the community we are building. Being able to utilize our own community along with Cosmos and our other partners like Binance for the IEO, we have a strong footing to get a lot of early users onto our platform. Also, we are also focusing on growing Kava internationally particularly Asia. We hope to build our platform for an even larger userbase than just the west.

Q32:

How do you explain your project to a random person who has never heard of your project?

  • Answer: non-crypto = Kava is a lending platform for users of cryptocurrencies.
  • crypto = Kava is a cross-chain DeFi platform for loans and stablecoins backed by BTC, BNB, XRP, ATOM and other major cryptocurrencies.

Q33:

Will KAVA team have a plan on implementing DAO module on your platform since its efficiency on autonomy, decentralization and transparency?

  • Answer: All voting is already transparent on the Kava blockchain. We approved a number of proposals on our test net.

Q34:

how to use usdx token :only for your platform or you have plan to use usdx for payment ?

  • Answer: Payments is a nice use case, but demand for crypto payments is still small. We may choose to focus here later if demand for crypto payments increases. Currently it is quite small with the bulk of use remaining in trading and speculative use cases.

Q35:

Do you have plans to spread KAVA ecosystem across other continents. if yes, what are the strategies and how can I as a community member contribute to making it possible?

  • Answer: We are already across many continents - I don't think we are in antarctica yet. Africa might be light on nodes as well. I think as we grow on major exchanges like Binance, new node operators will get interested and help decentralize Kava further.

Q36:

Maker's CDP lending system is on top in this market and its Dominance is currently sitting on 64.90 % , how kava will compete will maker and compound?

  • Answer: adding assets like bitcoin which have more value and more users than ETH. It's a bigger market that Maker cannot compete with Kava in.

Q37:

Currently, the community is too concerned about the price. As prices rise, the community rejoice and grow, when falling, many people start throwing negatively. So what is KAVA's solution to getting people to focus on the project rather than the price of the token?

What is your plan to strengthen and grow the community to persuade more individuals to look at the product than the price?

  • Answer: We also share similar concerns as price and price direction is always a huge factor in the crypto industry. A lot of people of course are very short-term focused on flipping for bigger profits. One of the solutions, and what Kava has done, is to make sure that everything structured is for the long-term. So that makes sure that our investors and employees are all focused on long-term gains and growth. Locking vesting periods are part of that alignment. Another thing is that we at Kava are very transparent in our progress and development. We will be regularly posting updates within our own communities to allow our users and followers to keep up with everything we're up to. Please follow us or look at our github if you're interested!

Q38:

How did Kava get on Piexgo?

  • Answer: We did not work with Piexgo. We have not distributed tokens to any exchange other than Binance. I cannot speak to what is going on there, but I would be very wary of what is happening there.

Q39:

Why was the 1st round price so much lower than the current price

  • Answer: It is natural to worry that early investors got better pricing and could dump on the market. I can assure you that our investors are in this for the long-term. All private sale rounds signed 2 year contracts to run validators - and if they don't they forfeit their tokens. You can compare our release schedule to any other project. We have one of the most restricted circulating supply schedules of any project EVER and its because all our investors are commiting to the long-term success of the project and believe in Kava.
  • About the pricing itself - it is always a function of traction like for any start-up. When we made our public announcement about the project in June, we were only a 4 man team with just some github code. We could basically run a network with a single node, our own. Which is relatively worthless. I think our pricing of Kava at this time was justified. We were effectively a seed-stage company without a product or working network.
  • By July we made severe progress on the development side and the business side. We successful launched our first test net with the help of over 70 validator business partners around the world. We had a world-wide network of hundreds of people supporting us with people and resources at this point and the risk we would fail in launching a working product was much lower. At this point, the Kava project was valued at $25M. At this point, we had many VCs and investors asking for Kava tokens that we turned away. We only accepted validators that would help us launch the network. It was our one and only goal.
  • Fast forward to today, the IEO price simply reflects the traction and market demand for Kava. Our ecosystem is much larger than it was even a month ago. We have support from Ripple, Cosmos, and Binance amongst other large crypto projects. We have 100+ validators securing our network with very sophisticated high-availability set-ups. In addition, our ecosystem partners have built products for Kava - such as block explorers and others are working on native integrations to wallets and exchanges. Launchpad will be very big for us. Kava is a system designed to cater to crypto traders and investors and in a matter of days we distributed via Binance Launchpad and put in the hands of 130+ countries and tens of thousands of users overnight. It doesn't get more DeFi than that.

Q40:

What is the treasury used for?

  • Answer: Kava's treasury is for ecosystem growth activities.
  • Investors in financing rounds prior to the IEO have entered into long-term lock-up agreements in-line with their belief in Kava’s exciting long-term growth potential and to allow the projects token price to find stability. Following the IEO, the only tokens in circulation will be those sold through the IEO on Binance and the initial Treasury tokens released. No private sale investor tokens are in circulation until the initial release at the end of Q1 2020 and then gradually over the [36] months The initial Treasury tokens in circulation will be used for a mixture of ecosystem grants, the expenses associated with the IEO as well as initial market making requirements as is typical with a listing of this size. Kava remains well financed to execute our roadmap following the IEO and do not envisage any need for any material financings or token sales for the foreseeable future.

Q41:

Everyone have heard about the KAVA token, and read about it. But it would be great to hear your explanation about it. What is the Kava token, what is it's utility? :)

  • Answer: The Kava token plays many roles. KAVA is the native staking token of the Kava blockchain and is used for securing the network. KAVA is delegated to validators, basically professional node operators that run highly-available servers to secure the Kava blockchain. The top 100 validators by weight of staked KAVA earn block rewards that range from 3-20% APR based on the total amount staked in the network. These rewards are split between the validators and the KAVA holders.
  • When users of the platform repay their loans, they must a stability fee (a percentage of the loan) in KAVA tokens. These tokens are burned by the system, effectively deflating the total supply overtime as more users use the CDP system.
  • KAVA is also the primary token used in governance of the platform. KAVA token holders can vote on key system parameter changes and upgrades such as what assets to support, how much USDX in total can be loaned by the system, what the debt-to-collateral ratio needs to be, the stability fees, etc. KAVA holders have a very important responsibility to govern the system well.
  • Lastly, Kava functions as a "Lender of Last Resort" meaning if USDX ever gets undercollateralized because the underlying asset prices drop suddenly and the system manages it poorly, KAVA is inflated in these emergency situations and used to purchase USDX off the market until USDX reaches a state of being over collateralized again. KAVA holders have incentive to only support the good high quality assets so risk of the system is managed responsibly.

Q42:

No matter how perfect and technically thought-out a DeFi protocol is, it cannot be completely protected from any unplanned situations (such as extreme market fluctuations, some legal issues, etc.)

Ecosystem members, in particular the validators on whom KAVA relies on fundamental decision-making rights, should be prepared in advance for any "critical" scenario. Considering that, unlike the same single-collateral MakerDAO, KAVA will be a multi-collateral CDP system, this point is probably even more relevant here.

In this regard, please answer the following question: Does KAVA have a clear risk management model or strategy and how decentralized is / will it be?

  • Answer: Simialar to other CDP systems and MakerDAO we do have a system freeze function where in cases of extreme issues, we can stop the auction mechanisms and return all collateral.

Q43:

Did you know that "Kava" is translated into Ukrainian like "Coffee"? I personally do love drinking coffee. I plunge into the fantasy world. Why did you name your project "Kava" What is the story behind it? What idea / fantasy did your project originate from, which inspired you to create it?

  • Answer: Kava is coffee to you.
  • Kava is Hippopotamus to Japanese.
  • Cava is a region in Spain
  • Kava is also a root that is used in tea which makes your mouth numb.
  • Kava is also crow in Hindi.
  • Kava last but not least is a DeFi platform launching on Binance :)
  • We liked the sound of Kava it was as simple as that. It doesn't have much meaning in the USA where I am from. But it's short sweet and when we were just starting, Kava.io was available for a reasonable price

Q44:

What incentives does a lender get if a person chooses to pay with KAVA? Is there a discount on interest rates on the loan amount if you pay with KAVA? Do I have to pass the KYC procedure to apply for a small loan?

  • Answer: There is no KYC for Kava. Its an open blockchain software platform where anyone with a computer can connect to it and use it.

Q45:

Let's say, I decided to bond my cryptocurrency and got USDX stable coins. For now, it`s an unknown stable coin (let's be honest). Do you plan to add USDX to other famous exchanges? Also, you have spoken about the USDX staking and that the percentage would be higher than for other stable coins. Please be so kind to tell us what is the average annual interest rate and what are the conditions of staking?

  • Answer: Yes we have several large exchanges willing to support USDX from the start. Binance/Binance-DEX is one you should all know ;)
  • The average annual rates for USDX will depend on market conditions. The rate is actually provided by the CDP fees users pay. The system reallocates a portion of those fees to USDX users. In times when USDX use needs to grow, the rates will be higher to incentivize use. When demand is strong, we can reduce the rates.

Q46:

Why should i use and choose Kava's loan if i can use the similar margin trade on Binance?

  • Answer: If margin is available to you and you trust the exchange then you should do whatever is cheaper. For a US citizen and others, margin is often not available and if it is, only for a few asset types as collateral. Kava aims to address this and offer this to everyone.

Q47:

The IEO price is $ 0.46 while the price of the first private sale is $ 0.075. Don't you think that such price gap can negatively affect the liquidity of the token and take away the desire to buy a token on the exchange?

  • Answer: It is natural to worry that early investors got better pricing and could dump on the market. I can assure you that our investors are in this for the long-term. All private sale rounds signed 2 year contracts to run validators - and if they don't they forfeit their tokens. You can compare our release schedule to any other project. We have one of the most restricted circulating supply schedules of any project EVER and its because all our investors are commiting to the long-term success of the project and believe in Kava.
  • About the pricing itself - it is always a function of traction like for any start-up. When we made our public announcement about the project in June, we were only a 4 man team with just some github code. We could basically run a network with a single node, our own. Which is relatively worthless. I think our pricing of Kava at this time was justified. We were effectively a seed-stage company without a product or working network.
  • By July we made severe progress on the development side and the business side. We successful launched our first test net with the help of over 70 validator business partners around the world. We had a world-wide network of hundreds of people supporting us with people and resources at this point and the risk we would fail in launching a working product was much lower. At this point, the Kava project was valued at $25M. At this point, we had many VCs and investors asking for Kava tokens that we turned away. We only accepted validators that would help us launch the network. It was our one and only goal.
  • Fast forward to today, the IEO price simply reflects the traction and market demand for Kava. Our ecosystem is much larger than it was even a month ago. We have support from Ripple, Cosmos, and Binance amongst other large crypto projects. We have 100+ validators securing our network with very sophisticated high-availability set-ups. In addition, our ecosystem partners have built products for Kava - such as block explorers and others are working on native integrations to wallets and exchanges. Launchpad will be very big for us. Kava is a system designed to cater to crypto traders and investors and in a matter of days we distributed via Binance Launchpad and put in the hands of 130+ countries and tens of thousands of users overnight. It doesn't get more DeFi than that.
  • TLDR - I think KAVA is undervalued and the liquid supply of tokens is primarily from the IEO so its a safer bet than other IEOs. If the price drops, it will be from the overall market conditions or fellow IEO users not due private sale investors or team sell-offs.

Q48:

Can you introduce some information abouts KAVA Deflationary Fee Structure? With the burning mechanism, does it mean KAVA will never reach its max supply?

  • Answer: When loans are repaid, users pay a fee in Kava. This is burned. However, Kava does not have a max supply. It has a starting supply of 100M. It inflates for block rewards 3-20% APR AND it inflates when the system is at risk of under collateralization. At this time, more Kava is minted and used to purchase USDX off the market until it reaches full collateralization again.
  • TLDR: If things go well, and governance is good, Kava deflates and hopefully appreciates in value. If things go wrong, Kava holders get inflated.

Q49:

In your opinion what are advantage of decentralized finance over centralized?

  • Answer: One of the main advantages is not needing to pay the costs of regulation and compliance. Open financial software that is usable by anyone removes middle men fees and reduces the barrier for new entrants to enter and make new products. Also DeFI has an edge in terms of onboarding - to get a bank account or an exchange account you need to do lots of KYC and give private info. That takes time and is troublesome. With DeFi you just load up your funds and transact. Very fast user flows.

Q50:

Plan, KAVA how to raise capital? Kava is being supported by more than 100 business entities around the world, including major cryptocurrency investment funds like Ripple and Cosmos, so what did kava do to convince investors to join the project?

  • Answer: We have been doing crypto research and development for years. Ripple and Cosmos were partners before we even started this blockchain with Kava Labs. When we announced Kava the DeFi platform they knew us already to do good work and they liked the idea so they support us.
submitted by Kava_Mod to KavaUSDX [link] [comments]

I TRIED LINO BLOCKCHAIN (dlive). IT'S A SCAM!

I TRIED LINO BLOCKCHAIN (dlive). IT'S A SCAM!
Two days ago, PewDiePie (Felix Kjellberg) famous internet personality, announced on his video that he is partnering up with Dlive. Dlive is a relatively new streaming platform which is built on the Lino Blockchain and it claims to be decentralised.

https://www.youtube.com/watch?v=bRG6sy3VaWU&ab_channel=PewDiePie

Users buy via paypal "lino" tokens. 1 lino = 0.012 $. Lino is the platform's currency and it's used to donate to the streamers of dlive. On every donation, 90% of those tokens go to the streamer's wallet and 10% goes to the "pool". From this "pool", viewers get rewarded by simply engaging with a streamer (watch his stream, write in the chat etc). For example, if you watch for about 20 mins you get 1 lino.

On the lino wallet app you have the option to "lock" your lino tokens (minimum 1000 linos) and get daily returns. This means that you cannot withdraw your locked linos from your account. I didn't find any information about the percentage of the returns but here is a screenshot of my wallet's transactions.

https://preview.redd.it/ciwa2iq67wr21.jpg?width=1920&format=pjpg&auto=webp&s=e8788b7e87a7ed16db663384ea71ec3fe57e51b7
UPDATE

Today i got 11,3 bonus linos and this means that this comment from wadaafaaak is true.

Dlive is obviously a scam, but his argument isn't the reason. The locking is for the staking. The rewards in POS (proof of stake) based currencies are calculated by the amount of coins you stake vs the total coins staking on the network. Adding 1000 coins to your staking amount also increases the total network weight, which means, if nobody else would add more coins to stake, you'd be getting more while they are getting less. But other users will also lock their additional earnings, which means the network weight will increase even more the amount you will earn won't really increase.

My initial thought about a stable return percentage was wrong and I sincerely apologise for that. I was in a hurry to expose this because tomorrow (14/4) PewDiePie is sceduled to stream for the first time on this platform. However, I think the following comment also from the same user (wadaafaaak) describes the situation in the best way and that's why i want to highlight it

Yes, like I said, the POS system is fine. The problem is the fixed price. The total supply is around 10billion. The fixed price of one token is 1,2 cents. For every token in circulation they need to have 1,2 cents, if they want their system to work (by working I mean, not scamming users and letting them sell for 0.012USD/Lino). For the tokens that are bought by users this is obviously the case ( if they dont spend that money somewhere else). But for their inflation of (max 6.5% stated in the WP) 650millions Lino per year, where does the USD/BTC equivalent come from? And that inflation is released directly on to the "market". Thats 6.5m USD yearly that they'd need to pay with their own funds, just to back their Lino coins with USD. Besides that they need to pay staff, servers etc. Where is all that money coming from? So new users will be paying out the old users, because thats the only income Dlive has. What happens when "USD Cashing out + 6.5m USD/year > USD Buying" ? They solve that temporarily by locking out the funds and not letting users sell for 0.012usd. To me that sounds like a ponzi. Because you depend on the new users coming in and buying Lino, for old users to actually getting their payment. Once the system starts collapsing they will "unfix" the price and allow people to trade whereever they want. That will cause the price to crash to its real value. Same shit bitconnect did once it started collapsing.

You can also watch ShortFatOtaku's video on this topic.

https://www.youtube.com/watch?v=uAx5JMKiRoM&t=3s&ab_channel=ShortFatOtaku

As you can see, I bought 2888 lino tokens (about 34 $) and I locked 2800 at 2:37 pm. After about 56 hours I got return ~42 lino. Because these returns doesn't seem stable, let's satisfy the fact that i get (42 / 56) * 24 = 18 linos every day, this means that the return percentage is x = 18 * 100 / 2800 = 0,64 %. After 56 days I will have gathered 1000 lino tokens in return and I will be able to lock them too. Then the return I will be getting is 3.800 * 0,64 % = 24,3 lino which means that I will have 1000 new linos to lock in 1000/24,3 = 41 days. Do you see where I'm getting to?

Lets say that you want to invest a larger amount (1000$). You will get 1000 / 0,012 = 83333 linos. If you lock 83333 linos you will get 83333 * 0.64% = 533 linos per day and after 2 days you will be able to lock 533 + 533 = 1066 more and so on and so on. This grows at an exponential rate meaning that in a few months your returns can grow into a decent salary and if this goes on for 2 or 3 years you will become a millionaire. If you think that this is not a red flag, let me tell you about the unlocking system.

If you want to unlock your funds and cash in, you will have to wait 12 weeks until the unlocking proccess is complete. Every week, only 1/12 of your funds get released. And this sets up the scam perfectly. At some point, the owners will say bye bye leaving everyone's useless tokens locked into their platform.

This has so many similarities with BitConnect; another scam that blew up in the bitcoin bull market in summer 2017 and ended up in tears in the early 2018. BitConnect used the same business model. You buy their token which is traded only on their platform (not a real crypto), you lock your funds and you get return. So many people actually believed that investing an insignificant amount (in comparsion to VCs) would set them financially independant in months but we all know that this couldn't be possible.

Please spread awarness.
submitted by m4nos to Scams [link] [comments]

r/Ethereum - I wrote this to explain Ethereum in depth to newbies. Please check for accuracy!

Hello ethereum - I'm currently in Singapore exploring all of the cool blockchain tech that's going on here. I'm also writing a blog that aims to explain blockchain technology simply to anyone whose interested. www.cryptoambit.com
If you guys could spot check my Ethereum post for accuracy, I'd appreciate it. If you like it, would also appreciate some subscribers! Thanks
By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn't actually a cryptocurrency - it's a software platform that let's programmers build applications on top of blockchain technology. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain.
From Bitcoin to Ethereum
Bitcoin uses a global network of computers that maintain a shared ledger called a blockchain that keeps track of who owns bitcoin. Once blockchain technology was introduced to the world, people realized that blockchains could be used to keep track of anything of value. In 2013, a 19 year old named Vitalik Buterin introduced the Ethereum white paper, which proposed an open source platform that would let programmers build blockchain applications that could facilitate the exchange of money, content, property, shares or anything of value. Much like with Satoshi Nakamoto's paper, Buterin's was met with widespread excitement from software developers around the world who began building toward the vision Buterin laid out.
Much like Bitcoin, Ethereum isn't owned or controlled by any one person. Unlike Bitcoin, whose creator remains anonymous, Ethereum has a leader in Vitalik Buterin (pictured below). While Buterin doesn't control Ethereum in the way that a CEO does, his word carries tremendous weight in dictating the direction of the project - something that is considered a strength or a weakness, depending on who you ask.
Smart Contracts
The basic function that programs built on Ethereum perform are called smart contracts. Smart contracts are digital agreements that execute automatically based on real world data. An easy way to think of them is an "If-then statement." IF condition A exists, THEN perform function B.
Let's say for example Grandma wants to make sure she never forgets to give Little Billy birthday money each year. She could write a smart contract that says IF it's Little Billy's birthday, THEN pay him $10 from Grandma's account. Once this contract is broadcast to the Ethereum network, it will execute automatically each year on Little Billy's birthday.
Smart contracts have applications far beyond improving the reliability and efficiency of Grandmothers around the world. Another simple application of a smart contract is for rental payments: IF date = 1st of the month, THEN pay landlord rent amount. Processes that currently involve manual interactions between two parties can now be automated and the value can be moved in real time over the blockchain rather than settling days later as with traditional banking.
A Real World Example
Ethereum and smart contracts are a big deal because they have the ability to usher in what's been dubbed the "smart economy" - one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new "smart economy" is a project being run by a French insurance company called AXA.
AXA offers a flight insurance product that pays out a policy holder in the event that a flight is delayed by two hours or more. It currently has a product in trial that will pay out insurance claims using smart contracts and the Ethereum blockchain. The smart contract is simple: IF flight is over two hours late, THEN pay policyholder. The smart contract is connected to a database that monitors flight times. If the database shows that the flight is over two hours late, the smart contract is triggered and the policyholder is paid automatically over the blockchain.
Without the smart contract, the policyholder would have to file a claim and wait for the insurance company's claims department to process it, which could take anywhere from 1 to 2 weeks. With the smart contract, neither the insurance company nor the policyholder has to do anything. This also creates trust between the two parties because there are no grey areas - the customer can review the smart contract prior to purchasing the policy and feel comfortable that he will receive his claim in the event of a delay.
Ethereum vs Ether
As stated in the intro, Ethereum is a platform for building blockchain applications using smart contracts. What you may have just purchased on Coinbase is called Ether, which is the cryptocurrency that fuels the Ethereum network.
Ether functions more like a digital commodity than a digital currency. Just like you need gasoline to fuel your car, you need Ether to run applications on the Ethereum blockchain. In the Grandmother example cited above, Grandma would have to purchase small amounts of Ether to fuel her smart contract that pays Little Billy his birthday money.
The Ethereum blockchain functions in the same way as the Bitcoin blockchain: a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy's birthday, Grandma's ether transaction fee will go to whichever miner adds the block containing Grandma's transaction to the blockchain. That miner will also receive new Ether in the process.
The same supply/demand economics that apply to commodities like oil and gas also apply to Ether. Oil is valuable because it powers many of the things we use in our everyday life - it heats our homes and fuels our engines. The more people and enterprises that rely on Ethereum based applications, the higher the demand will be for Ether which will increase its value. As with all cryptocurrencies, there's plenty of speculation baked into the price - speculation that the demand for Ether will increase in the future. Since Ether is valuable, exchangeable and transferable, certain merchants are also starting to accept it as a currency.
dApps - Decentralized Apps
Applications that run smart contracts on the Ethereum blockchain are called "dApps," or decentralized apps. Just as any app developer can build apps on top of Apple's IOS operating system, developers can build on top of Ethereum's blockchain infrastructure. To the end user of a dApp, it might not look and feel any different than the apps you use today. It's the underlying blockchain infrastructure that make them different.
Since dApps function on top of the blockchain, they can be used to transfer value peer-to-peer. To return to our Grandmother example, there could be a dApp that Granny can download that lets her schedule Little Billy's birthday payments without having to code the smart contract herself. dApps are also completely open sourced so other people can access the code and build on top of them. Someone could take the code to the birthday payment dApp and add the ability for Grandma to add a note that says, "Happy Birthday Billy!" Running dApps on the blockchain also offers added security benefits. Since the transactions are distributed and encrypted across the Ethereum blockchain, there is no central place for a hacker to breach and gain access to all of the world's Grandmother to grandson birthday payment data.
At this point, I'm really beating the GrandmotheLittle Billy example to death because I think it represents a simple illustration for the kinds of applications that can be built on the Ethereum blockchain. In reality, the dApps that are being built are much more complex. Here are a few examples:
Ethereum Tokens
So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I'm going to introduce a confusing concept. Many dApps built on Ethereum have their own cryptocurrencies or "tokens." In order to interact with the dApps, customers need to purchase the dApp's native token.
Here's a helpful analogy I came across - when you go to a waterpark, you pay the admission fee and in return, you get a wristband. That wristband gives you the ability to ride the waterslides in the water park. With certain dApps, the token is the wristband, and a user must purchase it to interact with whatever the dApp offers.
Let's take a dApp called Golem as an example. Golem lets people rent out their excess computing power to people who need it - kind of like a computer AirBnb. To cite this article from Laura Shin, if I'm a computer graphics artist that wants to render some kind of computationally intense animation, I can purchase Golem tokens that let me tap into the Golem network to generate my animation. I then pay the people who are renting me their computers with the Golem tokens. The Golem token is a form of smart contract and this transaction is recorded on the Ethereum blockchain.
Since Golem tokens are also a cryptocurrency, they can be traded on the free market. If I'm a speculator who has no intention of using the Golem network to rent computing power, I can still buy the Golem token on an exchange in hopes that it appreciates in value. Like bitcoin, there is a fixed supply of Golem tokens so if the demand for the service increases, so will the value of the token. If I bought Golem at its original price of around 1 penny and held it to today, I would have made 35X my initial investment since Golem tokens currently trade around 35 cents a piece.
ICOs
ICO stands for, "Initial Coin Offering" which is a fundraising mechanism for cryptocurrencies which has exploded in popularity this year - the majority of them are held on the Ethereum network. Similar to a kickstarter campaign, they allow entrepreneurs to raise money for projects by giving investors an early opportunity to purchase the cryptocurrency before the final product has been built. If the project is successful, the value of the cryptocurrency will rise in value and early investors can sell it on the open market for a profit.
ICOs have stirred up a lot of controversy because they represent a risky proposition with zero investor protection. Let's say I wanted to build a casino and to finance it, I gave investors the opportunity to buy chips that can be used at my roulette tables once the casino opened. If you bought $100K in roulette chips from me and I decide that I no longer want to build the casino, you're stuck holding worthless chips. If investors don't do their due diligence, they may end up buying tokens for a project whose creators never intended on building it in he first place - the creators walk away with the money and the investors have no way of recouping their funds.
On the other hand, early investors in projects that go on to be successful have the opportunity to make enormous returns. For example, people who invested $1,000 in the Golem ICO would be sitting on $35,000 at it's current price of $0.35 - if it ever goes to $10, they're all millionaires. Another positive aspect of ICOs is that they let anyone, rich or poor get involved in early stage investing. To invest in a company like Twitter or Facebook pre-IPO (initial public offering), you need to be an accredited investor - this basically means you're already a rich person. With ICOs, all you need is an internet connection and a little bit of money and you have the potential to become wealthy by investing in the right projects.
Far From Perfect
Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are. Faulty code can and has made applications vulnerable to hacking and malfunctions. Here are two prime examples:
DAO Hack - DAO was a dApp built on Ethereum that enabled crowd based venture capital. DAO token holders were given the right to vote on projects they wanted to support - if projects went on to be successful, DAO token holders would receive financial rewards. The DAO ICO received $168 million in funding. The DAO software was hosted on the Ethereum blockchain and was publically visible by all. A hacker spotted a flaw in the DAO's code that enabled him to route $55M in ether held by the DAO into an account that he controlled. The Ethereum team had do do something called a hard fork (something I won't get into now) to reverse return the stolen funds. Parity Wallet Freeze - Parity is a wallet where people store Ether. A flaw in Parity's code let a user delete a specific line of code that was necessary for accessing funds in a Parity wallet. This led to $280 million dollars worth of ether being frozen - it hasn't been stolen but it can't be accessed either. Parity Technologies has proposed another hard fork to correct the issue - something that is sure to divide the Ethereum community and rattle user confidence.
Despite the world changing implications that Ethereum dApps and smart contracts have, the trouble is that any programmer can write them - if they aren't written properly, they can behave in unintended ways and be exploited like in the above listed examples. Ethereum is still a very young network and security issues with dApps and smart contracts will have to be sorted out if its to reach its true aspirations.
Leading The Decentralized Revolution
“Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin
With dApps, smart contracts and blockchain technology, Ethereum is leading the decentralized revolution. Bitcoin is the world's first decentralized currency, that operates on a global network of computers outside of central intermediaries. Ethereum gives programmers a platform to develop a decentralized version of just about anything.
Decentralized networks like Ethereum have the power to remove the intermediaries that currently exist between producer and consumer. Let's take a company like Uber. Uber is a platform that brings people who need rides together with people who have cars. To facilitate this interaction, Uber collects 20% of every ride. With Ethereum and blockchain technology, there is nothing to prevent a bunch of software developers from writing a dApp that creates a decentralized Uber. Instead of 20% per ride, transaction fees are paid to the network and the driver takes home the lions share of the transaction. Tokens can be issued that represent ownership in the network. Coders who work on improving the network can get paid for their efforts in ownership tokens. Non-technical people can come up with marketing campaigns that spread awareness for the network and also get compensated in ownership tokens. As the decentralized Uber network grows and improves, the value of its ownership token increases, rewarding the people that built it. The result is whats referred to as a "Decentralized Autonomous Organization" and theres a strong possibility that DAOs replace a lot of the world's biggest corporations.
This may sound like a radical concept but blockchain technology enables these kinds of decentralized organizations to exist - Ethereum provides the tools for people to go out and build them.
submitted by CryptigoVespucci to ethereum [link] [comments]

Perfect Money - How I Buy Bitcoin Without ID Verification ... Perfect Money how to Deposit and Withdraw the money, OBJ ... Bitcoin Cash Explained ( BTC vs BCH ) - YouTube Payeer to Perfect Money How To Deposit Perfect Money Via Bank Wire And Bitcoin ...

Perfect Money or Bitcoin: Which wallet is best for HYIP investing? Perfect Money. Bitcoin. Other. Results are only viewable after voting. Stuffer Moderator. Staff member. Moderator. Aug 27, 2018 51 hyipplus.org Points 70 Sep 4, 2018 #1 What do you think? OR klownsball Member. Sep 1, 2018 8 Points 0 Sep 5, 2018 #2 Perfect Money, stable curs, easy transfers, that's my choice . Stuffer Moderator ... Perfect Money payment system discovers the safest and easiest financial service to make money transfers worldwide.Accept e-currency, bank wire and SMS payments on you e-commerce website.Buy gold, send or receive money with the most secure payment processor on the Internet. It is quite possible that no automatic exchange Payeer USD to Perfect Money USD is available at the moment and your exchange will be processed manually. If you fail to convert Payeer E-Wallet to PerfectMoney USD in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this ... If the choice “Bitcoin Vault vs Bitcoin Wallet” is a toss-up, “Bitcoin Wallet vs Exchange” is not even an option. You should not store your Bitcoins (or any other tokens) at the exchanges. Best Bitcoin Exchanges For Beginners. For beginners who want the process to be as straightforward and simple as possible, there are other exchanges which are suitable for starting out. If you’re thinking of buying your first cryptocurrency, whether it’s Bitcoin or any other, we recommend you to check out our ‘Making Your First Step‘ chapter guide to help you get started.

[index] [10105] [46107] [2990] [22135] [8096] [599] [31363] [38461] [21746] [11136]

Perfect Money - How I Buy Bitcoin Without ID Verification ...

Perfect money official site: http://bit.ly/PerfectMoney_Sign_Up Exchanger list: https://www.bestchange.com/ Website trades have made in video. https://www.ev... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Payeer Account SignUp ll Transfer Money ll Add Fund ll Bitcoin ll Full Information ... Tutorial Wallet Payeer, Order ... OM EHAN 23,381 views. 8:29. Exchange Sberbank for Perfect Money. Find the ... A video All About in Urdu Hindi How To Create Bitcoin and Perfect Money Wallet In Pakistan For Your Online Busniess. For Amazing Busniess information Visit M... Paysafecard vouchers exchange instantly: https://ukash-wallet.biz/ to PayPal, Skrill, Perfect Money, Webmoney, Bitcoin, Litecoin, Ethereum, Dash. Paysafecard...

#