Exploring miner evolution in bitcoin network — NYU Scholars
Exploring miner evolution in bitcoin network — NYU Scholars
Exploring Miner Evolution in Bitcoin Network
Exploring Miner Evolution in Bitcoin Network SpringerLink
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Exploring Miner Evolution in Bitcoin Network - Coin Rivet
Amazing AMA from Douglas Horn
AMA Recap telos Foundation with Crypto Hunters On August 02, 2020 at 12:00 WIB Indonesia Time / August 01 2020 at 10:00 PM ( PST ) in the Crypto Hunter Telegram Group, AMA TELOS started with Mr.Douglas as guest speaker and Gus Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Google forms and AMA sessions will get a total TELOS ( TLOS ) prize of $100. The following is a summary of AMA questions and answers announced by the moderator and Segment 1 Question 1: Can you explain us, what is Telos? Answer: Telos is a blockchain platform for smart contracts. It is a low latencya new block every half second, high capacitycurrently in the top 2 blockchains in transactions per day, according to Blocktivity.info, and no transaction fee blockchain. Telos also has many unique features that allow developers to make better, dapps, such as our Telos Decide governance engine. Question 2: what ecosystem is used by telos? Answer: Telos is its own Layer-1 blockchain, not a token on another blockchain. The technology behind Telos is EOSIO, the same technology used by EOS and WAX, for example. Question 3: I see that Telos uses EOSIO platform, what are the very significant advantages that distinguish Telos from other projects? Answer: Telos uses the EOSIO platform but we have built several additional tools. Some of these add more security and resiliency to the blockchain, such as testing block producers and removing non-performant ones, but most are related to development. Telos provides attractive development tools that arent available elsewhere. Telos Decide is a governance platform that lets any group create self-governance tools easily. These run on Telos at very little cost and can provide all kinds of voting, elections, initiative ballots, committee management and funds allocation. Telos also has Telos EVM, an Ethereum virtual machine that can run Ethereum Solidity contracts at hundreds of times the speed of Ethereum and with no costs. Another Telos technology that is deploying soon is dStor, which is a decentralized cloud storage system associated with Telos so that dapps can store files controlled by blockchain contracts. Question 4: At what stage is Teloa Road Map now? what are the latest updates currently being realized? Answer: Telos launched its mainnet in December 2018 and has so far produced over 100,000,000 blocks without ever stopping or rolling back the chain. This is likely a record for a public blockchain. We have an ongoing group Telos Core Developers who build and maintain the code and are paid by our Telos Works funding system that is voted by the Telos token holders. Telos is a leader in blockchain governance and regularly amends its governance rules based on smart contract powered voting called Telos Amend. You can see the current Telos governance rules as stored live on the blockchain at tbnoa.org. The most recent updates were adding new features to Telos Decide to make it more powerful, implementing EOSIO v2.0 which increased the capacity of Telos about 8-10 times what it previously was, and implementing Telos EVM on our Testnet. We are currently working on better interfaces for Telos Decide voting, and building more infrastructure around Telos EVM so that it is ready to deploy on our mainnet. Question 5: Is telos currently available on an exchange? and is it ready to be traded? Answer: Telos has been trading on exchanges for over a year. The largest exchanges are Probit, CoinTiger, CoinLim, and P2PB2B. Other exchanges include Newdex and Alcor. We expect to be listed on larger exchanges in the near future. Question 6: Now is the time when defi tokens begin to develop, can telos be categorized as a defi project? and what strategies for this year and in the years to come prepared by telos? Answer: Telos is a smart contract platform, but it already has many DeFi tools built for it including REX staking rewards with a current yield of ~19% APR, smart contract controlled token swaps (like Bancor) with no counterparty called Telos Swaps, a common liquidity pool/order book shared by multiple DEXs to improve liquidity called EvolutionDEX. Wrapped BTC, ETH, XRP, EOS, and other tokens can be brought to Telos and exchanged or used via smart contracts through Transledger. We have more DeFi tools coming all the time including two new offerings in the next few weeks that will be the first of their kind. Question 7: Governance is an important topic in blockchain and Telos is considered a leader in this area. Why is that? Answer: Telos is among the top blockchain projects in terms of how it empowers its users to guide the growth of the chainalong the likes of Tezos or new DeFi tokens that offer governance coins. Telos users continuously elect the validating nodes, called Block Producers, that operate the network based on a set of governance documents such as the Telos Blockchain Network Operating Agreement (TBNOA). These are all stored entirely on-chain (viewable at tbnoa.org) and can be modified by smart contract through blockchain voting using Telos Amend. You can see examples of this at https://chainspector.io/governance/ratify-proposals Telos also has a robust user-voted funding mechanism called Telos Works that has funded many projects and is one of the more successful blockchain incubators around. Voting for all of these can be done in a number of ways including block explorers, wallets like Sqrl (desktop) and Telos Wallet (mobile), telos.net and Chainspector (https://chainspector.io/governance/telos-works). But Telos goes beyond any other chain-level governance by making all of these features and more available to any dapp on Telos through Telos Decide governance engine, making it easy for any dapp or DAO to add robust, highly customized voting. Segment 2 from google form Question 1: Defi projects are now trending whether telos will also go to Defi projects, to increase investors or the community? Answer: Yes, we have several DeFi tools on Telos that can work together: Telos Swaps is an automated, zero-counterparty token swapping smart contract where you can exchange any Telos tokens you may want at any time. Telos has DEXs and uses a common order book called EvolutionDEX that's available to any DEX so that a buy order on one can be matched against a sell order on another. This greatly increases liquidity for traders. We have staking rewards though the Resource EXchange (REX) with rewards currently at about 19% APR. We also have "wrapped" BTC, ETH, and other tokens that can be traded on Telos or used by its smart contracts at half-second transaction times with no transaction fees. This makes Telos a Bitcoin or Ethereum second layer or state channel that's much faster even than Lightning Network and has no fees once the BTC has been brought to Telos. Question 2: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos? Answer: Telos is one of the most decentralized blockchain's in the world. It is operated by 51 validators (block producers) who validate blocks in any month. These are voted for on an ongoing basis by Telos account holders. Telos is also economically decentralized with no large whales like Bitcoin, Ethereum, XRP or EOS because Telos never performed an ICO and limited the size of genesis accounts to 40,000 TLOS max. Telos is also geographically decentralized with users and block producers on every continent but Antarctica and in numerous countries. The is a large amount in North America and Western Europe, but also in Asia, Australia, and large contingents in Latin America and Africa. Telos has had a Block Producer in Indonesia since the beginning and some dapps on Telos are based in Indonesia as well, like SEEDS, for example. Question 3: Most investors focus only on the token price in the short term instead of the real value of the project. Can #TELOStell me the benefits for investors holding #TELOSthe long term? Answer: That's true about crypto speculators and traders, certainly. Traders are usually looking for coins with good positive momentuum that they hope will continue. But these are often pump and dumps where a few people get in early, pump the price, and then get out at the expense of new investors. That's very unfortunate. Telos isn't like this. One reason is that there aren't large whales who can easily manipulate the price. Telos seems to be greatly undervalued compared to its peers. Telos has capacity like EOS and well above XRP, XML, Tron, Ethereum. But its value is miniscule relative to these. Telos is a leader in blockchain governance like Tezos but its marketcap is tiny in comparison. Telos onboarded 100,000 new accounts last month and is appearing in the leading crypto press every week with new dapps or developments. So there's some disconnect between the value of Telos and the price. In my experience, these tend to equalize once more people learn about a project. Question 4: Eos Problems and How Telos Will Solve Them? Answer: Telos originally set out to solve problems with EOS. It was successful in this and now Telos stands on it's own and our roadmap is more about empowering users. In short, these are some of the EOS problems we already solved: RAM speculation - Telos had a plan to reduce RAM speculation through a published guidance price that has been extremely successful. The RAM price is guided by market forces but has remained within 10% of the guidance price since launch. CPU resources - Telos implemented the Telos Resource Improved Management Plan many months ago which was a 7-point approach to making EIDOS-type resource mining unprofitable on Telos. It has largely been successful and Telos has not experienced any resource shortages. Exchange Collusion/Voting - Telos governance does not permit Exchanges to vote with user tokens. This prevent voting situations seen on EOS or STEEM. Block Producer collusion - Telos has minimum requirements for block producers and do not allow anyone to own more than one block producer. Those who are found doing so (there have been about 3 cases so far) have been removed and sanctioned in accordance with the rules of the TBNOA. Question 5: What ecosystems do telos use? and why telos prefers to use EOS network over BEP2 or ERC20? what layer is used telos, can you please explain? Answer: uses the EOSIO protocol because it is the fastest and most powerful in the world and it also receives the fastest upgrades and ongoing development compared to other blockchain technologies. EOS and WAX also use the EOSIO protocol but they are completely different chains. Telos is a Layer 1 protocol, meaning that it is its own blockchain that other dapps and smart contracts deploy upon. One thing that happens when a blockchain like Telos has much, much higher speed and capacity than others like Bitcoin or Ethereum is that Telos can actually run those other blockchains better on its own platform than they can natively. For example, a number of tokens can come in to Telos as wrapped tokens. BTC, ETH, XRP are all current examples of tokens that can be on Telos as wrapped tokens. Once there, these can all be moved around with half-second transaction times and no transaction fees, so they are a better second layer for Bitcoin or Ethereum than Lightning Network or Loom. Telos can also emulate other chains, which we are doing using Telos EVM which emulates the Ethereum Virtual Machine at about 300 times faster and with no gas fees or congestion compared to Ethereum native deployment. Telos can run Ethereum (Solidity) smart contracts without any changes required. Telos EVM is already deployed on the Telos Testnet and will move to our mainnet soon. So anyone who wants to run ERC-20 tokens on Telos can do so easily and they will be faster and with much less cost than running the same contract on Ethereum. Segment 3 free asking Question: I am happy to see new things created by the Telos team. Like What concept did you build in 2020 to make Telos superior? Answer: Currently, I think Telos Decide is the most unique and powerful feature we have built. There are all kinds of organizations that need to vote. Apartment buildings, school boards, unions, tribes, youth sports leagues, city councils. Voting is hard, time consuming, and expensive for many. Telos Decide makes voting easy, convenient, and transparent. That will be a major improvement and disrupt old style voting. It also goes for buisnesses and corporate governance. Even before COVID it was important, but now people can't really gather in one place so fraud-proof voting is very important. No one has the tools that Telos has. And if they try to copy us, well, we are already way out ahead working on the next features. Question: If we look about partnerships, Telos has many partnership ! so what's the importance of that partnership for Telos? And How will you protect the value of Telos to your partners or investors ?? Answer: Many of the partnerships are dapps that have decided to deploy on Telos and receive some level of help from the TCD or Telos Foundation to do so. Once a dapp deploys on a chain, it really is like a long term partnership. Many dapps will become block producers as well and join in the governance of Telos. I suspect that in a few years, most block producers will be the large dapps on the platform with just a few remaining like my company GoodBlock. Of course, we will have our own apps out as well so I guess we'll be developers too. Telos is very fiscally responsible for investors. We spend little. There has not been any actual inflation on the chain in almost a year. (The token supply has remained unchanged at about 355M TLOS) we are actively working with dapps to bring more to Telos and exchanges and other services like fiat on- and off-ramps to increase value for users. Question: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers? Answer: True. While we currently have a low token price, Telos as a DPOS chain can be maintained and grow without a massive army of miners and still maintain BFT. But the risk is really not whether Telos can continue. Already there are enough dapps that if the block producers went away somehow (not gonna happen) the dapps would just run the chain themselves. But with 100,000 new users last month and new dapps all the time, we are looking to join the top 5 dapp platforms on DappRadar soon. Survival as a project is not in question. One of the big reasons is that we never did any ICO and Telos is not a company. So regulatory risks aren't there and there's no company to go bankrupt or fail. We have already developed a bootstrapped system to pay block producers and core developers. So we aren't like a company that will run out of runway sometime. Question: Could you explain what is DSTOR? What will it contribute to your ecosystem? Answer: dStor is a decentralized cloud storage system that will have the performance of AWS or Azure with much lower costs and true decentralization. It's based on a highly modified version of IPFS that we have applied for patents for our implementation. It means that dapps will be able to store data like files, images, sound, etc. in a decentralized way. Question: Trust and security is very important in any business , what makes investors , customer and users safe secure when working with TELOS?? Answer: Telos is decentralized in a way that's more like bitcoin than other blockchains (but without the whales who can manipulate price). There was never any single company that started Telos, so there's no company whose CEO could make decisions for the network. There are numerous block producers who decide on any operational issue that isn't clearly described in the TBNOA governance documents. And to get to an action, 15 of the 21 currently active BPs need to sign a multisig transaction. So that's a high threshold. But also, the TBNOA speaks to a large number of issues and so the BPs can't just make up their own rules. Since there are really no whales, no one can vote in any kind of change or bring in their own BPs with their votes. This is also very different from other chains where there are whales. Telos is not located in any one country, so our rules can't be driven by one nation's politics. All in all, this level of decentralization sets Telos apart from almost any blockchain project in existence. People don't have to trust Telos because the system is designed to make trust unnecessary.
DEMOS DEMOS, in line with the fundamentalism of Bitcoin, a unique and innovative new way of mining. Under 10 years’ blockchain development, except for the innovation and popularization of blockchain technology, it is similar to rights such as decentralization until now. As the core of the blockchain, it can be said that the real sense of participation is very low, which causes thoughts on this question. When thinking about this issue, many friends in the digital currency circle also resonated, and they all want to explore a project that can truly participate in decentralization. Let’s talk about the DEOMS project. The introduction of the white paper is called The Democratic Chain, as its name suggests: the democratic chain is truly democratic, fair, notarized, and open. The characteristics of decentralization are also reflected in DEOMS. Let's see how DEMOS is implemented? What is DEMOS? According to the white paper, DEMOS is a project initiated by the "crypto city" and has made many changes to the Bitcoin network in order to make the entire network more stable and secure. At the same time, it has a cryptopunk spirit, and the core of the cryptopunk spirit is decentralization. DEMOS comes from ancient Greek, meaning democracy, and also means collective. DEMOS is mainly to provide help for more and more public chains. In the process of helping, they gather public chains. The main body of DEMOS is composed of a basic chain and an extended chain. Its shape is similar to the double helix structure of DNA, and it is a cross-checked structure without an array of symmetric data cross-recording. While taking into performance and security, DEMOS has achieved complete decentralization. Double Chain Parallel DEMOS uses dual public chains in parallel, and the dual public chains are the first in the blockchain industry. Basic chain: The POW+POS hybrid mechanism is adopted. This hybrid mechanism is easy to understand. The proof of POW workload is recognized as safe and adaptable, and the proof of POS rights and interests is the representative of efficiency. Therefore, DEMOS has the advantage of taking into account both safety and effectiveness. DEMOS has made innovations in the hybrid mechanism for block time, node rewards and punishments, and encryption algorithms. Expansion chain: Using the new POW+POB consensus mechanism, the POW+POB mechanism can be understood as the pre-work proof, that is to say, you must prove your ability to work in this area if you want to participate in this work. Working principle: Miners are divided into three types, namely: test list, black list, and white list. In the early stage, DEMOS will continuously provide the packaged data to the test list. Miners who meet the requirement of link time greater than one will be whitelisted, and those who fail to meet the requirements will be included in the blacklist. When selecting the packaging node, the whitelisted node will be selected as the packaging work. The expansion chain is mainly responsible for the expansion applications such as DAPP, and the main considerations are the network environment and hard disk capacity. Innovative Mining Method DEMOS mining is at different stages, the distribution of tokens is different, and it is currently in the creation stage of the bonus period of mining. The first stage: the Era of Creation Token distribution: 89% belong to the POS sector, 1% belong to the POW sector, and 10% belong to the community. Phase Two: Age of Ark Token distribution: 60% belong to the POW sector, 30% belong to the POS sector, and 10% belong to the community. Participating in DEMOS mining in the first stage belongs to POS mining. It does not require a complicated process and only needs a mobile phone to complete, but the mining method of DEMOS is very innovative. This innovative way is also an evolution of the future of decentralization. Parameters in DEMOS are as follows: Participation conditions: have tickets, and join the mining pool. Mining pool limit: unlimited mining pools, only the top 11 mining pools can draw points, and the fixed draw point is 7.5%. P.S. Implement the final elimination system Total number of votes: There is no upper limit on the number of votes. The most mature on the entire network is: 40,960 tickets. The tickets will be published on the chain. Ticket price: Using DOS (DEMOS token) to buy a ticket, currently 1 ticket = 327.72DOS Fare changes: once every 144 blocks The difference between votes: mature votes (the votes currently participating in the election) and immature votes (the votes currently in line for the election) Purpose of tickets: 1. DEMOS issues a block every 5 minutes, and each block needs to consume 5 tickets. Five tickets are randomly selected from the mature votes, and a burst of blocks also means a burst of votes. 2. The community proposes an autonomous plan, which needs to be voted through. Ticket revenue: 1. Every time the DOS in a block is broken, the 5 votes are equally divided, of which 7.5% is drawn from the mining pool. The selected ticket is the principal plus the block income at the same time (there is no meaning of mining DEFI). 2. 30% of the revenue from each ticket will be given out as a referral miner reward, and each ticket held will get one layer for a total of 9 layers. Specifically: 25% for the first floor, 15% for the second to third floors, 10% for the fourth to sixth floors, and 5% for the seventh to ninth floors. It can be seen from the DEMOS mining rules: First of all, the profit of the mining pool is open and transparent, with a fixed sampling point of 7.5%, and through understanding, it needs 1BTC and 30,000 DOS to build a mining pool. Interestingly, after your mining pool is set up, you have to wait for the miners to participate and take a fixed draw point.Unfortunately, the next mining pool will replace you, so the fate of the mining pool is determined by the miners’ votes. This is the mining pool in DEMOS which create a competitive relationship. At the same time, you have the votes and participated in the major autonomy proposals of the community to truly achieve centralized autonomy. At the same time, the votes also strengthen your sense of enthusiasm in participating in decentralized projects. Such a decentralized and autonomous project is very much in line with Bitcoin's fundamentalism, and its innovative mining method also adds a lot of space to the future currency value of DEMOS. Website：doschain.org Twitter:@doschain1
https://preview.redd.it/wl6l09melkv41.png?width=1025&format=png&auto=webp&s=67a72ac734ae8dc39452143ac9c4ec5d58c34eac Whether you’re a crypto faithful or just a passer-by who happened to notice a bitcoin headline, you’ve likely come across the halving. The roughly quadrennial event is arguably an important one in the progression of the bitcoin network. For all the adjustments and changes to bitcoin’s code since its launch – and the evolution of the ecosystem and industry around it – the issuance cycle and bitcoin’s predetermined supply have never been altered. The halving is, perhaps, emblematic of both bitcoin’s philosophical basis as well as its technical progression. It’s also a heck of a lot of fun, with past halvings inspiring celebrations and watch-parties for those counting down each block until the halving officially kicks in. So, let’s get into it.
What is the bitcoin halving?
First, some basics. Each bitcoin block brings three things with it: transactions, newly-created bitcoins and fees. For example, block number 625875 included 1,478 transactions worth 4899.23684782 BTC. The block was created by BTC.com. In exchange for making that block, BTC.com earned 12.5 BTC and 0.08439752 BTC in fees. When bitcoin first launched, each block had a subsidy of 50 BTC. In 2012, that amount fell to 25 BTC per block, and in 2016 it was further reduced to 12.5 BTC per block. With upcoming halving – currently estimated to take place in or around May 12, when the network hits its 630,000th block – that amount will drop to 6.25 BTC per block. To date, roughly 18.3 million bitcoins have been minted out of a total of 21 million that will ever be created.
Wait, what’s a miner?
Miners create the blocks of transactions that make sending BTC throughout the distributed bitcoin network possible. They append new blocks to the ever-growing chain – that’s the blockchain – and are rewarded with new bitcoins for doing so. To create block 625875, BTC.com ran its miners and sought to be the first to create the next block. Mining is resource-intensive by design, and while some have described the process as an effort to solve a complex mathematical problem, a more apt description might be that miners rapidly try forming different numbers until they land on the right one. Mining is a key element of Bitcoin’s security. As more blocks are added, it becomes more difficult to rewind the transactional clock and undo transactions from earlier blocks. The generation of new BTC is how miners make money; their profits come from the sale price minus the cost of electricity, labor and everything else it takes to keep their legions of mining machines humming. The block reward is also the bedrock incentive for miners to keep the block production process – and, as a result, the transaction history – honest. By getting paid in bitcoin, they have an interest in seeing its price stay steady. A transaction history prone to manipulation or tampering would have no value. The cycle of block reward or subsidy halvings is baked into bitcoin’s code. The reward reduction underpins bitcoin’s controlled supply, serving as a kind of digital parallel to finite natural resources. So miners create new bitcoins, and with the halving, they’ll create fewer new bitcoins. Yes. As The Block highlighted on Monday, miners currently make an estimated $13.4 million per day in new bitcoin and fees. Once the halving kicks in, that’ll drop to about $6.7 million total in the even that prices remain steady. Of course, that number may very well fluctuate depending on the market reaction in the hours, days, weeks and months ahead. For a deeper look, check out The Block’s Larry Cermak by-the-charts column on the halving published on Monday. I heard that the price is going to go up with the halving. Is that true? Much digital ink has been spilled in recent months on the question of whether bitcoin’s price will rise as a result of the halving. There are varying theories as to why: the halving will bring new market entrants, the tightening of issuance will spur more buying, or history will basically repeat itself. For example, bitcoin’s price rose above $1,000 a year after its 2012 halving. The July 2016 halving saw bitcoin’s price around $660 – a year later, the price had soared above $2,000. But those were, arguably, different times, and next month’s halving is the first to occur after the parabolic craziness of early 2018. A price increase isn’t a foregone conclusion – though, to be sure, neither is a drop or a continuation of the status quo. Okay…so the number isn’t going up? Nobody knows. And this isn’t investment advice, so quit asking me.
Who will be affected by this?
One can expect that major portions of the bitcoin-facing industry could be impacted in one way or another. As noted above, miners will see the primary element of their income – new bitcoins – be cut in half. That’s bad news for miners who are operating older, less efficient hardware or borrowed significant sums of money to get new equipment – especially those hit by the recent turbulence in crypto markets. Bitcoin’s hash rate – a measure of the network’s computational power – could slip as some operations find themselves unable to make a profit and thus are forced to power down. Exchanges will be affected because they’ll be front-and-center for any market response. It could prove to be a boon for exchanges as they’ll arguably be in the best position to benefit from any positive market moves.
Where can I watch the halving take place?
The best vantage point would a block explorer, where live updates for new transaction blocks can be found. Given that the vast majority of countries are currently in the midst of social distancing because of the coronavirus pandemic, it’s unlikely that in-person parties will be held. But with everyone stuck at home, it’s virtually certain that those with a stake or interest in crypto will be online – from Twitter to Telegram to IRC – waiting for the third-ever bitcoin reward halving to take place. Written By:Ben Edited By:Mosun Graphics By:Jacobite
https://preview.redd.it/brju941p07041.png?width=1252&format=png&auto=webp&s=76927bd994263c12f1bc79d78de1756f51de7ff8 From November 8 to 9, 8BTC.com held the 2019 world blockchain conference in Wuzhen, where nearly 100 experts and scholars, technology tycoons, opinion leaders and founders of hot projects from global blockchain, digital assets, AI and 5G gathered. EliteX is also invited. It's a great honor to participate in such a large-scale conference, and we also feel the strength and enthusiasm of practitioners and enthusiasts from all regions of the world. Alibaba, Tencent, Baidu, Jingdong, Huawei and other Internet giants gathered for the first time to discuss Wuzhen, which let many people see the layout and thinking of the giants in the field of blockchain. Libra, central bank digital currency, domestic public chain, 5G, Defi… These rich hot topics let many people see the core trend of the blockchain era. This Wuzhen conference focuses on several major topics. With breakthrough, transform and future, I deeply feel the charm of blockchain besides technology.
Breakthrough: birth, deduction and evolution of digital assets
Bitcoin's fourth production reduction was triggered at 630000 block heights, expected around 19 May, 2020. At that time, block bonus will be reduced to 6.25 pieces, and the daily issuance will be reduced to 900 pieces. At this moment, the mining industry has been fully opened up, and miners are urgently ordering chips to expand their army and prepare for the war. A large number of futures mining machines rush to the front line. Bitcoin HashRate points to the 100E pass. However, with the end of the high water period, half reduction is bound to be a tragic elimination competition of mining machinery. The mining industry will usher in an iterative cycle. Bitcontinental is the mainstay, and HashRate will enter the stage of centralization. Mining profits will be uncertain. At the same time, the global economy is in cold, the regional situation is tense, and the quantitative easing monetary policy is a point of no return. Bitcoin become digital gold like being acclaimed emperor. Whether it can become a reserve asset has become a hot topic for discussion. Some people swear that some people still have reservations. In the secondary market, emerging exchanges and aggregate exchanges are covetous, and the head exchanges are attacking with futures, options, leverage, lending, DEX and other methods. The battle for the entry of cryptocurrencies has begun. It all depends on the bull market, but will it come? Will the division of mainstream and copycat be more obvious? Is the price of the currency bound to rise? But it is certain that all the heated discussion comes from blockchain.
Transformation: the underlying infrastructure of next generation blockchain
In 2019, there are not many opportunities left for the public chain. Cosmos and Algorand are on the scene, and Polkadot, Filecoin and Telegram are coming soon. The public chain is exploring the two dimensions of verticalization and wan-chain interconnection in depth. The simple dispute of efficiency has been expanded into the close combat of community users, developer ecology, landing applications and other dimensions. But do you really need so many public chains? Is the future a single chain world or one chain? Subsequently, the battle for the king of consensus between POS and POW has begun. Who can take the throne of power in the blockchain world? In the field of underlying infrastructure, the privacy technology dominated by MimbleWimblew, the sharding technology dominated by Ethereum, the lightning network technology dominated by Bitcoin, and the two-layer network technology like Bytom are more mature. So, is the public chain really getting better and better? What technologies are likely to stand out for the future? https://preview.redd.it/62jrc4hq07041.png?width=1213&format=png&auto=webp&s=9f2f050561e1e2147116a311e42f0c42f3655877
Fusion: industrial integration and practice in the digital era
Blockchain has been suffering from "landing" and "small crowd" for a long time. But now the trend of technology integration, industry cross-border and scene landing has emerged. Blockchain is extending from a castle in the air to a real scene and business. Technically, the combination of 5G, big data, AI and blockchain is ushering in more industry breakthroughs. In the industry, even the national government have begun to study blockchain technology, including Internet technology enterprises, banks, real estate, logistics. On the ground, more and more applications such as cross-border payment, digital content copyright, electronic certificate, supply chain finance, traceability, etc. , are used by enterprises to develop new business tracks. However, how to popularize the value of blockchain, build new industrial standards, and promote user growth and cross-border cooperation have become the problems faced by the industry. If Bitcoin is the king of millions of users, can we see killer applications of tens of millions of users in 2020? https://preview.redd.it/az2uvocr07041.png?width=1201&format=png&auto=webp&s=b1c9ca3abbaa27f69d2a6cad0fc3decd6c0c5a19 These are several major topics, covering some of the most exciting and confusing directions in the blockchain industry today. It means that at this moment, the blockchain industry is facing considerable uncertainty, and it is difficult for you to sketch its future with a few strokes. At the same time, it also means a kind of certainty. When institutions come, regulators come, and giants come, you know it will grow vigorously in one direction. Elitex was also honored to be invited to participate in offline activities organized by various major media, such as Beekuaibao, Jinse, Beep and Chainup. There is a warm atmosphere for participation. Let's have an in-depth interaction with people related to blockchain after the meeting. https://preview.redd.it/2d0oa97t07041.png?width=1080&format=png&auto=webp&s=e8a60d185f9f90b3c06a07bbb8716f11592e8ea9 Thank you all for making this trip to Wuzhen more complete. Elitex will continue to remember its original intention and march forward bravely! Author:Bom from EliteX
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
There is no denying that the Quantum revolution is coming. Security protocols for the internet, banking, telecommunications, etc... are all at risk, and your Bitcoins (and alt-cryptos) are next! This article is not really about quantum computers[i], but, rather, how they will affect the future of cryptocurrency, and what steps a smart investor will take. Since this is a complicated subject, my intention is to provide just enough relevant information without being too “techy.”
The Quantum Evolution
In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life. Just one year later, Apple released the “Apple Lisa”[iii] – a home computer with a 7.89MHz processor and a whopping 5MB hard drive, and, if you enjoy nostalgia, it used 5.25in floppy disks. Today, we walk around with portable devices that are thousands of times more powerful, and, yet, our modern day computers still work in a simple manner, with simple math, and simple operators[iv]. They now just do it so fast and efficient that we forget what’s happening behind the scenes. No doubt, the human race is accelerating at a remarkable speed, and we’ve become obsessed with quantifying everything - from the everyday details of life to the entire universe[v]. Not only do we know how to precisely measure elementary particles, we also know how to control their actions! Yet, even with all this advancement, modern computers cannot “crack” cryptocurrencies without the use of a great deal more computing power, and since it’s more than the planet can currently supply, it could take millions, if not billions, of years. However, what current computers can’t do, quantum computers can! So, how can something that was conceptualized in the 1980’s, and, as of yet, has no practical application, compromise cryptocurrencies and take over Bitcoin? To best answer this question, let’s begin by looking at a bitcoin address.
What exactly is a Bitcoin address?
Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi] A public key that is openly shared with the world to accept payments. A public key that is derived from the private key. The private key is made up of 256 bits of information in a (hopefully) random order. This 256 bit code is 64 characters long (in the range of 0-9/a-f) and further compressed into a 52 character code (using RIPEMD-160). NOTE: Although many people talk about Bitcoin encryption, Bitcoin does not use Encryption. Instead, Bitcoin uses a hashing algorithm (for more info, please see endnote below[vii]). Now, back to understanding the private key: The Bitcoin address “1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm” translates to a private key of “5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf” which further translates to a 256 bit private key of “0000000000000000000000000000000000000000000000000000000000000001” (this should go without saying, but do not use this address/private key because it was compromised long ago.) Although there are a few more calculations that go behind the scenes, these are the most relevant details. Now, to access a Bitcoin address, you first need the private key, and from this private key, the public key is derived. With current computers, it’s classically impractical to attempt to find a private key based on a public key. Simply put, you need the private key to know the public key. However, it has already been theorized (and technically proven) that due to private key compression, multiple private keys can be used to access the same public key (aka address). This means that your Bitcoin address has multiple private keys associated with it, and, if someone accidentally discovers or “cracks” any one of those private keys, they have access to all the funds in that specific address. There is even a pool of a few dedicated people hunting for these potential overlaps[viii], and they are, in fact, getting very efficient at it. The creator of the pool also has a website listing every possible Bitcoin private key/address in existence[ix], and, as of this writing, the pool averages 204 trillion keys per day! But wait! Before you get scared and start panic selling, the probability of finding a Bitcoin address containing funds (or even being used) is highly unlikely – nevertheless, still possible! However, the more Bitcoin users, the more likely a “collision” (finding overlapping private/public key pairs)! You see, the security of a Bitcoin address is simply based on large numbers! How large? Well, according to my math, 1.157920892373x1077 potential private keys exist (that number represents over 9,500 digits in length! For some perspective, this entire article contains just over 14,000 characters. Therefore, the total number of Bitcoin addresses is so great that the probability of finding an active address with funds is infinitesimal.
So, how do Quantum Computers present a threat?
At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x]. Superposition allows a quantum bit (qbit) to be in multiple states at the same time. Entanglement allows an observer to know the measurement of a particle in any location in the universe. If you have ever heard Einstein’s quote, “Spooky Action at a Distance,” he was talking about Entanglement! To give you an idea of how this works, imagine how efficient you would be if you could make your coffee, drive your car, and walk your dog all at the same time, while also knowing the temperature of your coffee before drinking, the current maintenance requirements for your car, and even what your dog is thinking! In a nutshell, quantum computers have the ability to process and analyze countless bits of information simultaneously – and so fast, and in such a different way, that no human mind can comprehend! At this stage, it is estimated that the Bitcoin address hash algorithm will be defeated by quantum computers before 2028 (and quite possibly much sooner)! The NSA has even stated that the SHA256 hash algorithm (the same hash algorithm that Bitcoin uses) is no longer considered secure, and, as a result, the NSA has now moved to new hashing techniques, and that was in 2016! Prior to that, in 2014, the NSA also invested a large amount of money in a research program called “Penetrating Hard Targets project”[xi] which was used for further Quantum Computer study and how to break “strong encryption and hashing algorithms.” Does NSA know something they’re not saying or are they just preemptively preparing? Nonetheless, before long, we will be in a post-quantum cryptography world where quantum computers can crack crypto addresses and take all the funds in any wallet.
What are Bitcoin core developers doing about this threat?
Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]? Moreover, even after new cryptographic implementation, what about all the old addresses? Well, if your address has been actively used on the network (sending funds), it will be in imminent danger of a quantum attack. Therefore, everyone who is holding funds in an old address will need to send their funds to a new address (using a quantum safe crypto-format). If you think network congestion is a problem now, just wait… Additionally, there is the potential that the transition to a new hashing algorithm will require a hard fork (a soft fork may also suffice), and this could result in a serious problem because there should not be multiple copies of the same blockchain/ledger. If one fork gets attacked, the address on the other fork is also compromised. As a side-note, the blockchain Nebulas[xiii] will have the ability to modify the base blockchain software without any forks. This includes adding new and more secure hashing algorithms over time! Nebulas is due to be released in 2018.
Who would want to attack Bitcoin?
Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]! Furthermore, Visa[xvii], Mastercard[xviii], Discover[xix], and most banks act like they want nothing to do with cryptocurrency, all the while seeing the potential of blockchain technology and developing their own[xx]. Just like any disruptive technology, Bitcoin and cryptocurrencies have their fair share of enemies! As of now, quantum computers are being developed by some of the largest companies in the world, as well as private government agencies. No doubt, we will see a post-quantum cryptography world sooner than most realize. By that point, who knows how long “3 letter agencies” will have been using quantum technology - and what they’ll be capable of!
What can we do to protect ourselves today?
Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi]. The other thing we can do is use a Bitcoin address only once for outgoing transactions. When quantum computers attack Bitcoin (and other crypto currencies), their first target will be addresses that have outgoing transactions on the blockchain that contain funds. This is due to the fact that when computers first attempt to crack a Bitcoin address, the starting point is when a transaction becomes public. In other words, when the transaction is first signed – a signed transaction is a digital signature derived from the private key, and it validates the transaction on the network. Compared to classical computers, quantum computers can exponentially extrapolate this information. Initially, Bitcoin Core Software might provide some level of protection because it only uses an address once, and then sends the remaining balance (if any) to another address in your keypool. However, third party Bitcoin wallets can and do use an address multiple times for outgoing transactions. For instance, this could be a big problem for users that accept donations (if they don’t update their donation address every time they remove funds). The biggest downside to Bitcoin Core Software is the amount of hard-drive space required, as well as diligently retaining an up-to-date copy of the entire blockchain ledger. Nonetheless, as quantum computers evolve, they will inevitably render SHA256 vulnerable, and although this will be one of the first hash algorithms cracked by quantum computers, it won’t be the last!
Are any cryptocurrencies planning for the post-quantum cryptography world?
Yes, indeed, there are! Here is a short list of ones you may want to know more about:
IOTA[xxii] IOTA uses Winternitz one-time signatures[xxiii]. As the name suggests, an address is considered compromised once it signs a transaction on the network, and, therefore, you can only send from an address one time before it’s compromised.
ADA (Cardano)[xxiv] The Cardano roadmap lists quantum resistant signatures using “BLISS.” While BLISS is a strong hashing method, it has an estimated lifespan with classical computers of 6000 signatures (usages)[xxv] but this number could be significantly reduced with quantum tech.
Ethereum[xxvi] The Ethereum network, as well as many more blockchain networks, use the SHA3[xxvii] hash algorithm which is superior to SHA256. Although this is considered by some to be resistant, it is not technically quantum resistant. There is talk of using Lamport Signatures[xxviii] in the future of Ethereum. Although it is not definite at this point, it’s great to see the developers proactive.
QRL (Quantum Resistant Ledger)[xxix] This blockchain concept was conceived in 2016 and is currently in beta testing. Using XMSS (Extended Merkle Signature Scheme) trees combined with Winternitz one-time signatures (but not one time!), it’s fast, salable and truly quantum resistant. If you have not yet checked out this project, I highly suggest you do. To understand why this project is truly post-quantum cryptography ready, do your own due diligence and read the QRL whitepaper.
Although I am in no way associated with any project listed above, I do hold coins in all as well as Bitcoin, Litecoin and many others. The thoughts above are based on my personal research, but I make no claims to being a quantum scientist or cryptographer. So, don’t take my word for anything. Instead, do your own research and draw your own conclusions. I’ve included many references below, but there are many more to explore. In conclusion, the intention of this article is not to create fear or panic, nor any other negative effects. It is simply to educate. If you see an error in any of my statements, please, politely, let me know, and I will do my best to update the error. Thanks for reading!
Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures. dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd. Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome. Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules. Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd. dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets. Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue) Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing. Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged. Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing. A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning. Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.". Nearest goal is to make the app crash free. Both mobile apps received new design themes. dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.". Up next is supporting dynamic page widths site wide and deploying new visual blocks home page. Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One). Ticket splitting: updated to use Go modules and added simnet support, several fixes. docs: beginner's guide overhaul, multiple fixes and cleanups. decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet. @Richard-Red is building a curated list of Decred-related GitHub repositories. Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus! Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate. Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply. Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example. A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1. Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks. Three more wallets integrated Decred in September:
Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
Coboadded Decred support into their Android and iOS wallets.
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets. Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.
Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed. Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
@joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 12)
Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian. Many thanks to @DZ! Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit. September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom. Videos:
The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue) Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
Introduction to Decred (Korean, youtube) @Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
Decred - an example of governance (Portuguese, youtube)
Decred, the crypto that wants to compete with Bitcoin (French, youtube)
Exodus.io Live with Marco from Decred! (youtube) Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube) Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure. Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins. Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels. #support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August. As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx) Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015. A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains. New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred) On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange. Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.". Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred) The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights. A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages. Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
NOTE: addnode is used to give the wallet a starting node to connect to and sync with gen=1 turns on mining by default when the wallet is opened genproclimit=1 sets number of mining threads to 1 by default 5. Close BiblePay and Run it again 6. In BiblePay, go to Tools menu, Click Debug Console 7. Type these commands into the debug console:
getinfo getmininginfo help
NOTE: getinfo will show you what block number your wallet is currently on and the version number getmininginfo will show you how many threads are running and how much mining hash you have help will show you all the other commands you can use Threads: 8. To change number of threads to use up for mining a. Edit %appdata%/BiblepayEvolution/biblepay.conf file: Find with File Explorer or inside the wallet go to Menu >> Tools >> Open Wallet Configuration File
and restart BiblePay -or- b. Menu >> Tools >> Debug Console >> Type command:
Create Worker Username(s) - Workers tab >>> Add (NOTE: Your Worker Username needs to be unique)
Enable pool and add Worker Username in %appdata%/BiblepayEvolution/biblepay.conf file, add these lines: pool=https://pool.biblepay.org workerid=insertWorkerUsernameHere
4. Restart BiblePay How to Withdraw Coins From Pool? The pool holds onto your coins, go to "Account" >> "Withdraw" to withdraw your coins In your BiblePay Wallet go to "File" >> "Receiving Address" and you can right click and copy the address and paste it into the Pool's Withdraw screen as the "Destination Address", then click the "Withdraw" button and the coins will be sent from the Pool to your Wallet Setup Auto-Withdraw Navigate to Account >>> Account Settings >>> Verify your BBP Receiving Address >>> Click Authorize-Auto-Withdraws Why use a Pool? As the network hash rises (as more miners are mining), it can take longer and longer to solve a block, by using the pool, everyone works together with all of their hash power to solve blocks, and the reward gets split between everyone who contributed based on how much they contributed in hash. With solo mining (not using the pool) it may take 1 month to finally solve a block and get large BBP reward, with pool you can get small frequent BBP rewards every ~30 minutes. (BBP meaning BiblePay coins) How to Update: Download exe from biblepay.org and install again, your wallet will stay intact Backup: Your wallet.dat stores your private keys that contain the access to your coins, this file is backed up every 24 hours in the backups folder, We also recommend that you save a copy of this file in other places, like a flash drive Learn More about Backing Up your Wallet.dat https://www.reddit.com/BiblePay/comments/7lksp4/backup_walletdat/ FAQ QUESTION: How long does it take for coins to mature? If you're solo mining, the coins become mature after ~100 blocks. If you're using the pool, they become mature after 24 hours QUESTION: How do I know if I am currently mining? In your wallet >> In Top left Menu select "Tools" >> Click "Debug Console" Type in the command: getgenerate If it returns true, mining is turned on command: getmininginfo Will show how much "hashps" (hashing) your pc is doing, "genproclimit" will show how many mining threads you are using "poolmining" will be show value of true if you are successfully mining on the pool How to Buy or Sell BBP coins? You can buy and sell BBP coins for Bitcoin on the Exchanges we are listed on: SouthXChange: https://www.southxchange.com/Market/Book/BBP/BTC CoinExchange.io: https://www.coinexchange.io/market/BBP/BTC Misc: Building headless Bitcoin and Bitcoin-qt on Windows https://bitcointalk.org/index.php?topic=149479.0https://msdn.microsoft.com/en-us/commandline/wsl/install_guidehttps://en.wikipedia.org/wiki/Windows_Subsystem_for_Linuxhttps://bitcointalk.org/index.php?topic=2388064.msg27133702#msg27133702https://github.com/OleEichhorn/bitcoin-msvc OUTDATED Windows Mining Video Tutorial by copper101great https://www.youtube.com/watch?v=K1yKx8KsH60
“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.” – Pieter Wui (66 points, 14 comments)
Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test
Over the last few weeks, there’s been a heated discussion within the Bitcoin Cash (BCH) community concerning the scheduled November 15 hard fork. There’s a strong disagreement between the BCH development teams, Bitcoin ABC, Nchain, and Bitcoin Unlimited in regard to the hard fork’s upcoming consensus changes. Fast forward to this week as Nchain has published the Bitcoin SV beta release, Coingeek’s Calvin Ayre speaks out against chain splitting rumors, and there have also been a few insightful studies done on Bitcoin ABC’s proposed canonical transaction ordering (CTOR) upgrade. Also read: Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification Nchain Launches Bitcoin SV Beta Version Bitcoin Cash Hard Fork Debate Reconvenes After the Stress TestLast week’s BCH Stress Test Day took everyone’s minds off of the ongoing upgrade debate taking place within the Bitcoin Cash community. It all started during the last week of July when Bitcoin ABC revealed the team’s roadmap and published the 0.18 ABC codebase in the second week of August. Nchain’s chief scientist Craig Wright was one of the first to oppose the upgrades proposed by the ABC team. Wright explained he was vehemently against adding the opcode called OP_CHECKDATASIG (CDS), and the implementation of canonical transaction ordering (CTOR). Wright detailed his team Nchain would create their own BCH full node client that would entail completely different upgrades within the codebase. Nchain disclosed the new client would be called Bitcoin SV (Satoshi’s Vision) and the full node client will restore the Satoshi opcodes OP_MUL, OP_LSHIFT, OP_RSHIFT, OP_INVERT, remove the 201 opcode script limit, and increase the base block size to 128MB. Bitcoin Cash Hard Fork Debate Reconvenes After the Stress TestAbout a week and a half ago BCH miners, developers, and industry leaders met in Bangkok to try and hash out the differences, but the meeting didn’t pay off with any compromise between the disagreeing camps. At the time Nchain also launched the Bitcoin SV alpha release and revealed a new mining pool dedicated to the SV codebase. Now, this week Nchain has released the Bitcoin SV beta version on Github. Observers have noted that there was some newly added code related to the 128M increase, some revised release documentation, and some other minor changes. Coingeek & Calvin Ayre: We Will Fight Any Attempts by Anyone That Cause a Chain Split Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test Coingeek’s Calvin Ayre. On Monday, September 10 Calvin Ayre, owner of the blockchain firm and mining pool Coingeek, explained in a recent post that his company will not allow a hash war to split the BCH chain. Ayre emphasizes that his firm has never had the intention of splitting the true version of Bitcoin (BCH). “We will fight any attempts by anyone else to cause a chain split,” Ayre details. “Coingeek and friends believe in the Satoshi Vision for the evolution of Bitcoin and that means all disputes should be settled by Nakamoto consensus and miner hash elections.” Nakamoto consensus dictates that at all times the longest chain (with the most Proof-of-Work) shall prevail and this will be respected at all times by Coingeek media and mining. Ayre believes other “contentious, untested and unnecessary protocol changes” have recently been introduced to the BCH community, placing a lot of blame on the Chinese mining firm Bitmain Technologies. The Coingeek owner says Bitmain seeks “to constantly experiment with the protocol creating constant instability and driving corporate investment away.” Bitmain has denied all of the Wormhole security issues and CTOR allegations in a recent blog post addressing these accusations. Ayre says he and Coingeek are quite confident that in the end, smart miners will not follow a path towards their own annihilation. Coingeek is confident that no miners are stupid enough to support a path that leads to their own destruction so we are also confident that this election will be won by the miners and will prove the wisdom of Satoshi Vision. Some Examinations of CTOR Lastly, there’s been a lot of insightful studies concerning the CTOR upgrade proposed for November. A post on btc gives a comprehensive technical dive into the implementation of canonical transaction ordering. Many developers such as Andrew Stone, Peter Rizun, and Amaury Sechet discussed the topic within the post’s comment section. According to the study, CTOR could theoretically benefit ideas like Graphene and possibly help with the mempool bottleneck. The author of the post explains, “In the last stress test, we also saw limitations on mempool performance (tx acceptance and relaying). I hope both of these fronts see optimizations before the next stress test, so that a fresh set of bottlenecks can be revealed.” Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test Many people including BU’s lead developer Andrew Stone, and the mining pool Rawpool have released studies on CTOR this week. Bitcoin ABC published the “Benefits of Canonical Transaction Order” on August 17. Further, the BCH mining pool Rawpool has also published a review of CTOR this week. Rawpool’s study is insightful and details that the mining pool has been testing the new upgrade. Essentially Rawpool details that the current method the Bitcoin protocol uses right now is topical transaction ordering (TTOR). However, the study says that in time it “cannot be denied” that “traditional TTOR sorting will inevitably face problems such as rising memory overhead and increasing computing time.” “On the other hand, the fully optimized CTOR ordering should be a completely new data maintenance system, which is bound to have considerable complexity,” Rawpool’s translated research explains. Rawpool will continue to communicate with the development teams of Bitcoin ABC and Nchain. The deployment of test nodes has been completed and will actively participate in the testing of new upgrades and stress testing throughout the network. For Now, the BCH November Upgrade Debate Still Remains Unsettled There’s been a lot of discussions and debates regarding the November 15th BCH upgrade. Bitcoin Unlimited’s lead developer has also critiqued canonical ordering in a post that declares “ABC’s CTOR will not scale.” Stone says that there are two significant problems with CTOR and he explains the sharding proposal (scaling by distributing data to multiple machines) “will not work,” and “lexicographical transaction ordering is unnecessary.” Moreover, Nchain’s Craig Wright has been writing a lot of long-form posts about this subject and generalized Bitcoin topics concerning the technology’s economics nearly every single day. For now, it seems the debate will continue, and Bitcoin Cash proponents will have to wait to find out what will happen when it gets closer to the upgrade. News.Bitcoin.com will be sure to keep our readers informed every step of the way. What do you think about the BCH November upgrade debate? Do you think the disagreeing parties will come to a compromise? Let us know in the comment section below. Images via Shutterstock, Twitter, Coingeek, and Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
Source: http://cointrader.org/peercoin-proof-of-stake-and-bitcoin/ Peercoin Isn’t Just Another Bitcoin Clone.. Regardless of your opinion of Peercoin, if you have one at all, it definitely sets it’s self apart from Bitcoin by incorporating key changes into the protocol. In reality, most crypto-coins are an imitation of Bitcoin in a fundamental fashion, but once you take the time to understand precisely how Peercoin has differentiated itself to be positioned within the crypto market – You’ll realize just how dramatically different it is, and that it very much stands on it’s own in terms of innovation contributed to this digital currency evolution. It seems obvious by now that there will be far more than one single crytpocurrency around for quite some time. As the market matures, they’ll all mold to coexist with each other – This, of course, remains to be seen, but either way, Peercoin is designed to play a specific role in a developed future ecosystem of cryptocurrency, and if it succeeds in that role it could become better than Bitcoin at one important function – a long term store of value. And this is where many confuse Peercoin’s future and potential, as it’s often cited that Peercoin doesn’t function well for day-to-day transactions – and therefore isn’t of much use a cryptocurrency. Or that’s how the narrative goes, assuming a “one crypto take all” scenario. While it’s true that purchasing a new laptop computer on Overstock.com isn’t what Peercoin is best suited for, and that’s intentional in the design, it’s because it is intended to be used in tandem with other coins that’s fee structure and transaction times are far better suited to smaller, more frequent transactions. In designing Peercoin, SunnyKing assumes that the crypto landscape will indeed resemble current financial markets. In that multiple financial instrument will differentiate themselves enough through various mechanisms such as interest rates and fees, among other things, in order to provide enough value on their own merit to justify a place in the markets for themselves. If this indeed turns out to be the case, then Sunny King’s foresight could prove ingenious and Peercoin could very well adapt to become the “backbone” of cryptocurrency. In effect, Peercoin or “PPC” looks to be the bonds and treasuries market of the crypto world. At this point, we’ll remind you that Peercoin’s poor suitability for frequent transactions was intentional, and could potentially provide some much needed stability to the cryptocurrency markets. It is truly intended for use as a long term store of value. Admittedly, it does seem somewhat puzzling at first that transaction fees are set to operate in the manner that they do.. but after seeing the bigger picture, and how the fee works in cooperation with interest that incurs simply for holding your Peercoins, it all starts to make a bit more sense. For one, the fee mechanism could potentially calm much of the volatility seen in Bitcoin. This is huge, and one of the main reasons Bitcoin hasn’t been as widely accepted as should be at this point. Market volatility has been an ongoing trait of the crypto markets and Peercoin looks to be the solution that’s needed. The transaction fee combined with the slightly inflationary nature of PPC could simultaneously provide deterrent of transactions, and incentive for holding, providing the stable, less volatile currency that could actually serve as the “backbone” of the market. In short, the transaction fees only seem out of place before you realize exactly what Peercoin is attempting to become. A mechanism that increases the currencies stability is rather desirable once you understand that PPC is meant to serve as a type of “buffer” for the entire crypto ecosystem – and that’s exactly what the “high” fee does. It also means that if PPC ever soars to $10,000 (only exploring hypotheticals, here..) then buying $100 worth of PPC would do nothing more than cover your transaction fee. This creates an interesting dynamic and fairly high barrier to entry that even further demonstrates Peercoin’s intent to serve as a long-term store of value, rather than a transfer of value. We’re not arguing that Peercoin’s slightly inflationary nature is either a positive or negative feature for a cryptocurrency. Only that inflation isn’t inherently a bad thing as many may assume. It’s centralization that enables the abuse and manipulation of inflation that is inherently a problem. The bottom line is PPC’s inflation rate is purely a function of the holder of the coins receiving that 1% interest for securing the network. This is good inflation, and one of Peercoin’s many strong suits. So while the money supply grows.. just like dollars, the main difference is the fact that your stake in said money supply grows, as well. So there is inflation in the money supply, but no purchasing power whatsoever is lost by the coin holders. To start, something that many don’t realize is that Peercoin is very literally an evolution of Bitcoin. Proof of stake was born out of concerns that a full proof of work system, such as the one Bitcoin utilizes, could be fundamentally flawed in that miners won’t have sufficient incentive to keep the network secure when block rewards inevitably diminish. This unknown hypothetical has become known in Bitcoin circles as “The Tragedy of the Commons”, and is one of the major long-term problems with Bitcoin. That said, a fully proof of stake system has it’s potential detriments, as well. Mainly, the initial distribution of the coin supply is rather difficult if you take mining out of the equation. There are full proof of stake coins such as Nxtcoin that have attempted to accomplish the difficulty of initial distribution of a full proof of stake coin by simply selling the initial coins in an ad hock ipo of sorts. We’ll talk more about this, and Nxt, in general, in an upcoming article, but for now.. Peercoin takes the approach of combining the “best of both worlds”, and holds the distinction of being the first hybrid PoS/PoW crypto coin. Peercoin started off being mined just like Bitcoin, then will gradually transition to a mostly proof of stake platform. This allows PPC the considerable benefits of PoS while still maintaining an initial distribution that’s widely considered fair and acceptable for a decentralized digital currency. Does energy consumption matter? We certainly can’t definitively answer that, as it seems to be a matter of perspective more than anything else. But it does seem rather inevitable that it will eventually become a heated issue. Whether it should be or not is up for debate and entirely irrelevant to those will most likely use it as a talking point to grab ratings, or page views. It would only seem to align with the current political climate, that Peercoin’s ability to claim itself to be the “green” and “sustainable” coin will indeed turn out to be a considerable asset. Recently, Forbes reported that the Bitcoin network currently costs north of 15 million dollars a day, and stories like this are likely to become more and more prevalent as the mining network gets larger, and thus consumes vastly more electricity and resources. The movement against Bitcoin energy consumption is only just getting started, and since Peercoin effectively alleviates the energy problem all together – things could get interesting. While, due to it’s hybrid proof of work and proof of stake design, Peercoin currently does require mining and electricity, but it’s designed to transition away from PoW (requires mining) completely, as soon as there are enough stake holders to secure the network with a fully PoS system. That means that the electricty bill for PPC will gradually decrease, while BTC’s bill will only continue to climb to potentially absurd levels. ASIC mining end result is Bitcoin centralization. Sad but true. When Satoshi Nakamoto created Bitcoin, it’s likely he didn’t anticipate the arrival of ASIC computers designed specifically for mining. ASICS have simply changed the game, and now BTC mining is prohibitively expensive and is becoming more centralized everyday. Mining pools have started to garner so much of the hashing power that they could potentially pose a threat to the network. This is no empty, down the road threat either. A quick check of Reddit will produce multiple current accounts of concerns of the largest BTC mining pools coming dangerously close to controlling 51% of the hashing power. If you’re not familiar, if any one entity gains 51% of the BTC network hashing power, then it can attack the network and cause unknown damage. Whether one of these attacks will ever actually occur or not is unsure, but the fact that the mining aspect of Bitcoin puts control of the value of the network into the hands of a few pools, and makes it susceptible to centralization, is a real cause for concern. Because if history is to serve as an example, then if it can be centralized, then it will be. Sunny King, the Peercoin designer, has stated that the Fee amount is not fixed. If the value of Peercoin goes higher he will consider lowering the Fee. He states that the Fee should be high enough to prohibit spam dust but low enough to not inhibit legitimate use. Some initial inflation is necessary to create Peercoin in the beginning, but in the long term inflation is not necessary. Peercoin is not inflationary or deflationary. Peercoin is balanced. It is true that there is a 1% reward for minting Proof-of-Stake blocks but this gain is balanced by the .01 PPC Transaction Fee loss per 1K of transactions. The Transaction Fee is destroyed. So, Peercoin is created and destroyed; there is a balance of creation and destruction in the long run. Thus, the cost to the Peercoin network per Transaction is near zero. This will allow Peercoin network security to remain strong indefinitely into the future.
Exploring Miner Evolution in Bitcoin Network . Year: 2015: Author: L Wang, Y Liu: Publisher: NYU Polytechnic School of Engineering: Link: View Research Paper Categories: Bitcoin / Cryptocurrencies / Mining: In recent years, Bitcoin, a peer-to-peer network based crypto digital currency, has attracted a lot of attentions from the media, the academia, and the general public. A user in Bitcoin ... Exploring Miner Evolution in Bitcoin Network. Authors; Authors and affiliations; Luqin Wang; Yong Liu; Conference paper. First Online: 04 March 2015. 12 Citations; 2.1k Downloads; Part of the Lecture Notes in Computer Science book series (LNCS, volume 8995) Abstract. In recent years, Bitcoin, a peer-to-peer network based crypto digital currency, has attracted a lot of attentions from the media ... Exploring Miner Evolution in Bitcoin Network Luqin Wang1 and Yong Liu2 1 Department of Computer Science and Engineering 2 Department of Electrical and Computer Engineering NYU Polytechnic School of Engineering Abstract. In recent years, Bitcoin, a peer-to-peer network based crypto digital currency, has attracted a lot of attentions from the media, the academia, and the general public. A user ... T1 - Exploring miner evolution in bitcoin network. AU - Wang, Luqin. AU - Liu, Yong. PY - 2015. Y1 - 2015. M3 - Conference contribution. BT - Passive and Active Measurement Conference (PAM) 2015. ER - In recent years, Bitcoin, a peer-to-peer network based crypto digital currency, has attracted a lot of attentions from the media, the academia, and the general public. A user in Bitcoin network can create Bitcoins by packing and verifying new transactions in the network using their computation power. Driven by the price surge of Bitcoin, users are increasingly investing on expensive ...
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