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Why i’m bullish on Zilliqa (long read)

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

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

Mining and Dogecoin - Some FAQs

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

You downloaded the core wallet

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

You downloaded a GPU/CPU miner

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

Mining Doge

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

Mining solo versus pool

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

Buying an ASIC

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

Making profit

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

Cloud Mining

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

Alternative coins

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

Folding at Home (Doge)

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

AMD RX 5600 XT Mining Performance

AMD RX 5600 XT Mining Performance
**Disclaimer**
[Still testing, and Tuning but the new AMD RDNA Architecture is new and not only is AMD still optimizing drivers, the mining Developers who DO NOT get GPU's sent to them, are still working on optimizations. Please be patient with me as I continue to test and allow sufficient time for new miners to be developed.]

Same as before, I am sharing my performance numbers with the Crypto Mining community, so we can collaborate together. The RX 5000 series GPUs, unfortunately, don't have the ability to mine every Algorithm available. Mining Devs are still working on it still, but you find what I tested so far below. I did test the SoftPowerPlayTables, MorePowerTool and force flashing a different Vbios on the GPU but to no avail. The card either won't boot or if it does it looks the core clock to 300 Mhz. These GPU's were meant to compete against the GTX 1660 TI and 1660 Super, but due to price war with Nvidia, AMD released a VBIOS to allow the RX 5600 XT compete with the RTX 2060 (KO).
I will test any updates, and when I get time, I will update my findings below. I did a live stream recently, which you can find below, but it was lengthy. I speak on the recent AMD launch of this GPU, what I tried, the mining performance, power draw, and whether you should consider this GPU for cryptocurrency mining. So if you got time, please feel free to check it out, otherwise, when I get time from my busy life, I will try to get a summary video together for you guys. Carter from BitsBeTrippin should be doing his own independent testing in the future, and I always recommend checking more than one review for your research. Take care!

Sapphire Pulse RX 5600 XT | AMD Adrenalin 2020 Edition 20.1.3

Miner Hashrate Clocks and Power Voltage Power Draw Software / Wall
Ethereum(ETH) - Ethash
Claymore v15 (Stock) 37.7 Mhs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 122 Watts - 125 @ Wall
Claymore v15 (Tuning) 40.1 Mhs Core 1780 Mhz / Mem 1860 Mhz 0.960 Vcore 123 Watts - 126 @ Wall
Claymore v15 (Tuning) 40.4 Mhs Core 1500 Mhz / Mem 1860 Mhz 0.800 Vcore 92 Watts / 94 @ Wall
Phoenix Miner 4.9c 40.5 Mhs Core 1780 Mhz / Mem 1860 Mhz 0.960 Vcore 122 Watts - 126 @ Wall
Phoenix Miner 4.9c Best Config 40.6 Mhs Core 1500 Mhz / Mem 1860 Mhz 0.800 Vcore 85 Watts - 88 @ Wall
Phoenix Miner 4.9c 55.7 Mhs [invalid shares mostly] ( -openclLocalWork 128 -openclGlobalMultiplier 4096 ) Core 1780 Mhz / Mem 1860 Mhz 0.960 Vcore 122 Watts - 130 @ Wall
Grin-CR29(GRIN) - Cuckaroom29
LoLminer v 0.9.6.1 4.06 g/s Core 1600 Mhz / Mem 1840 Mhz 0.800 Vcore 89 Watts / 92 @ Wall
LoLminer v 0.9.6.1 4.03 g/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 115 Watts / 118 @ Wall
LoLminer v 0.9.6.1 4.33 G/s Core 1820 Mhz / Mem 1850 Mhz 0.960 Vcore 125 Watts / 127 @ Wall
LoLminer v 0.9.6.1 4.37 g/s Core 1820 Mhz / Mem 1860 Mhz 0.960 Vcore 125 Watts / 128 @ Wall
Beam(BEAM)BeamHashII
LoLminer v 0.9.6.1 31.03 sol/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 128 Watts / 130 @ Wall
LoLminer v 0.9.6.1 32.8 sol/s Core 1820 Mhz / Mem 1860 Mhz 0.960 Vcore 134 Watts / 138 @ Wall
LoLminer v 0.9.6.1 28.98 sol/s Core 1650 Mhz / Mem 1840 Mhz 0.800 Vcore 88 Watts / 91 @ Wall
Ryo(RYO) - CryptoNightGPU
XMR-Stak 2.10.8 Unroll - 8 1567.5 h/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 138 Watts / 141 @ Wall
XMR-Stak 2.10.8 Unroll - 8 1645.3 h/s Core 1820 Mhz / Mem 1860 Mhz 0.960 Vcore 138 Watts / 141 @ Wall
XMR-Stak 2.10.8 Unroll - 8 1620 h/s Core 1820 Mhz / Mem 1860 Mhz 0.900 Vcore 130 Watts / 134 @ Wall
XMR-Stak 2.10.8 Unroll - 1 1654.3 h/s Core 1820 Mhz / Mem 1860 Mhz 0.960 Vcore 138 Watts / 142 @ Wall
Conceal(CCX) - CryptoNightConceal
XMR-Stak 2.10.8 1822.2 h/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 97 Watts / 100 @ Wall
XMR-Stak 2.10.8 1930 h/s Core 1820 Mhz / Mem 1860 Mhz 0.960 Vcore 97 Watts / 100 @ Wall
XMR-Stak 2.10.8 1930 h/s Core 1820 Mhz / Mem 1860 Mhz 0.900 Vcore 94 Watts / 98 @ Wall
HavenProtocol(XHV)CryptoNightHaven
XMR-Stak 2.10.8 948 h/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 88 Watts / 92 @ Wall
XMR-Stak 2.10.8 1063 h/s Core 1820 Mhz / Mem 1860 Mhz 0.875 Vcore 85 Watts / 88 @ Wall
XMR-Stak 2.10.8 1172 h/s Core 1650 Mhz / Mem 1860 Mhz 0.800 Vcore 81 Watts / 85 @ Wall
BitTube(TUBE)CryptoNightSaber
XMR-Stak 2.10.8 1063 h/s Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 100 Watts / 102 @ Wall
XMR-Stak 2.10.8 1078 h/s Core 1820 Mhz / Mem 1860 Mhz 0.875 Vcore 82 Watts / 85 @ Wall
XMR-Stak 2.10.8 1086 h/s Core 1650 Mhz / Mem 1860 Mhz 0.800 Vcore 78 Watts / 82 @ Wall
Bitcoin Interest(BCI) ProgPow
Phoenix Miner 4.9c 0.972 Mhs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 115 Watts / 118 @ Wall
Phoenix Miner 4.9c 0.870 Mhs Core 1300 Mhz / Mem 1840 Mhz 0.800 Vcore 81 Watts / 85 @ Wall
Phoenix Miner 4.9c 0.972 Mhs Core 1820 Mhz / Mem 1850 Mhz 0.875 Vcore 108 Watts / 112 @ Wall
Zcoin(XZC)MTP
Wildrig Miner 0.20.1 2410 Khs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 155 Watts / 160 @ Wall
Wildrig Miner 0.20.1 2462 Khs Core 1820 Mhz / Mem 1850 Mhz 0.960 Vcore 155 Watts / 160 @ Wall
Wildrig Miner 0.20.1 2342 Khs Core 1650 Mhz / Mem 1840 Mhz 0.800 Vcore 118 Watts / 121 @ Wall
Wildrig Miner 0.20.1 Other Algos Stock Settings
Lyra2REv3 62.7 Mhs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 155 Watts / 160 @ Wall
Blake2b - Wildrig 1.84 Ghs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 134 Watts / 138 @ Wall
BMW512 0.988 Ghs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 134 Watts / 138 @ Wall
Blake2s 3.98 Ghs Core 1780 Mhz / Mem 1750 Mhz 0.960 Vcore 131 Watts / 136 @ Wall

Live Stream, Testing Mining Performance of the Sapphire Pulse RX 5600 XT
https://youtu.be/ffe1rdwuX1w
Summary of Live Stream, in shorter Video:
https://youtu.be/dixRu8wY_lo
https://preview.redd.it/vz2bvrbca1d41.jpg?width=480&format=pjpg&auto=webp&s=68241a3eedd6f19f932b23e74401fa4eb3f257f7
submitted by cmvjax to gpumining [link] [comments]

Mining in cloud? EG: Datacenter host like digitalocean, softlayer?

Hi there. I used to mine some bitcoin back in 2011/12. Actually made a few.
I am looking today at setting up mining operation in the cloud.
Most likely that means CPU mining, as thats what is most available for me.
The catch (a good one) here is that I have roughly $100-120k/year FREE credits to use on some top-notch cloud hosts for the next 3 years, and I would never come close to using it - so thought I would throw up some miners to take advantage of it.
Literally if the output is even 80-90% of the "cost" of those instances, that still means 100% profit for me (EG: if it outputs $80k in profit, it didnt actually cost me anything even though I might have used up $100k in credits).
Obviously I would be much happier if the ratio were better - even 1:1 - but am curious if there are any experts out there who want to help me setup. I would be willing to mine in a pool with you and/or throw some GH/s or tips your way depending how much you feel like helping.
Looking for:
- opensource mining tools for CPU - possible server setup scripts - knowledge on efficiency and some examples/data to show (articles or whatever) - best setup for each instance (# cores? type? RAM? bandwidth? etc) - to make each instance max-cost-efficient
Would be awesome if this is viable.
Free passive income for next 3 years up to $100k would be super nice....
(Dont ask how I get this credit, I wont get into it)
submitted by effep to MoneroMining [link] [comments]

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submitted by MULTIELECTRONICS to u/MULTIELECTRONICS [link] [comments]

Bitcoin Rhodium Mining Guide

Bitcoin Rhodium Mining Guide
Happy Mining!

All available XRC pools can be found on MiningPoolStats

Bitcoin Rhodium Mining Hardware

Baikal Giant+: 1.6 GH/s
Baikal Quad Cube: 1.2 GH/s
Baikal Giant: 900 MH/s
Baikal Quadruple Mini Miner: 600 MH/s
Baikal Miner Cube: 300 MH/s
Baikal Mini Miner: 150 MH/s

Mining Setup

To mine Bitcoin Rhodium you need to set up an XRC wallet and configure your miner of choice. You can choose between Web wallet, Electrum-XRC or Magnum wallet. To set up a web wallet please visit wallet.bitcoinrh.org. Or download and install Electrum-XRC wallet (recommended) for Windows, Linux and MacOS.
Web wallet: wallet.bitcoinrh.org
Electrum-XRC wallet: electrum.bitcoinrh.org
Magnum wallet: https://magnumwallet.co

Sign up for XRC web wallet if not yet done so

  1. Create an account, with your username, password and secure question.
  2. Sign in and click “Create Wallet”.
  3. Set up a strong transaction password. Make sure you store it securely in a secure password manager of choice.
  4. Copy the seed somewhere safe. It’d be a good idea to write seed on a hardcopy and keep it safe.
  5. Paste it to confirm you got it right.
  6. Grab an address for the mining step. Your wallet is now ready to mine XRC.

Instructions for mining XRC on the official pool

Pool link: poolcore.bitcoinrh.org
  1. Any miner that supports X13 will be able to mine XRC. We have a few examples below of miners that are well tested with Bitcoin Rhodium network.
  2. For any miner, configure the miner to point to:
(0–0.8 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3061
(0.8–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
with your XRC address as username and x as password. You don’t need to open an account on pool. You will be mining to XRC address and mined coins will be transferred to your wallet
after blocks reach 10 block maturity
after you mined up minimal amount of coins (currently 0.1 XRC)
sometimes mined blocks could get rejected by network (orphaned) after they were counted as valid blocks. This is normal network behavior to follow longest chain
  1. http://poolcore.bitcoinrh.org is used to follow your miner and network statistics.

CPU Miner-Multi

Source: https://github.com/tpruvot/cpuminer-multi
Sample configuration with CPU Miner tested on UBUNTU.
{
“url” : “stratum+tcp://poolcore.bitcoinrh.org:3061”, “user” : “YOUR XRC ADDRESS”,
“pass” : “x”,
“algo” : “x13”, “threads” : 1,
“cpu-priority” : 5,
“cpu-affinity” : 1, “benchmark” : false, “debug” : true, “protocol”: true, “show-diff”: true, “quiet” : false
}
Command to run your CPUMiner: cpuminer -c cpuminer.json

SGMiner (ATI GPU)

SGMiner is a GPU-based mine: https://github.com/nicehash/sgminereleases
The configuration below was tested on Windows:
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
cd C:\Software\sgminer-5.6.1-nicehash-51-windowsamd64 sgminer.exe
— gpu-platform 1 — algorithm x13mod -url stratum+tcp://poolcore.bitcoinrh. org:3062 — pool-user — userpass :x — auto-fan — temp-target 70 — temp-over- heat 82 — temp-cutoff 85 — gpu-fan 65–85 — log-file log.txt — no-adl — no-extra- nonce -P –T

CCMiner (NVIDIA GPU)

CCMiner is a GPU-based miner (NVIDIA)
Command to run your CCMINER:
ccminer-x64.exe -a x13 -o stratum+tcp://poolcore.bitcoinrh.org:3062 -O :without -D — show-diff

Baikal miner

Settings: Url:
(0–2 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3062
(3–4 GH/s) stratum+tcp://poolcore.bitcoinrh.org:3063
(5+ GH/s) stratum+tcp://poolcore.bitcoinrh.org:3064
Algo: x13User: your XRC receiving address (make sure you set 2 distinct addresses for each hashing board)
Pass: x
Extranonce: leave off Priority set to 0 and 1
Once pool stratum address and your wallet as user are set up you should see your miner mining against XRC pool. When miner is working the status column is green. The pool and miner are incorrectly configured now as status says “Dead” highlighted in red.

Instructions for mining XRC on BSOD pool

Pool link: bsod.pw/en/pool/dashboard/XRC/
Use this code for your miner: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig
BSOD pool allows both solo and party mining.
For solo mining use code: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=solo And for party mining use: -a x13 -o stratum+tcp://pool.bsod.pw:2582 -u WALLET.rig -p m=party.yourpassword
NOTICE: You can use us for North America and asia for Asia instead of euin your .bat file or config.
You can also use BSOD pool’s monitor app for Android and iOS.

Instructions for mining XRC on ZERGPOOL

Zergpool offers low fees (just 0.5%) and also SOLO and PARTY mining with no extra fees.
To mine XRC on Zergpool use this command lines for your miner:
Regular: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC Solo: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=solo Party: -a x13 -o stratum+tcp://x13.mine.zergpool.com:3633 -u -p c=XRC,mc=XRC,m=party
Use your coin wallet address as username in mining software. Specify c=SYMBOL as password to identify payout wallet coin, and the same coin in mc=SYMBOL to specify mining coin.
For more information and support please visit http://zergpool.com
Notice that when there are more pools mining XRC in different geographic/availability locations choose the nearest to you as lowest priority and then add desirable fall back pool options in different geographic locations or pools. This is useful when one pool experiences issues, to fall back to different pool in Bitcoin Rhodium network.

Calculate your Bitcoin Rhodium mining profitability

WhatToMine: https://whattomine.com/coins/317-xrc-x13
CoinCalculators: https://www.coincalculators.io/coin/bitcoin-rhodium

Feel free to ask questions in Discord community. There are lots of helpful people around the world watching XRC 24x7.

Bitcoin Rhodium Dev Team
submitted by BitcoinRh to BitcoinRhodium [link] [comments]

Burstcoin Is A Robust And Unique Cryptocurrency: Proof of Capacity (PoC) Ensures Decentralization, Energy Efficiency, And Low Barrier To Entry

http://www.cypherpunklabs.com/burstcoin-is-a-robust-and-unique-cryptocurrency-proof-of-capacity-poc-ensures-decentralization-energy-efficiency-and-low-barrier-to-entry/
Decentralization is perhaps the fundamental reason why Bitcoin has been successful. Since Bitcoin is decentralized, its network cannot be controlled by any government, corporation, or other centralized entity, and this is why Bitcoin still exists to this day rather than being shutdown a long time ago. Bitcoin achieves decentralization through its Proof of Work (PoW) algorithm, where miners around the world cryptographically hash transactions into blocks and receive block rewards for their efforts, and nodes constantly check to ensure that all confirmed transactions are following consensus rules.
The major caveat with PoW is it is energy intensive. This has especially become a problem due to the rapid rise in Bitcoin’s price long term, which has resulted in an arms race of sorts to amass the most hashing power in order to obtain the most mining profits. Indeed, the Bitcoin hash rate has risen orders of magnitude, from MH/s, to GH/s, to TH/s, to PH/s, and now up to its all-time high so far of 84 EH/s. This represents exponentially more computing resources and energy consumption.
This is a problem for two reasons. First off, there is a very high barrier to entry for new users to mine Bitcoin. It requires thousands of dollars of mining equipment to make any worthwhile profit from mining Bitcoin.
Secondly, Bitcoin mining consumes a massive amount of energy worldwide. It is estimated by Digiconomist that Bitcoin mining uses 73.12 TWh of energy annually, equivalent to the electricity consumption of the entire country of Austria, or 0.33% of total global electricity consumption. This releases nearly 35 Megatons of Carbon Dioxide annually, contributing to global warming, aside from other environmental damage caused by burning fossil fuels and manufacturing mining equipment. Digiconomist may be an overestimate of Bitcoin’s environmental impact, but it is somewhere in the ballpark.
Numerous alternative cryptocurrencies have tried to be environmentally friendly via using the Proof of Stake (PoS) algorithm, but this sacrifices decentralization, since all the voting rights end up concentrated into the hands of developers and major bag holders.
This is where Proof of Capacity (PoC), formerly called Proof of Space, comes in. Instead of using specialized Bitcoin mining equipment, PoC simply uses hard drive space to mine cryptocurrency. Burstcoin (BURST) is the #1 PoC cryptocurrency. Bitcoin HD (BHD) is another PoC cryptocurrency, but it has a highly centralized supply with 3.1 million out of 5 million total coins in the hands of the developers, so it is nonsensical to choose BHD considering that BURST has a highly decentralized supply. The problem with a centralized supply is it can cause a coin’s value to collapse long term due to developers dumping on the market.
In order to start mining BURST, a user simply allocates part of their hard drive, and this area of hard drive is plotted. Plotting is a 1-time hashing cycle where the hard drive is filled with cryptographic hashes via the Shabal cryptographic algorithm. The node also has to synchronize with the BURST blockchain before mining. Fortunately, the BURST blockchain is less than 9 GB, versus the Bitcoin blockchain which is nearly 240 GB.
Once plotting and synchronization is complete the user can begin mining. During each mining round the plot file is searched to find the correct cryptographic hash for the block, and when the correct hash is found the user receives a block reward. Essentially, the hashes in the plot file can be thought of as lottery tickets, and the bigger the size of the plot, meaning the more hard drive space dedicated to mining BURST, the more likely it is to find the correct hash.
Like with Bitcoin mining, users can join pools so that even if they have a small amount of hard drive space they can still earn BURST at a steady pace.
Since BURST’s PoC algorithm simply reads a hard drive versus the intense computational work of Bitcoin’s PoW, BURST mining uses a negligible amount of electricity. It is estimated that each BURST transaction consumes 0.0024 KWh of electricity, versus about 1,000 KWh used for each Bitcoin transaction.
Aside from being far more environmentally friendly, electricity costs are negligible for BURST miners, so BURST miners earn nearly 100% profit. This opens the door for users with any level of technology to profitably mine BURST, including personal computers and technically even cell phones. Compare this to Bitcoin where mining with even a powerful personal computer is impossible.
Ultimately, BURST’s energy efficiency makes the barrier to entry very low, a user simply needs to have hard drive space to mine BURST. This results in the BURST network being highly decentralized.
Notably, miners do not have to buy any special equipment to mine BURST, they just use spare hard drive space that was sitting unused, versus Bitcoin mining where specialized hardware that costs thousands of dollars is required. Bitcoin mining rigs often become obsolete with time, and also have no other use besides Bitcoin mining, whereas hard drive space used for BURST mining never becomes obsolete and can easily be freed up and used for storage by deleting the plot file.
In summary, BURST is one of the most unique and fundamentally robust cryptocurrencies due to its PoC algorithm, which ensures decentralization while simultaneously guaranteeing energy efficiency and a low barrier for miner entry.
submitted by turtlecane to burstcoin [link] [comments]

Obelisk's Sia ASICs - Full Details

https://obelisk.tech
Sia is releasing a 28nm, full-custom ASIC. This ASIC will be a complete package, similar to an antminer. You will receive a mining box that includes chips, power supplies, etc. Minimal setup will be required to get the miner working.
The miner is in early development already. We have begun the process of chip design, hardware design, and supply chain management. We have had conversations with previous ASIC manufacturers, and we have been warned about delays, unexpected costs, and myriads of pitfalls that throw off estimations. For this reason, we have set a conservative shipping date of June 2018. If the miners are ready sooner, they will be shipped sooner. If all goes well (and it rarely does, especially for first time manufacturers), we could see the miners shipping before March 2018.
Following the presale, we will be posting a development roadmap on our website that includes all the major steps of development. We will be crossing off steps in the roadmap as we complete them, which will allow the community to follow our progress, have visibility into delays, and will be able to see the places where we are ahead of or behind schedule.
The estimated hashrate is 100 GH/s. We will not know the exact hashrate until later in the development process, however we have confidence that 100 GH/s is a low bar to hit. We may end up shipping miners with a much higher hashrate, and will continue updating the estimated hashrate as we get more accurate estimates for how the chips will perform. The estimated power draw is 500w, though it may be significantly less.
The price of the unit is going to be $2499. Chip manufacturing is expensive, supply chains are expensive, and there are a lot of single-time costs that go into making miners. Future batches will likely have lower prices, however they will also ship later.
We will be selling the miners for Bitcoin. We expect the sale volume to be very large (in the tens of millions of dollars), and we feared that the Sia cryptocurrency would not have enough liquidity to handle all of that volume, resulting in the price rising quickly as people scramble to buy Siacoin for the ASIC, and then the price falling quickly as we convert the Siacoin to USD. This is the worst of both worlds - participants buy the siacoin at a premium, and then we sell them at a discount. Bitcoin has much, much deeper liquidity, and we can sell large volume of Bitcoin quickly without moving the price too much.
We will be converting the Bitcoin to USD as fast as possible. If the price fluctuates by more than 5% before we are able to convert, we will need to request more coins to cover the difference, or cancel the order. If the price fluctuates upwards by more than 5% before we convert, we will return the difference.
The sale and shipment of ASICs on the Sia network is going to dramatically increase the hashrate. When considering how much revenue you may get from a unit, please take into account the fact that we are selling enough units to potentially 10x or 100x the difficulty. If another ASIC manufacturer decides to start selling Sia ASICs, the hashrate may go up by more than just the number of units we sell. Please also consider that the block reward is decreasing. Today, the block reward is about 189,000 siacoins per block. By June 2018, our ship date, the block reward is going to be closer to 135,000 siacoins per block, decreasing by 1 siacoin per block (or 4320 siacoins per month).
The presale will be open for 7 days. There is no rush - people who buy on the fourth day will receive the same treatment as people who buy on the first day. The sale will not close early, and while we reserve the right to deny purchases, we have chosen not to put a cap on the number of units sold. We may pre-sell additional batches before the first batch ships. The first batch will have priority when we begin shipping, and if the later batches will be shipping shortly after, those later batches will be sold at a higher price. People who buy in on the first batch will receive both price preference and shipping date preference as a reward for taking on the most risk.
Obelisk is the company that will be producing these chips. Obelisk is a fully owned subsidiary of Nebulous Inc. Nebulous is the company that employs all of the Sia core developers.
Obelisk has plans for growth in the future. None of these plans are finalized as we are primarily focusing on shipping this miner, but potential future products include:
Finally, we plan to introduce decentralized mining pools into the Sia ecosystem before we ship the miners. Hosts will have the option of running their own mining pool, and then miners can detect the hosts by checking the blockchain and the peer network, forming payment channel contracts with them and participating in fully decentralized mining. This should help alleviate the pool centralization that is seen in most PoW cryptocurrencies.
We are very excited about our new company, and hope that you share in our excitement. Feel free to ask any questions.
submitted by Taek42 to siacoin [link] [comments]

howmanyconfs.com - How does the security of different Proof-of-Work blockchains compare to Bitcoin?

https://howmanyconfs.com
Original post in Bitcoin here: https://np.reddit.com/Bitcoin/comments/biokgy/howmanyconfscom_how_does_the_security_of/

https://github.com/lukechilds/howmanyconfs.com/raw/mastescreenshot.png

How are these values calculated?

It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done.
However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt.
What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability.
However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for.
There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated.
Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons?
Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $.
How can we estimate this?
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s).
The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply.
However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains.
So how do we compare these values between blockchains?
Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost.
So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.

Notes

$/s doesn't mean what it sounds like it means.

The $/s values should not be taken as literal costs.
For example:
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive.
The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network.
When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals.
For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.

These metrics are measuring "work done", not security.

More "work done" doesn't necessarily mean "more security".
For example take the following two blockchains:
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer?
Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate.
This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower.
To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you.
To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.

Accurately calculating security is much more complicated.

These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains.
However to calculate if a payment can be considered "finalised" involves many more variables.
You should factor in:
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply.
If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments.
If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend.
Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
submitted by dyslexiccoder to CryptoCurrency [link] [comments]

Burstcoin Is A Robust And Unique Cryptocurrency: Proof of Capacity (PoC) Ensures Decentralization, Energy Efficiency, And Low Barrier To Entry

http://www.cypherpunklabs.com/burstcoin-is-a-robust-and-unique-cryptocurrency-proof-of-capacity-poc-ensures-decentralization-energy-efficiency-and-low-barrier-to-entry/
Decentralization is perhaps the fundamental reason why Bitcoin has been successful. Since Bitcoin is decentralized, its network cannot be controlled by any government, corporation, or other centralized entity, and this is why Bitcoin still exists to this day rather than being shutdown a long time ago. Bitcoin achieves decentralization through its Proof of Work (PoW) algorithm, where miners around the world cryptographically hash transactions into blocks and receive block rewards for their efforts, and nodes constantly check to ensure that all confirmed transactions are following consensus rules.
The major caveat with PoW is it is energy intensive. This has especially become a problem due to the rapid rise in Bitcoin’s price long term, which has resulted in an arms race of sorts to amass the most hashing power in order to obtain the most mining profits. Indeed, the Bitcoin hash rate has risen orders of magnitude, from MH/s, to GH/s, to TH/s, to PH/s, and now up to its all-time high so far of 84 EH/s. This represents exponentially more computing resources and energy consumption.
This is a problem for two reasons. First off, there is a very high barrier to entry for new users to mine Bitcoin. It requires thousands of dollars of mining equipment to make any worthwhile profit from mining Bitcoin.
Secondly, Bitcoin mining consumes a massive amount of energy worldwide. It is estimated by Digiconomist that Bitcoin mining uses 73.12 TWh of energy annually, equivalent to the electricity consumption of the entire country of Austria, or 0.33% of total global electricity consumption. This releases nearly 35 Megatons of Carbon Dioxide annually, contributing to global warming, aside from other environmental damage caused by burning fossil fuels and manufacturing mining equipment. Digiconomist may be an overestimate of Bitcoin’s environmental impact, but it is somewhere in the ballpark.
Numerous alternative cryptocurrencies have tried to be environmentally friendly via using the Proof of Stake (PoS) algorithm, but this sacrifices decentralization, since all the voting rights end up concentrated into the hands of developers and major bag holders.
This is where Proof of Capacity (PoC), formerly called Proof of Space, comes in. Instead of using specialized Bitcoin mining equipment, PoC simply uses hard drive space to mine cryptocurrency. Burstcoin (BURST) is the #1 PoC cryptocurrency. Bitcoin HD (BHD) is another PoC cryptocurrency, but it has a highly centralized supply with 3.1 million out of 5 million total coins in the hands of the developers, so it is nonsensical to choose BHD considering that BURST has a highly decentralized supply. The problem with a centralized supply is it can cause a coin’s value to collapse long term due to developers dumping on the market.
In order to start mining BURST, a user simply allocates part of their hard drive, and this area of hard drive is plotted. Plotting is a 1-time hashing cycle where the hard drive is filled with cryptographic hashes via the Shabal cryptographic algorithm. The node also has to synchronize with the BURST blockchain before mining. Fortunately, the BURST blockchain is less than 9 GB, versus the Bitcoin blockchain which is nearly 240 GB.
Once plotting and synchronization is complete the user can begin mining. During each mining round the plot file is searched to find the correct cryptographic hash for the block, and when the correct hash is found the user receives a block reward. Essentially, the hashes in the plot file can be thought of as lottery tickets, and the bigger the size of the plot, meaning the more hard drive space dedicated to mining BURST, the more likely it is to find the correct hash.
Like with Bitcoin mining, users can join pools so that even if they have a small amount of hard drive space they can still earn BURST at a steady pace.
Since BURST’s PoC algorithm simply reads a hard drive versus the intense computational work of Bitcoin’s PoW, BURST mining uses a negligible amount of electricity. It is estimated that each BURST transaction consumes 0.0024 KWh of electricity, versus about 1,000 KWh used for each Bitcoin transaction.
Aside from being far more environmentally friendly, electricity costs are negligible for BURST miners, so BURST miners earn nearly 100% profit. This opens the door for users with any level of technology to profitably mine BURST, including personal computers and technically even cell phones. Compare this to Bitcoin where mining with even a powerful personal computer is impossible.
Ultimately, BURST’s energy efficiency makes the barrier to entry very low, a user simply needs to have hard drive space to mine BURST. This results in the BURST network being highly decentralized.
Notably, miners do not have to buy any special equipment to mine BURST, they just use spare hard drive space that was sitting unused, versus Bitcoin mining where specialized hardware that costs thousands of dollars is required. Bitcoin mining rigs often become obsolete with time, and also have no other use besides Bitcoin mining, whereas hard drive space used for BURST mining never becomes obsolete and can easily be freed up and used for storage by deleting the plot file.
In summary, BURST is one of the most unique and fundamentally robust cryptocurrencies due to its PoC algorithm, which ensures decentralization while simultaneously guaranteeing energy efficiency and a low barrier for miner entry.
submitted by turtlecane to burst [link] [comments]

Why Litecoin when there's Bitcoin?

I have a feeling that there will be a lot of people new to Litecoin dropping into this sub in the next 24 hours, as people see the LTC/BTC ratio rising. This is the first question on newbies minds, and there was a great response from u/shyliar in a thread a few weeks ago that I want to quote here:
I've used both LTC and BTC since 2012. I started with BTC and then discovered LTC. Even in 2012 there were discussions of the limited transactional capacity of BTC, five years later it's still being discussed. In 2012 having already made a purchase with BTC I was dissatisfied with the slow confirmation times and the necessity of additional coins seemed obvious. I suggest you make a small investment in both coins and try moving them around from wallet to wallet. You'll see the lite/light quickly.
Here's a list of reasons I like Litecoin:
With all the memes and price action posts, I think this is worth posting here again.
submitted by IM_THAT_POTATO to litecoin [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
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.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

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